Saturday April 1, 2017 - 15:30:44 GMT
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Amazing Trader And Commitment Of Traders EURUSD Ideas for 1 April 2017 Register for the Amazing Trader
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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. Traders are exiting EURUSD shorts. Position trading simply has not been working well. I recommend traders stay avoid from big ideas in EURUSD and take the market one day at a time. It won't stay like this forever.
The GBP tends remains very sensitive to data, and that is helpful to those of us who rely on active price movements. Their data tend to be released in the mid-month period. As for the Commitment of traders data, markets kept their net GBPUSD shorts remain about even. Stops will be mostly above the market. From a trading perspective, we always keep an eye on EURGBP cross as a barometer of flows in and out of the EUR. These flows often directly impact EURUSD.
I assume the Bank of Japan has trying to maintain a floor under USDJPY at 112.00. The USDJPY tends to correlate positively with the yield on the U.S. 10-yr note. Markets remain long USDJPY for no obvious reason.
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