CFTC publishes on a weekly basis COT reports in 3 formats - Legacy, Disaggregated, Financials.
www.cftc.gov
Big financial / commodity / currency traders keep a watch on this data on a weekly basis. All futures traders should also track this data.
To make it easy to consume, I created 3 indicators to consume this information in a simple...
IN spite of Bullish COT Reports - Copper Still seems to be working to kick out the last bear.
While Weekly Momentum is up and Daily Down, Looks like it still has one or two legs down before it moves up.
3 to 3.1 Area Looks interesting. Watch Out for it.
Have Patience and keep a Watch on Daily Momentum
Gold is Giving Contradicting Signals at The Moment :
Bullish Case :
1. COT Reports are Bullish
2. Weekly Momentum is Still Bullish
Bearish Case :
1. Decline on Daily Chart Looks 5 Wave
2. Daily Momentum is Still Bearish
What to do then?
1. On Weekly Charts 1650-1675 Area is Very Crucial- It has horizontal solid Support Line, My Channel Bottom and 200 week MA...
Its seems bearish as it retraced back from 0.5 fib level and as clear from COT data lot of short positions are formed, during pullback, t get the good price , a very traditional method of pyramiding , target can be last low , it can move further as well.
Add GBP/JPY in your watchlist, it seems it is ready for a potential down move 📉
Things to consider:
1. Big impulse last month, now taking breath
2. Traingle Formation
3. Hidden Divergence in RSI
4. Latest COT report : GBP - Long 43k Short 43k (neutral) JPY - Long 30k Short 85k
How to enter:
1. Study the chart as shown in my analysis
2. Wait until trendline is...
AS PER THE COT REPORTS, THERE IS STILL POTENTIAL TO CONTINUE SHORT IF RETEST THE 30 FIB LEVEL DOWNSIDE CAN GO FOR A SHORT AND TARGET UPTO 50 FIB LEVEL IN 1 HR TIME FRAME
PROBABILITY ALWAYS WINS
