<span style="font-size: 14pt;"><strong>THE DAILY FX POST
from
THE PREMIUM SERVICE</strong></span>

<span style="font-size: 14pt;"> </span>

<strong>DATE: Friday 21st November 2014
REF: #131</strong>

&nbsp;
<ol>
	<li><span style="font-size: 12pt;"><strong> OVERVIEW – INITIAL THOUGHTS:</strong></span></li>
</ol>
Good God…. that was hairy before.

I have a few trades to elaborate on. I decided to close the EUR/USD short (FUN67) and USD/CHF long (RT216) earlier when Draghi was talking. I was watching the TV whilst the kettle was boiling for a Coffee, just about to tweet the trades and then whoosh…

China cut rates. I verified that my commodity crosses hedged trades had triggered GBP/NZD (FUN72) and EUR/NZD (RT219) both long trades and hedged from -100 pips. It was a frantic 10-15 minutes that also included putting the dogs out as well.

In the middle, I noticed from a new broker that I am trying, my EUR/GBP triggered. As tweeted, it fell below the trend line and then re-tested and dropped. The chart pattern yesterday was showing that this could have been on. Draghi cemented the trade. The trade activated as soon as Draghi started speaking. I have placed a protected stop of 0.7950 on this pair.

In addition the USD/CAD long trade (RT222) also triggered. I have added a hedge on this pair given Oil movement and commodity currencies reaction to all the news this morning.

Moving on….

Mario Draghi did his “whatever it takes” speech again and jawboned the crap out of the EUR. The markets have bought it once again. How many times they will respond this way is debatable. “The boy who cried wolf”, “Kicking the can down the road” it all applies to the EUROZONE and Draghi. As I have said on many occasions talk is cheap and Draghi needs to act. The bottom line is however; the EUR/USD sits once more around the levels I exited my short trade early today. Maybe I was too hasty, (I wasn't too hasty last night with over 100 pips profit on 3 x NZD trades) time will tell. I always say that you should never complain banking $$$. This is what trading is all about.

China did their version of easing by cutting interest rates. This played havoc with the AUD and NZD currencies whose economies are very reliant on Chinese trade. It will take a while for the knee-jerk reaction to be worked off.

I am looking around and obviously the European bourses are up, the U.S. equity markets are also up. Asian equity markets closed up as well. The Holy Trinity of OIL, GOLD and COPPER are also trading to the upside.

With equities up and the Holy Trinity up, the potential of a USD (DXY) upside break looks extremely doubtful unless equities roll over. It is still trading well inside its 100-point range of 87.20 to 88.20. It is a Friday as well and I hate trading on Friday’s.

I think that GOLD and the JPY will dominate news today.

I do not like the JPY price action. 118.00 is proving difficult and with equities at highs the JPY is not correlating. (I cancelled 2 x limit orders on USD/JPY (FUN73) and CAD/JPY (RT221).

GOLD is also looking like its about to break higher. This will affect the USD (DXY) moving forward.

I am taking action to protect. I have a funny feeling about the correlations in the market today.

<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></li>
</ol>
CAD: - Core CPi.

<strong> </strong>
<ol start="3">
	<li><span style="font-size: 12pt;"><strong> EXISTING LIVE TRADES:</strong></span></li>
</ol>
<strong>RADAR TRADES:</strong>
RT219
EUR/NZD
Long at 1.5930
Stop at 1.5000
Limit at 1.6440
Price now 1.5712
Current Profit / Loss Position –218 pips
(Hedged trade in play from -100 pips)

RT222
USD/CAD
Long at 1.1260
Stop at 1.0980
Limit at 1.1500
Price now 1.1270
Current Profit / Loss Position +10 pips

RT223
EUR/GBP
Short at 0.8000
Stop at 0.7950 (protected stop in position)
Limit at 0.7800
Price now 0.7935
Current Profit / Loss Position +65 pips<strong> </strong>

<strong>FLASH TRADES:</strong>

FT230
EUR/CHF
Long at 1.2040
Stop at 1.1920
Limit at 1.2500
Price now 1.2022
Current Profit / Loss Position -18 pips<strong> </strong>

<strong>FUNDAMENTAL TRADES:</strong>

FUN68
AUD/USD
Short at 0.8670
Stop at 0.8750
Limit at 0.8000
Price now 0.8705
Current Profit / Loss Position -35 pips

FUN70
NZD/USD
Short at 0.7880
Stop at 0.7960
Limit at 0.7000
Price now 0.7906
Current Profit / Loss Position -26 pips

FUN72
GBP/NZD
Long at 1.9950
Stop at 1.9000
Limit at 2.0500
Price now 1.9813
Current Profit / Loss Position -127 pips
(Hedge trade triggered at -100 pips)

<strong> </strong>
<ol start="4">
	<li><span style="font-size: 12pt;"><strong> LIMIT &amp; STOP ORDERS WITH BROKERS:</strong></span></li>
</ol>
RT220
GBP/USD
Short at 1.5800
Stop at 1.5860
Limit at 1.5450

Good luck today.

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