Hi Everyone,

Welcome to the two new subscribers over the last 48 hours...I hope that you guys bring some continued volatility similar to that went with the FOMC yesterday.

I hope that you traded safely yesterday and made a few pips.

From my perspective, because moves were volatile, I scalped but did not post any set-ups apart from adding:

RT114
EUR/GBP
Short at 0.8050
Stop at 0.8090
Limit at 0.7800

RT108
I also amended my NZD/USD entry level on RT108 from 0.8750 to 0.8780 to cope with the NZD GDP data release. I have moved just a minute or two ago the entry level back to 0.8750.

I did not feel that I could scalp trades and then post to twitter  entries / stops / limits etc  effectively due to the fluidity. I tried to tweet as much as I could about what I was thinking and what in particular was attracting my attention. A few weeks ago I had a conversation with one of you guys about what I should tweet when entering trades.

RADAR and FUNDAMENTAL TRADES are easy as I state entry and both exit levels and should I cover early I advise.

I am thinking that I should set initial trade guidelines for FLASH TRADES, along the lines of 30 pip stops and 50 pip limits. Why I have not done this is because of position sizes. I do not want you guys over-strecthing your risk just because my tolerances may be greater because of my account size. Some of you will have greater risk tolerance than I have because I know one or two of you trade much larger broker accounts than mine. Everything is relative, but I have so many part-time traders I am conscious that I do not want them to be over-exposed.

Let me work on it over the next couple of days and if we have a set pattern of entry. After the trade is placed, I can then come back after a few minutes and revise the stops and limits.... I think that this would certainly make me more confident to get you guys in more trades that I do and hopefully drive a bit more income.

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<span style="text-decoration: underline;"><strong>MARKET OVERVIEW:</strong></span>

I think that we are now going to get a period of consolidation following yesterdays FOMC. I had hoped that the SNB would have done something this morning to spur additional volatility, but unfortunately they did nothing.  Equities and The Holy Trinity of Oil, Gold and Copper and are not doing much this morning. The previous Asian and European sessions  had great bullish moves.

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<span style="text-decoration: underline;"><strong>TRADE OPPORTUNITIES - TRADES ON MY RADAR:</strong></span>

I missed the Norwegian Central Bank announcement and the great move higher, the USD/NOK is at highs of the day along with the USD/SEK...damn...I like trading these Nordic currencies from time to time.

Looking quickly at the USD majors:

EUR/USD: 78.6% at 1.3642 has held for the time-being. I think buying on dips to 1.3600 may be a good trade, if we break 1.3600, I think I would be short.

GBP/USD: It is breaking out...after 1.7045, I think we could see 1.7250 in the coming weeks.

USD/CHF: The SNB did nothing, if the EUR breaks higher support of 0.8910 will not hold and we could see 0.8750 gain in the coming weeks. The SNB is doing nothing so do not fear intervention going short for a while.

USD/CAD: Big support at 1.0810 held. If you want to get long the "loonie", go long now with stops below 1.0800...could be a great risk/reward. Not for me but it is trade if you need one.

AUD/USD: Key resistance at 0.9430 held.

NZD/USD: I think 0.8745 to 0.8780 will hold it up and these are the areas too try to get short in my opinion.

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I am going to look around over the next few hours and hopefully add some limit order trades. I will tweet any ideas.

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Take care with your trading today, it may be a consolidation day so be careful...

Scott