FOREX Sentiment for Beginner to Advanced Traders
The FOREX Sentiment indicator (aka Market Sentiment) shows how the average trader is feeling about a particular currency pair.
If most traders are bullish, it means they expect the price to go up. If most traders are bearish, it means they expect the price to go down.
This information can be useful when making trading decisions. For example, if the Market Sentiment is bullish but the price is going down, that could be a good time to buy. Or if the Market Sentiment is bearish but the price is going up, that could be a good time to sell.
Of course, this is just one piece of information and should not be used as the only basis for making trading decisions. But it can be a helpful tool, especially when combined with other technical indicators.
The Market Sentiment indicator is based on data from Myfxbook.com, which is a website that tracks the trading activity of real people. This makes it a good representation of how actual traders feel about a currency pair.