Market are consolidating today. Aussie is dropping a bit and Loonie is going up. Not an entire surprise, by the way.
Well, euro and cable are stuck in a narrow range.
I put a market profile indicator on a 5min cable chart and that it is what it looks like:
I was looking at some COT charts and would like to share some thoughts here.
The comments are pretty straight forward and the charts have more comments on it(all charts from barchart.com).
COT for euro still shows some potential for an up move, as commercials positioning is still long and there wasn't a big sell of inventory during these up move, as shown by the OI.
Here is the chart for euro:…Continue
I would like to make a brief comment on euro and cable volume behavior.
As you can see in the charts below, the price is revisiting the highs but with much lower volume.
If the volume doesn't increase, another breakout becomes unlikely.
Of course it can be because the market is waiting the FOMC results. Another point for the case in favor of another breakout to the upside is that the price was supported when it revisited the upper range of the big volume…Continue
We continued the rally in risk today. Now that the German gave the ok for the salvation of Europe, let's see what will happens.
From now on, intentions will meet reality again and it could not be so easy to deal with.
Anyways, I was looking to euro and cable 1hr charts and saw something interesting.
We are within what was heavy supply areas for both pairs. The market is heavily long on them, as we can see. So, someday the profit taking will start and it can be…Continue