Well that’ll be me proved wrong again then. I always though the hippocrocodogapid was indigenous to Honduras !
Don’t make the appointment just yet ukdave, I meant to write - Suck You [B][U]IN[/U][/B]. (I almost heard the groan of disappointment from here !! )
LOL! Erm… Whoops?!
I’m just waiting to see what Yummy has to say now that you’ve granted me the new nickname of ‘honey’ 
@The Home Of Golf…Hippocroccodogapigs are indigenous to Honduras but then the UK opened the floodgates to all and RBS jumped on the cheap labour lol
There could be tears ahead Sanj
Hippocrocodogapigs obviously are not very good at spelling either then stonecoldmichael, I thought it was the DHSS that gave them all money for doing F*** all, not RBS
I am not the jealous type…
Anyway, getting back on point. This is an image of my trading platform’s Dow Jones dollar index.
I’m wondering if the last three large down wicks are indicating dollar strength. Obviously last candle has not not completed, time still showing 2 hours.
I actually fancy taking a EU short, but the thought of Uncle Ben popping up later is terrifying me
Right now I am net long dollar, but only because my GU trades…
Closed my short E/U for about +30 - think I’ll avoid the Bernanke as, like HoG, he just never works out for me. When I’m short he mentions QE3 and when I’m long he doesn’t.
And here was me thinking I would go down in the medical history books as the only sufferer of Bernanke Syndrome
Just closed out all my trades… Have to head out and won’t be able to monitor any more
GU long - 40 pips
EU long - 3 pips
Dissapointed the EU didn’t push further up, but ah well, im happy…
Time for me to throw out a question I think!
I’ve never used the COT report to aid in making any decision. But I have recently started looking through ICT’s thread, and here is the dilema.
In ICT’s video regarding use of the COT report, he suggests following the positioning of the commercials. (if I’m watching it correctly)
Now here is an extract from the Investopedia site dealing with the cot report.
[B][I]Using the COT Report
In using the COT report, commercial positioning is less relevant than noncommercial positioning because the majority of commercial currency trading is done in the spot currency market, so any commercial futures positions are highly unlikely to provide an accurate representation of real market positioning. Noncommercial data, on the other hand, is more reliable because it captures traders’ positions in a specific market.[/I][/B]
So they seem to be advocating following the NON commercials positions.
Any thoughts???
I think the reasoning for looking at the commercials was around how they have some of the best fundamental analysts working for them and that they pick out when trends might be turning better. I used to look at the COT report quite regularly but stopped bothering about it a while ago. If you’re trading of daily or lower I don’t think it really helps out all that much except for identifying when we’re at extremes of positioning.
Follow the herd HOG and you will be fine. Every will be fine all the way to the slaughter house.
HoG,
I agree with PB regarding recent extreme high/low levels. Recent extremes might be a signal that the market is about to reverse the major trend direction. Take a look EU report levels early Jan 2012 and subsequent trend shift.
As retail traders, we don’t really know who, why and what the commercials are doing. Are they hedging protecting long term positions, purchase orders, account payables etc…. who knows.
I suggest you don’t over think the COT, drive you crazy!
General consensus then being - COT Report, worth keeping an eye on it, but don’t get married to it ?
Moving on then, here’s this :
GU 4Hour
Under normal circumstances, with this and the look at the other time frames, I’d short this. But then those two words keep ringing around my mind, U N C L E, B E N. It’s like some kind of horrible dream, when does he speak anyway, the suspense is torturing me ?
Hmmm I dont think he is going to speak now. I think he was waiting for you to get short so he put the market in a rally.
He’s a total Ba****d !!! Always does that to me. Phone me bobmaninc when it’s safe to come out from under the couch. I have enough rations to last a day or two !!
Personally, im swayed bullish GU and EU… Both had a break in their higher fractals and no lower lows on the daily and 4H… I’ll be looking to buy into dips to go long… But tomorrow… Gonna catch an early night tonight…
Goodnight!