<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: Tuesday 18th November 2014
REF: #128</strong>

&nbsp;
<ol>
	<li><span style="font-size: 12pt;"><strong> OVERVIEW – INITIAL THOUGHTS:</strong></span></li>
</ol>
There was some nice volatility overnight emanating from the AUD and JPY. In addition, from early Asia last night the USD (DXY) weakened.

Firstly, the AUD Monetary Policy Meeting Minutes were released and no reaction was seen, in my opinion. About 3 hours ago, Stevens was speaking and he took the AUD to the cleaners, jawboning it lower. He took about 70 pips off the AUD/USD from just below 0.8750 to sub 0.8700 fairly quickly.

Meanwhile, Abe delayed the Japanese sales tax increase and dissolved his parliament to hold a fresh election in December to hopefully gather a voter mandate. Observing from the side, it looked like a buy the rumour and sell the news event.

Gold is well up as the Japanese situation is creating uncertainty and this in itself is adding to USD weakness. The Nikkei is up a lot and European bourses are also up.

At this stage I would say that the USD might be on the back foot today. But don't bank on that.

Fundamentally, nothing much has changed, but the Forex markets I think are a little punch drunk on news events.

From where I am sitting, it looks like every time some positive news is received it is greeted with open arms, pats on the back and a series of high fives for good measure. I just do not but this.

We have to be very patient, tolerant and only add to existing positions if you can cost average, or add additional trades once the move that you are anticipating begins to bear fruit. About two months ago we had a similar period when we bounced around in a range for a week or so. I think that we are repeating again.

I have a series of charts and trades in my “to do” folder but these are in mainly risk off trades and we are certainly not there yet.

The LIVE trades in play at the moment, I am comfortable with all of them in the medium and long-term fundamentally. The only exemption is the EUR/CHF, which, I would call speculative. Not my normal type of trade of all but the risk / reward looks good… providing SNB Jordan steps in to support the peg / floor at 1.2000.

Therefore, I am thinking that we are in for a day or two of consolidation. The FOMC minutes are released tomorrow, and whilst, I am not expecting anything new or dramatic that we have not heard before, of late, the market seems to go on hold for anything FED. Do not therefore be surprised to see volatility slow down.

We may have to sit in +30 to -30 pip ranges. If you cannot stomach this consolidation behavior take the profits off the table as they happen and re-enter later in a couple of days.

If you follow me you will know that I place a huge amount of reliance on RISK MANAGEMENT and RISK TOLERANCES via POSITION SIZING trades thoroughly before placing an entry.

For me I am not happy in the sense that would rather seen green over red on my broker accounts but fully expect trades to roll down and up. If I am not happy, I will tweet a trade closed.

Be careful today, do not expect too much from the market from now, I think the excitement is over and consolidation will be seen from now on until the U.S. close.

<strong> </strong>
<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: - PPi.
JPY: - Monetary Policy Statement and BOJ Press Conference.


GBP: - MPC votes.
<strong> </strong>
<ol start="3">
	<li><span style="font-size: 12pt;"><strong> EXISTING LIVE TRADES:</strong></span></li>
</ol>
<strong>RADAR TRADES:</strong>

RT214
GBP/NZD
Long at 1.9720
Stop at 1.9000
Limit at 2.0600
Price now 1.7974
Current Profit / Loss Position -46 pips
(NOTE: this pair will be hedged from -100 pips due to its volatile nature)

RT216
USD/CHF
Long at 0.9630
Stop at 0.9540
Limit at 0.9750
Price now 0.9602
Current Profit / Loss Position -28 pips

<strong>FLASH TRADES:</strong>

FT230
EUR/CHF
Long at 1.2040
Stop at 1.1920
Limit at 1.2500
Price now 1.2010
Current Profit / Loss Position -30 pips

<strong>FUNDAMENTAL TRADES:</strong>

FUN66
GBP/AUD
Long at 1.8520
Stop at 1.8150
Limit at 1.9200
Price now 1.7968
Current Profit / Loss Position -552 pips
(This trade is hedged from -100 pips)

FUN67
EUR/USD
Short at 1.2510
Stop at 1.2580
Limit at 1.2100 then to 1.1860
Price now 1.2507
Current Profit / Loss Position +3 pips

FUN69
NZD/USD
Short at 0.7940
Stop at 0.8020
Limit at 0.7000
Price now 0.7956
Current Profit / Loss Position -16 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
Short at 0.8750
Stop at 0.8850
Limit at 0.8000

&nbsp;

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.