I've heard of people trading against sentiment with the idea being that 98% of traders lose.. no idea if it works though.
Have you looked into COT reports? Large managed funds etc have to declare their positions and this is displayed in a COT report. For example:
This is a current COT report for the US dollar index futures. When I used to look at COT reports I would look at the leveraged funds section only. It shows the number of contracts long/short and, more importantly, the change since the last COT report.
The issue I had with these was the delay. I trade longer-term but not THAT longer-term.. as you can see on the dates, this report was released on November 27, but for data from the week of the 20th. With my trading, I don't want to look at what the big guys were doing last week, I want to know what they're doing this week and thus, I find reading price action more accurate.
