The skill is knowing exactly when it is safe to be a sheep and exactly when to go against them.
The trouble is, unless Wasp is completely pulling the wool over our eyes, he draws lines through candles and trades off of them - that's about as cliched as it gets, isn't it?
Edit: I should add it works, so what's wrong with being a sheep?
NT,
'Sheep' is a buzzword, there are tons of buzzwords and buzzphrases where the markets are concerned.
I saw, on 3 different forums, people shorting frantically at the GBPJPY 240m resistance... By the time everyone had their shorts piling in, smart money was exiting and building into the long... Sounds awfully like strong/smart hands/money suckering in the shorters to build up for the long to me........
Those with the resting sell limit orders at the resistance were OK , though?
Were the suckers the ones with the late entries or am I completely missing the point?
The sheep, or the 'suckers' were any who did not see the move for what it truly was. Those that could not see the larger picture and were still short when the market made obvious signs of the impending continuation up. It made them before hand even. The smart money was using the sheep/crowds shorting to assist their buying whilst they were sitting their holding their dicks in the hands as they got stopped out and they were buying into the dips and past resistance as it continued to rise.
Must sign off now as need to close my longs and enjoy my weekend. Have fun all!
NT,
'Sheep' is a buzzword, there are tons of buzzwords and buzzphrases where the markets are concerned. The best anyone can do is go with the flow (go with the flow, pants), i guess it's best to know the flow before it happens (insider trading), naughty naughty, i need a 'copper' smiley.
edit: Or break the MM rules and get ballsy and lucky!
edit2: Best to get ballsy with the insider knowledge, wink wink.