(6636,1,'2015-10-18 07:53:19','2015-10-18 12:53:19','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n\r\nThe title of last week\'s overall blog was: -\r\n<p style=\"text-align: center;\">IS NOW THE TIME TO SELL THE\r\nCOMMODITY CURRENCIES?</p>\r\nLooking back I think that I was a week too soon with this trade idea. I say this because last week, I took a beating from the market, and to be frank, I should have known better, however, I dug my heels in like a spoilt child.\r\n\r\nThis month so far I have taken four bigger than usual pip losses on trades. I made a basic and elementary mistake. I thought I could dictate the market, I believed I knew which way the market was going and that it would turn in my favour. I was given a beating, and quite right too, as I should have known better.\r\n\r\nI have spent a good few hours beating myself up. The trades themselves were roughly in line with an extended RISK TOLERANCE that I adopt during periods of extreme market activity from time to time, however I hold up my arms in surrender.\r\n\r\nNow it is time to draw a line underneath everything and move forward.\r\n\r\nSince the poor NFP statistics were released, the continued layers of poor USD data frankly just exacerbated what was already a poor and difficult trading environment that I was stuck in.\r\n\r\nLast week’s poor retail sales and PPi from the U.S. were like nails in the coffin of hope that the FED will raise rates this year. Then the following day the CPi data was roughly in-line. The weekly unemployment claims are holding on average just below 170,000. This must be viewed as positive.\r\n\r\nI am still struggling to see how the CPI data was in line?\r\n\r\nThe revisions to the U.S. data can be brutal and, it makes it really difficult to formulate anything other than a 15-minute plan at times. How can it be that the U.S. with all its resources cannot deliver accurate data? It is not that far away from the Chinese data in the way it should be interpreted. The revisions are just crazy sometimes especially with the jobs data.\r\n\r\nIt certainly is both an interesting and difficult time to be trading. As I say to my friends when they ask me about trading and I give them an overview, I end with….”Welcome to my daily fecking nightmare”… that would have made a great title for an Alice Cooper album, back in the day.\r\n\r\nApart from the U.S. data highlights nothing else really springs to mind from last week from the economic data release standpoint that warrants any further comment.\r\n\r\nThat is of course, apart from this fecking merry-go-round, circus ride, helter bloody helter-skelter uncertainty induced shambles that Yellen and the rest of the FOMC are responsible for surrounding the 0.25% potential damn rate hike.\r\n\r\nI mean come on for God’s sake.\r\n\r\nI am the first in line criticizing the ECB for its shambolic handling of the media in run ups to press conferences and when after the official release, the opinions of the ECB members are delivered to the media in 15 second sound-bytes and are in conflict with what Mario Draghi has said. In fairness he (Draghi) seems to have kicked a few of these repeat offenders within the ECB in the nuts, and with aching samosas being the result of saying the wrong thing, the other ECB committee members now shut the f**k up.\r\n\r\nIn my opinion, the FOMC is worse than the ECB ever was. You will have no idea how hard it was to write this, unless you are a regular reader. What comes out of the regional FED presidents is complete and utter bollo**s, it counts for nothing.\r\n\r\nLook…the committee makes a decision. It releases a statement. These hangers on (Regional FED presidents), crave their moment of fame on TV being chatted up by one of the “hotties” on CNBC or BLOOMBERG. Their opinions count for nothing because when they vote around the table Janet Yellen’s word is final. If these FED presidents want to be outspoken and have different opinions to the FOMC minutes, they should grow a pair and rebel so that it is recorded in the minutes or better still let Janet Yellen “out them” in a press conference. At least then we would have consistency instead of the present, wishy-washy, namby-pamby headline driven quotes that disappear soon after they are given when we realize the quote means nothing and the deliverer of the quote is never challenged about it. They simply just crawl back under the rock they emanated from and hide.\r\n\r\nI know it’s a game. They have zero responsibility as the buck stops with Janet Yellen. In my opinion, she needs to strike hard, this will give those TV-happy FED presidents something to think about and maybe bring matters in line. If she did this half of the uncertainty in this news driven marketplace would be removed allowing for greater stability.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: CNY – GDP and Industrial Production.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: GBP – Words of wisdom? from Mark Carney (BOE).\r\nTUESDAY: NZD – Dairy Prices.\r\nTUESDAY: USD – Words of wisdom from Janet Yellen (FED).\r\n\r\nWEDNESDAY: CAD – BOC Rate Statement and Monetary Policy.\r\nWEDNESDAY: CAD – Stephen Poloz (BOC) Press Conference.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: CAD – Core Retail Sales.\r\nTHURSDAY: EUR – Interest Rate decision.\r\nTHURSDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\n\r\nFRIDAY: EUR – French &amp; German Flash Manufacturing PMi.\r\nFRIDAY: CAD – Core CPi.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nThe biggie this week for me living in Canada is the BOC announcement and press conference by Stephen Poloz on Wednesday, just two days after the Federal Election. Whilst I am expecting Poloz to cut rates, I doubt whether he will do so as this meeting is close to the election. If incumbent Stephen Harper retains overall control, maybe. If we have new minority government as expected I think any cut will be delayed by the BOC, to allow them to see policies to be driven through by the collation.\r\n\r\nWaiting to cut could be a real “own goal” for the BOC, so it should be interesting given that any further stimulus delay could make matters much worse. The situation south of the Canadian border does NOT help matters either.\r\n\r\nIn addition to the BOC, the items coming up this week that are high on my radar are speeches from Mark Carney (BOE) and Janet Yellen (FED) on Tuesday and obviously Mario Draghi’s (ECB) press conference due this Thursday.\r\n\r\nI think that I have said this before; “when these people cough and the markets react”. We are in very uncertain times, mostly created by the central bankers and governors. We “the people” do not elect these people yet they have more powers than Prime Ministers and Presidents to move the financial markets.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1348\r\n\r\nWe are still range bound albeit in quite a big range. From last weeks close we are only 13 pips lower in price.\r\n\r\nThe range in my opinion is now basically from 1.1100 to 1.1500 as shown on the chart below.\r\n\r\nAs I will write later, I believe the resistance at 1.1500 could represent a top with this pair given the ECB meeting this week and the fact that the issues / problems in the Eurozone are far from over, a slip lower would in my opinion definitely not be out of the question.\r\n\r\nShould Draghi drop a bomb on the market a test of 1.1000 is the line in the sand as far as I am concerned that says yes or no to a test of parity.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6627\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\" alt=\"EURUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5440\r\n\r\nWe have trend line resistance at 1.5508 and a little horizontal resistance as well from August this year. Cable has been flip-flopping around as usual, although I am wondering (maybe rather foolishly) have we seen a short-term top. Every time I send out an alert or chart to my subscribers for the GBP/USD I feel like having a bottle of Jack Daniels on the side of my desk… ice at the ready.\r\n\r\nI suppose trying to be consistent across all the major pairs, the cable has to some extent under-performed the others. My buddy Mark Carney is due to give the world further words of wisdom this week, which will no doubt get an instant reaction and cause me probably to wonder once again what the hell is this guy smoking!\r\n\r\nThe GBP/USD is the master of false moves and Carney is the master of leading the market the wrong way\r\n\r\nI am bearish the pair, but I would not get too sexed up with a short trade until we have cracked 1.5300, having said that, there are both long and short trade opportunities with this pair.\r\n\r\nWith the cable you have to be careful. If we have three or four days of chop it will be a bull flag pattern that we are creating and instead of a reversal just a continuation move.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6628\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\" alt=\"GBPUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\nI never feel 100% comfortable being long this pair. Right now, I see a range of 0.7200 to 0.7380.\r\n\r\nRecent economic data from Australia has been poor and rather inconsistent. I feel that the RBA will go HAWKISH; I know they claim the Swiss approach of neutrality at the moment but frankly this just cannot last. My reasons for the thoughts are simple; Japan and Commodity Prices.\r\n\r\nMy bias is to the short side and I know that it is always dangerous to pick a top but the 0.7380 – 0.7400 level offered good pricing back in August this year.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6626\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\" alt=\"AUDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6806\r\n\r\nThis pair gives me very similar thoughts to those relating to the AUD/USD. I will believe that the bears are in control 100% when we break below 0.6620. Right now, I think we have topped. But looking at smaller charts it could be a bull flag.\r\n\r\nWhat is making me think it’s a top?\r\n\r\nVery simple it’s RBNZ monetary policy. They do not want the value of the NZD/USD in their faces at 0.7000; they are more in favour of 0.6000 or probably even less.\r\n\r\nLooking at the chart below, it does look rather bullish and we could be flagging but I hope not.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6629\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\" alt=\"NZDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2921\r\n\r\nThis pair has basically consolidated its drop of 650 pips from its 1.3455 highs in the past week. There was only a difference of about 20 pips in the closing prices this week versus last week.\r\n\r\nI am hoping for a further move lower to 1.2750. This pair is part of my TRADE PLAN and my goal is to be long. I try not to chase so I will be looking for a pullback this week to enter long… 200 pips of a pullback would be just great!\r\n\r\nOnly when we are back above the 38% Fibonacci retracement level of 1.3070 will I start to believe that the bulls are firmly back in control once again.\r\n\r\nI see 1.2830 to 1.3000 controlling prices over the near- term. Remember, the BOC meets this week for a rate announcement and there is a Canadian Federal election on Monday 19<sup>th</sup> October, it could be volatile.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\" alt=\"USDCADDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9537\r\n\r\nI am STILL long this pair.\r\n\r\nI do expect it to breakout higher. I see 0.9550 as a big resistance test and should we break through this level with conviction; we should start to accelerate higher.\r\n\r\nKey support lies at 0.9475.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\" alt=\"USDCHFDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 119.44\r\n\r\nThis pair is being speculated upon at the moment in the sense that the BOJ is rumoured to be considering more QE. Well if they are considering QE, a lot of money is being burned.\r\n\r\nI think we are starting to flag on lower minute charts with this pair ahead of the expected announcement at the end of this month.\r\n\r\nIn my opinion, it is gambling to get long now, much the same as people did earlier this year on the EUR/CHF floor being supported at 1.2000 by the SNB. I am not expecting the same reaction in the markets should the BOJ not ease further but expectations and GREED are high.\r\n\r\nI think a break above 121.00 will be crucial for the bulls and the bears are looking below 118.00.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\" alt=\"USDJPYDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nRegular readers will know that for sometime I have been promising a new look to the format of the blog.\r\n\r\nA small working party of subscribers from my fee-based subscriber group (The Premium Service), have been working with me on options and alternatives moving forward.\r\n\r\nThe changes highlighted have been delayed for two reasons: -\r\n\r\nFirstly, the group leader has been away on business for two months, which we knew about in advance of the updates being implemented, but we had hoped for the changes to be in position ahead of the blog resumption in September and prior to his departure. Sadly we missed the deadline set and as Janet Yellen and Mario Draghi say the existing blog is transitory.\r\n\r\nSecondly, I was looking at the option of hosting the paid subscribers away from the same site as this blog and this created more discussion than I thought, which is still on-going and I am far from clear what route is going to be adopted.\r\n\r\nI am now therefore looking at a timeframe of January 2016 after the Christmas / end of year holiday.\r\n\r\nWe are in a chop fest of a market and basically I see no change on the horizon. I think that the FOMC has really created this period of uncertainty in the markets and every time extremes in pricing are approached we see a huge increase in volatility and a pullback resulting in more volatility as bulls and bears fight for control.\r\n\r\nI suppose I should not complain too much, at least we now have a two sided market. For what seems like years we have been operating in a bull market environment only.\r\n\r\nTherefore, as a result we just have be more aware of what the other markets are doing and the interactions to the Forex market. Correlations do matter and they do count towards the consideration to trade. I am not a believer of analysis paralysis but the more we take into consideration the better when placing a trade.\r\n\r\nIn these choppy markets sometimes bear in mind you best trade may be the one that you decided against taking; food for thought.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HAVE WE SEEN THE TOP IN THE EUR/USD?</strong></p>\r\n<strong> </strong>Let me answer my question:\r\n\r\nHave we seen the top in the EUR/USD?\r\n\r\nI believe we have…. YES.\r\n\r\nWhy do I say this?\r\n\r\nVery briefly, the Eurozone has been somewhat of a back seat driver for a while now with the GREECE ELECTIONS passing by with a mere whimper and poor economic data out of the Eurozone being rather throw away as not that important. For months now it seems that the Eurozone has been playing second fiddle to the FED.\r\n\r\nBasically, after the FOMC kept rates on hold, it was as if a huge sigh of relief was heard from Wall Street. The ensuing economic data from the U.S. has been practically 80% of the time poor. It would not surprise me at all if the next intervention by the FED were to re-introduce another form of Quantitative Easing (QE). After 7 years of zero interest rates, the biggest consumer driven society in the world has failed to even get a 0.25% rate hike through. Policy has failed and the only policy known by central bankers is QE.\r\n\r\nWe have DEFLATION practically all over the western world. There is no known cure for this except that a country has to grow and there is no confidence, with commodity prices on the floor, sales all over poor, production output is poor, and purchases of raw materials weak.\r\n\r\nThe combination of these factors has us bordering on RECESSION and DEFLATION.\r\n\r\nBack to the Eurozone; Merkel wanted austerity rather than QE. The Germans fuc**d up Europe single handedly once again, so much pain and for what?\r\n\r\nAfter 6 years of a failing austerity program, they then introduce Quantitative Easing, which hasn\'t had the desired effect either.\r\n\r\nAfter the FOMC minutes were released relating the “HOLD ON RATES MEETING” the EUR/USD made its way to 1.1500 and then failed.\r\n\r\nI believe that a number of factors caused a sanity pill to be swallowed and then the EUR/USD has started to drift lower. I am personally hoping for a re-test of just above 1.1414 then a complete failure to lower levels once again. Basically, we had a short covering rally and now I believe common sense will prevail – Good Lord, did I just write common sense when talking about the Forex market?\r\n\r\nLast week one of the ECB members who you can always rely on to speak when he shouldn’t, Ewald Nowotny (Austrian Central Bank President), said that low inflation (DEFLATION to you and me) and low growth are worrying. He said something along the lines of “it’s obvious that additional financial instruments are necessary” (More QE to you and me…. at least).\r\n\r\nI think that his comments, were probably too late for something to be introduced this week. I just cannot see that something would have been worked out in secret without a leak from within the ECB. But I do think his comments would have resonated with many in the Eurozone.\r\n\r\nHere are a few numbers / statistics in no order of importance that political leaders in the Eurozone should be disgusted with as their policies after 7 years have failed miserably and there is NO light at the end of the tunnel. (By the way the U.S. is NOT much better): -\r\n<ul>\r\n	<li>EURO AREA - GROWTH RATE (GDP)                            0.40%</li>\r\n	<li>EURO AREA – INFLATION                                                -0.10% (DEFLATION)</li>\r\n	<li>EURO AREA – YOUTH UNEMPLOYMENT RATE          22.3%</li>\r\n	<li>EURO AREA - CONSUMER CONFIDENCE                   -7.1</li>\r\n	<li>EURO AREA – BUSINESS CONFIDENCE                     0.34%</li>\r\n	<li>EURO AREA - RETAIL SALES (Monthly)                         0%</li>\r\n	<li>EURO AREA - RETAIL SALES (Annualized)                   2.3%</li>\r\n	<li>EURO AREA – MANUFACTURING PMi                           52</li>\r\n	<li>EURO AREA – SERVICES PMi                                         53.7</li>\r\n	<li>EURO AREA – INDUSTRIAL PRODUCTION                 0.9%</li>\r\n</ul>\r\n&nbsp;\r\n\r\nAt least the PMi’s are above 50 apart but from that it is dour reading. To say that economically the Eurozone is bouncing along the bottom is generous. There is no real improvement at all.\r\n\r\nIt is any wonder that Nowotny spoke what was on his mind?\r\n\r\nOn top of all this we have to add in the VOLKSWAGEN effect, which is not factored at all in these numbers.\r\n\r\nA German car manufacturer found “cooking the books” lying for over a decade, the ramifications are massive, and they will be extremely costly. Not just to the VW Group but probably to Germany as well.\r\n\r\nThe Germans were extremely reluctant to cut any slack to GREECE, they will be looking to their European partners to dig into their pockets when it comes to the matter of reducing the VW effect on the Eurozone.\r\n\r\nSo as traders I think YES, we have seen the shorter-term top in the EUR/USD. I am expecting an orderly move lower. Draghi’s press conference will be interesting this Thursday. The last couple have passed by very uneventful, but this time I expect a few fireworks.\r\n\r\nI believe he will outline, if not announce, the extension of the QE program beyond 2016.\r\n\r\nHe will make a few comments about some/ many economic factors being transitory (How fecking long is a transitory period - over a year?). That\'s how long low inflation (DELATION to you and me) has been following Draghi around like a doting little puppy.\r\n\r\nHe will refer to instruments with three letter abbreviations (TLA) that he has up his sleeve and ready to use, and basically state that he is ready and armed to assist with all programs that are inside his operational mandate.\r\n\r\nQuestions will be focused on timings and which additional programs are appropriate or worthy of consideration.\r\n\r\nI do feel this meeting will raise the profile of the Eurozone problems once again and this will place a lid on 1.1500.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n<p style=\"text-align: left;\">3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 18th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 545 trades cost to trade = $54.50\r\n<strong>PROFIT</strong> from 545 trades = <strong>$847.30</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 545 trades cost to trade = $545.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$8.473.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 545 trades cost to trade = $5,450.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$84,730.00</strong></p>\r\n<p style=\"text-align: center;\"></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES MONTH &amp; YEAR TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\"><img class=\"aligncenter size-full wp-image-6616\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\" alt=\"PREM SERV PROFITS1 18102015\" width=\"519\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\"><img class=\"aligncenter size-full wp-image-6617\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\" alt=\"PREM SERV PROFITS2 18102015\" width=\"516\" height=\"422\" /></a>\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n\r\nIt has been a difficult month for me so far. Every time I think I am turning a corner I get smacked back.\r\n\r\nIt’s all about how you react after receiving a few body blows. I have taken almost 1,000 pips in losses. This is so unusual for me. I know that I let 500 of these go by deciding to manage risk exposure tighter and 200 of these pips (CHF/JPY) was the right thing to do. I still found this hard to swallow.\r\n\r\nI have a lot live trades and several limit orders are in position. As you will see later, I am not really looking at many other charts right now. If I were to have all limit orders live as well, I would be managing 15 trades or so. That’s more than enough for me to manage in any session.\r\n\r\nMy concentration now, is looking at the USD. We may have bottomed, although the JPY is strengthening when the S&amp;P is rising. Always a major concern to consider as this correlation is important to me. This could weaken the USD and then I am back at square one.\r\n\r\nThe rumours of more BOJ easing at the end of the month are not having the desired effect at the moment as many people do not think that the BOJ will throw more money at the markets. I am not so sure; I would say that Abe and Kuroda, both have twitching bottoms at the moment given the USD/JPY strength and they will be under threat for their positions if the JPY strength grows. This may force them to act, maybe not for the correct reasons. They are in the political area, its what these people do, and they are not held accountable for their actions in the real sense of the word.\r\n\r\nFrom a trading perspective, I am trying to keep trades alive (USD/CHF and EUR/CHF), as these are key components of my TRADING PLAN through to the middle of next year.\r\n\r\nI have added NZD trades and I am looking to add more as time passes.\r\n\r\nI mentioned last week the chicken and egg scenario, I believe that I am still in the same place\r\n\r\nI know I write the word patience a lot. It is a big week for news and I need to be patient moving forward. As you know, in a choppy market it is easy to be drawn in and tempted to trade ahead of your preferred entry price. I miss several trades a month through this approach but when factoring in the $$$ from those trades that trigger it is a sound practice and policy to have.\r\n\r\nGood luck this week, I know from chatting with several of you that you have struggled with your own trades and suffered.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-TRENDING-PAIRS-18102015.png\"><img class=\"aligncenter size-full wp-image-6625\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-TRENDING-PAIRS-18102015.png\" alt=\"PREM SERV TRENDING PAIRS 18102015\" width=\"479\" height=\"616\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-LIVE-TRADES-18102015.png\"><img class=\"aligncenter size-full wp-image-6624\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-LIVE-TRADES-18102015.png\" alt=\"PREM SERV LIVE TRADES 18102015\" width=\"700\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-LIMIT-ORDERS-18102015.png\"><img class=\"aligncenter size-full wp-image-6623\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-LIMIT-ORDERS-18102015.png\" alt=\"PREM SERV LIMIT ORDERS 18102015\" width=\"684\" height=\"436\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT:\r\n\r\nI am only looking at a couple of charts for potential trades as I have so many potential trades already in the position as limit orders.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURJPY-DAILY-18102015.png\"><img class=\"aligncenter size-large wp-image-6634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURJPY-DAILY-18102015-1024x514.png\" alt=\"EURJPY DAILY 18102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-DAILY-18102015.png\"><img class=\"aligncenter size-large wp-image-6633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-DAILY-18102015-1024x514.png\" alt=\"GBPNZD DAILY 18102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nAnother week another chop fest.\r\n\r\nI see absolutely no reason at all why the market drivers should change this coming week.\r\n\r\nWe have a big news week. The BOC and ECB are my key events to follow. However, hanging over the market will be the ongoing pain in the ass “FED FACTOR”.\r\n\r\nIt will be difficult and choppy. I am starting to look at cross rates, but their volatility can at times give you the over-riding feeling of moving from the frying pan to the fire. It they catch a run in the wrong direction…whoosh! That can be 200 pips in an hour or many times even less. They are so reactionary, being caught the wrong side in such a twitchy market can be a cruel experience.\r\n\r\nTrade smaller and wider to keep those hopes and dreams alive!\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/','HAVE WE SEEN THE TOP IN THE EUR/USD?','','inherit','closed','closed','','6635-revision-v1','','','2015-10-18 07:53:19','2015-10-18 12:53:19','',6635,'https://weeklyfxdrivethru.com/6635-revision-v1/',0,'revision','',0),(6638,1,'2015-10-18 07:56:32','2015-10-18 12:56:32','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n&nbsp;\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n\r\nThe title of last week\'s overall blog was: -\r\n<p style=\"text-align: center;\">IS NOW THE TIME TO SELL THE\r\nCOMMODITY CURRENCIES?</p>\r\nLooking back I think that I was a week too soon with this trade idea. I say this because last week, I took a beating from the market, and to be frank, I should have known better, however, I dug my heels in like a spoilt child.\r\n\r\nThis month so far I have taken four bigger than usual pip losses on trades. I made a basic and elementary mistake. I thought I could dictate the market, I believed I knew which way the market was going and that it would turn in my favour. I was given a beating, and quite right too, as I should have known better.\r\n\r\nI have spent a good few hours beating myself up. The trades themselves were roughly in line with an extended RISK TOLERANCE that I adopt during periods of extreme market activity from time to time, however I hold up my arms in surrender.\r\n\r\nNow it is time to draw a line underneath everything and move forward.\r\n\r\nSince the poor NFP statistics were released, the continued layers of poor USD data frankly just exacerbated what was already a poor and difficult trading environment that I was stuck in.\r\n\r\nLast week’s poor retail sales and PPi from the U.S. were like nails in the coffin of hope that the FED will raise rates this year. Then the following day the CPi data was roughly in-line. The weekly unemployment claims are holding on average just below 170,000. This must be viewed as positive.\r\n\r\nI am still struggling to see how the CPI data was in line?\r\n\r\nThe revisions to the U.S. data can be brutal and, it makes it really difficult to formulate anything other than a 15-minute plan at times. How can it be that the U.S. with all its resources cannot deliver accurate data? It is not that far away from the Chinese data in the way it should be interpreted. The revisions are just crazy sometimes especially with the jobs data.\r\n\r\nIt certainly is both an interesting and difficult time to be trading. As I say to my friends when they ask me about trading and I give them an overview, I end with….”Welcome to my daily fecking nightmare”… that would have made a great title for an Alice Cooper album, back in the day.\r\n\r\nApart from the U.S. data highlights nothing else really springs to mind from last week from the economic data release standpoint that warrants any further comment.\r\n\r\nThat is of course, apart from this fecking merry-go-round, circus ride, helter bloody helter-skelter uncertainty induced shambles that Yellen and the rest of the FOMC are responsible for surrounding the 0.25% potential damn rate hike.\r\n\r\nI mean come on for God’s sake.\r\n\r\nI am the first in line criticizing the ECB for its shambolic handling of the media in run ups to press conferences and when after the official release, the opinions of the ECB members are delivered to the media in 15 second sound-bytes and are in conflict with what Mario Draghi has said. In fairness he (Draghi) seems to have kicked a few of these repeat offenders within the ECB in the nuts, and with aching samosas being the result of saying the wrong thing, the other ECB committee members now shut the f**k up.\r\n\r\nIn my opinion, the FOMC is worse than the ECB ever was. You will have no idea how hard it was to write this, unless you are a regular reader. What comes out of the regional FED presidents is complete and utter bollo**s, it counts for nothing.\r\n\r\nLook…the committee makes a decision. It releases a statement. These hangers on (Regional FED presidents), crave their moment of fame on TV being chatted up by one of the “hotties” on CNBC or BLOOMBERG. Their opinions count for nothing because when they vote around the table Janet Yellen’s word is final. If these FED presidents want to be outspoken and have different opinions to the FOMC minutes, they should grow a pair and rebel so that it is recorded in the minutes or better still let Janet Yellen “out them” in a press conference. At least then we would have consistency instead of the present, wishy-washy, namby-pamby headline driven quotes that disappear soon after they are given when we realize the quote means nothing and the deliverer of the quote is never challenged about it. They simply just crawl back under the rock they emanated from and hide.\r\n\r\nI know it’s a game. They have zero responsibility as the buck stops with Janet Yellen. In my opinion, she needs to strike hard, this will give those TV-happy FED presidents something to think about and maybe bring matters in line. If she did this half of the uncertainty in this news driven marketplace would be removed allowing for greater stability.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: CNY – GDP and Industrial Production.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: GBP – Words of wisdom? from Mark Carney (BOE).\r\nTUESDAY: NZD – Dairy Prices.\r\nTUESDAY: USD – Words of wisdom from Janet Yellen (FED).\r\n\r\nWEDNESDAY: CAD – BOC Rate Statement and Monetary Policy.\r\nWEDNESDAY: CAD – Stephen Poloz (BOC) Press Conference.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: CAD – Core Retail Sales.\r\nTHURSDAY: EUR – Interest Rate decision.\r\nTHURSDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\n\r\nFRIDAY: EUR – French &amp; German Flash Manufacturing PMi.\r\nFRIDAY: CAD – Core CPi.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nThe biggie this week for me living in Canada is the BOC announcement and press conference by Stephen Poloz on Wednesday, just two days after the Federal Election. Whilst I am expecting Poloz to cut rates, I doubt whether he will do so as this meeting is close to the election. If incumbent Stephen Harper retains overall control, maybe. If we have new minority government as expected I think any cut will be delayed by the BOC, to allow them to see policies to be driven through by the collation.\r\n\r\nWaiting to cut could be a real “own goal” for the BOC, so it should be interesting given that any further stimulus delay could make matters much worse. The situation south of the Canadian border does NOT help matters either.\r\n\r\nIn addition to the BOC, the items coming up this week that are high on my radar are speeches from Mark Carney (BOE) and Janet Yellen (FED) on Tuesday and obviously Mario Draghi’s (ECB) press conference due this Thursday.\r\n\r\nI think that I have said this before; “when these people cough and the markets react”. We are in very uncertain times, mostly created by the central bankers and governors. We “the people” do not elect these people yet they have more powers than Prime Ministers and Presidents to move the financial markets.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1348\r\n\r\nWe are still range bound albeit in quite a big range. From last weeks close we are only 13 pips lower in price.\r\n\r\nThe range in my opinion is now basically from 1.1100 to 1.1500 as shown on the chart below.\r\n\r\nAs I will write later, I believe the resistance at 1.1500 could represent a top with this pair given the ECB meeting this week and the fact that the issues / problems in the Eurozone are far from over, a slip lower would in my opinion definitely not be out of the question.\r\n\r\nShould Draghi drop a bomb on the market a test of 1.1000 is the line in the sand as far as I am concerned that says yes or no to a test of parity.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6627\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\" alt=\"EURUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5440\r\n\r\nWe have trend line resistance at 1.5508 and a little horizontal resistance as well from August this year. Cable has been flip-flopping around as usual, although I am wondering (maybe rather foolishly) have we seen a short-term top. Every time I send out an alert or chart to my subscribers for the GBP/USD I feel like having a bottle of Jack Daniels on the side of my desk… ice at the ready.\r\n\r\nI suppose trying to be consistent across all the major pairs, the cable has to some extent under-performed the others. My buddy Mark Carney is due to give the world further words of wisdom this week, which will no doubt get an instant reaction and cause me probably to wonder once again what the hell is this guy smoking!\r\n\r\nThe GBP/USD is the master of false moves and Carney is the master of leading the market the wrong way\r\n\r\nI am bearish the pair, but I would not get too sexed up with a short trade until we have cracked 1.5300, having said that, there are both long and short trade opportunities with this pair.\r\n\r\nWith the cable you have to be careful. If we have three or four days of chop it will be a bull flag pattern that we are creating and instead of a reversal just a continuation move.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6628\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\" alt=\"GBPUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\nI never feel 100% comfortable being long this pair. Right now, I see a range of 0.7200 to 0.7380.\r\n\r\nRecent economic data from Australia has been poor and rather inconsistent. I feel that the RBA will go HAWKISH; I know they claim the Swiss approach of neutrality at the moment but frankly this just cannot last. My reasons for the thoughts are simple; Japan and Commodity Prices.\r\n\r\nMy bias is to the short side and I know that it is always dangerous to pick a top but the 0.7380 – 0.7400 level offered good pricing back in August this year.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6626\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\" alt=\"AUDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6806\r\n\r\nThis pair gives me very similar thoughts to those relating to the AUD/USD. I will believe that the bears are in control 100% when we break below 0.6620. Right now, I think we have topped. But looking at smaller charts it could be a bull flag.\r\n\r\nWhat is making me think it’s a top?\r\n\r\nVery simple it’s RBNZ monetary policy. They do not want the value of the NZD/USD in their faces at 0.7000; they are more in favour of 0.6000 or probably even less.\r\n\r\nLooking at the chart below, it does look rather bullish and we could be flagging but I hope not.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6629\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\" alt=\"NZDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2921\r\n\r\nThis pair has basically consolidated its drop of 650 pips from its 1.3455 highs in the past week. There was only a difference of about 20 pips in the closing prices this week versus last week.\r\n\r\nI am hoping for a further move lower to 1.2750. This pair is part of my TRADE PLAN and my goal is to be long. I try not to chase so I will be looking for a pullback this week to enter long… 200 pips of a pullback would be just great!\r\n\r\nOnly when we are back above the 38% Fibonacci retracement level of 1.3070 will I start to believe that the bulls are firmly back in control once again.\r\n\r\nI see 1.2830 to 1.3000 controlling prices over the near- term. Remember, the BOC meets this week for a rate announcement and there is a Canadian Federal election on Monday 19<sup>th</sup> October, it could be volatile.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\" alt=\"USDCADDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9537\r\n\r\nI am STILL long this pair.\r\n\r\nI do expect it to breakout higher. I see 0.9550 as a big resistance test and should we break through this level with conviction; we should start to accelerate higher.\r\n\r\nKey support lies at 0.9475.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\" alt=\"USDCHFDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 119.44\r\n\r\nThis pair is being speculated upon at the moment in the sense that the BOJ is rumoured to be considering more QE. Well if they are considering QE, a lot of money is being burned.\r\n\r\nI think we are starting to flag on lower minute charts with this pair ahead of the expected announcement at the end of this month.\r\n\r\nIn my opinion, it is gambling to get long now, much the same as people did earlier this year on the EUR/CHF floor being supported at 1.2000 by the SNB. I am not expecting the same reaction in the markets should the BOJ not ease further but expectations and GREED are high.\r\n\r\nI think a break above 121.00 will be crucial for the bulls and the bears are looking below 118.00.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\" alt=\"USDJPYDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nRegular readers will know that for sometime I have been promising a new look to the format of the blog.\r\n\r\nA small working party of subscribers from my fee-based subscriber group (The Premium Service), have been working with me on options and alternatives moving forward.\r\n\r\nThe changes highlighted have been delayed for two reasons: -\r\n\r\nFirstly, the group leader has been away on business for two months, which we knew about in advance of the updates being implemented, but we had hoped for the changes to be in position ahead of the blog resumption in September and prior to his departure. Sadly we missed the deadline set and as Janet Yellen and Mario Draghi say the existing blog is transitory.\r\n\r\nSecondly, I was looking at the option of hosting the paid subscribers away from the same site as this blog and this created more discussion than I thought, which is still on-going and I am far from clear what route is going to be adopted.\r\n\r\nI am now therefore looking at a timeframe of January 2016 after the Christmas / end of year holiday.\r\n\r\nWe are in a chop fest of a market and basically I see no change on the horizon. I think that the FOMC has really created this period of uncertainty in the markets and every time extremes in pricing are approached we see a huge increase in volatility and a pullback resulting in more volatility as bulls and bears fight for control.\r\n\r\nI suppose I should not complain too much, at least we now have a two-sided market. For what seems like years we have been operating in a bull market environment only.\r\n\r\nTherefore, as a result we just have be more aware of what the other markets are doing and the interactions to the Forex market. Correlations do matter and they do count towards the consideration to trade. I am not a believer of analysis paralysis but the more we take into consideration the better when placing a trade.\r\n\r\nIn these choppy markets sometimes bear in mind you best trade may be the one that you decided against taking; food for thought.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HAVE WE SEEN THE TOP IN THE EUR/USD?</strong></p>\r\n<strong> </strong>Let me answer my question:\r\n\r\nHave we seen the top in the EUR/USD?\r\n\r\nI believe we have…. YES.\r\n\r\nWhy do I say this?\r\n\r\nVery briefly, the Eurozone has been somewhat of a back seat driver for a while now with the GREECE ELECTIONS passing by with a mere whimper and poor economic data out of the Eurozone being rather throw away as not that important. For months now it seems that the Eurozone has been playing second fiddle to the FED.\r\n\r\nBasically, after the FOMC kept rates on hold, it was as if a huge sigh of relief was heard from Wall Street. The ensuing economic data from the U.S. has been practically 80% of the time poor. It would not surprise me at all if the next intervention by the FED were to re-introduce another form of Quantitative Easing (QE). After 7 years of zero interest rates, the biggest consumer driven society in the world has failed to even get a 0.25% rate hike through. Policy has failed and the only policy known by central bankers is QE.\r\n\r\nWe have DEFLATION practically all over the western world. There is no known cure for this except that a country has to grow and there is no confidence, with commodity prices on the floor, sales all over poor, production output is poor, and purchases of raw materials weak.\r\n\r\nThe combination of these factors has us bordering on RECESSION and DEFLATION.\r\n\r\nBack to the Eurozone; Merkel wanted austerity rather than QE. The Germans fuc**d up Europe single-handedly once again, so much pain and for what?\r\n\r\nAfter 6 years of a failing austerity program, they then introduce Quantitative Easing, which hasn\'t had the desired effect either.\r\n\r\nAfter the FOMC minutes were released relating the “HOLD ON RATES MEETING” the EUR/USD made its way to 1.1500 and then failed.\r\n\r\nI believe that a number of factors caused a sanity pill to be swallowed and then the EUR/USD has started to drift lower. I am personally hoping for a re-test of just above 1.1414 then a complete failure to lower levels once again. Basically, we had a short covering rally and now I believe common sense will prevail – Good Lord, did I just write common sense when talking about the Forex market?\r\n\r\nLast week one of the ECB members who you can always rely on to speak when he shouldn’t, Ewald Nowotny (Austrian Central Bank President), said that low inflation (DEFLATION to you and me) and low growth are worrying. He said something along the lines of “it’s obvious that additional financial instruments are necessary” (More QE to you and me…. at least).\r\n\r\nI think that his comments, were probably too late for something to be introduced this week. I just cannot see that something would have been worked out in secret without a leak from within the ECB. But I do think his comments would have resonated with many in the Eurozone.\r\n\r\nHere are a few numbers / statistics in no order of importance that political leaders in the Eurozone should be disgusted with as their policies after 7 years have failed miserably and there is NO light at the end of the tunnel. (By the way the U.S. is NOT much better): -\r\n<ul>\r\n	<li>EURO AREA - GROWTH RATE (GDP)                            0.40%</li>\r\n	<li>EURO AREA – INFLATION                                                -0.10% (DEFLATION)</li>\r\n	<li>EURO AREA – YOUTH UNEMPLOYMENT RATE          22.3%</li>\r\n	<li>EURO AREA - CONSUMER CONFIDENCE                   -7.1</li>\r\n	<li>EURO AREA – BUSINESS CONFIDENCE                     0.34%</li>\r\n	<li>EURO AREA - RETAIL SALES (Monthly)                         0%</li>\r\n	<li>EURO AREA - RETAIL SALES (Annualized)                   2.3%</li>\r\n	<li>EURO AREA – MANUFACTURING PMi                           52</li>\r\n	<li>EURO AREA – SERVICES PMi                                         53.7</li>\r\n	<li>EURO AREA – INDUSTRIAL PRODUCTION                 0.9%</li>\r\n</ul>\r\n&nbsp;\r\n\r\nAt least the PMi’s are above 50 apart but from that it is dour reading. To say that economically the Eurozone is bouncing along the bottom is generous. There is no real improvement at all.\r\n\r\nIt is any wonder that Nowotny spoke what was on his mind?\r\n\r\nOn top of all this we have to add in the VOLKSWAGEN effect, which is not factored at all in these numbers.\r\n\r\nA German car manufacturer found “cooking the books” lying for over a decade, the ramifications are massive, and they will be extremely costly. Not just to the VW Group but probably to Germany as well.\r\n\r\nThe Germans were extremely reluctant to cut any slack to GREECE, they will be looking to their European partners to dig into their pockets when it comes to the matter of reducing the VW effect on the Eurozone.\r\n\r\nSo as traders I think YES, we have seen the shorter-term top in the EUR/USD. I am expecting an orderly move lower. Draghi’s press conference will be interesting this Thursday. The last couple have passed by very uneventful, but this time I expect a few fireworks.\r\n\r\nI believe he will outline, if not announce, the extension of the QE program beyond 2016.\r\n\r\nHe will make a few comments about some/ many economic factors being transitory (How fecking long is a transitory period - over a year?). That\'s how long low inflation (DEFLATION to you and me) has been following Draghi around like a doting little puppy.\r\n\r\nHe will refer to instruments with three letter abbreviations (TLA) that he has up his sleeve and ready to use, and basically state that he is ready and armed to assist with all programs that are inside his operational mandate.\r\n\r\nQuestions will be focused on timings and which additional programs are appropriate or worthy of consideration.\r\n\r\nI do feel this meeting will raise the profile of the Eurozone problems once again and this will place a lid on 1.1500.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n<p style=\"text-align: left;\">3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 18th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 545 trades cost to trade = $54.50\r\n<strong>PROFIT</strong> from 545 trades = <strong>$847.30</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 545 trades cost to trade = $545.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$8.473.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 545 trades cost to trade = $5,450.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$84,730.00</strong></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES MONTH &amp; YEAR TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\"><img class=\"aligncenter size-full wp-image-6616\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\" alt=\"PREM SERV PROFITS1 18102015\" width=\"519\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\"><img class=\"aligncenter size-full wp-image-6617\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\" alt=\"PREM SERV PROFITS2 18102015\" width=\"516\" height=\"422\" /></a>\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n\r\nIt has been a difficult month for me so far. Every time I think I am turning a corner I get smacked back.\r\n\r\nIt’s all about how you react after receiving a few body blows. I have taken almost 1,000 pips in losses. This is so unusual for me. I know that I let 500 of these go by deciding to manage risk exposure tighter and 200 of these pips (CHF/JPY) was the right thing to do. I still found this hard to swallow.\r\n\r\nI have a lot live trades and several limit orders are in position. As you will see later, I am not really looking at many other charts right now. If I were to have all limit orders live as well, I would be managing 15 trades or so. That’s more than enough for me to manage in any session.\r\n\r\nMy concentration now, is looking at the USD. We may have bottomed, although the JPY is strengthening when the S&amp;P is rising. Always a major concern to consider as this correlation is important to me. This could weaken the USD and then I am back at square one.\r\n\r\nThe rumours of more BOJ easing at the end of the month are not having the desired effect at the moment as many people do not think that the BOJ will throw more money at the markets. I am not so sure; I would say that Abe and Kuroda, both have twitching bottoms at the moment given the USD/JPY strength and they will be under threat for their positions if the JPY strength grows. This may force them to act, maybe not for the correct reasons. They are in the political area, its what these people do, and they are not held accountable for their actions in the real sense of the word.\r\n\r\nFrom a trading perspective, I am trying to keep trades alive (USD/CHF and EUR/CHF), as these are key components of my TRADING PLAN through to the middle of next year.\r\n\r\nI have added NZD trades and I am looking to add more as time passes.\r\n\r\nI mentioned last week the chicken and egg scenario, I believe that I am still in the same place\r\n\r\nI know I write the word patience a lot. It is a big week for news and I need to be patient moving forward. As you know, in a choppy market it is easy to be drawn in and tempted to trade ahead of your preferred entry price. I miss several trades a month through this approach but when factoring in the $$$ from those trades that trigger it is a sound practice and policy to have.\r\n\r\nGood luck this week, I know from chatting with several of you that you have struggled with your own trades and suffered.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-TRENDING-PAIRS-18102015.png\"><img class=\"aligncenter size-full wp-image-6625\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-TRENDING-PAIRS-18102015.png\" alt=\"PREM SERV TRENDING PAIRS 18102015\" width=\"479\" height=\"616\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-LIVE-TRADES-18102015.png\"><img class=\"aligncenter size-full wp-image-6624\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-LIVE-TRADES-18102015.png\" alt=\"PREM SERV LIVE TRADES 18102015\" width=\"700\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-LIMIT-ORDERS-18102015.png\"><img class=\"aligncenter size-full wp-image-6623\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-LIMIT-ORDERS-18102015.png\" alt=\"PREM SERV LIMIT ORDERS 18102015\" width=\"684\" height=\"436\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT:\r\n\r\nI am only looking at a couple of charts for potential trades as I have so many potential trades already in the position as limit orders.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURJPY-DAILY-18102015.png\"><img class=\"aligncenter size-large wp-image-6634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURJPY-DAILY-18102015-1024x514.png\" alt=\"EURJPY DAILY 18102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-DAILY-18102015.png\"><img class=\"aligncenter size-large wp-image-6633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-DAILY-18102015-1024x514.png\" alt=\"GBPNZD DAILY 18102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nAnother week another chop fest.\r\n\r\nI see absolutely no reason at all why the market drivers should change this coming week.\r\n\r\nWe have a big news week. The BOC and ECB are my key events to follow. However, hanging over the market will be the ongoing pain in the ass “FED FACTOR”.\r\n\r\nIt will be difficult and choppy. I am starting to look at cross rates, but their volatility can at times give you the over-riding feeling of moving from the frying pan to the fire. It they catch a run in the wrong direction…whoosh! That can be 200 pips in an hour or many times even less. They are so reactionary, being caught the wrong side in such a twitchy market can be a cruel experience.\r\n\r\nTrade smaller and wider to keep those hopes and dreams alive!\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/','HAVE WE SEEN THE TOP IN THE EUR/USD?','','inherit','closed','closed','','6635-revision-v1','','','2015-10-18 07:56:32','2015-10-18 12:56:32','',6635,'https://weeklyfxdrivethru.com/6635-revision-v1/',0,'revision','',0),(6643,1,'2015-10-18 08:36:19','2015-10-18 13:36:19','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n\r\nThe title of last week\'s overall blog was: -\r\n<p style=\"text-align: center;\">IS NOW THE TIME TO SELL THE\r\nCOMMODITY CURRENCIES?</p>\r\nLooking back I think that I was a week too soon with this trade idea. I say this because last week, I took a beating from the market, and to be frank, I should have known better, however, I dug my heels in like a spoilt child.\r\n\r\nThis month so far I have taken four bigger than usual pip losses on trades. I made a basic and elementary mistake. I thought I could dictate the market, I believed I knew which way the market was going and that it would turn in my favour. I was given a beating, and quite right too, as I should have known better.\r\n\r\nI have spent a good few hours beating myself up. The trades themselves were roughly in line with an extended RISK TOLERANCE that I adopt during periods of extreme market activity from time to time, however I hold up my arms in surrender.\r\n\r\nNow it is time to draw a line underneath everything and move forward.\r\n\r\nSince the poor NFP statistics were released, the continued layers of poor USD data frankly just exacerbated what was already a poor and difficult trading environment that I was stuck in.\r\n\r\nLast week’s poor retail sales and PPi from the U.S. were like nails in the coffin of hope that the FED will raise rates this year. Then the following day the CPi data was roughly in-line. The weekly unemployment claims are holding on average just below 170,000. This must be viewed as positive.\r\n\r\nI am still struggling to see how the CPI data was in line?\r\n\r\nThe revisions to the U.S. data can be brutal and, it makes it really difficult to formulate anything other than a 15-minute plan at times. How can it be that the U.S. with all its resources cannot deliver accurate data? It is not that far away from the Chinese data in the way it should be interpreted. The revisions are just crazy sometimes especially with the jobs data.\r\n\r\nIt certainly is both an interesting and difficult time to be trading. As I say to my friends when they ask me about trading and I give them an overview, I end with….”Welcome to my daily fecking nightmare”… that would have made a great title for an Alice Cooper album, back in the day.\r\n\r\nApart from the U.S. data highlights nothing else really springs to mind from last week from the economic data release standpoint that warrants any further comment.\r\n\r\nThat is of course, apart from this fecking merry-go-round, circus ride, helter bloody helter-skelter uncertainty induced shambles that Yellen and the rest of the FOMC are responsible for surrounding the 0.25% potential damn rate hike.\r\n\r\nI mean come on for God’s sake.\r\n\r\nI am the first in line criticizing the ECB for its shambolic handling of the media in run ups to press conferences and when after the official release, the opinions of the ECB members are delivered to the media in 15 second sound-bytes and are in conflict with what Mario Draghi has said. In fairness he (Draghi) seems to have kicked a few of these repeat offenders within the ECB in the nuts, and with aching samosas being the result of saying the wrong thing, the other ECB committee members now shut the f**k up.\r\n\r\nIn my opinion, the FOMC is worse than the ECB ever was. You will have no idea how hard it was to write this, unless you are a regular reader. What comes out of the regional FED presidents is complete and utter bollo**s, it counts for nothing.\r\n\r\nLook…the committee makes a decision. It releases a statement. These hangers on (Regional FED presidents), crave their moment of fame on TV being chatted up by one of the “hotties” on CNBC or BLOOMBERG. Their opinions count for nothing because when they vote around the table Janet Yellen’s word is final. If these FED presidents want to be outspoken and have different opinions to the FOMC minutes, they should grow a pair and rebel so that it is recorded in the minutes or better still let Janet Yellen “out them” in a press conference. At least then we would have consistency instead of the present, wishy-washy, namby-pamby headline driven quotes that disappear soon after they are given when we realize the quote means nothing and the deliverer of the quote is never challenged about it. They simply just crawl back under the rock they emanated from and hide.\r\n\r\nI know it’s a game. They have zero responsibility as the buck stops with Janet Yellen. In my opinion, she needs to strike hard, this will give those TV-happy FED presidents something to think about and maybe bring matters in line. If she did this half of the uncertainty in this news driven marketplace would be removed allowing for greater stability.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: CNY – GDP and Industrial Production.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: GBP – Words of wisdom? from Mark Carney (BOE).\r\nTUESDAY: NZD – Dairy Prices.\r\nTUESDAY: USD – Words of wisdom from Janet Yellen (FED).\r\n\r\nWEDNESDAY: CAD – BOC Rate Statement and Monetary Policy.\r\nWEDNESDAY: CAD – Stephen Poloz (BOC) Press Conference.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: CAD – Core Retail Sales.\r\nTHURSDAY: EUR – Interest Rate decision.\r\nTHURSDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\n\r\nFRIDAY: EUR – French &amp; German Flash Manufacturing PMi.\r\nFRIDAY: CAD – Core CPi.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nThe biggie this week for me living in Canada is the BOC announcement and press conference by Stephen Poloz on Wednesday, just two days after the Federal Election. Whilst I am expecting Poloz to cut rates, I doubt whether he will do so as this meeting is close to the election. If incumbent Stephen Harper retains overall control, maybe. If we have new minority government as expected I think any cut will be delayed by the BOC, to allow them to see policies to be driven through by the collation.\r\n\r\nWaiting to cut could be a real “own goal” for the BOC, so it should be interesting given that any further stimulus delay could make matters much worse. The situation south of the Canadian border does NOT help matters either.\r\n\r\nIn addition to the BOC, the items coming up this week that are high on my radar are speeches from Mark Carney (BOE) and Janet Yellen (FED) on Tuesday and obviously Mario Draghi’s (ECB) press conference due this Thursday.\r\n\r\nI think that I have said this before; “when these people cough and the markets react”. We are in very uncertain times, mostly created by the central bankers and governors. We “the people” do not elect these people yet they have more powers than Prime Ministers and Presidents to move the financial markets.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section, I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1348\r\n\r\nWe are still range bound albeit in quite a big range. From last weeks close we are only 13 pips lower in price.\r\n\r\nThe range in my opinion is now basically from 1.1100 to 1.1500 as shown on the chart below.\r\n\r\nAs I will write later, I believe the resistance at 1.1500 could represent a top with this pair given the ECB meeting this week and the fact that the issues / problems in the Eurozone are far from over, a slip lower would in my opinion definitely not be out of the question.\r\n\r\nShould Draghi drop a bomb on the market a test of 1.1000 is the line in the sand as far as I am concerned that says yes or no to a test of parity.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6627\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\" alt=\"EURUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5440\r\n\r\nWe have trend line resistance at 1.5508 and a little horizontal resistance as well from August this year. Cable has been flip-flopping around as usual, although I am wondering (maybe rather foolishly) have we seen a short-term top. Every time I send out an alert or chart to my subscribers for the GBP/USD I feel like having a bottle of Jack Daniels on the side of my desk… ice at the ready.\r\n\r\nI suppose trying to be consistent across all the major pairs, the cable has to some extent under-performed the others. My buddy Mark Carney is due to give the world further words of wisdom this week, which will no doubt get an instant reaction and cause me probably to wonder once again what the hell is this guy smoking!\r\n\r\nThe GBP/USD is the master of false moves and Carney is the master of leading the market the wrong way\r\n\r\nI am bearish the pair, but I would not get too sexed up with a short trade until we have cracked 1.5300, having said that, there are both long and short trade opportunities with this pair.\r\n\r\nWith the cable you have to be careful. If we have three or four days of chop it will be a bull flag pattern that we are creating and instead of a reversal just a continuation move.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6628\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\" alt=\"GBPUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\nI never feel 100% comfortable being long this pair. Right now, I see a range of 0.7200 to 0.7380.\r\n\r\nRecent economic data from Australia has been poor and rather inconsistent. I feel that the RBA will go HAWKISH; I know they claim the Swiss approach of neutrality at the moment but frankly this just cannot last. My reasons for the thoughts are simple; Japan and Commodity Prices.\r\n\r\nMy bias is to the short side and I know that it is always dangerous to pick a top but the 0.7380 – 0.7400 level offered good pricing back in August this year.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6626\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\" alt=\"AUDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6806\r\n\r\nThis pair gives me very similar thoughts to those relating to the AUD/USD. I will believe that the bears are in control 100% when we break below 0.6620. Right now, I think we have topped. But looking at smaller charts it could be a bull flag.\r\n\r\nWhat is making me think it’s a top?\r\n\r\nVery simple it’s RBNZ monetary policy. They do not want the value of the NZD/USD in their faces at 0.7000; they are more in favour of 0.6000 or probably even less.\r\n\r\nLooking at the chart below, it does look rather bullish and we could be flagging but I hope not.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6629\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\" alt=\"NZDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2921\r\n\r\nThis pair has basically consolidated its drop of 650 pips from its 1.3455 highs in the past week. There was only a difference of about 20 pips in the closing prices this week versus last week.\r\n\r\nI am hoping for a further move lower to 1.2750. This pair is part of my TRADE PLAN and my goal is to be long. I try not to chase so I will be looking for a pullback this week to enter long… 200 pips of a pullback would be just great!\r\n\r\nOnly when we are back above the 38% Fibonacci retracement level of 1.3070 will I start to believe that the bulls are firmly back in control once again.\r\n\r\nI see 1.2830 to 1.3000 controlling prices over the near- term. Remember, the BOC meets this week for a rate announcement and there is a Canadian Federal election on Monday 19<sup>th</sup> October, it could be volatile.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\" alt=\"USDCADDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9537\r\n\r\nI am STILL long this pair.\r\n\r\nI do expect it to breakout higher. I see 0.9550 as a big resistance test and should we break through this level with conviction; we should start to accelerate higher.\r\n\r\nKey support lies at 0.9475.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\" alt=\"USDCHFDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 119.44\r\n\r\nThis pair is being speculated upon at the moment in the sense that the BOJ is rumoured to be considering more QE. Well if they are considering QE, a lot of money is being burned.\r\n\r\nI think we are starting to flag on lower minute charts with this pair ahead of the expected announcement at the end of this month.\r\n\r\nIn my opinion, it is gambling to get long now, much the same as people did earlier this year on the EUR/CHF floor being supported at 1.2000 by the SNB. I am not expecting the same reaction in the markets should the BOJ not ease further but expectations and GREED are high.\r\n\r\nI think a break above 121.00 will be crucial for the bulls and the bears are looking below 118.00.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\" alt=\"USDJPYDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nRegular readers will know that for sometime I have been promising a new look to the format of the blog.\r\n\r\nA small working party of subscribers from my fee-based subscriber group (The Premium Service), have been working with me on options and alternatives moving forward.\r\n\r\nThe changes highlighted have been delayed for two reasons: -\r\n\r\nFirstly, the group leader has been away on business for two months, which we knew about in advance of the updates being implemented, but we had hoped for the changes to be in position ahead of the blog resumption in September and prior to his departure. Sadly we missed the deadline set and as Janet Yellen and Mario Draghi say the existing blog is transitory.\r\n\r\nSecondly, I was looking at the option of hosting the paid subscribers away from the same site as this blog and this created more discussion than I thought, which is still on-going and I am far from clear what route is going to be adopted.\r\n\r\nI am now therefore looking at a timeframe of January 2016 after the Christmas / end of year holiday.\r\n\r\nWe are in a chop fest of a market and basically I see no change on the horizon. I think that the FOMC has really created this period of uncertainty in the markets and every time extremes in pricing are approached we see a huge increase in volatility and a pullback resulting in more volatility as bulls and bears fight for control.\r\n\r\nI suppose I should not complain too much, at least we now have a two sided market. For what seems like years we have been operating in a bull market environment only.\r\n\r\nTherefore, as a result we just have be more aware of what the other markets are doing and the interactions to the Forex market. Correlations do matter and they do count towards the consideration to trade. I am not a believer of analysis paralysis but the more we take into consideration the better when placing a trade.\r\n\r\nIn these choppy markets sometimes bear in mind you best trade may be the one that you decided against taking; food for thought.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HAVE WE SEEN THE TOP IN THE EUR/USD?</strong></p>\r\nLet me answer my question:\r\n\r\nHave we seen the top in the EUR/USD?\r\n\r\nI believe we have…. YES.\r\n\r\nWhy do I say this?\r\n\r\nVery briefly, the Eurozone has been somewhat of a back seat driver for a while now with the GREECE ELECTIONS passing by with a mere whimper and poor economic data out of the Eurozone being rather throw away as not that important. For months now it seems that the Eurozone has been playing second fiddle to the FED.\r\n\r\nBasically, after the FOMC kept rates on hold, it was as if a huge sigh of relief was heard from Wall Street. The ensuing economic data from the U.S. has been practically 80% of the time poor. It would not surprise me at all if the next intervention by the FED were to re-introduce another form of Quantitative Easing (QE). After 7 years of zero interest rates, the biggest consumer driven society in the world has failed to even get a 0.25% rate hike through. Policy has failed and the only policy known by central bankers is QE.\r\n\r\nWe have DEFLATION practically all over the western world. There is no known cure for this except that a country has to grow and there is no confidence, with commodity prices on the floor, sales all over poor, production output is poor, and purchases of raw materials weak.\r\n\r\nThe combination of these factors has us bordering on RECESSION and DEFLATION.\r\n\r\nBack to the Eurozone; Merkel wanted austerity rather than QE. The Germans fuc**d up Europe single handedly once again, so much pain and for what?\r\n\r\nAfter 6 years of a failing austerity program, they then introduce Quantitative Easing, which hasn\'t had the desired effect either.\r\n\r\nAfter the FOMC minutes were released relating the “HOLD ON RATES MEETING” the EUR/USD made its way to 1.1500 and then failed.\r\n\r\nI believe that a number of factors caused a sanity pill to be swallowed and then the EUR/USD has started to drift lower. I am personally hoping for a re-test of just above 1.1414 then a complete failure to lower levels once again. Basically, we had a short covering rally and now I believe common sense will prevail – Good Lord, did I just write common sense when talking about the Forex market?\r\n\r\nLast week one of the ECB members who you can always rely on to speak when he shouldn’t, Ewald Nowotny (Austrian Central Bank President), said that low inflation (DEFLATION to you and me) and low growth are worrying. He said something along the lines of “it’s obvious that additional financial instruments are necessary” (More QE to you and me…. at least).\r\n\r\nI think that his comments, were probably too late for something to be introduced this week. I just cannot see that something would have been worked out in secret without a leak from within the ECB. But I do think his comments would have resonated with many in the Eurozone.\r\n\r\nHere are a few numbers / statistics in no order of importance that political leaders in the Eurozone should be disgusted with as their policies after 7 years have failed miserably and there is NO light at the end of the tunnel. (By the way the U.S. is NOT much better): -\r\n\r\n&nbsp;\r\n<ul>\r\n	<li>EURO AREA - GROWTH RATE (GDP)                            0.40%</li>\r\n	<li>EURO AREA – INFLATION                                                -0.10% (DEFLATION)</li>\r\n	<li>EURO AREA – YOUTH UNEMPLOYMENT RATE          22.3%</li>\r\n	<li>EURO AREA - CONSUMER CONFIDENCE                   -7.1</li>\r\n	<li>EURO AREA – BUSINESS CONFIDENCE                     0.34%</li>\r\n	<li>EURO AREA - RETAIL SALES (Monthly)                        0%</li>\r\n	<li>EURO AREA - RETAIL SALES (Annualized)                   2.3%</li>\r\n	<li>EURO AREA – MANUFACTURING PMi                           52</li>\r\n	<li>EURO AREA – SERVICES PMi                                         53.7</li>\r\n	<li>EURO AREA – INDUSTRIAL PRODUCTION                 0.9%</li>\r\n</ul>\r\nAt least the PMi’s are above 50 apart but from that it is dour reading. To say that economically the Eurozone is bouncing along the bottom is generous. There is no real improvement at all.\r\n\r\nIt is any wonder that Nowotny spoke what was on his mind?\r\n\r\nOn top of all this we have to add in the VOLKSWAGEN effect, which is not factored at all in these numbers.\r\n\r\nA German car manufacturer found “cooking the books” lying for over a decade, the ramifications are massive, and they will be extremely costly. Not just to the VW Group but probably to Germany as well.\r\n\r\nThe Germans were extremely reluctant to cut any slack to GREECE, they will be looking to their European partners to dig into their pockets when it comes to the matter of reducing the VW effect on the Eurozone.\r\n\r\nSo as traders I think YES, we have seen the shorter-term top in the EUR/USD. I am expecting an orderly move lower. Draghi’s press conference will be interesting this Thursday. The last couple have passed by very uneventful, but this time I expect a few fireworks.\r\n\r\nI believe he will outline, if not announce, the extension of the QE program beyond 2016.\r\n\r\nHe will make a few comments about some/ many economic factors being transitory (How fecking long is a transitory period - over a year?). That\'s how long low inflation (DEFLATION to you and me) has been following Draghi around like a doting little puppy.\r\n\r\nHe will refer to instruments with three letter abbreviations (TLA) that he has up his sleeve and ready to use, and basically state that he is ready and armed to assist with all programs that are inside his operational mandate.\r\n\r\nQuestions will be focused on timings and which additional programs are appropriate or worthy of consideration.\r\n\r\nI do feel this meeting will raise the profile of the Eurozone problems once again and this will place a lid on 1.1500.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 18th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 545 trades cost to trade = $54.50\r\n<strong>PROFIT</strong> from 545 trades = <strong>$847.30</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 545 trades cost to trade = $545.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$8.473.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 545 trades cost to trade = $5,450.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$84,730.00</strong></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES MONTH &amp; YEAR TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\"><img class=\"aligncenter size-full wp-image-6616\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\" alt=\"PREM SERV PROFITS1 18102015\" width=\"519\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\"><img class=\"aligncenter size-full wp-image-6617\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\" alt=\"PREM SERV PROFITS2 18102015\" width=\"516\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nAnother week another chop fest!\r\n\r\nI see absolutely no reason at all why the market drivers should change this coming week.\r\n\r\nWe have a big news week. The BOC and ECB are my key events to follow. However, hanging over the market will be the ongoing pain in the ass “FED FACTOR”.\r\n\r\nIt will be difficult and choppy. I am starting to look at cross rates, but their volatility can at times give you the over-riding feeling of moving from the frying pan to the fire. It they catch a run in the wrong direction…whoosh! That can be 200 pips in an hour or many times even less. They are so reactionary, being caught the wrong side in such a twitchy market can be a cruel experience.\r\n\r\nTrade smaller and wider to keep those hopes and dreams alive!\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/\r\nBLOG REF#173','HAVE WE SEEN THE TOP IN THE EUR/USD?','','publish','open','closed','','have-we-seen-the-top-in-the-eurusd','','','2015-10-18 08:36:19','2015-10-18 13:36:19','',0,'https://weeklyfxdrivethru.com/?p=6643',0,'post','',0),(6644,1,'2015-10-18 08:34:17','2015-10-18 13:34:17','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n\r\nThe title of last week\'s overall blog was: -\r\n<p style=\"text-align: center;\">IS NOW THE TIME TO SELL THE\r\nCOMMODITY CURRENCIES?</p>\r\nLooking back I think that I was a week too soon with this trade idea. I say this because last week, I took a beating from the market, and to be frank, I should have known better, however, I dug my heels in like a spoilt child.\r\n\r\nThis month so far I have taken four bigger than usual pip losses on trades. I made a basic and elementary mistake. I thought I could dictate the market, I believed I knew which way the market was going and that it would turn in my favour. I was given a beating, and quite right too, as I should have known better.\r\n\r\nI have spent a good few hours beating myself up. The trades themselves were roughly in line with an extended RISK TOLERANCE that I adopt during periods of extreme market activity from time to time, however I hold up my arms in surrender.\r\n\r\nNow it is time to draw a line underneath everything and move forward.\r\n\r\nSince the poor NFP statistics were released, the continued layers of poor USD data frankly just exacerbated what was already a poor and difficult trading environment that I was stuck in.\r\n\r\nLast week’s poor retail sales and PPi from the U.S. were like nails in the coffin of hope that the FED will raise rates this year. Then the following day the CPi data was roughly in-line. The weekly unemployment claims are holding on average just below 170,000. This must be viewed as positive.\r\n\r\nI am still struggling to see how the CPI data was in line?\r\n\r\nThe revisions to the U.S. data can be brutal and, it makes it really difficult to formulate anything other than a 15-minute plan at times. How can it be that the U.S. with all its resources cannot deliver accurate data? It is not that far away from the Chinese data in the way it should be interpreted. The revisions are just crazy sometimes especially with the jobs data.\r\n\r\nIt certainly is both an interesting and difficult time to be trading. As I say to my friends when they ask me about trading and I give them an overview, I end with….”Welcome to my daily fecking nightmare”… that would have made a great title for an Alice Cooper album, back in the day.\r\n\r\nApart from the U.S. data highlights nothing else really springs to mind from last week from the economic data release standpoint that warrants any further comment.\r\n\r\nThat is of course, apart from this fecking merry-go-round, circus ride, helter bloody helter-skelter uncertainty induced shambles that Yellen and the rest of the FOMC are responsible for surrounding the 0.25% potential damn rate hike.\r\n\r\nI mean come on for God’s sake.\r\n\r\nI am the first in line criticizing the ECB for its shambolic handling of the media in run ups to press conferences and when after the official release, the opinions of the ECB members are delivered to the media in 15 second sound-bytes and are in conflict with what Mario Draghi has said. In fairness he (Draghi) seems to have kicked a few of these repeat offenders within the ECB in the nuts, and with aching samosas being the result of saying the wrong thing, the other ECB committee members now shut the f**k up.\r\n\r\nIn my opinion, the FOMC is worse than the ECB ever was. You will have no idea how hard it was to write this, unless you are a regular reader. What comes out of the regional FED presidents is complete and utter bollo**s, it counts for nothing.\r\n\r\nLook…the committee makes a decision. It releases a statement. These hangers on (Regional FED presidents), crave their moment of fame on TV being chatted up by one of the “hotties” on CNBC or BLOOMBERG. Their opinions count for nothing because when they vote around the table Janet Yellen’s word is final. If these FED presidents want to be outspoken and have different opinions to the FOMC minutes, they should grow a pair and rebel so that it is recorded in the minutes or better still let Janet Yellen “out them” in a press conference. At least then we would have consistency instead of the present, wishy-washy, namby-pamby headline driven quotes that disappear soon after they are given when we realize the quote means nothing and the deliverer of the quote is never challenged about it. They simply just crawl back under the rock they emanated from and hide.\r\n\r\nI know it’s a game. They have zero responsibility as the buck stops with Janet Yellen. In my opinion, she needs to strike hard, this will give those TV-happy FED presidents something to think about and maybe bring matters in line. If she did this half of the uncertainty in this news driven marketplace would be removed allowing for greater stability.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: CNY – GDP and Industrial Production.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: GBP – Words of wisdom? from Mark Carney (BOE).\r\nTUESDAY: NZD – Dairy Prices.\r\nTUESDAY: USD – Words of wisdom from Janet Yellen (FED).\r\n\r\nWEDNESDAY: CAD – BOC Rate Statement and Monetary Policy.\r\nWEDNESDAY: CAD – Stephen Poloz (BOC) Press Conference.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: CAD – Core Retail Sales.\r\nTHURSDAY: EUR – Interest Rate decision.\r\nTHURSDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\n\r\nFRIDAY: EUR – French &amp; German Flash Manufacturing PMi.\r\nFRIDAY: CAD – Core CPi.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nThe biggie this week for me living in Canada is the BOC announcement and press conference by Stephen Poloz on Wednesday, just two days after the Federal Election. Whilst I am expecting Poloz to cut rates, I doubt whether he will do so as this meeting is close to the election. If incumbent Stephen Harper retains overall control, maybe. If we have new minority government as expected I think any cut will be delayed by the BOC, to allow them to see policies to be driven through by the collation.\r\n\r\nWaiting to cut could be a real “own goal” for the BOC, so it should be interesting given that any further stimulus delay could make matters much worse. The situation south of the Canadian border does NOT help matters either.\r\n\r\nIn addition to the BOC, the items coming up this week that are high on my radar are speeches from Mark Carney (BOE) and Janet Yellen (FED) on Tuesday and obviously Mario Draghi’s (ECB) press conference due this Thursday.\r\n\r\nI think that I have said this before; “when these people cough and the markets react”. We are in very uncertain times, mostly created by the central bankers and governors. We “the people” do not elect these people yet they have more powers than Prime Ministers and Presidents to move the financial markets.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section, I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1348\r\n\r\nWe are still range bound albeit in quite a big range. From last weeks close we are only 13 pips lower in price.\r\n\r\nThe range in my opinion is now basically from 1.1100 to 1.1500 as shown on the chart below.\r\n\r\nAs I will write later, I believe the resistance at 1.1500 could represent a top with this pair given the ECB meeting this week and the fact that the issues / problems in the Eurozone are far from over, a slip lower would in my opinion definitely not be out of the question.\r\n\r\nShould Draghi drop a bomb on the market a test of 1.1000 is the line in the sand as far as I am concerned that says yes or no to a test of parity.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6627\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\" alt=\"EURUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5440\r\n\r\nWe have trend line resistance at 1.5508 and a little horizontal resistance as well from August this year. Cable has been flip-flopping around as usual, although I am wondering (maybe rather foolishly) have we seen a short-term top. Every time I send out an alert or chart to my subscribers for the GBP/USD I feel like having a bottle of Jack Daniels on the side of my desk… ice at the ready.\r\n\r\nI suppose trying to be consistent across all the major pairs, the cable has to some extent under-performed the others. My buddy Mark Carney is due to give the world further words of wisdom this week, which will no doubt get an instant reaction and cause me probably to wonder once again what the hell is this guy smoking!\r\n\r\nThe GBP/USD is the master of false moves and Carney is the master of leading the market the wrong way\r\n\r\nI am bearish the pair, but I would not get too sexed up with a short trade until we have cracked 1.5300, having said that, there are both long and short trade opportunities with this pair.\r\n\r\nWith the cable you have to be careful. If we have three or four days of chop it will be a bull flag pattern that we are creating and instead of a reversal just a continuation move.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6628\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\" alt=\"GBPUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\nI never feel 100% comfortable being long this pair. Right now, I see a range of 0.7200 to 0.7380.\r\n\r\nRecent economic data from Australia has been poor and rather inconsistent. I feel that the RBA will go HAWKISH; I know they claim the Swiss approach of neutrality at the moment but frankly this just cannot last. My reasons for the thoughts are simple; Japan and Commodity Prices.\r\n\r\nMy bias is to the short side and I know that it is always dangerous to pick a top but the 0.7380 – 0.7400 level offered good pricing back in August this year.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6626\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\" alt=\"AUDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6806\r\n\r\nThis pair gives me very similar thoughts to those relating to the AUD/USD. I will believe that the bears are in control 100% when we break below 0.6620. Right now, I think we have topped. But looking at smaller charts it could be a bull flag.\r\n\r\nWhat is making me think it’s a top?\r\n\r\nVery simple it’s RBNZ monetary policy. They do not want the value of the NZD/USD in their faces at 0.7000; they are more in favour of 0.6000 or probably even less.\r\n\r\nLooking at the chart below, it does look rather bullish and we could be flagging but I hope not.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6629\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\" alt=\"NZDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2921\r\n\r\nThis pair has basically consolidated its drop of 650 pips from its 1.3455 highs in the past week. There was only a difference of about 20 pips in the closing prices this week versus last week.\r\n\r\nI am hoping for a further move lower to 1.2750. This pair is part of my TRADE PLAN and my goal is to be long. I try not to chase so I will be looking for a pullback this week to enter long… 200 pips of a pullback would be just great!\r\n\r\nOnly when we are back above the 38% Fibonacci retracement level of 1.3070 will I start to believe that the bulls are firmly back in control once again.\r\n\r\nI see 1.2830 to 1.3000 controlling prices over the near- term. Remember, the BOC meets this week for a rate announcement and there is a Canadian Federal election on Monday 19<sup>th</sup> October, it could be volatile.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\" alt=\"USDCADDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9537\r\n\r\nI am STILL long this pair.\r\n\r\nI do expect it to breakout higher. I see 0.9550 as a big resistance test and should we break through this level with conviction; we should start to accelerate higher.\r\n\r\nKey support lies at 0.9475.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\" alt=\"USDCHFDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 119.44\r\n\r\nThis pair is being speculated upon at the moment in the sense that the BOJ is rumoured to be considering more QE. Well if they are considering QE, a lot of money is being burned.\r\n\r\nI think we are starting to flag on lower minute charts with this pair ahead of the expected announcement at the end of this month.\r\n\r\nIn my opinion, it is gambling to get long now, much the same as people did earlier this year on the EUR/CHF floor being supported at 1.2000 by the SNB. I am not expecting the same reaction in the markets should the BOJ not ease further but expectations and GREED are high.\r\n\r\nI think a break above 121.00 will be crucial for the bulls and the bears are looking below 118.00.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\" alt=\"USDJPYDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nRegular readers will know that for sometime I have been promising a new look to the format of the blog.\r\n\r\nA small working party of subscribers from my fee-based subscriber group (The Premium Service), have been working with me on options and alternatives moving forward.\r\n\r\nThe changes highlighted have been delayed for two reasons: -\r\n\r\nFirstly, the group leader has been away on business for two months, which we knew about in advance of the updates being implemented, but we had hoped for the changes to be in position ahead of the blog resumption in September and prior to his departure. Sadly we missed the deadline set and as Janet Yellen and Mario Draghi say the existing blog is transitory.\r\n\r\nSecondly, I was looking at the option of hosting the paid subscribers away from the same site as this blog and this created more discussion than I thought, which is still on-going and I am far from clear what route is going to be adopted.\r\n\r\nI am now therefore looking at a timeframe of January 2016 after the Christmas / end of year holiday.\r\n\r\nWe are in a chop fest of a market and basically I see no change on the horizon. I think that the FOMC has really created this period of uncertainty in the markets and every time extremes in pricing are approached we see a huge increase in volatility and a pullback resulting in more volatility as bulls and bears fight for control.\r\n\r\nI suppose I should not complain too much, at least we now have a two sided market. For what seems like years we have been operating in a bull market environment only.\r\n\r\nTherefore, as a result we just have be more aware of what the other markets are doing and the interactions to the Forex market. Correlations do matter and they do count towards the consideration to trade. I am not a believer of analysis paralysis but the more we take into consideration the better when placing a trade.\r\n\r\nIn these choppy markets sometimes bear in mind you best trade may be the one that you decided against taking; food for thought.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HAVE WE SEEN THE TOP IN THE EUR/USD?</strong></p>\r\nLet me answer my question:\r\n\r\nHave we seen the top in the EUR/USD?\r\n\r\nI believe we have…. YES.\r\n\r\nWhy do I say this?\r\n\r\nVery briefly, the Eurozone has been somewhat of a back seat driver for a while now with the GREECE ELECTIONS passing by with a mere whimper and poor economic data out of the Eurozone being rather throw away as not that important. For months now it seems that the Eurozone has been playing second fiddle to the FED.\r\n\r\nBasically, after the FOMC kept rates on hold, it was as if a huge sigh of relief was heard from Wall Street. The ensuing economic data from the U.S. has been practically 80% of the time poor. It would not surprise me at all if the next intervention by the FED were to re-introduce another form of Quantitative Easing (QE). After 7 years of zero interest rates, the biggest consumer driven society in the world has failed to even get a 0.25% rate hike through. Policy has failed and the only policy known by central bankers is QE.\r\n\r\nWe have DEFLATION practically all over the western world. There is no known cure for this except that a country has to grow and there is no confidence, with commodity prices on the floor, sales all over poor, production output is poor, and purchases of raw materials weak.\r\n\r\nThe combination of these factors has us bordering on RECESSION and DEFLATION.\r\n\r\nBack to the Eurozone; Merkel wanted austerity rather than QE. The Germans fuc**d up Europe single handedly once again, so much pain and for what?\r\n\r\nAfter 6 years of a failing austerity program, they then introduce Quantitative Easing, which hasn\'t had the desired effect either.\r\n\r\nAfter the FOMC minutes were released relating the “HOLD ON RATES MEETING” the EUR/USD made its way to 1.1500 and then failed.\r\n\r\nI believe that a number of factors caused a sanity pill to be swallowed and then the EUR/USD has started to drift lower. I am personally hoping for a re-test of just above 1.1414 then a complete failure to lower levels once again. Basically, we had a short covering rally and now I believe common sense will prevail – Good Lord, did I just write common sense when talking about the Forex market?\r\n\r\nLast week one of the ECB members who you can always rely on to speak when he shouldn’t, Ewald Nowotny (Austrian Central Bank President), said that low inflation (DEFLATION to you and me) and low growth are worrying. He said something along the lines of “it’s obvious that additional financial instruments are necessary” (More QE to you and me…. at least).\r\n\r\nI think that his comments, were probably too late for something to be introduced this week. I just cannot see that something would have been worked out in secret without a leak from within the ECB. But I do think his comments would have resonated with many in the Eurozone.\r\n\r\nHere are a few numbers / statistics in no order of importance that political leaders in the Eurozone should be disgusted with as their policies after 7 years have failed miserably and there is NO light at the end of the tunnel. (By the way the U.S. is NOT much better): -\r\n\r\n&nbsp;\r\n<ul>\r\n	<li>EURO AREA - GROWTH RATE (GDP)                            0.40%</li>\r\n	<li>EURO AREA – INFLATION                                                -0.10% (DEFLATION)</li>\r\n	<li>EURO AREA – YOUTH UNEMPLOYMENT RATE          22.3%</li>\r\n	<li>EURO AREA - CONSUMER CONFIDENCE                   -7.1</li>\r\n	<li>EURO AREA – BUSINESS CONFIDENCE                     0.34%</li>\r\n	<li>EURO AREA - RETAIL SALES (Monthly)                        0%</li>\r\n	<li>EURO AREA - RETAIL SALES (Annualized)                   2.3%</li>\r\n	<li>EURO AREA – MANUFACTURING PMi                           52</li>\r\n	<li>EURO AREA – SERVICES PMi                                         53.7</li>\r\n	<li>EURO AREA – INDUSTRIAL PRODUCTION                 0.9%</li>\r\n</ul>\r\nAt least the PMi’s are above 50 apart but from that it is dour reading. To say that economically the Eurozone is bouncing along the bottom is generous. There is no real improvement at all.\r\n\r\nIt is any wonder that Nowotny spoke what was on his mind?\r\n\r\nOn top of all this we have to add in the VOLKSWAGEN effect, which is not factored at all in these numbers.\r\n\r\nA German car manufacturer found “cooking the books” lying for over a decade, the ramifications are massive, and they will be extremely costly. Not just to the VW Group but probably to Germany as well.\r\n\r\nThe Germans were extremely reluctant to cut any slack to GREECE, they will be looking to their European partners to dig into their pockets when it comes to the matter of reducing the VW effect on the Eurozone.\r\n\r\nSo as traders I think YES, we have seen the shorter-term top in the EUR/USD. I am expecting an orderly move lower. Draghi’s press conference will be interesting this Thursday. The last couple have passed by very uneventful, but this time I expect a few fireworks.\r\n\r\nI believe he will outline, if not announce, the extension of the QE program beyond 2016.\r\n\r\nHe will make a few comments about some/ many economic factors being transitory (How fecking long is a transitory period - over a year?). That\'s how long low inflation (DELATION to you and me) has been following Draghi around like a doting little puppy.\r\n\r\nHe will refer to instruments with three letter abbreviations (TLA) that he has up his sleeve and ready to use, and basically state that he is ready and armed to assist with all programs that are inside his operational mandate.\r\n\r\nQuestions will be focused on timings and which additional programs are appropriate or worthy of consideration.\r\n\r\nI do feel this meeting will raise the profile of the Eurozone problems once again and this will place a lid on 1.1500.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 18th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 545 trades cost to trade = $54.50\r\n<strong>PROFIT</strong> from 545 trades = <strong>$847.30</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 545 trades cost to trade = $545.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$8.473.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 545 trades cost to trade = $5,450.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$84,730.00</strong></p>\r\n<p style=\"text-align: center;\"></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES MONTH &amp; YEAR TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\"><img class=\"aligncenter size-full wp-image-6616\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\" alt=\"PREM SERV PROFITS1 18102015\" width=\"519\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\"><img class=\"aligncenter size-full wp-image-6617\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\" alt=\"PREM SERV PROFITS2 18102015\" width=\"516\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nAnother week another chop fest!\r\n\r\nI see absolutely no reason at all why the market drivers should change this coming week.\r\n\r\nWe have a big news week. The BOC and ECB are my key events to follow. However, hanging over the market will be the ongoing pain in the ass “FED FACTOR”.\r\n\r\nIt will be difficult and choppy. I am starting to look at cross rates, but their volatility can at times give you the over-riding feeling of moving from the frying pan to the fire. It they catch a run in the wrong direction…whoosh! That can be 200 pips in an hour or many times even less. They are so reactionary, being caught the wrong side in such a twitchy market can be a cruel experience.\r\n\r\nTrade smaller and wider to keep those hopes and dreams alive!\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/\r\nBLOG REF#173','HAVE WE SEEN THE TOP IN THE EUR/USD?','','inherit','closed','closed','','6643-revision-v1','','','2015-10-18 08:34:17','2015-10-18 13:34:17','',6643,'https://weeklyfxdrivethru.com/6643-revision-v1/',0,'revision','',0);
INSERT INTO `vp_backup_wp_posts` VALUES (6645,1,'2015-10-18 08:36:19','2015-10-18 13:36:19','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n\r\nThe title of last week\'s overall blog was: -\r\n<p style=\"text-align: center;\">IS NOW THE TIME TO SELL THE\r\nCOMMODITY CURRENCIES?</p>\r\nLooking back I think that I was a week too soon with this trade idea. I say this because last week, I took a beating from the market, and to be frank, I should have known better, however, I dug my heels in like a spoilt child.\r\n\r\nThis month so far I have taken four bigger than usual pip losses on trades. I made a basic and elementary mistake. I thought I could dictate the market, I believed I knew which way the market was going and that it would turn in my favour. I was given a beating, and quite right too, as I should have known better.\r\n\r\nI have spent a good few hours beating myself up. The trades themselves were roughly in line with an extended RISK TOLERANCE that I adopt during periods of extreme market activity from time to time, however I hold up my arms in surrender.\r\n\r\nNow it is time to draw a line underneath everything and move forward.\r\n\r\nSince the poor NFP statistics were released, the continued layers of poor USD data frankly just exacerbated what was already a poor and difficult trading environment that I was stuck in.\r\n\r\nLast week’s poor retail sales and PPi from the U.S. were like nails in the coffin of hope that the FED will raise rates this year. Then the following day the CPi data was roughly in-line. The weekly unemployment claims are holding on average just below 170,000. This must be viewed as positive.\r\n\r\nI am still struggling to see how the CPI data was in line?\r\n\r\nThe revisions to the U.S. data can be brutal and, it makes it really difficult to formulate anything other than a 15-minute plan at times. How can it be that the U.S. with all its resources cannot deliver accurate data? It is not that far away from the Chinese data in the way it should be interpreted. The revisions are just crazy sometimes especially with the jobs data.\r\n\r\nIt certainly is both an interesting and difficult time to be trading. As I say to my friends when they ask me about trading and I give them an overview, I end with….”Welcome to my daily fecking nightmare”… that would have made a great title for an Alice Cooper album, back in the day.\r\n\r\nApart from the U.S. data highlights nothing else really springs to mind from last week from the economic data release standpoint that warrants any further comment.\r\n\r\nThat is of course, apart from this fecking merry-go-round, circus ride, helter bloody helter-skelter uncertainty induced shambles that Yellen and the rest of the FOMC are responsible for surrounding the 0.25% potential damn rate hike.\r\n\r\nI mean come on for God’s sake.\r\n\r\nI am the first in line criticizing the ECB for its shambolic handling of the media in run ups to press conferences and when after the official release, the opinions of the ECB members are delivered to the media in 15 second sound-bytes and are in conflict with what Mario Draghi has said. In fairness he (Draghi) seems to have kicked a few of these repeat offenders within the ECB in the nuts, and with aching samosas being the result of saying the wrong thing, the other ECB committee members now shut the f**k up.\r\n\r\nIn my opinion, the FOMC is worse than the ECB ever was. You will have no idea how hard it was to write this, unless you are a regular reader. What comes out of the regional FED presidents is complete and utter bollo**s, it counts for nothing.\r\n\r\nLook…the committee makes a decision. It releases a statement. These hangers on (Regional FED presidents), crave their moment of fame on TV being chatted up by one of the “hotties” on CNBC or BLOOMBERG. Their opinions count for nothing because when they vote around the table Janet Yellen’s word is final. If these FED presidents want to be outspoken and have different opinions to the FOMC minutes, they should grow a pair and rebel so that it is recorded in the minutes or better still let Janet Yellen “out them” in a press conference. At least then we would have consistency instead of the present, wishy-washy, namby-pamby headline driven quotes that disappear soon after they are given when we realize the quote means nothing and the deliverer of the quote is never challenged about it. They simply just crawl back under the rock they emanated from and hide.\r\n\r\nI know it’s a game. They have zero responsibility as the buck stops with Janet Yellen. In my opinion, she needs to strike hard, this will give those TV-happy FED presidents something to think about and maybe bring matters in line. If she did this half of the uncertainty in this news driven marketplace would be removed allowing for greater stability.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: CNY – GDP and Industrial Production.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: GBP – Words of wisdom? from Mark Carney (BOE).\r\nTUESDAY: NZD – Dairy Prices.\r\nTUESDAY: USD – Words of wisdom from Janet Yellen (FED).\r\n\r\nWEDNESDAY: CAD – BOC Rate Statement and Monetary Policy.\r\nWEDNESDAY: CAD – Stephen Poloz (BOC) Press Conference.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: CAD – Core Retail Sales.\r\nTHURSDAY: EUR – Interest Rate decision.\r\nTHURSDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\n\r\nFRIDAY: EUR – French &amp; German Flash Manufacturing PMi.\r\nFRIDAY: CAD – Core CPi.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nThe biggie this week for me living in Canada is the BOC announcement and press conference by Stephen Poloz on Wednesday, just two days after the Federal Election. Whilst I am expecting Poloz to cut rates, I doubt whether he will do so as this meeting is close to the election. If incumbent Stephen Harper retains overall control, maybe. If we have new minority government as expected I think any cut will be delayed by the BOC, to allow them to see policies to be driven through by the collation.\r\n\r\nWaiting to cut could be a real “own goal” for the BOC, so it should be interesting given that any further stimulus delay could make matters much worse. The situation south of the Canadian border does NOT help matters either.\r\n\r\nIn addition to the BOC, the items coming up this week that are high on my radar are speeches from Mark Carney (BOE) and Janet Yellen (FED) on Tuesday and obviously Mario Draghi’s (ECB) press conference due this Thursday.\r\n\r\nI think that I have said this before; “when these people cough and the markets react”. We are in very uncertain times, mostly created by the central bankers and governors. We “the people” do not elect these people yet they have more powers than Prime Ministers and Presidents to move the financial markets.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section, I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1348\r\n\r\nWe are still range bound albeit in quite a big range. From last weeks close we are only 13 pips lower in price.\r\n\r\nThe range in my opinion is now basically from 1.1100 to 1.1500 as shown on the chart below.\r\n\r\nAs I will write later, I believe the resistance at 1.1500 could represent a top with this pair given the ECB meeting this week and the fact that the issues / problems in the Eurozone are far from over, a slip lower would in my opinion definitely not be out of the question.\r\n\r\nShould Draghi drop a bomb on the market a test of 1.1000 is the line in the sand as far as I am concerned that says yes or no to a test of parity.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6627\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDDaily18102015.png\" alt=\"EURUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5440\r\n\r\nWe have trend line resistance at 1.5508 and a little horizontal resistance as well from August this year. Cable has been flip-flopping around as usual, although I am wondering (maybe rather foolishly) have we seen a short-term top. Every time I send out an alert or chart to my subscribers for the GBP/USD I feel like having a bottle of Jack Daniels on the side of my desk… ice at the ready.\r\n\r\nI suppose trying to be consistent across all the major pairs, the cable has to some extent under-performed the others. My buddy Mark Carney is due to give the world further words of wisdom this week, which will no doubt get an instant reaction and cause me probably to wonder once again what the hell is this guy smoking!\r\n\r\nThe GBP/USD is the master of false moves and Carney is the master of leading the market the wrong way\r\n\r\nI am bearish the pair, but I would not get too sexed up with a short trade until we have cracked 1.5300, having said that, there are both long and short trade opportunities with this pair.\r\n\r\nWith the cable you have to be careful. If we have three or four days of chop it will be a bull flag pattern that we are creating and instead of a reversal just a continuation move.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6628\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily18102015.png\" alt=\"GBPUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\nI never feel 100% comfortable being long this pair. Right now, I see a range of 0.7200 to 0.7380.\r\n\r\nRecent economic data from Australia has been poor and rather inconsistent. I feel that the RBA will go HAWKISH; I know they claim the Swiss approach of neutrality at the moment but frankly this just cannot last. My reasons for the thoughts are simple; Japan and Commodity Prices.\r\n\r\nMy bias is to the short side and I know that it is always dangerous to pick a top but the 0.7380 – 0.7400 level offered good pricing back in August this year.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6626\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily18102015.png\" alt=\"AUDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6806\r\n\r\nThis pair gives me very similar thoughts to those relating to the AUD/USD. I will believe that the bears are in control 100% when we break below 0.6620. Right now, I think we have topped. But looking at smaller charts it could be a bull flag.\r\n\r\nWhat is making me think it’s a top?\r\n\r\nVery simple it’s RBNZ monetary policy. They do not want the value of the NZD/USD in their faces at 0.7000; they are more in favour of 0.6000 or probably even less.\r\n\r\nLooking at the chart below, it does look rather bullish and we could be flagging but I hope not.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6629\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily18102015.png\" alt=\"NZDUSDDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2921\r\n\r\nThis pair has basically consolidated its drop of 650 pips from its 1.3455 highs in the past week. There was only a difference of about 20 pips in the closing prices this week versus last week.\r\n\r\nI am hoping for a further move lower to 1.2750. This pair is part of my TRADE PLAN and my goal is to be long. I try not to chase so I will be looking for a pullback this week to enter long… 200 pips of a pullback would be just great!\r\n\r\nOnly when we are back above the 38% Fibonacci retracement level of 1.3070 will I start to believe that the bulls are firmly back in control once again.\r\n\r\nI see 1.2830 to 1.3000 controlling prices over the near- term. Remember, the BOC meets this week for a rate announcement and there is a Canadian Federal election on Monday 19<sup>th</sup> October, it could be volatile.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily18102015.png\" alt=\"USDCADDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9537\r\n\r\nI am STILL long this pair.\r\n\r\nI do expect it to breakout higher. I see 0.9550 as a big resistance test and should we break through this level with conviction; we should start to accelerate higher.\r\n\r\nKey support lies at 0.9475.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily18102015.png\" alt=\"USDCHFDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 119.44\r\n\r\nThis pair is being speculated upon at the moment in the sense that the BOJ is rumoured to be considering more QE. Well if they are considering QE, a lot of money is being burned.\r\n\r\nI think we are starting to flag on lower minute charts with this pair ahead of the expected announcement at the end of this month.\r\n\r\nIn my opinion, it is gambling to get long now, much the same as people did earlier this year on the EUR/CHF floor being supported at 1.2000 by the SNB. I am not expecting the same reaction in the markets should the BOJ not ease further but expectations and GREED are high.\r\n\r\nI think a break above 121.00 will be crucial for the bulls and the bears are looking below 118.00.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\"><img class=\"aligncenter size-full wp-image-6632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily18102015.png\" alt=\"USDJPYDaily18102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nRegular readers will know that for sometime I have been promising a new look to the format of the blog.\r\n\r\nA small working party of subscribers from my fee-based subscriber group (The Premium Service), have been working with me on options and alternatives moving forward.\r\n\r\nThe changes highlighted have been delayed for two reasons: -\r\n\r\nFirstly, the group leader has been away on business for two months, which we knew about in advance of the updates being implemented, but we had hoped for the changes to be in position ahead of the blog resumption in September and prior to his departure. Sadly we missed the deadline set and as Janet Yellen and Mario Draghi say the existing blog is transitory.\r\n\r\nSecondly, I was looking at the option of hosting the paid subscribers away from the same site as this blog and this created more discussion than I thought, which is still on-going and I am far from clear what route is going to be adopted.\r\n\r\nI am now therefore looking at a timeframe of January 2016 after the Christmas / end of year holiday.\r\n\r\nWe are in a chop fest of a market and basically I see no change on the horizon. I think that the FOMC has really created this period of uncertainty in the markets and every time extremes in pricing are approached we see a huge increase in volatility and a pullback resulting in more volatility as bulls and bears fight for control.\r\n\r\nI suppose I should not complain too much, at least we now have a two sided market. For what seems like years we have been operating in a bull market environment only.\r\n\r\nTherefore, as a result we just have be more aware of what the other markets are doing and the interactions to the Forex market. Correlations do matter and they do count towards the consideration to trade. I am not a believer of analysis paralysis but the more we take into consideration the better when placing a trade.\r\n\r\nIn these choppy markets sometimes bear in mind you best trade may be the one that you decided against taking; food for thought.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HAVE WE SEEN THE TOP IN THE EUR/USD?</strong></p>\r\nLet me answer my question:\r\n\r\nHave we seen the top in the EUR/USD?\r\n\r\nI believe we have…. YES.\r\n\r\nWhy do I say this?\r\n\r\nVery briefly, the Eurozone has been somewhat of a back seat driver for a while now with the GREECE ELECTIONS passing by with a mere whimper and poor economic data out of the Eurozone being rather throw away as not that important. For months now it seems that the Eurozone has been playing second fiddle to the FED.\r\n\r\nBasically, after the FOMC kept rates on hold, it was as if a huge sigh of relief was heard from Wall Street. The ensuing economic data from the U.S. has been practically 80% of the time poor. It would not surprise me at all if the next intervention by the FED were to re-introduce another form of Quantitative Easing (QE). After 7 years of zero interest rates, the biggest consumer driven society in the world has failed to even get a 0.25% rate hike through. Policy has failed and the only policy known by central bankers is QE.\r\n\r\nWe have DEFLATION practically all over the western world. There is no known cure for this except that a country has to grow and there is no confidence, with commodity prices on the floor, sales all over poor, production output is poor, and purchases of raw materials weak.\r\n\r\nThe combination of these factors has us bordering on RECESSION and DEFLATION.\r\n\r\nBack to the Eurozone; Merkel wanted austerity rather than QE. The Germans fuc**d up Europe single handedly once again, so much pain and for what?\r\n\r\nAfter 6 years of a failing austerity program, they then introduce Quantitative Easing, which hasn\'t had the desired effect either.\r\n\r\nAfter the FOMC minutes were released relating the “HOLD ON RATES MEETING” the EUR/USD made its way to 1.1500 and then failed.\r\n\r\nI believe that a number of factors caused a sanity pill to be swallowed and then the EUR/USD has started to drift lower. I am personally hoping for a re-test of just above 1.1414 then a complete failure to lower levels once again. Basically, we had a short covering rally and now I believe common sense will prevail – Good Lord, did I just write common sense when talking about the Forex market?\r\n\r\nLast week one of the ECB members who you can always rely on to speak when he shouldn’t, Ewald Nowotny (Austrian Central Bank President), said that low inflation (DEFLATION to you and me) and low growth are worrying. He said something along the lines of “it’s obvious that additional financial instruments are necessary” (More QE to you and me…. at least).\r\n\r\nI think that his comments, were probably too late for something to be introduced this week. I just cannot see that something would have been worked out in secret without a leak from within the ECB. But I do think his comments would have resonated with many in the Eurozone.\r\n\r\nHere are a few numbers / statistics in no order of importance that political leaders in the Eurozone should be disgusted with as their policies after 7 years have failed miserably and there is NO light at the end of the tunnel. (By the way the U.S. is NOT much better): -\r\n\r\n&nbsp;\r\n<ul>\r\n	<li>EURO AREA - GROWTH RATE (GDP)                            0.40%</li>\r\n	<li>EURO AREA – INFLATION                                                -0.10% (DEFLATION)</li>\r\n	<li>EURO AREA – YOUTH UNEMPLOYMENT RATE          22.3%</li>\r\n	<li>EURO AREA - CONSUMER CONFIDENCE                   -7.1</li>\r\n	<li>EURO AREA – BUSINESS CONFIDENCE                     0.34%</li>\r\n	<li>EURO AREA - RETAIL SALES (Monthly)                        0%</li>\r\n	<li>EURO AREA - RETAIL SALES (Annualized)                   2.3%</li>\r\n	<li>EURO AREA – MANUFACTURING PMi                           52</li>\r\n	<li>EURO AREA – SERVICES PMi                                         53.7</li>\r\n	<li>EURO AREA – INDUSTRIAL PRODUCTION                 0.9%</li>\r\n</ul>\r\nAt least the PMi’s are above 50 apart but from that it is dour reading. To say that economically the Eurozone is bouncing along the bottom is generous. There is no real improvement at all.\r\n\r\nIt is any wonder that Nowotny spoke what was on his mind?\r\n\r\nOn top of all this we have to add in the VOLKSWAGEN effect, which is not factored at all in these numbers.\r\n\r\nA German car manufacturer found “cooking the books” lying for over a decade, the ramifications are massive, and they will be extremely costly. Not just to the VW Group but probably to Germany as well.\r\n\r\nThe Germans were extremely reluctant to cut any slack to GREECE, they will be looking to their European partners to dig into their pockets when it comes to the matter of reducing the VW effect on the Eurozone.\r\n\r\nSo as traders I think YES, we have seen the shorter-term top in the EUR/USD. I am expecting an orderly move lower. Draghi’s press conference will be interesting this Thursday. The last couple have passed by very uneventful, but this time I expect a few fireworks.\r\n\r\nI believe he will outline, if not announce, the extension of the QE program beyond 2016.\r\n\r\nHe will make a few comments about some/ many economic factors being transitory (How fecking long is a transitory period - over a year?). That\'s how long low inflation (DEFLATION to you and me) has been following Draghi around like a doting little puppy.\r\n\r\nHe will refer to instruments with three letter abbreviations (TLA) that he has up his sleeve and ready to use, and basically state that he is ready and armed to assist with all programs that are inside his operational mandate.\r\n\r\nQuestions will be focused on timings and which additional programs are appropriate or worthy of consideration.\r\n\r\nI do feel this meeting will raise the profile of the Eurozone problems once again and this will place a lid on 1.1500.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 18th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 545 trades cost to trade = $54.50\r\n<strong>PROFIT</strong> from 545 trades = <strong>$847.30</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 545 trades cost to trade = $545.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$8.473.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 545 trades cost to trade = $5,450.00\r\n<strong>PROFIT</strong> from 545 trades = <strong>$84,730.00</strong></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES MONTH &amp; YEAR TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\"><img class=\"aligncenter size-full wp-image-6616\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS1-18102015.png\" alt=\"PREM SERV PROFITS1 18102015\" width=\"519\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\"><img class=\"aligncenter size-full wp-image-6617\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-18102015.png\" alt=\"PREM SERV PROFITS2 18102015\" width=\"516\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nAnother week another chop fest!\r\n\r\nI see absolutely no reason at all why the market drivers should change this coming week.\r\n\r\nWe have a big news week. The BOC and ECB are my key events to follow. However, hanging over the market will be the ongoing pain in the ass “FED FACTOR”.\r\n\r\nIt will be difficult and choppy. I am starting to look at cross rates, but their volatility can at times give you the over-riding feeling of moving from the frying pan to the fire. It they catch a run in the wrong direction…whoosh! That can be 200 pips in an hour or many times even less. They are so reactionary, being caught the wrong side in such a twitchy market can be a cruel experience.\r\n\r\nTrade smaller and wider to keep those hopes and dreams alive!\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/\r\nBLOG REF#173','HAVE WE SEEN THE TOP IN THE EUR/USD?','','inherit','closed','closed','','6643-revision-v1','','','2015-10-18 08:36:19','2015-10-18 13:36:19','',6643,'https://weeklyfxdrivethru.com/6643-revision-v1/',0,'revision','',0),(6646,1,'2015-10-18 15:19:25','2015-10-18 20:19:25','','BLOG DATES 2017','','inherit','open','closed','','blog-dates-2017','','','2015-10-18 15:20:21','2015-10-18 20:20:21','',2772,'https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/BLOG-DATES-2017.png',0,'attachment','image/png',0),(6647,1,'2015-10-18 15:22:07','2015-10-18 20:22:07','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/Blog-dates2015.jpg\"><img class=\"alignnone size-full wp-image-3606\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/Blog-dates2015.jpg\" alt=\"Blog-dates2015\" width=\"534\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\"><img class=\"alignnone size-full wp-image-4997\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\" alt=\"Blog Dates 2016\" width=\"534\" height=\"773\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/BLOG-DATES-2017.png\"><img class=\"wp-image-6646 alignleft\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/BLOG-DATES-2017.png\" alt=\"BLOG DATES 2017\" width=\"533\" height=\"723\" /></a>\r\n\r\n&nbsp;','Blog Dates','','inherit','closed','closed','','2772-revision-v1','','','2015-10-18 15:22:07','2015-10-18 20:22:07','',2772,'https://weeklyfxdrivethru.com/2772-revision-v1/',0,'revision','',0),(6668,1,'2015-10-24 08:25:34','2015-10-24 13:25:34','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong><strong> </strong></p>\r\n\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE </span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as Ducks lining up, in the past) I will enter with either LIVE trades or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nI am going to cover this in section 1.3 Looking sideways, later in this blog.\r\n\r\nMoving on…\r\n\r\nSo along comes Mario Draghi to the ECB press conference last Thursday about a week after Ewald Nowotny’s (Austrian Central Bank Governor and ECB council member), comments about ECB inflation targets basically being tantamount to a pipe dream.\r\n\r\nI wrote just prior to the press conference to my premium service subscribers stating whilst Nowotny was correct, it was too late for Draghi to act and that I felt he would say that he would do all in his mandate to act moving forward. I was expecting some jawboning, but fair play to Mario Draghi he really laid it on thick, so that the dumbest of reporters that usually prefer to comment on the colour of his tie had to take note: -\r\n<ul>\r\n	<li>Lower deposit rate at ECB beyond -0.2%</li>\r\n	<li>Extend the end date for QE purchases</li>\r\n	<li>Increase the size of the QE program</li>\r\n	<li>Increase and broaden the types of bonds that can be purchased</li>\r\n</ul>\r\nThe above were the four key takeaways I noted from his very carefully prepared and delivered speech.\r\n\r\nI keep banging on about DEFLATION.\r\n\r\nThe Eurozone is in DEFLATION territory, and, as I have said many, many, many times before, there is not a Central Bank Governor or President who has any clue on how to solve DEFLATION. Frankly, there is more chance of “Hell freezing over” first, if there is such a place.\r\n\r\nThe nearest place to hell I can think of is probably Janet Yellen’s office in the FED. I still stand over my opinion, which was the title of my blog a few weeks ago, on October 3<sup>rd</sup> 2015, which was: -\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"> “I BET YELLEN WISHED SHE’D HIKED RATES LAST MONTH NOW”</span></p>\r\nYou can just imagine what is going through her mind right now, apart from sh*t, boll**ks, bast**d, F**k, feckers etc…\r\n\r\nShe dithered…\r\n\r\nNow she has a real problem. FED credibility is on the line regarding increasing rates and frankly the whole world is talking about 0.25%. Are you telling me in all seriousness that the biggest consumer driven economy on the planet could not even raise rates by 0.10% in September ahead of all these shenanigans?\r\n\r\nThe shenanigans by the way were created by the FOMC themselves.\r\n\r\n7 years of ZIRP, and they could not even raise by 0.10%.\r\n\r\nYes, I would say the nearest place to hell right now is Yellen’s office.\r\n\r\nThese arguments about the world economic position weighing on the FOMC decision are a smokescreen to hide dithering.\r\n\r\nBack to the ECB and Mario Draghi…\r\n\r\nSo the EUR/USD was crushed like a grape on Thursday and it continued Friday last week as well. The move lower was from 1.1320 to 1.1030, about 300 pips.\r\n\r\nI would say that Mario would be out on the town with Mrs. Draghi this weekend; steak dinner, champagne, roses and a blue pill for dessert…now there a picture for you pouring out your cornflakes.\r\n\r\nThen, just to drive a nail in the coffin of the FED rate hike, out comes the PBOC at about 0715 EST on Friday morning, cutting any rate they could cut. We have reached desperation point with the Chinese economy. I take their economic data with a pinch of salt. We have to note them, and for sure whether the Chinese GDP is at 5% and not 7% it is still in dreamland as far as the rest of the world is concerned.\r\n\r\nInitially, all my open trades were screwed on the announcement from the PBOC then after about 30 minutes the commodity currencies dropped like a hot knife through butter.\r\n\r\nAUD and NZD in particular, one would have thought a massive rally. We had a nice squeeze but very contained and then its like the PBOC cuts never happened.\r\n\r\nWhat a weird market we trade inside.\r\n\r\nFUNDAMENTALS and even the TECHNICALS do not count at times.\r\n\r\nI can’t wait for this week.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nI am not interested in anything this week apart from: -\r\n\r\nTHE FED\r\nTHE RBNZ\r\nand\r\nThe BOJ\r\n\r\nI am focused on these three events and nothing else. I will NOT be adding fresh trades (90% certain of this) and I will NOT be adding any new limit orders either.\r\n\r\nEssentially, we had the ECB and PBOC make it clear what their thoughts are moving forward last week<strong>. </strong>This week, the three central banks (FED, BOJ &amp; RBNZ) plus the SNB, (never rule out the SNB intervening, I was half expecting Thomas Jordan to press the button last Friday morning 15 minutes after the PBOC), will have their say and given what happened last week. These are all “LIVE” meetings the perspective and commentary will be of huge interest to all traders irrespective of trading style.\r\n\r\nThis coming week, the views of these central banks are of paramount importance for your forward trade planning if you are a Forex Trader, in my opinion, this week is that important.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1016\r\n\r\nWhat can I say here that hasn’t already been said? We saw a 350-pip drop in the closing price this week compared with last week and the EUR/USD looks very bearish.\r\n\r\nLooking at the chart below, we have probed at 1.1000. Once clear from this level the 61.8% Fibonacci level of 1.0940 is next up.\r\n\r\nNot wanting to get carried away but a break below 1.0800 horizontal support and I think it\'s a case of “fill yer boots” for the parity party!!\r\n\r\nFrom a move higher perspective all the way back at 1.1240 is where I think the EUR bulls regain control once again.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\"><img class=\"aligncenter size-full wp-image-6658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\" alt=\"EURUSDWeekly24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5309\r\n\r\nI was wussied out of short trade last Friday with the cable. It was a limit order entry, which failed to trigger by 2 pips but 10 pips from my entry level I cancelled the order. In the end it didn’t trigger. Had it triggered, it was a 100-pip move. I think that because I have had so many bad experiences of trading the GBP/USD I shy away now through fear of it ripping up in my face.\r\n\r\nIt is dangerously close to 1.5300. I have read so many pieces about the GBP/USD this week calling for levels ranging from 1.5000 to 1.7000, no wonder my heart skips a beat when I see this pair in action.\r\n\r\nMoving forward support is at 1.5250/1.5300 and then resistance back at 1.5420.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\" alt=\"GBPUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7214\r\n\r\nIn my opinion, the next few weeks will be pivotal for this pair. I think we have seen the short to medium-term top with 0.7380. I now think that we are on the cusp of a break lower back towards to lower end of the trading range closer to 0.7000, or, just below maybe having a swipe at 0.6940 once again.\r\n\r\nSupport is at 0.7160 and resistance at 0.7260.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\" alt=\"AUDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6749\r\n\r\nI am viewing this pair very similar to the AUD/USD. I believe that 0.6910 was a top that will be in place for the medium term.\r\n\r\nI also believe that our focus should be to the short side. We have a very important RBNZ meeting statement this Wednesday after the FED announces. I am thinking that there could be a rate cut on offer as the RBNZ attempts to maintain the status quo differential over other central banks. The PBOC action must have scared the crap out of Graeme Wheeler (RBNZ Governor). I think that he will act.\r\n\r\nFrom the chart below support is at 0.6645 and resistance at 0.6820.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\" alt=\"NZDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3165\r\n\r\nMoving nicely back towards the 1.3455 near term highs.\r\n\r\nAfter the shock Trudeau election victory the pair has steadily moved upwards. As I have said there will be a rate cut on the cards in Canada before the year-end. Falling oil prices have handed Justin Trudeau a headache and stimulus is required. Enter Poloz with his head in a bucket of sand….head pops out and lo and behold we have a 0.25% cut before the end of the year.\r\n\r\nThis pair has the chance to really move higher. There is an inverted head and shoulders pattern on the weekly chart with a measured move of 1.4000. On the monthly chart there is a cup and handle formation targeting 1.6000. These measured moves are extreme and personally, I am not getting excited until 1.3455 is broken.\r\n\r\nThis week support is at 1.3140 and resistance 1.3217.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\" alt=\"USDCADDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9784\r\n\r\nThis pair is poised for a breakout. I exited my final long just below current prices as the 0.9800 level offers good resistance.\r\n\r\nI will chase this pair higher on a break as I believe in conjunction with the EUR/USD to parity this has the chance to get to 1.1000 and beyond.\r\n\r\nSupport this week is 0.9750 and resistance after 0.9800 is 0.9850.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\" alt=\"USDCHFDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 121.45\r\n\r\nThis pair is getting well supported not just because of the jawboning from Mario Draghi (ECB) but also on the rumours of BOJ QE this week.\r\n\r\n121.70 will be a key area to hold as any break through here and then 122.00 could see this pair motor on up towards 124.00 / 125.00 quite easily and should the BOJ ease further we could be back at 130.00.\r\n\r\nSupport is back at 121.00\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\" alt=\"USDJPYDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nFrom earlier in this blog…\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE</span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as ducks lining up, in the past) I will enter with either a LIVE trade or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nIt tells me that at times I have been trying to engineer trades earlier in the month when there were not trades that fitted my TRADE PLAN profile.\r\n\r\nHaving checked my TRADING PLAN; I have been a little generous with entry levels, correlations and technical patterns that I usually use to “green light” my trades. I think this has been brought about by the fact I am holding a couple of open positions with quite large (for me) potential pip losses. They are both within the ranges I had set at the outset but I think that because I took these on board I let other aspects of my trading run a little out of sync.\r\n\r\nThe bottom line is…\r\n\r\n“Wait for the trades to come to you”.\r\n\r\nI am usually very good at this but there were one or two trades that I took on board that frankly I should have left alone, or at least cut losses on sooner. By the same token I am human. There are only so many times I can smash my head against the wall.\r\n\r\nForcing trades never works over time, the chickens will come home to roost and bite you on your ar**.\r\n\r\nEight years in you would think that I should know better. This is basic stuff.\r\n<p style=\"text-align: center;\"><strong>WAIT FOR THE TRADES TO COME TO YOU</strong>\r\n<strong>PLAN YOUR TRADES AND TRADE YOUR PLAN</strong></p>\r\nThis is a gentle reminder. There is little point looking for high probability trades, finding none and then looking for “almost fits” and running with them. This market takes no prisoners, you are just killed, and there is no forgiving. You have be trading with your eyes wide open and know your risk before you start, knowing that if you need to move a stop your entry position and trade size allows this.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THIS WEEK IS THE MOST IMPORTANT FOR TRADING</strong>\r\n<strong>FOREX IN 2015</strong></p>\r\nHeavy title.\r\n\r\nThe history…\r\n\r\nSince June this year, I have been writing to my fee-paying subscribers and adding bits and pieces in the general open areas of this blog with my thoughts on my FUNDAMENTAL TRADE PLAN that is in play through to the end of this year and beyond.\r\n\r\nFor one reason or another, the FOMC dithering has stopped me from loading up my longer-term FUNDAMENTAL trades. Every time I try to do this, I read conflicting longer-term central bank chatter that puts me off and raises the odd red flag and I cut the trade. This is both frustrating for my subscribers, and me if we are both looking for “place them and forget about them trades”. On a positive note we are making money so that is the compensation.\r\n\r\nI have been waiting on the FED to raise rates and start the process. I have been dithering along with the FED!\r\n\r\nMy main reason for dithering was supportive action by central banks to boost commodity prices and in so doing this it supports the AUD, NZD and CAD, three of my core currencies would be moving in the wrong direction and a knock on effect would be seen with the commodity cross rates. It has been a stop and start 3/4 months as far as I am concerned and totally frustrating.\r\n\r\nIt looked so easy. The FED raises rates. We have divergent central bank policies in play. Never underestimate the FED and you cannot lose.\r\n\r\nNow…\r\n\r\nI am still waiting.\r\n\r\nThe moves last week by the ECB and PBOC were timely. It makes it so hard for the FED to raise rates this year. Yellen dithered and missed the opportunity now she has nothing put by for a rainy day.\r\n\r\nLet me revisit each major central bank: -\r\n\r\n<strong>FED:</strong> Hawkish, but pseudo hawkish. Janet Yellen is dovish and dithered about even a 0.10% rise prior to the summer and in my opinion missed the opportunity in September. The fact that the FOMC would not even agree a minimal rate rise is very concerning and worrying. I think that it will be hard to raise and it would be a total surprise if a rate hike occurred this year.\r\n\r\n<strong>ECB:</strong> Now a full-on dovish, 100% totally supportive central bank. Mario Draghi is back at “Whatever it takes” once again.\r\n\r\n<strong>PBOC:</strong> Whatever your thoughts and opinions are vis-à-vis the released China data, there is no doubt that the PBOC are dovish. What concerns me is that China is not an open economy and the PBOC want reserve currency status and the IMF supports this? How the IMF can promote this beggars belief given the current cloak and dagger, stealth conditions that China continues to operate under?\r\n\r\n<strong>BOJ:</strong> Dovish - and there are huge rumours that more QE will be announced this week.\r\n\r\n<strong>BOE:</strong> Allegedly hawkish. Data is mixed from the UK but Carney (believe him at your own risk) is upbeat on raising rates. He was even quoted as saying they would move higher before the FED. Yeah right my ar**. I just cannot see the UK having the balls to go higher before the FED. However, I could see a coordinated move together, both raising rates at the same time.\r\n\r\n<strong>SNB:</strong> The stealth movers…. The SNB are concerned about the EUR/CHF exchange rate and the pressure that the ECB has placed on this pair to the downside must be concerning. There were papers flying around last Thursday/Friday stating that a revised EUR/CHF floor would be placed at a minimum of 1.0700. After the 1.2000 peg was removed earlier this year 1.1000 was muted as “fair value”. It would NOT surprise me to see the SNB intervene sooner rather than later.\r\n\r\n<strong>RBA:</strong> Glenn Stevens who is continually worried about house prices in Sydney, now claims that the RBA is neutral. Well, they were neutral before last week, is where I see things. In my opinion, they will be cutting rates sooner rather than later irrespective of property prices in Sydney. They have to move just to stand still and maintain the status quo.\r\n\r\n<strong>RBNZ:</strong> Meeting this week and, I expect a rate cut to keep ahead of the curve. Deputy Finance Minister English was in the news last week saying that the existing levels in the FX markets were about right. In my opinion, that is now old news. They have to move to maintain the status quo.\r\n\r\n<strong>BOC:</strong> Following the general election last Monday, and at the BOC meeting last Tuesday Poloz stated that the full effects of the rate cut earlier this year had still to be realized. What utter nonsense. He has his head in the sand and was under orders not to cut. Oil is dropping lower and he has a series of poor economic data to deal with. He will cut next time to give the Canadian population a Christmas surprise. There is only so much sand he can stick his head into.\r\n\r\n&nbsp;\r\n\r\nSo in summary, it\'s the FED and the BOE that are hawkish and the PBOC, ECB, BOJ, SNB, RBNZ openly dovish in commentary. The RBA and BOC are neutral, however in my mind, they are as dovish as the other central banks they are just in denial for whatever reasons known only to themselves.\r\n\r\nThis week, the commentary from the FED, RBNZ and BOJ will give us not just additional commentary but it will give us direction. Coming so close to the ECB and PBOC timing could not be better.\r\n\r\nI can guarantee you volatility in abundance this Wednesday. I am just hoping that by the end of the week I will be in a position to strategize moving forward. This week is critical and it will direct us in our trading through to the year-end and the first quarter 2016.\r\n\r\nThe FED announcement is the big news item. It all depends on the FOMC view of why the ECB acted the way it did. If the FED views Draghi as supporting the EUR and the Eurozone economies, this takes away a concern from that the last FOMC decision about weaker world economies requiring help. This could be the trigger to raise interest rates in the FED’s eyes. Stranger things have happened, although with Yellen being such a dove I suspect any decision on a rate hike will be delayed.\r\n\r\nDo not forget; how could we in this transitory period… that we are of course governed by the phrase “Data dependent” and the U.S. data is definitely in the weak column rather than the strong, so the odds given the data are against a rate increase, that is of course in my opinion. My God, I am turning into a ditherer, or maybe a dove on all matters?\r\n\r\nNevertheless, with all of the above factored in, it does make this week a pivotal week for Forex traders, be prepared.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 24th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 565 trades cost to trade = $56.50\r\n<strong>PROFIT</strong> from 565 trades = <strong>$952.40</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 565 trades cost to trade = $565.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$9,524.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 565 trades cost to trade = $5,650.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$95,240.00</strong></p>\r\n&nbsp;\r\n\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n3.2.1: FLASH TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\"><img class=\"aligncenter size-full wp-image-6650\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\" alt=\"FLASH1 24102015\" width=\"483\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\"><img class=\"aligncenter size-full wp-image-6651\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\" alt=\"FLASH2 24102015\" width=\"496\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.2: RADAR TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\"><img class=\"aligncenter size-full wp-image-6652\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\" alt=\"RADAR1 24102015\" width=\"504\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\"><img class=\"aligncenter size-full wp-image-6653\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\" alt=\"RADAR2 24102015\" width=\"482\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n3.2.3: FUNDAMENTAL TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\"><img class=\"aligncenter size-full wp-image-6654\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\" alt=\"FUNDAMENTAL 24102015\" width=\"513\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\"><img class=\"aligncenter size-full wp-image-6648\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\" alt=\"PS PROFITS1 24102015\" width=\"522\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\"><img class=\"aligncenter size-full wp-image-6649\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\" alt=\"PPS PROFITS2 24102015\" width=\"523\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.4: PREMIUM SERVICE – 2014 TOTAL PERFORMANCE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\"><img class=\"aligncenter size-full wp-image-6667\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\" alt=\"PREM SERV PROFITS 2014\" width=\"452\" height=\"401\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\nFinally, a bit of traction with the trades, and this week alone the PREMIUM SERVICE generated just over 1,000 pips.\r\n\r\nI am now left holding into this crucial week, three longer-term trades: - USD/CHF, EUR/NZD and GBP/NZD. I am hoping that with RISK OFF and some beneficial central bank activity these three trades will be well into the green and not in red.\r\n\r\nI was both cautious and ambitious last week. Cautious with how many pips to extract from live trades. I took the view …“bank $$$ and be out early if necessary”. At the same time, I was maybe a little too ambitious / greedy with some entry levels. I had checked back to earlier this quarter and I had been far too lenient with my entry levels and as a result took some poor trades that lost $$$. By being stricter and sticking to my TRADE PLAN the loss-making trades were eradicated but not as many limit orders triggered resulting in a few additional ones being cancelled.\r\n\r\nI know from talking to you guys, less trades, less risk and a more guaranteed $$$ in the bank is what your priorities are.\r\n\r\nAs I alluded to earlier in the blog, I am going to be adding few if any trades during the early part of this week. This is a big week as far as I am concerned and my goals are to add after news events based upon the facts of the minutes and hopefully not on the market knee-jerk reactions to the data.\r\n\r\nIf I am not able to get a firm direction from the central banks this week, my FUNDAMENTAL TRADE PLAN will be placed on ice to be reviewed at a later date.\r\n\r\nThere are no charts that I am looking at this week, that section will be blank. If I do not look I will not be tempted.\r\n\r\nLet\'s hope that this section has a few interesting developments next week.\r\n\r\n&nbsp;\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/TRENDING-PAIRS-24102015.png\"><img class=\"aligncenter size-full wp-image-6656\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/TRENDING-PAIRS-24102015.png\" alt=\"TRENDING PAIRS 24102015\" width=\"487\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/LIVE-TRADES-24102015.png\"><img class=\"aligncenter size-full wp-image-6655\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/LIVE-TRADES-24102015.png\" alt=\"LIVE TRADES 24102015\" width=\"698\" height=\"554\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.3.1: UPDATED CHARTS &amp; COMMENTARY ON EXISTING LIVE TRADES:\r\n\r\nThis week I want to look at the 3 open trades in a little more detail, by adding my thoughts on levels, tolerances etc. I hope that this is useful.\r\n\r\nEUR/CHF:\r\n\r\nI have been long this pair since early September. There were points were I thought it time to cut, take losses and run like hell. Of late though, there has been increased chatter, fuelled no doubt by inter-bank rumours, on what the ECB were going to have to do, that has kept my in this trade.\r\n\r\nThere is talk of a new floor being introduced, levels have been ranging from 1.0700 through to 1.1000. I have moved the STOP LOSS on this pair to 1.0650 as a precaution.\r\n\r\nThis pair fits my longer-term trading plans, probably why I have stuck with it as long. The SNB will not want this pair below 1.1000 -1.1500 for much longer and soon they will act.\r\n\r\nA long time ago, but, my original reason for taking the initial trade was a measured move opportunity to 1.1250 on a break of 1.1000, which failed and it never really gained the momentum again since.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURCHF-DAILY-24102015.png\"><img class=\"aligncenter size-large wp-image-6666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURCHF-DAILY-24102015-1024x514.png\" alt=\"EURCHF DAILY 24102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/NZD:\r\n\r\nA very frustrating trade so far.\r\n\r\nWe need RISK OFF conditions to move this pair higher. As you may know this pair can move 300 -350 pips in a day so the size of the fall does not concern me too much, given the recent central bank activity that has been RISK ON supportive. I have been helped of course by the fact that the NZD has been under-performing, had the NZD not under-performed I would have exited this trade.\r\n\r\nMy big fear is the gap fill re-test, it is over a 900 pips away, but it is there to see. The RBNZ meeting this week will be crucial. It is just a very small position and my TRADING PLAN thoughts moving forward are for RISK OFF conditions to drift back through the equity markets.\r\n\r\nI will move the STOP LOSS to around 1.5800 ahead of the RBNZ if required.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURNZD-WEEKLY-24102015.png\"><img class=\"aligncenter size-large wp-image-6665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURNZD-WEEKLY-24102015-1024x514.png\" alt=\"EURNZD WEEKLY 24102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGBP/NZD:\r\n\r\nThis pair has been performing better than the EUR/NZD. It fell away last Friday as a result of the GBP/USD sell off. I am hoping for a RISK OFF recovery next week and a nice dovish RBNZ.\r\n\r\nLike the EUR/NZD this pair can move in the region of 500 pips per day. A weak NZD should assist with bringing this pair back above 2.3000 in the coming sessions.\r\n\r\nThis pair is part of my longer-term plan of RISK OFF and it needs some wiggle room as it forms a base to hopefully move upwards again. We finished the week with a DOJI not much of anything mid range candle… neither bullish nor bearish in my opinion.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-WEEKLY-24102015.png\"><img class=\"aligncenter size-large wp-image-6664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-WEEKLY-24102015-1024x514.png\" alt=\"GBPNZD WEEKLY 24102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\nThere are none this week.\r\n\r\n&nbsp;\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\nThere are none this week as I am waiting on central bank meetings.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD\r\n\r\nI am going to be very, very light on trades going into Wednesday this week.\r\n\r\nCurrently I have three open trades, EUR/CHF, EUR/NZD and GBP/NZD. All three of these trades form part of my longer-term trading plan. Both NZD related pairs have swung from positive to negative and the EUR/CHF was only positive twice since the trade was first entered into in early September.\r\n\r\nI have no plans to load up any more trades until after the FED has delivered its statement.\r\n\r\nAs I have stated already this in my eyes is the most important week for FX trading this year so far. It trumps the September FED meeting because it is so close after the ECB and PBOC having made their announcements.\r\n\r\nIf you decide to trade ahead of the FED be nimble, I suspect that the markets will be slow Monday and Tuesday this week.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/','THIS WEEK IS THE MOST IMPORTANT FOR TRADING FOREX IN 2015','','publish','open','closed','','this-week-is-the-most-important-for-trading-forex-in-2015','','','2015-10-24 08:25:34','2015-10-24 13:25:34','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=6668',0,'member_posts','',0),(6669,1,'2015-10-24 08:23:37','2015-10-24 13:23:37','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong><strong> </strong></p>\r\n\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE </span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as Ducks lining up, in the past) I will enter with either LIVE trades or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nI am going to cover this in section 1.3 Looking sideways, later in this blog.\r\n\r\nMoving on…\r\n\r\nSo along comes Mario Draghi to the ECB press conference last Thursday about a week after Ewald Nowotny’s (Austrian Central Bank Governor and ECB council member), comments about ECB inflation targets basically being tantamount to a pipe dream.\r\n\r\nI wrote just prior to the press conference to my premium service subscribers stating whilst Nowotny was correct, it was too late for Draghi to act and that I felt he would say that he would do all in his mandate to act moving forward. I was expecting some jawboning, but fair play to Mario Draghi he really laid it on thick, so that the dumbest of reporters that usually prefer to comment on the colour of his tie had to take note: -\r\n<ul>\r\n	<li>Lower deposit rate at ECB beyond -0.2%</li>\r\n	<li>Extend the end date for QE purchases</li>\r\n	<li>Increase the size of the QE program</li>\r\n	<li>Increase and broaden the types of bonds that can be purchased</li>\r\n</ul>\r\nThe above were the four key takeaways I noted from his very carefully prepared and delivered speech.\r\n\r\nI keep banging on about DEFLATION.\r\n\r\nThe Eurozone is in DEFLATION territory, and, as I have said many, many, many times before, there is not a Central Bank Governor or President who has any clue on how to solve DEFLATION. Frankly, there is more chance of “Hell freezing over” first, if there is such a place.\r\n\r\nThe nearest place to hell I can think of is probably Janet Yellen’s office in the FED. I still stand over my opinion, which was the title of my blog a few weeks ago, on October 3<sup>rd</sup> 2015, which was: -\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"> “I BET YELLEN WISHED SHE’D HIKED RATES LAST MONTH NOW”</span></p>\r\nYou can just imagine what is going through her mind right now, apart from sh*t, boll**ks, bast**d, F**k, feckers etc…\r\n\r\nShe dithered…\r\n\r\nNow she has a real problem. FED credibility is on the line regarding increasing rates and frankly the whole world is talking about 0.25%. Are you telling me in all seriousness that the biggest consumer driven economy on the planet could not even raise rates by 0.10% in September ahead of all these shenanigans?\r\n\r\nThe shenanigans by the way were created by the FOMC themselves.\r\n\r\n7 years of ZIRP, and they could not even raise by 0.10%.\r\n\r\nYes, I would say the nearest place to hell right now is Yellen’s office.\r\n\r\nThese arguments about the world economic position weighing on the FOMC decision are a smokescreen to hide dithering.\r\n\r\nBack to the ECB and Mario Draghi…\r\n\r\nSo the EUR/USD was crushed like a grape on Thursday and it continued Friday last week as well. The move lower was from 1.1320 to 1.1030, about 300 pips.\r\n\r\nI would say that Mario would be out on the town with Mrs. Draghi this weekend; steak dinner, champagne, roses and a blue pill for dessert…now there a picture for you pouring out your cornflakes.\r\n\r\nThen, just to drive a nail in the coffin of the FED rate hike, out comes the PBOC at about 0715 EST on Friday morning, cutting any rate they could cut. We have reached desperation point with the Chinese economy. I take their economic data with a pinch of salt. We have to note them, and for sure whether the Chinese GDP is at 5% and not 7% it is still in dreamland as far as the rest of the world is concerned.\r\n\r\nInitially, all my open trades were screwed on the announcement from the PBOC then after about 30 minutes the commodity currencies dropped like a hot knife through butter.\r\n\r\nAUD and NZD in particular, one would have thought a massive rally. We had a nice squeeze but very contained and then its like the PBOC cuts never happened.\r\n\r\nWhat a weird market we trade inside.\r\n\r\nFUNDAMENTALS and even the TECHNICALS do not count at times.\r\n\r\nI can’t wait for this week.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nI am not interested in anything this week apart from: -\r\n\r\nTHE FED\r\nTHE RBNZ\r\nand\r\nThe BOJ\r\n\r\nI am focused on these three events and nothing else. I will NOT be adding fresh trades (90% certain of this) and I will NOT be adding any new limit orders either.\r\n\r\nEssentially, we had the ECB and PBOC make it clear what their thoughts are moving forward last week<strong>. </strong>This week, the three central banks (FED, BOJ &amp; RBNZ) plus the SNB, (never rule out the SNB intervening, I was half expecting Thomas Jordan to press the button last Friday morning 15 minutes after the PBOC), will have their say and given what happened last week. These are all “LIVE” meetings the perspective and commentary will be of huge interest to all traders irrespective of trading style.\r\n\r\nThis coming week, the views of these central banks are of paramount importance for your forward trade planning if you are a Forex Trader, in my opinion, this week is that important.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1016\r\n\r\nWhat can I say here that hasn’t already been said? We saw a 350-pip drop in the closing price this week compared with last week and the EUR/USD looks very bearish.\r\n\r\nLooking at the chart below, we have probed at 1.1000. Once clear from this level the 61.8% Fibonacci level of 1.0940 is next up.\r\n\r\nNot wanting to get carried away but a break below 1.0800 horizontal support and I think it\'s a case of “fill yer boots” for the parity party!!\r\n\r\nFrom a move higher perspective all the way back at 1.1240 is where I think the EUR bulls regain control once again.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\"><img class=\"aligncenter size-full wp-image-6658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\" alt=\"EURUSDWeekly24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5309\r\n\r\nI was wussied out of short trade last Friday with the cable. It was a limit order entry, which failed to trigger by 2 pips but 10 pips from my entry level I cancelled the order. In the end it didn’t trigger. Had it triggered, it was a 100-pip move. I think that because I have had so many bad experiences of trading the GBP/USD I shy away now through fear of it ripping up in my face.\r\n\r\nIt is dangerously close to 1.5300. I have read so many pieces about the GBP/USD this week calling for levels ranging from 1.5000 to 1.7000, no wonder my heart skips a beat when I see this pair in action.\r\n\r\nMoving forward support is at 1.5250/1.5300 and then resistance back at 1.5420.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\" alt=\"GBPUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7214\r\n\r\nIn my opinion, the next few weeks will be pivotal for this pair. I think we have seen the short to medium-term top with 0.7380. I now think that we are on the cusp of a break lower back towards to lower end of the trading range closer to 0.7000, or, just below maybe having a swipe at 0.6940 once again.\r\n\r\nSupport is at 0.7160 and resistance at 0.7260.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\" alt=\"AUDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6749\r\n\r\nI am viewing this pair very similar to the AUD/USD. I believe that 0.6910 was a top that will be in place for the medium term.\r\n\r\nI also believe that our focus should be to the short side. We have a very important RBNZ meeting statement this Wednesday after the FED announces. I am thinking that there could be a rate cut on offer as the RBNZ attempts to maintain the status quo differential over other central banks. The PBOC action must have scared the crap out of Graeme Wheeler (RBNZ Governor). I think that he will act.\r\n\r\nFrom the chart below support is at 0.6645 and resistance at 0.6820.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\" alt=\"NZDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3165\r\n\r\nMoving nicely back towards the 1.3455 near term highs.\r\n\r\nAfter the shock Trudeau election victory the pair has steadily moved upwards. As I have said there will be a rate cut on the cards in Canada before the year-end. Falling oil prices have handed Justin Trudeau a headache and stimulus is required. Enter Poloz with his head in a bucket of sand….head pops out and lo and behold we have a 0.25% cut before the end of the year.\r\n\r\nThis pair has the chance to really move higher. There is an inverted head and shoulders pattern on the weekly chart with a measured move of 1.4000. On the monthly chart there is a cup and handle formation targeting 1.6000. These measured moves are extreme and personally, I am not getting excited until 1.3455 is broken.\r\n\r\nThis week support is at 1.3140 and resistance 1.3217.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\" alt=\"USDCADDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9784\r\n\r\nThis pair is poised for a breakout. I exited my final long just below current prices as the 0.9800 level offers good resistance.\r\n\r\nI will chase this pair higher on a break as I believe in conjunction with the EUR/USD to parity this has the chance to get to 1.1000 and beyond.\r\n\r\nSupport this week is 0.9750 and resistance after 0.9800 is 0.9850.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\" alt=\"USDCHFDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 121.45\r\n\r\nThis pair is getting well supported not just because of the jawboning from Mario Draghi (ECB) but also on the rumours of BOJ QE this week.\r\n\r\n121.70 will be a key area to hold as any break through here and then 122.00 could see this pair motor on up towards 124.00 / 125.00 quite easily and should the BOJ ease further we could be back at 130.00.\r\n\r\nSupport is back at 121.00\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\" alt=\"USDJPYDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nFrom earlier in this blog…\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE</span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as ducks lining up, in the past) I will enter with either a LIVE trade or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nIt tells me that at times I have been trying to engineer trades earlier in the month when there were not trades that fitted my TRADE PLAN profile.\r\n\r\nHaving checked my TRADING PLAN; I have been a little generous with entry levels, correlations and technical patterns that I usually use to “green light” my trades. I think this has been brought about by the fact I am holding a couple of open positions with quite large (for me) potential pip losses. They are both within the ranges I had set at the outset but I think that because I took these on board I let other aspects of my trading run a little out of sync.\r\n\r\nThe bottom line is…\r\n\r\n“Wait for the trades to come to you”.\r\n\r\nI am usually very good at this but there were one or two trades that I took on board that frankly I should have left alone, or at least cut losses on sooner. By the same token I am human. There are only so many times I can smash my head against the wall.\r\n\r\nForcing trades never works over time, the chickens will come home to roost and bite you on your ar**.\r\n\r\nEight years in you would think that I should know better. This is basic stuff.\r\n<p style=\"text-align: center;\"><strong>WAIT FOR THE TRADES TO COME TO YOU</strong>\r\n<strong>PLAN YOUR TRADES AND TRADE YOUR PLAN</strong></p>\r\nThis is a gentle reminder. There is little point looking for high probability trades, finding none and then looking for “almost fits” and running with them. This market takes no prisoners, you are just killed, and there is no forgiving. You have be trading with your eyes wide open and know your risk before you start, knowing that if you need to move a stop your entry position and trade size allows this.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THIS WEEK IS THE MOST IMPORTANT FOR TRADING</strong>\r\n<strong>FOREX IN 2015</strong></p>\r\n<p style=\"text-align: center;\"></p>\r\nHeavy title.\r\n\r\nThe history…\r\n\r\nSince June this year, I have been writing to my fee-paying subscribers and adding bits and pieces in the general open areas of this blog with my thoughts on my FUNDAMENTAL TRADE PLAN that is in play through to the end of this year and beyond.\r\n\r\nFor one reason or another, the FOMC dithering has stopped me from loading up my longer-term FUNDAMENTAL trades. Every time I try to do this, I read conflicting longer-term central bank chatter that puts me off and raises the odd red flag and I cut the trade. This is both frustrating for my subscribers, and me if we are both looking for “place them and forget about them trades”. On a positive note we are making money so that is the compensation.\r\n\r\nI have been waiting on the FED to raise rates and start the process. I have been dithering along with the FED!\r\n\r\nMy main reason for dithering was supportive action by central banks to boost commodity prices and in so doing this it supports the AUD, NZD and CAD, three of my core currencies would be moving in the wrong direction and a knock on effect would be seen with the commodity cross rates. It has been a stop and start 3/4 months as far as I am concerned and totally frustrating.\r\n\r\nIt looked so easy. The FED raises rates. We have divergent central bank policies in play. Never underestimate the FED and you cannot lose.\r\n\r\nNow…\r\n\r\nI am still waiting.\r\n\r\nThe moves last week by the ECB and PBOC were timely. It makes it so hard for the FED to raise rates this year. Yellen dithered and missed the opportunity now she has nothing put by for a rainy day.\r\n\r\nLet me revisit each major central bank: -\r\n\r\n<strong>FED:</strong> Hawkish, but pseudo hawkish. Janet Yellen is dovish and dithered about even a 0.10% rise prior to the summer and in my opinion missed the opportunity in September. The fact that the FOMC would not even agree a minimal rate rise is very concerning and worrying. I think that it will be hard to raise and it would be a total surprise if a rate hike occurred this year.\r\n\r\n<strong>ECB:</strong> Now a full-on dovish, 100% totally supportive central bank. Mario Draghi is back at “Whatever it takes” once again.\r\n\r\n<strong>PBOC:</strong> Whatever your thoughts and opinions are vis-à-vis the released China data, there is no doubt that the PBOC are dovish. What concerns me is that China is not an open economy and the PBOC want reserve currency status and the IMF supports this? How the IMF can promote this beggars belief given the current cloak and dagger, stealth conditions that China continues to operate under?\r\n\r\n<strong>BOJ:</strong> Dovish - and there are huge rumours that more QE will be announced this week.\r\n\r\n<strong>BOE:</strong> Allegedly hawkish. Data is mixed from the UK but Carney (believe him at your own risk) is upbeat on raising rates. He was even quoted as saying they would move higher before the FED. Yeah right my ar**. I just cannot see the UK having the balls to go higher before the FED. However, I could see a coordinated move together, both raising rates at the same time.\r\n\r\n<strong>SNB:</strong> The stealth movers…. The SNB are concerned about the EUR/CHF exchange rate and the pressure that the ECB has placed on this pair to the downside must be concerning. There were papers flying around last Thursday/Friday stating that a revised EUR/CHF floor would be placed at a minimum of 1.0700. After the 1.2000 peg was removed earlier this year 1.1000 was muted as “fair value”. It would NOT surprise me to see the SNB intervene sooner rather than later.\r\n\r\n<strong>RBA:</strong> Glenn Stevens who is continually worried about house prices in Sydney, now claims that the RBA is neutral. Well, they were neutral before last week, is where I see things. In my opinion, they will be cutting rates sooner rather than later irrespective of property prices in Sydney. They have to move just to stand still and maintain the status quo.\r\n\r\n<strong>RBNZ:</strong> Meeting this week and, I expect a rate cut to keep ahead of the curve. Deputy Finance Minister English was in the news last week saying that the existing levels in the FX markets were about right. In my opinion, that is now old news. They have to move to maintain the status quo.\r\n\r\n<strong>BOC:</strong> Following the general election last Monday, and at the BOC meeting last Tuesday Poloz stated that the full effects of the rate cut earlier this year had still to be realized. What utter nonsense. He has his head in the sand and was under orders not to cut. Oil is dropping lower and he has a series of poor economic data to deal with. He will cut next time to give the Canadian population a Christmas surprise. There is only so much sand he can stick his head into.\r\n\r\n&nbsp;\r\n\r\nSo in summary, it\'s the FED and the BOE that are hawkish and the PBOC, ECB, BOJ, SNB, RBNZ openly dovish in commentary. The RBA and BOC are neutral, however in my mind, they are as dovish as the other central banks they are just in denial for whatever reasons known only to themselves.\r\n\r\nThis week, the commentary from the FED, RBNZ and BOJ will give us not just additional commentary but it will give us direction. Coming so close to the ECB and PBOC timing could not be better.\r\n\r\nI can guarantee you volatility in abundance this Wednesday. I am just hoping that by the end of the week I will be in a position to strategize moving forward. This week is critical and it will direct us in our trading through to the year-end and the first quarter 2016.\r\n\r\nThe FED announcement is the big news item. It all depends on the FOMC view of why the ECB acted the way it did. If the FED views Draghi as supporting the EUR and the Eurozone economies, this takes away a concern from that the last FOMC decision about weaker world economies requiring help. This could be the trigger to raise interest rates in the FED’s eyes. Stranger things have happened, although with Yellen being such a dove I suspect any decision on a rate hike will be delayed.\r\n\r\nDo not forget; how could we in this transitory period… that we are of course governed by the phrase “Data dependent” and the U.S. data is definitely in the weak column rather than the strong, so the odds given the data are against a rate increase, that is of course in my opinion. My God, I am turning into a ditherer, or maybe a dove on all matters?\r\n\r\nNevertheless, with all of the above factored in, it does make this week a pivotal week for Forex traders, be prepared.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 24th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 565 trades cost to trade = $56.50\r\n<strong>PROFIT</strong> from 565 trades = <strong>$952.40</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 565 trades cost to trade = $565.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$9,524.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 565 trades cost to trade = $5,650.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$95,240.00</strong></p>\r\n&nbsp;\r\n\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n3.2.1: FLASH TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\"><img class=\"aligncenter size-full wp-image-6650\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\" alt=\"FLASH1 24102015\" width=\"483\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\"><img class=\"aligncenter size-full wp-image-6651\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\" alt=\"FLASH2 24102015\" width=\"496\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.2: RADAR TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\"><img class=\"aligncenter size-full wp-image-6652\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\" alt=\"RADAR1 24102015\" width=\"504\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\"><img class=\"aligncenter size-full wp-image-6653\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\" alt=\"RADAR2 24102015\" width=\"482\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n3.2.3: FUNDAMENTAL TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\"><img class=\"aligncenter size-full wp-image-6654\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\" alt=\"FUNDAMENTAL 24102015\" width=\"513\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\"><img class=\"aligncenter size-full wp-image-6648\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\" alt=\"PS PROFITS1 24102015\" width=\"522\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\"><img class=\"aligncenter size-full wp-image-6649\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\" alt=\"PPS PROFITS2 24102015\" width=\"523\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.4: PREMIUM SERVICE – 2014 TOTAL PERFORMANCE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\"><img class=\"aligncenter size-full wp-image-6667\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\" alt=\"PREM SERV PROFITS 2014\" width=\"452\" height=\"401\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\nFinally, a bit of traction with the trades, and this week alone the PREMIUM SERVICE generated just over 1,000 pips.\r\n\r\nI am now left holding into this crucial week, three longer-term trades: - USD/CHF, EUR/NZD and GBP/NZD. I am hoping that with RISK OFF and some beneficial central bank activity these three trades will be well into the green and not in red.\r\n\r\nI was both cautious and ambitious last week. Cautious with how many pips to extract from live trades. I took the view …“bank $$$ and be out early if necessary”. At the same time, I was maybe a little too ambitious / greedy with some entry levels. I had checked back to earlier this quarter and I had been far too lenient with my entry levels and as a result took some poor trades that lost $$$. By being stricter and sticking to my TRADE PLAN the loss making trades were eradicated but not as many limit orders triggered resulting in a few additional ones being cancelled.\r\n\r\nI know from talking to you guys, less trades, less risk and a more guaranteed $$$ in the bank is what your priorities are.\r\n\r\nAs I alluded to earlier in the blog, I am going to be adding few if any trades during the early part of this week. This is a big week as far as I am concerned and my goals are to add after news events based upon the facts of the minutes and hopefully not on the market knee-jerk reactions to the data.\r\n\r\nIf I am not able to get a firm direction from the central banks this week, my FUNDAMENTAL TRADE PLAN will be placed on ice to be reviewed at a later date.\r\n\r\nThere are no charts that I am looking at this week, that section will be blank. If I do not look I will not be tempted.\r\n\r\nLet\'s hope that this section has a few interesting developments next week.\r\n\r\n&nbsp;\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/TRENDING-PAIRS-24102015.png\"><img class=\"aligncenter size-full wp-image-6656\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/TRENDING-PAIRS-24102015.png\" alt=\"TRENDING PAIRS 24102015\" width=\"487\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/LIVE-TRADES-24102015.png\"><img class=\"aligncenter size-full wp-image-6655\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/LIVE-TRADES-24102015.png\" alt=\"LIVE TRADES 24102015\" width=\"698\" height=\"554\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.3.1: UPDATED CHARTS &amp; COMMENTARY ON EXISTING LIVE TRADES:\r\n\r\nThis week I want to look at the 3 open trades in a little more detail, by adding my thoughts on levels, tolerances etc. I hope that this is useful.\r\n\r\nEUR/CHF:\r\n\r\nI have been long this pair since early September. There were points were I thought it time to cut, take losses and run like hell. Of late though, there has been increased chatter, fuelled no doubt by inter-bank rumours, on what the ECB were going to have to do, that has kept my in this trade.\r\n\r\nThere is talk of a new floor being introduced, levels have been ranging from 1.0700 through to 1.1000. I have moved the STOP LOSS on this pair to 1.0650 as a precaution.\r\n\r\nThis pair fits my longer-term trading plans, probably why I have stuck with it as long. The SNB will not want this pair below 1.1000 -1.1500 for much longer and soon they will act.\r\n\r\nA long time ago, but, my original reason for taking the initial trade was a measured move opportunity to 1.1250 on a break of 1.1000, which failed and it never really gained the momentum again since.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURCHF-DAILY-24102015.png\"><img class=\"aligncenter size-large wp-image-6666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURCHF-DAILY-24102015-1024x514.png\" alt=\"EURCHF DAILY 24102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/NZD:\r\n\r\nA very frustrating trade so far.\r\n\r\nWe need RISK OFF conditions to move this pair higher. As you may know this pair can move 300 -350 pips in a day so the size of the fall does not concern me too much, given the recent central bank activity that has been RISK ON supportive. I have been helped of course by the fact that the NZD has been under-performing, had the NZD not under-performed I would have exited this trade.\r\n\r\nMy big fear is the gap fill re-test, it is over a 900 pips away, but it is there to see. The RBNZ meeting this week will be crucial. It is just a very small position and my TRADING PLAN thoughts moving forward are for RISK OFF conditions to drift back through the equity markets.\r\n\r\nI will move the STOP LOSS to around 1.5800 ahead of the RBNZ if required.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURNZD-WEEKLY-24102015.png\"><img class=\"aligncenter size-large wp-image-6665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURNZD-WEEKLY-24102015-1024x514.png\" alt=\"EURNZD WEEKLY 24102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGBP/NZD:\r\n\r\nThis pair has been performing better than the EUR/NZD. It fell away last Friday as a result of the GBP/USD sell off. I am hoping for a RISK OFF recovery next week and a nice dovish RBNZ.\r\n\r\nLike the EUR/NZD this pair can move in the region of 500 pips per day. A weak NZD should assist with bringing this pair back above 2.3000 in the coming sessions.\r\n\r\nThis pair is part of my longer-term plan of RISK OFF and it needs some wiggle room as it forms a base to hopefully move upwards again. We finished the week with a DOJI not much of anything mid range candle… neither bullish nor bearish in my opinion.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-WEEKLY-24102015.png\"><img class=\"aligncenter size-large wp-image-6664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-WEEKLY-24102015-1024x514.png\" alt=\"GBPNZD WEEKLY 24102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\nThere are none this week.\r\n\r\n&nbsp;\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\nThere are none this week as I am waiting on central bank meetings.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD\r\n\r\nI am going to be very, very light on trades going into Wednesday this week.\r\n\r\nCurrently I have three open trades, EUR/CHF, EUR/NZD and GBP/NZD. All three of these trades form part of my longer-term trading plan. Both NZD related pairs have swung from positive to negative and the EUR/CHF was only positive twice since the trade was first entered into in early September.\r\n\r\nI have no plans to load up any more trades until after the FED has delivered its statement.\r\n\r\nAs I have stated already this in my eyes is the most important week for FX trading this year so far. It trumps the September FED meeting because it is so close after the ECB and PBOC having made their announcements.\r\n\r\nIf you decide to trade ahead of the FED be nimble, I suspect that the markets will be slow Monday and Tuesday this week.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/','THIS WEEK IS THE MOST IMPORTANT FOR TRADING FOREX IN 2015','','inherit','closed','closed','','6668-revision-v1','','','2015-10-24 08:23:37','2015-10-24 13:23:37','',6668,'https://weeklyfxdrivethru.com/6668-revision-v1/',0,'revision','',0),(6670,1,'2015-10-24 08:25:34','2015-10-24 13:25:34','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong><strong> </strong></p>\r\n\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE </span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as Ducks lining up, in the past) I will enter with either LIVE trades or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nI am going to cover this in section 1.3 Looking sideways, later in this blog.\r\n\r\nMoving on…\r\n\r\nSo along comes Mario Draghi to the ECB press conference last Thursday about a week after Ewald Nowotny’s (Austrian Central Bank Governor and ECB council member), comments about ECB inflation targets basically being tantamount to a pipe dream.\r\n\r\nI wrote just prior to the press conference to my premium service subscribers stating whilst Nowotny was correct, it was too late for Draghi to act and that I felt he would say that he would do all in his mandate to act moving forward. I was expecting some jawboning, but fair play to Mario Draghi he really laid it on thick, so that the dumbest of reporters that usually prefer to comment on the colour of his tie had to take note: -\r\n<ul>\r\n	<li>Lower deposit rate at ECB beyond -0.2%</li>\r\n	<li>Extend the end date for QE purchases</li>\r\n	<li>Increase the size of the QE program</li>\r\n	<li>Increase and broaden the types of bonds that can be purchased</li>\r\n</ul>\r\nThe above were the four key takeaways I noted from his very carefully prepared and delivered speech.\r\n\r\nI keep banging on about DEFLATION.\r\n\r\nThe Eurozone is in DEFLATION territory, and, as I have said many, many, many times before, there is not a Central Bank Governor or President who has any clue on how to solve DEFLATION. Frankly, there is more chance of “Hell freezing over” first, if there is such a place.\r\n\r\nThe nearest place to hell I can think of is probably Janet Yellen’s office in the FED. I still stand over my opinion, which was the title of my blog a few weeks ago, on October 3<sup>rd</sup> 2015, which was: -\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"> “I BET YELLEN WISHED SHE’D HIKED RATES LAST MONTH NOW”</span></p>\r\nYou can just imagine what is going through her mind right now, apart from sh*t, boll**ks, bast**d, F**k, feckers etc…\r\n\r\nShe dithered…\r\n\r\nNow she has a real problem. FED credibility is on the line regarding increasing rates and frankly the whole world is talking about 0.25%. Are you telling me in all seriousness that the biggest consumer driven economy on the planet could not even raise rates by 0.10% in September ahead of all these shenanigans?\r\n\r\nThe shenanigans by the way were created by the FOMC themselves.\r\n\r\n7 years of ZIRP, and they could not even raise by 0.10%.\r\n\r\nYes, I would say the nearest place to hell right now is Yellen’s office.\r\n\r\nThese arguments about the world economic position weighing on the FOMC decision are a smokescreen to hide dithering.\r\n\r\nBack to the ECB and Mario Draghi…\r\n\r\nSo the EUR/USD was crushed like a grape on Thursday and it continued Friday last week as well. The move lower was from 1.1320 to 1.1030, about 300 pips.\r\n\r\nI would say that Mario would be out on the town with Mrs. Draghi this weekend; steak dinner, champagne, roses and a blue pill for dessert…now there a picture for you pouring out your cornflakes.\r\n\r\nThen, just to drive a nail in the coffin of the FED rate hike, out comes the PBOC at about 0715 EST on Friday morning, cutting any rate they could cut. We have reached desperation point with the Chinese economy. I take their economic data with a pinch of salt. We have to note them, and for sure whether the Chinese GDP is at 5% and not 7% it is still in dreamland as far as the rest of the world is concerned.\r\n\r\nInitially, all my open trades were screwed on the announcement from the PBOC then after about 30 minutes the commodity currencies dropped like a hot knife through butter.\r\n\r\nAUD and NZD in particular, one would have thought a massive rally. We had a nice squeeze but very contained and then its like the PBOC cuts never happened.\r\n\r\nWhat a weird market we trade inside.\r\n\r\nFUNDAMENTALS and even the TECHNICALS do not count at times.\r\n\r\nI can’t wait for this week.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nI am not interested in anything this week apart from: -\r\n\r\nTHE FED\r\nTHE RBNZ\r\nand\r\nThe BOJ\r\n\r\nI am focused on these three events and nothing else. I will NOT be adding fresh trades (90% certain of this) and I will NOT be adding any new limit orders either.\r\n\r\nEssentially, we had the ECB and PBOC make it clear what their thoughts are moving forward last week<strong>. </strong>This week, the three central banks (FED, BOJ &amp; RBNZ) plus the SNB, (never rule out the SNB intervening, I was half expecting Thomas Jordan to press the button last Friday morning 15 minutes after the PBOC), will have their say and given what happened last week. These are all “LIVE” meetings the perspective and commentary will be of huge interest to all traders irrespective of trading style.\r\n\r\nThis coming week, the views of these central banks are of paramount importance for your forward trade planning if you are a Forex Trader, in my opinion, this week is that important.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1016\r\n\r\nWhat can I say here that hasn’t already been said? We saw a 350-pip drop in the closing price this week compared with last week and the EUR/USD looks very bearish.\r\n\r\nLooking at the chart below, we have probed at 1.1000. Once clear from this level the 61.8% Fibonacci level of 1.0940 is next up.\r\n\r\nNot wanting to get carried away but a break below 1.0800 horizontal support and I think it\'s a case of “fill yer boots” for the parity party!!\r\n\r\nFrom a move higher perspective all the way back at 1.1240 is where I think the EUR bulls regain control once again.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\"><img class=\"aligncenter size-full wp-image-6658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\" alt=\"EURUSDWeekly24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5309\r\n\r\nI was wussied out of short trade last Friday with the cable. It was a limit order entry, which failed to trigger by 2 pips but 10 pips from my entry level I cancelled the order. In the end it didn’t trigger. Had it triggered, it was a 100-pip move. I think that because I have had so many bad experiences of trading the GBP/USD I shy away now through fear of it ripping up in my face.\r\n\r\nIt is dangerously close to 1.5300. I have read so many pieces about the GBP/USD this week calling for levels ranging from 1.5000 to 1.7000, no wonder my heart skips a beat when I see this pair in action.\r\n\r\nMoving forward support is at 1.5250/1.5300 and then resistance back at 1.5420.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\" alt=\"GBPUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7214\r\n\r\nIn my opinion, the next few weeks will be pivotal for this pair. I think we have seen the short to medium-term top with 0.7380. I now think that we are on the cusp of a break lower back towards to lower end of the trading range closer to 0.7000, or, just below maybe having a swipe at 0.6940 once again.\r\n\r\nSupport is at 0.7160 and resistance at 0.7260.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\" alt=\"AUDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6749\r\n\r\nI am viewing this pair very similar to the AUD/USD. I believe that 0.6910 was a top that will be in place for the medium term.\r\n\r\nI also believe that our focus should be to the short side. We have a very important RBNZ meeting statement this Wednesday after the FED announces. I am thinking that there could be a rate cut on offer as the RBNZ attempts to maintain the status quo differential over other central banks. The PBOC action must have scared the crap out of Graeme Wheeler (RBNZ Governor). I think that he will act.\r\n\r\nFrom the chart below support is at 0.6645 and resistance at 0.6820.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\" alt=\"NZDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3165\r\n\r\nMoving nicely back towards the 1.3455 near term highs.\r\n\r\nAfter the shock Trudeau election victory the pair has steadily moved upwards. As I have said there will be a rate cut on the cards in Canada before the year-end. Falling oil prices have handed Justin Trudeau a headache and stimulus is required. Enter Poloz with his head in a bucket of sand….head pops out and lo and behold we have a 0.25% cut before the end of the year.\r\n\r\nThis pair has the chance to really move higher. There is an inverted head and shoulders pattern on the weekly chart with a measured move of 1.4000. On the monthly chart there is a cup and handle formation targeting 1.6000. These measured moves are extreme and personally, I am not getting excited until 1.3455 is broken.\r\n\r\nThis week support is at 1.3140 and resistance 1.3217.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\" alt=\"USDCADDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9784\r\n\r\nThis pair is poised for a breakout. I exited my final long just below current prices as the 0.9800 level offers good resistance.\r\n\r\nI will chase this pair higher on a break as I believe in conjunction with the EUR/USD to parity this has the chance to get to 1.1000 and beyond.\r\n\r\nSupport this week is 0.9750 and resistance after 0.9800 is 0.9850.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\" alt=\"USDCHFDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 121.45\r\n\r\nThis pair is getting well supported not just because of the jawboning from Mario Draghi (ECB) but also on the rumours of BOJ QE this week.\r\n\r\n121.70 will be a key area to hold as any break through here and then 122.00 could see this pair motor on up towards 124.00 / 125.00 quite easily and should the BOJ ease further we could be back at 130.00.\r\n\r\nSupport is back at 121.00\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\" alt=\"USDJPYDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nFrom earlier in this blog…\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE</span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as ducks lining up, in the past) I will enter with either a LIVE trade or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nIt tells me that at times I have been trying to engineer trades earlier in the month when there were not trades that fitted my TRADE PLAN profile.\r\n\r\nHaving checked my TRADING PLAN; I have been a little generous with entry levels, correlations and technical patterns that I usually use to “green light” my trades. I think this has been brought about by the fact I am holding a couple of open positions with quite large (for me) potential pip losses. They are both within the ranges I had set at the outset but I think that because I took these on board I let other aspects of my trading run a little out of sync.\r\n\r\nThe bottom line is…\r\n\r\n“Wait for the trades to come to you”.\r\n\r\nI am usually very good at this but there were one or two trades that I took on board that frankly I should have left alone, or at least cut losses on sooner. By the same token I am human. There are only so many times I can smash my head against the wall.\r\n\r\nForcing trades never works over time, the chickens will come home to roost and bite you on your ar**.\r\n\r\nEight years in you would think that I should know better. This is basic stuff.\r\n<p style=\"text-align: center;\"><strong>WAIT FOR THE TRADES TO COME TO YOU</strong>\r\n<strong>PLAN YOUR TRADES AND TRADE YOUR PLAN</strong></p>\r\nThis is a gentle reminder. There is little point looking for high probability trades, finding none and then looking for “almost fits” and running with them. This market takes no prisoners, you are just killed, and there is no forgiving. You have be trading with your eyes wide open and know your risk before you start, knowing that if you need to move a stop your entry position and trade size allows this.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THIS WEEK IS THE MOST IMPORTANT FOR TRADING</strong>\r\n<strong>FOREX IN 2015</strong></p>\r\nHeavy title.\r\n\r\nThe history…\r\n\r\nSince June this year, I have been writing to my fee-paying subscribers and adding bits and pieces in the general open areas of this blog with my thoughts on my FUNDAMENTAL TRADE PLAN that is in play through to the end of this year and beyond.\r\n\r\nFor one reason or another, the FOMC dithering has stopped me from loading up my longer-term FUNDAMENTAL trades. Every time I try to do this, I read conflicting longer-term central bank chatter that puts me off and raises the odd red flag and I cut the trade. This is both frustrating for my subscribers, and me if we are both looking for “place them and forget about them trades”. On a positive note we are making money so that is the compensation.\r\n\r\nI have been waiting on the FED to raise rates and start the process. I have been dithering along with the FED!\r\n\r\nMy main reason for dithering was supportive action by central banks to boost commodity prices and in so doing this it supports the AUD, NZD and CAD, three of my core currencies would be moving in the wrong direction and a knock on effect would be seen with the commodity cross rates. It has been a stop and start 3/4 months as far as I am concerned and totally frustrating.\r\n\r\nIt looked so easy. The FED raises rates. We have divergent central bank policies in play. Never underestimate the FED and you cannot lose.\r\n\r\nNow…\r\n\r\nI am still waiting.\r\n\r\nThe moves last week by the ECB and PBOC were timely. It makes it so hard for the FED to raise rates this year. Yellen dithered and missed the opportunity now she has nothing put by for a rainy day.\r\n\r\nLet me revisit each major central bank: -\r\n\r\n<strong>FED:</strong> Hawkish, but pseudo hawkish. Janet Yellen is dovish and dithered about even a 0.10% rise prior to the summer and in my opinion missed the opportunity in September. The fact that the FOMC would not even agree a minimal rate rise is very concerning and worrying. I think that it will be hard to raise and it would be a total surprise if a rate hike occurred this year.\r\n\r\n<strong>ECB:</strong> Now a full-on dovish, 100% totally supportive central bank. Mario Draghi is back at “Whatever it takes” once again.\r\n\r\n<strong>PBOC:</strong> Whatever your thoughts and opinions are vis-à-vis the released China data, there is no doubt that the PBOC are dovish. What concerns me is that China is not an open economy and the PBOC want reserve currency status and the IMF supports this? How the IMF can promote this beggars belief given the current cloak and dagger, stealth conditions that China continues to operate under?\r\n\r\n<strong>BOJ:</strong> Dovish - and there are huge rumours that more QE will be announced this week.\r\n\r\n<strong>BOE:</strong> Allegedly hawkish. Data is mixed from the UK but Carney (believe him at your own risk) is upbeat on raising rates. He was even quoted as saying they would move higher before the FED. Yeah right my ar**. I just cannot see the UK having the balls to go higher before the FED. However, I could see a coordinated move together, both raising rates at the same time.\r\n\r\n<strong>SNB:</strong> The stealth movers…. The SNB are concerned about the EUR/CHF exchange rate and the pressure that the ECB has placed on this pair to the downside must be concerning. There were papers flying around last Thursday/Friday stating that a revised EUR/CHF floor would be placed at a minimum of 1.0700. After the 1.2000 peg was removed earlier this year 1.1000 was muted as “fair value”. It would NOT surprise me to see the SNB intervene sooner rather than later.\r\n\r\n<strong>RBA:</strong> Glenn Stevens who is continually worried about house prices in Sydney, now claims that the RBA is neutral. Well, they were neutral before last week, is where I see things. In my opinion, they will be cutting rates sooner rather than later irrespective of property prices in Sydney. They have to move just to stand still and maintain the status quo.\r\n\r\n<strong>RBNZ:</strong> Meeting this week and, I expect a rate cut to keep ahead of the curve. Deputy Finance Minister English was in the news last week saying that the existing levels in the FX markets were about right. In my opinion, that is now old news. They have to move to maintain the status quo.\r\n\r\n<strong>BOC:</strong> Following the general election last Monday, and at the BOC meeting last Tuesday Poloz stated that the full effects of the rate cut earlier this year had still to be realized. What utter nonsense. He has his head in the sand and was under orders not to cut. Oil is dropping lower and he has a series of poor economic data to deal with. He will cut next time to give the Canadian population a Christmas surprise. There is only so much sand he can stick his head into.\r\n\r\n&nbsp;\r\n\r\nSo in summary, it\'s the FED and the BOE that are hawkish and the PBOC, ECB, BOJ, SNB, RBNZ openly dovish in commentary. The RBA and BOC are neutral, however in my mind, they are as dovish as the other central banks they are just in denial for whatever reasons known only to themselves.\r\n\r\nThis week, the commentary from the FED, RBNZ and BOJ will give us not just additional commentary but it will give us direction. Coming so close to the ECB and PBOC timing could not be better.\r\n\r\nI can guarantee you volatility in abundance this Wednesday. I am just hoping that by the end of the week I will be in a position to strategize moving forward. This week is critical and it will direct us in our trading through to the year-end and the first quarter 2016.\r\n\r\nThe FED announcement is the big news item. It all depends on the FOMC view of why the ECB acted the way it did. If the FED views Draghi as supporting the EUR and the Eurozone economies, this takes away a concern from that the last FOMC decision about weaker world economies requiring help. This could be the trigger to raise interest rates in the FED’s eyes. Stranger things have happened, although with Yellen being such a dove I suspect any decision on a rate hike will be delayed.\r\n\r\nDo not forget; how could we in this transitory period… that we are of course governed by the phrase “Data dependent” and the U.S. data is definitely in the weak column rather than the strong, so the odds given the data are against a rate increase, that is of course in my opinion. My God, I am turning into a ditherer, or maybe a dove on all matters?\r\n\r\nNevertheless, with all of the above factored in, it does make this week a pivotal week for Forex traders, be prepared.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 24th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 565 trades cost to trade = $56.50\r\n<strong>PROFIT</strong> from 565 trades = <strong>$952.40</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 565 trades cost to trade = $565.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$9,524.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 565 trades cost to trade = $5,650.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$95,240.00</strong></p>\r\n&nbsp;\r\n\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n3.2.1: FLASH TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\"><img class=\"aligncenter size-full wp-image-6650\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\" alt=\"FLASH1 24102015\" width=\"483\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\"><img class=\"aligncenter size-full wp-image-6651\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\" alt=\"FLASH2 24102015\" width=\"496\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.2: RADAR TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\"><img class=\"aligncenter size-full wp-image-6652\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\" alt=\"RADAR1 24102015\" width=\"504\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\"><img class=\"aligncenter size-full wp-image-6653\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\" alt=\"RADAR2 24102015\" width=\"482\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n3.2.3: FUNDAMENTAL TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\"><img class=\"aligncenter size-full wp-image-6654\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\" alt=\"FUNDAMENTAL 24102015\" width=\"513\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\"><img class=\"aligncenter size-full wp-image-6648\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\" alt=\"PS PROFITS1 24102015\" width=\"522\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\"><img class=\"aligncenter size-full wp-image-6649\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\" alt=\"PPS PROFITS2 24102015\" width=\"523\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.4: PREMIUM SERVICE – 2014 TOTAL PERFORMANCE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\"><img class=\"aligncenter size-full wp-image-6667\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\" alt=\"PREM SERV PROFITS 2014\" width=\"452\" height=\"401\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\nFinally, a bit of traction with the trades, and this week alone the PREMIUM SERVICE generated just over 1,000 pips.\r\n\r\nI am now left holding into this crucial week, three longer-term trades: - USD/CHF, EUR/NZD and GBP/NZD. I am hoping that with RISK OFF and some beneficial central bank activity these three trades will be well into the green and not in red.\r\n\r\nI was both cautious and ambitious last week. Cautious with how many pips to extract from live trades. I took the view …“bank $$$ and be out early if necessary”. At the same time, I was maybe a little too ambitious / greedy with some entry levels. I had checked back to earlier this quarter and I had been far too lenient with my entry levels and as a result took some poor trades that lost $$$. By being stricter and sticking to my TRADE PLAN the loss-making trades were eradicated but not as many limit orders triggered resulting in a few additional ones being cancelled.\r\n\r\nI know from talking to you guys, less trades, less risk and a more guaranteed $$$ in the bank is what your priorities are.\r\n\r\nAs I alluded to earlier in the blog, I am going to be adding few if any trades during the early part of this week. This is a big week as far as I am concerned and my goals are to add after news events based upon the facts of the minutes and hopefully not on the market knee-jerk reactions to the data.\r\n\r\nIf I am not able to get a firm direction from the central banks this week, my FUNDAMENTAL TRADE PLAN will be placed on ice to be reviewed at a later date.\r\n\r\nThere are no charts that I am looking at this week, that section will be blank. If I do not look I will not be tempted.\r\n\r\nLet\'s hope that this section has a few interesting developments next week.\r\n\r\n&nbsp;\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/TRENDING-PAIRS-24102015.png\"><img class=\"aligncenter size-full wp-image-6656\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/TRENDING-PAIRS-24102015.png\" alt=\"TRENDING PAIRS 24102015\" width=\"487\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/LIVE-TRADES-24102015.png\"><img class=\"aligncenter size-full wp-image-6655\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/LIVE-TRADES-24102015.png\" alt=\"LIVE TRADES 24102015\" width=\"698\" height=\"554\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.3.1: UPDATED CHARTS &amp; COMMENTARY ON EXISTING LIVE TRADES:\r\n\r\nThis week I want to look at the 3 open trades in a little more detail, by adding my thoughts on levels, tolerances etc. I hope that this is useful.\r\n\r\nEUR/CHF:\r\n\r\nI have been long this pair since early September. There were points were I thought it time to cut, take losses and run like hell. Of late though, there has been increased chatter, fuelled no doubt by inter-bank rumours, on what the ECB were going to have to do, that has kept my in this trade.\r\n\r\nThere is talk of a new floor being introduced, levels have been ranging from 1.0700 through to 1.1000. I have moved the STOP LOSS on this pair to 1.0650 as a precaution.\r\n\r\nThis pair fits my longer-term trading plans, probably why I have stuck with it as long. The SNB will not want this pair below 1.1000 -1.1500 for much longer and soon they will act.\r\n\r\nA long time ago, but, my original reason for taking the initial trade was a measured move opportunity to 1.1250 on a break of 1.1000, which failed and it never really gained the momentum again since.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURCHF-DAILY-24102015.png\"><img class=\"aligncenter size-large wp-image-6666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURCHF-DAILY-24102015-1024x514.png\" alt=\"EURCHF DAILY 24102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/NZD:\r\n\r\nA very frustrating trade so far.\r\n\r\nWe need RISK OFF conditions to move this pair higher. As you may know this pair can move 300 -350 pips in a day so the size of the fall does not concern me too much, given the recent central bank activity that has been RISK ON supportive. I have been helped of course by the fact that the NZD has been under-performing, had the NZD not under-performed I would have exited this trade.\r\n\r\nMy big fear is the gap fill re-test, it is over a 900 pips away, but it is there to see. The RBNZ meeting this week will be crucial. It is just a very small position and my TRADING PLAN thoughts moving forward are for RISK OFF conditions to drift back through the equity markets.\r\n\r\nI will move the STOP LOSS to around 1.5800 ahead of the RBNZ if required.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURNZD-WEEKLY-24102015.png\"><img class=\"aligncenter size-large wp-image-6665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURNZD-WEEKLY-24102015-1024x514.png\" alt=\"EURNZD WEEKLY 24102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGBP/NZD:\r\n\r\nThis pair has been performing better than the EUR/NZD. It fell away last Friday as a result of the GBP/USD sell off. I am hoping for a RISK OFF recovery next week and a nice dovish RBNZ.\r\n\r\nLike the EUR/NZD this pair can move in the region of 500 pips per day. A weak NZD should assist with bringing this pair back above 2.3000 in the coming sessions.\r\n\r\nThis pair is part of my longer-term plan of RISK OFF and it needs some wiggle room as it forms a base to hopefully move upwards again. We finished the week with a DOJI not much of anything mid range candle… neither bullish nor bearish in my opinion.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-WEEKLY-24102015.png\"><img class=\"aligncenter size-large wp-image-6664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-WEEKLY-24102015-1024x514.png\" alt=\"GBPNZD WEEKLY 24102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\nThere are none this week.\r\n\r\n&nbsp;\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\nThere are none this week as I am waiting on central bank meetings.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD\r\n\r\nI am going to be very, very light on trades going into Wednesday this week.\r\n\r\nCurrently I have three open trades, EUR/CHF, EUR/NZD and GBP/NZD. All three of these trades form part of my longer-term trading plan. Both NZD related pairs have swung from positive to negative and the EUR/CHF was only positive twice since the trade was first entered into in early September.\r\n\r\nI have no plans to load up any more trades until after the FED has delivered its statement.\r\n\r\nAs I have stated already this in my eyes is the most important week for FX trading this year so far. It trumps the September FED meeting because it is so close after the ECB and PBOC having made their announcements.\r\n\r\nIf you decide to trade ahead of the FED be nimble, I suspect that the markets will be slow Monday and Tuesday this week.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/','THIS WEEK IS THE MOST IMPORTANT FOR TRADING FOREX IN 2015','','inherit','closed','closed','','6668-revision-v1','','','2015-10-24 08:25:34','2015-10-24 13:25:34','',6668,'https://weeklyfxdrivethru.com/6668-revision-v1/',0,'revision','',0),(6675,1,'2015-10-25 05:45:00','2015-10-25 10:45:00','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE </span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as Ducks lining up, in the past) I will enter with either LIVE trades or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nI am going to cover this in section 1.3 Looking sideways, later in this blog.\r\n\r\nMoving on…\r\n\r\nSo along comes Mario Draghi to the ECB press conference last Thursday about a week after Ewald Nowotny’s (Austrian Central Bank Governor and ECB council member), comments about ECB inflation targets basically being tantamount to a pipe dream.\r\n\r\nI wrote just prior to the press conference to my premium service subscribers stating whilst Nowotny was correct, it was too late for Draghi to act and that I felt he would say that he would do all in his mandate to act moving forward. I was expecting some jawboning, but fair play to Mario Draghi he really laid it on thick, so that the dumbest of reporters that usually prefer to comment on the colour of his tie had to take note: -\r\n<ul>\r\n	<li>Lower deposit rate at ECB beyond -0.2%</li>\r\n	<li>Extend the end date for QE purchases</li>\r\n	<li>Increase the size of the QE program</li>\r\n	<li>Increase and broaden the types of bonds that can be purchased</li>\r\n</ul>\r\nThe above were the four key takeaways I noted from his very carefully prepared and delivered speech.\r\n\r\nI keep banging on about DEFLATION.\r\n\r\nThe Eurozone is in DEFLATION territory, and, as I have said many, many, many times before, there is not a Central Bank Governor or President who has any clue on how to solve DEFLATION. Frankly, there is more chance of “Hell freezing over” first, if there is such a place.\r\n\r\nThe nearest place to hell I can think of is probably Janet Yellen’s office in the FED. I still stand over my opinion, which was the title of my blog a few weeks ago, on October 3<sup>rd</sup> 2015, which was: -\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"> “I BET YELLEN WISHED SHE’D HIKED RATES LAST MONTH NOW”</span></p>\r\nYou can just imagine what is going through her mind right now, apart from sh*t, boll**ks, bast**d, F**k, feckers etc…\r\n\r\nShe dithered…\r\n\r\nNow she has a real problem. FED credibility is on the line regarding increasing rates and frankly the whole world is talking about 0.25%. Are you telling me in all seriousness that the biggest consumer driven economy on the planet could not even raise rates by 0.10% in September ahead of all these shenanigans?\r\n\r\nThe shenanigans by the way were created by the FOMC themselves.\r\n\r\n7 years of ZIRP, and they could not even raise by 0.10%.\r\n\r\nYes, I would say the nearest place to hell right now is Yellen’s office.\r\n\r\nThese arguments about the world economic position weighing on the FOMC decision are a smokescreen to hide dithering.\r\n\r\nBack to the ECB and Mario Draghi…\r\n\r\nSo the EUR/USD was crushed like a grape on Thursday and it continued Friday last week as well. The move lower was from 1.1320 to 1.1030, about 300 pips.\r\n\r\nI would say that Mario would be out on the town with Mrs. Draghi this weekend; steak dinner, champagne, roses and a blue pill for dessert…now there a picture for you pouring out your cornflakes.\r\n\r\nThen, just to drive a nail in the coffin of the FED rate hike, out comes the PBOC at about 0715 EST on Friday morning, cutting any rate they could cut. We have reached desperation point with the Chinese economy. I take their economic data with a pinch of salt. We have to note them, and for sure whether the Chinese GDP is at 5% and not 7% it is still in dreamland as far as the rest of the world is concerned.\r\n\r\nInitially, all my open trades were screwed on the announcement from the PBOC then after about 30 minutes the commodity currencies dropped like a hot knife through butter.\r\n\r\nAUD and NZD in particular, one would have thought a massive rally. We had a nice squeeze but very contained and then its like the PBOC cuts never happened.\r\n\r\nWhat a weird market we trade inside.\r\n\r\nFUNDAMENTALS and even the TECHNICALS do not count at times.\r\n\r\nI can’t wait for this week.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nI am not interested in anything this week apart from: -\r\n\r\nTHE FED\r\nTHE RBNZ\r\nand\r\nThe BOJ\r\n\r\nI am focused on these three events and nothing else. I will NOT be adding fresh trades (90% certain of this) and I will NOT be adding any new limit orders either.\r\n\r\nEssentially, we had the ECB and PBOC make it clear what their thoughts are moving forward last week<strong>. </strong>This week, the three central banks (FED, BOJ &amp; RBNZ) plus the SNB, (never rule out the SNB intervening, I was half expecting Thomas Jordan to press the button last Friday morning 15 minutes after the PBOC), will have their say and given what happened last week. These are all “LIVE” meetings the perspective and commentary will be of huge interest to all traders irrespective of trading style.\r\n\r\nThis coming week, the views of these central banks are of paramount importance for your forward trade planning if you are a Forex Trader, in my opinion, this week is that important.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1016\r\n\r\nWhat can I say here that hasn’t already been said? We saw a 350-pip drop in the closing price this week compared with last week and the EUR/USD looks very bearish.\r\n\r\nLooking at the chart below, we have probed at 1.1000. Once clear from this level the 61.8% Fibonacci level of 1.0940 is next up.\r\n\r\nNot wanting to get carried away but a break below 1.0800 horizontal support and I think it\'s a case of “fill yer boots” for the parity party!!\r\n\r\nFrom a move higher perspective all the way back at 1.1240 is where I think the EUR bulls regain control once again.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\"><img class=\"aligncenter size-full wp-image-6658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\" alt=\"EURUSDWeekly24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5309\r\n\r\nI was wussied out of short trade last Friday with the cable. It was a limit order entry, which failed to trigger by 2 pips but 10 pips from my entry level I cancelled the order. In the end it didn’t trigger. Had it triggered, it was a 100-pip move. I think that because I have had so many bad experiences of trading the GBP/USD I shy away now through fear of it ripping up in my face.\r\n\r\nIt is dangerously close to 1.5300. I have read so many pieces about the GBP/USD this week calling for levels ranging from 1.5000 to 1.7000, no wonder my heart skips a beat when I see this pair in action.\r\n\r\nMoving forward support is at 1.5250/1.5300 and then resistance back at 1.5420.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\" alt=\"GBPUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7214\r\n\r\nIn my opinion, the next few weeks will be pivotal for this pair. I think we have seen the short to medium-term top with 0.7380. I now think that we are on the cusp of a break lower back towards to lower end of the trading range closer to 0.7000, or, just below maybe having a swipe at 0.6940 once again.\r\n\r\nSupport is at 0.7160 and resistance at 0.7260.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\" alt=\"AUDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6749\r\n\r\nI am viewing this pair very similar to the AUD/USD. I believe that 0.6910 was a top that will be in place for the medium term.\r\n\r\nI also believe that our focus should be to the short side. We have a very important RBNZ meeting statement this Wednesday after the FED announces. I am thinking that there could be a rate cut on offer as the RBNZ attempts to maintain the status quo differential over other central banks. The PBOC action must have scared the crap out of Graeme Wheeler (RBNZ Governor). I think that he will act.\r\n\r\nFrom the chart below support is at 0.6645 and resistance at 0.6820.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\" alt=\"NZDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3165\r\n\r\nMoving nicely back towards the 1.3455 near term highs.\r\n\r\nAfter the shock Trudeau election victory the pair has steadily moved upwards. As I have said there will be a rate cut on the cards in Canada before the year-end. Falling oil prices have handed Justin Trudeau a headache and stimulus is required. Enter Poloz with his head in a bucket of sand….head pops out and lo and behold we have a 0.25% cut before the end of the year.\r\n\r\nThis pair has the chance to really move higher. There is an inverted head and shoulders pattern on the weekly chart with a measured move of 1.4000. On the monthly chart there is a cup and handle formation targeting 1.6000. These measured moves are extreme and personally, I am not getting excited until 1.3455 is broken.\r\n\r\nThis week support is at 1.3140 and resistance 1.3217.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\" alt=\"USDCADDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9784\r\n\r\nThis pair is poised for a breakout. I exited my final long just below current prices as the 0.9800 level offers good resistance.\r\n\r\nI will chase this pair higher on a break as I believe in conjunction with the EUR/USD to parity this has the chance to get to 1.1000 and beyond.\r\n\r\nSupport this week is 0.9750 and resistance after 0.9800 is 0.9850.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\" alt=\"USDCHFDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 121.45\r\n\r\nThis pair is getting well supported not just because of the jawboning from Mario Draghi (ECB) but also on the rumours of BOJ QE this week.\r\n\r\n121.70 will be a key area to hold as any break through here and then 122.00 could see this pair motor on up towards 124.00 / 125.00 quite easily and should the BOJ ease further we could be back at 130.00.\r\n\r\nSupport is back at 121.00\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\" alt=\"USDJPYDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nFrom earlier in this blog…\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE</span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as ducks lining up, in the past) I will enter with either a LIVE trade or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nIt tells me that at times I have been trying to engineer trades earlier in the month when there were not trades that fitted my TRADE PLAN profile.\r\n\r\nHaving checked my TRADING PLAN; I have been a little generous with entry levels, correlations and technical patterns that I usually use to “green light” my trades. I think this has been brought about by the fact I am holding a couple of open positions with quite large (for me) potential pip losses. They are both within the ranges I had set at the outset but I think that because I took these on board I let other aspects of my trading run a little out of sync.\r\n\r\nThe bottom line is…\r\n\r\n“Wait for the trades to come to you”.\r\n\r\nI am usually very good at this but there were one or two trades that I took on board that frankly I should have left alone, or at least cut losses on sooner. By the same token I am human. There are only so many times I can smash my head against the wall.\r\n\r\nForcing trades never works over time, the chickens will come home to roost and bite you on your ar**.\r\n\r\nEight years in you would think that I should know better. This is basic stuff.\r\n<p style=\"text-align: center;\"><strong>WAIT FOR THE TRADES TO COME TO YOU</strong>\r\n<strong>PLAN YOUR TRADES AND TRADE YOUR PLAN</strong></p>\r\nThis is a gentle reminder. There is little point looking for high probability trades, finding none and then looking for “almost fits” and running with them. This market takes no prisoners, you are just killed, and there is no forgiving. You have be trading with your eyes wide open and know your risk before you start, knowing that if you need to move a stop your entry position and trade size allows this.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THIS WEEK IS THE MOST IMPORTANT FOR TRADING</strong>\r\n<strong>FOREX IN 2015</strong></p>\r\nHeavy title.\r\n\r\nThe history…\r\n\r\nSince June this year, I have been writing to my fee-paying subscribers and adding bits and pieces in the general open areas of this blog with my thoughts on my FUNDAMENTAL TRADE PLAN that is in play through to the end of this year and beyond.\r\n\r\nFor one reason or another, the FOMC dithering has stopped me from loading up my longer-term FUNDAMENTAL trades. Every time I try to do this, I read conflicting longer-term central bank chatter that puts me off and raises the odd red flag and I cut the trade. This is both frustrating for my subscribers, and me if we are both looking for “place them and forget about them trades”. On a positive note we are making money so that is the compensation.\r\n\r\nI have been waiting on the FED to raise rates and start the process. I have been dithering along with the FED!\r\n\r\nMy main reason for dithering was supportive action by central banks to boost commodity prices and in so doing this it supports the AUD, NZD and CAD, three of my core currencies would be moving in the wrong direction and a knock on effect would be seen with the commodity cross rates. It has been a stop and start 3/4 months as far as I am concerned and totally frustrating.\r\n\r\nIt looked so easy. The FED raises rates. We have divergent central bank policies in play. Never underestimate the FED and you cannot lose.\r\n\r\nNow…\r\n\r\nI am still waiting.\r\n\r\nThe moves last week by the ECB and PBOC were timely. It makes it so hard for the FED to raise rates this year. Yellen dithered and missed the opportunity now she has nothing put by for a rainy day.\r\n\r\nLet me revisit each major central bank.\r\n\r\n<strong>FED:</strong> Hawkish, but pseudo hawkish. Janet Yellen is dovish and dithered about even a 0.10% rise prior to the summer and in my opinion missed the opportunity in September. The fact that the FOMC would not even agree a minimal rate rise is very concerning and worrying. I think that it will be hard to raise and it would be a total surprise if a rate hike occurred this year.\r\n\r\n<strong>ECB:</strong> Now a full-on dovish, 100% totally supportive central bank. Mario Draghi is back at “Whatever it takes” once again.\r\n\r\n<strong>PBOC:</strong> Whatever your thoughts and opinions are vis-à-vis the released China data, there is no doubt that the PBOC are dovish. What concerns me is that China is not an open economy and the PBOC want reserve currency status and the IMF supports this? How the IMF can promote this beggars belief given the current cloak and dagger, stealth conditions that China continues to operate under?\r\n\r\n<strong>BOJ:</strong> Dovish - and there are huge rumours that more QE will be announced this week.\r\n\r\n<strong>BOE:</strong> Allegedly hawkish. Data is mixed from the UK but Carney (believe him at your own risk) is upbeat on raising rates. He was even quoted as saying they would move higher before the FED. Yeah right my ar**. I just cannot see the UK having the balls to go higher before the FED. However, I could see a coordinated move together, both raising rates at the same time.\r\n\r\n<strong>SNB:</strong> The stealth movers…. The SNB are concerned about the EUR/CHF exchange rate and the pressure that the ECB has placed on this pair to the downside must be concerning. There were papers flying around last Thursday/Friday stating that a revised EUR/CHF floor would be placed at a minimum of 1.0700. After the 1.2000 peg was removed earlier this year 1.1000 was muted as “fair value”. It would NOT surprise me to see the SNB intervene sooner rather than later.\r\n\r\n<strong>RBA:</strong> Glenn Stevens who is continually worried about house prices in Sydney, now claims that the RBA is neutral. Well, they were neutral before last week, is where I see things. In my opinion, they will be cutting rates sooner rather than later irrespective of property prices in Sydney. They have to move just to stand still and maintain the status quo.\r\n\r\n<strong>RBNZ:</strong> Meeting this week and, I expect a rate cut to keep ahead of the curve. Deputy Finance Minister English was in the news last week saying that the existing levels in the FX markets were about right. In my opinion, that is now old news. They have to move to maintain the status quo.\r\n\r\n<strong>BOC:</strong> Following the general election last Monday, and at the BOC meeting last Tuesday Poloz stated that the full effects of the rate cut earlier this year had still to be realized. What utter nonsense. He has his head in the sand and was under orders not to cut. Oil is dropping lower and he has a series of poor economic data to deal with. He will cut next time to give the Canadian population a Christmas surprise. There is only so much sand he can stick his head into.\r\n\r\n&nbsp;\r\n\r\nSo in summary, it\'s the FED and the BOE that are hawkish and the PBOC, ECB, BOJ, SNB, RBNZ openly dovish in commentary. The RBA and BOC are neutral, however in my mind, they are as dovish as the other central banks they are just in denial for whatever reasons known only to themselves.\r\n\r\nThis week, the commentary from the FED, RBNZ and BOJ will give us not just additional commentary but it will give us direction. Coming so close to the ECB and PBOC timing could not be better.\r\n\r\nI can guarantee you volatility in abundance this Wednesday. I am just hoping that by the end of the week I will be in a position to strategize moving forward. This week is critical and it will direct us in our trading through to the year-end and the first quarter 2016.\r\n\r\nThe FED announcement is the big news item. It all depends on the FOMC view of why the ECB acted the way it did. If the FED views Draghi as supporting the EUR and the Eurozone economies, this takes away a concern from that the last FOMC decision about weaker world economies requiring help. This could be the trigger to raise interest rates in the FED’s eyes. Stranger things have happened, although with Yellen being such a dove I suspect any decision on a rate hike will be delayed.\r\n\r\nDo not forget; how could we in this transitory period… that we are of course governed by the phrase “Data dependent” and the U.S. data is definitely in the weak column rather than the strong, so the odds given the data are against a rate increase, that is of course in my opinion. My God, I am turning into a ditherer, or maybe a dove on all matters?\r\n\r\nNevertheless, with all of the above factored in, it does make this week a pivotal week for Forex traders, be prepared.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 24th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 565 trades cost to trade = $56.50\r\n<strong>PROFIT</strong> from 565 trades = <strong>$952.40</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 565 trades cost to trade = $565.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$9,524.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 565 trades cost to trade = $5,650.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$95,240.00</strong></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n3.2.1: FLASH TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\"><img class=\"aligncenter size-full wp-image-6650\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\" alt=\"FLASH1 24102015\" width=\"483\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\"><img class=\"aligncenter size-full wp-image-6651\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\" alt=\"FLASH2 24102015\" width=\"496\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.2: RADAR TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\"><img class=\"aligncenter size-full wp-image-6652\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\" alt=\"RADAR1 24102015\" width=\"504\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\"><img class=\"aligncenter size-full wp-image-6653\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\" alt=\"RADAR2 24102015\" width=\"482\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.3: FUNDAMENTAL TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\"><img class=\"aligncenter size-full wp-image-6654\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\" alt=\"FUNDAMENTAL 24102015\" width=\"513\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\"><img class=\"aligncenter size-full wp-image-6648\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\" alt=\"PS PROFITS1 24102015\" width=\"522\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\"><img class=\"aligncenter size-full wp-image-6649\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\" alt=\"PPS PROFITS2 24102015\" width=\"523\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n3.4: PREMIUM SERVICE – 2014 TOTAL PERFORMANCE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\"><img class=\"aligncenter size-full wp-image-6667\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\" alt=\"PREM SERV PROFITS 2014\" width=\"452\" height=\"401\" /></a>\r\n\r\n&nbsp;\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction. This chart potentially benefits, swing, and longer-term position traders).\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n4.3.1: UPDATED CHARTS &amp; COMMENTARY ON EXISTING LIVE TRADES:\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nI am going to be very, very light on trades going into Wednesday this week.\r\n\r\nCurrently I have three open trades, EUR/CHF, EUR/NZD and GBP/NZD. All three of these trades form part of my longer-term trading plan. Both NZD related pairs have swung from positive to negative and the EUR/CHF was only positive twice since the trade was first entered into in early September.\r\n\r\nI have no plans to load up any more trades until after the FED has delivered its statement.\r\n\r\nAs I have stated already this in my eyes is the most important week for FX trading this year so far. It trumps the September FED meeting because it is so close after the ECB and PBOC having made their announcements.\r\n\r\nIf you decide to trade ahead of the FED be nimble, I suspect that the markets will be slow Monday and Tuesday this week.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG#174','THIS WEEK IS THE MOST IMPORTANT FOR TRADING FOREX IN 2015','','publish','open','closed','','this-week-is-the-most-important-for-trading-forex-in-2015','','','2015-10-25 05:45:00','2015-10-25 10:45:00','',0,'https://weeklyfxdrivethru.com/?p=6675',0,'post','',0),(6676,1,'2015-10-24 15:01:31','2015-10-24 20:01:31','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE </span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as Ducks lining up, in the past) I will enter with either LIVE trades or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nI am going to cover this in section 1.3 Looking sideways, later in this blog.\r\n\r\nMoving on…\r\n\r\nSo along comes Mario Draghi to the ECB press conference last Thursday about a week after Ewald Nowotny’s (Austrian Central Bank Governor and ECB council member), comments about ECB inflation targets basically being tantamount to a pipe dream.\r\n\r\nI wrote just prior to the press conference to my premium service subscribers stating whilst Nowotny was correct, it was too late for Draghi to act and that I felt he would say that he would do all in his mandate to act moving forward. I was expecting some jawboning, but fair play to Mario Draghi he really laid it on thick, so that the dumbest of reporters that usually prefer to comment on the colour of his tie had to take note: -\r\n<ul>\r\n	<li>Lower deposit rate at ECB beyond -0.2%</li>\r\n	<li>Extend the end date for QE purchases</li>\r\n	<li>Increase the size of the QE program</li>\r\n	<li>Increase and broaden the types of bonds that can be purchased</li>\r\n</ul>\r\nThe above were the four key takeaways I noted from his very carefully prepared and delivered speech.\r\n\r\nI keep banging on about DEFLATION.\r\n\r\nThe Eurozone is in DEFLATION territory, and, as I have said many, many, many times before, there is not a Central Bank Governor or President who has any clue on how to solve DEFLATION. Frankly, there is more chance of “Hell freezing over” first, if there is such a place.\r\n\r\nThe nearest place to hell I can think of is probably Janet Yellen’s office in the FED. I still stand over my opinion, which was the title of my blog a few weeks ago, on October 3<sup>rd</sup> 2015, which was: -\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"> “I BET YELLEN WISHED SHE’D HIKED RATES LAST MONTH NOW”</span></p>\r\nYou can just imagine what is going through her mind right now, apart from sh*t, boll**ks, bast**d, F**k, feckers etc…\r\n\r\nShe dithered…\r\n\r\nNow she has a real problem. FED credibility is on the line regarding increasing rates and frankly the whole world is talking about 0.25%. Are you telling me in all seriousness that the biggest consumer driven economy on the planet could not even raise rates by 0.10% in September ahead of all these shenanigans?\r\n\r\nThe shenanigans by the way were created by the FOMC themselves.\r\n\r\n7 years of ZIRP, and they could not even raise by 0.10%.\r\n\r\nYes, I would say the nearest place to hell right now is Yellen’s office.\r\n\r\nThese arguments about the world economic position weighing on the FOMC decision are a smokescreen to hide dithering.\r\n\r\nBack to the ECB and Mario Draghi…\r\n\r\nSo the EUR/USD was crushed like a grape on Thursday and it continued Friday last week as well. The move lower was from 1.1320 to 1.1030, about 300 pips.\r\n\r\nI would say that Mario would be out on the town with Mrs. Draghi this weekend; steak dinner, champagne, roses and a blue pill for dessert…now there a picture for you pouring out your cornflakes.\r\n\r\nThen, just to drive a nail in the coffin of the FED rate hike, out comes the PBOC at about 0715 EST on Friday morning, cutting any rate they could cut. We have reached desperation point with the Chinese economy. I take their economic data with a pinch of salt. We have to note them, and for sure whether the Chinese GDP is at 5% and not 7% it is still in dreamland as far as the rest of the world is concerned.\r\n\r\nInitially, all my open trades were screwed on the announcement from the PBOC then after about 30 minutes the commodity currencies dropped like a hot knife through butter.\r\n\r\nAUD and NZD in particular, one would have thought a massive rally. We had a nice squeeze but very contained and then its like the PBOC cuts never happened.\r\n\r\nWhat a weird market we trade inside.\r\n\r\nFUNDAMENTALS and even the TECHNICALS do not count at times.\r\n\r\nI can’t wait for this week.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nI am not interested in anything this week apart from: -\r\n\r\nTHE FED\r\nTHE RBNZ\r\nand\r\nThe BOJ\r\n\r\nI am focused on these three events and nothing else. I will NOT be adding fresh trades (90% certain of this) and I will NOT be adding any new limit orders either.\r\n\r\nEssentially, we had the ECB and PBOC make it clear what their thoughts are moving forward last week<strong>. </strong>This week, the three central banks (FED, BOJ &amp; RBNZ) plus the SNB, (never rule out the SNB intervening, I was half expecting Thomas Jordan to press the button last Friday morning 15 minutes after the PBOC), will have their say and given what happened last week. These are all “LIVE” meetings the perspective and commentary will be of huge interest to all traders irrespective of trading style.\r\n\r\nThis coming week, the views of these central banks are of paramount importance for your forward trade planning if you are a Forex Trader, in my opinion, this week is that important.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1016\r\n\r\nWhat can I say here that hasn’t already been said? We saw a 350-pip drop in the closing price this week compared with last week and the EUR/USD looks very bearish.\r\n\r\nLooking at the chart below, we have probed at 1.1000. Once clear from this level the 61.8% Fibonacci level of 1.0940 is next up.\r\n\r\nNot wanting to get carried away but a break below 1.0800 horizontal support and I think it\'s a case of “fill yer boots” for the parity party!!\r\n\r\nFrom a move higher perspective all the way back at 1.1240 is where I think the EUR bulls regain control once again.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\"><img class=\"aligncenter size-full wp-image-6658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\" alt=\"EURUSDWeekly24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5309\r\n\r\nI was wussied out of short trade last Friday with the cable. It was a limit order entry, which failed to trigger by 2 pips but 10 pips from my entry level I cancelled the order. In the end it didn’t trigger. Had it triggered, it was a 100-pip move. I think that because I have had so many bad experiences of trading the GBP/USD I shy away now through fear of it ripping up in my face.\r\n\r\nIt is dangerously close to 1.5300. I have read so many pieces about the GBP/USD this week calling for levels ranging from 1.5000 to 1.7000, no wonder my heart skips a beat when I see this pair in action.\r\n\r\nMoving forward support is at 1.5250/1.5300 and then resistance back at 1.5420.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\" alt=\"GBPUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7214\r\n\r\nIn my opinion, the next few weeks will be pivotal for this pair. I think we have seen the short to medium-term top with 0.7380. I now think that we are on the cusp of a break lower back towards to lower end of the trading range closer to 0.7000, or, just below maybe having a swipe at 0.6940 once again.\r\n\r\nSupport is at 0.7160 and resistance at 0.7260.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\" alt=\"AUDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6749\r\n\r\nI am viewing this pair very similar to the AUD/USD. I believe that 0.6910 was a top that will be in place for the medium term.\r\n\r\nI also believe that our focus should be to the short side. We have a very important RBNZ meeting statement this Wednesday after the FED announces. I am thinking that there could be a rate cut on offer as the RBNZ attempts to maintain the status quo differential over other central banks. The PBOC action must have scared the crap out of Graeme Wheeler (RBNZ Governor). I think that he will act.\r\n\r\nFrom the chart below support is at 0.6645 and resistance at 0.6820.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\" alt=\"NZDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3165\r\n\r\nMoving nicely back towards the 1.3455 near term highs.\r\n\r\nAfter the shock Trudeau election victory the pair has steadily moved upwards. As I have said there will be a rate cut on the cards in Canada before the year-end. Falling oil prices have handed Justin Trudeau a headache and stimulus is required. Enter Poloz with his head in a bucket of sand….head pops out and lo and behold we have a 0.25% cut before the end of the year.\r\n\r\nThis pair has the chance to really move higher. There is an inverted head and shoulders pattern on the weekly chart with a measured move of 1.4000. On the monthly chart there is a cup and handle formation targeting 1.6000. These measured moves are extreme and personally, I am not getting excited until 1.3455 is broken.\r\n\r\nThis week support is at 1.3140 and resistance 1.3217.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\" alt=\"USDCADDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9784\r\n\r\nThis pair is poised for a breakout. I exited my final long just below current prices as the 0.9800 level offers good resistance.\r\n\r\nI will chase this pair higher on a break as I believe in conjunction with the EUR/USD to parity this has the chance to get to 1.1000 and beyond.\r\n\r\nSupport this week is 0.9750 and resistance after 0.9800 is 0.9850.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\" alt=\"USDCHFDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 121.45\r\n\r\nThis pair is getting well supported not just because of the jawboning from Mario Draghi (ECB) but also on the rumours of BOJ QE this week.\r\n\r\n121.70 will be a key area to hold as any break through here and then 122.00 could see this pair motor on up towards 124.00 / 125.00 quite easily and should the BOJ ease further we could be back at 130.00.\r\n\r\nSupport is back at 121.00\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\" alt=\"USDJPYDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nFrom earlier in this blog…\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE</span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as ducks lining up, in the past) I will enter with either a LIVE trade or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nIt tells me that at times I have been trying to engineer trades earlier in the month when there were not trades that fitted my TRADE PLAN profile.\r\n\r\nHaving checked my TRADING PLAN; I have been a little generous with entry levels, correlations and technical patterns that I usually use to “green light” my trades. I think this has been brought about by the fact I am holding a couple of open positions with quite large (for me) potential pip losses. They are both within the ranges I had set at the outset but I think that because I took these on board I let other aspects of my trading run a little out of sync.\r\n\r\nThe bottom line is…\r\n\r\n“Wait for the trades to come to you”.\r\n\r\nI am usually very good at this but there were one or two trades that I took on board that frankly I should have left alone, or at least cut losses on sooner. By the same token I am human. There are only so many times I can smash my head against the wall.\r\n\r\nForcing trades never works over time, the chickens will come home to roost and bite you on your ar**.\r\n\r\nEight years in you would think that I should know better. This is basic stuff.\r\n<p style=\"text-align: center;\"><strong>WAIT FOR THE TRADES TO COME TO YOU</strong>\r\n<strong>PLAN YOUR TRADES AND TRADE YOUR PLAN</strong></p>\r\nThis is a gentle reminder. There is little point looking for high probability trades, finding none and then looking for “almost fits” and running with them. This market takes no prisoners, you are just killed, and there is no forgiving. You have be trading with your eyes wide open and know your risk before you start, knowing that if you need to move a stop your entry position and trade size allows this.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THIS WEEK IS THE MOST IMPORTANT FOR TRADING</strong>\r\n<strong>FOREX IN 2015</strong></p>\r\nHeavy title.\r\n\r\nThe history…\r\n\r\nSince June this year, I have been writing to my fee-paying subscribers and adding bits and pieces in the general open areas of this blog with my thoughts on my FUNDAMENTAL TRADE PLAN that is in play through to the end of this year and beyond.\r\n\r\nFor one reason or another, the FOMC dithering has stopped me from loading up my longer-term FUNDAMENTAL trades. Every time I try to do this, I read conflicting longer-term central bank chatter that puts me off and raises the odd red flag and I cut the trade. This is both frustrating for my subscribers, and me if we are both looking for “place them and forget about them trades”. On a positive note we are making money so that is the compensation.\r\n\r\nI have been waiting on the FED to raise rates and start the process. I have been dithering along with the FED!\r\n\r\nMy main reason for dithering was supportive action by central banks to boost commodity prices and in so doing this it supports the AUD, NZD and CAD, three of my core currencies would be moving in the wrong direction and a knock on effect would be seen with the commodity cross rates. It has been a stop and start 3/4 months as far as I am concerned and totally frustrating.\r\n\r\nIt looked so easy. The FED raises rates. We have divergent central bank policies in play. Never underestimate the FED and you cannot lose.\r\n\r\nNow…\r\n\r\nI am still waiting.\r\n\r\nThe moves last week by the ECB and PBOC were timely. It makes it so hard for the FED to raise rates this year. Yellen dithered and missed the opportunity now she has nothing put by for a rainy day.\r\n\r\nLet me revisit each major central bank.\r\n\r\n<strong>FED:</strong> Hawkish, but pseudo hawkish. Janet Yellen is dovish and dithered about even a 0.10% rise prior to the summer and in my opinion missed the opportunity in September. The fact that the FOMC would not even agree a minimal rate rise is very concerning and worrying. I think that it will be hard to raise and it would be a total surprise if a rate hike occurred this year.\r\n\r\n<strong>ECB:</strong> Now a full-on dovish, 100% totally supportive central bank. Mario Draghi is back at “Whatever it takes” once again.\r\n\r\n<strong>PBOC:</strong> Whatever your thoughts and opinions are vis-à-vis the released China data, there is no doubt that the PBOC are dovish. What concerns me is that China is not an open economy and the PBOC want reserve currency status and the IMF supports this? How the IMF can promote this beggars belief given the current cloak and dagger, stealth conditions that China continues to operate under?\r\n\r\n<strong>BOJ:</strong> Dovish - and there are huge rumours that more QE will be announced this week.\r\n\r\n<strong>BOE:</strong> Allegedly hawkish. Data is mixed from the UK but Carney (believe him at your own risk) is upbeat on raising rates. He was even quoted as saying they would move higher before the FED. Yeah right my ar**. I just cannot see the UK having the balls to go higher before the FED. However, I could see a coordinated move together, both raising rates at the same time.\r\n\r\n<strong>SNB:</strong> The stealth movers…. The SNB are concerned about the EUR/CHF exchange rate and the pressure that the ECB has placed on this pair to the downside must be concerning. There were papers flying around last Thursday/Friday stating that a revised EUR/CHF floor would be placed at a minimum of 1.0700. After the 1.2000 peg was removed earlier this year 1.1000 was muted as “fair value”. It would NOT surprise me to see the SNB intervene sooner rather than later.\r\n\r\n<strong>RBA:</strong> Glenn Stevens who is continually worried about house prices in Sydney, now claims that the RBA is neutral. Well, they were neutral before last week, is where I see things. In my opinion, they will be cutting rates sooner rather than later irrespective of property prices in Sydney. They have to move just to stand still and maintain the status quo.\r\n\r\n<strong>RBNZ:</strong> Meeting this week and, I expect a rate cut to keep ahead of the curve. Deputy Finance Minister English was in the news last week saying that the existing levels in the FX markets were about right. In my opinion, that is now old news. They have to move to maintain the status quo.\r\n\r\n<strong>BOC:</strong> Following the general election last Monday, and at the BOC meeting last Tuesday Poloz stated that the full effects of the rate cut earlier this year had still to be realized. What utter nonsense. He has his head in the sand and was under orders not to cut. Oil is dropping lower and he has a series of poor economic data to deal with. He will cut next time to give the Canadian population a Christmas surprise. There is only so much sand he can stick his head into.\r\n\r\n&nbsp;\r\n\r\nSo in summary, it\'s the FED and the BOE that are hawkish and the PBOC, ECB, BOJ, SNB, RBNZ openly dovish in commentary. The RBA and BOC are neutral, however in my mind, they are as dovish as the other central banks they are just in denial for whatever reasons known only to themselves.\r\n\r\nThis week, the commentary from the FED, RBNZ and BOJ will give us not just additional commentary but it will give us direction. Coming so close to the ECB and PBOC timing could not be better.\r\n\r\nI can guarantee you volatility in abundance this Wednesday. I am just hoping that by the end of the week I will be in a position to strategize moving forward. This week is critical and it will direct us in our trading through to the year-end and the first quarter 2016.\r\n\r\nThe FED announcement is the big news item. It all depends on the FOMC view of why the ECB acted the way it did. If the FED views Draghi as supporting the EUR and the Eurozone economies, this takes away a concern from that the last FOMC decision about weaker world economies requiring help. This could be the trigger to raise interest rates in the FED’s eyes. Stranger things have happened, although with Yellen being such a dove I suspect any decision on a rate hike will be delayed.\r\n\r\nDo not forget; how could we in this transitory period… that we are of course governed by the phrase “Data dependent” and the U.S. data is definitely in the weak column rather than the strong, so the odds given the data are against a rate increase, that is of course in my opinion. My God, I am turning into a ditherer, or maybe a dove on all matters?\r\n\r\nNevertheless, with all of the above factored in, it does make this week a pivotal week for Forex traders, be prepared.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong>\r\n\r\nPROFITS FROM TRADE SET-UPS – to October 24th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 565 trades cost to trade = $56.50\r\n<strong>PROFIT</strong> from 565 trades = <strong>$952.40</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 565 trades cost to trade = $565.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$9,524.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 565 trades cost to trade = $5,650.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$95,240.00</strong></p>\r\n<p style=\"text-align: center;\"></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n3.2.1: FLASH TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\"><img class=\"aligncenter size-full wp-image-6650\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\" alt=\"FLASH1 24102015\" width=\"483\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\"><img class=\"aligncenter size-full wp-image-6651\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\" alt=\"FLASH2 24102015\" width=\"496\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.2: RADAR TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\"><img class=\"aligncenter size-full wp-image-6652\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\" alt=\"RADAR1 24102015\" width=\"504\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\"><img class=\"aligncenter size-full wp-image-6653\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\" alt=\"RADAR2 24102015\" width=\"482\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.3: FUNDAMENTAL TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\"><img class=\"aligncenter size-full wp-image-6654\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\" alt=\"FUNDAMENTAL 24102015\" width=\"513\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\"><img class=\"aligncenter size-full wp-image-6648\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\" alt=\"PS PROFITS1 24102015\" width=\"522\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\"><img class=\"aligncenter size-full wp-image-6649\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\" alt=\"PPS PROFITS2 24102015\" width=\"523\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n3.4: PREMIUM SERVICE – 2014 TOTAL PERFORMANCE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\"><img class=\"aligncenter size-full wp-image-6667\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\" alt=\"PREM SERV PROFITS 2014\" width=\"452\" height=\"401\" /></a>\r\n\r\n&nbsp;\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n4.3.1: UPDATED CHARTS &amp; COMMENTARY ON EXISTING LIVE TRADES:\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nI am going to be very, very light on trades going into Wednesday this week.\r\n\r\nCurrently I have three open trades, EUR/CHF, EUR/NZD and GBP/NZD. All three of these trades form part of my longer-term trading plan. Both NZD related pairs have swung from positive to negative and the EUR/CHF was only positive twice since the trade was first entered into in early September.\r\n\r\nI have no plans to load up any more trades until after the FED has delivered its statement.\r\n\r\nAs I have stated already this in my eyes is the most important week for FX trading this year so far. It trumps the September FED meeting because it is so close after the ECB and PBOC having made their announcements.\r\n\r\nIf you decide to trade ahead of the FED be nimble, I suspect that the markets will be slow Monday and Tuesday this week.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG#174','THIS WEEK IS THE MOST IMPORTANT FOR TRADING FOREX IN 2015','','inherit','closed','closed','','6675-revision-v1','','','2015-10-24 15:01:31','2015-10-24 20:01:31','',6675,'https://weeklyfxdrivethru.com/6675-revision-v1/',0,'revision','',0),(6677,1,'2015-10-24 15:02:09','2015-10-24 20:02:09','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE </span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as Ducks lining up, in the past) I will enter with either LIVE trades or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nI am going to cover this in section 1.3 Looking sideways, later in this blog.\r\n\r\nMoving on…\r\n\r\nSo along comes Mario Draghi to the ECB press conference last Thursday about a week after Ewald Nowotny’s (Austrian Central Bank Governor and ECB council member), comments about ECB inflation targets basically being tantamount to a pipe dream.\r\n\r\nI wrote just prior to the press conference to my premium service subscribers stating whilst Nowotny was correct, it was too late for Draghi to act and that I felt he would say that he would do all in his mandate to act moving forward. I was expecting some jawboning, but fair play to Mario Draghi he really laid it on thick, so that the dumbest of reporters that usually prefer to comment on the colour of his tie had to take note: -\r\n<ul>\r\n	<li>Lower deposit rate at ECB beyond -0.2%</li>\r\n	<li>Extend the end date for QE purchases</li>\r\n	<li>Increase the size of the QE program</li>\r\n	<li>Increase and broaden the types of bonds that can be purchased</li>\r\n</ul>\r\nThe above were the four key takeaways I noted from his very carefully prepared and delivered speech.\r\n\r\nI keep banging on about DEFLATION.\r\n\r\nThe Eurozone is in DEFLATION territory, and, as I have said many, many, many times before, there is not a Central Bank Governor or President who has any clue on how to solve DEFLATION. Frankly, there is more chance of “Hell freezing over” first, if there is such a place.\r\n\r\nThe nearest place to hell I can think of is probably Janet Yellen’s office in the FED. I still stand over my opinion, which was the title of my blog a few weeks ago, on October 3<sup>rd</sup> 2015, which was: -\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"> “I BET YELLEN WISHED SHE’D HIKED RATES LAST MONTH NOW”</span></p>\r\nYou can just imagine what is going through her mind right now, apart from sh*t, boll**ks, bast**d, F**k, feckers etc…\r\n\r\nShe dithered…\r\n\r\nNow she has a real problem. FED credibility is on the line regarding increasing rates and frankly the whole world is talking about 0.25%. Are you telling me in all seriousness that the biggest consumer driven economy on the planet could not even raise rates by 0.10% in September ahead of all these shenanigans?\r\n\r\nThe shenanigans by the way were created by the FOMC themselves.\r\n\r\n7 years of ZIRP, and they could not even raise by 0.10%.\r\n\r\nYes, I would say the nearest place to hell right now is Yellen’s office.\r\n\r\nThese arguments about the world economic position weighing on the FOMC decision are a smokescreen to hide dithering.\r\n\r\nBack to the ECB and Mario Draghi…\r\n\r\nSo the EUR/USD was crushed like a grape on Thursday and it continued Friday last week as well. The move lower was from 1.1320 to 1.1030, about 300 pips.\r\n\r\nI would say that Mario would be out on the town with Mrs. Draghi this weekend; steak dinner, champagne, roses and a blue pill for dessert…now there a picture for you pouring out your cornflakes.\r\n\r\nThen, just to drive a nail in the coffin of the FED rate hike, out comes the PBOC at about 0715 EST on Friday morning, cutting any rate they could cut. We have reached desperation point with the Chinese economy. I take their economic data with a pinch of salt. We have to note them, and for sure whether the Chinese GDP is at 5% and not 7% it is still in dreamland as far as the rest of the world is concerned.\r\n\r\nInitially, all my open trades were screwed on the announcement from the PBOC then after about 30 minutes the commodity currencies dropped like a hot knife through butter.\r\n\r\nAUD and NZD in particular, one would have thought a massive rally. We had a nice squeeze but very contained and then its like the PBOC cuts never happened.\r\n\r\nWhat a weird market we trade inside.\r\n\r\nFUNDAMENTALS and even the TECHNICALS do not count at times.\r\n\r\nI can’t wait for this week.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nI am not interested in anything this week apart from: -\r\n\r\nTHE FED\r\nTHE RBNZ\r\nand\r\nThe BOJ\r\n\r\nI am focused on these three events and nothing else. I will NOT be adding fresh trades (90% certain of this) and I will NOT be adding any new limit orders either.\r\n\r\nEssentially, we had the ECB and PBOC make it clear what their thoughts are moving forward last week<strong>. </strong>This week, the three central banks (FED, BOJ &amp; RBNZ) plus the SNB, (never rule out the SNB intervening, I was half expecting Thomas Jordan to press the button last Friday morning 15 minutes after the PBOC), will have their say and given what happened last week. These are all “LIVE” meetings the perspective and commentary will be of huge interest to all traders irrespective of trading style.\r\n\r\nThis coming week, the views of these central banks are of paramount importance for your forward trade planning if you are a Forex Trader, in my opinion, this week is that important.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1016\r\n\r\nWhat can I say here that hasn’t already been said? We saw a 350-pip drop in the closing price this week compared with last week and the EUR/USD looks very bearish.\r\n\r\nLooking at the chart below, we have probed at 1.1000. Once clear from this level the 61.8% Fibonacci level of 1.0940 is next up.\r\n\r\nNot wanting to get carried away but a break below 1.0800 horizontal support and I think it\'s a case of “fill yer boots” for the parity party!!\r\n\r\nFrom a move higher perspective all the way back at 1.1240 is where I think the EUR bulls regain control once again.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\"><img class=\"aligncenter size-full wp-image-6658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\" alt=\"EURUSDWeekly24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5309\r\n\r\nI was wussied out of short trade last Friday with the cable. It was a limit order entry, which failed to trigger by 2 pips but 10 pips from my entry level I cancelled the order. In the end it didn’t trigger. Had it triggered, it was a 100-pip move. I think that because I have had so many bad experiences of trading the GBP/USD I shy away now through fear of it ripping up in my face.\r\n\r\nIt is dangerously close to 1.5300. I have read so many pieces about the GBP/USD this week calling for levels ranging from 1.5000 to 1.7000, no wonder my heart skips a beat when I see this pair in action.\r\n\r\nMoving forward support is at 1.5250/1.5300 and then resistance back at 1.5420.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\" alt=\"GBPUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7214\r\n\r\nIn my opinion, the next few weeks will be pivotal for this pair. I think we have seen the short to medium-term top with 0.7380. I now think that we are on the cusp of a break lower back towards to lower end of the trading range closer to 0.7000, or, just below maybe having a swipe at 0.6940 once again.\r\n\r\nSupport is at 0.7160 and resistance at 0.7260.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\" alt=\"AUDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6749\r\n\r\nI am viewing this pair very similar to the AUD/USD. I believe that 0.6910 was a top that will be in place for the medium term.\r\n\r\nI also believe that our focus should be to the short side. We have a very important RBNZ meeting statement this Wednesday after the FED announces. I am thinking that there could be a rate cut on offer as the RBNZ attempts to maintain the status quo differential over other central banks. The PBOC action must have scared the crap out of Graeme Wheeler (RBNZ Governor). I think that he will act.\r\n\r\nFrom the chart below support is at 0.6645 and resistance at 0.6820.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\" alt=\"NZDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3165\r\n\r\nMoving nicely back towards the 1.3455 near term highs.\r\n\r\nAfter the shock Trudeau election victory the pair has steadily moved upwards. As I have said there will be a rate cut on the cards in Canada before the year-end. Falling oil prices have handed Justin Trudeau a headache and stimulus is required. Enter Poloz with his head in a bucket of sand….head pops out and lo and behold we have a 0.25% cut before the end of the year.\r\n\r\nThis pair has the chance to really move higher. There is an inverted head and shoulders pattern on the weekly chart with a measured move of 1.4000. On the monthly chart there is a cup and handle formation targeting 1.6000. These measured moves are extreme and personally, I am not getting excited until 1.3455 is broken.\r\n\r\nThis week support is at 1.3140 and resistance 1.3217.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\" alt=\"USDCADDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9784\r\n\r\nThis pair is poised for a breakout. I exited my final long just below current prices as the 0.9800 level offers good resistance.\r\n\r\nI will chase this pair higher on a break as I believe in conjunction with the EUR/USD to parity this has the chance to get to 1.1000 and beyond.\r\n\r\nSupport this week is 0.9750 and resistance after 0.9800 is 0.9850.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\" alt=\"USDCHFDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 121.45\r\n\r\nThis pair is getting well supported not just because of the jawboning from Mario Draghi (ECB) but also on the rumours of BOJ QE this week.\r\n\r\n121.70 will be a key area to hold as any break through here and then 122.00 could see this pair motor on up towards 124.00 / 125.00 quite easily and should the BOJ ease further we could be back at 130.00.\r\n\r\nSupport is back at 121.00\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\" alt=\"USDJPYDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nFrom earlier in this blog…\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE</span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as ducks lining up, in the past) I will enter with either a LIVE trade or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nIt tells me that at times I have been trying to engineer trades earlier in the month when there were not trades that fitted my TRADE PLAN profile.\r\n\r\nHaving checked my TRADING PLAN; I have been a little generous with entry levels, correlations and technical patterns that I usually use to “green light” my trades. I think this has been brought about by the fact I am holding a couple of open positions with quite large (for me) potential pip losses. They are both within the ranges I had set at the outset but I think that because I took these on board I let other aspects of my trading run a little out of sync.\r\n\r\nThe bottom line is…\r\n\r\n“Wait for the trades to come to you”.\r\n\r\nI am usually very good at this but there were one or two trades that I took on board that frankly I should have left alone, or at least cut losses on sooner. By the same token I am human. There are only so many times I can smash my head against the wall.\r\n\r\nForcing trades never works over time, the chickens will come home to roost and bite you on your ar**.\r\n\r\nEight years in you would think that I should know better. This is basic stuff.\r\n<p style=\"text-align: center;\"><strong>WAIT FOR THE TRADES TO COME TO YOU</strong>\r\n<strong>PLAN YOUR TRADES AND TRADE YOUR PLAN</strong></p>\r\nThis is a gentle reminder. There is little point looking for high probability trades, finding none and then looking for “almost fits” and running with them. This market takes no prisoners, you are just killed, and there is no forgiving. You have be trading with your eyes wide open and know your risk before you start, knowing that if you need to move a stop your entry position and trade size allows this.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THIS WEEK IS THE MOST IMPORTANT FOR TRADING</strong>\r\n<strong>FOREX IN 2015</strong></p>\r\nHeavy title.\r\n\r\nThe history…\r\n\r\nSince June this year, I have been writing to my fee-paying subscribers and adding bits and pieces in the general open areas of this blog with my thoughts on my FUNDAMENTAL TRADE PLAN that is in play through to the end of this year and beyond.\r\n\r\nFor one reason or another, the FOMC dithering has stopped me from loading up my longer-term FUNDAMENTAL trades. Every time I try to do this, I read conflicting longer-term central bank chatter that puts me off and raises the odd red flag and I cut the trade. This is both frustrating for my subscribers, and me if we are both looking for “place them and forget about them trades”. On a positive note we are making money so that is the compensation.\r\n\r\nI have been waiting on the FED to raise rates and start the process. I have been dithering along with the FED!\r\n\r\nMy main reason for dithering was supportive action by central banks to boost commodity prices and in so doing this it supports the AUD, NZD and CAD, three of my core currencies would be moving in the wrong direction and a knock on effect would be seen with the commodity cross rates. It has been a stop and start 3/4 months as far as I am concerned and totally frustrating.\r\n\r\nIt looked so easy. The FED raises rates. We have divergent central bank policies in play. Never underestimate the FED and you cannot lose.\r\n\r\nNow…\r\n\r\nI am still waiting.\r\n\r\nThe moves last week by the ECB and PBOC were timely. It makes it so hard for the FED to raise rates this year. Yellen dithered and missed the opportunity now she has nothing put by for a rainy day.\r\n\r\nLet me revisit each major central bank.\r\n\r\n<strong>FED:</strong> Hawkish, but pseudo hawkish. Janet Yellen is dovish and dithered about even a 0.10% rise prior to the summer and in my opinion missed the opportunity in September. The fact that the FOMC would not even agree a minimal rate rise is very concerning and worrying. I think that it will be hard to raise and it would be a total surprise if a rate hike occurred this year.\r\n\r\n<strong>ECB:</strong> Now a full-on dovish, 100% totally supportive central bank. Mario Draghi is back at “Whatever it takes” once again.\r\n\r\n<strong>PBOC:</strong> Whatever your thoughts and opinions are vis-à-vis the released China data, there is no doubt that the PBOC are dovish. What concerns me is that China is not an open economy and the PBOC want reserve currency status and the IMF supports this? How the IMF can promote this beggars belief given the current cloak and dagger, stealth conditions that China continues to operate under?\r\n\r\n<strong>BOJ:</strong> Dovish - and there are huge rumours that more QE will be announced this week.\r\n\r\n<strong>BOE:</strong> Allegedly hawkish. Data is mixed from the UK but Carney (believe him at your own risk) is upbeat on raising rates. He was even quoted as saying they would move higher before the FED. Yeah right my ar**. I just cannot see the UK having the balls to go higher before the FED. However, I could see a coordinated move together, both raising rates at the same time.\r\n\r\n<strong>SNB:</strong> The stealth movers…. The SNB are concerned about the EUR/CHF exchange rate and the pressure that the ECB has placed on this pair to the downside must be concerning. There were papers flying around last Thursday/Friday stating that a revised EUR/CHF floor would be placed at a minimum of 1.0700. After the 1.2000 peg was removed earlier this year 1.1000 was muted as “fair value”. It would NOT surprise me to see the SNB intervene sooner rather than later.\r\n\r\n<strong>RBA:</strong> Glenn Stevens who is continually worried about house prices in Sydney, now claims that the RBA is neutral. Well, they were neutral before last week, is where I see things. In my opinion, they will be cutting rates sooner rather than later irrespective of property prices in Sydney. They have to move just to stand still and maintain the status quo.\r\n\r\n<strong>RBNZ:</strong> Meeting this week and, I expect a rate cut to keep ahead of the curve. Deputy Finance Minister English was in the news last week saying that the existing levels in the FX markets were about right. In my opinion, that is now old news. They have to move to maintain the status quo.\r\n\r\n<strong>BOC:</strong> Following the general election last Monday, and at the BOC meeting last Tuesday Poloz stated that the full effects of the rate cut earlier this year had still to be realized. What utter nonsense. He has his head in the sand and was under orders not to cut. Oil is dropping lower and he has a series of poor economic data to deal with. He will cut next time to give the Canadian population a Christmas surprise. There is only so much sand he can stick his head into.\r\n\r\n&nbsp;\r\n\r\nSo in summary, it\'s the FED and the BOE that are hawkish and the PBOC, ECB, BOJ, SNB, RBNZ openly dovish in commentary. The RBA and BOC are neutral, however in my mind, they are as dovish as the other central banks they are just in denial for whatever reasons known only to themselves.\r\n\r\nThis week, the commentary from the FED, RBNZ and BOJ will give us not just additional commentary but it will give us direction. Coming so close to the ECB and PBOC timing could not be better.\r\n\r\nI can guarantee you volatility in abundance this Wednesday. I am just hoping that by the end of the week I will be in a position to strategize moving forward. This week is critical and it will direct us in our trading through to the year-end and the first quarter 2016.\r\n\r\nThe FED announcement is the big news item. It all depends on the FOMC view of why the ECB acted the way it did. If the FED views Draghi as supporting the EUR and the Eurozone economies, this takes away a concern from that the last FOMC decision about weaker world economies requiring help. This could be the trigger to raise interest rates in the FED’s eyes. Stranger things have happened, although with Yellen being such a dove I suspect any decision on a rate hike will be delayed.\r\n\r\nDo not forget; how could we in this transitory period… that we are of course governed by the phrase “Data dependent” and the U.S. data is definitely in the weak column rather than the strong, so the odds given the data are against a rate increase, that is of course in my opinion. My God, I am turning into a ditherer, or maybe a dove on all matters?\r\n\r\nNevertheless, with all of the above factored in, it does make this week a pivotal week for Forex traders, be prepared.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\nPROFITS FROM TRADE SET-UPS – to October 24th 2015.\r\n(The profit levels below are based on single lot trades only)\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 565 trades cost to trade = $56.50\r\n<strong>PROFIT</strong> from 565 trades = <strong>$952.40</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 565 trades cost to trade = $565.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$9,524.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 565 trades cost to trade = $5,650.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$95,240.00</strong></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n3.2.1: FLASH TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\"><img class=\"aligncenter size-full wp-image-6650\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\" alt=\"FLASH1 24102015\" width=\"483\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\"><img class=\"aligncenter size-full wp-image-6651\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\" alt=\"FLASH2 24102015\" width=\"496\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.2: RADAR TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\"><img class=\"aligncenter size-full wp-image-6652\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\" alt=\"RADAR1 24102015\" width=\"504\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\"><img class=\"aligncenter size-full wp-image-6653\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\" alt=\"RADAR2 24102015\" width=\"482\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.3: FUNDAMENTAL TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\"><img class=\"aligncenter size-full wp-image-6654\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\" alt=\"FUNDAMENTAL 24102015\" width=\"513\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\"><img class=\"aligncenter size-full wp-image-6648\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\" alt=\"PS PROFITS1 24102015\" width=\"522\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\"><img class=\"aligncenter size-full wp-image-6649\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\" alt=\"PPS PROFITS2 24102015\" width=\"523\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n3.4: PREMIUM SERVICE – 2014 TOTAL PERFORMANCE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\"><img class=\"aligncenter size-full wp-image-6667\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\" alt=\"PREM SERV PROFITS 2014\" width=\"452\" height=\"401\" /></a>\r\n\r\n&nbsp;\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n4.3.1: UPDATED CHARTS &amp; COMMENTARY ON EXISTING LIVE TRADES:\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nI am going to be very, very light on trades going into Wednesday this week.\r\n\r\nCurrently I have three open trades, EUR/CHF, EUR/NZD and GBP/NZD. All three of these trades form part of my longer-term trading plan. Both NZD related pairs have swung from positive to negative and the EUR/CHF was only positive twice since the trade was first entered into in early September.\r\n\r\nI have no plans to load up any more trades until after the FED has delivered its statement.\r\n\r\nAs I have stated already this in my eyes is the most important week for FX trading this year so far. It trumps the September FED meeting because it is so close after the ECB and PBOC having made their announcements.\r\n\r\nIf you decide to trade ahead of the FED be nimble, I suspect that the markets will be slow Monday and Tuesday this week.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG#174','THIS WEEK IS THE MOST IMPORTANT FOR TRADING FOREX IN 2015','','inherit','closed','closed','','6675-revision-v1','','','2015-10-24 15:02:09','2015-10-24 20:02:09','',6675,'https://weeklyfxdrivethru.com/6675-revision-v1/',0,'revision','',0),(6678,1,'2015-10-24 15:04:38','2015-10-24 20:04:38','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE </span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as Ducks lining up, in the past) I will enter with either LIVE trades or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nI am going to cover this in section 1.3 Looking sideways, later in this blog.\r\n\r\nMoving on…\r\n\r\nSo along comes Mario Draghi to the ECB press conference last Thursday about a week after Ewald Nowotny’s (Austrian Central Bank Governor and ECB council member), comments about ECB inflation targets basically being tantamount to a pipe dream.\r\n\r\nI wrote just prior to the press conference to my premium service subscribers stating whilst Nowotny was correct, it was too late for Draghi to act and that I felt he would say that he would do all in his mandate to act moving forward. I was expecting some jawboning, but fair play to Mario Draghi he really laid it on thick, so that the dumbest of reporters that usually prefer to comment on the colour of his tie had to take note: -\r\n<ul>\r\n	<li>Lower deposit rate at ECB beyond -0.2%</li>\r\n	<li>Extend the end date for QE purchases</li>\r\n	<li>Increase the size of the QE program</li>\r\n	<li>Increase and broaden the types of bonds that can be purchased</li>\r\n</ul>\r\nThe above were the four key takeaways I noted from his very carefully prepared and delivered speech.\r\n\r\nI keep banging on about DEFLATION.\r\n\r\nThe Eurozone is in DEFLATION territory, and, as I have said many, many, many times before, there is not a Central Bank Governor or President who has any clue on how to solve DEFLATION. Frankly, there is more chance of “Hell freezing over” first, if there is such a place.\r\n\r\nThe nearest place to hell I can think of is probably Janet Yellen’s office in the FED. I still stand over my opinion, which was the title of my blog a few weeks ago, on October 3<sup>rd</sup> 2015, which was: -\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"> “I BET YELLEN WISHED SHE’D HIKED RATES LAST MONTH NOW”</span></p>\r\nYou can just imagine what is going through her mind right now, apart from sh*t, boll**ks, bast**d, F**k, feckers etc…\r\n\r\nShe dithered…\r\n\r\nNow she has a real problem. FED credibility is on the line regarding increasing rates and frankly the whole world is talking about 0.25%. Are you telling me in all seriousness that the biggest consumer driven economy on the planet could not even raise rates by 0.10% in September ahead of all these shenanigans?\r\n\r\nThe shenanigans by the way were created by the FOMC themselves.\r\n\r\n7 years of ZIRP, and they could not even raise by 0.10%.\r\n\r\nYes, I would say the nearest place to hell right now is Yellen’s office.\r\n\r\nThese arguments about the world economic position weighing on the FOMC decision are a smokescreen to hide dithering.\r\n\r\nBack to the ECB and Mario Draghi…\r\n\r\nSo the EUR/USD was crushed like a grape on Thursday and it continued Friday last week as well. The move lower was from 1.1320 to 1.1030, about 300 pips.\r\n\r\nI would say that Mario would be out on the town with Mrs. Draghi this weekend; steak dinner, champagne, roses and a blue pill for dessert…now there a picture for you pouring out your cornflakes.\r\n\r\nThen, just to drive a nail in the coffin of the FED rate hike, out comes the PBOC at about 0715 EST on Friday morning, cutting any rate they could cut. We have reached desperation point with the Chinese economy. I take their economic data with a pinch of salt. We have to note them, and for sure whether the Chinese GDP is at 5% and not 7% it is still in dreamland as far as the rest of the world is concerned.\r\n\r\nInitially, all my open trades were screwed on the announcement from the PBOC then after about 30 minutes the commodity currencies dropped like a hot knife through butter.\r\n\r\nAUD and NZD in particular, one would have thought a massive rally. We had a nice squeeze but very contained and then its like the PBOC cuts never happened.\r\n\r\nWhat a weird market we trade inside.\r\n\r\nFUNDAMENTALS and even the TECHNICALS do not count at times.\r\n\r\nI can’t wait for this week.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nI am not interested in anything this week apart from: -\r\n\r\nTHE FED\r\nTHE RBNZ\r\nand\r\nThe BOJ\r\n\r\nI am focused on these three events and nothing else. I will NOT be adding fresh trades (90% certain of this) and I will NOT be adding any new limit orders either.\r\n\r\nEssentially, we had the ECB and PBOC make it clear what their thoughts are moving forward last week<strong>. </strong>This week, the three central banks (FED, BOJ &amp; RBNZ) plus the SNB, (never rule out the SNB intervening, I was half expecting Thomas Jordan to press the button last Friday morning 15 minutes after the PBOC), will have their say and given what happened last week. These are all “LIVE” meetings the perspective and commentary will be of huge interest to all traders irrespective of trading style.\r\n\r\nThis coming week, the views of these central banks are of paramount importance for your forward trade planning if you are a Forex Trader, in my opinion, this week is that important.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1016\r\n\r\nWhat can I say here that hasn’t already been said? We saw a 350-pip drop in the closing price this week compared with last week and the EUR/USD looks very bearish.\r\n\r\nLooking at the chart below, we have probed at 1.1000. Once clear from this level the 61.8% Fibonacci level of 1.0940 is next up.\r\n\r\nNot wanting to get carried away but a break below 1.0800 horizontal support and I think it\'s a case of “fill yer boots” for the parity party!!\r\n\r\nFrom a move higher perspective all the way back at 1.1240 is where I think the EUR bulls regain control once again.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\"><img class=\"aligncenter size-full wp-image-6658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\" alt=\"EURUSDWeekly24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5309\r\n\r\nI was wussied out of short trade last Friday with the cable. It was a limit order entry, which failed to trigger by 2 pips but 10 pips from my entry level I cancelled the order. In the end it didn’t trigger. Had it triggered, it was a 100-pip move. I think that because I have had so many bad experiences of trading the GBP/USD I shy away now through fear of it ripping up in my face.\r\n\r\nIt is dangerously close to 1.5300. I have read so many pieces about the GBP/USD this week calling for levels ranging from 1.5000 to 1.7000, no wonder my heart skips a beat when I see this pair in action.\r\n\r\nMoving forward support is at 1.5250/1.5300 and then resistance back at 1.5420.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\" alt=\"GBPUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7214\r\n\r\nIn my opinion, the next few weeks will be pivotal for this pair. I think we have seen the short to medium-term top with 0.7380. I now think that we are on the cusp of a break lower back towards to lower end of the trading range closer to 0.7000, or, just below maybe having a swipe at 0.6940 once again.\r\n\r\nSupport is at 0.7160 and resistance at 0.7260.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\" alt=\"AUDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6749\r\n\r\nI am viewing this pair very similar to the AUD/USD. I believe that 0.6910 was a top that will be in place for the medium term.\r\n\r\nI also believe that our focus should be to the short side. We have a very important RBNZ meeting statement this Wednesday after the FED announces. I am thinking that there could be a rate cut on offer as the RBNZ attempts to maintain the status quo differential over other central banks. The PBOC action must have scared the crap out of Graeme Wheeler (RBNZ Governor). I think that he will act.\r\n\r\nFrom the chart below support is at 0.6645 and resistance at 0.6820.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\" alt=\"NZDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3165\r\n\r\nMoving nicely back towards the 1.3455 near term highs.\r\n\r\nAfter the shock Trudeau election victory the pair has steadily moved upwards. As I have said there will be a rate cut on the cards in Canada before the year-end. Falling oil prices have handed Justin Trudeau a headache and stimulus is required. Enter Poloz with his head in a bucket of sand….head pops out and lo and behold we have a 0.25% cut before the end of the year.\r\n\r\nThis pair has the chance to really move higher. There is an inverted head and shoulders pattern on the weekly chart with a measured move of 1.4000. On the monthly chart there is a cup and handle formation targeting 1.6000. These measured moves are extreme and personally, I am not getting excited until 1.3455 is broken.\r\n\r\nThis week support is at 1.3140 and resistance 1.3217.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\" alt=\"USDCADDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9784\r\n\r\nThis pair is poised for a breakout. I exited my final long just below current prices as the 0.9800 level offers good resistance.\r\n\r\nI will chase this pair higher on a break as I believe in conjunction with the EUR/USD to parity this has the chance to get to 1.1000 and beyond.\r\n\r\nSupport this week is 0.9750 and resistance after 0.9800 is 0.9850.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\" alt=\"USDCHFDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 121.45\r\n\r\nThis pair is getting well supported not just because of the jawboning from Mario Draghi (ECB) but also on the rumours of BOJ QE this week.\r\n\r\n121.70 will be a key area to hold as any break through here and then 122.00 could see this pair motor on up towards 124.00 / 125.00 quite easily and should the BOJ ease further we could be back at 130.00.\r\n\r\nSupport is back at 121.00\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\" alt=\"USDJPYDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nFrom earlier in this blog…\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE</span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as ducks lining up, in the past) I will enter with either a LIVE trade or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nIt tells me that at times I have been trying to engineer trades earlier in the month when there were not trades that fitted my TRADE PLAN profile.\r\n\r\nHaving checked my TRADING PLAN; I have been a little generous with entry levels, correlations and technical patterns that I usually use to “green light” my trades. I think this has been brought about by the fact I am holding a couple of open positions with quite large (for me) potential pip losses. They are both within the ranges I had set at the outset but I think that because I took these on board I let other aspects of my trading run a little out of sync.\r\n\r\nThe bottom line is…\r\n\r\n“Wait for the trades to come to you”.\r\n\r\nI am usually very good at this but there were one or two trades that I took on board that frankly I should have left alone, or at least cut losses on sooner. By the same token I am human. There are only so many times I can smash my head against the wall.\r\n\r\nForcing trades never works over time, the chickens will come home to roost and bite you on your ar**.\r\n\r\nEight years in you would think that I should know better. This is basic stuff.\r\n<p style=\"text-align: center;\"><strong>WAIT FOR THE TRADES TO COME TO YOU</strong>\r\n<strong>PLAN YOUR TRADES AND TRADE YOUR PLAN</strong></p>\r\nThis is a gentle reminder. There is little point looking for high probability trades, finding none and then looking for “almost fits” and running with them. This market takes no prisoners, you are just killed, and there is no forgiving. You have be trading with your eyes wide open and know your risk before you start, knowing that if you need to move a stop your entry position and trade size allows this.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THIS WEEK IS THE MOST IMPORTANT FOR TRADING</strong>\r\n<strong>FOREX IN 2015</strong></p>\r\nHeavy title.\r\n\r\nThe history…\r\n\r\nSince June this year, I have been writing to my fee-paying subscribers and adding bits and pieces in the general open areas of this blog with my thoughts on my FUNDAMENTAL TRADE PLAN that is in play through to the end of this year and beyond.\r\n\r\nFor one reason or another, the FOMC dithering has stopped me from loading up my longer-term FUNDAMENTAL trades. Every time I try to do this, I read conflicting longer-term central bank chatter that puts me off and raises the odd red flag and I cut the trade. This is both frustrating for my subscribers, and me if we are both looking for “place them and forget about them trades”. On a positive note we are making money so that is the compensation.\r\n\r\nI have been waiting on the FED to raise rates and start the process. I have been dithering along with the FED!\r\n\r\nMy main reason for dithering was supportive action by central banks to boost commodity prices and in so doing this it supports the AUD, NZD and CAD, three of my core currencies would be moving in the wrong direction and a knock on effect would be seen with the commodity cross rates. It has been a stop and start 3/4 months as far as I am concerned and totally frustrating.\r\n\r\nIt looked so easy. The FED raises rates. We have divergent central bank policies in play. Never underestimate the FED and you cannot lose.\r\n\r\nNow…\r\n\r\nI am still waiting.\r\n\r\nThe moves last week by the ECB and PBOC were timely. It makes it so hard for the FED to raise rates this year. Yellen dithered and missed the opportunity now she has nothing put by for a rainy day.\r\n\r\nLet me revisit each major central bank.\r\n\r\n<strong>FED:</strong> Hawkish, but pseudo hawkish. Janet Yellen is dovish and dithered about even a 0.10% rise prior to the summer and in my opinion missed the opportunity in September. The fact that the FOMC would not even agree a minimal rate rise is very concerning and worrying. I think that it will be hard to raise and it would be a total surprise if a rate hike occurred this year.\r\n\r\n<strong>ECB:</strong> Now a full-on dovish, 100% totally supportive central bank. Mario Draghi is back at “Whatever it takes” once again.\r\n\r\n<strong>PBOC:</strong> Whatever your thoughts and opinions are vis-à-vis the released China data, there is no doubt that the PBOC are dovish. What concerns me is that China is not an open economy and the PBOC want reserve currency status and the IMF supports this? How the IMF can promote this beggars belief given the current cloak and dagger, stealth conditions that China continues to operate under?\r\n\r\n<strong>BOJ:</strong> Dovish - and there are huge rumours that more QE will be announced this week.\r\n\r\n<strong>BOE:</strong> Allegedly hawkish. Data is mixed from the UK but Carney (believe him at your own risk) is upbeat on raising rates. He was even quoted as saying they would move higher before the FED. Yeah right my ar**. I just cannot see the UK having the balls to go higher before the FED. However, I could see a coordinated move together, both raising rates at the same time.\r\n\r\n<strong>SNB:</strong> The stealth movers…. The SNB are concerned about the EUR/CHF exchange rate and the pressure that the ECB has placed on this pair to the downside must be concerning. There were papers flying around last Thursday/Friday stating that a revised EUR/CHF floor would be placed at a minimum of 1.0700. After the 1.2000 peg was removed earlier this year 1.1000 was muted as “fair value”. It would NOT surprise me to see the SNB intervene sooner rather than later.\r\n\r\n<strong>RBA:</strong> Glenn Stevens who is continually worried about house prices in Sydney, now claims that the RBA is neutral. Well, they were neutral before last week, is where I see things. In my opinion, they will be cutting rates sooner rather than later irrespective of property prices in Sydney. They have to move just to stand still and maintain the status quo.\r\n\r\n<strong>RBNZ:</strong> Meeting this week and, I expect a rate cut to keep ahead of the curve. Deputy Finance Minister English was in the news last week saying that the existing levels in the FX markets were about right. In my opinion, that is now old news. They have to move to maintain the status quo.\r\n\r\n<strong>BOC:</strong> Following the general election last Monday, and at the BOC meeting last Tuesday Poloz stated that the full effects of the rate cut earlier this year had still to be realized. What utter nonsense. He has his head in the sand and was under orders not to cut. Oil is dropping lower and he has a series of poor economic data to deal with. He will cut next time to give the Canadian population a Christmas surprise. There is only so much sand he can stick his head into.\r\n\r\n&nbsp;\r\n\r\nSo in summary, it\'s the FED and the BOE that are hawkish and the PBOC, ECB, BOJ, SNB, RBNZ openly dovish in commentary. The RBA and BOC are neutral, however in my mind, they are as dovish as the other central banks they are just in denial for whatever reasons known only to themselves.\r\n\r\nThis week, the commentary from the FED, RBNZ and BOJ will give us not just additional commentary but it will give us direction. Coming so close to the ECB and PBOC timing could not be better.\r\n\r\nI can guarantee you volatility in abundance this Wednesday. I am just hoping that by the end of the week I will be in a position to strategize moving forward. This week is critical and it will direct us in our trading through to the year-end and the first quarter 2016.\r\n\r\nThe FED announcement is the big news item. It all depends on the FOMC view of why the ECB acted the way it did. If the FED views Draghi as supporting the EUR and the Eurozone economies, this takes away a concern from that the last FOMC decision about weaker world economies requiring help. This could be the trigger to raise interest rates in the FED’s eyes. Stranger things have happened, although with Yellen being such a dove I suspect any decision on a rate hike will be delayed.\r\n\r\nDo not forget; how could we in this transitory period… that we are of course governed by the phrase “Data dependent” and the U.S. data is definitely in the weak column rather than the strong, so the odds given the data are against a rate increase, that is of course in my opinion. My God, I am turning into a ditherer, or maybe a dove on all matters?\r\n\r\nNevertheless, with all of the above factored in, it does make this week a pivotal week for Forex traders, be prepared.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 24th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 565 trades cost to trade = $56.50\r\n<strong>PROFIT</strong> from 565 trades = <strong>$952.40</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 565 trades cost to trade = $565.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$9,524.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 565 trades cost to trade = $5,650.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$95,240.00</strong></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n3.2.1: FLASH TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\"><img class=\"aligncenter size-full wp-image-6650\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\" alt=\"FLASH1 24102015\" width=\"483\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\"><img class=\"aligncenter size-full wp-image-6651\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\" alt=\"FLASH2 24102015\" width=\"496\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.2: RADAR TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\"><img class=\"aligncenter size-full wp-image-6652\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\" alt=\"RADAR1 24102015\" width=\"504\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\"><img class=\"aligncenter size-full wp-image-6653\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\" alt=\"RADAR2 24102015\" width=\"482\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.3: FUNDAMENTAL TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\"><img class=\"aligncenter size-full wp-image-6654\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\" alt=\"FUNDAMENTAL 24102015\" width=\"513\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\"><img class=\"aligncenter size-full wp-image-6648\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\" alt=\"PS PROFITS1 24102015\" width=\"522\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\"><img class=\"aligncenter size-full wp-image-6649\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\" alt=\"PPS PROFITS2 24102015\" width=\"523\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n3.4: PREMIUM SERVICE – 2014 TOTAL PERFORMANCE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\"><img class=\"aligncenter size-full wp-image-6667\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\" alt=\"PREM SERV PROFITS 2014\" width=\"452\" height=\"401\" /></a>\r\n\r\n&nbsp;\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n4.3.1: UPDATED CHARTS &amp; COMMENTARY ON EXISTING LIVE TRADES:\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nI am going to be very, very light on trades going into Wednesday this week.\r\n\r\nCurrently I have three open trades, EUR/CHF, EUR/NZD and GBP/NZD. All three of these trades form part of my longer-term trading plan. Both NZD related pairs have swung from positive to negative and the EUR/CHF was only positive twice since the trade was first entered into in early September.\r\n\r\nI have no plans to load up any more trades until after the FED has delivered its statement.\r\n\r\nAs I have stated already this in my eyes is the most important week for FX trading this year so far. It trumps the September FED meeting because it is so close after the ECB and PBOC having made their announcements.\r\n\r\nIf you decide to trade ahead of the FED be nimble, I suspect that the markets will be slow Monday and Tuesday this week.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG#174','THIS WEEK IS THE MOST IMPORTANT FOR TRADING FOREX IN 2015','','inherit','closed','closed','','6675-revision-v1','','','2015-10-24 15:04:38','2015-10-24 20:04:38','',6675,'https://weeklyfxdrivethru.com/6675-revision-v1/',0,'revision','',0),(6680,1,'2015-10-25 05:45:00','2015-10-25 10:45:00','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:\r\n\r\n1.1: LOOKING BACKWARDS:\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE </span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as Ducks lining up, in the past) I will enter with either LIVE trades or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nI am going to cover this in section 1.3 Looking sideways, later in this blog.\r\n\r\nMoving on…\r\n\r\nSo along comes Mario Draghi to the ECB press conference last Thursday about a week after Ewald Nowotny’s (Austrian Central Bank Governor and ECB council member), comments about ECB inflation targets basically being tantamount to a pipe dream.\r\n\r\nI wrote just prior to the press conference to my premium service subscribers stating whilst Nowotny was correct, it was too late for Draghi to act and that I felt he would say that he would do all in his mandate to act moving forward. I was expecting some jawboning, but fair play to Mario Draghi he really laid it on thick, so that the dumbest of reporters that usually prefer to comment on the colour of his tie had to take note: -\r\n<ul>\r\n	<li>Lower deposit rate at ECB beyond -0.2%</li>\r\n	<li>Extend the end date for QE purchases</li>\r\n	<li>Increase the size of the QE program</li>\r\n	<li>Increase and broaden the types of bonds that can be purchased</li>\r\n</ul>\r\nThe above were the four key takeaways I noted from his very carefully prepared and delivered speech.\r\n\r\nI keep banging on about DEFLATION.\r\n\r\nThe Eurozone is in DEFLATION territory, and, as I have said many, many, many times before, there is not a Central Bank Governor or President who has any clue on how to solve DEFLATION. Frankly, there is more chance of “Hell freezing over” first, if there is such a place.\r\n\r\nThe nearest place to hell I can think of is probably Janet Yellen’s office in the FED. I still stand over my opinion, which was the title of my blog a few weeks ago, on October 3<sup>rd</sup> 2015, which was: -\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"> “I BET YELLEN WISHED SHE’D HIKED RATES LAST MONTH NOW”</span></p>\r\nYou can just imagine what is going through her mind right now, apart from sh*t, boll**ks, bast**d, F**k, feckers etc…\r\n\r\nShe dithered…\r\n\r\nNow she has a real problem. FED credibility is on the line regarding increasing rates and frankly the whole world is talking about 0.25%. Are you telling me in all seriousness that the biggest consumer driven economy on the planet could not even raise rates by 0.10% in September ahead of all these shenanigans?\r\n\r\nThe shenanigans by the way were created by the FOMC themselves.\r\n\r\n7 years of ZIRP, and they could not even raise by 0.10%.\r\n\r\nYes, I would say the nearest place to hell right now is Yellen’s office.\r\n\r\nThese arguments about the world economic position weighing on the FOMC decision are a smokescreen to hide dithering.\r\n\r\nBack to the ECB and Mario Draghi…\r\n\r\nSo the EUR/USD was crushed like a grape on Thursday and it continued Friday last week as well. The move lower was from 1.1320 to 1.1030, about 300 pips.\r\n\r\nI would say that Mario would be out on the town with Mrs. Draghi this weekend; steak dinner, champagne, roses and a blue pill for dessert…now there a picture for you pouring out your cornflakes.\r\n\r\nThen, just to drive a nail in the coffin of the FED rate hike, out comes the PBOC at about 0715 EST on Friday morning, cutting any rate they could cut. We have reached desperation point with the Chinese economy. I take their economic data with a pinch of salt. We have to note them, and for sure whether the Chinese GDP is at 5% and not 7% it is still in dreamland as far as the rest of the world is concerned.\r\n\r\nInitially, all my open trades were screwed on the announcement from the PBOC then after about 30 minutes the commodity currencies dropped like a hot knife through butter.\r\n\r\nAUD and NZD in particular, one would have thought a massive rally. We had a nice squeeze but very contained and then its like the PBOC cuts never happened.\r\n\r\nWhat a weird market we trade inside.\r\n\r\nFUNDAMENTALS and even the TECHNICALS do not count at times.\r\n\r\nI can’t wait for this week.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nI am not interested in anything this week apart from: -\r\n\r\nTHE FED\r\nTHE RBNZ\r\nand\r\nThe BOJ\r\n\r\nI am focused on these three events and nothing else. I will NOT be adding fresh trades (90% certain of this) and I will NOT be adding any new limit orders either.\r\n\r\nEssentially, we had the ECB and PBOC make it clear what their thoughts are moving forward last week<strong>. </strong>This week, the three central banks (FED, BOJ &amp; RBNZ) plus the SNB, (never rule out the SNB intervening, I was half expecting Thomas Jordan to press the button last Friday morning 15 minutes after the PBOC), will have their say and given what happened last week. These are all “LIVE” meetings the perspective and commentary will be of huge interest to all traders irrespective of trading style.\r\n\r\nThis coming week, the views of these central banks are of paramount importance for your forward trade planning if you are a Forex Trader, in my opinion, this week is that important.\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1016\r\n\r\nWhat can I say here that hasn’t already been said? We saw a 350-pip drop in the closing price this week compared with last week and the EUR/USD looks very bearish.\r\n\r\nLooking at the chart below, we have probed at 1.1000. Once clear from this level the 61.8% Fibonacci level of 1.0940 is next up.\r\n\r\nNot wanting to get carried away but a break below 1.0800 horizontal support and I think it\'s a case of “fill yer boots” for the parity party!!\r\n\r\nFrom a move higher perspective all the way back at 1.1240 is where I think the EUR bulls regain control once again.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\"><img class=\"aligncenter size-full wp-image-6658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSDWeekly24102015.png\" alt=\"EURUSDWeekly24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5309\r\n\r\nI was wussied out of short trade last Friday with the cable. It was a limit order entry, which failed to trigger by 2 pips but 10 pips from my entry level I cancelled the order. In the end it didn’t trigger. Had it triggered, it was a 100-pip move. I think that because I have had so many bad experiences of trading the GBP/USD I shy away now through fear of it ripping up in my face.\r\n\r\nIt is dangerously close to 1.5300. I have read so many pieces about the GBP/USD this week calling for levels ranging from 1.5000 to 1.7000, no wonder my heart skips a beat when I see this pair in action.\r\n\r\nMoving forward support is at 1.5250/1.5300 and then resistance back at 1.5420.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSDDaily24102015.png\" alt=\"GBPUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7214\r\n\r\nIn my opinion, the next few weeks will be pivotal for this pair. I think we have seen the short to medium-term top with 0.7380. I now think that we are on the cusp of a break lower back towards to lower end of the trading range closer to 0.7000, or, just below maybe having a swipe at 0.6940 once again.\r\n\r\nSupport is at 0.7160 and resistance at 0.7260.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSDDaily24102015.png\" alt=\"AUDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6749\r\n\r\nI am viewing this pair very similar to the AUD/USD. I believe that 0.6910 was a top that will be in place for the medium term.\r\n\r\nI also believe that our focus should be to the short side. We have a very important RBNZ meeting statement this Wednesday after the FED announces. I am thinking that there could be a rate cut on offer as the RBNZ attempts to maintain the status quo differential over other central banks. The PBOC action must have scared the crap out of Graeme Wheeler (RBNZ Governor). I think that he will act.\r\n\r\nFrom the chart below support is at 0.6645 and resistance at 0.6820.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSDDaily24102015.png\" alt=\"NZDUSDDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3165\r\n\r\nMoving nicely back towards the 1.3455 near term highs.\r\n\r\nAfter the shock Trudeau election victory the pair has steadily moved upwards. As I have said there will be a rate cut on the cards in Canada before the year-end. Falling oil prices have handed Justin Trudeau a headache and stimulus is required. Enter Poloz with his head in a bucket of sand….head pops out and lo and behold we have a 0.25% cut before the end of the year.\r\n\r\nThis pair has the chance to really move higher. There is an inverted head and shoulders pattern on the weekly chart with a measured move of 1.4000. On the monthly chart there is a cup and handle formation targeting 1.6000. These measured moves are extreme and personally, I am not getting excited until 1.3455 is broken.\r\n\r\nThis week support is at 1.3140 and resistance 1.3217.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCADDaily24102015.png\" alt=\"USDCADDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9784\r\n\r\nThis pair is poised for a breakout. I exited my final long just below current prices as the 0.9800 level offers good resistance.\r\n\r\nI will chase this pair higher on a break as I believe in conjunction with the EUR/USD to parity this has the chance to get to 1.1000 and beyond.\r\n\r\nSupport this week is 0.9750 and resistance after 0.9800 is 0.9850.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHFDaily24102015.png\" alt=\"USDCHFDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 121.45\r\n\r\nThis pair is getting well supported not just because of the jawboning from Mario Draghi (ECB) but also on the rumours of BOJ QE this week.\r\n\r\n121.70 will be a key area to hold as any break through here and then 122.00 could see this pair motor on up towards 124.00 / 125.00 quite easily and should the BOJ ease further we could be back at 130.00.\r\n\r\nSupport is back at 121.00\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\"><img class=\"aligncenter size-full wp-image-6663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPYDaily24102015.png\" alt=\"USDJPYDaily24102015\" width=\"800\" height=\"600\" /></a>\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nFrom earlier in this blog…\r\n<p style=\"text-align: center;\">The title of my blog last week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“HAVE WE SEEN THE TOP IN THE EUR/USD?”</span></p>\r\n<p style=\"text-align: center;\">And, the prior week was: -</p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">“IS NOW THE TIME TO SELL THE</span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">COMMODITY CURRENCIES?”</span></p>\r\n<p style=\"text-align: center;\">The answer to both questions was YES…</p>\r\nThese calls were made from a technical viewpoint and not because I am some sort of superman…. my wife will verify that last comment.\r\n\r\nI am a FUNDAMENTAL trader. FUNDAMENTAL first then as the technical aspect of trading lines up in harmony (I have referred to this as ducks lining up, in the past) I will enter with either a LIVE trade or a trade via a LIMIT ORDER.\r\n\r\nMy trading accounts have reversed dramatically on both pips and $$$ from a few weeks ago, when I was struggling to get traction with my trading when frankly the FX market was pretty much a gambling chop fest at times.\r\n\r\nWhat does this tell me?\r\n\r\nIt tells me that at times I have been trying to engineer trades earlier in the month when there were not trades that fitted my TRADE PLAN profile.\r\n\r\nHaving checked my TRADING PLAN; I have been a little generous with entry levels, correlations and technical patterns that I usually use to “green light” my trades. I think this has been brought about by the fact I am holding a couple of open positions with quite large (for me) potential pip losses. They are both within the ranges I had set at the outset but I think that because I took these on board I let other aspects of my trading run a little out of sync.\r\n\r\nThe bottom line is…\r\n\r\n“Wait for the trades to come to you”.\r\n\r\nI am usually very good at this but there were one or two trades that I took on board that frankly I should have left alone, or at least cut losses on sooner. By the same token I am human. There are only so many times I can smash my head against the wall.\r\n\r\nForcing trades never works over time, the chickens will come home to roost and bite you on your ar**.\r\n\r\nEight years in you would think that I should know better. This is basic stuff.\r\n<p style=\"text-align: center;\"><strong>WAIT FOR THE TRADES TO COME TO YOU</strong>\r\n<strong>PLAN YOUR TRADES AND TRADE YOUR PLAN</strong></p>\r\nThis is a gentle reminder. There is little point looking for high probability trades, finding none and then looking for “almost fits” and running with them. This market takes no prisoners, you are just killed, and there is no forgiving. You have be trading with your eyes wide open and know your risk before you start, knowing that if you need to move a stop your entry position and trade size allows this.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THIS WEEK IS THE MOST IMPORTANT FOR TRADING</strong>\r\n<strong>FOREX IN 2015</strong></p>\r\nHeavy title.\r\n\r\nThe history…\r\n\r\nSince June this year, I have been writing to my fee-paying subscribers and adding bits and pieces in the general open areas of this blog with my thoughts on my FUNDAMENTAL TRADE PLAN that is in play through to the end of this year and beyond.\r\n\r\nFor one reason or another, the FOMC dithering has stopped me from loading up my longer-term FUNDAMENTAL trades. Every time I try to do this, I read conflicting longer-term central bank chatter that puts me off and raises the odd red flag and I cut the trade. This is both frustrating for my subscribers, and me if we are both looking for “place them and forget about them trades”. On a positive note we are making money so that is the compensation.\r\n\r\nI have been waiting on the FED to raise rates and start the process. I have been dithering along with the FED!\r\n\r\nMy main reason for dithering was supportive action by central banks to boost commodity prices and in so doing this it supports the AUD, NZD and CAD, three of my core currencies would be moving in the wrong direction and a knock on effect would be seen with the commodity cross rates. It has been a stop and start 3/4 months as far as I am concerned and totally frustrating.\r\n\r\nIt looked so easy. The FED raises rates. We have divergent central bank policies in play. Never underestimate the FED and you cannot lose.\r\n\r\nNow…\r\n\r\nI am still waiting.\r\n\r\nThe moves last week by the ECB and PBOC were timely. It makes it so hard for the FED to raise rates this year. Yellen dithered and missed the opportunity now she has nothing put by for a rainy day.\r\n\r\nLet me revisit each major central bank.\r\n\r\n<strong>FED:</strong> Hawkish, but pseudo hawkish. Janet Yellen is dovish and dithered about even a 0.10% rise prior to the summer and in my opinion missed the opportunity in September. The fact that the FOMC would not even agree a minimal rate rise is very concerning and worrying. I think that it will be hard to raise and it would be a total surprise if a rate hike occurred this year.\r\n\r\n<strong>ECB:</strong> Now a full-on dovish, 100% totally supportive central bank. Mario Draghi is back at “Whatever it takes” once again.\r\n\r\n<strong>PBOC:</strong> Whatever your thoughts and opinions are vis-à-vis the released China data, there is no doubt that the PBOC are dovish. What concerns me is that China is not an open economy and the PBOC want reserve currency status and the IMF supports this? How the IMF can promote this beggars belief given the current cloak and dagger, stealth conditions that China continues to operate under?\r\n\r\n<strong>BOJ:</strong> Dovish - and there are huge rumours that more QE will be announced this week.\r\n\r\n<strong>BOE:</strong> Allegedly hawkish. Data is mixed from the UK but Carney (believe him at your own risk) is upbeat on raising rates. He was even quoted as saying they would move higher before the FED. Yeah right my ar**. I just cannot see the UK having the balls to go higher before the FED. However, I could see a coordinated move together, both raising rates at the same time.\r\n\r\n<strong>SNB:</strong> The stealth movers…. The SNB are concerned about the EUR/CHF exchange rate and the pressure that the ECB has placed on this pair to the downside must be concerning. There were papers flying around last Thursday/Friday stating that a revised EUR/CHF floor would be placed at a minimum of 1.0700. After the 1.2000 peg was removed earlier this year 1.1000 was muted as “fair value”. It would NOT surprise me to see the SNB intervene sooner rather than later.\r\n\r\n<strong>RBA:</strong> Glenn Stevens who is continually worried about house prices in Sydney, now claims that the RBA is neutral. Well, they were neutral before last week, is where I see things. In my opinion, they will be cutting rates sooner rather than later irrespective of property prices in Sydney. They have to move just to stand still and maintain the status quo.\r\n\r\n<strong>RBNZ:</strong> Meeting this week and, I expect a rate cut to keep ahead of the curve. Deputy Finance Minister English was in the news last week saying that the existing levels in the FX markets were about right. In my opinion, that is now old news. They have to move to maintain the status quo.\r\n\r\n<strong>BOC:</strong> Following the general election last Monday, and at the BOC meeting last Tuesday Poloz stated that the full effects of the rate cut earlier this year had still to be realized. What utter nonsense. He has his head in the sand and was under orders not to cut. Oil is dropping lower and he has a series of poor economic data to deal with. He will cut next time to give the Canadian population a Christmas surprise. There is only so much sand he can stick his head into.\r\n\r\n&nbsp;\r\n\r\nSo in summary, it\'s the FED and the BOE that are hawkish and the PBOC, ECB, BOJ, SNB, RBNZ openly dovish in commentary. The RBA and BOC are neutral, however in my mind, they are as dovish as the other central banks they are just in denial for whatever reasons known only to themselves.\r\n\r\nThis week, the commentary from the FED, RBNZ and BOJ will give us not just additional commentary but it will give us direction. Coming so close to the ECB and PBOC timing could not be better.\r\n\r\nI can guarantee you volatility in abundance this Wednesday. I am just hoping that by the end of the week I will be in a position to strategize moving forward. This week is critical and it will direct us in our trading through to the year-end and the first quarter 2016.\r\n\r\nThe FED announcement is the big news item. It all depends on the FOMC view of why the ECB acted the way it did. If the FED views Draghi as supporting the EUR and the Eurozone economies, this takes away a concern from that the last FOMC decision about weaker world economies requiring help. This could be the trigger to raise interest rates in the FED’s eyes. Stranger things have happened, although with Yellen being such a dove I suspect any decision on a rate hike will be delayed.\r\n\r\nDo not forget; how could we in this transitory period… that we are of course governed by the phrase “Data dependent” and the U.S. data is definitely in the weak column rather than the strong, so the odds given the data are against a rate increase, that is of course in my opinion. My God, I am turning into a ditherer, or maybe a dove on all matters?\r\n\r\nNevertheless, with all of the above factored in, it does make this week a pivotal week for Forex traders, be prepared.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</strong></p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 24th 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 565 trades cost to trade = $56.50\r\n<strong>PROFIT</strong> from 565 trades = <strong>$952.40</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 565 trades cost to trade = $565.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$9,524.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 565 trades cost to trade = $5,650.00\r\n<strong>PROFIT</strong> from 565 trades = <strong>$95,240.00</strong></p>\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n3.2.1: FLASH TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\"><img class=\"aligncenter size-full wp-image-6650\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-24102015.png\" alt=\"FLASH1 24102015\" width=\"483\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\"><img class=\"aligncenter size-full wp-image-6651\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-24102015.png\" alt=\"FLASH2 24102015\" width=\"496\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.2: RADAR TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\"><img class=\"aligncenter size-full wp-image-6652\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-24102015.png\" alt=\"RADAR1 24102015\" width=\"504\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\"><img class=\"aligncenter size-full wp-image-6653\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-24102015.png\" alt=\"RADAR2 24102015\" width=\"482\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.2.3: FUNDAMENTAL TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\"><img class=\"aligncenter size-full wp-image-6654\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-24102015.png\" alt=\"FUNDAMENTAL 24102015\" width=\"513\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\"><img class=\"aligncenter size-full wp-image-6648\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-24102015.png\" alt=\"PS PROFITS1 24102015\" width=\"522\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\"><img class=\"aligncenter size-full wp-image-6649\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PPS-PROFITS2-24102015.png\" alt=\"PPS PROFITS2 24102015\" width=\"523\" height=\"416\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n3.4: PREMIUM SERVICE – 2014 TOTAL PERFORMANCE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\"><img class=\"aligncenter size-full wp-image-6667\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS-2014.png\" alt=\"PREM SERV PROFITS 2014\" width=\"452\" height=\"401\" /></a>\r\n\r\n&nbsp;\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions. Contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction. This chart potentially benefits, swing, and longer-term position traders).\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n4.3.1: UPDATED CHARTS &amp; COMMENTARY ON EXISTING LIVE TRADES:\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nI am going to be very, very light on trades going into Wednesday this week.\r\n\r\nCurrently I have three open trades, EUR/CHF, EUR/NZD and GBP/NZD. All three of these trades form part of my longer-term trading plan. Both NZD related pairs have swung from positive to negative and the EUR/CHF was only positive twice since the trade was first entered into in early September.\r\n\r\nI have no plans to load up any more trades until after the FED has delivered its statement.\r\n\r\nAs I have stated already this in my eyes is the most important week for FX trading this year so far. It trumps the September FED meeting because it is so close after the ECB and PBOC having made their announcements.\r\n\r\nIf you decide to trade ahead of the FED be nimble, I suspect that the markets will be slow Monday and Tuesday this week.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG#174','THIS WEEK IS THE MOST IMPORTANT FOR TRADING FOREX IN 2015','','inherit','closed','closed','','6675-revision-v1','','','2015-10-25 05:45:00','2015-10-25 10:45:00','',6675,'https://weeklyfxdrivethru.com/6675-revision-v1/',0,'revision','',0),(6691,1,'2015-10-27 10:41:32','2015-10-27 15:41:32','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n&nbsp;\r\n\r\nAs I mentioned in last weekend’s blog, I view tomorrow’s FED’s commentary in the statement released tomorrow as pivotal ion how the rest of this year plays out from a Forex Trading perspective.\r\n\r\nI am not expecting a rate rise at all, as I think the moment to hike was missed just before the summer this year and then a definite “dither” took place last month in September.\r\n\r\nAs you know, I am remaining light on trading ahead of the FED announcement, in spite of a few moves that have caught my eye, which I believe are too good to miss, in particular the USD/CHF.\r\n\r\nThe USD/CHF is now attempting to break out above 0.9850 having broke higher through a multi-year trend line at the end of last week. This is a significant move and whilst I am annoyed at being wussied out of my original core trade taking a substantial loss had I just stayed the course that trade would now be in profit with an improved subsequent credit balance in my broker account. Having said that there is now the opportunity to make some $$$ with this pair and maybe some CHF related pairs.\r\n\r\nOn the basis that my mind is looking at multiple events all at once: -\r\n\r\nThe CHF breakout\r\nThe FED statement\r\nThe RBNZ statement\r\nand the\r\nThe BOJ statement\r\n\r\nI have placed charts the initially relate to each event in the appropriate section. I hope that this makes sense. However, they can be traded as the other events happen should the trade set up and it is deemed an acceptable risk.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">FED ANNOUNCEMENT – 28.10.2015 1400EST:</span>\r\n\r\nMy overview is based on the FED maintaining current FED policy of raising interest rates. I am hoping that a move in 2015 is NOT ruled out. Who knows?\r\n\r\nShould the commentary state this year still an option, this is what my overriding thoughts are based on. Should the commentary delay into 2016, I doubt I will trade. I will want to read the press release.\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURGBP-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6687\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURGBP-D-27102015-1024x514.png\" alt=\"EURGBP D 27102015\" width=\"1024\" height=\"514\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSD-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6686\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSD-D-27102015-1024x514.png\" alt=\"EURUSD D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCAD-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6683\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCAD-D-27102015-1024x514.png\" alt=\"USDCAD D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">RBNZ ANNOUNCEMENT – 28.10.2015 1600EST:</span>\r\n\r\nI am always deeply concerned about Graeme Wheeler. What he does and what he says he wants are nearly always two different things.\r\n\r\nThe Kiwi has squeezed and I bet this is not sitting well with the central bank officials.\r\n\r\nWill they jawbone, or, will the RBNZ cut rates?\r\n\r\nDO NOT rule out a rate cut. A surprise will show the market who is in control and it will show determination.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSD-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6684\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSD-D-27102015-1024x514.png\" alt=\"NZDUSD D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDNZD-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6688\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDNZD-D-27102015-1024x514.png\" alt=\"AUDNZD D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nBOJ REPORT – 30.10.2015 0200EST:\r\n\r\nWill they add more QE or do nothing? BOJ officials have said no. But this is politics. No can mean yes and yes can mean no.\r\n\r\nIn addition to the AUD/JPY trade, the EUR/JPY, GBP/JPY, CAD/JPY, NZD/JPY and CHF/JPY all have trade set-ups that could interest me.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDJPY-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6689\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDJPY-D-27102015-1024x514.png\" alt=\"AUDJPY D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nCHF BREAKOUT:\r\n\r\nFinally, take care when placing trades over the next few days. It will be volatile, there will be knee-jerk reactions and finally there will a whole host of numpties trying to get the 15 seconds of fame on the TV stating that the fallout is exactly what they predicted. Not just TV pundits who never trade and blow in whatever direction the wind blows like a Dennis Gartman, but also government officials\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDCHF-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6690\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDCHF-D-27102015-1024x514.png\" alt=\"AUDCHF D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPCHF-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6685\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPCHF-D-27102015-1024x514.png\" alt=\"GBPCHF D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHF-M-27102015.png\"><img class=\"aligncenter size-large wp-image-6682\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHF-M-27102015-1024x514.png\" alt=\"USDCHF M 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG #78','MY THOUGHTS ON SOME POSSIBLE TRADES AHEAD  OF THE FED, RBNZ and BOJ DECISIONS','','publish','open','closed','','my-thoughts-on-some-possible-trades-ahead-of-the-fed-rbnz-and-boj-decisions','','','2015-10-27 10:41:32','2015-10-27 15:41:32','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=6691',0,'member_posts','',0),(6692,1,'2015-10-27 10:40:40','2015-10-27 15:40:40','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n&nbsp;\r\n\r\nAs I mentioned in last weekend’s blog, I view tomorrow’s FED’s commentary in the statement released tomorrow as pivotal ion how the rest of this year plays out from a Forex Trading perspective.\r\n\r\nI am not expecting a rate rise at all, as I think the moment to hike was missed just before the summer this year and then a definite “dither” took place last month in September.\r\n\r\nAs you know, I am remaining light on trading ahead of the FED announcement, in spite of a few moves that have caught my eye, which I believe are too good to miss, in particular the USD/CHF.\r\n\r\nThe USD/CHF is now attempting to break out above 0.9850 having broke higher through a multi-year trend line at the end of last week. This is a significant move and whilst I am annoyed at being wussied out of my original core trade taking a substantial loss had I just stayed the course that trade would now be in profit with an improved subsequent credit balance in my broker account. Having said that there is now the opportunity to make some $$$ with this pair and maybe some CHF related pairs.\r\n\r\nOn the basis that my mind is looking at multiple events all at once: -\r\n\r\nThe CHF breakout\r\nThe FED statement\r\nThe RBNZ statement\r\nand the\r\nThe BOJ statement\r\n\r\nI have placed charts the initially relate to each event in the appropriate section. I hope that this makes sense. However, they can be traded as the other events happen should the trade set up and it is deemed an acceptable risk.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">FED ANNOUNCEMENT – 28.10.2015 1400EST:</span>\r\n\r\nMy overview is based on the FED maintaining current FED policy of raising interest rates. I am hoping that a move in 2015 is NOT ruled out. Who knows?\r\n\r\nShould the commentary state this year still an option, this is what my overriding thoughts are based on. Should the commentary delay into 2016, I doubt I will trade. I will want to read the press release.\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURGBP-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6687\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURGBP-D-27102015-1024x514.png\" alt=\"EURGBP D 27102015\" width=\"1024\" height=\"514\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSD-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6686\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSD-D-27102015-1024x514.png\" alt=\"EURUSD D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCAD-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6683\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCAD-D-27102015-1024x514.png\" alt=\"USDCAD D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">RBNZ ANNOUNCEMENT – 28.10.2015 1600EST:</span>\r\n\r\nI am always deeply concerned about Graeme Wheeler. What he does and what he says he wants are nearly always two different things.\r\n\r\nThe Kiwi has squeezed and I bet this is not sitting well with the central bank officials.\r\n\r\nWill they jawbone, or, will the RBNZ cut rates?\r\n\r\nDO NOT rule out a rate cut. A surprise will show the market who is in control and it will show determination.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSD-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6684\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSD-D-27102015-1024x514.png\" alt=\"NZDUSD D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDNZD-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6688\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDNZD-D-27102015-1024x514.png\" alt=\"AUDNZD D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nBOJ REPORT – 30.10.2015 0200EST:\r\n\r\nWill they add more QE or do nothing? BOJ officials have said no. But this is politics. No can mean yes and yes can mean no.\r\n\r\nIn addition to the AUD/JPY trade, the EUR/JPY, GBP/JPY, CAD/JPY, NZD/JPY and CHF/JPY all have trade set-ups that could interest me.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDJPY-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6689\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDJPY-D-27102015-1024x514.png\" alt=\"AUDJPY D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nCHF BREAKOUT:\r\n\r\nFinally, take care when placing trades over the next few days. It will be volatile, there will be knee-jerk reactions and finally there will a whole host of numpties trying to get the 15 seconds of fame on the TV stating that the fallout is exactly what they predicted. Not just TV pundits who never trade and blow in whatever direction the wind blows like a Dennis Gartman, but also government officials\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDCHF-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6690\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDCHF-D-27102015-1024x514.png\" alt=\"AUDCHF D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPCHF-D-27102015.png\"><img class=\"aligncenter size-large wp-image-6685\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPCHF-D-27102015-1024x514.png\" alt=\"GBPCHF D 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHF-M-27102015.png\"><img class=\"aligncenter size-large wp-image-6682\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHF-M-27102015-1024x514.png\" alt=\"USDCHF M 27102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG #78','MY THOUGHTS ON SOME POSSIBLE TRADES AHEAD  OF THE FED, RBNZ and BOJ DECISIONS','','inherit','closed','closed','','6691-revision-v1','','','2015-10-27 10:40:40','2015-10-27 15:40:40','',6691,'https://weeklyfxdrivethru.com/6691-revision-v1/',0,'revision','',0),(6719,1,'2015-10-30 17:36:50','2015-10-30 22:36:50','<section class=\"one-sixth first\">\r\n<h4>Completed Trades Risk/Reward Analysis Archives</h4>\r\n<div class=\"menu\"><a class=\"flashmenu-item\" href=\"#\">2015</a></div>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Year\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-RISK-REWARD-31102015.png\"><img class=\"aligncenter size-full wp-image-6700\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-RISK-REWARD-31102015.png\" alt=\"PS RISK REWARD 31102015\" width=\"414\" height=\"520\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>PREVIOUS YEARS</h2>\r\n<h2><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\"><img class=\"aligncenter size-full wp-image-4964\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\" alt=\"PREM SERV RISK-REWARD 31122014 YTD\" width=\"436\" height=\"543\" /></a></h2>\r\n</div>\r\n</section>','COMPLETED TRADES RISK / REWARD ANALYSIS','','inherit','closed','closed','','5006-revision-v1','','','2015-10-30 17:36:50','2015-10-30 22:36:50','',5006,'https://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(6735,1,'2015-10-31 16:20:21','2015-10-31 21:20:21','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:<u> </u>\r\n\r\n1.1: LOOKING BACKWARDS:\r\n\r\nLike many other traders I viewed last week as a pivotal week to give us as Forex Traders guidance into the end of the year and the first quarter of 2016. Having had time to reflect on statements from the FED, RBNZ and BOJ, I have to admit I am both clear and then unclear…… fecking great!\r\n\r\nI made a few trades and banked $$$, but I am also caught in a few trades under water but believe them to be in the right direction moving forward…who doesn’t!\r\n\r\nMaybe I want, or, maybe I expect too much from central bank governors / presidents. I thought, obviously incorrectly, that part of their role and responsibility is to maintain stability with the currencies that they represent and give direction to ensure that market uncertainty is kept to a minimum. I am struggling to see how any central bank governor / president is managing this aspect with any real commanding degree of effectiveness.\r\n\r\nMy main article this week is aimed primarily at the FED and its behavior over recent times so I will hold those comments until later.\r\n\r\nLooking at the RBNZ: Yer man, the governor of the RBNZ Graeme Wheeler, confuses the crap out of me. One-minute Kiwi valuations are too strong and he talks down the currency and in the next breath he says nothing, after a rally out of nowhere.\r\n\r\nBasically he took his foot off the gas to press the pair lower and it bounced from 0.6300 back to almost 0.6800. I wish I knew more about the Kiwi money supply but I would guess that it must be out of sync with the size of the country.\r\n\r\nWhat I mean is New Zealand is a small country and it is primarily a milk exporter. Looking at international bank currency data, the NZD was ranked 10<sup>th</sup> in the world a year or so ago with an average daily turnover $105 billion, which at the time was just under 56% of GDP.\r\n\r\nTo give some scale the percentage of GDP to over the counter trading volumes with other majors are: - CHF 32%, AUD 27% and USD 13%. With the NZD at 56%, it brings to mind the phrase “you are punching well above your weight”.\r\n\r\nHaving this as a backdrop, and, the RBNZ is well aware of these numbers and you can bet more up to date data as well, you would think the RBNZ governor would be stronger and act accordingly. This is why I consistently have a go at Wheeler. In my opinion he does not offer great guidance and creates uncertainty. This is one reason why the NZD flies all over the place.\r\n\r\nIf you were an institution trying to take advantage of the interest rate differential it must be pure hell with the Kiwi. In my eyes, you would be better off using the Las Vegas option!\r\n\r\nThe upshot is; at the next meeting I think he will jawbone. Right now I bet there are some very twitchy bottoms with the NZD/USD approaching 0.6800. I think some of this recent upward move is on the back of China news that allows families to have a second child subject to approval from the state (I cannot believe it’s 2015 and I have just written that sentence).\r\n\r\nThe BOJ kept easing on hold, but gave themselves 6 months extra to achieve their self imposed 2% inflation target and at the same time of announcing this they also said they would have an additional budget announcement. From my perspective, the door to more Quantitative Easing (QE) has been left slightly ajar.\r\n\r\nBeing a USD bull on the back of central bank policy divergence policy, you can imagine the poor USD data at the end of the week has me in great form for this weekend. I am of course being 110% sarcastic. The poor USD killed my open trades, I now reckon I will require either one unbelievable day of USD strength or alternatively a bit of momentum trading over a few days to bring all of my broker accounts in line.\r\n\r\nJoking apart; with USD data so poor (GDP, PCE etc.) and with a FED stating that increases in rates are “Data Dependent”, next weeks job data releases need to be blowout numbers for a December rate hike… or do they? I have a contrarian view on this later in the blog.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: AUD – Building Approvals.\r\nSUNDAY: CNY – Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – RBA Rate Statement and Cash Rate.\r\n\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: NZD – Dairy Prices.\r\nTUESDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\nTUESDAY: NZD – Employment Data.\r\nTUESDAY: AUD – Retail Sales.\r\nTUESDAY: AUD – Trade Balance.\r\n\r\nWEDNESDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\nWEDNESDAY: GBP – Services PMi.\r\nWEDNESDAY: USD – ADP Non Farm Payrolls.\r\nWEDNESDAY: USD – Trade Balance.\r\nWEDNESDAY: CAD – Trade Balance.\r\nWEDNESDAY: USD – Janet Yellen Testifies (FED).\r\nWEDNESDAY: USD – ISM Non-Manufacturing PMi.\r\nWEDNESDAY: AUD – Words of wisdom from Glenn Stevens (RBA).\r\n\r\nTHURSDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\nTHURSDAY: GBP – BOE Inflation report.\r\nTHURSDAY: GBP – BOE Official Bank Rate.\r\nTHURSDAY: GBP – Words of wisdom from Mark Carney (BOE).\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\n\r\nFRIDAY: CAD – Employment Change and Unemployment Rate.\r\nFRIDAY: USD – Non-Farm Employment Data.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nThe first thing that comes to mind looking at my list above is “yikes no sleep”.\r\n\r\nThis week is about prioritizing time. It is a heavy week on key data and I am not saying that you need to be around for it all, but everything seems to inter-connect more than ever.\r\n\r\nMy key trades at the moment involve the following pairs: - EUR/USD, USD/CHF, NZD/USD, EUR/GBP, EUR/CHF and EUR/NZD.\r\n\r\nBasically, I am screwed!\r\n\r\nU.S., European, China and Antipodean data is all-relevant to my open trades. It looks like I am not going to get much sleep at all.\r\n\r\nThe standouts are obviously, the BOE Inflation report and U.S. Non-Farm Payrolls at the end of the week. The Central bank speeches sometimes flatter to deceive but they are important to follow as well in my opinion.\r\n\r\nLooking at it all, to be honest it is another pivotal week for data.\r\n\r\nFor me, my longer-term trading strategy will be provided with more macro and micro economic data this week to place in my melting pot of trade ideas.\r\n\r\nThere will be a lot of information this coming week for us to store and take into consideration to help formulate plans and strategies moving forward. It will be a tiring week - of that there is no doubt.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nAll of my thoughts, ideas and relevant comments are contained on the charts.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1005\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSD-W-31102015.png\"><img class=\"aligncenter size-large wp-image-6709\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSD-W-31102015-1024x514.png\" alt=\"EURUSD W 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5429\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSD-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6708\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSD-D-31102015-1024x514.png\" alt=\"GBPUSD D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7137\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSD-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSD-D-31102015-1024x514.png\" alt=\"AUDUSD D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6775\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSD-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6707\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSD-D-31102015-1024x514.png\" alt=\"NZDUSD D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3071\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCAD-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6706\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCAD-D-31102015-1024x514.png\" alt=\"USDCAD D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9881\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHF-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6705\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHF-D-31102015-1024x514.png\" alt=\"USDCHF D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 120.62\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPY-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6704\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPY-D-31102015-1024x514.png\" alt=\"USDJPY D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nI have a trading pitfall at the moment.\r\n\r\nI am not perfect (my wife will also verify this point).\r\n\r\nIf you were trading last Friday as the London equity markets were closing at noon (EST), you would have been aware of what can only be described as the most violent closing fix / flows I think that we have seen for months, definitely the wildest ride this year without a shadow of a doubt. The fact that last Friday was the last day of the month just exacerbated the end of month flows.\r\n\r\nWhat has this highlighted?\r\n\r\nIt makes me look at my stop placement more and more.\r\n\r\nI am guilty of not placing my stops in line with my RISK TOLERANCE levels within my TRADE PLAN. I am not sure but it must be something psychological within me that like’s to have a tolerance level behind the initial level of the stop that is placed when the trade is entered into.\r\n\r\nPsychological or not, it creates additional stress and this manifested itself around the London fix last Friday.\r\n\r\nI wanted to take advantage of the “Fix” extremes by adding additional trades but I had to initially deal with my USD/CHF long trades, which were moving closer to my stop loss levels and required attention. This cost me about 20 pips on the EUR/USD and USD/CHF new trades that I wanted to enter as I spent time adjusting the stops on the existing open trades.\r\n\r\nI know reading this it looks stupid. Why not just set your stop at the right level from the moment the trade is active? I know… the psychology of trading is something that we all deal with in different ways. Being a Forex Trader there is so much to consider and be aware of to make your daily routine easier.\r\n\r\nThis may seem a little crazy to write about, but from a psychological viewpoint identifying this as a trading issue and writing about it will hopefully help.\r\n\r\nThe fact that I was “pratting” around moving stops and tweeting this to my subscribers when I could have started new trades at better prices hit a nerve!\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>FOR THE FED - IT’S ALL ABOUT CREDIBILITY NOW….</strong></p>\r\nThe FED under Janet Yellen is so cautious, how does this woman as a pedestrian ever cross a street?\r\n\r\nThere are risks to everything in life. However, I keep returning to the one fact that continues to haunt me over and over again. After 7 years of zero interest rates; if the biggest economy in the world cannot even raise rates by 0.10% WTF! For months, the FOMC has dithered. If the U.S. economy is that damn fragile, the FOMC should be held accountable for mismanagement and fired after 7 years of basically having a free-reign.\r\n\r\nHow long ago did tapering end?\r\n\r\nIf you cannot remember it was just over a year ago in October 2014. Ben Bernanke announced then that normalization in monetary FED policy would return sooner rather than later.\r\n\r\nWell… here we are 12 months later “Helicopter Ben” has been replaced by “Dithering Janet”.\r\n\r\nFour words stood out from the FED statement last Wednesday for most analysts, which were - “At the next meeting”.\r\n\r\nPersonally, I think it’s going to take a recession to stop a rate hike in December.\r\n\r\nI know that many of you think that I love placing my balls on the chopping block time after time with some of my views, but in this particular instance, my balls are on the chopping block because I really think it’s all about FED credibility.\r\n\r\nIf you are a regular reader you will know that I think that just prior to the summer the FOMC should have lifted off, then in September I thought it better late than never. I was astonished that they did not raise rates last month. I said and stick with it…. it was dithering.\r\n\r\nNow the FOMC is at the last station on the line before the terminus.\r\n\r\nThe FOMC said that they would raise rates in 2015, they keep talking about data dependency, but they have moved goal posts this year regarding data dependency. They threw in a red herring about the world economic position in the September policy statement and ensuing Press Conference, to justify no rate increase in September.\r\n\r\nThen last week the world economic slowdown and other world economics are all of a sudden not that important anymore. This equates to classic dithering in my opinion.\r\n\r\nIf the FOMC does not raise rates this year they will lose credibility as far as the markets are concerned. Everything they say from now on will be taken with a pinch of salt. They will NOT be believed.\r\n\r\nIn my opinion, it is going to take a massive world event, or the worst ever set of job numbers in the history of the U.S. to prevent a rate increase in December.\r\n\r\nAll the consumer data should show increases after Thanksgiving. The seasonality effect of most sales numbers, which will be paired back because of a slowdown in the run up to the final quarter, will come in, in line or slightly better. There will be a massive amount of part-time hires from now through the holiday season if the FOMC cannot muster a 0.25% rate increase she will at least have to sanction 0.10% with a note of more to come in 2016.\r\n\r\nWe are talking about the biggest economy in the world. It is now over 12 months since we were advised that FED monetary policy was changing and normalization was returning.\r\n\r\nI ask you…\r\n\r\nHow many times do we have to hear the word “Transitory?”\r\n\r\nWe have had 12 months of transitory. The issues that cause concern each meeting cannot remain transitory for a year; by now they must be permanent one must have thought.\r\n\r\nI know I am somewhat alone with these thoughts, as most views are looking further down the line, to possibly the first quarter in 2016 before a rate increase would take place. Time will tell if my thoughts resonate with the FOMC and whether or not credibility with the markets is important to them.\r\n\r\nI really do believe that Janet Yellen regrets not raising rates in September. This uncertainty and market volatility that we see is pure and simply self-inflicted upon us by the FED.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n<p style=\"text-align: center;\">PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</p>\r\n<p style=\"text-align: center;\">PROFITS FROM TRADE SET-UPS – to October 31st 2015.\r\n(The profit levels below are based on single lot trades only)</p>\r\n<p style=\"text-align: center;\">MICRO LOT TRADER - 576 trades cost to trade = $57.60\r\n<strong>PROFIT</strong> from 576 trades = <strong>$985.80</strong></p>\r\n<p style=\"text-align: center;\">MINI LOT TRADER - 576 trades cost to trade = $576.00\r\n<strong>PROFIT</strong> from 576 trades = <strong>$9,858.00</strong></p>\r\n<p style=\"text-align: center;\">STANDARD LOT TRADER - 576 trades cost to trade = $5,760.00\r\n<strong>PROFIT</strong> from 576 trades = <strong>$98,580.00</strong></p>\r\n&nbsp;\r\n\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-31102105.png\"><img class=\"aligncenter size-full wp-image-6695\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-31102105.png\" alt=\"RADAR1 31102105\" width=\"507\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-31102015.png\"><img class=\"aligncenter size-full wp-image-6696\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-31102015.png\" alt=\"RADAR2 31102015\" width=\"487\" height=\"551\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR-YTD-31102015.png\"><img class=\"aligncenter size-full wp-image-6711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR-YTD-31102015.png\" alt=\"RADAR YTD 31102015\" width=\"426\" height=\"445\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-31102015.png\"><img class=\"aligncenter size-full wp-image-6697\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-31102015.png\" alt=\"FLASH1 31102015\" width=\"474\" height=\"543\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-31102015.png\"><img class=\"aligncenter size-full wp-image-6698\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-31102015.png\" alt=\"FLASH2 31102015\" width=\"498\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH-YTD-31102015.png\"><img class=\"aligncenter size-full wp-image-6712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH-YTD-31102015.png\" alt=\"FLASH YTD 31102015\" width=\"420\" height=\"449\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-31102015.png\"><img class=\"aligncenter size-full wp-image-6699\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-31102015.png\" alt=\"FUNDAMENTAL 31102015\" width=\"513\" height=\"549\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN-YTD-31102105.png\"><img class=\"aligncenter size-full wp-image-6713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN-YTD-31102105.png\" alt=\"FUN YTD 31102105\" width=\"415\" height=\"442\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-31102105.png\"><img class=\"aligncenter size-full wp-image-6693\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-31102105.png\" alt=\"PS PROFITS1 31102105\" width=\"527\" height=\"420\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-31102105.png\"><img class=\"aligncenter size-full wp-image-6721\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-31102105.png\" alt=\"PREM SERV PROFITS2 31102105\" width=\"520\" height=\"425\" /></a>\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions, contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\nIt was I suppose a good week last week from a trading perspective. Sure, there were things I may have done a little differently and trades I may not have entered at the time I did, but hindsight is just fantastic.\r\n\r\nWe ended last week carrying forward 7 open trades all with negative balances. After the squeeze from hell on Friday last week, I thought that the balances being carried forward would have been a lot worse than they were at the close. I feel very comfortable with all trades moving forward except two trades. The NZD/USD and EUR/NZD really moved against me and never pulled back like the other trades. My longer-term view is that these trades are in the right direction, but they just need time to develop. Patience will be required with these two trades moving forward and with China data being the first out of the blocks this coming week lets hope the data misses the objective that the market is looking for. Somehow I expect an “in line” or “slight beat”!\r\n\r\nIn general terms following the ECB press conference and the FED statement, apart from Fridays squeeze we have witnesses consolidation and what can only be termed a bit of a back fill on a few pairs following some quite over-cooked, over-done moves. This can happen, it doesn\'t always but when it does a re-test of a breakdown level can confirm the move, From my perspective this is a good thing as it means that the controlling traders whether they be bears or bulls are confirmed as being in the driving seat.\r\n\r\nMoving forward into this week, I have a few charts that are worthy of a re-visit. Whether or not these pairs are traded this week is debatable given the amount of news on the horizon.\r\n\r\nCompared to 2014 the month yielded just over 300 pips less than the corresponding month last year. The success/failure rate on trades in October was a remarkable 92% profitable trades to 8% losing trades. To say that I am happy with that statistic is an understatement.\r\n\r\nMy initial objectives of $1,000.00 profit from a single lot for micro lot trades, $10,000.00 for single lot mini lot trades and $100,000.00 for single lot standard lot trades looks to be an achievable goal for this year. I am, not so certain that I will pass last years totals but it should be close. This year has been a much harder trading environment to work within.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFIT-LOSS-31102105.png\"><img class=\"aligncenter size-full wp-image-6703\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFIT-LOSS-31102105.png\" alt=\"PS PROFIT-LOSS 31102105\" width=\"405\" height=\"568\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-RISK-REWARD-31102015.png\"><img class=\"aligncenter size-full wp-image-6700\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-RISK-REWARD-31102015.png\" alt=\"PS RISK REWARD 31102015\" width=\"414\" height=\"520\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.1.2: REVISIONS TO TRADE STYLE DEFINITIONS:\r\n\r\nAs I am now adding what I hope to be longer-term trades based upon “Divergent Central bank Policy” to the PREMIUM SERVICE, I think it is time to re-address the trade styles.\r\n\r\nA couple of you wanted to add a 4<sup>th</sup> trade style to cover these new trades. Instead of doing this I think its easier just to simplify what is there at the moment as follows: -\r\n\r\n<span style=\"text-decoration: underline;\">FLASH TRADES:</span>\r\nOpportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.The goal is either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops. Some FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\n<span style=\"text-decoration: underline;\">RADAR TRADES:</span>\r\nThese a pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span>\r\nThese will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels. These trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n&nbsp;\r\n\r\n4.1.3: TRADES BASED ON DIVERGENT CENTRAL BANK POLICY:\r\n\r\nI mentioned earlier this week on twitter that I was going to post my CENTRAL BANK DIVERGENCE TRADES in this blog.\r\n\r\nThe trades are listed in the LIMIT ORDER spreadsheet that is in this section under reference 4.4. In this section there are also copies of the charts relating to the trades. I will post these set ups and the charts once again as soon as I have copied these trade set-ups into my various broker accounts.\r\n\r\n<strong>NOTE: These trades are NOT yet lodged with my broker when they are you will be advised by email and twitter.</strong>\r\n\r\nPlease bear in mind these are from my perspective single lot trades that had positions added to them as they hopefully gain traction. I will report on these separate to other trades that may involve the same currency pair. These trades are intended for the very long term. If this is something that suits your style of trading everything should be good. However, if you are not a longer-term trader this may not be your cup of tea.\r\n\r\nA few subscribers have expressed the idea that these trades be listed under a new trade style to keep them separate. I hope that I have addressed this point fully already. Keeping these trades separate from the rest for reporting on and measuring performance is something that I will be doing. I will place them with a separate broker account specifically for this purpose. All trades are initially single lot trades. You can trade whatever trade size you like but just be aware of the stop loss distances could vary from 50 to 750 pips or so you need to be aware of this fact when sizing your trades and assessing the risks involved.\r\n\r\nIn the years 2013 and 2014, I maintained a broker account specifically for trading with a single lot trade size mirror imaging the PREMIUM SERVICE trades. It was a great discipline and great to follow.\r\n\r\nThis year due to regulatory requirements in Quebec, I have lost a couple of my broker accounts around the summertime because they would not provide a platform with a French option and therefore they had to withdraw from the Quebec marketplace. As a result of this, I had to re-assign my trades into new platforms trades were cut short etc.\r\n\r\nIf you want to keep these trades separate from other trades open up a fresh broker account. If you use for example BLACKWELL GLOBAL from their banner on my website you will receive a TRADING / MARKETING bonus\r\n\r\nI have been asked to briefly overview the size of trading accounts required based on the types of lots traded, to give my thoughts to trade just these trades in isolation away from our trades.\r\n\r\nThis is not an exact science but I have used the initial 6 trades as a benchmark. There are no guarantees that these trades will actually trigger to live accounts but I had to start somewhere, as I am sure you will appreciate.\r\n\r\nThe following is based on the worse case scenario of all trades failing to make a profit plus only 50% of the potential profits being achieved and only based off single lot trading.\r\n\r\nBased on averages off the initial 6 trade set ups selected:\r\n(Obviously addition trades = additional RISK = additional margin requirements to be added / factored into the numbers)\r\n\r\nTotal Stop Loss RISK:                                                    1,915\r\n\r\nMicro Lot Trading                                                          $191.50\r\nMini Lot Trading                                                             $1,915.00\r\nStandard Lot Trading                                                    $19,150.00\r\n\r\nMy suggested broker account size\r\nPersonally I always double the account\r\nbalance versus the risk to have a more\r\nthan a minimum margin in emergencies,\r\ntherefore based on RISK alone these are\r\nthe limits based upon the six initial trades\r\n\r\nMinimum Micro lot trades sized account:             $400.00 (Minimum sized account with BLACKWELL GLOBAL $500.00)\r\nMinimum Mini lot traded sized account:              $4,000.00\r\nMinimum Standard lot traded sized account:      $40,000.00\r\n\r\nBalanced with the Potential gains:\r\nAverage trade potential by pips:                              8,065\r\n\r\nAssumptions:\r\nTrades only run for 50% of the\r\ninitial projected length and no\r\nadditional trades are added\r\nProjected pip gain now:                                           4,000\r\n\r\nPotential Profits could be off a 50% profit\r\nobjective achieved:\r\n\r\nMicro lot trades sized account:\r\n(4,000 x $0.10)                                                         $400.00\r\n\r\nMini lot traded sized account:\r\n(4,000 x $1.00)                                                         $4,000.00\r\n\r\nStandard lot traded sized account:\r\n(4,000 x $10.00)                                                       $40,000.00\r\n\r\n&nbsp;\r\n\r\nBased on a 50% profit target achieved as an average this has the potential to return from 2:1 to as high as a 4:1 risk-reward ratio if all trades run their projected distance, and there is potential for more.\r\n\r\nRemember, the above is based off a single lot being traded for each suggested set-up. There is no allowance for multiple lots as this is down entirely to your own RISK PARAMETERS and RISK TOLERANCES based upon the size of your broker account.\r\n\r\nI hope that the above section is straightforward to understand and that it answers more questions than it creates. If you have queries about this let me know.\r\n\r\n&nbsp;\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-TRENDING-PAIRS-31102105.png\"><img class=\"aligncenter size-full wp-image-6701\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-TRENDING-PAIRS-31102105.png\" alt=\"PS TRENDING PAIRS 31102105\" width=\"486\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-LIVE-TRADES-31102015.png\"><img class=\"aligncenter size-full wp-image-6702\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-LIVE-TRADES-31102015.png\" alt=\"PS LIVE TRADES 31102015\" width=\"700\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-LIMIT-ORDERS-31102105.png\"><img class=\"aligncenter size-full wp-image-6724\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-LIMIT-ORDERS-31102105.png\" alt=\"PS LIMIT ORDERS 31102105\" width=\"685\" height=\"430\" /></a>\r\n\r\n&nbsp;\r\n\r\nBelow are the charts relating to these initial DIVERGENT MONETARY POLICY TRADES\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN187-WEEKLY-EURUSD-31102015.png\"><img class=\"aligncenter size-large wp-image-6730\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN187-WEEKLY-EURUSD-31102015-1024x514.png\" alt=\"FUN187 WEEKLY EURUSD 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN188-USDCHF-MONTHLY-31102015.png\"><img class=\"aligncenter size-large wp-image-6729\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN188-USDCHF-MONTHLY-31102015-1024x514.png\" alt=\"FUN188 USDCHF MONTHLY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN189-EURGBP-DAILY-31102015.png\"><img class=\"aligncenter size-large wp-image-6728\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN189-EURGBP-DAILY-31102015-1024x514.png\" alt=\"FUN189 EURGBP DAILY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN190-DAILY-AUDCHF-31102015.png\"><img class=\"aligncenter size-large wp-image-6727\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN190-DAILY-AUDCHF-31102015-1024x514.png\" alt=\"FUN190 DAILY AUDCHF 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN191-USDCAD-WEEKLY-31102015.png\"><img class=\"aligncenter size-large wp-image-6726\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN191-USDCAD-WEEKLY-31102015-1024x514.png\" alt=\"FUN191 USDCAD WEEKLY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN192-NZDUSD-MONTHLY-31102015.png\"><img class=\"aligncenter size-large wp-image-6731\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN192-NZDUSD-MONTHLY-31102015-1024x514.png\" alt=\"FUN192 NZDUSD MONTHLY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT:\r\n\r\nIn addition to those in the section above that meet my criteria for a longer-term FUNDAMENTAL TRADE the following charts reflect those that have caught my eye. All of my thoughts and views are contained on the charts.\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURJPY-W-31102015.png\"><img class=\"aligncenter size-large wp-image-6734\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURJPY-W-31102015-1024x514.png\" alt=\"EURJPY W 31102015\" width=\"1024\" height=\"514\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPCHF-DAILY-31102015.png\"><img class=\"aligncenter size-large wp-image-6733\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPCHF-DAILY-31102015-1024x514.png\" alt=\"GBPCHF DAILY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-DAILY-31102015.png\"><img class=\"aligncenter size-large wp-image-6732\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-DAILY-31102015-1024x514.png\" alt=\"GBPNZD DAILY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong>MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nThis should be one hell of a week. There is so much on the agenda, as mentioned earlier in the blog that finding time to sleep will be a challenge.\r\n\r\nThis will be a pivotal week for gaining the knowledge on how to move forward with our macro level trade plans. Because there are so many economic news events from the four corners of the globe, if ever there was a time to trade with wider stops and smaller position sizes this would be it.\r\n\r\nThe chances of seeing false moves given all the data is higher than normal and one does NOT want to be trapped the wrong side because an oversized trade was entered into at the wrong time.\r\n\r\nRemain keen but trade lean…is the motto this week.\r\n\r\nTake care and enjoy,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/','FOR THE FED - IT’S ALL ABOUT CREDIBILTY NOW….','','publish','open','closed','','for-the-fed-its-all-about-credibilty-now','','','2015-10-31 16:20:21','2015-10-31 21:20:21','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=6735',0,'member_posts','',0),(6740,1,'2015-10-31 11:19:03','2015-10-31 16:19:03','<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE</strong>\r\n<strong>from the</strong>\r\n<strong>WEEKLY FX DRIVE THRU</strong>\r\n<strong>“The Home of Single Lot Trading”</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>\r\n</ol>\r\nLOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:<u> </u>\r\n\r\n1.1: LOOKING BACKWARDS:\r\n\r\nLike many other traders I viewed last week as a pivotal week to give us as Forex Traders guidance into the end of the year and the first quarter of 2016. Having had time to reflect on statements from the FED, RBNZ and BOJ, I have to admit I am both clear and then unclear…… fecking great!\r\n\r\nI made a few trades and banked $$$, but I am also caught in a few trades under water but believe them to be in the right direction moving forward…who doesn’t!\r\n\r\nMaybe I want, or, maybe I expect too much from central bank governors / presidents. I thought, obviously incorrectly, that part of their role and responsibility is to maintain stability with the currencies that they represent and give direction to ensure that market uncertainty is kept to a minimum. I am struggling to see how any central bank governor / president is managing this aspect with any real commanding degree of effectiveness.\r\n\r\nMy main article this week is aimed primarily at the FED and its behavior over recent times so I will hold those comments until later.\r\n\r\nLooking at the RBNZ: Yer man, the governor of the RBNZ Graeme Wheeler, confuses the crap out of me. One-minute Kiwi valuations are too strong and he talks down the currency and in the next breath he says nothing, after a rally out of nowhere.\r\n\r\nBasically he took his foot off the gas to press the pair lower and it bounced from 0.6300 back to almost 0.6800. I wish I knew more about the Kiwi money supply but I would guess that it must be out of sync with the size of the country.\r\n\r\nWhat I mean is New Zealand is a small country and it is primarily a milk exporter. Looking at international bank currency data, the NZD was ranked 10<sup>th</sup> in the world a year or so ago with an average daily turnover $105 billion, which at the time was just under 56% of GDP.\r\n\r\nTo give some scale the percentage of GDP to over the counter trading volumes with other majors are: - CHF 32%, AUD 27% and USD 13%. With the NZD at 56%, it brings to mind the phrase “you are punching well above your weight”.\r\n\r\nHaving this as a backdrop, and, the RBNZ is well aware of these numbers and you can bet more up to date data as well, you would think the RBNZ governor would be stronger and act accordingly. This is why I consistently have a go at Wheeler. In my opinion he does not offer great guidance and creates uncertainty. This is one reason why the NZD flies all over the place.\r\n\r\nIf you were an institution trying to take advantage of the interest rate differential it must be pure hell with the Kiwi. In my eyes, you would be better off using the Las Vegas option!\r\n\r\nThe upshot is; at the next meeting I think he will jawbone. Right now I bet there are some very twitchy bottoms with the NZD/USD approaching 0.6800. I think some of this recent upward move is on the back of China news that allows families to have a second child subject to approval from the state (I cannot believe it’s 2015 and I have just written that sentence).\r\n\r\nThe BOJ kept easing on hold, but gave themselves 6 months extra to achieve their self imposed 2% inflation target and at the same time of announcing this they also said they would have an additional budget announcement. From my perspective, the door to more Quantitative Easing (QE) has been left slightly ajar.\r\n\r\nBeing a USD bull on the back of central bank policy divergence policy, you can imagine the poor USD data at the end of the week has me in great form for this weekend. I am of course being 110% sarcastic. The poor USD killed my open trades, I now reckon I will require either one unbelievable day of USD strength or alternatively a bit of momentum trading over a few days to bring all of my broker accounts in line.\r\n\r\nJoking apart; with USD data so poor (GDP, PCE etc.) and with a FED stating that increases in rates are “Data Dependent”, next weeks job data releases need to be blowout numbers for a December rate hike… or do they? I have a contrarian view on this later in the blog.\r\n\r\n&nbsp;\r\n\r\n1.2: LOOKING FORWARD:\r\n\r\nMAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: AUD – Building Approvals.\r\nSUNDAY: CNY – Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – RBA Rate Statement and Cash Rate.\r\n\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: NZD – Dairy Prices.\r\nTUESDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\nTUESDAY: NZD – Employment Data.\r\nTUESDAY: AUD – Retail Sales.\r\nTUESDAY: AUD – Trade Balance.\r\n\r\nWEDNESDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\nWEDNESDAY: GBP – Services PMi.\r\nWEDNESDAY: USD – ADP Non Farm Payrolls.\r\nWEDNESDAY: USD – Trade Balance.\r\nWEDNESDAY: CAD – Trade Balance.\r\nWEDNESDAY: USD – Janet Yellen Testifies (FED).\r\nWEDNESDAY: USD – ISM Non-Manufacturing PMi.\r\nWEDNESDAY: AUD – Words of wisdom from Glenn Stevens (RBA).\r\n\r\nTHURSDAY: EUR – Words of wisdom from Mario Draghi (ECB).\r\nTHURSDAY: GBP – BOE Inflation report.\r\nTHURSDAY: GBP – BOE Official Bank Rate.\r\nTHURSDAY: GBP – Words of wisdom from Mark Carney (BOE).\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\n\r\nFRIDAY: CAD – Employment Change and Unemployment Rate.\r\nFRIDAY: USD – Non-Farm Employment Data.\r\n\r\n&nbsp;\r\n\r\nMY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:\r\n\r\nThe first thing that comes to mind looking at my list above is “yikes no sleep”.\r\n\r\nThis week is about prioritizing time. It is a heavy week on key data and I am not saying that you need to be around for it all, but everything seems to inter-connect more than ever.\r\n\r\nMy key trades at the moment involve the following pairs: - EUR/USD, USD/CHF, NZD/USD, EUR/GBP, EUR/CHF and EUR/NZD.\r\n\r\nBasically, I am screwed!\r\n\r\nU.S., European, China and Antipodean data is all-relevant to my open trades. It looks like I am not going to get much sleep at all.\r\n\r\nThe standouts are obviously, the BOE Inflation report and U.S. Non-Farm Payrolls at the end of the week. The Central bank speeches sometimes flatter to deceive but they are important to follow as well in my opinion.\r\n\r\nLooking at it all, to be honest it is another pivotal week for data.\r\n\r\nFor me, my longer-term trading strategy will be provided with more macro and micro economic data this week to place in my melting pot of trade ideas.\r\n\r\nThere will be a lot of information this coming week for us to store and take into consideration to help formulate plans and strategies moving forward. It will be a tiring week - of that there is no doubt.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nMY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:\r\n</strong>In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.\r\n\r\nAll of my thoughts, ideas and relevant comments are contained on the charts.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1005\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSD-W-31102015.png\"><img class=\"aligncenter size-large wp-image-6709\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURUSD-W-31102015-1024x514.png\" alt=\"EURUSD W 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.5429\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSD-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6708\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPUSD-D-31102015-1024x514.png\" alt=\"GBPUSD D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7137\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSD-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/AUDUSD-D-31102015-1024x514.png\" alt=\"AUDUSD D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6775\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSD-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6707\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/NZDUSD-D-31102015-1024x514.png\" alt=\"NZDUSD D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3071\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCAD-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6706\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCAD-D-31102015-1024x514.png\" alt=\"USDCAD D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9881\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHF-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6705\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDCHF-D-31102015-1024x514.png\" alt=\"USDCHF D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 120.62\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPY-D-31102015.png\"><img class=\"aligncenter size-large wp-image-6704\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/USDJPY-D-31102015-1024x514.png\" alt=\"USDJPY D 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):\r\n\r\nI have a trading pitfall at the moment.\r\n\r\nI am not perfect (my wife will also verify this point).\r\n\r\nIf you were trading last Friday as the London equity markets were closing at noon (EST), you would have been aware of what can only be described as the most violent closing fix / flows I think that we have seen for months, definitely the wildest ride this year without a shadow of a doubt. The fact that last Friday was the last day of the month just exacerbated the end of month flows.\r\n\r\nWhat has this highlighted?\r\n\r\nIt makes me look at my stop placement more and more.\r\n\r\nI am guilty of not placing my stops in line with my RISK TOLERANCE levels within my TRADE PLAN. I am not sure but it must be something psychological within me that like’s to have a tolerance level behind the initial level of the stop that is placed when the trade is entered into.\r\n\r\nPsychological or not, it creates additional stress and this manifested itself around the London fix last Friday.\r\n\r\nI wanted to take advantage of the “Fix” extremes by adding additional trades but I had to initially deal with my USD/CHF long trades, which were moving closer to my stop loss levels and required attention. This cost me about 20 pips on the EUR/USD and USD/CHF new trades that I wanted to enter as I spent time adjusting the stops on the existing open trades.\r\n\r\nI know reading this it looks stupid. Why not just set your stop at the right level from the moment the trade is active? I know… the psychology of trading is something that we all deal with in different ways. Being a Forex Trader there is so much to consider and be aware of to make your daily routine easier.\r\n\r\nThis may seem a little crazy to write about, but from a psychological viewpoint identifying this as a trading issue and writing about it will hopefully help.\r\n\r\nThe fact that I was “pratting” around moving stops and tweeting this to my subscribers when I could have started new trades at better prices hit a nerve!\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> WHAT’S ON MY MIND:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>FOR THE FED - IT’S ALL ABOUT CREDIBILITY NOW….</strong></p>\r\nThe FED under Janet Yellen is so cautious, how does this woman as a pedestrian ever cross a street?\r\n\r\nThere are risks to everything in life. However, I keep returning to the one fact that continues to haunt me over and over again. After 7 years of zero interest rates; if the biggest economy in the world cannot even raise rates by 0.10% WTF! For months, the FOMC has dithered. If the U.S. economy is that damn fragile, the FOMC should be held accountable for mismanagement and fired after 7 years of basically having a free-reign.\r\n\r\nHow long ago did tapering end?\r\n\r\nIf you cannot remember it was just over a year ago in October 2014. Ben Bernanke announced then that normalization in monetary FED policy would return sooner rather than later.\r\n\r\nWell… here we are 12 months later “Helicopter Ben” has been replaced by “Dithering Janet”.\r\n\r\nFour words stood out from the FED statement last Wednesday for most analysts, which were - “At the next meeting”.\r\n\r\nPersonally, I think it’s going to take a recession to stop a rate hike in December.\r\n\r\nI know that many of you think that I love placing my balls on the chopping block time after time with some of my views, but in this particular instance, my balls are on the chopping block because I really think it’s all about FED credibility.\r\n\r\nIf you are a regular reader you will know that I think that just prior to the summer the FOMC should have lifted off, then in September I thought it better late than never. I was astonished that they did not raise rates last month. I said and stick with it…. it was dithering.\r\n\r\nNow the FOMC is at the last station on the line before the terminus.\r\n\r\nThe FOMC said that they would raise rates in 2015, they keep talking about data dependency, but they have moved goal posts this year regarding data dependency. They threw in a red herring about the world economic position in the September policy statement and ensuing Press Conference, to justify no rate increase in September.\r\n\r\nThen last week the world economic slowdown and other world economics are all of a sudden not that important anymore. This equates to classic dithering in my opinion.\r\n\r\nIf the FOMC does not raise rates this year they will lose credibility as far as the markets are concerned. Everything they say from now on will be taken with a pinch of salt. They will NOT be believed.\r\n\r\nIn my opinion, it is going to take a massive world event, or the worst ever set of job numbers in the history of the U.S. to prevent a rate increase in December.\r\n\r\nAll the consumer data should show increases after Thanksgiving. The seasonality effect of most sales numbers, which will be paired back because of a slowdown in the run up to the final quarter, will come in, in line or slightly better. There will be a massive amount of part-time hires from now through the holiday season if the FOMC cannot muster a 0.25% rate increase she will at least have to sanction 0.10% with a note of more to come in 2016.\r\n\r\nWe are talking about the biggest economy in the world. It is now over 12 months since we were advised that FED monetary policy was changing and normalization was returning.\r\n\r\nI ask you…\r\n\r\nHow many times do we have to hear the word “Transitory?”\r\n\r\nWe have had 12 months of transitory. The issues that cause concern each meeting cannot remain transitory for a year; by now they must be permanent one must have thought.\r\n\r\nI know I am somewhat alone with these thoughts, as most views are looking further down the line, to possibly the first quarter in 2016 before a rate increase would take place. Time will tell if my thoughts resonate with the FOMC and whether or not credibility with the markets is important to them.\r\n\r\nI really do believe that Janet Yellen regrets not raising rates in September. This uncertainty and market volatility that we see is pure and simply self-inflicted upon us by the FED.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:\r\n</strong></li>\r\n</ol>\r\n3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:\r\n\r\nPREMIUM SERVICE – COST INCOME ANALYSIS (USD):\r\n\r\nPROFITS FROM TRADE SET-UPS – to October 31st 2015.\r\n(The profit levels below are based on single lot trades only)\r\n\r\nMICRO LOT TRADER - 576 trades cost to trade = $57.60\r\n<strong>PROFIT</strong> from 576 trades = <strong>$985.80</strong>\r\n\r\nMINI LOT TRADER - 576 trades cost to trade = $576.00\r\n<strong>PROFIT</strong> from 576 trades = <strong>$9,858.00</strong>\r\n\r\nSTANDARD LOT TRADER - 576 trades cost to trade = $5,760.00\r\n<strong>PROFIT</strong> from 576 trades = <strong>$98,580.00</strong>\r\n\r\n&nbsp;\r\n\r\n3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-31102105.png\"><img class=\"aligncenter size-full wp-image-6695\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR1-31102105.png\" alt=\"RADAR1 31102105\" width=\"507\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-31102015.png\"><img class=\"aligncenter size-full wp-image-6696\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR2-31102015.png\" alt=\"RADAR2 31102015\" width=\"487\" height=\"551\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR-YTD-31102015.png\"><img class=\"aligncenter size-full wp-image-6711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/RADAR-YTD-31102015.png\" alt=\"RADAR YTD 31102015\" width=\"426\" height=\"445\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-31102015.png\"><img class=\"aligncenter size-full wp-image-6697\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH1-31102015.png\" alt=\"FLASH1 31102015\" width=\"474\" height=\"543\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-31102015.png\"><img class=\"aligncenter size-full wp-image-6698\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH2-31102015.png\" alt=\"FLASH2 31102015\" width=\"498\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH-YTD-31102015.png\"><img class=\"aligncenter size-full wp-image-6712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FLASH-YTD-31102015.png\" alt=\"FLASH YTD 31102015\" width=\"420\" height=\"449\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-31102015.png\"><img class=\"aligncenter size-full wp-image-6699\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUNDAMENTAL-31102015.png\" alt=\"FUNDAMENTAL 31102015\" width=\"513\" height=\"549\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN-YTD-31102105.png\"><img class=\"aligncenter size-full wp-image-6713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN-YTD-31102105.png\" alt=\"FUN YTD 31102105\" width=\"415\" height=\"442\" /></a>\r\n\r\n&nbsp;\r\n\r\n3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-31102105.png\"><img class=\"aligncenter size-full wp-image-6693\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFITS1-31102105.png\" alt=\"PS PROFITS1 31102105\" width=\"527\" height=\"420\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-31102105.png\"><img class=\"aligncenter size-full wp-image-6721\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PREM-SERV-PROFITS2-31102105.png\" alt=\"PREM SERV PROFITS2 31102105\" width=\"520\" height=\"425\" /></a>\r\n\r\nNOTES:\r\n<ul>\r\n	<li>If the above return from Forex Trading interests you go to my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>\r\n	<li>If you want more data about the performance and my website does not answer your questions, contact me direct and I will supply the data you require.</li>\r\n	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>\r\n</ul>\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:\r\n</strong>(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n(A look back at the past week’s highs and lows from trades undertaken):\r\n\r\nIt was I suppose a good week last week from a trading perspective. Sure, there were things I may have done a little differently and trades I may not have entered at the time I did, but hindsight is just fantastic.\r\n\r\nWe ended last week carrying forward 7 open trades all with negative balances. After the squeeze from hell on Friday last week, I thought that the balances being carried forward would have been a lot worse than they were at the close. I feel very comfortable with all trades moving forward except two trades. The NZD/USD and EUR/NZD really moved against me and never pulled back like the other trades. My longer-term view is that these trades are in the right direction, but they just need time to develop. Patience will be required with these two trades moving forward and with China data being the first out of the blocks this coming week lets hope the data misses the objective that the market is looking for. Somehow I expect an “in line” or “slight beat”!\r\n\r\nIn general terms following the ECB press conference and the FED statement, apart from Fridays squeeze we have witnesses consolidation and what can only be termed a bit of a back fill on a few pairs following some quite over-cooked, over-done moves. This can happen, it doesn\'t always but when it does a re-test of a breakdown level can confirm the move, From my perspective this is a good thing as it means that the controlling traders whether they be bears or bulls are confirmed as being in the driving seat.\r\n\r\nMoving forward into this week, I have a few charts that are worthy of a re-visit. Whether or not these pairs are traded this week is debatable given the amount of news on the horizon.\r\n\r\nCompared to 2014 the month yielded just over 300 pips less than the corresponding month last year. The success/failure rate on trades in October was a remarkable 92% profitable trades to 8% losing trades. To say that I am happy with that statistic is an understatement.\r\n\r\nMy initial objectives of $1,000.00 profit from a single lot for micro lot trades, $10,000.00 for single lot mini lot trades and $100,000.00 for single lot standard lot trades looks to be an achievable goal for this year. I am, not so certain that I will pass last years totals but it should be close. This year has been a much harder trading environment to work within.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFIT-LOSS-31102105.png\"><img class=\"aligncenter size-full wp-image-6703\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-PROFIT-LOSS-31102105.png\" alt=\"PS PROFIT-LOSS 31102105\" width=\"405\" height=\"568\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-RISK-REWARD-31102015.png\"><img class=\"aligncenter size-full wp-image-6700\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-RISK-REWARD-31102015.png\" alt=\"PS RISK REWARD 31102015\" width=\"414\" height=\"520\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.1.2: REVISIONS TO TRADE STYLE DEFINITIONS:\r\n\r\nAs I am now adding what I hope to be longer-term trades based upon “Divergent Central bank Policy” to the PREMIUM SERVICE, I think it is time to re-address the trade styles.\r\n\r\nA couple of you wanted to add a 4<sup>th</sup> trade style to cover these new trades. Instead of doing this I think its easier just to simplify what is there at the moment as follows: -\r\n\r\n<span style=\"text-decoration: underline;\">FLASH TRADES:</span>\r\nOpportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.The goal is either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops. Some FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\n<span style=\"text-decoration: underline;\">RADAR TRADES:</span>\r\nThese a pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span>\r\nThese will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels. These trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n&nbsp;\r\n\r\n4.1.3: TRADES BASED ON DIVERGENT CENTRAL BANK POLICY:\r\n\r\nFinally, this week in this section, I mentioned on twitter towards the end of last week that I was going to place in this blog my FUNDAMENTAL TRADES related to my TRADING PLAN based on central bank divergence through to the end of this year and certainly the first half year of 2016 based on the information to hand.\r\n\r\nThe trades are listed in the LIMIT ORDER spreadsheet that is in this section under reference 4.4. In this section there are also copies of the charts relating to the trades. I will post these set ups and the charts once again as soon as I have copied these trade set-ups into my various broker accounts.\r\n\r\n<strong>NOTE: These trades are NOT yet lodged with my broker when they are you will be advised by email and twitter.</strong>\r\n\r\nPlease bear in mind these are from my perspective single lot trades that had positions added to them as they hopefully gain traction. I will report on these separate to other trades that may involve the same currency pair. These trades are intended for the very long term. If this is something that suits your style of trading everything should be good. However, if you are not a longer-term trader this may not be your cup of tea.\r\n\r\nA few subscribers have expressed the idea that these trades be listed under a new trade style to keep them separate. I hope that I have addressed this point fully already. Keeping these trades separate from the rest for reporting on and measuring performance is something that I will be doing. I will place them with a separate broker account specifically for this purpose. All trades are initially single lot trades. You can trade whatever trade size you like but just be aware of the stop loss distances could vary from 50 to 750 pips or so you need to be aware of this fact when sizing your trades and assessing the risks involved.\r\n\r\nIn the years 2013 and 2014, I maintained a broker account specifically for trading with a single lot trade size mirror imaging the PREMIUM SERVICE trades. It was a great discipline and great to follow.\r\n\r\nThis year due to regulatory requirements in Quebec, I have lost a couple of my broker accounts around the summertime because they would not provide a platform with a French option and therefore they had to withdraw from the Quebec marketplace. As a result of this, I had to re-assign my trades into new platforms trades were cut short etc.\r\n\r\nIf you want to keep these trades separate from other trades open up a fresh broker account. If you use BLACKWELL GLOBAL from my banner on my website they will give you a TRADING / MARKETING bonus.\r\n\r\nI have been asked to briefly overview the size of trading accounts required based on the types of lots traded, to give my thoughts to trade just these trades in isolation away from our trades.\r\n\r\nThis is not an exact science but I have used the initial 6 trades as a benchmark. There are no guarantees that these trades will actually trigger to live accounts but I had to start somewhere, as I am sure you will appreciate.\r\n\r\nThe following is based on the worse case scenario of all trades failing to make a profit plus only 50% of the potential profits being achieved and only based off single lot trading.\r\n\r\nBased on averages off the initial 6 trade set ups selected:\r\n(Obviously addition trades = additional RISK = additional margin requirements to be added / factored into the numbers)\r\n\r\n&nbsp;\r\n\r\nTotal Stop Loss RISK:                                            1,915\r\n\r\nPersonally I always double the account\r\nbalance versus the risk to have a more\r\nthan acceptable margin in emergencies,\r\ntherefore:\r\n\r\nMinimum Micro lot trades sized account:           $400.00 (Minimum sized account with BLACKWELL GLOBAL $500.00)\r\nMinimum Mini lot traded sized account:              $4,000.00\r\nMinimum Standard lot traded sized account:    $40,000.00\r\n\r\nBalanced with the Potential gains:\r\nAverage trade potential by pips:                           8,065\r\n\r\nAssumptions\r\nTrades only run for 50% of the\r\ninitial projected length and no\r\nadditional trades are added\r\nProjected pip gain now:                                         4,000\r\n\r\nPotential Profits could be off a 50% profit\r\nobjective achieved:\r\n\r\nMicro lot trades sized account:\r\n(4,000 x $0.10)                                                         $400.00\r\n\r\nMini lot traded sized account:\r\n(4,000 x $1.00)                                                         $4,000.00\r\n\r\nStandard lot traded sized account:\r\n(4,000 x $10.00)                                                       $40,000.00\r\n\r\n&nbsp;\r\n\r\nBased on a 50% profit target achieved as an average this has the potential to return from 2:1 to as high as a 4:1 risk reward ratio if all trades run their projected distance, and there is potential for more.\r\n\r\nRemember, the above is based off a single lot being traded for each suggested set-up. There is no allowance for multiple lots as this is down entirely to your own RISK PARAMETERS and RISK TOLERANCES based upon the size of your broker account.\r\n\r\nI hope that the above section is straightforward to understand and that it answers more questions than it creates. If you have queries about this let me know.\r\n\r\n&nbsp;\r\n\r\n4.2: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n(The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-TRENDING-PAIRS-31102105.png\"><img class=\"aligncenter size-full wp-image-6701\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-TRENDING-PAIRS-31102105.png\" alt=\"PS TRENDING PAIRS 31102105\" width=\"486\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.3: THE PREMIUM SERVICE - LIVE TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-LIVE-TRADES-31102015.png\"><img class=\"aligncenter size-full wp-image-6702\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-LIVE-TRADES-31102015.png\" alt=\"PS LIVE TRADES 31102015\" width=\"700\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-LIMIT-ORDERS-31102105.png\"><img class=\"aligncenter size-full wp-image-6724\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/PS-LIMIT-ORDERS-31102105.png\" alt=\"PS LIMIT ORDERS 31102105\" width=\"685\" height=\"430\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN187-WEEKLY-EURUSD-31102015.png\"><img class=\"aligncenter size-large wp-image-6730\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN187-WEEKLY-EURUSD-31102015-1024x514.png\" alt=\"FUN187 WEEKLY EURUSD 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN188-USDCHF-MONTHLY-31102015.png\"><img class=\"aligncenter size-large wp-image-6729\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN188-USDCHF-MONTHLY-31102015-1024x514.png\" alt=\"FUN188 USDCHF MONTHLY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN189-EURGBP-DAILY-31102015.png\"><img class=\"aligncenter size-large wp-image-6728\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN189-EURGBP-DAILY-31102015-1024x514.png\" alt=\"FUN189 EURGBP DAILY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN190-DAILY-AUDCHF-31102015.png\"><img class=\"aligncenter size-large wp-image-6727\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN190-DAILY-AUDCHF-31102015-1024x514.png\" alt=\"FUN190 DAILY AUDCHF 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN191-USDCAD-WEEKLY-31102015.png\"><img class=\"aligncenter size-large wp-image-6726\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN191-USDCAD-WEEKLY-31102015-1024x514.png\" alt=\"FUN191 USDCAD WEEKLY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN192-NZDUSD-MONTHLY-31102015.png\"><img class=\"aligncenter size-large wp-image-6731\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/FUN192-NZDUSD-MONTHLY-31102015-1024x514.png\" alt=\"FUN192 NZDUSD MONTHLY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.5: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT:\r\n\r\nIn addition to those in the section above that meet my criteria for a longer-term FUNDAMENTAL TRADE the following charts reflect those that have caught my eye. All of my thoughts and views are contained on the charts.\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURJPY-W-31102015.png\"><img class=\"aligncenter size-large wp-image-6734\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/EURJPY-W-31102015-1024x514.png\" alt=\"EURJPY W 31102015\" width=\"1024\" height=\"514\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPCHF-DAILY-31102015.png\"><img class=\"aligncenter size-large wp-image-6733\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPCHF-DAILY-31102015-1024x514.png\" alt=\"GBPCHF DAILY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-DAILY-31102015.png\"><img class=\"aligncenter size-large wp-image-6732\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/GBPNZD-DAILY-31102015-1024x514.png\" alt=\"GBPNZD DAILY 31102015\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong>MY FINAL THOUGHTS:</strong></li>\r\n</ol>\r\nOVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:\r\n\r\nThis should be one hell of a week. There is so much on the agenda, as mentioned earlier in the blog that finding time to sleep will be a challenge.\r\n\r\nThis will be a pivotal week for gaining the knowledge on how to move forward with our macro level trade plans. Because there are so many economic news events from the four corners of the globe, if ever there was a time to trade with wider stops and smaller position sizes this would be it.\r\n\r\nThe chances of seeing false moves given all the data is higher than normal and one does NOT want to be trapped the wrong side because an oversized trade was entered into at the wrong time.\r\n\r\nRemain keen but trade lean…is the motto this week.\r\n\r\nTake care and enjoy,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nhttps://weeklyfxdrivethru.com/disclaimer/','FOR THE FED - IT’S ALL ABOUT CREDIBILTY NOW….','','inherit','closed','closed','','6735-revision-v1','','','2015-10-31 11:19:03','2015-10-31 16:19:03','',6735,'https://weeklyfxdrivethru.com/6735-revision-v1/',0,'revision','',0),