Some excellent opportunities in the foreign exchange pairings (FX) this week.
I am more and more concentrating on the FX market rather than the stocks and shares market. Particularly the major currencies. And my real angle is FX that is in association with the USD.
For instance, GBPUSD, EURUSD, NZDUSD and AUDUSD. Gold and silver, priced against USD, and WTI (light crude oil) as they are all on the COT watch-list.
I can take advantage of the information from the COT report, providing the ‘C’ of my C.U.P. abbreviation (see ‘how I trade’).
Is the COT that important? Anything that helps us trade with an advantage is essential to my mind; there are enough variables in the market not to take notice of any apparent areas of influence.
Silver gave a buy signal (retracement to the 21-day moving average) that we caught this week. Don’t chase this. However, this signal has gone for the time being – possibly.
With COT support, but be careful of the trend:
In both these trades, we bought with the ‘C’ being the significant trend only, and not the COT.
The COT, I find, does not play well with JPY.