Jamie- Thanks for your reply, yes I am a speculator/scalper by trade. I won't hold over-nite or over the w/e. Risk/Reward doesn't favor it here.

From a longer term perspective I agree with the SSI, however traders need to read the tea leaves- for example today :
EURUSD - The ratio of long to short positions in the EURUSD stands at -1.32 as nearly 57% of traders is short. Yesterday, the ratio was at -1.59 as 61% of open positions were short. In detail, long positions are 14.2% higher than yesterday and 20.1% stronger since last week. Short positions are 5.6% lower than yesterday and 3.8% weaker since last week. Open interest is 2.0% stronger than yesterday and 0.5% below its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains.

GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.01 as nearly 50% of traders is long. Yesterday, the ratio was at -1.01 as 50% of open positions were short. In detail, long positions are 0.9% higher than yesterday and 30.6% stronger since last week. Short positions are 1.3% lower than yesterday and 15.2% weaker since last week. Open interest is 0.2% weaker than yesterday and 5.2% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD losses.


This tells me that the short term spec's like myself are short Euro's and Cable as you should be no system worth anything intraday should have you long these pairs unless you are trading on the 5 minute chart. Longer out in bold has the retailers "wrong" IMHO. They are trying to buy pullbacks with Cable longs and Euro longs stronger. COT report is telling us how the commercials are playing it and if you simply watch intraday action, Euro strength is slow and sludgy followed by thrusts lower, that is the sign the big boys are sellers.

Finally Cables close today is HUGE, potential lower swing high with 9658 9638 area based on today's close. Yesterday both pairs rinsed the shorts they shot up and pulled all shorts from the market intraday 6hr's flipped from short to long back to short, not unusual in this market. Max pain approach and before lower they (commercials) wanted better positioning IMHO.

Euchre

Disclaimer Trading Currencies involves risk. Any opinion, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice.

Positions: Flat for now - expect next move after FOMC stmt.