Has anyone used the DailyFx+ service of the Speculative Sentiment Index on their website. I listened to the seminar on BM and Mike questioned the issue of DailyFx+ not giving the actual number of contracts (long or short). To explain so as not to confuse: DFx+ shows the total number of individuals long or short (if I am understanding correctly)--but not the total number of contracts long or short.
So let's look at it this way. Four traders are long the eurusd daily. And one trader is short. The four traders have a total of 400 contracts "long" and the one "short" trader has 25,000 contracts short. Will the statistics support you if you figure that four traders "long" are going to move the market against one trader short. I think you are going lose.
Mike pointed gingerly (in this direction) this type of question to the speaker--and the speaker said it was a good question and stated that the number of traders showed the psychology of the situation (my paraphrase).
But my question for this thread, is: does anyone know of a forex firm that DOES show true open interest in the actual numbers of contracts of those who trade through their brokerage etc., and the percentages of those contracts that are weighted long or short? I would like to pay a fee for that kind of service. Is anyone else thinking along these lines?
Finally, I would like to hear from those clients of DailyFx+ and how valuable they feel this SSI tool has been or is. I am interested in the service.