<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>

<strong>DATE: Monday 20<sup>th</sup> October 2014
REF: #110</strong>

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<ol>
	<li><span style="font-size: 12pt;"><strong> OVERVIEW – INITIAL THOUGHTS:</strong></span></li>
</ol>
Good morning…. We enter another week with more trading opportunities. Let’s hope it’s directional and the market behaves itself.

When I finished writing my rant about Draghi for the “DRIVE THRU” blog over the weekend and got everything posted and updated. I then did about 30-45 minutes worth of analysis on the movements of various currency pairs over the past week or so. The markets are really well and truly range bound following the dramatic moves of the past three/four weeks. There is a lot of “huff ‘n puff “ in the sentiment, the talk, but at the end of the day we are range bound.

Therefore, we are in scalping mode just for a little while.

I include in this blog a chart of the USD index (DXY). As long-term subscribers are aware, my routine in the morning when I log on no matter what the time is check out the “Holy Trinity” (GOLD, OIL &amp; COPPER) and then look at the DXY followed by the AUD/USD and USD/CAD. These are my lead indicators.

Looking at the DXY below, we are “flagging”. Whichever way you look at the Daily chart we are flagging. In my opinion, we should re-test the trend line support around 84.00 and then bounce towards my longer-term written about many times goal of 92.00. This places the EUR/USD around 1.2000 or below around 1.1860.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/DXY-20102014.png"><img class="aligncenter size-large wp-image-4601" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/DXY-20102014-1024x544.png" alt="DXY - 20102014" width="1024" height="544" /></a>

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I have three LIVE trades that are currently negative and hedged, but if my future thoughts are correct these trades should come good. They are hedged so my RISKS are limited. In addition, there are two RADAR trades with brokers (see below), they are entries at the tops of ranges with fairly tight stops. Hopefully these entries will coincide with the DXY support. If they do there would be great entry levels in my opinion. I may tweak the AUD/USD and NZD/USD short entries later via twitter.

Obviously, if my thoughts play out, I will be looking at the commodity cross-rate pairs (EUR/AUD, GBP/AUD, EUR/NZD, EUR/CAD and GBP/CAD). I am already long GBP/NZD.

I entered the EUR/USD short a little earlier at 1.2775. I am now looking to take 20-30 pips profit, close it and wait for the DXY move to happen. That is of course, unless it drops like a lead balloon. Should that happen, we should probably bounce around for a few days before finally testing 84.00 (DXY).

There is my plan and my thoughts for the market.

<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: - Wholesale Sales.

AUD: - Monetary Policy Minutes.
CNY: - GDP and Industrial Production.

GBP: - MPC Asset Purchase Facility and Interest Rate Votes

<strong> </strong>
<ol start="3">
	<li><span style="font-size: 12pt;"><strong> EXISTING LIVE TRADES:</strong></span></li>
</ol>
<strong>RADAR TRADES:</strong>

There are no LIVE radar trades at the moment.

<strong>FLASH TRADES:</strong>

FT190
NZD/USD
Short at 0.7793
Stop at 0.8050
Limit at 0.6580
Price Now: 0.7949
Current Profit / Loss Position: -156 pips
(This pair is hedged from -100 pips)

FT202
USD/CAD
Long at 1.1340
Stop at 1.1170
Limit at 1.1570
Price Now: 1.1266
Current Profit / Loss Position: -74 pips
(This pair is hedged from -70 pips)

FT203
EUR/USD
Short from 1.2775
Stop at 1.2860 (PLEASE NOTE NEW LEVEL)
Limit at 1.1860 (PLEASE NOTE NEW LEVEL)
Price Now: 1.2766
Current Profit / Loss Position: +9 pips

<strong>FUNDAMENTAL TRADES:</strong>

FUN44
GBP/NZD
Long at 2.0507
Stop at 1.9800
Limit at 2.3200
Price Now: 2.0279
Current Profit / Loss Position: -228 pips
(This trade is hedged from -125 pips

<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: 0.8820
Stop at: 0.8870
Limit: 0.8650

RT193
NZD/USD
Short
Short Entry at: 0.7990
Stop at 0.8030
Limit at: 0.7800<strong> </strong>

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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.

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