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One of the key elements in speculative foreign exchange (forex) trading is identifying the trend of a particular currency pair and trade in that direction. This is easier said than done because ploting trend lines in a trading chart is subjective and will vary amongst different traders especially when considering different timeframes. The best way to identify the trend of a particular currency is gauging the positions held in the currency futures markets by the major participants(asset managers). This is where the Commitment of Traders (COT) data comes into play which is availed by the Commodity Futures Trading Commission (CFTC) weekly on Friday.
