It seems to me that GBPUSD & EURUSD are ready for a nose dive

[Der]

Originally Posted by FXGenius

A good place to see COT data on charts is: http://www.freecotcharts.com/charts/BP.htm

Commercials seems to be heavily long on US dollar.

Things aren't always what they seem!! I looked at some COT charts a couple of nights ago and I thought.....this could mean a big drop. I believe that what you need to look at at the non-commercials. When they are at an extreme position, it could signal a move in the opposite direction. Now, the non-commericals are heavily long Eur.....so it could mean a trend change to a stronger dollar. Please correct me if I am wrong.......
Does anybody here use COT to trade?

[FXGenius]

A good article on how to use COT data: http://www.forextradersworld.com/mod...article&sid=94

[Der]

Take a look at this too.....

http://www.investopedia.com/articles.../COTreport.asp

[FXGenius]

Hmm, http://www.moneytec.com/forums/f33/w...-monday-15623/

[weissdawg]

I don't see the EURUSD nose diving just yet. Looks like it needs to head down a little bit lower (maybe another 100 pips at the most), then head back up again a couple hundred pips. Then maybe 150 pips down, before making a move to 1.3000. This just doesn't look ready to plummet yet to me.