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EURUSD

  • #1,191,481
  • Mar 2, 2021 3:59am Mar 2, 2021 3:59am
I like this recent low at 1.19 91.....

  • #1,191,482
  • Mar 2, 2021 6:21am Mar 2, 2021 6:21am
Quoting here2there
Proof that Following the COT Report is a Waste of Time and Energy {image}{image}{image}{image} I am of the opinion that the COT report is being used against Retail.
Agree!
  • #1,191,483
  • Mar 2, 2021 6:31am Mar 2, 2021 6:31am
Quoting here2there
Proof that Following the COT Report is a Waste of Time and Energy {image}{image}{image}{image} I am of the opinion that the COT report is being used against Retail.
Some can look at that and see that the buyers are already in position..... Only thing they can do from there is sell

Just another perspective...
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  • #1,191,484
  • Mar 2, 2021 7:15am Mar 2, 2021 7:15am
Quoting mistaouting
{quote} Some can look at that and see that the buyers are already in position..... Only thing they can do from there is sell Just another perspective...
Waste of time and energy. One can believe something is useful, but that doesn't mean it is needed. I have seen too many inconsistencies with COT report speculation and what actually happens on the charts. You want something useful? Look for engulfing candles and pin bars at extremes, and then trade them accordingly in overbought or oversold scenarios. Don't try to make a trade out of nothing. And don't make the mistake of believing the COT report is purely there to help you win.
Learn from your mistakes and march on.
  • #1,191,485
  • Mar 2, 2021 7:24am Mar 2, 2021 7:24am
COT reports are very useful, but it is for longer term. Like weeks, and months of building positions. It is not for shorter term trading. But if a trader don't know how to use it, than stay away from it, and find something else that will work for you. In my experience, longer term trading with, supply/demand strategy, COT reports, sentiment and news is the best so far from my experience. There was more added sell positions on non commercial, and the price is going down, because they have the money power to make that happen. But overall for now EURUSD still has major buy positions and I am sticking to that, until something else changes.

As for us retail traders, our opinions, trading styles, indicators, and so on does not matter at all. We are not even a dot compare to these institutions, unless you have couple of millions of $ to put in the market, than you will be part of institutions trading. Other than that, we need to take the opportunity what is offered in the market and take it, either short or long term trading. Remember one thing traders, our "opinions" from us retail traders, does not matter at all. The way price moves, we retail traders are not causing that. It is just there for us to take advantage and opportunity that is offered by institutional traders, market makers, bank traders and so on. We are just dots in the market, and we are not noticeable by big institutions. Trade safe.
Attached Image (click to enlarge)
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  • #1,191,486
  • Mar 2, 2021 7:35am Mar 2, 2021 7:35am
If you want to trade during the day, you can use something like this, where price is turning and take 20-50 pips in a day. Or you can hold it for longer.
Attached Image(s) (click to enlarge)
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  • #1,191,487
  • Mar 2, 2021 7:58am Mar 2, 2021 7:58am
Quoting here2there
{quote} Waste of time and energy. One can believe something is useful, but that doesn't mean it is needed. I have seen too many inconsistencies with COT report speculation and what actually happens on the charts. You want something useful? Look for engulfing candles and pin bars at extremes, and then trade them accordingly in overbought or oversold scenarios. Don't try to make a trade out of nothing. And don't make the mistake of believing the COT report is purely there to help you win.
COT is useless. I saw some people who trade using it and lost money. As Mistaouting said, it is just another perspective.
This is much better, but it is still not enough:
Attached Image
  • #1,191,488
  • Mar 2, 2021 8:05am Mar 2, 2021 8:05am
Quoting bigiivan
{quote} COT is useless. I saw some people who trade using it and lost money. As Mistaouting said, it is just another perspective. This is much better, but it is still not enough: {image}
I prefer using sentiment as shown here. Its average is based on multiple sources. It's more accurate than FF. FF is only based on what FF members are doing.

The idea is to do the opposite of the majority. See this.
Learn from your mistakes and march on.
  • #1,191,489
  • Mar 2, 2021 8:27am Mar 2, 2021 8:27am
I believe how well a sentiment report would work would depend on whether you know what time frame the majority of those traders are holding for. For instance if you are a day trader you can trade against traders holding for 4+ days. Some gross sentiment may contain day traders and swing and longer all mixed together. It would seem to me to depend on your trading style and the style of the bulk of those traders making up the sentiment reading. You can trade against gross sentiment after a big swing in direction of the major sentiment. If day trading you would not want to enter with the common sentiment right after a major move in that direction. So it all depends on many things whether a sentiment indi is worthwhile.
  • #1,191,490
  • Mar 2, 2021 8:30am Mar 2, 2021 8:30am
Attached Image (click to enlarge)
Click to Enlarge Name: Image 8.png Size: 47 KB
Learn from your mistakes and march on.
  • #1,191,491
  • Mar 2, 2021 8:33am Mar 2, 2021 8:33am
Quoting mooselover
I believe how well a sentiment report would work would depend on whether you know what time frame the majority of those traders are holding for. For instance if you are a day trader you can trade against traders holding for 4+ days. Some gross sentiment may contain day traders and swing and longer all mixed together. It would seem to me to depend on your trading style and the style of the bulk of those traders making up the sentiment reading. You can trade against gross sentiment after a big swing in direction of the major sentiment. If day trading...
That's not how it works. You are overthinking it. Sentiment won't be useful to you unless you learn how to read it correctly.
Learn from your mistakes and march on.
  • #1,191,492
  • Mar 2, 2021 8:38am Mar 2, 2021 8:38am
Attached Image (click to enlarge)
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Learn from your mistakes and march on.
  • #1,191,493
  • Edited 10:08am Mar 2, 2021 8:41am | Edited 10:08am
Quoting here2there
{image}
.
  • #1,191,494
  • Mar 2, 2021 9:31am Mar 2, 2021 9:31am
Quoting tiborf71
I am, short, 1,20933. I'm just going with the trend. h4.
closed. 1,20365
  • #1,191,495
  • Mar 2, 2021 9:57am Mar 2, 2021 9:57am
Quoting Techanalyst
{quote} That looks good with indicator after the fact. So the indicator below which is what RSI? It shows when the move happens already, it is lagging. So it is not reliable and won't do any good. However looking at the chart and candlesticks, entering on the lower time frame would be a good set up, on that chart.
RSI it's not a lagging indicator, it is a leading indicator. The formula for the RSI indicator takes two equations that are involved in solving the formula. Relative Strength value, which is the ratio of the average 'Up'' closes to the average of 'Down' closes over 'N' periods.

If you put Rsi period 2 on your daily chart and trade the opposite of extreme levels 10 and 90, you can catch the reversals before they happen......so it's definitely not a lagging indicator.
The biggest risk is not taking a risk.
  • #1,191,496
  • Mar 2, 2021 10:02am Mar 2, 2021 10:02am
Quoting leppozdrav
{quote} RSI it's not a lagging indicator, it is a leading indicator. The formula for the RSI indicator takes two equations that are involved in solving the formula. Relative Strength value, which is the ratio of the average 'Up'' closes to the average of 'Down' closes over 'N' periods. If you put Rsi period 2 on your daily chart and trade the opposite of extreme levels 10 and 90, you can catch the reversals before they happen......so it's definitely not a lagging indicator.
You are right, I totally forgot about that. I did see the strategy you are talking about RSI and using daily chart, just not too long ago. But because I don't use indicators, I totally forgot about that. You're right, it is leading indicator and can be a good tool for entries buy or sell. Trade safe.
Attached Image (click to enlarge)
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  • #1,191,497
  • Mar 2, 2021 10:16am Mar 2, 2021 10:16am
2069 short .. 20pip sl
  • #1,191,498
  • Mar 2, 2021 10:23am Mar 2, 2021 10:23am
2069-75 unloading and shorting range it seems
  • #1,191,499
  • Mar 2, 2021 10:23am Mar 2, 2021 10:23am
Quoting Techanalyst
{quote} .
RSI can be used in more than one way. What you see on the image I posted is called Divergence. It is indicative of loss of momentum. It could mean a reversal or a short term retracement. It is more reliable on higher time frames, and it is a leading indicator, not lagging.

Having said that, based on the information I was able to see on the chart, I entered a long trade on EURUSD at 1.20355.

Note: I read your comment before you removed it.
Learn from your mistakes and march on.
  • #1,191,500
  • Mar 2, 2021 10:28am Mar 2, 2021 10:28am
Quoting here2there
{quote} RSI can be used in more than one way. What you see on the image I posted is called Divergence. It is indicative of loss of momentum. It could mean a reversal or a short term retracement. It is more reliable on higher time frames, and it is a leading indicator, not lagging. Having said that, based on the information I was able to see on the chart, I entered a long trade on EURUSD at 1.20355. Note: I read your comment before you removed it.
I got it. I removed it, you're right RSI is a leading indicator. Trade safe.
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