<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: Thursday 18th September 2014
REF: #91</strong>

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<ol>
	<li><strong> OVERVIEW – INITIAL THOUGHTS:</strong></li>
</ol>
Firstly, welcome to the new subscribers to the PREMIUM SERVICE. I hope that you find this daily update of use.

The fallout surprised me after Janet Yellen completed her press conference yesterday. I did not see USD strength along the lines of what was seen.

I cannot think why it happened other than the future rate expectations by the FED committee were about 0.50% higher at the end of next year than was previously released. Other than this, I thought she was as “dovish” as ever and this surprised me. Ignoring all of that. It was at the end of the day a great trading day for me personally.

I had my plan… it did not come into play. The spikes did not happen. As you know as traders I adjusted my plan and decided to select three pairs EUR/USD, AUD/USD and NZD/USD and entered on pullbacks as best I could after an initial fall. My plan was to exit before the end of the day and stay flat until after the Scottish Referendum votes were cast. I banked a very healthy +125 pips. When added to earlier profits from trades, for me a great trading day.

I set up via twitter last night 4 x RADAR TRADES two of which have triggered (details below). I had NOT intended to trade but the consolidation levels were looking good after the fall following the FOMC, I could not resist the entries at my preferred levels if I could get them.

The SNB overnight disappointed, Governor Jordan renewed his confirmation of the EUR/CHF floor at 1.2000. (By the way I missed my USD/CHF entry long by 12 pips around the SNB Press Conference…bugger!). Apart from the 1.2000 floor peg Jordan didn’t confirm negative deposit rates. We live for another day to trade this data.

How am I going to play the cable (GBP/USD) today?

Once the result is posted: -
<ul>
	<li>If it is a NO vote, which is what the markets are expecting. My plan is to short at highs of around 1.6500 / 1.6570.</li>
	<li>On a YES vote…. This is much harder and I do not chase so I think that 1.5600 could be as low as we go. I will step in on a consolidation point short and place a tight stop, assuming the pair continues to fall.</li>
</ul>
My day was sooooo good yesterday that I may just watch this today. I will tweet should I enter the market.

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<ol start="2">
	<li><strong> KEY NEWS EVENTS TODAY (BASED UPON (NYC) EDT TIME ZONE):</strong></li>
</ol>
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GBP: - Scottish Referendum Vote.

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<ol start="3">
	<li><strong> EXISTING LIVE TRADES:</strong></li>
</ol>
FT174
USD/CAD
Long
Entry at 1.1027 (Revised Cost Average)
Stop Loss at 1.0924
Limit at 1.1250
Present Position: 1.1006
Current Profit / Loss Position: -21 pips

RT143
AUD/NZD
Long
Long at 1.1200
Stop at 1.0950
Limit at 1.1550
Present Price: 1.1031
Current Profit / Loss Position: -169 pips
(This pair is hedged from -125 pips)

RT156
EUR/USD
Short
Entry at 1.2880
Stop Loss at 1.2980
Limit at 1.2650
Present Position: 1.2856
Current Profit / Loss Position: +24 pips

RT157
NZD/USD
Short
Entry at 0.8120
Stop Loss at 0.8180
Limit at 0.7600
Present Position: 0.8095
Current Profit / Loss Position: +25 pips

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<ol start="4">
	<li><strong> LIMIT &amp; STOP ORDERS WITH BROKERS:</strong></li>
</ol>
RT158
AUD/USD
Short at 0.8990
Stop Loss at 0.9050
Limit at 0.8600

RT159
USD/CHF
Long at 0.9350
Stop Loss at 0.9290
Limit at 0.9580

<strong> </strong>
<ol start="5">
	<li><strong> FINAL THOUGHTS:</strong></li>
</ol>
The USD strength looks pretty forceful. The USD index has huge resistance at 85.00. If the DXY breaks above this level do NOT think about shorting the USD. The move will be huge and could send the EUR/USD to 1.2000.

With above in mind, be careful placing trades.

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<ol start="6">
	<li><strong> DISCLAIMER:</strong></li>
</ol>
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 foreign exchange 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 foreign exchange trading and seek advice from an independent financial advisor if necessary.

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

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