Great job sir.....this was an excellent trade imo. The set-up for the AUS short looked very good and I see it is playing out very well! I was watching the AUS/USD at the short term trendline break on the 16th of July in the .9760 to .9770 area. We had two failed attempts at new highs on the 17th and the 22nd in the area of .9790 level.....I had a good short entry point with the drop on the 22nd as price traded through .9740 (this trade looks to have some very good longer term potential which is why I like it so much). I also entered another short position on the 23rd in the AUD/JPY at 103.80 area (short term trendline break with failed double top breakout on the 60 minute chart).....for the potential of a second good AUD short longer term play. I have been testing some new Forex proprietary tools that I have developed to attempt some crude volume analysis.......similar to how I use cumulative delta information in my futures trading as the ENTRY confirmation tool. So far I am encouraged by what I am finding....I look forward to continued volume analysis development for expanding my trading in Forex. The Forex markets are HUGE so they are very hard to ignore any longer.
Tons of ways to skin a cat. I look at the COT rarely and only usually for gold or oil. But imo this trade has been setting up for weeks if not months. There is going to be continual significant downside for this pair so if we bounce it would still be fairly low risk to enter a short. Ending diagonal is definitely the coolest pattern in elliott wave
AUD/USD trade has worked out exceptionally well....took some profits at .9140 so far and looking to see if we can get another leg down....this could turn out to be a very good longer term trade.
PaulRon, New to currency futures here. Quick question: What is the best source of COT data in your opinion for traders? Best regards, T