<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>

&nbsp;

<strong>DATE: Tuesday 21st October 2014
REF: #111</strong>

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<ol>
	<li><span style="font-size: 12pt;"><strong> OVERVIEW – INITIAL THOUGHTS:</strong></span></li>
</ol>
Welcome to new subscribers (You should read yesterday’s DAILY FX POST it contains my “PLAN A” on how I am approaching the market over the coming sessions).

Last night the CNY data (Believe it / mistrust it… whatever), beat expectations. Yesterday, I had moved limit orders entries higher on AUD/USD and NZD/USD short trades higher to fall in line with my DXY re-test of trend line (PLAN A) trading plan. Had I not moved these entries both trades would have triggered.

My thoughts at the moment are that with the CNY beat; I had expected the AUD/USD to be challenging my revised short entry level of 0.8880. It only reached 0.8830…this at the moment is making me think that PLAN B chasing the USD may become the trading option.

The DXY has not yet pulled back to test the trend line at 84.00, we are currently at 85.20. At 85.50 we are breaking out once again in the USD.

Last night, as I tweeted yesterday on @pipaccumulator I was waiting for the ECB leak machine to gain traction. We have had leak, denial, leak and denial… as the EUROZONE way and as a result the EUR/USD is pushing lower at the moment. Does this mean we will not see a trend line re-test in the DXY at 84.00… possibly? In which case, the USD could become a buy on the dip trade. There is no major news today in the North American session so equities will lead the way today on whether we are RISK ON or RISK OFF.

Scalping mode continues today as a result. The DXY and EUR are on separate screens to keep an eye on their movements. The reason I say scalping trades (FLASH) are in play, is quite simply because we are still range bound. We will break eventually once again, but after the large recent moves we are now playing ranges.

There are key levels to mark breakouts:

EUR/USD below 1.2720
USD/CAD above 1.1280
NZD/USD below 0.7950
USD/CHF above 0.9480 (by the way annoyed that it did not pick this one up at 0.9400 last night. I was half asleep when I checked brokers…)

The commodity currencies have NOT rallied as they should have and if sentiment changes the commodity currencies and commodity cross-rates currencies will be back in focus once again, a little earlier than I thought.

I will be on twitter with updates on these thoughts as required.

<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>AUD: - CPi

GBP: - MPC Summary of the Asset Purchase Facility and Bank Rates Votes.

CAD: - Core Retail Sales
USD: - Core CPi.</li>
</ol>
<strong> </strong><strong> </strong>
<ol start="3">
	<li><span style="font-size: 12pt;"><strong> EXISTING LIVE TRADES:</strong></span></li>
</ol>
&nbsp;

<strong>RADAR TRADES:</strong>

There are no LIVE radar trades at the moment.

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<strong>FLASH TRADES:</strong>

FT190
NZD/USD
Short at 0.7793
Stop at 0.8050
Limit at 0.6580
Price Now: 0.7993
Current Profit / Loss Position: -200 pips
(This pair is hedged from -100 pips)<strong> </strong>

FT202
USD/CAD
Long at 1.1340
Stop at 1.1170
Limit at 1.1570
Price Now: 1.1250
Current Profit / Loss Position: -90 pips
(This pair is hedged from -70 pips)

<strong>
FUNDAMENTAL TRADES:</strong>

FUN44
GBP/NZD
Long at 2.0507
Stop at 1.9800
Limit at 2.3200
Price Now: 2.0217
Current Profit / Loss Position: -290 pips
(This trade is hedged from -125 pips

<strong> </strong><strong> </strong>
<ol start="4">
	<li><span style="font-size: 12pt;"><strong> LIMIT &amp; STOP ORDERS WITH BROKERS:</strong></span></li>
</ol>
RT192
AUD/USD
Short
Short Entry at: 0.8870
Stop at: 0.8950
Limit: 0.8000

RT193
NZD/USD
Short
Short Entry at: 0.8050
Stop at 0.8125
Limit at: 0.6500

Good luck today and have a great weekend.

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