Saturday February 25, 2017 - 12:36:35 GMT
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Amazing Trader And Commitment Of Traders EURUSD Ideas for 24 February 2017
We continue to say that short-term trading is all about stops. The Commitment of Traders Reoprt (COT) is an imperfect, but useful, "sampling" of market positioning. I would like more frequent and prcise readings, but we can live with the general data for the purpose of getting an idea if traders are positioned long or short and if they in big or small.
Recently it appears that traders have been backing away from the EURUSD. I think that is because thay have been getting chopped up by a lot of short-term volatility. As of Tuesday's close, EURUSD weakness clearly saw traders start to initiate new EURUSD shorts. Since then the EURUSD made a turn higher, and that triggered a run at EURUSD stops to and just above the 1.0600 line.The AMAZING TRADER charts and the price action suggest that upside stop runs in EURUSD still lack much force. The EURUSD is no longer heavily oversold. Nevertheless, "conventional wisdom" that EURUSD is headed for parity is looks doubtful. I continue to take this market one day at a time!
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