<strong> </strong>
<ol>
	<li><span style="font-size: 14pt;"><strong> INTRODUCTION:</strong></span></li>
</ol>
Holy smokes… was that a week of volatility or what?

Tuesday / Wednesday last week, I wrote to my PREMIUM SERVICE subscribers stating that I was sticking with my open trades after the FOMC.

I closed three trades just ahead of the release, them the fireworks began. My broker accounts on Wednesday evening at the close…. knowing that more pain was going to hit me in Asia were over quadruple digit pips negative.

I was, however, still well within my RISK MANAGEMENT TOLERANCE of 3% per trade based upon my broker account balance.

On Thursday morning after the European session added more misery, it was a sea of red all over every accounts page. Then just before mid –morning in the European session, someone must have asked the question, what has actually changed from this time yesterday?

A little earlier I had started writing my article for PREMIUM SERVICE subscribers via THE DAILY FX POST (blog) to be released later that morning. I was confirming that fundamentally, I felt comfortable with my trades apart from them being negative at that time, and that I was trading in the correct direction because at the time of entry all trades set up perfectly from a technical position. I said that I just couldn’t understand, what had fundamentally changed and, in my opinion, nothing actually had prior to and after the FOMC data release. In fact the move was solely based, in my opinion, upon a market over-reaction to the FOMC minutes.

As I was putting together THE DAILY FX POST, the European bourses started to move lower and U.S. futures started to slide red and the AUD/USD and NZD/USD started to drop along with OIL. The rest is history as they say, as all the trades that I has open started to turn positive as the day progressed.

Keep on your radar the fact that the fundamentals are lousy in the EUROZONE, and Draghi spoke later on Thursday in Washington, which sent the EUR/USD and the equity markets lower. They continued selling off through Asia and the European sessions as well.

My main discussion this week is about the fundamentals facing the market and for PREMIUM SERVICE subscribers, this week, I have about 15 charts included in the full version of the WEEKLY FX DRIVE THRU. I want to take stock of where we are and plan future trades. Therefore, the TRADES ON MY RADAR section will be quite extensive this week. I will expand upon my thoughts for PREMIUM SERVICE subscribers later.

<strong> </strong>

<strong> </strong>
<ol start="2">
	<li><strong><span style="font-size: 14pt;"> THE PREMIUM SERVICE: –</span>

</strong></li>
</ol>
<p style="text-align: center;"><span style="font-size: 12pt;"><strong>OVERVIEW, TRADING ACTIVITY, NEWS UPDATE &amp; MONTHLY AND
</strong><strong>YEAR TO DATE TRADING SUMMARIES:</strong></span></p>
<span style="text-decoration: underline;">2.1 OVERVIEW:</span>

For new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.

<span style="text-decoration: underline;">2.2 TRADING ACTIVITY:</span>

It was a poor start to the week, from which I did not fully recover. Having just written that, towards the end of the week I bounced back. I still have live trades not yet closed so they do not count in the October (so far) statistics. As I wrote to PREMIUM SERVICE subscribers earlier in the week, I had a great run on % profitable to loss trades of late, and, year to date I am still +85% profitable.

I am human, when it’s a roller-coaster week for you; it’s the same roller-caster ride for me. It’s not very often that I produce a negative statement but overall it is only 4 pips!!!

Finally for PREMIUM SERVICE subscribers, starting Monday, all trade set-ups via twitter will now be headed according to the type of trade.

I know that many of you are part-time traders and cannot take all trades. If you have another source of income many of you are only interested in trades that require targeted entries and exits (RADAR &amp; FUNDAMENTAL trades in the main).

Therefore all set-ups will be headed either: -

FLASH TRADE (Reference prefix FT)
RADAR TRADE (Reference prefix RT)
or
FUNDAMENTAL TRADE (Reference prefix FUN)

I hope that small amendment will help you identify which trades are more applicable to you based upon the amount of time that you can spend at your computer.

<span style="text-decoration: underline;">2.3 MONTHLY AND YEAR TO DATE TRADING SUMMARIES<strong>:</strong></span>

Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE website.

Below are the excel spreadsheets covering this month so far and the year 2014 to date.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/PREM-SERV-PROFITS-1-11102014.png"><img class="aligncenter size-full wp-image-4541" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/PREM-SERV-PROFITS-1-11102014.png" alt="PREM SERV PROFITS 1 11102014" width="456" height="433" /></a>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/PREM-SERV-PROFITS-2-11102014.png"><img class="aligncenter size-full wp-image-4542" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/PREM-SERV-PROFITS-2-11102014.png" alt="PREM SERV PROFITS 2 11102014" width="470" height="420" /></a>

&nbsp;

PLEASE NOTE:

The above examples in sections 2.2 and 2.3 are for illustration purposes only. The profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.

Just to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.

The above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.

You must always remember to follow properly executed RISK MANAGEMENT and POSITION SIZING disciplines with all your trades and remember that Forex trading with a high degree of leverage can significantly increase your profits and losses. You should trade with a TRADE PLAN and NOT risk monies that you cannot afford to lose.

<strong> </strong>
<ol start="3">
	<li><span style="font-size: 14pt;"><strong> THE FUNDAMENTAL TRADERS OVERVIEW:</strong></span></li>
</ol>
<strong> </strong>

<strong><span style="font-size: 12pt;">THE FUNDAMENTALS AND COMMODITIES HAVE BEEN LEADING FOR SOME TIME…NOW EQUITIES FINALLY GET ON BOARD</span></strong>

&nbsp;

I have to start this article by including a section from my previous two blogs.

Three weeks ago (20<sup>th</sup> September), I wrote about a directional market with my dominoes.

Below in italics are the dominoes that fell into position the week following my initial blog and one week ago, they are in <strong><span style="color: #0000ff;">BLUE BOLD (27<sup>th</sup> September).</span></strong>

From last week <span style="color: #ff0000;"><strong>(4<sup>th</sup> October)</strong></span> to this week the remaining dominoes are now in place they are in<span style="color: #ff0000;"><strong> RED BOLD</strong>.</span>

There are <strong>none</strong> of my original dominoes left now.

<em>What are dominoes that I see falling?</em>

<em>These may not be in the order in which they will happen, but it is my assessment of what may happen. Plus: this can all happen very, very quickly.</em>

<span style="color: #0000ff;"><strong><em>USD index: Hits 85.00 or above as both the EUR and JPY continue to weaken.
</em></strong><em>
<strong>EUR/USD: Slips through 1.2760 and heads for 1.2500.
</strong>
<strong>USD/JPY: Breaks through 109.00 with conviction and heads towards 112.00.</strong></em></span>

<span style="color: #0000ff;"><em> <strong>TREASURY BOND YIELDS: They continue to rise as Bond prices fall, fueling the USD/JPY move higher.
</strong>
<span style="color: #ff0000;"><strong>GOLD: Starts to drop through $1200.00 on the back of the start of USD strength and heads towards $1,100.00.</strong></span></em></span>

<span style="color: #0000ff;"><span style="color: #ff0000;"><strong><em> COPPER: Starts to look as if it is about to head for a test of $3.00 as the precious metals markets start to sell-off.
</em></strong></span><em>
<strong>COMMODITY CURRENCIES: They start to fall ahead of the equities markets. AUD/USD heads through support and targets 0.8500. The NZD/USD drops as well and heads towards 0.7500. The USD/CAD catches a lift through 1.1100 and heads towards 1.1500.
</strong></em></span>

<span style="color: #ff0000;"><strong><em>OIL (WTi): Tests $90.00 and breaks lower towards $85.00. The move is accelerated as the USD continues to head towards 90.00.</em></strong><strong><em>
</em></strong></span><em>
<span style="color: #0000ff;"><strong>COMMODITY PRICES: Start to come under pressure and fall.</strong></span></em>

<span style="color: #0000ff;"><em> <strong>THE VIX: This starts to trade at new highs.</strong></em></span><strong> </strong>

Let me also write, and I have said this many, many times over the past three years: -

<span style="text-decoration: underline;"><span style="font-size: 12pt;"><strong>“It’s all about the commodities markets… it leads us”</strong></span></span>

When a market turns, it is the commodities that lead us: Wheat, Milk, Cattle, Soy etc.

Then the commodity currencies that are also lead indicators get on board: AUD/USD, NZD/USD, USD/CAD and USD/NOK.

Next we see bond yields move…. this affects the USD/JPY and USD/CHF.

After this we see the USD start to firm up as “The Holy Trinity” starts to fall GOLD, OIL and COPPER.

Then the USD index (DXY) rises…

By now the VIX is moving upwards with volatility….

Finally, as the USD (DXY) moves the equities markets come under pressure.

We have a plethora of geopolitical events that can be added into the mix as well.

Technically, we hit a number of market inflection points and we see massive swing moves as the markets wrestle between bulls and bears.

This is where we are now.

As Forex traders this can be a delight, but at the same time we must trade with some caution and not get carried away with the directional trading environment that we find ourselves with.

However, there is still more to come for the following key reasons.

The added ingredients to this inflection point are:

<span style="text-decoration: underline;">MONETARY POLICY DIVERGENCES (THE FED &amp; ECB):</span>

The ECB and FED the two biggest world central banks are on opposite monetary policy programmes.

The FED is about to exit its Quantitative Easing (QE) market support programme later this month. The FED therefore is tightening. The great debate is when are they going to shift to a policy of increasing interest rates. This causes uncertainty, and the markets hate uncertainty. Uncertainty breeds volatility

On the other hand, we have the dithering ECB.

Six years after the financial crash, the EUROZONE is struggling with DEFLATION and some of the periphery countries are in recession. This is my opinion, is due 100% to the fact that you simply cannot manage 18+ countries from a single chequeboook. The concept was a bad design and now Mario Draghi (God love him) has bigger problems. Germany is the EUROZONE powerhouse and in many ways it rules the EUROZONE in its own vision as if the entire EUROZONE are provinces of Germany, and to hell with the periphery countries. Draghi has an impossible job.

The ECB is on an internal collision course over its own attempts to introduce Quantitative Easing (QE). Draghi is high on rhetoric, low on action. There are few extraordinary measures left for him to attack and basically all Draghi has for the markets is “hot air” verbal intervention, and, frankly, we’ve heard it all before.

But the ECB is on a policy of weakening, adding liquidity to the EUROZONE in attempt to kick-start the periphery countries.

The big problem now, is that the powerhouse, Germany, is now suffering as well. Business confidence is low and retail PMI’s are falling as the Germans pull in spending

Draghi has big, big problems.

<span style="text-decoration: underline;">CRITICAL GEOPOLITICAL AND ECONOMIC ISSUES /  EVENTS:</span>

It is a sad world that we live in. There is nearly always conflict around the globe that affects commodity prices such as oil. At the moment oil, is in a glut supply / demand position. Therefore, there is no upside price pressure at the moment. I am of course referring to ISIS in Iraq / Syria.

Retail Sales figures around the world are suffering. If no one is buying finished goods, what is the point of manufacturing finished products. If there are no finished products selling, what’s the point of buying raw materials? This problem has not come home to roost yet and the EUROZONE being in such poor state will affect the world on this point.

The Ebola epidemic unless contained has the potential to get out of hand spreading not just to more African countries but much farther afield. We have had at the moment isolated cases in the USA and Spain, but with air travel being a very natural carrier of this disease unless rigid controls and regulations are placed in position, it will be a case of too little too late. This has the potential for panic and market uncertainty.

I can also mention the BOE and rate increases plus maybe more QE from Japan. There are many more factors bubbling under than can send the markets into a tailspin.

Finally yesterday (Friday) S&amp;P downgraded the French credit rating on the back of poor growth opportunities. The French economy is weak and this is yet another bullet aimed at the EUROZONE. In a rather humorous situation, when asked on a live debate about the breaking news the French Finance Minister who knew nothing about the downgrade, stated that it had nothing to do with France but more aimed at the EUROZONE. What can you say to that? Typical natural defense mechanism blames someone or something else.

As traders we just need to be aware of these issues and keep up to date with the news

&nbsp;
<ol start="4">
	<li><span style="font-size: 14pt;"><strong> TRADER TOPICS:</strong></span></li>
</ol>
<strong> </strong>

<span style="font-size: 12pt;"><strong>HOW TO ADJUST TO CHANGING TRADING CONDITIONS:</strong></span>

&nbsp;

Market volatility has been picking up lately and as a result; you may need to consider making the necessary adjustments to catch shorter-term price moves. As traders, we need to adapt, as staying profitable in the long-run requires that you are able to adapt to random market conditions.

I have written several times about “high probability trades” understanding how to identify them. High probability trading is one of my keys to success as being a trader.

This is one of the few times I will use the word casino, or references to casinos on any page inside my blog or associate pages. As you know, I consider Forex Trading RISK MANAGEMENT, as traders we are RISK ASSESSORS not gamblers.

However, just like a casino, traders are in the business of trying to be consistent and making money in a seemingly random work environment. The key is to think in terms of probabilities.

This is actually a little easier said than done, because it requires two layers of belief that you would initially think cannot coexist.
<ol>
	<li><span style="text-decoration: underline;">TRADE- SPECIFIC LEVEL:</span></li>
</ol>
At this stage, you have to understand and accept the uncertainty and unpredictability of each trade. Let me return to the casino for a moment and talk about Blackjack. As you know, you never know what cards you will be dealt, nor do you know how each player will play his or her own hand. These factors have a direct effect on the outcome of your hand.

Yet, there are some who make money-playing blackjack because they understand that each hand is STATISTICALLY INDEPENDENT of every other hand and that over time, if they follow basic strategy, they can decrease the house edge and actually generate a small profit.

The same can be true in trading. We have to understand that each trade is independent of every other trade. Whether your previous 10 trades were losing or profitable trades this has no bearing on the outcome of your next trade. Once you can accept this, you can easily take trades without being adversely affected.
<ol start="2">
	<li><span style="text-decoration: underline;">MACRO LEVEL:</span></li>
</ol>
You have to understand that over time and with a large enough sample size, the probability of profit or loss is relatively certain and predictable. This degree of certainty is based on the constant variables that are known in advance and most importantly, within your control.

<span style="font-size: 10pt;"><strong>“Once you recognize the independence of each trade and believe in letting good odds (probabilities) play themselves out, then you will have an easier time at removing emotions from your trades”.</strong></span>

(In my opinion, the above in <strong>BOLD</strong> is one of the KEY factors in becoming a longer-term consistent Forex Trader)

For example, you’re less likely to exit a trade early if you know that your trade idea has a good probability of being profitable in the first place. Similarly, you’re less likely to lose sleep over the outcome of each trade if you know that given enough sample size, your trading method will most likely work our in your favour.

However, before you place too much confidence in your trading method, you must first make sure that it has an edge over the markets. Without an edge, you are just like any random fool who walks into a casino; you may win once in a while, but over time, the casino will win because they have the edge over you.

How do you get “AN EDGE?” – fine tuning, trade set-ups, entry and exit disciplines, look at all the trading styles you can find and demo them until you have your EDGE.

This all leads back to the TRADING PLAN….. the document that I believe every trader should have. It contains everything that makes you the trader you are.

The bottom line is very straightforward, consistently profitable traders do NOT rely on luck. They simply rely on the fact and knowledge that their system works because they have put in the necessary efforts to make it work.

<strong>
</strong>
<ol start="5">
	<li><span style="font-size: 14pt;"><strong> MY CURRENT LIVE TRADES:</strong></span></li>
</ol>
&nbsp;

<span style="font-size: 12pt;"><strong>RADAR TRADES:</strong></span>

There are no LIVE RADAR trades at the present time.

<strong> </strong>

<span style="font-size: 12pt;"><strong>FLASH TRADES:</strong></span>

FT1190
NZD/USD
Short
Cost Average at: 0.7793
Stop at 0.7930
Limit at 0.6580
Present Price: 0.7813
Current Profit / Loss Position: -20 pips

FT191
AUD/USD
Short
Cost Average at: 0.8709
Stop at 0.8820
Limit at 0.8000
Present Price: 0.8684
Current Profit / Loss Position: +25 pips

&nbsp;

<span style="font-size: 12pt;"><strong>FUNDAMENTAL TRADES:</strong></span>

FUN44
GBP/NZD
Long
Cost Average at: 2.0507
Stop at 2.0000
Limit at 2.3200
Present Price: 2.0563
Current Profit / Loss Position: +56 pips

<strong> </strong><strong> </strong>
<ol start="6">
	<li><span style="font-size: 14pt;"><strong> TRADES THAT ARE ON MY RADAR:</strong></span></li>
</ol>
I have a lot of charts that I wanted to share with you and these may form the basis of several trades this coming week. At least if my thoughts are down on paper it will give you all a heads up as to my thoughts moving forward.

I have NOT placed any limit orders with my brokers. My intention is to pick these potential trades off one at time as the entries permit.

Many charts have my comments written on them and I will not repeat them in the body of the blog. It should be self-evident as you progress through this section.

<span style="text-decoration: underline;">EUR/USD</span> – chart below, looking to enter short. My comments are on the chart.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURUSD-240M-11102014.png"><img class="aligncenter size-large wp-image-4530" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURUSD-240M-11102014-1024x462.png" alt="EURUSD 240M 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">GBP/USD</span> – chart below, looking to enter short. My comments are on the chart.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/GBPUSD-240M-11102014.png"><img class="aligncenter size-large wp-image-4526" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/GBPUSD-240M-11102014-1024x462.png" alt="GBPUSD 240M 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">AUD/USD</span> – chart below, looking to add to my existing short position at higher levels. My comments are on the chart.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/AUDUSD-60M-11102014.png"><img class="aligncenter size-large wp-image-4535" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/AUDUSD-60M-11102014-1024x462.png" alt="AUDUSD 60M 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">NZD/USD</span> – chart below, looking to add to my existing short position at higher levels. My comments are on the chart.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/NZDUSD-240M-11102014.png"><img class="aligncenter size-large wp-image-4525" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/NZDUSD-240M-11102014-1024x462.png" alt="NZDUSD 240M 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">USD/JPY</span> – chart below. I think that this pair is one that could go a lot lower if equities really start to correct and bond yields carry on doing what they are doing right now. Personally, I am avoiding this pair as I still have sleepless nights over my JPY failures of about a year ago. I think we have a top at 110.00 and the bottom could be 107.30 but if this gives way 106.50 is next.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/USDJPY-DAILY-11102014.png"><img class="aligncenter size-large wp-image-4522" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/USDJPY-DAILY-11102014-1024x462.png" alt="USDJPY DAILY 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">USD/CAD</span> – chart below, looking to enter long. My comments are on the chart.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/USDCAD-240M-11102014.png"><img class="aligncenter size-large wp-image-4524" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/USDCAD-240M-11102014-1024x462.png" alt="USDCAD 240M 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">USD/CHF</span> – chart below. I am not really interested in this pair at the moment and see 0.9540 as the area to get me interested with a long trade. 0.9680 is the obvious immediate target.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/USDCHF-240M-11102014.png"><img class="aligncenter size-large wp-image-4523" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/USDCHF-240M-11102014-1024x462.png" alt="USDCHF 240M 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">EUR/CAD</span> – chart below, looking to enter long and my comments are on the chart.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURCAD-MONTHLY-11102014.png"><img class="aligncenter size-large wp-image-4533" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURCAD-MONTHLY-11102014-1024x462.png" alt="EURCAD MONTHLY 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">GBP/CAD</span> – chart below. I am looking to enter long on a break of 1.8650.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/GBPCAD-MONTHLY-11102014.png"><img class="aligncenter size-large wp-image-4528" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/GBPCAD-MONTHLY-11102014-1024x462.png" alt="GBPCAD MONTHLY 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">EUR/AUD</span> – chart below, there is a breakout from the bullish flag formation.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURAUD-DAILY-11102014.png"><img class="aligncenter size-large wp-image-4534" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURAUD-DAILY-11102014-1024x462.png" alt="EURAUD DAILY 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">GBP/AUD</span> – chart below. I am looking to enter long on a pullback towards 1.8370 if we can get it.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/GBPAUD-240M-11102014.png"><img class="aligncenter size-large wp-image-4529" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/GBPAUD-240M-11102014-1024x462.png" alt="GBPAUD 240M 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">EUR/NZD</span> – chart below, I am looking to enter long and my comments are on the chart.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURNZD-DAILY-11102014.png"><img class="aligncenter size-large wp-image-4531" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURNZD-DAILY-11102014-1024x462.png" alt="EURNZD DAILY 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">EUR/GBP</span> – chart below. I am looking to enter short but I do require a healthy pullback to reach my target entry level. I am NOT confident that my desired entry level can be achieved.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURGBP-DAILY-11102014.png"><img class="aligncenter size-large wp-image-4532" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/EURGBP-DAILY-11102014-1024x462.png" alt="EURGBP DAILY 11102014" width="1024" height="462" /></a>

&nbsp;

<span style="text-decoration: underline;">GBP/CHF</span> – chart below. I am looking to enter long at 1.5400 with stops just below 1.5350, looking to target 1.5800.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/GBPCHF-DAILY-11102014.png"><img class="aligncenter size-large wp-image-4527" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/GBPCHF-DAILY-11102014-1024x462.png" alt="GBPCHF DAILY 11102014" width="1024" height="462" /></a>

&nbsp;

<strong> </strong>
<ol start="7">
	<li><span style="font-size: 14pt;"><strong> LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong></span></li>
</ol>
<strong>EUR/USD: Closing Price 1.2621.</strong> A bounce of about 100 pips in the past seven days, but this pair is still very bearish. A nice pullback on Sunday night thru Asia into the European session would do very nicely with this pair. Support is at 1.2510 and resistance is at 1.2715.

<strong>GBP/USD: Closing Price 1.6074</strong>. This pair very similar to the EUR/USD is about 100 pips off the lows of last week. Very similar to my thoughts on the EUR/USD, I am looking for a nice pullback to enter short. The areas that interest me are 1.5970 support to 1.6120 resistance.

<strong>AUD/USD: Closing Price 0.8684</strong>. A very similar close to what we recorded last week. I am very bearish this pair. Support is at 0.8640 and resistance at 0.8750.

<strong>NZD/USD: Closing Price 0.7813</strong>. We have seen a little pullback with this pair over the past seven days. However, it is a bearish path that the Kiwi is following. I am looking at support at 0.7710 and resistance at 0.7920.

<strong>USD/CAD: Closing Price 1.1198.</strong> Not much of a move in the past seven days for the “Loonie”, but I do think that as long as the price of oil remains under pressure this pair will weaken. My support and resistance levels are very similar to last weeks. The next level of resistance is good at 1.1270. Support is good at 1.1170.

<strong>USD/CHF: Closing Price 0.9570</strong>. This pair is about 100 pips lower than the close it recorded last week. Looking forward, with this pair I am struggling to get excited about possible moves at the moment. Support is at 0.9540 and resistance at 0.9680.

<strong>USD/JPY: Closing Price 107.62. </strong>The JPY roller coaster continues. As equities are pulling back (correcting) the USD/JPY pair has started to pullback in a normal correlated move. We have fallen over 200 pips from last weeks close and there is a huge potential downside move should equities correct. It is very hard to place support and resistance levels on this pair other than close support is at 107.30 and below this level it is 106.50. On the upside, resistance is at 108.00 and 108.50.

<strong> </strong>
<ol start="8">
	<li><span style="font-size: 14pt;"><strong> MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong></span></li>
</ol>
The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.

<span style="text-decoration: underline;">LONG:</span>

USD/CAD
GBP/CAD
EUR/AUD
GBP/AUD
USD/NOK

<span style="text-decoration: underline;">SHORT:

</span>AUD/USD
AUD/JPY
CHF/JPY
EUR/JPY
NZD/JPY
AUD/CAD
EUR/CHF
AUD/NZD

&nbsp;
<ol start="9">
	<li><span style="font-size: 14pt;"><strong> MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong></span></li>
</ol>
SUNDAY: N/A.

MONDAY: AUD – New Business Confidence.

TUESDAY: GBP – CPI.
TUESDAY: EUR – German ZEW Economic Sentiment
TUESDAY: CNY – CPI.

WEDNESDAY: EUR – Mario Draghi speaks (x 2)
WEDNESDAY: GBP – Employment Change and Unemployment Rate.
WEDNESDAY: USD – Core Retail Sales.

THURSDAY: N/A.

FRIDAY: CAD –Core CPi.
FRIDAY: USD – Janet Yellen speaks.

<strong> </strong>

<span style="font-size: 14pt;"><strong>10. FINAL THOUGHTS:</strong></span>

We are in a very volatile market at the moment, and, I cannot see this altering anytime soon. The market is directional, which is good for us as traders. They keys to success in this market are pricing your entries correctly. It is a science trying to achieve the best entry levels, whether selling into strength or buying on dips.

My views on this given the fact that we are in a trending market are, that precise entries are not vital and at anytime picking tops and bottoms to the pip is great when it happens. However, most of the time we should be happy to lift 60%-70% of any move as profit. A little bit on every trade, is the way to succeed and achieve longevity as a trader.

Just remember; always use the RISK MANAGEMENT principles outlined in the PREMIUM SERVICE web site TRADING ESSENTIALS section to ensure that you do not over-stretch your Forex account. Longevity in the Forex market is only achieved through strong TRADING DISCIPLINES that include effective and strategic POSITION SIZING.

Good Luck.

Scott Pickering
The Pip Accumulator
Saturday October 11th 2014

EMAIL / FOLLOW ME AT:
premiumservice@weeklyfxdrivethru.com
Twitter: @pipaccumulator
Twitter: @ThePremService
Google+/scottpickering

<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.

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