A market profile term for those participants whose time frame and outlook is of a very long term, perhaps months or years. The theory is that it is these market players that are active when the market is experiencing initiating activity as opposes to responsive activity.
See Initiating Activity, Responsive Activity.
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Fed watch tool odds of NO cut now slightly larger than odds of cut...and market does....nothing (shocking) https://t.co/vTFZArc3hv