<strong><span style="font-size: 14pt;">THE DAILY FX POST</span>
<span style="font-size: 14pt;"> from</span>
<span style="font-size: 14pt;"> THE PREMIUM SERVICE</span>

</strong>

<strong>DATE: Wednesday 19th November 2014
REF: #129</strong>

&nbsp;
<ol>
	<li><span style="font-size: 12pt;"><strong> OVERVIEW – INITIAL THOUGHTS:</strong></span></li>
</ol>
The big news today is the FOMC meeting minutes release. This has been the main reason for my reluctance to trade more heavily. Even now I have exposure to the USD that may just have to close. I will make that decision later.

It was all about the JPY and GBP overnight.

The BOJ confirmed that it will continue with QE stimulus and that Japan will achieve its 2% inflation objective. On the back of this news the JPY continued to weaken. It did not perform as well with the main commodity pairs (AUD/JPY, GBP/JPY and CAD/JPY).

I think the time has come for me to look at getting into this JPY…. Put my fears to bed and dive in on a pullback. After the FED today and as Asia opens tonight I will be looking to add JPY pairs into the limit order set-ups. I know that about 10 of you will be happy to hear this, as it is my most frequent conversation over the past two / three weeks. My feeling at the moment is to focus on USD/JPY and maybe one or two other crosses. It is definitely the way things stand right now, a buy on the dips approach.

I exited three trades last night, the GBP/AUD, GBP/NZD and NZD/USD.

The cable rose well today on the back of MPC voting results, which were considerably less DOVISH than anticipated. I was expecting, a HAWKISH tone given the recent comments.

This really was a bummer.

Cable drove higher from 1.5590 to 1.5700. My limit order short at 1.5700 GBP/USD did not trigger because the broker used recorded a high of 1.56997. Which was a great entry level. For those of you that the trade triggered for, good luck. For me to get into this pair now, I need USD weakness.

Then of course because I am away most of the morning I decided to be clever and close the GBP crosses last night ahead of the GBP news.

GBP/AUD – did not bother me as it was hedged. The net /net does not change.

GBP/NZD – potential 200 pip profits not taken, but I did bank 54 last night.

One of those days…. we all get them.

Apart from the JPY and GBP news the rest of the market did not do much at all. We saw a little continued weakness with the AUD and NZD. In addition the USD/CAD has sprung to life.

The commodity currencies do tend to lead the FX market so if the FOMC meeting minutes are consistent with recent Yellen comments, we should see the USD strengthen. Bear in mind every line, every dot and every cross on the pages of the minutes will be screened for changes. This is the primary reason that I am holding back on new trades at the moment. There is nothing worse than being caught on the wrong side of the FED.

A few hours from now all will be clear…. I hope. Usually these news events give us trades into the Asian and European sessions.

At the moment, we are still range bound so do not expect big moves ahead of the FOMC.

&nbsp;
<ol start="2">
	<li><span style="font-size: 12pt;"><strong> KEY NEWS EVENTS NEXT 24 hours (BASED UPON (NYC) EDT TIME:</strong></span></li>
</ol>
USD: - FOMC Meeting Minutes.

CNY: - HSBC Flash Manufacturing PMi.

EUR: - France and Germany Flash Manufacturing PMi.
GBP: - Retail Sales.<strong>
</strong>
<ol start="3">
	<li><span style="font-size: 12pt;"><strong> EXISTING LIVE TRADES:</strong></span></li>
</ol>
<strong>RADAR TRADES:</strong>

RT216
USD/CHF
Long at 0.9630
Stop at 0.9540
Limit at 0.9750
Price now 0.9585
Current Profit / Loss Position -45 pips

<strong>FLASH TRADES:</strong>

FT230
EUR/CHF
Long at 1.2040
Stop at 1.1920
Limit at 1.2500
Price now 1.2013
Current Profit / Loss Position -27 pips

<strong>FUNDAMENTAL TRADES:</strong>

FUN67
EUR/USD
Short at 1.2510
Stop at 1.2580
Limit at 1.2100 then to 1.1860
Price now 1.2532
Current Profit / Loss Position -22 pips

<strong> </strong>
<ol start="4">
	<li><span style="font-size: 12pt;"><strong> LIMIT &amp; STOP ORDERS WITH BROKERS:</strong></span></li>
</ol>
RT215
GBP/USD
Short at 1.5700
Stop at 1.5760
Limit at 1.5240

FUN68
AUD/USD – (PLEASE NOTE NEW ENTRY &amp; STOP LEVELS)
Short at 0.8670
Stop at 0.8750
Limit at 0.8000

Good luck today.

Scott Pickering
The Pip Accumulator
<a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>
Twitter: @ThePremService
Email: premiumservice@weeklyfxdrivethru.com

<strong>DISCLAIMER:</strong>

FLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.