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<b><span style="text-decoration: underline;">1. INTRODUCTION:</span></b>

I apologize in advance; this is a very short update as I am in between meetings most of the day.

Additionally, because I am away from my desk for a lot of the time I have closed several trades.

Since my blog last weekend, the markets have not reacted the way that was anticipating. The EUR/USD has basically re-traced a great deal of its downside move following the ECB rate cut last week. Looking at the charts, a re-test of trend line at 1.3470 seems to be what is happening. As a consequence, I exited a lot of my trades to review the situation

This morning (Wednesday) the EURUSD rose to 1.3454 or so before falling away on chatter about the use of negative interest rates in the Eurozone plus possibly a copy of the Asset Purchase Facility (QE UK style) in the Eurozone. On this breaking sound-byte the pair fell to 1.3390. I am still not convinced that the re-test has been done and there may be stab at 1.3470 before we resume the downtrend.

I am however, cautious with my trading and I want to see confirmation that USD strength is going to run through the market.

Many divergence signs are there: -
<p align="center"><i>AUD/USD – trading near lows whilst stock markets are posting new highs.</i></p>
<p align="center"><i>NZD/USD – although stubborn it is about 50 pips from a huge breakdown level.</i></p>
<p align="center"><i>GOLD – at the precipice, just holding above key trend line support. A break below $1250 should see the next support around $1180.</i></p>
<p align="center"><i>COPPER – falling, today it was over 2% lower.</i></p>
<p align="center"><i>WTi CRUDE – now below $95.</i><i> </i></p>
<p align="center"><i>I want to see equities roll over and additionally the USD/JPY fall back below 99.00 as well.</i></p>
All of the above will give me confidence to trade more comprehensively.

Between now and the next blog “The Weekly Fx Drive-Thru” at the weekend hopefully things will have changed.

I am not 100% comfortable with what I am seeing right now with the market however, I will tweet any developments.

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<b><span style="text-decoration: underline;">2. EXISTING LIVE TRADES:</span></b>

I currently have just one live trade. It is a small lot trade to establish a longer-term position style trade. I am not risking much given my comments at the start of the blog.

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<p align="center"><b>AUD/USD
</b><b>Short
</b><b>Position Size: 20%
</b><b>Entry/Cost Average: 0.9288
</b><b>Stop Loss: 0.9360
</b><b>Limit/ Target: 0.9180</b><b><span style="text-decoration: underline;"> </span></b></p>
<b><span style="text-decoration: underline;">3. POTENTIAL TRADES ON MY RADAR:</span></b>

I cancelled all my radar trades from last weekend that did not activate because my entry prices were too far away from the market.

I have yet to add limit or stop orders back to my broker account until I re-formulate my trading plan. As I do I will tweet them.

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<b><span style="text-decoration: underline;">4. FINAL THOUGHTS:</span></b>

I am in between trade ideas at the moment. My master plan from last weekend’s blog is still very much in play but I think I want to see a little confirmation prior to entering multiple trades. So I will wait and see, hopefully by this weekend matters will be clearer.

Good luck and take care.

Scott Pickering
The Pip Accumulator
Wednesday November 13th 2013

FOLLOW ME AT:
Twitter: @pipaccumulator
Google+/scottpickering

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