For those who trade Forex, you will find the COT useful too! Look at the Euro FX COT charts.
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Euro FX - Commitments of Traders Chart |
The speculators are buying in. Let us see the COT charts being put into Metatrader (I know that most of you trading Forex is using Metatrader) for a clearer picture with the chart for EUR/USD.
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EUR/USD with Euro FX COT Charts |
The commercials are in green and speculators in red.
You can see that on 23 Jan 2011, there is a convergence of the commercials and speculators. The speculators started to go long and see where the price is heading until now (May 2011). I have gone long since Jan 2011 and my position is still open, unrealised pip profit is at +644.
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