<strong><span style="font-size: 18pt;">THE DAILY FX POST</span>
<span style="font-size: 18pt;"> from</span>
<span style="font-size: 18pt;"> THE PREMIUM SERVICE</span>

</strong>

<strong>DATE: Tuesday 9th September 2014
REF: #84</strong>

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<ol>
	<li><strong> OVERVIEW – INITIAL THOUGHTS:</strong></li>
</ol>
The one thing that has struck me this morning whilst looking over several charts is that the USD is in my opinion now definitely in breakout mode. As you know, I really will do anything and everything possible not to chase prices.

I look however, at the USD index and the chances are we could see 90.00 on the USD index. Relative strength looks good and if the USD has NOT YET peaked 90.00 on the USD index as a reading places the EUR/USD at about 1.2000 or a lower price of 1.1860. This was a level I placed on the EUR/USD in an old WEEKLY FX DRIVE THRU from about two years ago

As you know the Forex market loves revisiting previous levels and previous numbers if you have been trading for years remain within the “grey matter”.

From a trading perspective I am looking for pullbacks to enter either. I will be careful with regards to risk as always, and my initial position sizes will be small and I will add and move my stops to breakeven as soon as possible. I know that I am a “whimp” when it comes to this but I want to make certain that we are moving directionally before getting too carried away. For now, the market appears to be consolidating, which is the right time to assess.

I know that several of you keep asking what pairs I am looking at mostly. This morning they were: -

USD/JPY, USD/NOK, USD/MXN, USD/CHF, USD/CAD, GBP/USD, AUD/USD and NZD/USD.

I took trades off the table overnight (GBP/USD and AUD/USD shorts plus USD/CAD long) and subsequently I have been vindicated with that decision looking at the moves that have transpired since.

The problem looking at the market is that traders who are short the USD must be pulling their hair out as they are not getting an opportunity to exit to minimalize losses and those like myself are not really seeing a let up to enter on pullbacks. Patience therefore is the order of the day.

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<strong> </strong>
<ol start="2">
	<li><strong> KEY NEWS EVENTS TODAY (BASED UPON (NYC) EDT TIME ZONE):</strong></li>
</ol>
Nothing on the news front today

<strong> </strong>
<ol start="3">
	<li><strong> EXISTING LIVE TRADES:</strong></li>
</ol>
FT166
EUR/USD
Short
Entry at: 1.2979
Stop at: 1.3030
Limit at: 1.2760
Present Price: 1.2889
Current Profit / Loss Position: +90 pips

FUN14
GBP/NZD
Long
Entry at: 1.9800
Stop at: 1.9000
Limit at: 2.2350
Present Price: 1.9461
Current Profit / Loss Position: -339 pips
(My hedge trade is back in play)<strong>


</strong>
<ol start="4">
	<li><strong>LIMIT &amp; STOP ORDERS WITH BROKERS:</strong></li>
</ol>
RT143
AUD/NZD
Long at 1.1200 (ENTRY LEVEL MODIFIED)
Stop at 1.1020
Limit at 1.1550

RT146
AUD/USD
Short at 0.9330 (LEVELS ARE MODIFIED)
Stop at 0.9400
Limit at 0.9210

RT147
NZD/USD
Short at 0.8300   (LEVELS ARE MODIFIED)
Stop at 0.8350
Limit at 0.8000

RT149
USD/CHF
Long at 0.9335   (LEVELS ARE MODIFIED)
Stop at 0.9250
Limit at 0.9580

RT151
USD/JPY
Long at 105.95
Stop at 105.50
Limit at 110.00

RT152
USD/CAD
Long at 1.0950
Stop at 1.0870
Limit at 1.1200

RT153
USD/NOK *
Long
Long at 6.3090
Stop at 6.2650
Limit at 6.3525

RT154
USD/SEK *
Long
Long at 7.0700
Stop at 7.0200
Limit at 7.1300

RT155
USD/MXN *
Long
Long at 13.1550
Stop at 13.1300
Limit at 13.2140

* These trades I will amend limit targets if they enter. At the moment they are at 1:1 risk/reward. I had a problem with my Fib symbol it was not performing properly…technology!!

<strong> </strong><strong> </strong>
<ol start="5">
	<li><strong> FINAL THOUGHTS:</strong></li>
</ol>
I have added a few trades to my limit order list. These are now all placed with my brokers. Try not to get to carried away, although I do think a major move is on the horizon and it is best to try and get positioned as best you can without risking much. I will be adding to this list as the day progresses via twitter.

Good Luck.

<strong> </strong>
<ol start="6">
	<li><strong> DISCLAIMER:</strong></li>
</ol>
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 foreign exchange 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 foreign exchange trading and seek advice from an independent financial advisor if necessary.

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

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