<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>

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<strong>DATE: Tuesday 7<sup>th</sup> October 2014
REF: #102</strong>

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<ol>
	<li><span style="font-size: 12pt;"><strong> OVERVIEW – INITIAL THOUGHTS:</strong></span></li>
</ol>
Yesterday the USD was smacked about a bit, today it appears to be holding its own.

Overnight I was able to get some nice entries based upon yesterday’s price action. In early Asia we had the start of the pullback then a little bounce (where I stepped in) and now the leg lower has begun once again. There is a good bit of volatility around, as world geopolitical events still weigh in across all markets: - Ebola, ISIS to name but two.

GOLD, OIL and COPPER are all marginally lower once again, and this will keep the USD well bid.

There is only CAD Building Permits to worry us on economic data this morning that could be seen as market moving and this should be localized to the “Loonie”.

I am not looking to add to existing positions today; I think that this will be my plan a little later in the week. I am looking to consolidate my six LIVE trades for now.

Last evening, the RBA (Rate announcement and Statement) was not as vocal as I thought that it was going to be regarding the present valuation of the AUD. I cut my AUD/NZD long position as much that I had read, albeit in tired mode after 7 hours driving had been very much on the side of the RBA verbally intervening in stronger terms. Just shows you, no matter what the connection to the RBA they knew nothing of what Glenn Stevens had in store.

As a result the AUD/USD sprang up eventually, and took the NZD/USD with it. These are the two pairs on my radar today; they look very strong, which may lead to some great opportunities. The AUD and NZD together with cross-commodity currencies are very much in-sight today; keep a look out later for charts on these.<strong> </strong>

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<ol start="2">
	<li><span style="font-size: 12pt;"><strong> KEY NEWS EVENTS TODAY (BASED UPON (NYC) EDT TIME ZONE):</strong></span></li>
</ol>
CAD: - Building Permits.
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<ol start="3">
	<li><span style="font-size: 12pt;"><strong> EXISTING LIVE TRADES:</strong></span></li>
</ol>
<strong>RADAR TRADES:</strong>

RT183
GBP/USD
Short at 1.6080
Stop at 1.6185
Limit at 1.5370
Price Now: 1.6055
Current Profit / Loss Position: +25 pips

RT184
EUR/USD
Short at 1.2660
Stop at 1.2750
Limit at 1.1860
Price Now: 1.2595
Current Profit / Loss Position: +65 pips

RT185
USD/CAD
Long at 1.1150
Stop at 1.1080
Limit at 1.1570
Price Now: 1.1170
Current Profit / Loss Position: +20 pips

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<strong>FLASH TRADES:</strong>

FT190
NZD/USD
Short at 0.7793
Stop at 0.7930
Limit at 0.6580
Price Now: 0.7819
Current Profit / Loss Position: -26 pips

FT191
AUD/USD
Short at 0.8709
Stop at 0.8850 (NOTE: REVISED STOP)
Limit at 0.8000
Price Now: 0.8784
Current Profit / Loss Position: -75 pips

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<strong>FUNDAMENTAL TRADES:</strong>

FUN44
GBP/NZD
Long at 2.0507
Stop at 2.0000
Limit at 2.3200
Price Now: 2.0528
Current Profit / Loss Position: +21 pips

<strong> </strong>
<ol start="4">
	<li><span style="font-size: 12pt;"><strong> LIMIT &amp; STOP ORDERS WITH BROKERS:</strong></span></li>
</ol>
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RT182
USD/CHF
Long at 0.9580
Stop at 0.9480
Limit at 0.9950
Price Now: N/A
Current Profit / Loss Position: N/A

<strong> </strong><strong> </strong>
<ol start="5">
	<li><span style="font-size: 12pt;"><strong> FINAL THOUGHTS:</strong></span></li>
</ol>
Yesterday taught me a lesson. Although I was expecting consolidation and a pullback I did not set me stops accordingly. There was a nice USD squeeze that resulted in some small losses that I could have easily avoided had I placed proper stops in position.

I had it in my mind that pullbacks would continue to shallow. As discussed on email with a few of you last night. My stops were only marginally away (annoyingly….argh!!) from where the squeeze ended, but I should have known better. The first day after NFP and all that, however, I have some great opportunities at higher levels to establish stronger trading positions.

Today, will be a quiet day, I think…

I will be analyzing charts this morning (EDT), with the view to distributing these throughout the day. There are lots of currency pairs to look at.

Good luck today.

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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.

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