this is a sentiment guage i use to help position longer time frame trades

the idea is that when a market tops or bottoms there is an extreme reading between

commercial hedgers (usually on the right side of the market )

and speculators like myself (usually on the wrong side of the market , of course excluding peat , arco and roddy )

so as an example as euro usd tops out for a major trend change

the sentiment guage will pick up the commercials being extremely short against speculators being extremely long

at the present juncture , it feels like there is no one left to go long in euro however sentiment guage disagrees and it appears there is plenty more upside in this up move .

it seems on the cards there may be a correction due but in no way does the sentiment guage indicate a top