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

Welcome to the “Midweek Fix”, the midweek version of the Weekly Fx Drive-Thru.

This will just be a look at trade set ups that interest me and in addition I cover trades that I am presently in and I will refer to the previous “Drive-Thru” regarding trades on my radar.

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<b><span style="text-decoration: underline;">2. TRADES THAT I AM CURRENTLY LIVE WITH THAT I CATEGORISE: -</span></b>
<p style="text-align: center;"><b><span style="text-decoration: underline;">LONG TERM TRADES:</span></b></p>
I did not tweet these trades this morning but I will provide details here. The reason for me not tweeting was pure and simple down to the amount of time available.
<p style="text-align: center;"><strong>NZD/USD</strong>
<strong>Short</strong>
<strong>Entry (cost Average): 0.8270</strong>
<strong>Position Size: 40%</strong>
<strong>Stop Loss: 0.8350</strong>
<strong>Limit: 0.8165 (38.2% Fib. Retracement 240 minute chart)</strong></p>
<p style="text-align: center;"><strong> </strong></p>
<p style="text-align: center;"><strong>AUD/USD</strong>
<strong>Short</strong>
<strong>Entry (Cost Average): 0.9374</strong>
<strong>Position Size: 20%</strong>
<strong>Stop Loss: 0.9475</strong>
<strong>Limit: 0.9250</strong></p>
I decided to enter the NZD/USD just below 0.8300 this morning. I have taken profits just above 0.8260 and added back. With regards to the AUD/USD I did a similar thing taking profits around 0.9370 and adding back.

I am looking for quite a large move lower with the commodity currencies as I believe that the stock market with all the U.S. uncertainty hovering around us right now, and, more uncertainty looking forward is going to weigh in on equities and they should start to roll over as a result. Should this happen the NZD, AUD and CAD versus the USD to name but three pairs should weaken.

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<b><span style="text-decoration: underline;">3. POTENTIAL TRADES ON MY RADAR:</span></b>

Should I enter any of the following trades I will do my utmost to “Tweet” my entries immediately after placing my trade with stops etc.

<b>EUR/USD:</b>

I was really tempted this morning with this pair but held back. A break below 1.3450 that is confirmed should yield big money. It is still however, a great trade to try long at 1.3450, looking for a move back to 1.3550. The long trade is probably more likely and the risks are defined it could be a great risk/reward trade.

With all the uncertainty creeping into the markets at the moment. One has to be careful with this pair but there is no doubting that 1.3450 is formidable support from the FOMC breakout last week.

<b>USD/CAD:</b>

Looking for a long trade, but I want to see a pullback below 1.0260 to get a great entry position. It may well be that I do not achieve this and may have to get long after a breakout of 1.0300 on a pullback to 1.0300. There is potentially a big move on the cards.

<b>EUR/AUD, GBP/AUD, EUR/NZD, GBP/NZD, EUR/CAD &amp; GBP/CAD:</b>

I am keeping a close eye on all of these pairs, as there is possibly a very large unwinding trade on the cards. If you have followed me on the Weekly Fx Drive-Thru you would know that a few weeks ago I was trying to most of these pairs on breakouts. If equities fall back and roll over I will be over these pairs like a rash.

The levels I am looking at to enter and go long are, around the levels below based on pullbacks if possible. I realize these entry levels may not be achieved but I can hope. I hate chasing trades, but if needs must I may have to. At the moment they are all starting to perk up and look quite bullish. I may have already missed the prime entry levels.
<p style="padding-left: 480px;">EUR/AUD: 1.4200/1.4250
GBP/AUD: 1.6800/1.6850
EUR/NZD: 1.6000/1.6050
GBP/NZD: 1.9000/1.9050
EUR/CAD: 1.3850/1.3900
GBP/CAD: 1.6200/1.6250</p>
Please note with above cross-rate pairs only take very small positions with wider than usual stops. These are volatile pairs that move very fast and operate with light financial volume so they are very, very volatile. My usual approach is to trade a maximum of 20% of my usual trade size with these pairs.

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

As usual, trading with caution is recommended. Do not over-stretch your account and keep inside your trading plan limits.

Good luck and take care.

Scott Pickering
The Pip Accumulator
Tuesday September 24th 2013

FOLLOW ME AT:
Twitter: @pipaccumulator

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