<h2 style="text-align: center;"><strong>THE DAILY FX POST
from
THE PREMIUM SERVICE

</strong></h2>
<h3><strong>DATE: Tuesday 2nd December 2014
REF: #135</strong></h3>
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<ol>
	<li>
<h3><strong> OVERVIEW – INITIAL THOUGHTS:</strong></h3>
</li>
</ol>
The RBA last night kept rates on hold and really after reading the statement from my eyes there did not appear much different from the previous statement. The only difference that I could see was the “likely to be needed” inclusion.

I was going to trade last night after the data release and had all screens at the ready. As usual there was the knee-jerk strength on the back of no rate movement then a pullback after the content of the statement was digested a little more. I was about to press the button to go and then out of nowhere more AUD strength. I waited a minute the AUD/USD broke above 0.8500 and held, so I decided bed.

Now we can see that over the interim 8 hours or so common sense has prevailed and along with USD strength the AUD has fallen back below 0.8450.

I was spooked by two of my peers yesterday, who were both convinced that a major squeeze was in play; I had text messages and emails about a EUR/USD squeeze. This made me close off all USD trades. The action in Gold and Oil supported my call to close the USD trades.

This was a classic “STICK YOUR PRINCIPLES &amp; BELIEFS”, which I did not do, although there were one or two compelling reasons over and above the many text messages and emails. In my opinion I managed RISK.

We are at a crossroads; the number of communications yesterday trying to establish the market direction was overwhelming at times.

Looking at the overview of all the trading ranges, we were contained. Below were my extremes from both the trades that were closed plus comments from the WEEKLY FX DRIVE THRU: -

EUR/USD held 1.2525

AUD/USD held 0.8550

NZD/USD held 0.7915

USD/CHF held 0.9580

USD/CAD held 1.1280

The only pair that really pushed the extreme but did not break my outer stop limit was cable at 1.5750, but I had 1.5800 in my trades.

I apologise; it is not often that I get spooked and cover a few loss trades in one fell swoop. In my defence GOLD, SILVER and OIL moves were compelling reasons NOT to keep USD long trades in place.

I have added replacement and additional RADAR and FUNDAMENTAL trades to this blog. I spoke yesterday with one or two of you and, as requested, I have placed limit orders for the commodity cross rates as well. There are 11 limit orders in total listed.

As I explained, some of the entry levels are a little away from the current price action. Remember, we are still range bound and it will be choppy whilst we are contained within the range due to the volatility we will face given the amount of economic data due to be released. For many of these trades to trigger patience will be required. I may be sat on the sidelines for a bit of time, who knows.

I have a webinar with my peer group later this morning (EDT), so I will be off twitter for a few hours.

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<h3><strong> KEY NEWS EVENTS NEXT 24 hours (BASED UPON (NYC) EDT TIME:</strong></h3>
</li>
</ol>
USD: - Janet Yellen speaks.
NZD: - Dairy Auction Prices.

AUD: - GDP.

GBP: - Services PMi.

<strong> </strong>
<ol start="3">
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<h3><strong> EXISTING LIVE TRADES:</strong></h3>
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<strong>RADAR TRADES:</strong>

There are no LIVE RADAR trades at the moment.

&nbsp;

<strong>FLASH TRADES:</strong>

FT230
EUR/CHF
Long at 1.2040
Stop at 1.1920
Limit at 1.2500
Price now 1.2039
Current Profit / Loss Position -1 pip

<strong> </strong>

<strong>FUNDAMENTAL TRADES:</strong>

There are no LIVE FUNDAMENTAL trades at this time

<strong> </strong>

<strong> </strong>
<ol start="4">
	<li>
<h3><strong> LIMIT &amp; STOP ORDERS WITH BROKERS:</strong></h3>
</li>
</ol>
RT228
EUR/USD
SHORT
Entry at 1.2520
Stop at 1.2600
Limit at 1.1860

RT229
AUD/USD
SHORT
Entry at 0.8540
Stop at 0.8600
Limit at 0.800

RT230
NZD/USD
SHORT
Entry at 0.7900
Stop at 0.7950
Limit at 0.7000

RT231
USD/CHF
LONG
Entry at 0.9580
Stop at 0.9520
Limit at 0.9725

RT232
USD/CAD
LONG
Entry at 1.1320
Stop at 1.1250
Limit at 1.1470

PLEASE NOTE:
The following FUNDAMENTAL trades I will hedge if required and the stop losses placed are not based on ATR levels, which was my usual approach a little while ago.

FUN74
EUR/CAD
LONG
Entry at 1.4050
Stop at 1.3850
Limit at 1.4500

FUN75
GBP/CAD
LONG
Entry at 1.7800
Stop at 1.7650
Limit at 1.8300

FUN76
EUR/AUD
LONG
Entry at 1.4700
Stop at 1.4500
Limit at 1.5200

FUN77
GBP/AUD
LONG
Entry at 1.8390
Stop at 1.8000
Limit at 1.9500

FUN78
EUR/NZD
LONG
Entry at 1.5650
Stop at 1.5400
Limit at 1.6200

FUN79
GBP/NZD
LONG
Entry at 1.9750
Stop at 1.9580
Limit at 2.0500

&nbsp;

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.