INSERT INTO `vp_backup_wp_posts` VALUES (5108,1,'2015-01-10 20:17:36','2015-01-11 01:17:36','<h1 style=\"text-align: center;\">THE PREMIUM SERVICE\r\n(The Home of Single-Lot $$$$ Trading)</h1>\r\n<h3>DATE: 11.01.2015\r\nREFERENCE: #42\r\nBLOG: THE PREMIUM SERVICE</h3>\r\n&nbsp;\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nIt’s great to be back and I hope that you all had a great Christmas / Holiday break.\r\n\r\nOver the Christmas break, I have been very busy making changes in many aspects of my daily, weekly and monthly routines for the PREMIUM SERVICE. In addition, new FX Broker relationships are being added to my website pages and changes in reporting and communication methods have also been implemented. All very exciting and there is more to come, which, should fall into position over the next couple of months.\r\n\r\nYou will notice that this blog format has been changed slightly from 2014. The most noticeable change is that the blog will now be published on a Sunday and NOT Saturday. The FREE NEWSLETTER continues pretty much as it was last year, but the balance in favour of PREMIUM SERVICE subscribers has tilted in their direction and subscribers will receive more content in 2015.\r\n\r\nFor the past 3 / 4 days I have been easing my way back into some trading but in the main I have been catching up on reading and getting myself prepared for tomorrow (Monday January 11<sup>th</sup>).\r\n\r\nWhat have I learned in the past 3 / 4 days that was different from the market prior to Christmas last year?\r\n<ul>\r\n	<li>From a Forex market commentary perspective… Bugger all to be completely frank with you…it\'s the same old bollocks…the only noticeable difference is the fact it is 2015 instead of 2014.</li>\r\n	<li>From a macro viewpoint… 2015 started the way 2014 ended… The Eurozone is still the butt of all jokes. The FED is still petrified of DEFLATION and will say and change its language, basically do anything, to avoid raising rates, despite continuing improving economic reports with the exception of INFLATION related data.</li>\r\n	<li>From a currency pricing perspective…\r\nEUR/USD has broken below 1.2000.\r\nGBP/USD is close to a near death experience at 1.5000.\r\nNZD/USD still in the same channel from last October, 0.7600 to 0.7900.\r\nAUD/USD looks like it wants to breakout above 0.8200.\r\nUSD/JPY looks to be in a 118.00 to 120.00 range.\r\nUSD/CHF now above parity looks to be on a march to 1.0450 at least.\r\nUSD/CAD with lower OIL could be breaking above 1.2000 again.\r\n<span style=\"line-height: 1.5;\">EUR/GBP I was asleep at the wheel when it hit 0.8000 to short… damn.</span></li>\r\n</ul>\r\n<ul>\r\n	<li>Finally, from a medical viewpoint… Excedrin appears to agree with my system better than Advil. My headaches are sorted faster with Excedrin.</li>\r\n</ul>\r\nSo as you can see… it’s basically the same old same old.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:\r\n</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">2.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">2.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">2.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nIt was a very gentle week’s introduction back to trading for me as I eased my way back into the market.\r\n\r\nI set up 6 RADAR TRADES via limit orders. In the end only two traded. Both were positive. However, I had one FLASH TRADE that was a loss making trade. The net result is -29 pips from the three trades.\r\n\r\nThere is really too little activity to report on, with only three live trades being undertaken. This will hopefully improve and allow me to have a great comment in depth next week.\r\n\r\nThe summary charts of the week and year to date, however, are below for reference.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRADING-SUMMARY-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5085\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRADING-SUMMARY-PS-11012015.png\" alt=\"TRADING SUMMARY PS 11012015\" width=\"415\" height=\"588\" />\r\n</a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5086\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png\" alt=\"RISK-REWARD PS 11012015\" width=\"427\" height=\"544\" />\r\n</a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFIT-1-11012015.png\"><img class=\"aligncenter size-full wp-image-5087\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFIT-1-11012015.png\" alt=\"PREM SERV PROFIT 1 11012015\" width=\"451\" height=\"423\" />\r\n</a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS-2-11012015.png\"><img class=\"aligncenter size-full wp-image-5088\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS-2-11012015.png\" alt=\"PREM SERV PROFITS 2 11012015\" width=\"468\" height=\"417\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">2.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade, Blackwell Global or FXCM, I will provide you with\r\n\r\n“BONUS WEEKS” to your PREMIUM SERVICE subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX and FXCM accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX or FXCM tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th February 2015…it is really very limited: -\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n20 weeks = $350.00\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times. Hence, 40 weeks is equal to an annual subscription.\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX or FXCM.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website  www.weeklyfxdrivethru.com\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global, FXCM or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global, FXCM or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global, FXCM or CWMFX LIVE accounts being opened via the banners on the welcome page of my website  www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><em>\r\n</em><strong>WHAT A F****D UP MARKET FOREX IS\r\n</strong><strong>PART TWO…\r\n</strong><strong>THE ECB STARTS OFF THE PANTOMIME SEASON EARLY\r\n</strong>(Above was my “comment title” from my previous WEEKLY FX DRIVE THRU posted on the 6<sup>th</sup> December 2014)</p>\r\n<p style=\"text-align: center;\"><strong>THIS ARTICLE MAY AS WELL BE PART THREE…\r\n</strong><strong>THE EUROZONE PANTOMIME CONTINUES BEYOND THE END OF THE PANTO SEASON</strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/USD – SELL THE RUMOUR / BUY THE NEWS?\r\n</strong><strong>(If only it was that simple)</strong></p>\r\n<strong> </strong>\r\n\r\nHoly Mother of God…\r\n\r\nTalk about the same old bollocks over and over again.\r\n\r\nHere are just a few of the headlines that caught my eyes over the past 24-48 hours, believe me there were lots more….\r\n<p style=\"text-align: center;\"><strong>ECB considering dual approach to QE</strong>\r\n<strong>ECB set to announce QE program of €300-€320 billion</strong>\r\n<strong>ECB may announce sovereign QE in January but postpone details until March</strong>\r\n<strong>Germany not yet ready to commit to QE</strong>\r\n<strong>The Bundesbank rejects full-blown QE option</strong>\r\n<strong>Draghi is at odds and is struggling </strong>\r\n<strong><span style=\"line-height: 1.5;\">ECB set to deliver on €500 billion QE program\r\n</span><span style=\"line-height: 1.5;\">ECB set to deliver a monthly limited QE program without limits\r\n</span>ECB needs to buy €500-€750 billion in sovereign bonds minimum for 2016 target</strong>\r\n<strong><span style=\"line-height: 1.5;\">ECB looking at a program of €200-€250 billion</span></strong></p>\r\nAm I just not drinking enough…?\r\n\r\nI thought that given all the debates since the May 2014 ECB Press Conference, when the EUR/USD was at it’s recent highs of 1.3992, and, then all the subsequent can kicking that has gone on, that we would finally see a definitive well-thought out agreed by all parties, EUROZONE / ECB QE program. A launched program that would be large enough to satisfy the markets and start to put the EUROZONE problems behind.\r\n<ul>\r\n	<li>How long have these numpties had to provide a fully researched well thought out response? Germany took the wrong route via Austerity in 2008. The EUROZONE has paid and will continue to pay the price for this monumental f**k up.</li>\r\n</ul>\r\n<ul>\r\n	<li>Have they not learned anything about loose-tongued sound bytes to the media?</li>\r\n</ul>\r\n<ul>\r\n	<li>Do they not understand what a half-assed response would do to the EUROZONE economically?</li>\r\n</ul>\r\n<ul>\r\n	<li>Is the ECB actually committed to fixing the issues in the EUROZONE that face them?</li>\r\n</ul>\r\nWe all know and understand that Germany has the power, the money, the control and basically the final say. But the EUROZONE does not deserve yet another German botched job. All I can see is that we will get nothing but poorly worded sound bytes including numbers to see how does the media and markets react.\r\n\r\nThe continued indecisions are basically what has the EUROZONE in its current mess. From 2008 the EUROZONE has limped from catastrophe to catastrophe, nothing appears to have been learned.\r\n\r\nI think that the market is looking for €1,000 billion almost to infinity to get it right.\r\n\r\nThis is the German approach, as cheap as possible to limit political fallout back home. As in the past … on the cheap… too little too late… Draghi will be the fall guy.\r\n\r\nRemember, when politicians are in control… they DO NOT fix… they are only able to point blame. Draghi is going to be the fall guy here.\r\n\r\nMoving on…\r\n\r\nIf the ECB announces QE on January 22<sup>nd</sup>, (which, in fact they already announced last May) and does not however, implement it until March 2015 - is that what the markets are expecting?\r\n\r\nI have read that the sovereign bond-buying program may be like a common bond. Several countries do not like this option, as the credit risk will lie with National Banks and not the ECB - is this what the markets would view as credible?\r\n\r\nIf the ECB does not, as some organizations have reported, intend to announce an amount of intended purchases – is that what the markets are expecting?\r\n\r\nReuters has reported that there will be a dual approach of buying the government bonds. The ECB will buy some but National Central Banks will also buy at their own risk. The total of around €500 billion will be split between the ECB and Central banks – is this what the markets are looking for, sounds like a messy option to me?\r\n\r\nI can stand on my soapbox ranting here about what the markets want, but I know precisely what they DON\'T want and that is uncertainty. That is exactly what the ECB has delivered in the past - this is what they are masters at.\r\n\r\nThe markets are expecting a substantial QE program, with a wide scope covering sovereign bonds not corporate bonds. Size is important… the bigger the better. €500 billion is widely quoted now. It was initially reported that €1,000 billion would be the number great enough to satisfy ALL requirements. Timing should be to infinity and beyond.\r\n\r\nLets face facts… history is on my side when I write this.\r\n\r\n“The ECB 2015 QE program will be a f***ing fudged up / screwed up disaster”.\r\n\r\nThe Bundesbank and most of the German public are anti QE and Merkel is a politician who thrives on the popular vote. Should she (Merkel) go 110% into QE it would be a like a turkey voting for Christmas. Hence the “fudge” approach on the cheap.\r\n\r\nRight now from a Forex perspective with regards to the EUR/USD QE is priced in to large extent, we are buying the rumour, if we are short EUR/USD.\r\n\r\nThe simple fact of the matter is, that if Draghi does NOT deliver on the 22<sup>nd</sup> January, the EUR/USD will bounce like crazy. In fact, this is what I want to happen. I think that a bounce back to 1.2100 would be a great area to re-enter short.\r\n\r\nI think that Germany will as usual f**k up the first time and over a period of can kicking eventually they will (whether being dragged screaming or voluntarily) realize that QE is the only answer to calm the markets, bring stability and finally give most EUROZONE members a chance to build from lets face it DEFLATION.\r\n\r\nThere is always the chance that Draghi will deliver, but I strongly doubt it… The Bundesbank, Merkel… Germany is against him. The ECB mandate was carefully written by Germany at the outset of the EUROZONE. Draghi is a mere puppet of Germany.\r\n\r\nI think as Forex traders we should be ready to buy the news with the EUR/USD. If the QE program is delayed, complicated, small in size, split between the ECB and Central Banks and limited on time…. buy, buy, buy, buy the EUR.\r\n\r\nUntil the 22nd of January, I can only imagine that the rumour-mill regarding the ECB intentions for QE will get worse and worse with the media in a feeding frenzy to get the edge over their competitors. We know from history that the ECB and EUROZONE policy makers have loose lips and love their time on TV, so be very careful.\r\n\r\nLooking at longer-term charts 1.1630 appears to be the lowest I think that the EUR/USD will fall to before reaching some credible support, that is, if we can sell off to that level.\r\n\r\nWe did not break 1.1900 on the back of the mixed NFP data. Without doubt I can only say that I see increased EUR/USD volatility up to the 22<sup>nd</sup> January and do not forget the Greek elections a couple of days following.\r\n\r\nThe 1.1885 level may offer some resistance and maybe 1.1750 to 1.1885 is the immediate range. Outside of this range we may look at 1.1630 to 1.2000 (GAP FILL from 4<sup>th</sup> January 2015).\r\n\r\nI will trade the EUR/USD in the interim, I think; but my position sizes will be smaller to compensate for the increased volatility that I am expecting.\r\n\r\nIf you are a conservative trader and want to limit your risk prior to the ECB Press Conference, may I suggest that you just leave the EUR/USD alone.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE EXCLUSIVE CONTENT:\r\n</span></strong>(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)</li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:</span>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">8 QUICK REMINDERS\r\nBEFORE SETTING YOUR 2015 TRADING GOALS:</span></strong></p>\r\nReady for another year of making pips?\r\n\r\nIt is important every year to consider some basic disciplines for trading the Forex Market.\r\n\r\nFor both Forex newbies and those traders with more experience out there, here are a few things you should remember before you set new trading goals for 2015.\r\n\r\n<strong><span style=\"text-decoration: underline;\">FOR THE NEWBIES:</span></strong>\r\n<ol>\r\n	<li><strong>FOREX TRADING IS NOT AN AVENUE FOR MAKING QUICK MONEY.</strong>Hate to burst your bubble so early, but this is something that you have to learn right off the bat.It’s possible to make fast money, but odds are probably 99.99999% that you are NOT in the less than 1% camp of naturally born, financial wizards who can sustain a 100% gain a year for an entire career, let alone even for more than one year.</li>\r\n</ol>\r\nFact is, Forex trading is more like a business, and it\'s a long, grinding business of highs and lows.\r\n\r\nYou put up Capital, you make and lose money while you improve your skills, and you SLOWLY learn to be consistently profitable.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong> ONLY TRADE MONEY YOU CAN AFFORD TO LOSE.</strong></li>\r\n</ol>\r\nOne of the most common newbie mistakes is risking money they can’t afford to lose.\r\n\r\nYou need to take out the fear of losing money so you can focus on your trading skills.\r\n\r\nIf you don’t have enough capital yet, you can start with small accounts or try trading a demo account.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> YOU WILL BE A VERY, VERY BAD TRADER IN THE BEGINNING AND THAT WON’T CHANGE UNTIL YOU KEEP A TRADING JOURNAL.</strong></li>\r\n</ol>\r\nBecause you are new, you will likely make a lot of trading mistakes that takes experience to overcome. Even a simple, well-kept trading journal could speed up the improvement process by showing you what’s working and what isn’t, and if you are making the right changes.\r\n\r\nWhat’s not measured cannot be managed.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> DON’T HESITATE TO ASK FOR HELP.</strong></li>\r\n</ol>\r\nNo trader is an island.\r\n\r\nAll pro traders were once newbies. If you subscribe to the PREMIUM SERVICE you can ask me for an alternative view.\r\n\r\n<strong> </strong>\r\n\r\n<strong><span style=\"text-decoration: underline;\">FOR THE MORE EXPERIENCED TRADERS:</span></strong>\r\n<ol>\r\n	<li><strong> NEW IS NOT ALWAYS BETTER.</strong></li>\r\n</ol>\r\nBefore you explore new strategies this year, take a second look at your old ones and check if a simple adjustment in stop losses, position sizing, or indicator settings would have changed the outcome of your trades.\r\n\r\nI don’t believe that “new is always better” Also, check your journal to see if you consistently executed your strategy.\r\n\r\nEven the best strategies can’t be made profitable with poor execution.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> SET REALISTIC EXPECTATIONS.</strong></li>\r\n</ol>\r\nJust because you caught a 200:1 reward-to-risk trade last year does not mean that you should aim for a 1,000% gain in your account this year.\r\n\r\nSet your goals and expectations based on your average performance, available time for trading and capital limitations.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> WINNING CAN BE AS DANGEROUS TO YOUR ACCOUNT AS LOSING.</strong></li>\r\n</ol>\r\nPsychologically similar to how losing streaks can make you fearful of taking trades, winners can also cause psychological damage by making you overconfident.\r\n\r\nThis can lead to lack of preparation and over trading, which is worse than being too fearful because you are most likely taking unnecessary risk.\r\n\r\nNo matter how big your wins are, remember to be consistent with the final point:\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong> FOCUS ON THE PROCESS, NOT THE PROFITS.</strong></li>\r\n</ol>\r\nAll the points above can be summarized into this one.\r\n\r\nForex trading is a marathon, not a sprint.\r\n\r\nLike any worthy endeavor, becoming consistently profitable requires consistent practice and self-development.\r\n\r\nYou are kidding yourself if you think it requires anything less than that.\r\n\r\nDon’t be distracted by one time profits and losses.\r\n\r\nKeep your eyes on the prize, and stay focused on doing the right things, the right way, at the right time.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - CURRENT LIVE TRADES:</span>\r\n\r\nThere are no LIVE trades at the moment.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/LIVE-PS-TRADES-11012015.png\"><img class=\"aligncenter size-full wp-image-5094\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/LIVE-PS-TRADES-11012015.png\" alt=\"LIVE PS TRADES 11012015\" width=\"710\" height=\"469\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nI have a number of trade set-ups to post later this evening just after the open. These will be done via email and twitter.\r\n\r\nBelow there are the two current limit order trades that are currently sitting with my brokers.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-11012015.png\"><img class=\"aligncenter size-full wp-image-5095\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-11012015.png\" alt=\"PS TRADES ON RADAR 11012015\" width=\"715\" height=\"484\" /></a>\r\n\r\nBelow, as requested by several of you, I am providing charts on the following pairs: -\r\n\r\nEUR/CAD, GBP/CAD, EUR/AUD, GBP/AUD, EUR/NZD, GBP/NZD and EUR/GBP – These charts contain my thoughts on each pair. I do want to enter these trades and should I propose trade set-ups they will be for my own risk tolerances on the basis of an initial 5% maximum position size with Monthly ATR’s as stops, with pretty strong reversal objectives. These will truly be aimed as being longer-term trades. However, unless they gain traction within the first month or so, I will have to review as swap costs can be costly if the trades are NOT managed. I will hedge these trades if I feel it is the right thing to do.\r\n\r\nFor now though, you have my thoughts. I do think that they are oversold but these are still potential bigger falls possible. I am conscious that reversals should be quite powerful though.\r\n\r\nFollowing these charts listed above I also include the charts for my proposed trades that should be posted later today: - EUR/USD, GBP/USD, AUD/USD and NZD/USD.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURCAD-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5081\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURCAD-MONTHLY-11012015-1024x609.png\" alt=\"EURCAD MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPCAD-DAILY-11012015.png\"><img class=\"aligncenter size-large wp-image-5076\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPCAD-DAILY-11012015-1024x609.png\" alt=\"GBPCAD DAILY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURAUD-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5082\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURAUD-MONTHLY-11012015-1024x609.png\" alt=\"EURAUD MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPAUD-DAILY-11012015.png\"><img class=\"aligncenter size-large wp-image-5077\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPAUD-DAILY-11012015-1024x609.png\" alt=\"GBPAUD DAILY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURNZD-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5079\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURNZD-MONTHLY-11012015-1024x609.png\" alt=\"EURNZD MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPNZD-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5075\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPNZD-MONTHLY-11012015-1024x609.png\" alt=\"GBPNZD MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURGBP-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5080\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURGBP-MONTHLY-11012015-1024x609.png\" alt=\"EURGBP MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURUSD-240-MINUTES-RT244-RT248-11012015.png\"><img class=\"aligncenter size-large wp-image-5078\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURUSD-240-MINUTES-RT244-RT248-11012015-1024x609.png\" alt=\"EURUSD 240 MINUTES RT244 &amp; RT248 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPUSD-240-MINUTES-RT245-11012015.png\"><img class=\"aligncenter size-large wp-image-5074\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPUSD-240-MINUTES-RT245-11012015-1024x609.png\" alt=\"GBPUSD 240 MINUTES RT245 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/AUDUSD-DAILY-RT246-11012015.png\"><img class=\"aligncenter size-large wp-image-5083\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/AUDUSD-DAILY-RT246-11012015-1024x609.png\" alt=\"AUDUSD DAILY RT246 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/NZDUSD-WEEKLY-CHART-RT247-11012015.png\"><img class=\"aligncenter size-large wp-image-5073\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/NZDUSD-WEEKLY-CHART-RT247-11012015-1024x609.png\" alt=\"NZDUSD WEEKLY CHART RT247 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">\r\n4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/TRENDING-PAIRS-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5096\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRENDING-PAIRS-PS-11012015.png\" alt=\"TRENDING PAIRS PS 11012015\" width=\"381\" height=\"499\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups)<strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.1841.</strong> What can I say? Support is at the recent lows of 1.1750. At the start of Friday (NFP day last week), I had 1.1850 written down as a turning point for a sentiment change. With all the shenanigans around the reaction to NFP plus the ECB and EUROZONE theatrics about to descend upon us, I do wonder about my sanity wanting to trade this pair. 1.2000 to 1.1975 was the level around the GAP OPEN last weekend 4<sup>th</sup> January. I would like to enter short around 1.2000, better still a nice pullback to 1.2100. Until then and NOT using 1.1850, I think that the next resistance level is 1.1885. If you are so inclined this may offer some resistance.\r\n\r\n<strong>GBP/USD: Closing Price 1.5151</strong>. This pair just about missed a near death experience at 1.5000. We have now bounced to 1.5150 and at one time looked like we were heading towards 1.5200. 1.5180 is the 61.8% retracement from the recent lows to the early January high of 1.5272. This may be a nice area to short from.\r\nIn the short term my interest levels are 1.5100 to 1.5200. Let me just say, should we break higher with this pair I will be over the GBP/AUD, GBP/CAD and GBP/NZD like a rash.\r\n\r\n<strong>AUD/USD: Closing Price 0.8199</strong>. This pair is in break out mode. Support is at 0.8150 and the next Fibonacci resistance the 61.8% is at 0.8250. We may go higher than 0.8250, in which case I am looking at 0.8380 to 0.8400 as the area to re-enter short. Support is now back at 0.8140.\r\n\r\n<strong>NZD/USD: Closing Price 0.7828</strong>. This is bizarre. This pair without doubt has been the most frustrating Forex pair to follow. As the AUD/USD rallied after NFP, the Kiwi stalled and ranged in about 50 pips or so one way then the other. We have broken the down sloping trend line on the daily chart, which came in at about 0.7820, but as it did not follow through towards 0.7900 I am a little perplexed. At 0.7900, I think this will be a nice area to go short and this is my resistance level moving forward. Support is at 0.7750.\r\n\r\n<strong>USD/CAD: Closing Price 1.1863.</strong> I think that this pair is on its way to a nice breakout. 1.1880 is holding it up at the moment, but a cut through this level and it’s on its way. Support is at 1.1810 then 1.1765.\r\n\r\n<strong>USD/CHF: Closing Price 1.0142</strong>. This pair looks to be one stage away from a major break higher. It all depends on the moves in EUR/USD. If the EUR/USD decides to make a run to fill the GAP, this pair may go in the opposite direction to do the same. The GAP FILL for the USD/CHF is at 1.0034 to 1.0015. For now, it pulled back after NFP towards my limit order entry level of 1.0125. My initial support and resistance levels are 1.0125 to 1.0200.\r\n\r\n<strong>USD/JPY: Closing Price 118.45. </strong>Whichever way I look at this pair we just appear to be trading inside a range of 118.00 to 120.00. I do not think that I can add anything more than that for this pair at the moment.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – CPi.\r\n\r\nWEDNESDAY: USD – Core Retail Sales.\r\nWEDNESDAY: AUD – Unemployment Rate.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD – Core CPi.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nThis week is light on news. However, I think that our guard needs to remain high given the high profile news events that are not too far away.\r\n\r\nThe following news events and items need to be focused on as we move into this week’s trading:\r\n<p style=\"text-align: center;\"><strong>The ECB Press Conference</strong>\r\n<strong> The Greek Elections</strong>\r\n<strong> GOLD and USD divergence</strong>\r\n<strong> OIL prices</strong>\r\n<strong> Central Bank Divergences</strong></p>\r\nThis list is large enough to contend with. We are watching many Forex pairs and the USD index (DXY) reacting after having reached extreme levels. We should see a period of consolidation before resuming the moves in the longer-term directions. At the same time though we have some large fundamental news items that we must also consider. At the moment, I would actually say the markets are being driven by fundamentals, but it is slowly yielding back to technicals leading given the pricing levels recently seen.\r\n\r\nThis can be a dangerous time as moves can be sudden and without a solid reason as the fundamentals have NOT altered.\r\n\r\nAll we can be is ready and trade accordingly.\r\n\r\nGood luck this week and as always manage your risk.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 11<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n&nbsp;\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products.\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','EUR/USD - SELL THE RUMOUR / BUY THE NEWS? - (If only it was that simple)','','inherit','open','closed','','5098-revision-v1','','','2015-01-10 20:17:36','2015-01-11 01:17:36','',5098,'https://weeklyfxdrivethru.com/5098-revision-v1/',0,'revision','',0),(5109,1,'2015-01-10 20:19:33','2015-01-11 01:19:33','<h3 style=\"text-align: center;\">THE PREMIUM SERVICE\r\n(The Home of Single-Lot $$$$ Trading)</h3>\r\n<h3>DATE: 11.01.2015\r\nREFERENCE: #42\r\nBLOG: THE PREMIUM SERVICE</h3>\r\n&nbsp;\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nIt’s great to be back and I hope that you all had a great Christmas / Holiday break.\r\n\r\nOver the Christmas break, I have been very busy making changes in many aspects of my daily, weekly and monthly routines for the PREMIUM SERVICE. In addition, new FX Broker relationships are being added to my website pages and changes in reporting and communication methods have also been implemented. All very exciting and there is more to come, which, should fall into position over the next couple of months.\r\n\r\nYou will notice that this blog format has been changed slightly from 2014. The most noticeable change is that the blog will now be published on a Sunday and NOT Saturday. The FREE NEWSLETTER continues pretty much as it was last year, but the balance in favour of PREMIUM SERVICE subscribers has tilted in their direction and subscribers will receive more content in 2015.\r\n\r\nFor the past 3 / 4 days I have been easing my way back into some trading but in the main I have been catching up on reading and getting myself prepared for tomorrow (Monday January 11<sup>th</sup>).\r\n\r\nWhat have I learned in the past 3 / 4 days that was different from the market prior to Christmas last year?\r\n<ul>\r\n	<li>From a Forex market commentary perspective… Bugger all to be completely frank with you…it\'s the same old bollocks…the only noticeable difference is the fact it is 2015 instead of 2014.</li>\r\n	<li>From a macro viewpoint… 2015 started the way 2014 ended… The Eurozone is still the butt of all jokes. The FED is still petrified of DEFLATION and will say and change its language, basically do anything, to avoid raising rates, despite continuing improving economic reports with the exception of INFLATION related data.</li>\r\n	<li>From a currency pricing perspective…\r\nEUR/USD has broken below 1.2000.\r\nGBP/USD is close to a near death experience at 1.5000.\r\nNZD/USD still in the same channel from last October, 0.7600 to 0.7900.\r\nAUD/USD looks like it wants to breakout above 0.8200.\r\nUSD/JPY looks to be in a 118.00 to 120.00 range.\r\nUSD/CHF now above parity looks to be on a march to 1.0450 at least.\r\nUSD/CAD with lower OIL could be breaking above 1.2000 again.\r\n<span style=\"line-height: 1.5;\">EUR/GBP I was asleep at the wheel when it hit 0.8000 to short… damn.</span></li>\r\n</ul>\r\n<ul>\r\n	<li>Finally, from a medical viewpoint… Excedrin appears to agree with my system better than Advil. My headaches are sorted faster with Excedrin.</li>\r\n</ul>\r\nSo as you can see… it’s basically the same old same old.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:\r\n</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">2.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">2.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">2.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nIt was a very gentle week’s introduction back to trading for me as I eased my way back into the market.\r\n\r\nI set up 6 RADAR TRADES via limit orders. In the end only two traded. Both were positive. However, I had one FLASH TRADE that was a loss making trade. The net result is -29 pips from the three trades.\r\n\r\nThere is really too little activity to report on, with only three live trades being undertaken. This will hopefully improve and allow me to have a great comment in depth next week.\r\n\r\nThe summary charts of the week and year to date, however, are below for reference.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRADING-SUMMARY-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5085\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRADING-SUMMARY-PS-11012015.png\" alt=\"TRADING SUMMARY PS 11012015\" width=\"415\" height=\"588\" />\r\n</a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5086\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png\" alt=\"RISK-REWARD PS 11012015\" width=\"427\" height=\"544\" />\r\n</a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFIT-1-11012015.png\"><img class=\"aligncenter size-full wp-image-5087\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFIT-1-11012015.png\" alt=\"PREM SERV PROFIT 1 11012015\" width=\"451\" height=\"423\" />\r\n</a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS-2-11012015.png\"><img class=\"aligncenter size-full wp-image-5088\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS-2-11012015.png\" alt=\"PREM SERV PROFITS 2 11012015\" width=\"468\" height=\"417\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">2.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade, Blackwell Global or FXCM, I will provide you with\r\n\r\n“BONUS WEEKS” to your PREMIUM SERVICE subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX and FXCM accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX or FXCM tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th February 2015…it is really very limited: -\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n20 weeks = $350.00\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times. Hence, 40 weeks is equal to an annual subscription.\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX or FXCM.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website  www.weeklyfxdrivethru.com\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global, FXCM or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global, FXCM or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global, FXCM or CWMFX LIVE accounts being opened via the banners on the welcome page of my website  www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><em>\r\n</em><strong>WHAT A F****D UP MARKET FOREX IS\r\n</strong><strong>PART TWO…\r\n</strong><strong>THE ECB STARTS OFF THE PANTOMIME SEASON EARLY\r\n</strong>(Above was my “comment title” from my previous WEEKLY FX DRIVE THRU posted on the 6<sup>th</sup> December 2014)</p>\r\n<p style=\"text-align: center;\"><strong>THIS ARTICLE MAY AS WELL BE PART THREE…\r\n</strong><strong>THE EUROZONE PANTOMIME CONTINUES BEYOND THE END OF THE PANTO SEASON</strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/USD – SELL THE RUMOUR / BUY THE NEWS?\r\n</strong><strong>(If only it was that simple)</strong></p>\r\n<strong> </strong>\r\n\r\nHoly Mother of God…\r\n\r\nTalk about the same old bollocks over and over again.\r\n\r\nHere are just a few of the headlines that caught my eyes over the past 24-48 hours, believe me there were lots more….\r\n<p style=\"text-align: center;\"><strong>ECB considering dual approach to QE</strong>\r\n<strong>ECB set to announce QE program of €300-€320 billion</strong>\r\n<strong>ECB may announce sovereign QE in January but postpone details until March</strong>\r\n<strong>Germany not yet ready to commit to QE</strong>\r\n<strong>The Bundesbank rejects full-blown QE option</strong>\r\n<strong>Draghi is at odds and is struggling </strong>\r\n<strong><span style=\"line-height: 1.5;\">ECB set to deliver on €500 billion QE program\r\n</span><span style=\"line-height: 1.5;\">ECB set to deliver a monthly limited QE program without limits\r\n</span>ECB needs to buy €500-€750 billion in sovereign bonds minimum for 2016 target</strong>\r\n<strong><span style=\"line-height: 1.5;\">ECB looking at a program of €200-€250 billion</span></strong></p>\r\nAm I just not drinking enough…?\r\n\r\nI thought that given all the debates since the May 2014 ECB Press Conference, when the EUR/USD was at it’s recent highs of 1.3992, and, then all the subsequent can kicking that has gone on, that we would finally see a definitive well-thought out agreed by all parties, EUROZONE / ECB QE program. A launched program that would be large enough to satisfy the markets and start to put the EUROZONE problems behind.\r\n<ul>\r\n	<li>How long have these numpties had to provide a fully researched well thought out response? Germany took the wrong route via Austerity in 2008. The EUROZONE has paid and will continue to pay the price for this monumental f**k up.</li>\r\n</ul>\r\n<ul>\r\n	<li>Have they not learned anything about loose-tongued sound bytes to the media?</li>\r\n</ul>\r\n<ul>\r\n	<li>Do they not understand what a half-assed response would do to the EUROZONE economically?</li>\r\n</ul>\r\n<ul>\r\n	<li>Is the ECB actually committed to fixing the issues in the EUROZONE that face them?</li>\r\n</ul>\r\nWe all know and understand that Germany has the power, the money, the control and basically the final say. But the EUROZONE does not deserve yet another German botched job. All I can see is that we will get nothing but poorly worded sound bytes including numbers to see how does the media and markets react.\r\n\r\nThe continued indecisions are basically what has the EUROZONE in its current mess. From 2008 the EUROZONE has limped from catastrophe to catastrophe, nothing appears to have been learned.\r\n\r\nI think that the market is looking for €1,000 billion almost to infinity to get it right.\r\n\r\nThis is the German approach, as cheap as possible to limit political fallout back home. As in the past … on the cheap… too little too late… Draghi will be the fall guy.\r\n\r\nRemember, when politicians are in control… they DO NOT fix… they are only able to point blame. Draghi is going to be the fall guy here.\r\n\r\nMoving on…\r\n\r\nIf the ECB announces QE on January 22<sup>nd</sup>, (which, in fact they already announced last May) and does not however, implement it until March 2015 - is that what the markets are expecting?\r\n\r\nI have read that the sovereign bond-buying program may be like a common bond. Several countries do not like this option, as the credit risk will lie with National Banks and not the ECB - is this what the markets would view as credible?\r\n\r\nIf the ECB does not, as some organizations have reported, intend to announce an amount of intended purchases – is that what the markets are expecting?\r\n\r\nReuters has reported that there will be a dual approach of buying the government bonds. The ECB will buy some but National Central Banks will also buy at their own risk. The total of around €500 billion will be split between the ECB and Central banks – is this what the markets are looking for, sounds like a messy option to me?\r\n\r\nI can stand on my soapbox ranting here about what the markets want, but I know precisely what they DON\'T want and that is uncertainty. That is exactly what the ECB has delivered in the past - this is what they are masters at.\r\n\r\nThe markets are expecting a substantial QE program, with a wide scope covering sovereign bonds not corporate bonds. Size is important… the bigger the better. €500 billion is widely quoted now. It was initially reported that €1,000 billion would be the number great enough to satisfy ALL requirements. Timing should be to infinity and beyond.\r\n\r\nLets face facts… history is on my side when I write this.\r\n\r\n“The ECB 2015 QE program will be a f***ing fudged up / screwed up disaster”.\r\n\r\nThe Bundesbank and most of the German public are anti QE and Merkel is a politician who thrives on the popular vote. Should she (Merkel) go 110% into QE it would be a like a turkey voting for Christmas. Hence the “fudge” approach on the cheap.\r\n\r\nRight now from a Forex perspective with regards to the EUR/USD QE is priced in to large extent, we are buying the rumour, if we are short EUR/USD.\r\n\r\nThe simple fact of the matter is, that if Draghi does NOT deliver on the 22<sup>nd</sup> January, the EUR/USD will bounce like crazy. In fact, this is what I want to happen. I think that a bounce back to 1.2100 would be a great area to re-enter short.\r\n\r\nI think that Germany will as usual f**k up the first time and over a period of can kicking eventually they will (whether being dragged screaming or voluntarily) realize that QE is the only answer to calm the markets, bring stability and finally give most EUROZONE members a chance to build from lets face it DEFLATION.\r\n\r\nThere is always the chance that Draghi will deliver, but I strongly doubt it… The Bundesbank, Merkel… Germany is against him. The ECB mandate was carefully written by Germany at the outset of the EUROZONE. Draghi is a mere puppet of Germany.\r\n\r\nI think as Forex traders we should be ready to buy the news with the EUR/USD. If the QE program is delayed, complicated, small in size, split between the ECB and Central Banks and limited on time…. buy, buy, buy, buy the EUR.\r\n\r\nUntil the 22nd of January, I can only imagine that the rumour-mill regarding the ECB intentions for QE will get worse and worse with the media in a feeding frenzy to get the edge over their competitors. We know from history that the ECB and EUROZONE policy makers have loose lips and love their time on TV, so be very careful.\r\n\r\nLooking at longer-term charts 1.1630 appears to be the lowest I think that the EUR/USD will fall to before reaching some credible support, that is, if we can sell off to that level.\r\n\r\nWe did not break 1.1900 on the back of the mixed NFP data. Without doubt I can only say that I see increased EUR/USD volatility up to the 22<sup>nd</sup> January and do not forget the Greek elections a couple of days following.\r\n\r\nThe 1.1885 level may offer some resistance and maybe 1.1750 to 1.1885 is the immediate range. Outside of this range we may look at 1.1630 to 1.2000 (GAP FILL from 4<sup>th</sup> January 2015).\r\n\r\nI will trade the EUR/USD in the interim, I think; but my position sizes will be smaller to compensate for the increased volatility that I am expecting.\r\n\r\nIf you are a conservative trader and want to limit your risk prior to the ECB Press Conference, may I suggest that you just leave the EUR/USD alone.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE EXCLUSIVE CONTENT:\r\n</span></strong>(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)</li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:</span>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">8 QUICK REMINDERS\r\nBEFORE SETTING YOUR 2015 TRADING GOALS:</span></strong></p>\r\nReady for another year of making pips?\r\n\r\nIt is important every year to consider some basic disciplines for trading the Forex Market.\r\n\r\nFor both Forex newbies and those traders with more experience out there, here are a few things you should remember before you set new trading goals for 2015.\r\n\r\n<strong><span style=\"text-decoration: underline;\">FOR THE NEWBIES:</span></strong>\r\n<ol>\r\n	<li><strong>FOREX TRADING IS NOT AN AVENUE FOR MAKING QUICK MONEY.</strong>Hate to burst your bubble so early, but this is something that you have to learn right off the bat.It’s possible to make fast money, but odds are probably 99.99999% that you are NOT in the less than 1% camp of naturally born, financial wizards who can sustain a 100% gain a year for an entire career, let alone even for more than one year.</li>\r\n</ol>\r\nFact is, Forex trading is more like a business, and it\'s a long, grinding business of highs and lows.\r\n\r\nYou put up Capital, you make and lose money while you improve your skills, and you SLOWLY learn to be consistently profitable.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong> ONLY TRADE MONEY YOU CAN AFFORD TO LOSE.</strong></li>\r\n</ol>\r\nOne of the most common newbie mistakes is risking money they can’t afford to lose.\r\n\r\nYou need to take out the fear of losing money so you can focus on your trading skills.\r\n\r\nIf you don’t have enough capital yet, you can start with small accounts or try trading a demo account.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> YOU WILL BE A VERY, VERY BAD TRADER IN THE BEGINNING AND THAT WON’T CHANGE UNTIL YOU KEEP A TRADING JOURNAL.</strong></li>\r\n</ol>\r\nBecause you are new, you will likely make a lot of trading mistakes that takes experience to overcome. Even a simple, well-kept trading journal could speed up the improvement process by showing you what’s working and what isn’t, and if you are making the right changes.\r\n\r\nWhat’s not measured cannot be managed.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> DON’T HESITATE TO ASK FOR HELP.</strong></li>\r\n</ol>\r\nNo trader is an island.\r\n\r\nAll pro traders were once newbies. If you subscribe to the PREMIUM SERVICE you can ask me for an alternative view.\r\n\r\n<strong> </strong>\r\n\r\n<strong><span style=\"text-decoration: underline;\">FOR THE MORE EXPERIENCED TRADERS:</span></strong>\r\n<ol>\r\n	<li><strong> NEW IS NOT ALWAYS BETTER.</strong></li>\r\n</ol>\r\nBefore you explore new strategies this year, take a second look at your old ones and check if a simple adjustment in stop losses, position sizing, or indicator settings would have changed the outcome of your trades.\r\n\r\nI don’t believe that “new is always better” Also, check your journal to see if you consistently executed your strategy.\r\n\r\nEven the best strategies can’t be made profitable with poor execution.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> SET REALISTIC EXPECTATIONS.</strong></li>\r\n</ol>\r\nJust because you caught a 200:1 reward-to-risk trade last year does not mean that you should aim for a 1,000% gain in your account this year.\r\n\r\nSet your goals and expectations based on your average performance, available time for trading and capital limitations.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> WINNING CAN BE AS DANGEROUS TO YOUR ACCOUNT AS LOSING.</strong></li>\r\n</ol>\r\nPsychologically similar to how losing streaks can make you fearful of taking trades, winners can also cause psychological damage by making you overconfident.\r\n\r\nThis can lead to lack of preparation and over trading, which is worse than being too fearful because you are most likely taking unnecessary risk.\r\n\r\nNo matter how big your wins are, remember to be consistent with the final point:\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong> FOCUS ON THE PROCESS, NOT THE PROFITS.</strong></li>\r\n</ol>\r\nAll the points above can be summarized into this one.\r\n\r\nForex trading is a marathon, not a sprint.\r\n\r\nLike any worthy endeavor, becoming consistently profitable requires consistent practice and self-development.\r\n\r\nYou are kidding yourself if you think it requires anything less than that.\r\n\r\nDon’t be distracted by one time profits and losses.\r\n\r\nKeep your eyes on the prize, and stay focused on doing the right things, the right way, at the right time.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - CURRENT LIVE TRADES:</span>\r\n\r\nThere are no LIVE trades at the moment.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/LIVE-PS-TRADES-11012015.png\"><img class=\"aligncenter size-full wp-image-5094\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/LIVE-PS-TRADES-11012015.png\" alt=\"LIVE PS TRADES 11012015\" width=\"710\" height=\"469\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nI have a number of trade set-ups to post later this evening just after the open. These will be done via email and twitter.\r\n\r\nBelow there are the two current limit order trades that are currently sitting with my brokers.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-11012015.png\"><img class=\"aligncenter size-full wp-image-5095\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-11012015.png\" alt=\"PS TRADES ON RADAR 11012015\" width=\"715\" height=\"484\" /></a>\r\n\r\nBelow, as requested by several of you, I am providing charts on the following pairs: -\r\n\r\nEUR/CAD, GBP/CAD, EUR/AUD, GBP/AUD, EUR/NZD, GBP/NZD and EUR/GBP – These charts contain my thoughts on each pair. I do want to enter these trades and should I propose trade set-ups they will be for my own risk tolerances on the basis of an initial 5% maximum position size with Monthly ATR’s as stops, with pretty strong reversal objectives. These will truly be aimed as being longer-term trades. However, unless they gain traction within the first month or so, I will have to review as swap costs can be costly if the trades are NOT managed. I will hedge these trades if I feel it is the right thing to do.\r\n\r\nFor now though, you have my thoughts. I do think that they are oversold but these are still potential bigger falls possible. I am conscious that reversals should be quite powerful though.\r\n\r\nFollowing these charts listed above I also include the charts for my proposed trades that should be posted later today: - EUR/USD, GBP/USD, AUD/USD and NZD/USD.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURCAD-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5081\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURCAD-MONTHLY-11012015-1024x609.png\" alt=\"EURCAD MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPCAD-DAILY-11012015.png\"><img class=\"aligncenter size-large wp-image-5076\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPCAD-DAILY-11012015-1024x609.png\" alt=\"GBPCAD DAILY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURAUD-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5082\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURAUD-MONTHLY-11012015-1024x609.png\" alt=\"EURAUD MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPAUD-DAILY-11012015.png\"><img class=\"aligncenter size-large wp-image-5077\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPAUD-DAILY-11012015-1024x609.png\" alt=\"GBPAUD DAILY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURNZD-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5079\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURNZD-MONTHLY-11012015-1024x609.png\" alt=\"EURNZD MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPNZD-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5075\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPNZD-MONTHLY-11012015-1024x609.png\" alt=\"GBPNZD MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURGBP-MONTHLY-11012015.png\"><img class=\"aligncenter size-large wp-image-5080\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURGBP-MONTHLY-11012015-1024x609.png\" alt=\"EURGBP MONTHLY 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURUSD-240-MINUTES-RT244-RT248-11012015.png\"><img class=\"aligncenter size-large wp-image-5078\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/EURUSD-240-MINUTES-RT244-RT248-11012015-1024x609.png\" alt=\"EURUSD 240 MINUTES RT244 &amp; RT248 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPUSD-240-MINUTES-RT245-11012015.png\"><img class=\"aligncenter size-large wp-image-5074\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/GBPUSD-240-MINUTES-RT245-11012015-1024x609.png\" alt=\"GBPUSD 240 MINUTES RT245 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/AUDUSD-DAILY-RT246-11012015.png\"><img class=\"aligncenter size-large wp-image-5083\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/AUDUSD-DAILY-RT246-11012015-1024x609.png\" alt=\"AUDUSD DAILY RT246 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/NZDUSD-WEEKLY-CHART-RT247-11012015.png\"><img class=\"aligncenter size-large wp-image-5073\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/NZDUSD-WEEKLY-CHART-RT247-11012015-1024x609.png\" alt=\"NZDUSD WEEKLY CHART RT247 11012015\" width=\"1024\" height=\"609\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">\r\n4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/TRENDING-PAIRS-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5096\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRENDING-PAIRS-PS-11012015.png\" alt=\"TRENDING PAIRS PS 11012015\" width=\"381\" height=\"499\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups)<strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.1841.</strong> What can I say? Support is at the recent lows of 1.1750. At the start of Friday (NFP day last week), I had 1.1850 written down as a turning point for a sentiment change. With all the shenanigans around the reaction to NFP plus the ECB and EUROZONE theatrics about to descend upon us, I do wonder about my sanity wanting to trade this pair. 1.2000 to 1.1975 was the level around the GAP OPEN last weekend 4<sup>th</sup> January. I would like to enter short around 1.2000, better still a nice pullback to 1.2100. Until then and NOT using 1.1850, I think that the next resistance level is 1.1885. If you are so inclined this may offer some resistance.\r\n\r\n<strong>GBP/USD: Closing Price 1.5151</strong>. This pair just about missed a near death experience at 1.5000. We have now bounced to 1.5150 and at one time looked like we were heading towards 1.5200. 1.5180 is the 61.8% retracement from the recent lows to the early January high of 1.5272. This may be a nice area to short from.\r\nIn the short term my interest levels are 1.5100 to 1.5200. Let me just say, should we break higher with this pair I will be over the GBP/AUD, GBP/CAD and GBP/NZD like a rash.\r\n\r\n<strong>AUD/USD: Closing Price 0.8199</strong>. This pair is in break out mode. Support is at 0.8150 and the next Fibonacci resistance the 61.8% is at 0.8250. We may go higher than 0.8250, in which case I am looking at 0.8380 to 0.8400 as the area to re-enter short. Support is now back at 0.8140.\r\n\r\n<strong>NZD/USD: Closing Price 0.7828</strong>. This is bizarre. This pair without doubt has been the most frustrating Forex pair to follow. As the AUD/USD rallied after NFP, the Kiwi stalled and ranged in about 50 pips or so one way then the other. We have broken the down sloping trend line on the daily chart, which came in at about 0.7820, but as it did not follow through towards 0.7900 I am a little perplexed. At 0.7900, I think this will be a nice area to go short and this is my resistance level moving forward. Support is at 0.7750.\r\n\r\n<strong>USD/CAD: Closing Price 1.1863.</strong> I think that this pair is on its way to a nice breakout. 1.1880 is holding it up at the moment, but a cut through this level and it’s on its way. Support is at 1.1810 then 1.1765.\r\n\r\n<strong>USD/CHF: Closing Price 1.0142</strong>. This pair looks to be one stage away from a major break higher. It all depends on the moves in EUR/USD. If the EUR/USD decides to make a run to fill the GAP, this pair may go in the opposite direction to do the same. The GAP FILL for the USD/CHF is at 1.0034 to 1.0015. For now, it pulled back after NFP towards my limit order entry level of 1.0125. My initial support and resistance levels are 1.0125 to 1.0200.\r\n\r\n<strong>USD/JPY: Closing Price 118.45. </strong>Whichever way I look at this pair we just appear to be trading inside a range of 118.00 to 120.00. I do not think that I can add anything more than that for this pair at the moment.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – CPi.\r\n\r\nWEDNESDAY: USD – Core Retail Sales.\r\nWEDNESDAY: AUD – Unemployment Rate.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD – Core CPi.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nThis week is light on news. However, I think that our guard needs to remain high given the high profile news events that are not too far away.\r\n\r\nThe following news events and items need to be focused on as we move into this week’s trading:\r\n<p style=\"text-align: center;\"><strong>The ECB Press Conference</strong>\r\n<strong> The Greek Elections</strong>\r\n<strong> GOLD and USD divergence</strong>\r\n<strong> OIL prices</strong>\r\n<strong> Central Bank Divergences</strong></p>\r\nThis list is large enough to contend with. We are watching many Forex pairs and the USD index (DXY) reacting after having reached extreme levels. We should see a period of consolidation before resuming the moves in the longer-term directions. At the same time though we have some large fundamental news items that we must also consider. At the moment, I would actually say the markets are being driven by fundamentals, but it is slowly yielding back to technicals leading given the pricing levels recently seen.\r\n\r\nThis can be a dangerous time as moves can be sudden and without a solid reason as the fundamentals have NOT altered.\r\n\r\nAll we can be is ready and trade accordingly.\r\n\r\nGood luck this week and as always manage your risk.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 11<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n&nbsp;\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products.\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','EUR/USD - SELL THE RUMOUR / BUY THE NEWS? - (If only it was that simple)','','inherit','open','closed','','5098-revision-v1','','','2015-01-10 20:19:33','2015-01-11 01:19:33','',5098,'https://weeklyfxdrivethru.com/5098-revision-v1/',0,'revision','',0),(5110,1,'2015-01-11 09:56:02','2015-01-11 14:56:02','<h3 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h3>\r\n<h4><strong>DATE: 11.01.2015\r\nREFERENCE: #135\r\n</strong><strong>BLOG: THE WEEKLY FX DRIVE THRU</strong></h4>\r\n&nbsp;\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nIt’s great to be back and I hope that you all had a great Christmas / Holiday break.\r\n\r\nOver the Christmas break, I have been very busy making changes in many aspects of my daily, weekly and monthly routines for the PREMIUM SERVICE. In addition, new FX Broker relationships are being added to my website pages and changes in reporting and communication methods have also been implemented. All very exciting and there is more to come, which, should fall into position over the next couple of months\r\n\r\nYou will notice that this blog format has been changed slightly from 2014. The most noticeable change is that the blog will now be published on a Sunday and NOT Saturday. The FREE NEWSLETTER continues pretty much as it was last year, but the balance in favour of PREMIUM SERVICE subscribers has tilted in their direction and subscribers will receive more content in 2015.\r\n\r\nFor the past 3 / 4 days I have been easing my way back into some trading but in the main I have been catching up on reading and getting myself prepared for tomorrow (Monday January 11<sup>th</sup>).\r\n\r\nWhat have I learned in the past 3 / 4 days that was different from the market prior to Christmas last year?\r\n<ul>\r\n	<li>From a Forex market commentary perspective… Bugger all to be completely frank with you…it\'s the same old bollocks…the only noticeable difference is the fact it is 2015 instead of 2014.</li>\r\n	<li>From a macro viewpoint… 2015 started the way 2014 ended… The Eurozone is still the butt of all jokes. The FED is still petrified of DEFLATION and will say and change its language, basically do anything, to avoid raising rates, despite continuing improving economic reports with the exception of INFLATION related data.</li>\r\n	<li>From a currency pricing perspective…\r\nEUR/USD has broken below 1.2000.\r\nGBP/USD is close to a near death experience at 1.5000.\r\nNZD/USD still in the same channel from last October, 0.7600 to 0.7900.\r\nAUD/USD looks like it wants to breakout above 0.8200.\r\nUSD/JPY looks to be in a 118.00 to 120.00 range.\r\nUSD/CHF now above parity looks to be on a march to 1.0450 at least.\r\nUSD/CAD with lower OIL could be breaking above 1.2000 again.\r\n<span style=\"line-height: 1.5;\">EUR/GBP I was asleep at the wheel when it hit 0.8000 to short… damn.</span></li>\r\n</ul>\r\n<ul>\r\n	<li>Finally, from a medical viewpoint… Excedrin appears to agree with my system better than Advil. My headaches are sorted faster with Excedrin.</li>\r\n</ul>\r\nSo as you can see… it’s basically the same old same old.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:\r\n</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">2.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">2.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">2.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nIt was a very gentle week’s introduction back to trading for me as I eased my way back into the market.\r\n\r\nI set up 6 RADAR TRADES via limit orders. In the end only two traded. Both were positive. However, I had one FLASH TRADE that was a loss making trade. The net result is -29 pips from the three trades.\r\n\r\nThere is really too little activity to report on, with only three live trades being undertaken. This will hopefully improve and allow me to have a great comment in depth next week.\r\n\r\nThe summary charts of the week and year to date, however, are below for reference.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRADING-SUMMARY-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5085\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRADING-SUMMARY-PS-11012015.png\" alt=\"TRADING SUMMARY PS 11012015\" width=\"415\" height=\"588\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5086\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png\" alt=\"RISK-REWARD PS 11012015\" width=\"427\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFIT-1-11012015.png\"><img class=\"aligncenter size-full wp-image-5087\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFIT-1-11012015.png\" alt=\"PREM SERV PROFIT 1 11012015\" width=\"451\" height=\"423\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS-2-11012015.png\"><img class=\"aligncenter size-full wp-image-5088\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS-2-11012015.png\" alt=\"PREM SERV PROFITS 2 11012015\" width=\"468\" height=\"417\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">2.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n<h3 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></h3>\r\n<h3 style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></h3>\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade, Blackwell Global or FXCM, I will provide you with “BONUS WEEKS” to your PREMIUM SERVICE subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX and FXCM accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX or FXCM tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th February 2015…it is really very limited: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n20 weeks = $350.00\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation time. Hence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX or FXCM.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global, FXCM or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global, FXCM or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global, FXCM or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><em>\r\n</em><strong>WHAT A F****D UP MARKET FOREX IS\r\n</strong><strong>PART TWO…\r\n</strong><strong>THE ECB STARTS OFF THE PANTOMIME SEASON EARLY\r\n</strong>(Above was my “comment title” from my previous WEEKLY FX DRIVE THRU posted on the 6<sup>th</sup> December 2014)<strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>THIS ARTICLE MAY AS WELL BE PART THREE…</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong><strong>THE EUROZONE PANTOMIME CONTINUES BEYOND THE END OF THE PANTO SEASON\r\n</strong><strong>\r\nEUR/USD – SELL THE RUMOUR / BUY THE NEWS?\r\n</strong><strong>(If only it was that simple)</strong></p>\r\n<strong> </strong>\r\n\r\nHoly Mother of God…\r\n\r\nTalk about the same old bollocks over and over again.\r\n\r\nHere are just a few of the headlines that caught my eyes over the past 24-48 hours, believe me there were lots more….\r\n<p style=\"text-align: center;\"><strong>ECB considering dual approach to QE</strong>\r\n<strong>ECB set to announce QE program of €300-€320 billion</strong>\r\n<strong>ECB may announce sovereign QE in January but postpone details until March</strong>\r\n<strong>Germany not yet ready to commit to QE</strong>\r\n<strong>The Bundesbank rejects full-blown QE option</strong>\r\n<strong>Draghi is at odds and is struggling </strong>\r\n<strong><span style=\"line-height: 1.5;\">ECB set to deliver on €500 billion QE program\r\n</span><span style=\"line-height: 1.5;\">ECB set to deliver a monthly limited QE program without limits\r\n</span>ECB needs to buy €500-€750 billion in sovereign bonds minimum for 2016 target</strong>\r\n<strong><span style=\"line-height: 1.5;\">ECB looking at a program of €200-€250 billion</span></strong></p>\r\nAm I just not drinking enough…?\r\n\r\nI thought that given all the debates since the May 2014 ECB Press Conference, when the EUR/USD was at it’s recent highs of 1.3992, and, then all the subsequent can kicking that has gone on, that we would finally see a definitive well-thought out agreed by all parties, EUROZONE / ECB QE program. A launched program that would be large enough to satisfy the markets and start to put the EUROZONE problems behind.\r\n<ul>\r\n	<li>How long have these numpties had to provide a fully researched well thought out response? Germany took the wrong route via Austerity in 2008. The EUROZONE has paid and will continue to pay the price for this monumental f**k up.</li>\r\n</ul>\r\n<ul>\r\n	<li>Have they not learned anything about loose-tongued sound bytes to the media?</li>\r\n</ul>\r\n<ul>\r\n	<li>Do they not understand what a half-assed response would do to the EUROZONE economically?</li>\r\n</ul>\r\n<ul>\r\n	<li>Is the ECB actually committed to fixing the issues in the EUROZONE that face them?</li>\r\n</ul>\r\nWe all know and understand that Germany has the power, the money, the control and basically the final say. But the EUROZONE does not deserve yet another German botched job. All I can see is that we will get nothing but poorly worded sound bytes including numbers to see how does the media and markets react.\r\n\r\nThe continued indecisions are basically what has the EUROZONE in its current mess. From 2008 the EUROZONE has limped from catastrophe to catastrophe, nothing appears to have been learned.\r\n\r\nI think that the market is looking for €1,000 billion almost to infinity to get it right.\r\n\r\nThis is the German approach, as cheap as possible to limit political fallout back home. As in the past … on the cheap… too little too late… Draghi will be the fall guy.\r\n\r\nRemember, when politicians are in control… they DO NOT fix… they are only able to point blame. Draghi is going to be the fall guy here.\r\n\r\nMoving on…\r\n\r\nIf the ECB announces QE on January 22<sup>nd</sup>, (which, in fact they already announced last May) and does not however, implement it until March 2015 - is that what the markets are expecting?\r\n\r\nI have read that the sovereign bond-buying program may be like a common bond. Several countries do not like this option, as the credit risk will lie with National Banks and not the ECB - is this what the markets would view as credible?\r\n\r\nIf the ECB does not, as some organizations have reported, intend to announce an amount of intended purchases – is that what the markets are expecting?\r\n\r\nReuters has reported that there will be a dual approach of buying the government bonds. The ECB will buy some but National Central Banks will also buy at their own risk. The total of around €500 billion will be split between the ECB and Central banks – is this what the markets are looking for, sounds like a messy option to me?\r\n\r\nI can stand on my soapbox ranting here about what the markets want, but I know precisely what they DON\'T want and that is uncertainty. That is exactly what the ECB has delivered in the past - this is what they are masters at.\r\n\r\nThe markets are expecting a substantial QE program, with a wide scope covering sovereign bonds not corporate bonds. Size is important… the bigger the better. €500 billion is widely quoted now. It was initially reported that €1,000 billion would be the number great enough to satisfy ALL requirements. Timing should be to infinity and beyond.\r\n\r\nLets face facts… history is on my side when I write this.\r\n\r\n“The ECB 2015 QE program will be a f***ing fudged up / screwed up disaster”.\r\n\r\nThe Bundesbank and most of the German public are anti QE and Merkel is a politician who thrives on the popular vote. Should she (Merkel) go 110% into QE it would be a like a turkey voting for Christmas. Hence the “fudge” approach on the cheap.\r\n\r\nRight now from a Forex perspective with regards to the EUR/USD QE is priced in to large extent, we are buying the rumour, if we are short EUR/USD.\r\n\r\nThe simple fact of the matter is, that if Draghi does NOT deliver on the 22<sup>nd</sup> January, the EUR/USD will bounce like crazy. In fact, this is what I want to happen. I think that a bounce back to 1.2100 would be a great area to re-enter short.\r\n\r\nI think that Germany will as usual f**k up the first time and over a period of can kicking eventually they will (whether being dragged screaming or voluntarily) realize that QE is the only answer to calm the markets, bring stability and finally give most EUROZONE members a chance to build from lets face it DEFLATION.\r\n\r\nThere is always the chance that Draghi will deliver, but I strongly doubt it… The Bundesbank, Merkel… Germany is against him. The ECB mandate was carefully written by Germany at the outset of the EUROZONE. Draghi is a mere puppet of Germany.\r\n\r\nI think as Forex traders we should be ready to buy the news with the EUR/USD. If the QE program is delayed, complicated, small in size, split between the ECB and Central Banks and limited on time…. buy, buy, buy, buy the EUR.\r\n\r\nUntil the 22nd of January, I can only imagine that the rumour-mill regarding the ECB intentions for QE will get worse and worse with the media in a feeding frenzy to get the edge over their competitors. We know from history that the ECB and EUROZONE policy makers have loose lips and love their time on TV, so be very careful.\r\n\r\nLooking at longer-term charts 1.1630 appears to be the lowest I think that the EUR/USD will fall to before reaching some credible support, that is, if we can sell off to that level.\r\n\r\nWe did not break 1.1900 on the back of the mixed NFP data. Without doubt I can only say that I see increased EUR/USD volatility up to the 22<sup>nd</sup> January and do not forget the Greek elections a couple of days following.\r\n\r\nThe 1.1885 level may offer some resistance and maybe 1.1750 to 1.1885 is the immediate range. Outside of this range we may look at 1.1630 to 1.2000 (GAP FILL from 4<sup>th</sup> January 2015).\r\n\r\nI will trade the EUR/USD in the interim, I think; but my position sizes will be smaller to compensate for the increased volatility that I am expecting.\r\n\r\nIf you are a conservative trader and want to limit your risk prior to the ECB Press Conference, may I suggest that you just leave the EUR/USD alone.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:\r\n</span>\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - CURRENT LIVE TRADES:</span>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:</span></strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – CPi.\r\n\r\nWEDNESDAY: USD – Core Retail Sales.\r\nWEDNESDAY: AUD – Unemployment Rate.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD – Core CPi.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nThis week is light on news. However, I think that our guard needs to remain high given the high profile news events that are not too far away.\r\n\r\nThe following news events and items need to be focused on as we move into this week’s trading:\r\n<p style=\"text-align: center;\"><strong>The ECB Press Conference</strong>\r\n<strong> The Greek Elections</strong>\r\n<strong> GOLD and USD divergence</strong>\r\n<strong> OIL prices</strong>\r\n<strong> Central Bank Divergences</strong></p>\r\nThis list is large enough to contend with. We are watching many Forex pairs and the USD index (DXY) reacting after having reached extreme levels. We should see a period of consolidation before resuming the moves in the longer-term directions. At the same time though we have some large fundamental news items that we must also consider. At the moment, I would actually say the markets are being driven by fundamentals, but it is slowly yielding back to technicals leading given the pricing levels recently seen.\r\n\r\nThis can be a dangerous time as moves can be sudden and without a solid reason as the fundamentals have NOT altered.\r\n\r\nAll we can be is ready and trade accordingly.\r\n\r\nGood luck this week and as always manage your risk.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 11<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products.\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','EUR/USD - SELL THE RUMOUR / BUY THE NEWS? - (If only it was that simple)','','inherit','open','closed','','5102-revision-v1','','','2015-01-11 09:56:02','2015-01-11 14:56:02','',5102,'https://weeklyfxdrivethru.com/5102-revision-v1/',0,'revision','',0),(5116,1,'2016-12-05 13:22:49','2016-12-05 18:22:49','<section class=\"one-sixth first\">\n<h4>Monthly and Annual Consolidated Performance Analysis :</h4>\n</section><section class=\"five-sixths\">\n<div class=\"one-half first\">\n<h2>This Year\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/CONS-PERF-NOV16.png\"><img class=\"aligncenter size-large wp-image-8752\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/CONS-PERF-NOV16-854x1024.png\" alt=\"cons-perf-nov16\" width=\"854\" height=\"1024\" /></a>\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/CONS-PERF-OCT16.png\"><img class=\"aligncenter size-large wp-image-8566\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/CONS-PERF-OCT16-848x1024.png\" alt=\"cons-perf-oct16\" width=\"848\" height=\"1024\" /></a>\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CONSOLIDATED-PERF-SET2016.png\"><img class=\"aligncenter size-large wp-image-8389\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CONSOLIDATED-PERF-SET2016-838x1024.png\" alt=\"consolidated-perf-set2016\" width=\"838\" height=\"1024\" /></a></h2>\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n</div>\n<div class=\"one-half\">\n<h2>PREVIOUS YEARS\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-31122015.png\"><img class=\"aligncenter size-full wp-image-7054\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-31122015.png\" alt=\"PS RISK REWARD 31122015\" width=\"420\" height=\"518\" /></a></h2>\n<a href=\"https://weeklyfxdrivethru.com/ps-profit-loss-31122015/\" rel=\"attachment wp-att-7052\"><img class=\"aligncenter wp-image-7052\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-PROFIT-LOSS-31122015.png\" alt=\"PS PROFIT-LOSS 31122015\" width=\"547\" height=\"703\" /></a>\n\n</div>\n</section>&nbsp;\n\n<section class=\"five-sixths\">\n<div class=\"one-half\">\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-PROFIT-LOSS-RATIOS-31122014-YTD.png\"><img class=\"aligncenter wp-image-4963\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-PROFIT-LOSS-RATIOS-31122014-YTD.png\" alt=\"PREM SERV PROFIT-LOSS RATIOS 31122014 YTD\" width=\"532\" height=\"754\" /></a>\n\n</div>\n</section>','MONTHLY and ANNUAL CONSOLIDATED PERFORMANCE ANALYSIS','','inherit','open','closed','','5002-autosave-v1','','','2016-12-05 13:22:49','2016-12-05 18:22:49','',5002,'https://weeklyfxdrivethru.com/5002-autosave-v1/',0,'revision','',0),(5118,1,'2015-01-11 10:19:19','2015-01-11 15:19:19','<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/2015/01/RISK-REWARD-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5086\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png\" alt=\"RISK-REWARD PS 11012015\" width=\"427\" height=\"544\" /></a></h2>\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2></h2>\r\n<h2>PREVIOUS YEARS\r\n<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','open','closed','','5006-revision-v1','','','2015-01-11 10:19:19','2015-01-11 15:19:19','',5006,'https://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(5119,1,'2015-01-11 10:19:55','2015-01-11 15:19:55','<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/2015/01/RISK-REWARD-PS-11012015.png\"><img class=\"aligncenter size-full wp-image-5086\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png\" alt=\"RISK-REWARD PS 11012015\" width=\"427\" height=\"544\" /></a></h2>\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>PREVIOUS YEARS\r\n<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','open','closed','','5006-revision-v1','','','2015-01-11 10:19:55','2015-01-11 15:19:55','',5006,'https://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(5120,1,'2015-01-11 10:21:14','2015-01-11 15:21:14','<section class=\"pdf-links\">\r\n<div class=\"one-third first\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/CREATING-A-TRADING-PLAN-3.0.pdf\">CREATING A TRADING PLAN</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/FOLLOWING-YOUR-TRADING-PLAN-.pdf\">FOLLOWING YOUR TRADING PLAN</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/PLANNING-YOUR-TRADES-2.0.pdf\">PLANNING YOUR TRADES (2.0)</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/MANAGING-RISK.pdf\">MANAGING RISK</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/STOP-PLACEMENT.pdf\">STOP PLACEMENT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/MAXIMISING-PROFIT-POTENTIAL-BY-PROPERLY-SIZING-POSITIONS.pdf\">MAXIMISING PROFIT POTENTIAL BY PROPERLY SIZING POSITIONS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-AROUND-THE-NEWS.pdf\">TRADING AROUND THE NEWS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/HANDLING-NEWS-WITH-AN-OPEN-POSITION.pdf\">HANDLING NEWS WITH AN OPEN POSITION</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\">TRADING WITH A FLEXIBLE MINDSET</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PROBABILITIES-IN-TRADING.pdf\">PROBABILITIES IN TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf\">TRADING PSYCHOLOGY AND DRAWDOWNS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-RECENCY-BIAS.pdf\">TRADING PSYCHOLOGY - RECENCY BIAS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/A-MATHEMATICAL-APPROACH-TO-ELIMINATING-EMOTIONS.pdf\">A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</a>\r\n\r\n</div>\r\n<div class=\"one-third\">\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/ARE-YOU-FORCING-TRADES_.pdf\">ARE YOU FORCING TRADES_</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/TIPS-IN-ADJUSTING-TO-THE-FOREX-MARKET-WHEN-THERE-IS-LOW-VOLATILITY.pdf\">TIPS IN ADJUSTING TO THE FOREX MARKET WHEN THERE IS LOW VOLATILITY</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/TIPS-ON-GETTING-BACK-INTO-TRADING-AFTER-A-BREAK.pdf\">TIPS ON GETTING BACK INTO TRADING AFTER A BREAK</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/FX-BROKERS-PART-1.pdf\">FX BROKERS -PART 1</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/FX-BROKERS-PART-2.pdf\">FX BROKERS - PART 2</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/TRADING-MISTAKES-THAT-MAY-BE-LIMITING-YOUR-PROFITABILITY.pdf\">TRADING MISTAKES THAT MAY BE LIMITING YOUR PROFITABILITY</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/TRADING-OUTSIDE-OF-YOUR-COMFORT-ZONE.pdf\">TRADING OUTSIDE OF YOUR COMFORT ZONE</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/ARE-YOU-PREDICTING-PRICE-ACTION_.pdf\">ARE YOU PREDICTING PRICE ACTION</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/DONT-GIVE-UP-ON-YOUR-TRADE-PLAN.pdf\">DON\'T GIVE UP ON YOUR TRADE PLAN</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/HOW-TO-ADJUST-TO-CHANGING-TRADING-CONDITIONS.pdf\">HOW TO ADJUST TO CHANGING TRADING CONDITIONS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/HOW-TO-HANDLE-YOUR-FOREX-TRADING-WORRIES.pdf\">HOW TO HANDLE YOUR FOREX TRADING WORRIES</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/3-WAYS-TO-ENHANCE-YOUR-FOREX-TRADING-SKILLS.pdf\">3 WAYS TO ENHANCE YOUR FOREX TRADING SKILLS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/THE-STAGES-OF-LOSS-IN-FOREX.pdf\">THE STAGES OF LOSS IN FOREX</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/ARE-YOU-A-GREEDY-FOREX-TRADER_.pdf\">ARE YOU A GREEDY FOREX TRADER_</a>\r\n\r\n</div>\r\n<div class=\"one-third\">\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/SEVERAL-WAYS-TO-OVERCOME-TRADING-BURNOUT.pdf\">SEVERAL WAYS TO OVERCOME TRADING BURNOUT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/HOW-YOUR-PHYSICAL-WELL-BEING-AFFECTS-YOUR-FX-TRADING.pdf\">HOW YOUR PHYSICAL WELL-BEING AFFECTS YOUR FX TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/5-OF-THE-WORST-EXCUSES-TO-NOT-START-TRADING.pdf\">5 OF THE WORST EXCUSES TO NOT START TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/MY-APPROACH-ON-POSITION-SIZING.pdf\">MY APPROACH ON POSITION SIZING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/8-QUICK-REMINDERS-BEFORE-MAKING-YOUR-2015-TRADING-GOALS.pdf\">8 QUICK REMINDERS BEFORE MAKING YOUR 2015 TRADING GOALS</a>\r\n\r\n&nbsp;\r\n\r\n</div>\r\n</section>\r\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2015-01-11 10:21:14','2015-01-11 15:21:14','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(5121,1,'2015-01-11 10:23:48','2015-01-11 15:23:48','<section class=\"pdf-links\">\r\n<div class=\"one-third first\">\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/CREATING-A-TRADING-PLAN-3.0.pdf\">CREATING A TRADING PLAN</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/FOLLOWING-YOUR-TRADING-PLAN-.pdf\">FOLLOWING YOUR TRADING PLAN</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/PLANNING-YOUR-TRADES-2.0.pdf\">PLANNING YOUR TRADES (2.0)</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/MANAGING-RISK.pdf\">MANAGING RISK</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/STOP-PLACEMENT.pdf\">STOP PLACEMENT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/MAXIMISING-PROFIT-POTENTIAL-BY-PROPERLY-SIZING-POSITIONS.pdf\">MAXIMISING PROFIT POTENTIAL BY PROPERLY SIZING POSITIONS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-AROUND-THE-NEWS.pdf\">TRADING AROUND THE NEWS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/HANDLING-NEWS-WITH-AN-OPEN-POSITION.pdf\">HANDLING NEWS WITH AN OPEN POSITION</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\">TRADING WITH A FLEXIBLE MINDSET</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PROBABILITIES-IN-TRADING.pdf\">PROBABILITIES IN TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf\">TRADING PSYCHOLOGY AND DRAWDOWNS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-RECENCY-BIAS.pdf\">TRADING PSYCHOLOGY - RECENCY BIAS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/A-MATHEMATICAL-APPROACH-TO-ELIMINATING-EMOTIONS.pdf\">A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</a>\r\n\r\n</div>\r\n<div class=\"one-third\">\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/ARE-YOU-FORCING-TRADES_.pdf\">ARE YOU FORCING TRADES_</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/TIPS-IN-ADJUSTING-TO-THE-FOREX-MARKET-WHEN-THERE-IS-LOW-VOLATILITY.pdf\">TIPS IN ADJUSTING TO THE FOREX MARKET WHEN THERE IS LOW VOLATILITY</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/TIPS-ON-GETTING-BACK-INTO-TRADING-AFTER-A-BREAK.pdf\">TIPS ON GETTING BACK INTO TRADING AFTER A BREAK</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/FX-BROKERS-PART-1.pdf\">FX BROKERS -PART 1</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/FX-BROKERS-PART-2.pdf\">FX BROKERS - PART 2</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/TRADING-MISTAKES-THAT-MAY-BE-LIMITING-YOUR-PROFITABILITY.pdf\">TRADING MISTAKES THAT MAY BE LIMITING YOUR PROFITABILITY</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/TRADING-OUTSIDE-OF-YOUR-COMFORT-ZONE.pdf\">TRADING OUTSIDE OF YOUR COMFORT ZONE</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/ARE-YOU-PREDICTING-PRICE-ACTION_.pdf\">ARE YOU PREDICTING PRICE ACTION</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/DONT-GIVE-UP-ON-YOUR-TRADE-PLAN.pdf\">DON\'T GIVE UP ON YOUR TRADE PLAN</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/HOW-TO-ADJUST-TO-CHANGING-TRADING-CONDITIONS.pdf\">HOW TO ADJUST TO CHANGING TRADING CONDITIONS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/HOW-TO-HANDLE-YOUR-FOREX-TRADING-WORRIES.pdf\">HOW TO HANDLE YOUR FOREX TRADING WORRIES</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/3-WAYS-TO-ENHANCE-YOUR-FOREX-TRADING-SKILLS.pdf\">3 WAYS TO ENHANCE YOUR FOREX TRADING SKILLS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/THE-STAGES-OF-LOSS-IN-FOREX.pdf\">THE STAGES OF LOSS IN FOREX</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/ARE-YOU-A-GREEDY-FOREX-TRADER_.pdf\">ARE YOU A GREEDY FOREX TRADER_</a>\r\n\r\n</div>\r\n<div class=\"one-third\">\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/SEVERAL-WAYS-TO-OVERCOME-TRADING-BURNOUT.pdf\">SEVERAL WAYS TO OVERCOME TRADING BURNOUT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/HOW-YOUR-PHYSICAL-WELL-BEING-AFFECTS-YOUR-FX-TRADING.pdf\">HOW YOUR PHYSICAL WELL-BEING AFFECTS YOUR FX TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/5-OF-THE-WORST-EXCUSES-TO-NOT-START-TRADING.pdf\">5 OF THE WORST EXCUSES TO NOT START TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/MY-APPROACH-ON-POSITION-SIZING.pdf\">MY APPROACH ON POSITION SIZING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/8-QUICK-REMINDERS-BEFORE-MAKING-YOUR-2015-TRADING-GOALS.pdf\">8 QUICK REMINDERS BEFORE MAKING YOUR 2015 TRADING GOALS</a>\r\n\r\n&nbsp;\r\n\r\n</div>\r\n</section>\r\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2015-01-11 10:23:48','2015-01-11 15:23:48','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(5141,1,'2015-01-18 08:01:10','2015-01-18 13:01:10','Given the unprecedented fall-out from last Thursday, which, I will now refer to as “SNB DAY”, I wanted to talk about Forex Brokers in the EDUCATION section of this week’s blog.\r\nAs a consequence, for this week only I have made the decision to open up the PREMIUM SERVICE version of the WEEKLY FX DRIVE THRU to all readers.\r\n\r\n<strong> </strong>\r\n<h3 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h3>\r\n<strong>DATE: 18.01.2015\r\nREFERENCE: #43\r\n</strong><strong>BLOG: THE PREMIUM SERVICE</strong>\r\n\r\n<strong><span style=\"text-decoration: underline;\"> </span></strong>\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nLast week, in the blog I used “Holy Mother of God”… this week it’s “Jesus Mary and Joseph”.\r\n\r\nWhat a week…\r\n\r\nWhere do I start?\r\n\r\nMy first thoughts were: –\r\n\r\nDid SNB (Jordan) have any prior idea of the effect his announcement would have on the markets?\r\n\r\nDid Jordan know that his actions would make the history books?\r\n\r\nDid he think or realize that companies would go bust, people would be out a job and millions of $$ would be lost from balance sheets and broker accounts?\r\n\r\n&nbsp;\r\n\r\nThose are the $64,000 questions… and my answer to the questions is probably not to the extent that things played out. Believe me… there is more fallout to come as a result of SNB Day.\r\n\r\nI was awake and at my desk when the news broke. It was an experience to say the least; I had LIMIT ORDERS that were triggered with three brokers. Suffice to say my experiences with brokers were not consistent.\r\n\r\nI took a hit on my FXCM account and in comparison to many traders I will NOT be presented with an invoice for money owed. They froze out their CHF trades for over an hour and then what appeared to have happened is that they opened up at the bottom price and filled trades based on this. I have now learned that many traders lost substantial sums of money.\r\n\r\nThe other two brokers behaved themselves very well indeed, all things considered and losses were minimalized. In fact their systems unlike FXCM’s worked extremely well.\r\n\r\nMoving on….\r\n\r\nWe dust ourselves off prepare to deal with any Forex broker fallout and get set for the next week. What a week its going to be, with the highlight obviously being Draghi’s biggest (I always seem to say every meeting is his biggest) test to date on the Thursday 22<sup>nd</sup>.\r\n\r\nWe also have a BOC interest rate decision, a BOJ Policy statement and several other front line news events but these seem to fade into the background somewhat as all eyes will be on Draghi.\r\n\r\nI am certain that he will not disappoint but the ECB does have a TALK TALK habit and no action history.\r\n\r\nIf Draghi does NOT deliver we will have another SNB day….\r\n\r\nTo a large extent QE is priced in, it\'s the details that we need, and, I think that the volatility will be greater is he kicks another can down the road and delays action. As I say, it’s all going to be in details.\r\n\r\nIf he does not meet market expectations….or delays….it will be volatile.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<em>\r\n</em><strong><span style=\"text-decoration: underline;\">WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?</span></strong>\r\n\r\n&nbsp;\r\n\r\nLet me just set the scene here…\r\n\r\nIf I take a step back to, I think it was last May, when at the ECB Press Conference the EUR/USD hit 1.3993. I remember that day well as if it were only yesterday, yer man Mario Draghi said that the ECB would look at and consider purchasing sovereign bonds and whoopsie…. the EUR/USD decline towards parity started.\r\n\r\nIt has not been easy going for weakening the EUR/USD. It certainly wasn’t at first, and poor Mario Draghi has had to fight all the way and try to flex his muscles to do his job. We must of course remember that he is answerable to Berlin before and above anything else and the Germans are hard people to win over - just ask the Greeks, Cypriots, Portuguese, Spanish, Italians and the Irish.\r\n\r\nIn the early months following Draghi’s May announcement there were battles in the press with the following three flutes, which is the best way that I can describe these opponents to most things that Draghi says.\r\n\r\nJens Weidmann – Deutsche Bundesbank, President\r\nWolfgang Shauble - German Finance Minister\r\nEwald Notwony – Austrian Central Bank, President\r\n\r\nEvery time that Draghi would say something progressive that might help DEFLATION or UNEMPLOYMENT in the EUROZONE one of the three flutes highlighted above would roll out an objection based on legality, numbers are wrong, we don\'t need that QE sh**e, we have austerity…the fact that austerity didn’t work is totally irrelevant.\r\n\r\nWith a stroke of luck, after a few of months over the summer last year, there was the will he, won’t he, when will he, is he bullsh***ing, along with opposition voices mainly from within Germany, Mario Draghi got his break.\r\n\r\nThen we had Central Bank divergence… a stroke of luck for Mario Draghi. Janet Yellen announced a change in FED monetary policy as the last chunk of QE tapering from the FED was removed. The FED had moved to an increasing interest rate monetary policy following the end of QE, We still haven’t seen any increases yet, but we are expecting something later this year.\r\n\r\nThe FED and the ECB were now on divergent policies…one dovish and one hawkish. The result, the USD strengthened and the EUR weakened……\r\n\r\nIn the couple of months following, Mario Draghi once again talked about options but did nothing. Parallel to this the economic data emanating from the EUROZONE was still poor… German, Spanish, French, Italian and Spanish data all bounced on the bottom and failed to impress. DEFLATION started to be used in conversation, more and more around the corridors in Brussels sound bytes were focused on talking down DEFLATION, nevertheless it culminated with Draghi openly saying that sovereign bond buying was being looked at.\r\n\r\nThe EUR/USD dropped again on that news but bounced as the markets were looking at Draghi and the ECB as similar to “The Boy who cried Wolf”.\r\n\r\nLast Thursday, the SNB removed the link between the EUR and the CHF by removing the 1.2000 (peg/ floor limit) that kept exchange rates at a level. The turmoil in the markets, well, its history book stuff in my opinion. However, the EUR once again weakened and has fallen as low as 1.1460.\r\n\r\nSince May last year, 1.3993 to 1.1460 on Friday just passed…2,533 pips of a fall.\r\n\r\nSo as usual; here are a few questions to mull over: -\r\n<ol>\r\n	<li>What do you reckon Draghi’s goal exchange rate with the EUR/USD was, when he initially talked about QE up at 1.3993…lets call it 1.4000?</li>\r\n	<li>How many of the 2,500 pips or so fall in the EUR/USD exchange rate from 1.4000 to 1.1460 is actually attributable to ECB monetary policy? When you look at the move FED divergent policy and now the SNB, in mu opinion over 70% of this move in NON ECB driven.</li>\r\n	<li>I am willing to bet that the Germans who foot the bill (pay the invoice), for QE will be looking at 2,500 pips so far, saying lets do QE on the cheap we are almost at 1.1000…\r\nRemember we are dealing with politicians. QE is bad for Merkel regarding popularity and votes in Germany. Politicians will only want to do as little as possible…..What do you think?</li>\r\n	<li>At the outset of the QE announcement from the ECB the volume quoted to be required by the markets was €1,000 billion. There has been so much talk already that the proposed limit will be €500 billion and not the €1,000 billion that the markets are expecting and coupled with the fact that the SNB action has already blasted a further 300 pips or so lower off the EUR/USD exchange rate, is it not possible that politicians who require popularity to survive would take the line of least resistance and maybe take the risk of trying to satisfy the markets with the lower figure of €500 billion…. What do you think?</li>\r\n</ol>\r\nWhat happens if only €500 billion is quoted in the Press Conference on Thursday?\r\n\r\nBecause QE is priced in to a large extent with current EUR/USD exchange rate, in my opinion, anything below €1,000 billion will be seen as a fudge by the markets. If the rhetoric from Draghi that supports whatever amount of QE that is proposed is wishy-washy, and if QE is further delayed, I feel that there could be the mother of all bounces / squeezes in the EUR/USD back towards at least 1.2000. The 4<sup>th</sup> January market opening gap fill at 1.2000 looms, in my opinion, it is like a tractor beam from Star Trek if Draghi fails to get the markets on board.\r\n\r\nAt the front of mind, I always feel that the “collective” known as the ECB are more dysfunctional than Washington D.C. when it comes to policy and doing what is right for the people that they represent\r\n\r\nMarkets just cannot cope with vagueness or uncertainty…these are two traits that politicians the world over thrive upon. The ECB are top of the charts on being cheap and delaying implementation. They are also brilliant at talking, but not actually doing anything. Sadly the ECB is NOT despite its belief independent…. It is funded mainly by and managed by Berlin and Frankfurt…politicians are in control.\r\n\r\nAs I said last week in the blog, Draghi is the fall guy here.\r\n\r\nIf Germany says only €500 billion and the EUR/USD squeezes like crazy back 500 pips or so, the politicians will blame Draghi. Politicians are Teflon coated and only point fingers of blame. They are not interested in taking blame, merely passing it on. All things said, I strongly suspect QE on the cheap this Thursday and I think that the markets will NOT like it.\r\n\r\nI want to be wrong and I hope that I am…. but the ECB history of fudging leads me to believe that they will fall short, for whatever reason.\r\n\r\nBe ready to buy the EUR…. (I really do hope that I am wrong for the European people s sake).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:\r\n</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">3.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">3.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nThis week two PREMIUM SERVICE trades were affected by the SNB news. This has dented the trading performance and I am showing a negative for the end of the first full trading week. Although it is somewhat misleading to call it a full week, after the SNB news things practically came to a halt as I dealt with issues surrounding my aligned brokers, in particular FXCM. Apart from FXCM all appears to be well. I have spoken with them and all accounts should receive official communications from the brokers confirming all is well after SNB Day.\r\n\r\nThis is important to me as many of my PREMIUM SERVICE subscribers also have broker accounts signed up from my website banners and together we aligned with the broker and together we carry greater influence should problems occur.\r\n\r\nI spent a great deal of time on Thursday on administrative duties, not the usual kind but administrative all the same and Friday, more administration and a funeral to attend. Hence, it was not a full week, nor was last week by any stretch of the imagination a normal week.\r\n\r\nFrom my personal motivation perspective the FXCM issue hit me quite hard and now it’s all about shaking it out, dusting myself down and getting back in the saddle again.\r\n\r\nI start again tonight at the open, with chart reviews and will get back into full swing tomorrow. Given the news on the horizon, I will be picky on what I decide to trade.\r\n\r\nThe usual summary charts detailing the week and year to date performances, however, are below for reference, even though they do not make great reading, but it is real and honest reporting of the facts:\r\n\r\n<span style=\"text-decoration: underline;\">3.3.1. – THE PREMIUM SERVICE PROFIT/LOSS RATIOS:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\"><img class=\"aligncenter size-full wp-image-5129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\" alt=\"PREM SERVICE PROFIT-LOSS RATIO 18012015\" width=\"417\" height=\"583\" /></a>\r\n</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.3.2. – THE PREMIUM SERVICE RISK/REWARD ANALYSIS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\"><img class=\"aligncenter size-full wp-image-5130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\" alt=\"PS RISK-REWARD ANALYSIS 18012015\" width=\"427\" height=\"535\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.3. – THE PREMIUM SERVICE TRADE SUMMARY MONTH &amp; YTD:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\"><img class=\"aligncenter size-full wp-image-5131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\" alt=\"PREM SERV PROFITS1 18012015\" width=\"452\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\"><img class=\"aligncenter size-full wp-image-5132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\" alt=\"PREM SERVICE PROFITS2 18012015\" width=\"455\" height=\"427\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\n(PLEASE NOTE: The CWMFX broker banner will be visible on my website by the middle of this week. I apologize for the delay. If you want to open an account with CWMFX please contact me direct via the email address at the end of the blog. If you DO NOT open an account via me, you WILL NOT qualify for the limited time PROMOTION)\r\n\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade or Blackwell Global, you will be eligible for “BONUS WEEKS” to be added to your subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th\r\n\r\nFebruary 2015…it is really very limited: -\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n\r\n20 weeks = $350.00\r\n\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times.\r\n\r\nHence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FOREX BROKERS -\r\nWe need them, however, we have to choose them carefully</strong></p>\r\nGiven the effects of SNB Day, and all the horror stories that are now surfacing from customers of ALPARI, EXCEL MARKETS, ACM, FXOPEN, INVESTORS GROUP, INTERACTIVE BROKERS, LCG, SWISSQUOTE, ROBOFOREX, and FXCM, it really was a catastrophe waiting in the wings; some have already stated that it was bound to happen eventually. The market was so long EUR/CHF it was an incredible one-sided market. Traders believing that the SNB would continue to support the 1.2000 peg for ever, literally got taken to the cleaners when it was uncoupled.\r\n\r\nLast night, I spoke with one of my peers who told me of instances where traders literally took oversized long positions on the EUR/CHF to make 5 or 10 pips a time on the promise of SNB support. They were extremely over-leveraged and taking on so much risk that when the SNB action took place their broker account with say $10,000 on them were immediately wiped out because they did NOT use RISK or MONEY MANAGEMENT nor did they think of proper POSITION SIZING. The end result: I was advised of invoices being raised to the tune of $70,000 and more to cover the fill. Traders who did not have their accounts wiped out have lost thousands of $$$ regardless of the broker used.\r\n\r\nWe all need brokers…some may say they are a necessary evil, but we need them.\r\n\r\nI have researched and tried many brokers over the 8 years that I have been trading. I had a great relationship with my account manager at FXCM, and that counts as a positive, but the way that they as a company handled SNB Day was my worst broker experience ever. I have had some experiences on broken promises and outright lies deceit and dishonesty from brokers in the past, but the SNB fallout has opened my eyes even further.\r\n\r\nWhen choosing a broker we look for regulations and affiliations and try to take in all the small print that we mostly all hate to examine. I wonder how many of us have actually read the small print. Brokers should be regulated across as many zones in the world that is humanly possible. Brokers that failed on SNB Day had this, they had all the regulatory bodies behind them regarding clients monies etc.\r\n\r\nI did not have accounts with any of the brokers listed above, except FXCM, but most of them probably ticked all the boxes you as a client needed to know about before opening an account. Many of them have been saved, but some will still NOT trade CHF pairs. It looks like ALPARI and EXCEL MARKETS are the only brokers to have gone under so far.\r\n\r\nWith regards to FXCM, let me tell you, this brokerage must have owned half the Amazon rainforest given the volume of paper, red tape and regulation I went through to open my account, yet they failed to deliver on SNB Day and have struggled to keep their doors open. The 4<sup>th</sup> largest broker in the world was what I read recently about FXCM; so what went wrong?\r\n\r\nTrying to keep this simple the market was so heavily traded in one direction, and the volumes were just so huge. The market collapsed when the decoupling happened.\r\n\r\nJust think about one factor that has not come to light yet. We have heard about the private FX traders in their thousands and how they were affected. I have not read much about the institutions yet. The Forex market is a 5 (five) trillion dollars a day market, five trillion dollars is not trading done by private traders i.e. you and me. There is much more fallout to come from the institutions such as the banks.\r\n\r\nSimply put, what happened on SNB Day was a one-off, probably never to be repeated event ever in our lifetimes.\r\n\r\nSo, given that I say in my title of this article “chose carefully”, yet the three brokers who are in trouble, or closed for business, ticked all the boxes, what else could you have done? Or, basically, if you were with these brokers was it just a case of bad luck?\r\n\r\nWhen I have gone through the process of establishing a relationship with a Forex broker, I thought that I was being as thorough as possible, FXCM passed this test when I was selecting brokers to align with.\r\n\r\nAs a minimum, let me review the data that you should be looking for regarding your broker when making your choice.\r\n\r\nYour broker should meet the following requirements: -\r\n\r\nBe licensed and regulated to meet all regulatory obligations.\r\nYou should be able to see country by country the various regulatory authorities listed where approval and standards are met.\r\n24x7 support via telephone and “Live Chat”.\r\nDedicated Account Managers.\r\n\r\nYour broker should have the following information available: -\r\n\r\nRisk Disclaimers.\r\nPrivacy Policies.\r\nComplaints Procedures.\r\n<span style=\"line-height: 1.5;\">Policies on how they handle Conflict of Interest and Execution of trade policies.\r\n</span><span style=\"line-height: 1.5;\">Details of an Investor Compensation Fund.</span>\r\n\r\nFinally we have a crunch test. Looking back on SNB Day, there was slippage, there were reports of poor fills all over the Forex market\r\n\r\nOpen up a demo account and test the brokers platform for accessibility during periods of high volume such as, Non-Farm Payrolls, ECB Press Conferences etc.\r\n\r\nSlippage / poor fills are an important and part of our everyday trading that we have to deal with. The brokers bombard you with small print on their contracts; every “get out” clause in the book is there for you add your signature to.\r\n\r\nTherefore in my eyes, we should take them for the equivalent of a test drive. Choosing a broker should involve a period of practical experience as well as ensuring that they meet an administrative functionality.\r\n\r\nThere may NOT be a repeat of SNB Day, and quite frankly it was so extreme I guess that we will not see it repeated but we should go as far as we can to help indemnify ourselves as best we can.\r\n\r\nI hope that this short article helps in some way.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>\r\n\r\nBelow is the current spread sheet showing the existing live trades. Both of these trades are hedged from 100 pips. The hedges were placed SNB Day.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\"><img class=\"aligncenter size-full wp-image-5139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\" alt=\"PS LIVE TRADES 18012015\" width=\"712\" height=\"477\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nThe current list of LIMIT ORDER trades are highlighted on the spreadsheet below.\r\n\r\nI would like to add that given the extreme nervousness in the market and the continued uncertainty surrounding the fallout from SNB Day, I have not added any charts or additional trades this weekend. I will be reviewing after the European open tomorrow (Monday).\r\n\r\nI believe that this is the prudent approach given the fact that the uncertainty in the Forex markets provides volatility that, quite frankly is not tradable at times. I would rather wait until the dust settles.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\"><img class=\"aligncenter size-full wp-image-5140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\" alt=\"PS TRADES ON RADAR 18012015\" width=\"710\" height=\"410\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\"><img class=\"aligncenter size-full wp-image-5138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\" alt=\"PREM SERV TRENDING PAIRS 18012015\" width=\"390\" height=\"551\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscriber deal)<strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.1560.</strong> In total there was over a 500 pip range in the EUR/USD this past week and about a 350 pip drop overall. Obviously “SNB day” rocked the boat and sent this pair into a tailspin move lower. What next is the obvious question? Sticking my neck on the chopping block, I think we should see a period of consolidation ahead of the ECB Press Conference this Thursday. We saw a bottom on Friday at 1.1460. I think that this will be the support level; a break lower opens up a move to 1.1210. On the upside, I think that we could see bounces that will probably be sold into at 1.1650, 1.1720 and maybe even 1.1870, although the latter would, in my opinion, involve quite a short squeeze. DO NOT rule this out. The market is heavily short EUR at the moment, and so nervous anything could happen. There are lots of brokers liquidating positions at the moment to balance their books…never say never to anything at the moment.\r\n\r\n<strong>GBP/USD: Closing Price 1.5131</strong>. Quite a turbulent week for the cable but the end of week close was only 20 pips lower than the previous week. In 2014, I had no real luck trading this pair; I think at one time I called it “Flattering to Deceive”. My views have not altered. All week, I believed with the EUR/GBP cross-rate effect in play the cable would stay supported as the EUR/GBP fell in value. So many times it looked like the GBP/USD was going to break substantially higher, but it never really got going. I hate to say common sense, but common sense tells me that as the EUR falls, the EUR/GBP also falls and by virtue of these moves the GBP/USD should remain elevated. I know, the EUR/USD dropped 400 pips or so and cable never moved so it remained elevated by comparison. However, in my opinion, in the past the bounce in cable has been dominant and I expected a test of 1.5300; it never materialized.\r\nLooking forward, 1.5030 is definitely the near death experience support and resistance for the next few days should be capped around 1.5270.\r\n\r\n<strong>AUD/USD: Closing Price 0.8219</strong>. Aussie employment numbers helped this pair during last week. We are range bound and I can say and I am tired of trying to make money on this pair at the moment. The cross-rate effects of the EUR/AUD, GBP/AUD and AUD/CAD are playing havoc with the AUD/USD moves. Looking forward, support is at 0.8180, then down to 0.8120. Resistance is 0.8300. I have a limit order at 0.8380 patiently waiting to short.<strong> </strong>\r\n\r\n<strong>NZD/USD: Closing Price 0.7770</strong>. Like the AUD/USD a very range bound pair. 0.7620 to 0.7920 is the range. I have my limit order at 0.7920 to short and quite frankly this pair has become the new “Loonie” to trade. We have been in the range that I have identified for about three or four months now…painful.\r\n\r\n<strong>USD/CAD: Closing Price 1.1976.</strong> On SNB day I was “wussied” out of a trade that cost quite a bit of $$$. My long limit entry was triggered and I did not move my stop lower to cope with the volatility at the time. I took a big 85-pip loss, only watch my next level of support hold and then watch the “Loonie” bounce up like a pop-tart and take out my initial profit target all inside two hours…. God…I’m that good!! It was very frustrating indeed, and that is the polite version of how I feel. I had soooooooooo many other things on my mind at the time this was happening so I am trying not to beat myself up too much.\r\nLooking forward, resistance for me lies at 1.2075, with support back at 1.1940.\r\n\r\n<strong>USD/CHF: Closing Price 0.8579</strong>. What on earth do I say about the CHF? Personally, I am expecting a bounce in the CHF pairs, as I do believe that Jordan fucked up, I think he had NO FRIGGIN IDEA what he was taking on and now the SNB will be involved in further currency manipulation to help manage the Swiss economy moving forward. I do believe though, that measures will be on hold until after the ECB announcement on <span style=\"line-height: 1.5;\">QE this week. </span><span style=\"line-height: 1.5;\">In my opinion, the CHF will be a sell currency moving forward. i.e. long USD/CHF, EUR/CHF and GBP/CHF to name but three pairs…….but NOT yet it’s too risky.</span><span style=\"line-height: 1.5;\">Quite frankly, stay away for a few more days. Lets get all the fallout, all the data, and all the thoughts of the central bankers on the table and then decide what to do. I know that there are thousands of traders trying to pick bottoms with the CHF pairs. You do what you think you need to do, me…I am staying away for a little while until I can see some clarity on the future policy.</span>\r\n\r\n<strong>USD/JPY: Closing Price 117.42. </strong> The USD/JPY strengthened by about 100 yen in the week. I promised Yang, one of my subscribers that I would start trading this pair and the JPY crosses last week, in fact I have been promising for weeks. That plan kind of got placed on hold once again. We are range bound with this pair; 115.50 is the support and 118.00 the resistance.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: NZD – NZIER Business Confidence.\r\nMONDAY: CNY – GDP.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\nTUESDAY: NZD – CPi.\r\n\r\nWEDNESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\nWEDNESDAY: GBP – Unemployment Data.\r\nWEDNESDAY: CAD – BOC Monetary Policy Statement / Interest Rate.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\n\r\nTHURSDAY: EUR – ECB Interest Rate s and Press Conference.\r\nTHURSDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nFRIDAY: EUR – French and German Flash Manufacturing PMi\r\nFRIDAY: GBP – Retail Sales.\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nI doubt as Forex traders that we will ever witness events like SNB Day again in our lifetimes. It was a history book entry event. As traders it is all about how we react after that turmoil. I know that many of you lost money on CHF trades last Thursday.\r\n\r\nIt is all about drawing a line under it…. and moving on. DO NOT revenge trade that is NOT the answer. It is especially NOT the answer given the news event on the horizon.\r\n\r\nThe ECB dominates the economic calendar this week. I have documented my thoughts in this blog. I may be wrong, I may be right, it is just my opinion and quite frankly no one knows what is going to happen this Thursday. The one thing that I can probably get 100% correct is that it will be volatile. It may actually be a day NOT TO TRADE.\r\n\r\nThere is a Forex market everyday. There are usually one or two strong moves everyday. Why risk this Thursday when volatility will be extreme?\r\n\r\nI know that many of you will trade no matter what I write. All I ask is that you consider the risks involved with trading anything with EUR attached to it.\r\n\r\nBefore you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.\r\n\r\nThis Thursday, in my opinion, will not be as catastrophic as SNB Day, but rest assured it will be volatile.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 18<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?','','publish','open','closed','','will-ecb-announce-sufficient-qe-satisfy-markets','','','2015-01-18 08:01:10','2015-01-18 13:01:10','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=5141',0,'member_posts','',0),(5142,1,'2015-01-17 18:03:15','2015-01-17 23:03:15','Given the unprecedented fall-out from last Thursday, which, I will now refer to as “SNB DAY”, I wanted to talk about Forex Brokers in the EDUCATION section of this week’s blog.\r\nAs a consequence, for this week only I have made the decision to open up the PREMIUM SERVICE version of the WEEKLY FX DRIVE THRU to all readers.\r\n\r\n<strong> </strong>\r\n<h3 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h3>\r\n<strong>DATE: 18.01.2015\r\nREFERENCE: #43\r\n</strong><strong>BLOG: THE PREMIUM SERVICE</strong>\r\n\r\n<strong><span style=\"text-decoration: underline;\"> </span></strong>\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nLast week, in the blog I used “Holy Mother of God”… this week it’s “Jesus Mary and Joseph”.\r\n\r\nWhat a week…\r\n\r\nWhere do I start?\r\n\r\nMy first thoughts were: –\r\n\r\nDid SNB (Jordan) have any prior idea of the effect his announcement would have on the markets?\r\n\r\nDid Jordan know that his actions would make the history books?\r\n\r\nDid he think or realize that companies would go bust, people would be out a job and millions of $$ would be lost from balance sheets and broker accounts?\r\n\r\n&nbsp;\r\n\r\nThose are the $64,000 questions… and my answer to the questions is probably not to the extent that things played out. Believe me… there is more fallout to come as a result of SNB Day.\r\n\r\nI was awake and at my desk when the news broke. It was an experience to say the least; I had LIMIT ORDERS that were triggered with three brokers. Suffice to say my experiences with brokers were not consistent.\r\n\r\nI took a hit on my FXCM account and in comparison to many traders I will NOT be presented with an invoice for money owed. They froze out their CHF trades for over an hour and then what appeared to have happened is that they opened up at the bottom price and filled trades based on this. I have now learned that many traders lost substantial sums of money.\r\n\r\nThe other two brokers behaved themselves very well indeed, all things considered and losses were minimalized. In fact their systems unlike FXCM’s worked extremely well.\r\n\r\nMoving on….\r\n\r\nWe dust ourselves off prepare to deal with any Forex broker fallout and get set for the next week. What a week its going to be, with the highlight obviously being Draghi’s biggest (I always seem to say every meeting is his biggest) test to date on the Thursday 22<sup>nd</sup>.\r\n\r\nWe also have a BOC interest rate decision, a BOJ Policy statement and several other front line news events but these seem to fade into the background somewhat as all eyes will be on Draghi.\r\n\r\nI am certain that he will not disappoint but the ECB does have a TALK TALK habit and no action history.\r\n\r\nIf Draghi does NOT deliver we will have another SNB day….\r\n\r\nTo a large extent QE is priced in, it\'s the details that we need, and, I think that the volatility will be greater is he kicks another can down the road and delays action. As I say, it’s all going to be in details.\r\n\r\nIf he does not meet market expectations….or delays….it will be volatile.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<em>\r\n</em><strong><span style=\"text-decoration: underline;\">WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATIFY THE MARKETS?</span></strong>\r\n\r\n&nbsp;\r\n\r\nLet me just set the scene here…\r\n\r\nIf I take a step back to, I think it was last May, when at the ECB Press Conference the EUR/USD hit 1.3993. I remember that day well as if it were only yesterday, yer man Mario Draghi said that the ECB would look at and consider purchasing sovereign bonds and whoopsie…. the EUR/USD decline towards parity started.\r\n\r\nIt has not been easy going for weakening the EUR/USD. It certainly wasn’t at first, and poor Mario Draghi has had to fight all the way and try to flex his muscles to do his job. We must of course remember that he is answerable to Berlin before and above anything else and the Germans are hard people to win over - just ask the Greeks, Cypriots, Portuguese, Spanish, Italians and the Irish.\r\n\r\nIn the early months following Draghi’s May announcement there were battles in the press with the following three flutes, which is the best way that I can describe these opponents to most things that Draghi says.\r\n\r\nJens Weidmann – Deutsche Bundesbank, President\r\nWolfgang Shauble - German Finance Minister\r\nEwald Notwony – Austrian Central Bank, President\r\n\r\nEvery time that Draghi would say something progressive that might help DEFLATION or UNEMPLOYMENT in the EUROZONE one of the three flutes highlighted above would roll out an objection based on legality, numbers are wrong, we don\'t need that QE sh**e, we have austerity…the fact that austerity didn’t work is totally irrelevant.\r\n\r\nWith a stroke of luck, after a few of months over the summer last year, there was the will he, won’t he, when will he, is he bullsh***ing, along with opposition voices mainly from within Germany, Mario Draghi got his break.\r\n\r\nThen we had Central Bank divergence… a stroke of luck for Mario Draghi. Janet Yellen announced a change in FED monetary policy as the last chunk of QE tapering from the FED was removed. The FED had moved to an increasing interest rate monetary policy following the end of QE, We still haven’t seen any increases yet, but we are expecting something later this year.\r\n\r\nThe FED and the ECB were now on divergent policies…one dovish and one hawkish. The result, the USD strengthened and the EUR weakened……\r\n\r\nIn the couple of months following, Mario Draghi once again talked about options but did nothing. Parallel to this the economic data emanating from the EUROZONE was still poor… German, Spanish, French, Italian and Spanish data all bounced on the bottom and failed to impress. DEFALTION started to be used in conversation, more and more around the corridors in Brussels sound bytes were focused on talking down DEFLATION, nevertheless it culminated with Draghi openly saying that sovereign bond buying was being looked at.\r\n\r\nThe EUR/USD dropped again on that news but bounced as the markets were looking at Draghi and the ECB as similar to “The Boy who cried Wolf”.\r\n\r\nLast Thursday, the SNB removed the link between the EUR and the CHF by removing the 1.2000 (peg/ floor limit) that kept exchange rates at a level. The turmoil in the markets, well, its history book stuff in my opinion. However, the EUR once again weakened and has fallen as low as 1.1460.\r\n\r\nSince May last year, 1.3993 to 1.1460 on Friday just passed…2,533 pips of a fall.\r\n\r\nSo as usual; here are a few questions to mull over: -\r\n<ol>\r\n	<li>What do you reckon Draghi’s goal exchange rate with the EUR/USD was, when he initially talked about QE up at 1.3993…lets call it 1.4000?</li>\r\n</ol>\r\n<ol start=\"2\">\r\n	<li>How many of the 2,500 pips or so fall in the EUR/USD exchange rate from 1.4000 to 1.1460 is actually attributable to ECB monetary policy?</li>\r\n	<li>I am willing to bet that the Germans who foot the bill (pay the invoice), for QE will be looking at 2,500 pips so far, saying lets do QE on the cheap we are almost at 1.1000…\r\nRemember we are dealing with politicians. QE is bad for Merkel regarding popularity and votes in Germany. Politicians will only want to do as little as possible…..What do you think?</li>\r\n	<li>At the outset of the QE announcement from the ECB the volume quoted to be required by the markets was €1,000 billion. There has been so much talk already that the proposed limit will be €500 billion and not the €1,000 billion that the markets are expecting and coupled with the fact that the SNB action has already blasted a further 300 pips or so lower off the EUR/USD exchange rate, is it not possible that politicians who require popularity to survive would take the line of least resistance and maybe take the risk of trying to satisfy the markets with the lower figure of €500 billion…. What do you think?</li>\r\n</ol>\r\nWhat happens if only €500 billion is quoted in the Press Conference on Thursday?\r\n\r\nBecause QE is priced in to a large extent with current EUR/USD exchange rate, in my opinion, anything below €1,000 billion will be seen as a fudge by the markets. If the rhetoric from Draghi that supports whatever amount of QE that is proposed is wishy-washy, and if QE is further delayed, I feel that there could be the mother of all bounces / squeezes in the EUR/USD back towards at least 1.2000. The 4<sup>th</sup> January market opening gap fill at 1.2000 looms, in my opinion, it is like a tractor beam from Star Trek if Draghi fails to get the markets on board.\r\n\r\nAt the front of mind, I always feel that the “collective” known as the ECB are more dysfunctional than Washington D.C. when it comes to policy and doing what is right for the people that they represent\r\n\r\nMarkets just cannot cope with vagueness or uncertainty…these are two traits that politicians the world over thrive upon. The ECB are top of the charts on being cheap and delaying implementation. They are also brilliant at talking, but not actually doing anything. Sadly the ECB is NOT despite its belief independent…. It is funded mainly by and managed by Berlin and Frankfurt…politicians are in control.\r\n\r\nAs I said last week in the blog, Draghi is the fall guy here.\r\n\r\nIf Germany says only €500 billion and the EUR/USD squeezes like crazy back 500 pips or so, the politicians will blame Draghi. Politicians are Teflon coated and only point fingers of blame. They are not interested in taking blame, merely passing it on. All things said, I strongly suspect QE on the cheap this Thursday and I think that the markets will NOT like it.\r\n\r\nI want to be wrong and I hope that I am…. but the ECB history of fudging leads me to believe that they will fall short, for whatever reason.\r\n\r\nBe ready to buy the EUR…. (I really do hope that I am wrong for the European peoples sake).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:\r\n</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">3.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">3.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nThis week two PREMIUM SERVICE trades were affected by the SNB news. This has dented the trading performance and I am showing a negative for the end of the first full trading week. Although it is somewhat misleading to call it a full week, after the SNB news things practically came to a halt as I dealt with issues surrounding my aligned brokers, in particular FXCM. Apart from FXCM all appears to be well. I have spoken with them and all accounts should receive official communications from the brokers confirming all is well after SNB Day.\r\n\r\nThis is important to me as many of my PREMIUM SERVICE subscribers also have broker accounts signed up from my website banners and together we aligned with the broker and together we carry greater influence should problems occur.\r\n\r\nI spent a great deal of time on Thursday on administrative duties, not the usual kind but administrative all the same and Friday, more administration and a funeral to attend. Hence, it was not a full week, nor was last week by any stretch of the imagination a normal week.\r\n\r\nFrom my personal motivation perspective the FXCM issue hit me quite hard and now it’s all about shaking it out, dusting myself down and getting back in the saddle again.\r\n\r\nI start again tonight at the open, with chart reviews and will get back into full swing tomorrow. Given the news on the horizon, I will be picky on what I decide to trade.\r\n\r\nThe usual summary charts detailing the week and year to date performances, however, are below for reference, even though they do not make great reading, but it is real and honest reporting of the facts:\r\n\r\n<span style=\"text-decoration: underline;\">3.3.1. – THE PREMIUM SERVICE PROFIT/LOSS RATIOS:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\"><img class=\"aligncenter size-full wp-image-5129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\" alt=\"PREM SERVICE PROFIT-LOSS RATIO 18012015\" width=\"417\" height=\"583\" /></a>\r\n</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.3.2. – THE PREMIUM SERVICE RISK/REWARD ANALYSIS:\r\n\r\n</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\"><img class=\"aligncenter size-full wp-image-5130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\" alt=\"PS RISK-REWARD ANALYSIS 18012015\" width=\"427\" height=\"535\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.3. – THE PREMIUM SERVICE TRADE SUMMARY MONTH &amp; YTD:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\"><img class=\"aligncenter size-full wp-image-5131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\" alt=\"PREM SERV PROFITS1 18012015\" width=\"452\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\"><img class=\"aligncenter size-full wp-image-5132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\" alt=\"PREM SERVICE PROFITS2 18012015\" width=\"455\" height=\"427\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\n(PLEASE NOTE: The CWMFX broker banner will be visible on my website by the middle of this week. I apologize for the delay. If you want to open an account with CWMFX please contact me direct via the email address at the end of the blog. If you DO NOT open an account via me, you WILL NOT qualify for the limited time PROMOTION)\r\n\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade or Blackwell Global, you will be eligible for “BONUS WEEKS” to be added to your subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th\r\n\r\nFebruary 2015…it is really very limited: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n&nbsp;\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n\r\n20 weeks = $350.00\r\n\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times.\r\n\r\nHence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:\r\n\r\n</span>\r\n<p style=\"text-align: center;\"><strong>FOREX BROKERS -\r\nWe need them, however, we have to choose them carefully</strong></p>\r\nGiven the effects of SNB Day, and all the horror stories that are now surfacing from customers of ALPARI, EXCEL MARKETS, ACM, FXOPEN, INVESTORS GROUP, INTERACTIVE BROKERS, LCG, SWISSQUOTE, ROBOFOREX, and FXCM, it really was a catastrophe waiting in the wings; some have already stated that it was bound to happen eventually. The market was so long EUR/CHF it was an incredible one-sided market. Traders believing that the SNB would continue to support the 1.2000 peg for ever, literally got taken to the cleaners when it was uncoupled.\r\n\r\nLast night, I spoke with one of my peers who told me of instances where traders literally took oversized long positions on the EUR/CHF to make 5 or 10 pips a time on the promise of SNB support. They were extremely over-leveraged and taking on so much risk that when the SNB action took place their broker account with say $10,000 on them were immediately wiped out because they did NOT use RISK or MONEY MANGEMENT nor did they think of proper POSITION SIZING. The end result: I was advised of invoices being raised to the tune of $70,000 and more to cover the fill. Traders who did not have their accounts wiped out have lost thousands of $$$ regardless of the broker used.\r\n\r\nWe all need brokers…some may say they are a necessary evil, but we need them.\r\n\r\nI have researched and tried many brokers over the 8 years that I have been trading. I had a great relationship with my account manager at FXCM, and that counts as a positive, but the way that they as a company handled SNB Day was my worst broker experience ever. I have had some experiences on broken promises and outright lies deceit and dishonesty from brokers in the past, but the SNB fallout has opened my eyes even further.\r\n\r\nWhen choosing a broker we look for regulations and affiliations and try to take in all the small print that we mostly all hate to examine. I wonder how many of us have actually read the small print. Brokers should be regulated across as many zones in the world that is humanly possible. Brokers that failed on SNB Day had this, they had all the regulatory bodies behind them regarding clients monies etc.\r\n\r\nI did not have accounts with any of the brokers listed above, except FXCM, but most of them probably ticked all the boxes you as a client needed to know about before opening an account. Many of them have been saved, but some will still NOT trade CHF pairs. It looks like ALPARI and EXCEL MARKETS are the only brokers to have gone under so far.\r\n\r\nWith regards to FXCM, let me tell you, this brokerage must have owned half the Amazon rainforest given the volume of paper, red tape and regulation I went through to open my account, yet they failed to deliver on SNB Day and have struggled to keep their doors open. The 4<sup>th</sup> largest broker in the world was what I read recently about FXCM; so what went wrong?\r\n\r\nTrying to keep this simple the market was so heavily traded in one direction, and the volumes were just so huge. The market collapsed when the decoupling happened.\r\n\r\nJust think about one factor that has not come to light yet. We have heard about the private FX traders in their thousands and how they were affected. I have not read much about the institutions yet. The Forex market is a 5 (five) trillion dollars a day market, five trillion dollars is not trading done by private traders i.e. you and me. There is much more fallout to come from the institutions such as the banks.\r\n\r\nSimply put, what happened on SNB Day was a one-off, probably never to be repeated event ever in our lifetimes.\r\n\r\nSo, given that I say in my title of this article “chose carefully”, yet the three brokers who are in trouble, or closed for business, ticked all the boxes, what else could you have done? Or, basically, if you were with these brokers was it just a case of bad luck?\r\n\r\nWhen I have gone through the process of establishing a relationship with a Forex broker, I thought that I was being as thorough as possible, FXCM passed this test when I was selecting brokers to align with.\r\n\r\nAs a minimum, let me review the data that you should be looking for regarding your broker when making your choice.\r\n\r\nYour broker should meet the following requirements: -\r\n\r\nBe licensed and regulated to meet all regulatory obligations.\r\nYou should be able to see country by country the various regulatory authorities listed where approval and standards are met.\r\n24x7 support via telephone and “Live Chat”.\r\nDedicated Account Managers.\r\n\r\nYour broker should have the following information available: -\r\n\r\nRisk Disclaimers.\r\nPrivacy Policies.\r\nComplaints Procedures.\r\n<span style=\"line-height: 1.5;\">Policies on how they handle Conflict of Interest and Execution of trade policies.\r\n</span><span style=\"line-height: 1.5;\">Details of an Investor Compensation Fund.</span>\r\n\r\nFinally we have a crunch test. Looking back on SNB Day, there was slippage, there were reports of poor fills all over the Forex market\r\n\r\nOpen up a demo account and test the brokers platform for accessibility during periods of high volume such as, Non-Farm Payrolls, ECB Press Conferences etc.\r\n\r\nSlippage / poor fills are an important and part of our everyday trading that we have to deal with. The brokers bombard you with small print on their contracts; every “get out” clause in the book is there for you add your signature to.\r\n\r\nTherefore in my eyes, we should take them for the equivalent of a test drive. Choosing a broker should involve a period of practical experience as well as ensuring that they meet an administrative functionality.\r\n\r\nThere may NOT be a repeat of SNB Day, and quite frankly it was so extreme I guess that we will not see it repeated but we should go as far as we can to help indemnify ourselves as best we can.\r\n\r\nI hope that this short article helps in some way.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>\r\n\r\nBelow is the current spread sheet showing the existing live trades. Both of these trades are hedged from 100 pips. The hedges were placed SNB Day.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\"><img class=\"aligncenter size-full wp-image-5139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\" alt=\"PS LIVE TRADES 18012015\" width=\"712\" height=\"477\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nThe current list of LIMIT ORDER trades are highlighted on the spreadsheet below.\r\n\r\nI would like to add that given the extreme nervousness in the market and the continued uncertainty surrounding the fallout from SNB Day, I have not added any charts or additional trades this weekend. I will be reviewing after the European open tomorrow (Monday).\r\n\r\nI believe that this is the prudent approach given the fact that the uncertainty in the Forex markets provides volatility that, quite frankly is not tradable at times. I would rather wait until the dust settles.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\"><img class=\"aligncenter size-full wp-image-5140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\" alt=\"PS TRADES ON RADAR 18012015\" width=\"710\" height=\"410\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\"><img class=\"aligncenter size-full wp-image-5138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\" alt=\"PREM SERV TRENDING PAIRS 18012015\" width=\"390\" height=\"551\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscriber deal)<strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.1560.</strong> In total there was over a 500 pip range in the EUR/USD this past week and about a 350 pip drop overall. Obviously “SNB day” rocked the boat and sent this pair into a tailspin move lower. What next is the obvious question? Sticking my neck on the chopping block, I think we should see a period of consolidation ahead of the ECB Press Conference this Thursday. We saw a bottom on Friday at 1.1460. I think that this will be the support level; a break lower opens up a move to 1.1210. On the upside, I think that we could see bounces that will probably be sold into at 1.1650, 1.1720 and maybe even 1.1870, although the latter would, in my opinion, involve quite a short squeeze. DO NOT rule this out. The market is heavily short EUR at the moment, and so nervous anything could happen. There are lots of brokers liquidating positions at the moment to balance their books…never say never to anything at the moment.\r\n\r\n<strong>GBP/USD: Closing Price 1.5131</strong>. Quite a turbulent week for the cable but the end of week close was only 20 pips lower than the previous week. In 2014, I had no real luck trading this pair; I think at one time I called it “Flattering to Deceive”. My views have not altered. All week, I believed with the EUR/GBP cross-rate effect in play the cable would stay supported as the EUR/GBP fell in value. So many times it looked like the GBP/USD was going to break substantially higher, but it never really got going. I hate to say common sense, but common sense tells me that as the EUR falls, the EUR/GBP also falls and by virtue of these moves the GBP/USD should remain elevated. I know, the EUR/USD dropped 400 pips or so and cable never moved so it remained elevated by comparison. However, in my opinion, in the past the bounce in cable has been dominant and I expected a test of 1.5300; it never materialized.\r\nLooking forward, 1.5030 is definitely the near death experience support and resistance for the next few days should be capped around 1.5270.\r\n\r\n<strong>AUD/USD: Closing Price 0.8219</strong>. Aussie employment numbers helped this pair during last week. We are range bound and I can say and I am tired of trying to make money on this pair at the moment. The cross-rate effects of the EUR/AUD, GBP/AUD and AUD/CAD are playing havoc with the AUD/USD moves. Looking forward, support is at 0.8180, then down to 0.8120. Resistance is 0.8300. I have a limit order at 0.8380 patiently waiting to short.<strong> </strong>\r\n\r\n<strong>NZD/USD: Closing Price 0.7770</strong>. Like the AUD/USD a very range bound pair. 0.7620 to 0.7920 is the range. I have my limit order at 0.7920 to short and quite frankly this pair has become the new “Loonie” to trade. We have been in the range that I have identified for about three or four months now…painful.\r\n\r\n<strong>USD/CAD: Closing Price 1.1976.</strong> On SNB day I was “wussied” out of a trade that cost quite a bit of $$$. My long limit entry was triggered and I did not move my stop lower to cope with the volatility at the time. I took a big 85-pip loss, only watch my next level of support hold and then watch the “Loonie” bounce up like a pop-tart and take out my initial profit target all inside two hours…. God…I’m that good!! It was very frustrating indeed, and that is the polite version of how I feel. I had soooooooooo many other things on my mind at the time this was happening so I am trying not to beat myself up too much.\r\nLooking forward, resistance for me lies at 1.2075, with support back at 1.1940.\r\n\r\n<strong>USD/CHF: Closing Price 0.8579</strong>. What on earth do I say about the CHF? Personally, I am expecting a bounce in the CHF pairs, as I do believe that Jordan fucked up, I think he had NO FRIGGIN IDEA what he was taking on and now the SNB will be involved in further currency manipulation to help manage the Swiss economy moving forward. I do believe though, that measures will be on hold until after the ECB announcement on <span style=\"line-height: 1.5;\">QE this week. </span><span style=\"line-height: 1.5;\">In my opinion, the CHF will be a sell currency moving forward. i.e. long USD/CHF, EUR/CHF and GBP/CHF to name but three pairs…….but NOT yet it’s too risky.</span><span style=\"line-height: 1.5;\">Quite frankly, stay away for a few more days. Lets get all the fallout, all the data, and all the thoughts of the central bankers on the table and then decide what to do. I know that there are thousands of traders trying to pick bottoms with the CHF pairs. You do what you think you need to do, me…I am staying away for a little while until I can see some clarity on the future policy.</span>\r\n\r\n<strong>USD/JPY: Closing Price 117.42. </strong> The USD/JPY strengthened by about 100 yen in the week. I promised Yang, one of my subscribers that I would start trading this pair and the JPY crosses last week, in fact I have been promising for weeks. That plan kind of got placed on hold once again. We are range bound with this pair; 115.50 is the support and 118.00 the resistance.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: NZD – NZIER Business Confidence.\r\nMONDAY: CNY – GDP.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\nTUESDAY: NZD – CPi.\r\n\r\nWEDNESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\nWEDNESDAY: GBP – Unemployment Data.\r\nWEDNESDAY: CAD – BOC Monetary Policy Statement / Interest Rate.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\n\r\nTHURSDAY: EUR – ECB Interest Rate s and Press Conference.\r\nTHURSDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nFRIDAY: EUR – French and German Flash Manufacturing PMi\r\nFRIDAY: GBP – Retail Sales.\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nI doubt as Forex traders that we will ever witness events like SNB Day again in our lifetimes. It was a history book entry event. As traders it is all about how we react after that turmoil. I know that many of you lost money on CHF trades last Thursday.\r\n\r\nIt is all about drawing a line under it…. and moving on. DO NOT revenge trade that is NOT the answer. It is especially NOT the answer given the news event on the horizon.\r\n\r\nThe ECB dominates the economic calendar this week. I have documented my thoughts in this blog. I may be wrong, I may be right, it is just my opinion and quite frankly no one knows what is going to happen this Thursday. The one thing that I can probably get 100% correct is that it will be volatile. It may actually be a day NOT TO TRADE.\r\n\r\nThere is a Forex market everyday. There are usually one or two strong moves everyday. Why risk this Thursday when volatility will be extreme?\r\n\r\nI know that many of you will trade no matter what I write. All I ask is that you consider the risks involved with trading anything with EUR attached to it.\r\n\r\nBefore you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.\r\n\r\nThis Thursday, in my opinion, will not be as catastrophic as SNB Day, but rest assured it will be volatile.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 18<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?','','inherit','open','closed','','5141-revision-v1','','','2015-01-17 18:03:15','2015-01-17 23:03:15','',5141,'https://weeklyfxdrivethru.com/5141-revision-v1/',0,'revision','',0),(5143,1,'2015-01-17 18:05:21','2015-01-17 23:05:21','Given the unprecedented fall-out from last Thursday, which, I will now refer to as “SNB DAY”, I wanted to talk about Forex Brokers in the EDUCATION section of this week’s blog.\r\nAs a consequence, for this week only I have made the decision to open up the PREMIUM SERVICE version of the WEEKLY FX DRIVE THRU to all readers.\r\n\r\n<strong> </strong>\r\n<h3 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h3>\r\n<strong>DATE: 18.01.2015\r\nREFERENCE: #43\r\n</strong><strong>BLOG: THE PREMIUM SERVICE</strong>\r\n\r\n<strong><span style=\"text-decoration: underline;\"> </span></strong>\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nLast week, in the blog I used “Holy Mother of God”… this week it’s “Jesus Mary and Joseph”.\r\n\r\nWhat a week…\r\n\r\nWhere do I start?\r\n\r\nMy first thoughts were: –\r\n\r\nDid SNB (Jordan) have any prior idea of the effect his announcement would have on the markets?\r\n\r\nDid Jordan know that his actions would make the history books?\r\n\r\nDid he think or realize that companies would go bust, people would be out a job and millions of $$ would be lost from balance sheets and broker accounts?\r\n\r\n&nbsp;\r\n\r\nThose are the $64,000 questions… and my answer to the questions is probably not to the extent that things played out. Believe me… there is more fallout to come as a result of SNB Day.\r\n\r\nI was awake and at my desk when the news broke. It was an experience to say the least; I had LIMIT ORDERS that were triggered with three brokers. Suffice to say my experiences with brokers were not consistent.\r\n\r\nI took a hit on my FXCM account and in comparison to many traders I will NOT be presented with an invoice for money owed. They froze out their CHF trades for over an hour and then what appeared to have happened is that they opened up at the bottom price and filled trades based on this. I have now learned that many traders lost substantial sums of money.\r\n\r\nThe other two brokers behaved themselves very well indeed, all things considered and losses were minimalized. In fact their systems unlike FXCM’s worked extremely well.\r\n\r\nMoving on….\r\n\r\nWe dust ourselves off prepare to deal with any Forex broker fallout and get set for the next week. What a week its going to be, with the highlight obviously being Draghi’s biggest (I always seem to say every meeting is his biggest) test to date on the Thursday 22<sup>nd</sup>.\r\n\r\nWe also have a BOC interest rate decision, a BOJ Policy statement and several other front line news events but these seem to fade into the background somewhat as all eyes will be on Draghi.\r\n\r\nI am certain that he will not disappoint but the ECB does have a TALK TALK habit and no action history.\r\n\r\nIf Draghi does NOT deliver we will have another SNB day….\r\n\r\nTo a large extent QE is priced in, it\'s the details that we need, and, I think that the volatility will be greater is he kicks another can down the road and delays action. As I say, it’s all going to be in details.\r\n\r\nIf he does not meet market expectations….or delays….it will be volatile.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<em>\r\n</em><strong><span style=\"text-decoration: underline;\">WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATIFY THE MARKETS?</span></strong>\r\n\r\n&nbsp;\r\n\r\nLet me just set the scene here…\r\n\r\nIf I take a step back to, I think it was last May, when at the ECB Press Conference the EUR/USD hit 1.3993. I remember that day well as if it were only yesterday, yer man Mario Draghi said that the ECB would look at and consider purchasing sovereign bonds and whoopsie…. the EUR/USD decline towards parity started.\r\n\r\nIt has not been easy going for weakening the EUR/USD. It certainly wasn’t at first, and poor Mario Draghi has had to fight all the way and try to flex his muscles to do his job. We must of course remember that he is answerable to Berlin before and above anything else and the Germans are hard people to win over - just ask the Greeks, Cypriots, Portuguese, Spanish, Italians and the Irish.\r\n\r\nIn the early months following Draghi’s May announcement there were battles in the press with the following three flutes, which is the best way that I can describe these opponents to most things that Draghi says.\r\n\r\nJens Weidmann – Deutsche Bundesbank, President\r\nWolfgang Shauble - German Finance Minister\r\nEwald Notwony – Austrian Central Bank, President\r\n\r\nEvery time that Draghi would say something progressive that might help DEFLATION or UNEMPLOYMENT in the EUROZONE one of the three flutes highlighted above would roll out an objection based on legality, numbers are wrong, we don\'t need that QE sh**e, we have austerity…the fact that austerity didn’t work is totally irrelevant.\r\n\r\nWith a stroke of luck, after a few of months over the summer last year, there was the will he, won’t he, when will he, is he bullsh***ing, along with opposition voices mainly from within Germany, Mario Draghi got his break.\r\n\r\nThen we had Central Bank divergence… a stroke of luck for Mario Draghi. Janet Yellen announced a change in FED monetary policy as the last chunk of QE tapering from the FED was removed. The FED had moved to an increasing interest rate monetary policy following the end of QE, We still haven’t seen any increases yet, but we are expecting something later this year.\r\n\r\nThe FED and the ECB were now on divergent policies…one dovish and one hawkish. The result, the USD strengthened and the EUR weakened……\r\n\r\nIn the couple of months following, Mario Draghi once again talked about options but did nothing. Parallel to this the economic data emanating from the EUROZONE was still poor… German, Spanish, French, Italian and Spanish data all bounced on the bottom and failed to impress. DEFALTION started to be used in conversation, more and more around the corridors in Brussels sound bytes were focused on talking down DEFLATION, nevertheless it culminated with Draghi openly saying that sovereign bond buying was being looked at.\r\n\r\nThe EUR/USD dropped again on that news but bounced as the markets were looking at Draghi and the ECB as similar to “The Boy who cried Wolf”.\r\n\r\nLast Thursday, the SNB removed the link between the EUR and the CHF by removing the 1.2000 (peg/ floor limit) that kept exchange rates at a level. The turmoil in the markets, well, its history book stuff in my opinion. However, the EUR once again weakened and has fallen as low as 1.1460.\r\n\r\nSince May last year, 1.3993 to 1.1460 on Friday just passed…2,533 pips of a fall.\r\n\r\nSo as usual; here are a few questions to mull over: -\r\n<ol>\r\n	<li>What do you reckon Draghi’s goal exchange rate with the EUR/USD was, when he initially talked about QE up at 1.3993…lets call it 1.4000?</li>\r\n	<li>How many of the 2,500 pips or so fall in the EUR/USD exchange rate from 1.4000 to 1.1460 is actually attributable to ECB monetary policy?</li>\r\n	<li>I am willing to bet that the Germans who foot the bill (pay the invoice), for QE will be looking at 2,500 pips so far, saying lets do QE on the cheap we are almost at 1.1000…\r\nRemember we are dealing with politicians. QE is bad for Merkel regarding popularity and votes in Germany. Politicians will only want to do as little as possible…..What do you think?</li>\r\n	<li>At the outset of the QE announcement from the ECB the volume quoted to be required by the markets was €1,000 billion. There has been so much talk already that the proposed limit will be €500 billion and not the €1,000 billion that the markets are expecting and coupled with the fact that the SNB action has already blasted a further 300 pips or so lower off the EUR/USD exchange rate, is it not possible that politicians who require popularity to survive would take the line of least resistance and maybe take the risk of trying to satisfy the markets with the lower figure of €500 billion…. What do you think?</li>\r\n</ol>\r\nWhat happens if only €500 billion is quoted in the Press Conference on Thursday?\r\n\r\nBecause QE is priced in to a large extent with current EUR/USD exchange rate, in my opinion, anything below €1,000 billion will be seen as a fudge by the markets. If the rhetoric from Draghi that supports whatever amount of QE that is proposed is wishy-washy, and if QE is further delayed, I feel that there could be the mother of all bounces / squeezes in the EUR/USD back towards at least 1.2000. The 4<sup>th</sup> January market opening gap fill at 1.2000 looms, in my opinion, it is like a tractor beam from Star Trek if Draghi fails to get the markets on board.\r\n\r\nAt the front of mind, I always feel that the “collective” known as the ECB are more dysfunctional than Washington D.C. when it comes to policy and doing what is right for the people that they represent\r\n\r\nMarkets just cannot cope with vagueness or uncertainty…these are two traits that politicians the world over thrive upon. The ECB are top of the charts on being cheap and delaying implementation. They are also brilliant at talking, but not actually doing anything. Sadly the ECB is NOT despite its belief independent…. It is funded mainly by and managed by Berlin and Frankfurt…politicians are in control.\r\n\r\nAs I said last week in the blog, Draghi is the fall guy here.\r\n\r\nIf Germany says only €500 billion and the EUR/USD squeezes like crazy back 500 pips or so, the politicians will blame Draghi. Politicians are Teflon coated and only point fingers of blame. They are not interested in taking blame, merely passing it on. All things said, I strongly suspect QE on the cheap this Thursday and I think that the markets will NOT like it.\r\n\r\nI want to be wrong and I hope that I am…. but the ECB history of fudging leads me to believe that they will fall short, for whatever reason.\r\n\r\nBe ready to buy the EUR…. (I really do hope that I am wrong for the European peoples sake).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:\r\n</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">3.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">3.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nThis week two PREMIUM SERVICE trades were affected by the SNB news. This has dented the trading performance and I am showing a negative for the end of the first full trading week. Although it is somewhat misleading to call it a full week, after the SNB news things practically came to a halt as I dealt with issues surrounding my aligned brokers, in particular FXCM. Apart from FXCM all appears to be well. I have spoken with them and all accounts should receive official communications from the brokers confirming all is well after SNB Day.\r\n\r\nThis is important to me as many of my PREMIUM SERVICE subscribers also have broker accounts signed up from my website banners and together we aligned with the broker and together we carry greater influence should problems occur.\r\n\r\nI spent a great deal of time on Thursday on administrative duties, not the usual kind but administrative all the same and Friday, more administration and a funeral to attend. Hence, it was not a full week, nor was last week by any stretch of the imagination a normal week.\r\n\r\nFrom my personal motivation perspective the FXCM issue hit me quite hard and now it’s all about shaking it out, dusting myself down and getting back in the saddle again.\r\n\r\nI start again tonight at the open, with chart reviews and will get back into full swing tomorrow. Given the news on the horizon, I will be picky on what I decide to trade.\r\n\r\nThe usual summary charts detailing the week and year to date performances, however, are below for reference, even though they do not make great reading, but it is real and honest reporting of the facts:\r\n\r\n<span style=\"text-decoration: underline;\">3.3.1. – THE PREMIUM SERVICE PROFIT/LOSS RATIOS:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\"><img class=\"aligncenter size-full wp-image-5129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\" alt=\"PREM SERVICE PROFIT-LOSS RATIO 18012015\" width=\"417\" height=\"583\" /></a>\r\n</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.3.2. – THE PREMIUM SERVICE RISK/REWARD ANALYSIS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\"><img class=\"aligncenter size-full wp-image-5130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\" alt=\"PS RISK-REWARD ANALYSIS 18012015\" width=\"427\" height=\"535\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.3. – THE PREMIUM SERVICE TRADE SUMMARY MONTH &amp; YTD:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\"><img class=\"aligncenter size-full wp-image-5131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\" alt=\"PREM SERV PROFITS1 18012015\" width=\"452\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\"><img class=\"aligncenter size-full wp-image-5132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\" alt=\"PREM SERVICE PROFITS2 18012015\" width=\"455\" height=\"427\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\n(PLEASE NOTE: The CWMFX broker banner will be visible on my website by the middle of this week. I apologize for the delay. If you want to open an account with CWMFX please contact me direct via the email address at the end of the blog. If you DO NOT open an account via me, you WILL NOT qualify for the limited time PROMOTION)\r\n\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade or Blackwell Global, you will be eligible for “BONUS WEEKS” to be added to your subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th\r\n\r\nFebruary 2015…it is really very limited: -\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n\r\n20 weeks = $350.00\r\n\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times.\r\n\r\nHence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FOREX BROKERS -\r\nWe need them, however, we have to choose them carefully</strong></p>\r\nGiven the effects of SNB Day, and all the horror stories that are now surfacing from customers of ALPARI, EXCEL MARKETS, ACM, FXOPEN, INVESTORS GROUP, INTERACTIVE BROKERS, LCG, SWISSQUOTE, ROBOFOREX, and FXCM, it really was a catastrophe waiting in the wings; some have already stated that it was bound to happen eventually. The market was so long EUR/CHF it was an incredible one-sided market. Traders believing that the SNB would continue to support the 1.2000 peg for ever, literally got taken to the cleaners when it was uncoupled.\r\n\r\nLast night, I spoke with one of my peers who told me of instances where traders literally took oversized long positions on the EUR/CHF to make 5 or 10 pips a time on the promise of SNB support. They were extremely over-leveraged and taking on so much risk that when the SNB action took place their broker account with say $10,000 on them were immediately wiped out because they did NOT use RISK or MONEY MANGEMENT nor did they think of proper POSITION SIZING. The end result: I was advised of invoices being raised to the tune of $70,000 and more to cover the fill. Traders who did not have their accounts wiped out have lost thousands of $$$ regardless of the broker used.\r\n\r\nWe all need brokers…some may say they are a necessary evil, but we need them.\r\n\r\nI have researched and tried many brokers over the 8 years that I have been trading. I had a great relationship with my account manager at FXCM, and that counts as a positive, but the way that they as a company handled SNB Day was my worst broker experience ever. I have had some experiences on broken promises and outright lies deceit and dishonesty from brokers in the past, but the SNB fallout has opened my eyes even further.\r\n\r\nWhen choosing a broker we look for regulations and affiliations and try to take in all the small print that we mostly all hate to examine. I wonder how many of us have actually read the small print. Brokers should be regulated across as many zones in the world that is humanly possible. Brokers that failed on SNB Day had this, they had all the regulatory bodies behind them regarding clients monies etc.\r\n\r\nI did not have accounts with any of the brokers listed above, except FXCM, but most of them probably ticked all the boxes you as a client needed to know about before opening an account. Many of them have been saved, but some will still NOT trade CHF pairs. It looks like ALPARI and EXCEL MARKETS are the only brokers to have gone under so far.\r\n\r\nWith regards to FXCM, let me tell you, this brokerage must have owned half the Amazon rainforest given the volume of paper, red tape and regulation I went through to open my account, yet they failed to deliver on SNB Day and have struggled to keep their doors open. The 4<sup>th</sup> largest broker in the world was what I read recently about FXCM; so what went wrong?\r\n\r\nTrying to keep this simple the market was so heavily traded in one direction, and the volumes were just so huge. The market collapsed when the decoupling happened.\r\n\r\nJust think about one factor that has not come to light yet. We have heard about the private FX traders in their thousands and how they were affected. I have not read much about the institutions yet. The Forex market is a 5 (five) trillion dollars a day market, five trillion dollars is not trading done by private traders i.e. you and me. There is much more fallout to come from the institutions such as the banks.\r\n\r\nSimply put, what happened on SNB Day was a one-off, probably never to be repeated event ever in our lifetimes.\r\n\r\nSo, given that I say in my title of this article “chose carefully”, yet the three brokers who are in trouble, or closed for business, ticked all the boxes, what else could you have done? Or, basically, if you were with these brokers was it just a case of bad luck?\r\n\r\nWhen I have gone through the process of establishing a relationship with a Forex broker, I thought that I was being as thorough as possible, FXCM passed this test when I was selecting brokers to align with.\r\n\r\nAs a minimum, let me review the data that you should be looking for regarding your broker when making your choice.\r\n\r\nYour broker should meet the following requirements: -\r\n\r\nBe licensed and regulated to meet all regulatory obligations.\r\nYou should be able to see country by country the various regulatory authorities listed where approval and standards are met.\r\n24x7 support via telephone and “Live Chat”.\r\nDedicated Account Managers.\r\n\r\nYour broker should have the following information available: -\r\n\r\nRisk Disclaimers.\r\nPrivacy Policies.\r\nComplaints Procedures.\r\n<span style=\"line-height: 1.5;\">Policies on how they handle Conflict of Interest and Execution of trade policies.\r\n</span><span style=\"line-height: 1.5;\">Details of an Investor Compensation Fund.</span>\r\n\r\nFinally we have a crunch test. Looking back on SNB Day, there was slippage, there were reports of poor fills all over the Forex market\r\n\r\nOpen up a demo account and test the brokers platform for accessibility during periods of high volume such as, Non-Farm Payrolls, ECB Press Conferences etc.\r\n\r\nSlippage / poor fills are an important and part of our everyday trading that we have to deal with. The brokers bombard you with small print on their contracts; every “get out” clause in the book is there for you add your signature to.\r\n\r\nTherefore in my eyes, we should take them for the equivalent of a test drive. Choosing a broker should involve a period of practical experience as well as ensuring that they meet an administrative functionality.\r\n\r\nThere may NOT be a repeat of SNB Day, and quite frankly it was so extreme I guess that we will not see it repeated but we should go as far as we can to help indemnify ourselves as best we can.\r\n\r\nI hope that this short article helps in some way.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>\r\n\r\nBelow is the current spread sheet showing the existing live trades. Both of these trades are hedged from 100 pips. The hedges were placed SNB Day.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\"><img class=\"aligncenter size-full wp-image-5139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\" alt=\"PS LIVE TRADES 18012015\" width=\"712\" height=\"477\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nThe current list of LIMIT ORDER trades are highlighted on the spreadsheet below.\r\n\r\nI would like to add that given the extreme nervousness in the market and the continued uncertainty surrounding the fallout from SNB Day, I have not added any charts or additional trades this weekend. I will be reviewing after the European open tomorrow (Monday).\r\n\r\nI believe that this is the prudent approach given the fact that the uncertainty in the Forex markets provides volatility that, quite frankly is not tradable at times. I would rather wait until the dust settles.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\"><img class=\"aligncenter size-full wp-image-5140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\" alt=\"PS TRADES ON RADAR 18012015\" width=\"710\" height=\"410\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\"><img class=\"aligncenter size-full wp-image-5138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\" alt=\"PREM SERV TRENDING PAIRS 18012015\" width=\"390\" height=\"551\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscriber deal)<strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.1560.</strong> In total there was over a 500 pip range in the EUR/USD this past week and about a 350 pip drop overall. Obviously “SNB day” rocked the boat and sent this pair into a tailspin move lower. What next is the obvious question? Sticking my neck on the chopping block, I think we should see a period of consolidation ahead of the ECB Press Conference this Thursday. We saw a bottom on Friday at 1.1460. I think that this will be the support level; a break lower opens up a move to 1.1210. On the upside, I think that we could see bounces that will probably be sold into at 1.1650, 1.1720 and maybe even 1.1870, although the latter would, in my opinion, involve quite a short squeeze. DO NOT rule this out. The market is heavily short EUR at the moment, and so nervous anything could happen. There are lots of brokers liquidating positions at the moment to balance their books…never say never to anything at the moment.\r\n\r\n<strong>GBP/USD: Closing Price 1.5131</strong>. Quite a turbulent week for the cable but the end of week close was only 20 pips lower than the previous week. In 2014, I had no real luck trading this pair; I think at one time I called it “Flattering to Deceive”. My views have not altered. All week, I believed with the EUR/GBP cross-rate effect in play the cable would stay supported as the EUR/GBP fell in value. So many times it looked like the GBP/USD was going to break substantially higher, but it never really got going. I hate to say common sense, but common sense tells me that as the EUR falls, the EUR/GBP also falls and by virtue of these moves the GBP/USD should remain elevated. I know, the EUR/USD dropped 400 pips or so and cable never moved so it remained elevated by comparison. However, in my opinion, in the past the bounce in cable has been dominant and I expected a test of 1.5300; it never materialized.\r\nLooking forward, 1.5030 is definitely the near death experience support and resistance for the next few days should be capped around 1.5270.\r\n\r\n<strong>AUD/USD: Closing Price 0.8219</strong>. Aussie employment numbers helped this pair during last week. We are range bound and I can say and I am tired of trying to make money on this pair at the moment. The cross-rate effects of the EUR/AUD, GBP/AUD and AUD/CAD are playing havoc with the AUD/USD moves. Looking forward, support is at 0.8180, then down to 0.8120. Resistance is 0.8300. I have a limit order at 0.8380 patiently waiting to short.<strong> </strong>\r\n\r\n<strong>NZD/USD: Closing Price 0.7770</strong>. Like the AUD/USD a very range bound pair. 0.7620 to 0.7920 is the range. I have my limit order at 0.7920 to short and quite frankly this pair has become the new “Loonie” to trade. We have been in the range that I have identified for about three or four months now…painful.\r\n\r\n<strong>USD/CAD: Closing Price 1.1976.</strong> On SNB day I was “wussied” out of a trade that cost quite a bit of $$$. My long limit entry was triggered and I did not move my stop lower to cope with the volatility at the time. I took a big 85-pip loss, only watch my next level of support hold and then watch the “Loonie” bounce up like a pop-tart and take out my initial profit target all inside two hours…. God…I’m that good!! It was very frustrating indeed, and that is the polite version of how I feel. I had soooooooooo many other things on my mind at the time this was happening so I am trying not to beat myself up too much.\r\nLooking forward, resistance for me lies at 1.2075, with support back at 1.1940.\r\n\r\n<strong>USD/CHF: Closing Price 0.8579</strong>. What on earth do I say about the CHF? Personally, I am expecting a bounce in the CHF pairs, as I do believe that Jordan fucked up, I think he had NO FRIGGIN IDEA what he was taking on and now the SNB will be involved in further currency manipulation to help manage the Swiss economy moving forward. I do believe though, that measures will be on hold until after the ECB announcement on <span style=\"line-height: 1.5;\">QE this week. </span><span style=\"line-height: 1.5;\">In my opinion, the CHF will be a sell currency moving forward. i.e. long USD/CHF, EUR/CHF and GBP/CHF to name but three pairs…….but NOT yet it’s too risky.</span><span style=\"line-height: 1.5;\">Quite frankly, stay away for a few more days. Lets get all the fallout, all the data, and all the thoughts of the central bankers on the table and then decide what to do. I know that there are thousands of traders trying to pick bottoms with the CHF pairs. You do what you think you need to do, me…I am staying away for a little while until I can see some clarity on the future policy.</span>\r\n\r\n<strong>USD/JPY: Closing Price 117.42. </strong> The USD/JPY strengthened by about 100 yen in the week. I promised Yang, one of my subscribers that I would start trading this pair and the JPY crosses last week, in fact I have been promising for weeks. That plan kind of got placed on hold once again. We are range bound with this pair; 115.50 is the support and 118.00 the resistance.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: NZD – NZIER Business Confidence.\r\nMONDAY: CNY – GDP.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\nTUESDAY: NZD – CPi.\r\n\r\nWEDNESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\nWEDNESDAY: GBP – Unemployment Data.\r\nWEDNESDAY: CAD – BOC Monetary Policy Statement / Interest Rate.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\n\r\nTHURSDAY: EUR – ECB Interest Rate s and Press Conference.\r\nTHURSDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nFRIDAY: EUR – French and German Flash Manufacturing PMi\r\nFRIDAY: GBP – Retail Sales.\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nI doubt as Forex traders that we will ever witness events like SNB Day again in our lifetimes. It was a history book entry event. As traders it is all about how we react after that turmoil. I know that many of you lost money on CHF trades last Thursday.\r\n\r\nIt is all about drawing a line under it…. and moving on. DO NOT revenge trade that is NOT the answer. It is especially NOT the answer given the news event on the horizon.\r\n\r\nThe ECB dominates the economic calendar this week. I have documented my thoughts in this blog. I may be wrong, I may be right, it is just my opinion and quite frankly no one knows what is going to happen this Thursday. The one thing that I can probably get 100% correct is that it will be volatile. It may actually be a day NOT TO TRADE.\r\n\r\nThere is a Forex market everyday. There are usually one or two strong moves everyday. Why risk this Thursday when volatility will be extreme?\r\n\r\nI know that many of you will trade no matter what I write. All I ask is that you consider the risks involved with trading anything with EUR attached to it.\r\n\r\nBefore you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.\r\n\r\nThis Thursday, in my opinion, will not be as catastrophic as SNB Day, but rest assured it will be volatile.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 18<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?','','inherit','open','closed','','5141-revision-v1','','','2015-01-17 18:05:21','2015-01-17 23:05:21','',5141,'https://weeklyfxdrivethru.com/5141-revision-v1/',0,'revision','',0),(5144,1,'2015-01-17 18:08:29','2015-01-17 23:08:29','Given the unprecedented fall-out from last Thursday, which, I will now refer to as “SNB DAY”, I wanted to talk about Forex Brokers in the EDUCATION section of this week’s blog.\r\nAs a consequence, for this week only I have made the decision to open up the PREMIUM SERVICE version of the WEEKLY FX DRIVE THRU to all readers.\r\n\r\n<strong> </strong>\r\n<h3 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h3>\r\n<strong>DATE: 18.01.2015\r\nREFERENCE: #43\r\n</strong><strong>BLOG: THE PREMIUM SERVICE</strong>\r\n\r\n<strong><span style=\"text-decoration: underline;\"> </span></strong>\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nLast week, in the blog I used “Holy Mother of God”… this week it’s “Jesus Mary and Joseph”.\r\n\r\nWhat a week…\r\n\r\nWhere do I start?\r\n\r\nMy first thoughts were: –\r\n\r\nDid SNB (Jordan) have any prior idea of the effect his announcement would have on the markets?\r\n\r\nDid Jordan know that his actions would make the history books?\r\n\r\nDid he think or realize that companies would go bust, people would be out a job and millions of $$ would be lost from balance sheets and broker accounts?\r\n\r\n&nbsp;\r\n\r\nThose are the $64,000 questions… and my answer to the questions is probably not to the extent that things played out. Believe me… there is more fallout to come as a result of SNB Day.\r\n\r\nI was awake and at my desk when the news broke. It was an experience to say the least; I had LIMIT ORDERS that were triggered with three brokers. Suffice to say my experiences with brokers were not consistent.\r\n\r\nI took a hit on my FXCM account and in comparison to many traders I will NOT be presented with an invoice for money owed. They froze out their CHF trades for over an hour and then what appeared to have happened is that they opened up at the bottom price and filled trades based on this. I have now learned that many traders lost substantial sums of money.\r\n\r\nThe other two brokers behaved themselves very well indeed, all things considered and losses were minimalized. In fact their systems unlike FXCM’s worked extremely well.\r\n\r\nMoving on….\r\n\r\nWe dust ourselves off prepare to deal with any Forex broker fallout and get set for the next week. What a week its going to be, with the highlight obviously being Draghi’s biggest (I always seem to say every meeting is his biggest) test to date on the Thursday 22<sup>nd</sup>.\r\n\r\nWe also have a BOC interest rate decision, a BOJ Policy statement and several other front line news events but these seem to fade into the background somewhat as all eyes will be on Draghi.\r\n\r\nI am certain that he will not disappoint but the ECB does have a TALK TALK habit and no action history.\r\n\r\nIf Draghi does NOT deliver we will have another SNB day….\r\n\r\nTo a large extent QE is priced in, it\'s the details that we need, and, I think that the volatility will be greater is he kicks another can down the road and delays action. As I say, it’s all going to be in details.\r\n\r\nIf he does not meet market expectations….or delays….it will be volatile.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<em>\r\n</em><strong><span style=\"text-decoration: underline;\">WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?</span></strong>\r\n\r\n&nbsp;\r\n\r\nLet me just set the scene here…\r\n\r\nIf I take a step back to, I think it was last May, when at the ECB Press Conference the EUR/USD hit 1.3993. I remember that day well as if it were only yesterday, yer man Mario Draghi said that the ECB would look at and consider purchasing sovereign bonds and whoopsie…. the EUR/USD decline towards parity started.\r\n\r\nIt has not been easy going for weakening the EUR/USD. It certainly wasn’t at first, and poor Mario Draghi has had to fight all the way and try to flex his muscles to do his job. We must of course remember that he is answerable to Berlin before and above anything else and the Germans are hard people to win over - just ask the Greeks, Cypriots, Portuguese, Spanish, Italians and the Irish.\r\n\r\nIn the early months following Draghi’s May announcement there were battles in the press with the following three flutes, which is the best way that I can describe these opponents to most things that Draghi says.\r\n\r\nJens Weidmann – Deutsche Bundesbank, President\r\nWolfgang Shauble - German Finance Minister\r\nEwald Notwony – Austrian Central Bank, President\r\n\r\nEvery time that Draghi would say something progressive that might help DEFLATION or UNEMPLOYMENT in the EUROZONE one of the three flutes highlighted above would roll out an objection based on legality, numbers are wrong, we don\'t need that QE sh**e, we have austerity…the fact that austerity didn’t work is totally irrelevant.\r\n\r\nWith a stroke of luck, after a few of months over the summer last year, there was the will he, won’t he, when will he, is he bullsh***ing, along with opposition voices mainly from within Germany, Mario Draghi got his break.\r\n\r\nThen we had Central Bank divergence… a stroke of luck for Mario Draghi. Janet Yellen announced a change in FED monetary policy as the last chunk of QE tapering from the FED was removed. The FED had moved to an increasing interest rate monetary policy following the end of QE, We still haven’t seen any increases yet, but we are expecting something later this year.\r\n\r\nThe FED and the ECB were now on divergent policies…one dovish and one hawkish. The result, the USD strengthened and the EUR weakened……\r\n\r\nIn the couple of months following, Mario Draghi once again talked about options but did nothing. Parallel to this the economic data emanating from the EUROZONE was still poor… German, Spanish, French, Italian and Spanish data all bounced on the bottom and failed to impress. DEFLATION started to be used in conversation, more and more around the corridors in Brussels sound bytes were focused on talking down DEFLATION, nevertheless it culminated with Draghi openly saying that sovereign bond buying was being looked at.\r\n\r\nThe EUR/USD dropped again on that news but bounced as the markets were looking at Draghi and the ECB as similar to “The Boy who cried Wolf”.\r\n\r\nLast Thursday, the SNB removed the link between the EUR and the CHF by removing the 1.2000 (peg/ floor limit) that kept exchange rates at a level. The turmoil in the markets, well, its history book stuff in my opinion. However, the EUR once again weakened and has fallen as low as 1.1460.\r\n\r\nSince May last year, 1.3993 to 1.1460 on Friday just passed…2,533 pips of a fall.\r\n\r\nSo as usual; here are a few questions to mull over: -\r\n<ol>\r\n	<li>What do you reckon Draghi’s goal exchange rate with the EUR/USD was, when he initially talked about QE up at 1.3993…lets call it 1.4000?</li>\r\n	<li>How many of the 2,500 pips or so fall in the EUR/USD exchange rate from 1.4000 to 1.1460 is actually attributable to ECB monetary policy?</li>\r\n	<li>I am willing to bet that the Germans who foot the bill (pay the invoice), for QE will be looking at 2,500 pips so far, saying lets do QE on the cheap we are almost at 1.1000…\r\nRemember we are dealing with politicians. QE is bad for Merkel regarding popularity and votes in Germany. Politicians will only want to do as little as possible…..What do you think?</li>\r\n	<li>At the outset of the QE announcement from the ECB the volume quoted to be required by the markets was €1,000 billion. There has been so much talk already that the proposed limit will be €500 billion and not the €1,000 billion that the markets are expecting and coupled with the fact that the SNB action has already blasted a further 300 pips or so lower off the EUR/USD exchange rate, is it not possible that politicians who require popularity to survive would take the line of least resistance and maybe take the risk of trying to satisfy the markets with the lower figure of €500 billion…. What do you think?</li>\r\n</ol>\r\nWhat happens if only €500 billion is quoted in the Press Conference on Thursday?\r\n\r\nBecause QE is priced in to a large extent with current EUR/USD exchange rate, in my opinion, anything below €1,000 billion will be seen as a fudge by the markets. If the rhetoric from Draghi that supports whatever amount of QE that is proposed is wishy-washy, and if QE is further delayed, I feel that there could be the mother of all bounces / squeezes in the EUR/USD back towards at least 1.2000. The 4<sup>th</sup> January market opening gap fill at 1.2000 looms, in my opinion, it is like a tractor beam from Star Trek if Draghi fails to get the markets on board.\r\n\r\nAt the front of mind, I always feel that the “collective” known as the ECB are more dysfunctional than Washington D.C. when it comes to policy and doing what is right for the people that they represent\r\n\r\nMarkets just cannot cope with vagueness or uncertainty…these are two traits that politicians the world over thrive upon. The ECB are top of the charts on being cheap and delaying implementation. They are also brilliant at talking, but not actually doing anything. Sadly the ECB is NOT despite its belief independent…. It is funded mainly by and managed by Berlin and Frankfurt…politicians are in control.\r\n\r\nAs I said last week in the blog, Draghi is the fall guy here.\r\n\r\nIf Germany says only €500 billion and the EUR/USD squeezes like crazy back 500 pips or so, the politicians will blame Draghi. Politicians are Teflon coated and only point fingers of blame. They are not interested in taking blame, merely passing it on. All things said, I strongly suspect QE on the cheap this Thursday and I think that the markets will NOT like it.\r\n\r\nI want to be wrong and I hope that I am…. but the ECB history of fudging leads me to believe that they will fall short, for whatever reason.\r\n\r\nBe ready to buy the EUR…. (I really do hope that I am wrong for the European people s sake).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:\r\n</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">3.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">3.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nThis week two PREMIUM SERVICE trades were affected by the SNB news. This has dented the trading performance and I am showing a negative for the end of the first full trading week. Although it is somewhat misleading to call it a full week, after the SNB news things practically came to a halt as I dealt with issues surrounding my aligned brokers, in particular FXCM. Apart from FXCM all appears to be well. I have spoken with them and all accounts should receive official communications from the brokers confirming all is well after SNB Day.\r\n\r\nThis is important to me as many of my PREMIUM SERVICE subscribers also have broker accounts signed up from my website banners and together we aligned with the broker and together we carry greater influence should problems occur.\r\n\r\nI spent a great deal of time on Thursday on administrative duties, not the usual kind but administrative all the same and Friday, more administration and a funeral to attend. Hence, it was not a full week, nor was last week by any stretch of the imagination a normal week.\r\n\r\nFrom my personal motivation perspective the FXCM issue hit me quite hard and now it’s all about shaking it out, dusting myself down and getting back in the saddle again.\r\n\r\nI start again tonight at the open, with chart reviews and will get back into full swing tomorrow. Given the news on the horizon, I will be picky on what I decide to trade.\r\n\r\nThe usual summary charts detailing the week and year to date performances, however, are below for reference, even though they do not make great reading, but it is real and honest reporting of the facts:\r\n\r\n<span style=\"text-decoration: underline;\">3.3.1. – THE PREMIUM SERVICE PROFIT/LOSS RATIOS:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\"><img class=\"aligncenter size-full wp-image-5129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\" alt=\"PREM SERVICE PROFIT-LOSS RATIO 18012015\" width=\"417\" height=\"583\" /></a>\r\n</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.3.2. – THE PREMIUM SERVICE RISK/REWARD ANALYSIS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\"><img class=\"aligncenter size-full wp-image-5130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\" alt=\"PS RISK-REWARD ANALYSIS 18012015\" width=\"427\" height=\"535\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.3. – THE PREMIUM SERVICE TRADE SUMMARY MONTH &amp; YTD:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\"><img class=\"aligncenter size-full wp-image-5131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\" alt=\"PREM SERV PROFITS1 18012015\" width=\"452\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\"><img class=\"aligncenter size-full wp-image-5132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\" alt=\"PREM SERVICE PROFITS2 18012015\" width=\"455\" height=\"427\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\n(PLEASE NOTE: The CWMFX broker banner will be visible on my website by the middle of this week. I apologize for the delay. If you want to open an account with CWMFX please contact me direct via the email address at the end of the blog. If you DO NOT open an account via me, you WILL NOT qualify for the limited time PROMOTION)\r\n\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade or Blackwell Global, you will be eligible for “BONUS WEEKS” to be added to your subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th\r\n\r\nFebruary 2015…it is really very limited: -\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n\r\n20 weeks = $350.00\r\n\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times.\r\n\r\nHence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FOREX BROKERS -\r\nWe need them, however, we have to choose them carefully</strong></p>\r\nGiven the effects of SNB Day, and all the horror stories that are now surfacing from customers of ALPARI, EXCEL MARKETS, ACM, FXOPEN, INVESTORS GROUP, INTERACTIVE BROKERS, LCG, SWISSQUOTE, ROBOFOREX, and FXCM, it really was a catastrophe waiting in the wings; some have already stated that it was bound to happen eventually. The market was so long EUR/CHF it was an incredible one-sided market. Traders believing that the SNB would continue to support the 1.2000 peg for ever, literally got taken to the cleaners when it was uncoupled.\r\n\r\nLast night, I spoke with one of my peers who told me of instances where traders literally took oversized long positions on the EUR/CHF to make 5 or 10 pips a time on the promise of SNB support. They were extremely over-leveraged and taking on so much risk that when the SNB action took place their broker account with say $10,000 on them were immediately wiped out because they did NOT use RISK or MONEY MANAGEMENT nor did they think of proper POSITION SIZING. The end result: I was advised of invoices being raised to the tune of $70,000 and more to cover the fill. Traders who did not have their accounts wiped out have lost thousands of $$$ regardless of the broker used.\r\n\r\nWe all need brokers…some may say they are a necessary evil, but we need them.\r\n\r\nI have researched and tried many brokers over the 8 years that I have been trading. I had a great relationship with my account manager at FXCM, and that counts as a positive, but the way that they as a company handled SNB Day was my worst broker experience ever. I have had some experiences on broken promises and outright lies deceit and dishonesty from brokers in the past, but the SNB fallout has opened my eyes even further.\r\n\r\nWhen choosing a broker we look for regulations and affiliations and try to take in all the small print that we mostly all hate to examine. I wonder how many of us have actually read the small print. Brokers should be regulated across as many zones in the world that is humanly possible. Brokers that failed on SNB Day had this, they had all the regulatory bodies behind them regarding clients monies etc.\r\n\r\nI did not have accounts with any of the brokers listed above, except FXCM, but most of them probably ticked all the boxes you as a client needed to know about before opening an account. Many of them have been saved, but some will still NOT trade CHF pairs. It looks like ALPARI and EXCEL MARKETS are the only brokers to have gone under so far.\r\n\r\nWith regards to FXCM, let me tell you, this brokerage must have owned half the Amazon rainforest given the volume of paper, red tape and regulation I went through to open my account, yet they failed to deliver on SNB Day and have struggled to keep their doors open. The 4<sup>th</sup> largest broker in the world was what I read recently about FXCM; so what went wrong?\r\n\r\nTrying to keep this simple the market was so heavily traded in one direction, and the volumes were just so huge. The market collapsed when the decoupling happened.\r\n\r\nJust think about one factor that has not come to light yet. We have heard about the private FX traders in their thousands and how they were affected. I have not read much about the institutions yet. The Forex market is a 5 (five) trillion dollars a day market, five trillion dollars is not trading done by private traders i.e. you and me. There is much more fallout to come from the institutions such as the banks.\r\n\r\nSimply put, what happened on SNB Day was a one-off, probably never to be repeated event ever in our lifetimes.\r\n\r\nSo, given that I say in my title of this article “chose carefully”, yet the three brokers who are in trouble, or closed for business, ticked all the boxes, what else could you have done? Or, basically, if you were with these brokers was it just a case of bad luck?\r\n\r\nWhen I have gone through the process of establishing a relationship with a Forex broker, I thought that I was being as thorough as possible, FXCM passed this test when I was selecting brokers to align with.\r\n\r\nAs a minimum, let me review the data that you should be looking for regarding your broker when making your choice.\r\n\r\nYour broker should meet the following requirements: -\r\n\r\nBe licensed and regulated to meet all regulatory obligations.\r\nYou should be able to see country by country the various regulatory authorities listed where approval and standards are met.\r\n24x7 support via telephone and “Live Chat”.\r\nDedicated Account Managers.\r\n\r\nYour broker should have the following information available: -\r\n\r\nRisk Disclaimers.\r\nPrivacy Policies.\r\nComplaints Procedures.\r\n<span style=\"line-height: 1.5;\">Policies on how they handle Conflict of Interest and Execution of trade policies.\r\n</span><span style=\"line-height: 1.5;\">Details of an Investor Compensation Fund.</span>\r\n\r\nFinally we have a crunch test. Looking back on SNB Day, there was slippage, there were reports of poor fills all over the Forex market\r\n\r\nOpen up a demo account and test the brokers platform for accessibility during periods of high volume such as, Non-Farm Payrolls, ECB Press Conferences etc.\r\n\r\nSlippage / poor fills are an important and part of our everyday trading that we have to deal with. The brokers bombard you with small print on their contracts; every “get out” clause in the book is there for you add your signature to.\r\n\r\nTherefore in my eyes, we should take them for the equivalent of a test drive. Choosing a broker should involve a period of practical experience as well as ensuring that they meet an administrative functionality.\r\n\r\nThere may NOT be a repeat of SNB Day, and quite frankly it was so extreme I guess that we will not see it repeated but we should go as far as we can to help indemnify ourselves as best we can.\r\n\r\nI hope that this short article helps in some way.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>\r\n\r\nBelow is the current spread sheet showing the existing live trades. Both of these trades are hedged from 100 pips. The hedges were placed SNB Day.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\"><img class=\"aligncenter size-full wp-image-5139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\" alt=\"PS LIVE TRADES 18012015\" width=\"712\" height=\"477\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nThe current list of LIMIT ORDER trades are highlighted on the spreadsheet below.\r\n\r\nI would like to add that given the extreme nervousness in the market and the continued uncertainty surrounding the fallout from SNB Day, I have not added any charts or additional trades this weekend. I will be reviewing after the European open tomorrow (Monday).\r\n\r\nI believe that this is the prudent approach given the fact that the uncertainty in the Forex markets provides volatility that, quite frankly is not tradable at times. I would rather wait until the dust settles.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\"><img class=\"aligncenter size-full wp-image-5140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\" alt=\"PS TRADES ON RADAR 18012015\" width=\"710\" height=\"410\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\"><img class=\"aligncenter size-full wp-image-5138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\" alt=\"PREM SERV TRENDING PAIRS 18012015\" width=\"390\" height=\"551\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscriber deal)<strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.1560.</strong> In total there was over a 500 pip range in the EUR/USD this past week and about a 350 pip drop overall. Obviously “SNB day” rocked the boat and sent this pair into a tailspin move lower. What next is the obvious question? Sticking my neck on the chopping block, I think we should see a period of consolidation ahead of the ECB Press Conference this Thursday. We saw a bottom on Friday at 1.1460. I think that this will be the support level; a break lower opens up a move to 1.1210. On the upside, I think that we could see bounces that will probably be sold into at 1.1650, 1.1720 and maybe even 1.1870, although the latter would, in my opinion, involve quite a short squeeze. DO NOT rule this out. The market is heavily short EUR at the moment, and so nervous anything could happen. There are lots of brokers liquidating positions at the moment to balance their books…never say never to anything at the moment.\r\n\r\n<strong>GBP/USD: Closing Price 1.5131</strong>. Quite a turbulent week for the cable but the end of week close was only 20 pips lower than the previous week. In 2014, I had no real luck trading this pair; I think at one time I called it “Flattering to Deceive”. My views have not altered. All week, I believed with the EUR/GBP cross-rate effect in play the cable would stay supported as the EUR/GBP fell in value. So many times it looked like the GBP/USD was going to break substantially higher, but it never really got going. I hate to say common sense, but common sense tells me that as the EUR falls, the EUR/GBP also falls and by virtue of these moves the GBP/USD should remain elevated. I know, the EUR/USD dropped 400 pips or so and cable never moved so it remained elevated by comparison. However, in my opinion, in the past the bounce in cable has been dominant and I expected a test of 1.5300; it never materialized.\r\nLooking forward, 1.5030 is definitely the near death experience support and resistance for the next few days should be capped around 1.5270.\r\n\r\n<strong>AUD/USD: Closing Price 0.8219</strong>. Aussie employment numbers helped this pair during last week. We are range bound and I can say and I am tired of trying to make money on this pair at the moment. The cross-rate effects of the EUR/AUD, GBP/AUD and AUD/CAD are playing havoc with the AUD/USD moves. Looking forward, support is at 0.8180, then down to 0.8120. Resistance is 0.8300. I have a limit order at 0.8380 patiently waiting to short.<strong> </strong>\r\n\r\n<strong>NZD/USD: Closing Price 0.7770</strong>. Like the AUD/USD a very range bound pair. 0.7620 to 0.7920 is the range. I have my limit order at 0.7920 to short and quite frankly this pair has become the new “Loonie” to trade. We have been in the range that I have identified for about three or four months now…painful.\r\n\r\n<strong>USD/CAD: Closing Price 1.1976.</strong> On SNB day I was “wussied” out of a trade that cost quite a bit of $$$. My long limit entry was triggered and I did not move my stop lower to cope with the volatility at the time. I took a big 85-pip loss, only watch my next level of support hold and then watch the “Loonie” bounce up like a pop-tart and take out my initial profit target all inside two hours…. God…I’m that good!! It was very frustrating indeed, and that is the polite version of how I feel. I had soooooooooo many other things on my mind at the time this was happening so I am trying not to beat myself up too much.\r\nLooking forward, resistance for me lies at 1.2075, with support back at 1.1940.\r\n\r\n<strong>USD/CHF: Closing Price 0.8579</strong>. What on earth do I say about the CHF? Personally, I am expecting a bounce in the CHF pairs, as I do believe that Jordan fucked up, I think he had NO FRIGGIN IDEA what he was taking on and now the SNB will be involved in further currency manipulation to help manage the Swiss economy moving forward. I do believe though, that measures will be on hold until after the ECB announcement on <span style=\"line-height: 1.5;\">QE this week. </span><span style=\"line-height: 1.5;\">In my opinion, the CHF will be a sell currency moving forward. i.e. long USD/CHF, EUR/CHF and GBP/CHF to name but three pairs…….but NOT yet it’s too risky.</span><span style=\"line-height: 1.5;\">Quite frankly, stay away for a few more days. Lets get all the fallout, all the data, and all the thoughts of the central bankers on the table and then decide what to do. I know that there are thousands of traders trying to pick bottoms with the CHF pairs. You do what you think you need to do, me…I am staying away for a little while until I can see some clarity on the future policy.</span>\r\n\r\n<strong>USD/JPY: Closing Price 117.42. </strong> The USD/JPY strengthened by about 100 yen in the week. I promised Yang, one of my subscribers that I would start trading this pair and the JPY crosses last week, in fact I have been promising for weeks. That plan kind of got placed on hold once again. We are range bound with this pair; 115.50 is the support and 118.00 the resistance.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: NZD – NZIER Business Confidence.\r\nMONDAY: CNY – GDP.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\nTUESDAY: NZD – CPi.\r\n\r\nWEDNESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\nWEDNESDAY: GBP – Unemployment Data.\r\nWEDNESDAY: CAD – BOC Monetary Policy Statement / Interest Rate.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\n\r\nTHURSDAY: EUR – ECB Interest Rate s and Press Conference.\r\nTHURSDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nFRIDAY: EUR – French and German Flash Manufacturing PMi\r\nFRIDAY: GBP – Retail Sales.\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nI doubt as Forex traders that we will ever witness events like SNB Day again in our lifetimes. It was a history book entry event. As traders it is all about how we react after that turmoil. I know that many of you lost money on CHF trades last Thursday.\r\n\r\nIt is all about drawing a line under it…. and moving on. DO NOT revenge trade that is NOT the answer. It is especially NOT the answer given the news event on the horizon.\r\n\r\nThe ECB dominates the economic calendar this week. I have documented my thoughts in this blog. I may be wrong, I may be right, it is just my opinion and quite frankly no one knows what is going to happen this Thursday. The one thing that I can probably get 100% correct is that it will be volatile. It may actually be a day NOT TO TRADE.\r\n\r\nThere is a Forex market everyday. There are usually one or two strong moves everyday. Why risk this Thursday when volatility will be extreme?\r\n\r\nI know that many of you will trade no matter what I write. All I ask is that you consider the risks involved with trading anything with EUR attached to it.\r\n\r\nBefore you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.\r\n\r\nThis Thursday, in my opinion, will not be as catastrophic as SNB Day, but rest assured it will be volatile.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 18<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?','','inherit','open','closed','','5141-revision-v1','','','2015-01-17 18:08:29','2015-01-17 23:08:29','',5141,'https://weeklyfxdrivethru.com/5141-revision-v1/',0,'revision','',0),(5145,1,'2015-01-18 08:11:11','2015-01-18 13:11:11','Given the unprecedented fall-out from last Thursday, which, I will now refer to as “SNB DAY”, I wanted to talk about Forex Brokers in the EDUCATION section of this week’s blog.\r\nAs a consequence, for this week only I have made the decision to open up the PREMIUM SERVICE version of the WEEKLY FX DRIVE THRU to all readers.\r\n\r\n&nbsp;\r\n<h2 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h2>\r\n<strong>DATE: 18.01.2015\r\nREFERENCE: #43\r\n</strong><strong>BLOG: THE PREMIUM SERVICE</strong>\r\n\r\n&nbsp;\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nLast week, in the blog I used “Holy Mother of God”… this week it’s “Jesus Mary and Joseph”.\r\n\r\nWhat a week…\r\n\r\nWhere do I start?\r\n\r\nMy first thoughts were: –\r\n\r\nDid SNB (Jordan) have any prior idea of the effect his announcement would have on the markets?\r\n\r\nDid Jordan know that his actions would make the history books?\r\n\r\nDid he think or realize that companies would go bust, people would be out a job and millions of $$ would be lost from balance sheets and broker accounts?\r\n\r\n&nbsp;\r\n\r\nThose are the $64,000 questions… and my answer to the questions is probably not to the extent that things played out. Believe me… there is more fallout to come as a result of SNB Day.\r\n\r\nI was awake and at my desk when the news broke. It was an experience to say the least; I had LIMIT ORDERS that were triggered with three brokers. Suffice to say my experiences with brokers were not consistent.\r\n\r\nI took a hit on my FXCM account and in comparison to many traders I will NOT be presented with an invoice for money owed. They froze out their CHF trades for over an hour and then what appeared to have happened is that they opened up at the bottom price and filled trades based on this. I have now learned that many traders lost substantial sums of money.\r\n\r\nThe other two brokers behaved themselves very well indeed, all things considered and losses were minimalized. In fact their systems unlike FXCM’s worked extremely well.\r\n\r\nMoving on….\r\n\r\nWe dust ourselves off prepare to deal with any Forex broker fallout and get set for the next week. What a week its going to be, with the highlight obviously being Draghi’s biggest (I always seem to say every meeting is his biggest) test to date on the Thursday 22<sup>nd</sup>.\r\n\r\nWe also have a BOC interest rate decision, a BOJ Policy statement and several other front line news events but these seem to fade into the background somewhat as all eyes will be on Draghi.\r\n\r\nI am certain that he will not disappoint but the ECB does have a TALK TALK habit and no action history.\r\n\r\nIf Draghi does NOT deliver we will have another SNB day….\r\n\r\nTo a large extent QE is priced in, it\'s the details that we need, and, I think that the volatility will be greater is he kicks another can down the road and delays action. As I say, it’s all going to be in details.\r\n\r\nIf he does not meet market expectations….or delays….it will be volatile.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<em>\r\n</em><strong><span style=\"text-decoration: underline;\">WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?</span></strong>\r\n\r\n&nbsp;\r\n\r\nLet me just set the scene here…\r\n\r\nIf I take a step back to, I think it was last May, when at the ECB Press Conference the EUR/USD hit 1.3993. I remember that day well as if it were only yesterday, yer man Mario Draghi said that the ECB would look at and consider purchasing sovereign bonds and whoopsie…. the EUR/USD decline towards parity started.\r\n\r\nIt has not been easy going for weakening the EUR/USD. It certainly wasn’t at first, and poor Mario Draghi has had to fight all the way and try to flex his muscles to do his job. We must of course remember that he is answerable to Berlin before and above anything else and the Germans are hard people to win over - just ask the Greeks, Cypriots, Portuguese, Spanish, Italians and the Irish.\r\n\r\nIn the early months following Draghi’s May announcement there were battles in the press with the following three flutes, which is the best way that I can describe these opponents to most things that Draghi says.\r\n\r\nJens Weidmann – Deutsche Bundesbank, President\r\nWolfgang Shauble - German Finance Minister\r\nEwald Notwony – Austrian Central Bank, President\r\n\r\nEvery time that Draghi would say something progressive that might help DEFLATION or UNEMPLOYMENT in the EUROZONE one of the three flutes highlighted above would roll out an objection based on legality, numbers are wrong, we don\'t need that QE sh**e, we have austerity…the fact that austerity didn’t work is totally irrelevant.\r\n\r\nWith a stroke of luck, after a few of months over the summer last year, there was the will he, won’t he, when will he, is he bullsh***ing, along with opposition voices mainly from within Germany, Mario Draghi got his break.\r\n\r\nThen we had Central Bank divergence… a stroke of luck for Mario Draghi. Janet Yellen announced a change in FED monetary policy as the last chunk of QE tapering from the FED was removed. The FED had moved to an increasing interest rate monetary policy following the end of QE, We still haven’t seen any increases yet, but we are expecting something later this year.\r\n\r\nThe FED and the ECB were now on divergent policies…one dovish and one hawkish. The result, the USD strengthened and the EUR weakened……\r\n\r\nIn the couple of months following, Mario Draghi once again talked about options but did nothing. Parallel to this the economic data emanating from the EUROZONE was still poor… German, Spanish, French, Italian and Spanish data all bounced on the bottom and failed to impress. DEFLATION started to be used in conversation, more and more around the corridors in Brussels sound bytes were focused on talking down DEFLATION, nevertheless it culminated with Draghi openly saying that sovereign bond buying was being looked at.\r\n\r\nThe EUR/USD dropped again on that news but bounced as the markets were looking at Draghi and the ECB as similar to “The Boy who cried Wolf”.\r\n\r\nLast Thursday, the SNB removed the link between the EUR and the CHF by removing the 1.2000 (peg/ floor limit) that kept exchange rates at a level. The turmoil in the markets, well, its history book stuff in my opinion. However, the EUR once again weakened and has fallen as low as 1.1460.\r\n\r\nSince May last year, 1.3993 to 1.1460 on Friday just passed…2,533 pips of a fall.\r\n\r\nSo as usual; here are a few questions to mull over: -\r\n<ol>\r\n	<li>What do you reckon Draghi’s goal exchange rate with the EUR/USD was, when he initially talked about QE up at 1.3993…lets call it 1.4000?</li>\r\n	<li>How many of the 2,500 pips or so fall in the EUR/USD exchange rate from 1.4000 to 1.1460 is actually attributable directly to ECB monetary policy? When you look back the FED divergent policy and now the SNB. In my opinion well over 70% of the move is a NON ECB driven.</li>\r\n	<li>I am willing to bet that the Germans who foot the bill (pay the invoice), for QE will be looking at 2,500 pips so far, saying lets do QE on the cheap we are almost at 1.1000…\r\nRemember we are dealing with politicians. QE is bad for Merkel regarding popularity and votes in Germany. Politicians will only want to do as little as possible…..What do you think?</li>\r\n	<li>At the outset of the QE announcement from the ECB the volume quoted to be required by the markets was €1,000 billion. There has been so much talk already that the proposed limit will be €500 billion and not the €1,000 billion that the markets are expecting and coupled with the fact that the SNB action has already blasted a further 300 pips or so lower off the EUR/USD exchange rate, is it not possible that politicians who require popularity to survive would take the line of least resistance and maybe take the risk of trying to satisfy the markets with the lower figure of €500 billion…. What do you think?</li>\r\n</ol>\r\n&nbsp;\r\n\r\nWhat happens if only €500 billion is quoted in the Press Conference on Thursday?\r\n\r\nBecause QE is priced in to a large extent with current EUR/USD exchange rate, in my opinion, anything below €1,000 billion will be seen as a fudge by the markets. If the rhetoric from Draghi that supports whatever amount of QE that is proposed is wishy-washy, and if QE is further delayed, I feel that there could be the mother of all bounces / squeezes in the EUR/USD back towards at least 1.2000. The 4<sup>th</sup> January market opening gap fill at 1.2000 looms, in my opinion, it is like a tractor beam from Star Trek if Draghi fails to get the markets on board.\r\n\r\nAt the front of mind, I always feel that the “collective” known as the ECB are more dysfunctional than Washington D.C. when it comes to policy and doing what is right for the people that they represent.\r\n\r\nMarkets just cannot cope with vagueness or uncertainty…these are two traits that politicians the world over thrive upon. The ECB are top of the charts on being cheap and delaying implementation. They are also brilliant at talking, but not actually doing anything. Sadly the ECB is NOT despite its belief independent…. It is funded mainly by and managed by Berlin and Frankfurt…politicians are in control.\r\n\r\nAs I said last week in the blog, Draghi is the fall guy here.\r\n\r\nIf Germany says only €500 billion and the EUR/USD squeezes like crazy back 500 pips or so, the politicians will blame Draghi. Politicians are Teflon coated and only point fingers of blame. They are not interested in taking blame, merely passing it on. All things said, I strongly suspect QE on the cheap this Thursday and I think that the markets will NOT like it.\r\n\r\nI want to be wrong and I hope that I am…. but the ECB history of fudging leads me to believe that they will fall short, for whatever reason.\r\n\r\nBe ready to buy the EUR…. (I really do hope that I am wrong for the European people s sake).\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">3.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">3.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">3.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nThis week two PREMIUM SERVICE trades were affected by the SNB news. This has dented the trading performance and I am showing a negative for the end of the first full trading week. Although it is somewhat misleading to call it a full week, after the SNB news things practically came to a halt as I dealt with issues surrounding my aligned brokers, in particular FXCM. Apart from FXCM all appears to be well. I have spoken with them and all accounts should receive official communications from the brokers confirming all is well after SNB Day.\r\n\r\nThis is important to me as many of my PREMIUM SERVICE subscribers also have broker accounts signed up from my website banners and together we aligned with the broker and together we carry greater influence should problems occur.\r\n\r\nI spent a great deal of time on Thursday on administrative duties, not the usual kind but administrative all the same and Friday, more administration and a funeral to attend. Hence, it was not a full week, nor was last week by any stretch of the imagination a normal week.\r\n\r\nFrom my personal motivation perspective the FXCM issue hit me quite hard and now it’s all about shaking it out, dusting myself down and getting back in the saddle again.\r\n\r\nI start again tonight at the open, with chart reviews and will get back into full swing tomorrow. Given the news on the horizon, I will be picky on what I decide to trade.\r\n\r\nThe usual summary charts detailing the week and year to date performances, however, are below for reference, even though they do not make great reading, but it is real and honest reporting of the facts. Last year great profits were generated, so my target is to turn things around starting this week. Without SNB Day we would have been showing a nice profit this year so far after our first week of trading.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.3.1. – THE PREMIUM SERVICE PROFIT/LOSS RATIOS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\"><img class=\"aligncenter size-full wp-image-5129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\" alt=\"PREM SERVICE PROFIT-LOSS RATIO 18012015\" width=\"417\" height=\"583\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.2. – THE PREMIUM SERVICE RISK/REWARD ANALYSIS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\"><img class=\"aligncenter size-full wp-image-5130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\" alt=\"PS RISK-REWARD ANALYSIS 18012015\" width=\"427\" height=\"535\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.3. – THE PREMIUM SERVICE TRADE SUMMARY MONTH &amp; YTD:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\"><img class=\"aligncenter size-full wp-image-5131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\" alt=\"PREM SERV PROFITS1 18012015\" width=\"452\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\"><img class=\"aligncenter size-full wp-image-5132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\" alt=\"PREM SERVICE PROFITS2 18012015\" width=\"455\" height=\"427\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\n(PLEASE NOTE: The CWMFX broker banner will be visible on my website by the middle of this week. I apologize for the delay. If you want to open an account with CWMFX please contact me direct via the email address at the end of the blog. If you DO NOT open an account via me, you WILL NOT qualify for the limited time PROMOTION)\r\n\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade or Blackwell Global, you will be eligible for “BONUS WEEKS” to be added to your subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th\r\n\r\nFebruary 2015…it is really very limited: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n\r\n20 weeks = $350.00\r\n\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times\r\n\r\nHence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FOREX BROKERS -\r\nWe need them, however, we have to choose them carefully</strong></p>\r\nGiven the effects of SNB Day, and all the horror stories that are now surfacing from customers of ALPARI, EXCEL MARKETS, ACM, FXOPEN, INVESTORS GROUP, INTERACTIVE BROKERS, LCG, SWISSQUOTE, ROBOFOREX, and FXCM, it really was a catastrophe waiting in the wings; some have already stated that it was bound to happen eventually. The market was so long EUR/CHF it was an incredible one-sided market. Traders believing that the SNB would continue to support the 1.2000 peg for ever, literally got taken to the cleaners when it was uncoupled.\r\n\r\nLast night, I spoke with one of my peers who told me of instances where traders literally took oversized long positions on the EUR/CHF to make 5 or 10 pips a time on the promise of SNB support. They were extremely over-leveraged and taking on so much risk that when the SNB action took place their broker account with say $10,000 on them were immediately wiped out because they did NOT use RISK or MONEY MANAGEMENT nor did they think of proper POSITION SIZING. The end result: I was advised of invoices being raised to the tune of $70,000 and more to cover the fill. Traders who did not have their accounts wiped out have lost thousands of $$$ regardless of the broker used.\r\n\r\nWe all need brokers…some may say they are a necessary evil, but we need them.\r\n\r\nI have researched and tried many brokers over the 8 years that I have been trading. I had a great relationship with my account manager at FXCM, and that counts as a positive, but the way that they as a company handled SNB Day was my worst broker experience ever. I have had some experiences on broken promises and outright lies deceit and dishonesty from brokers in the past, but the SNB fallout has opened my eyes even further.\r\n\r\nWhen choosing a broker we look for regulations and affiliations and try to take in all the small print that we mostly all hate to examine. I wonder how many of us have actually read the small print. Brokers should be regulated across as many zones in the world that is humanly possible. Brokers that failed on SNB Day had this, they had all the regulatory bodies behind them regarding clients monies etc.\r\n\r\nI did not have accounts with any of the brokers listed above, except FXCM, but most of them probably ticked all the boxes you as a client needed to know about before opening an account. Many of them have been saved, but some will still NOT trade CHF pairs. It looks like ALPARI and EXCEL MARKETS are the only brokers to have gone under so far.\r\n\r\nWith regards to FXCM, let me tell you, this brokerage must have owned half the Amazon rainforest given the volume of paper, red tape and regulation I went through to open my account, yet they failed to deliver on SNB Day and have struggled to keep their doors open. The 4<sup>th</sup> largest broker in the world was what I read recently about FXCM; so what went wrong?\r\n\r\nTrying to keep this simple the market was so heavily traded in one direction, and the volumes were just so huge. The market collapsed when the decoupling happened.\r\n\r\nJust think about one factor that has not come to light yet. We have heard about the private FX traders in their thousands and how they were affected. I have not read much about the institutions yet. The Forex market is a 5 (five) trillion dollars a day market, five trillion dollars is not trading done by private traders i.e. you and me. There is much more fallout to come from the institutions such as the banks.\r\n\r\nSimply put, what happened on SNB Day was a one-off, probably never to be repeated event ever in our lifetimes.\r\n\r\nSo, given that I say in my title of this article “chose carefully”, yet the three brokers who are in trouble, or closed for business, ticked all the boxes, what else could you have done? Or, basically, if you were with these brokers was it just a case of bad luck?\r\n\r\nWhen I have gone through the process of establishing a relationship with a Forex broker, I thought that I was being as thorough as possible, FXCM passed this test when I was selecting brokers to align with.\r\n\r\nAs a minimum, let me review the data that you should be looking for regarding your broker when making your choice.\r\n\r\nYour broker should meet the following requirements: -\r\n\r\nBe licensed and regulated to meet all regulatory obligations.\r\nYou should be able to see country by country the various regulatory authorities listed where approval and standards are met.\r\n24x7 support via telephone and “Live Chat”.\r\nDedicated Account Managers.\r\n\r\nYour broker should have the following information available: -\r\n\r\nRisk Disclaimers.\r\nPrivacy Policies.\r\nComplaints Procedures.\r\n<span style=\"line-height: 1.5;\">Policies on how they handle Conflict of Interest and Execution of trade policies.\r\n</span><span style=\"line-height: 1.5;\">Details of an Investor Compensation Fund.</span>\r\n\r\nFinally we have a crunch test. Looking back on SNB Day, there was slippage, there were reports of poor fills all over the Forex market.\r\n\r\nOpen up a demo account and test the brokers platform for accessibility during periods of high volume such as, Non-Farm Payrolls, ECB Press Conferences etc.\r\n\r\nSlippage / poor fills are an important and part of our everyday trading that we have to deal with. The brokers bombard you with small print on their contracts; every “get out” clause in the book is there for you add your signature to.\r\n\r\nTherefore in my eyes, we should take them for the equivalent of a test drive. Choosing a broker should involve a period of practical experience as well as ensuring that they meet an administrative functionality.\r\n\r\nThere may NOT be a repeat of SNB Day, and quite frankly it was so extreme I guess that we will not see it repeated but we should go as far as we can to help indemnify ourselves as best we can.\r\n\r\nI hope that this short article helps in some way.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>\r\n\r\nBelow is the current spread sheet showing the existing live trades. Both of these trades are hedged from 100 pips. The hedges were placed SNB Day.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\"><img class=\"aligncenter size-full wp-image-5139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\" alt=\"PS LIVE TRADES 18012015\" width=\"712\" height=\"477\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nThe current list of LIMIT ORDER trades are highlighted on the spreadsheet below.\r\n\r\nI would like to add that given the extreme nervousness in the market and the continued uncertainty surrounding the fallout from SNB Day, I have not added any charts or additional trades this weekend. I will be reviewing after the European open tomorrow (Monday).\r\n\r\nI believe that this is the prudent approach given the fact that the uncertainty in the Forex markets provides volatility that, quite frankly is not tradable at times. I would rather wait until the dust settles.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\"><img class=\"aligncenter size-full wp-image-5140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\" alt=\"PS TRADES ON RADAR 18012015\" width=\"710\" height=\"410\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\"><img class=\"aligncenter size-full wp-image-5138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\" alt=\"PREM SERV TRENDING PAIRS 18012015\" width=\"390\" height=\"551\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscriber deal)\r\n\r\n<strong>EUR/USD: Closing Price 1.1560.</strong> In total there was over a 500 pip range in the EUR/USD this past week and about a 350 pip drop overall. Obviously “SNB day” rocked the boat and sent this pair into a tailspin move lower. What next is the obvious question? Sticking my neck on the chopping block, I think we should see a period of consolidation ahead of the ECB Press Conference this Thursday. We saw a bottom on Friday at 1.1460. I think that this will be the support level; a break lower opens up a move to 1.1210. On the upside, I think that we could see bounces that will probably be sold into at 1.1650, 1.1720 and maybe even 1.1870, although the latter would, in my opinion, involve quite a short squeeze. DO NOT rule this out. The market is heavily short EUR at the moment, and so nervous anything could happen. There are lots of brokers liquidating positions at the moment to balance their books…never say never to anything at the moment.\r\n\r\n<strong>GBP/USD: Closing Price 1.5131</strong>. Quite a turbulent week for the cable but the end of week close was only 20 pips lower than the previous week. In 2014, I had no real luck trading this pair; I think at one time I called it “Flattering to Deceive”. My views have not altered. All week, I believed with the EUR/GBP cross-rate effect in play the cable would stay supported as the EUR/GBP fell in value. So many times it looked like the GBP/USD was going to break substantially higher, but it never really got going. I hate to say common sense, but common sense tells me that as the EUR falls, the EUR/GBP also falls and by virtue of these moves the GBP/USD should remain elevated. I know, the EUR/USD dropped 400 pips or so and cable never moved so it remained elevated by comparison. However, in my opinion, in the past the bounce in cable has been dominant and I expected a test of 1.5300; it never materialized.\r\nLooking forward, 1.5030 is definitely the near death experience support and resistance for the next few days should be capped around 1.5270.\r\n\r\n<strong>AUD/USD: Closing Price 0.8219</strong>. Aussie employment numbers helped this pair during last week. We are range bound and I can say and I am tired of trying to make money on this pair at the moment. The cross-rate effects of the EUR/AUD, GBP/AUD and AUD/CAD are playing havoc with the AUD/USD moves. Looking forward, support is at 0.8180, then down to 0.8120. Resistance is 0.8300. I have a limit order at 0.8380 patiently waiting to short.\r\n\r\n<strong>NZD/USD: Closing Price 0.7770</strong>. Like the AUD/USD a very range bound pair. 0.7620 to 0.7920 is the range. I have my limit order at 0.7920 to short and quite frankly this pair has become the new “Loonie” to trade. We have been in the range that I have identified for about three or four months now…painful.\r\n\r\n<strong>USD/CAD: Closing Price 1.1976.</strong> On SNB day I was “wussied” out of a trade that cost quite a bit of $$$. My long limit entry was triggered and I did not move my stop lower to cope with the volatility at the time. I took a big 85-pip loss, only watch my next level of support hold and then watch the “Loonie” bounce up like a pop-tart and take out my initial profit target all inside two hours…. God…I’m that good!! It was very frustrating indeed, and that is the polite version of how I feel. I had soooooooooo many other things on my mind at the time this was happening so I am trying not to beat myself up too much.\r\nLooking forward, resistance for me lies at 1.2075, with support back at 1.1940.\r\n\r\n<strong>USD/CHF: Closing Price 0.8579</strong>. What on earth do I say about the CHF? Personally, I am expecting a bounce in the CHF pairs, as I do believe that Jordan fucked up, I think he had NO FRIGGIN IDEA what he was taking on and now the SNB will be involved in further currency manipulation to help manage the Swiss economy moving forward. I do believe though, that measures will be on hold until after the ECB announcement on QE this week. <span style=\"line-height: 1.5;\">In my opinion, the CHF will be a sell currency moving forward. i.e. long USD/CHF, EUR/CHF and GBP/CHF to name but three pairs…….but NOT yet it’s too risky. </span>Quite frankly, stay away for a few more days. Lets get all the fallout, all the data, and all the thoughts of the central bankers on the table and then decide what to do. I know that there are thousands of traders trying to pick bottoms with the CHF pairs. You do what you think you need to do, me…I am staying away for a little while until I can see some clarity on the future policy.\r\n\r\n<strong>USD/JPY: Closing Price 117.42. </strong> The USD/JPY strengthened by about 100 yen in the week. I promised Yang, one of my subscribers that I would start trading this pair and the JPY crosses last week, in fact I have been promising for weeks. That plan kind of got placed on hold once again. We are range bound with this pair; 115.50 is the support and 118.00 the resistance.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\nSUNDAY: N/A\r\n\r\nMONDAY: NZD – NZIER Business Confidence.\r\nMONDAY: CNY – GDP.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\nTUESDAY: NZD – CPi.\r\n\r\nWEDNESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\nWEDNESDAY: GBP – Unemployment Data.\r\nWEDNESDAY: CAD – BOC Monetary Policy Statement / Interest Rate.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\n\r\nTHURSDAY: EUR – ECB Interest Rate s and Press Conference.\r\nTHURSDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nFRIDAY: EUR – French and German Flash Manufacturing PMi\r\nFRIDAY: GBP – Retail Sales.\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nI doubt as Forex traders that we will ever witness events like SNB Day again in our lifetimes. It was a history book entry event. As traders it is all about how we react after that turmoil. I know that many of you lost money on CHF trades last Thursday.\r\n\r\nIt is all about drawing a line under it…. and moving on. DO NOT revenge trade that is NOT the answer. It is especially NOT the answer given the news event on the horizon.\r\n\r\nThe ECB dominates the economic calendar this week. I have documented my thoughts in this blog. I may be wrong, I may be right, it is just my opinion and quite frankly no one knows what is going to happen this Thursday. The one thing that I can probably get 100% correct is that it will be volatile. It may actually be a day NOT TO TRADE\r\n\r\nThere is a Forex market everyday. There are usually one or two strong moves everyday. Why risk this Thursday when volatility will be extreme?\r\n\r\nI know that many of you will trade no matter what I write. All I ask is that you consider the risks involved with trading anything with EUR attached to it.\r\n\r\nBefore you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.\r\n\r\nThis Thursday, in my opinion, will not be as catastrophic as SNB Day, but rest assured it will be volatile.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 18<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\n\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products.\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?','','publish','open','closed','','will-ecb-announce-sufficient-qe-satisfy-markets','','','2015-01-18 08:11:11','2015-01-18 13:11:11','',0,'https://weeklyfxdrivethru.com/?p=5145',0,'post','',0),(5146,1,'2015-01-17 18:19:52','2015-01-17 23:19:52','Given the unprecedented fall-out from last Thursday, which, I will now refer to as “SNB DAY”, I wanted to talk about Forex Brokers in the EDUCATION section of this week’s blog.\r\nAs a consequence, for this week only I have made the decision to open up the PREMIUM SERVICE version of the WEEKLY FX DRIVE THRU to all readers.\r\n\r\n&nbsp;\r\n<h2 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h2>\r\n<strong>DATE: 18.01.2015\r\nREFERENCE: #43\r\n</strong><strong>BLOG: THE PREMIUM SERVICE</strong>\r\n\r\n&nbsp;\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nLast week, in the blog I used “Holy Mother of God”… this week it’s “Jesus Mary and Joseph”.\r\n\r\nWhat a week…\r\n\r\nWhere do I start?\r\n\r\nMy first thoughts were: –\r\n\r\nDid SNB (Jordan) have any prior idea of the effect his announcement would have on the markets?\r\n\r\nDid Jordan know that his actions would make the history books?\r\n\r\nDid he think or realize that companies would go bust, people would be out a job and millions of $$ would be lost from balance sheets and broker accounts?\r\n\r\n&nbsp;\r\n\r\nThose are the $64,000 questions… and my answer to the questions is probably not to the extent that things played out. Believe me… there is more fallout to come as a result of SNB Day.\r\n\r\nI was awake and at my desk when the news broke. It was an experience to say the least; I had LIMIT ORDERS that were triggered with three brokers. Suffice to say my experiences with brokers were not consistent.\r\n\r\nI took a hit on my FXCM account and in comparison to many traders I will NOT be presented with an invoice for money owed. They froze out their CHF trades for over an hour and then what appeared to have happened is that they opened up at the bottom price and filled trades based on this. I have now learned that many traders lost substantial sums of money.\r\n\r\nThe other two brokers behaved themselves very well indeed, all things considered and losses were minimalized. In fact their systems unlike FXCM’s worked extremely well.\r\n\r\nMoving on….\r\n\r\nWe dust ourselves off prepare to deal with any Forex broker fallout and get set for the next week. What a week its going to be, with the highlight obviously being Draghi’s biggest (I always seem to say every meeting is his biggest) test to date on the Thursday 22<sup>nd</sup>.\r\n\r\nWe also have a BOC interest rate decision, a BOJ Policy statement and several other front line news events but these seem to fade into the background somewhat as all eyes will be on Draghi.\r\n\r\nI am certain that he will not disappoint but the ECB does have a TALK TALK habit and no action history.\r\n\r\nIf Draghi does NOT deliver we will have another SNB day….\r\n\r\nTo a large extent QE is priced in, it\'s the details that we need, and, I think that the volatility will be greater is he kicks another can down the road and delays action. As I say, it’s all going to be in details.\r\n\r\nIf he does not meet market expectations….or delays….it will be volatile.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<em>\r\n</em><strong><span style=\"text-decoration: underline;\">WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?</span></strong>\r\n\r\n&nbsp;\r\n\r\nLet me just set the scene here…\r\n\r\nIf I take a step back to, I think it was last May, when at the ECB Press Conference the EUR/USD hit 1.3993. I remember that day well as if it were only yesterday, yer man Mario Draghi said that the ECB would look at and consider purchasing sovereign bonds and whoopsie…. the EUR/USD decline towards parity started.\r\n\r\nIt has not been easy going for weakening the EUR/USD. It certainly wasn’t at first, and poor Mario Draghi has had to fight all the way and try to flex his muscles to do his job. We must of course remember that he is answerable to Berlin before and above anything else and the Germans are hard people to win over - just ask the Greeks, Cypriots, Portuguese, Spanish, Italians and the Irish.\r\n\r\nIn the early months following Draghi’s May announcement there were battles in the press with the following three flutes, which is the best way that I can describe these opponents to most things that Draghi says.\r\n\r\nJens Weidmann – Deutsche Bundesbank, President\r\nWolfgang Shauble - German Finance Minister\r\nEwald Notwony – Austrian Central Bank, President\r\n\r\nEvery time that Draghi would say something progressive that might help DEFLATION or UNEMPLOYMENT in the EUROZONE one of the three flutes highlighted above would roll out an objection based on legality, numbers are wrong, we don\'t need that QE sh**e, we have austerity…the fact that austerity didn’t work is totally irrelevant.\r\n\r\nWith a stroke of luck, after a few of months over the summer last year, there was the will he, won’t he, when will he, is he bullsh***ing, along with opposition voices mainly from within Germany, Mario Draghi got his break.\r\n\r\nThen we had Central Bank divergence… a stroke of luck for Mario Draghi. Janet Yellen announced a change in FED monetary policy as the last chunk of QE tapering from the FED was removed. The FED had moved to an increasing interest rate monetary policy following the end of QE, We still haven’t seen any increases yet, but we are expecting something later this year.\r\n\r\nThe FED and the ECB were now on divergent policies…one dovish and one hawkish. The result, the USD strengthened and the EUR weakened……\r\n\r\nIn the couple of months following, Mario Draghi once again talked about options but did nothing. Parallel to this the economic data emanating from the EUROZONE was still poor… German, Spanish, French, Italian and Spanish data all bounced on the bottom and failed to impress. DEFLATION started to be used in conversation, more and more around the corridors in Brussels sound bytes were focused on talking down DEFLATION, nevertheless it culminated with Draghi openly saying that sovereign bond buying was being looked at.\r\n\r\nThe EUR/USD dropped again on that news but bounced as the markets were looking at Draghi and the ECB as similar to “The Boy who cried Wolf”.\r\n\r\nLast Thursday, the SNB removed the link between the EUR and the CHF by removing the 1.2000 (peg/ floor limit) that kept exchange rates at a level. The turmoil in the markets, well, its history book stuff in my opinion. However, the EUR once again weakened and has fallen as low as 1.1460.\r\n\r\nSince May last year, 1.3993 to 1.1460 on Friday just passed…2,533 pips of a fall.\r\n\r\nSo as usual; here are a few questions to mull over: -\r\n<ol>\r\n	<li>What do you reckon Draghi’s goal exchange rate with the EUR/USD was, when he initially talked about QE up at 1.3993…lets call it 1.4000?</li>\r\n</ol>\r\n<ol start=\"2\">\r\n	<li>How many of the 2,500 pips or so fall in the EUR/USD exchange rate from 1.4000 to 1.1460 is actually attributable to ECB monetary policy?</li>\r\n	<li>I am willing to bet that the Germans who foot the bill (pay the invoice), for QE will be looking at 2,500 pips so far, saying lets do QE on the cheap we are almost at 1.1000…\r\nRemember we are dealing with politicians. QE is bad for Merkel regarding popularity and votes in Germany. Politicians will only want to do as little as possible…..What do you think?</li>\r\n	<li>At the outset of the QE announcement from the ECB the volume quoted to be required by the markets was €1,000 billion. There has been so much talk already that the proposed limit will be €500 billion and not the €1,000 billion that the markets are expecting and coupled with the fact that the SNB action has already blasted a further 300 pips or so lower off the EUR/USD exchange rate, is it not possible that politicians who require popularity to survive would take the line of least resistance and maybe take the risk of trying to satisfy the markets with the lower figure of €500 billion…. What do you think?</li>\r\n</ol>\r\n&nbsp;\r\n\r\nWhat happens if only €500 billion is quoted in the Press Conference on Thursday?\r\n\r\nBecause QE is priced in to a large extent with current EUR/USD exchange rate, in my opinion, anything below €1,000 billion will be seen as a fudge by the markets. If the rhetoric from Draghi that supports whatever amount of QE that is proposed is wishy-washy, and if QE is further delayed, I feel that there could be the mother of all bounces / squeezes in the EUR/USD back towards at least 1.2000. The 4<sup>th</sup> January market opening gap fill at 1.2000 looms, in my opinion, it is like a tractor beam from Star Trek if Draghi fails to get the markets on board.\r\n\r\nAt the front of mind, I always feel that the “collective” known as the ECB are more dysfunctional than Washington D.C. when it comes to policy and doing what is right for the people that they represent.\r\n\r\nMarkets just cannot cope with vagueness or uncertainty…these are two traits that politicians the world over thrive upon. The ECB are top of the charts on being cheap and delaying implementation. They are also brilliant at talking, but not actually doing anything. Sadly the ECB is NOT despite its belief independent…. It is funded mainly by and managed by Berlin and Frankfurt…politicians are in control.\r\n\r\nAs I said last week in the blog, Draghi is the fall guy here.\r\n\r\nIf Germany says only €500 billion and the EUR/USD squeezes like crazy back 500 pips or so, the politicians will blame Draghi. Politicians are Teflon coated and only point fingers of blame. They are not interested in taking blame, merely passing it on. All things said, I strongly suspect QE on the cheap this Thursday and I think that the markets will NOT like it.\r\n\r\nI want to be wrong and I hope that I am…. but the ECB history of fudging leads me to believe that they will fall short, for whatever reason.\r\n\r\nBe ready to buy the EUR…. (I really do hope that I am wrong for the European people s sake).\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:\r\n\r\n</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">3.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">3.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">3.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nThis week two PREMIUM SERVICE trades were affected by the SNB news. This has dented the trading performance and I am showing a negative for the end of the first full trading week. Although it is somewhat misleading to call it a full week, after the SNB news things practically came to a halt as I dealt with issues surrounding my aligned brokers, in particular FXCM. Apart from FXCM all appears to be well. I have spoken with them and all accounts should receive official communications from the brokers confirming all is well after SNB Day.\r\n\r\nThis is important to me as many of my PREMIUM SERVICE subscribers also have broker accounts signed up from my website banners and together we aligned with the broker and together we carry greater influence should problems occur.\r\n\r\nI spent a great deal of time on Thursday on administrative duties, not the usual kind but administrative all the same and Friday, more administration and a funeral to attend. Hence, it was not a full week, nor was last week by any stretch of the imagination a normal week.\r\n\r\nFrom my personal motivation perspective the FXCM issue hit me quite hard and now it’s all about shaking it out, dusting myself down and getting back in the saddle again.\r\n\r\nI start again tonight at the open, with chart reviews and will get back into full swing tomorrow. Given the news on the horizon, I will be picky on what I decide to trade.\r\n\r\nThe usual summary charts detailing the week and year to date performances, however, are below for reference, even though they do not make great reading, but it is real and honest reporting of the facts:\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.3.1. – THE PREMIUM SERVICE PROFIT/LOSS RATIOS:\r\n\r\n</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\"><img class=\"aligncenter size-full wp-image-5129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\" alt=\"PREM SERVICE PROFIT-LOSS RATIO 18012015\" width=\"417\" height=\"583\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.2. – THE PREMIUM SERVICE RISK/REWARD ANALYSIS:\r\n\r\n</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\"><img class=\"aligncenter size-full wp-image-5130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\" alt=\"PS RISK-REWARD ANALYSIS 18012015\" width=\"427\" height=\"535\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.3. – THE PREMIUM SERVICE TRADE SUMMARY MONTH &amp; YTD:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\"><img class=\"aligncenter size-full wp-image-5131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\" alt=\"PREM SERV PROFITS1 18012015\" width=\"452\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\"><img class=\"aligncenter size-full wp-image-5132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\" alt=\"PREM SERVICE PROFITS2 18012015\" width=\"455\" height=\"427\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\n(PLEASE NOTE: The CWMFX broker banner will be visible on my website by the middle of this week. I apologize for the delay. If you want to open an account with CWMFX please contact me direct via the email address at the end of the blog. If you DO NOT open an account via me, you WILL NOT qualify for the limited time PROMOTION)\r\n\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade or Blackwell Global, you will be eligible for “BONUS WEEKS” to be added to your subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th\r\n\r\nFebruary 2015…it is really very limited: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n\r\n20 weeks = $350.00\r\n\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times\r\n\r\nHence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:\r\n\r\n</span>\r\n<p style=\"text-align: center;\"><strong>FOREX BROKERS -\r\nWe need them, however, we have to choose them carefully</strong></p>\r\nGiven the effects of SNB Day, and all the horror stories that are now surfacing from customers of ALPARI, EXCEL MARKETS, ACM, FXOPEN, INVESTORS GROUP, INTERACTIVE BROKERS, LCG, SWISSQUOTE, ROBOFOREX, and FXCM, it really was a catastrophe waiting in the wings; some have already stated that it was bound to happen eventually. The market was so long EUR/CHF it was an incredible one-sided market. Traders believing that the SNB would continue to support the 1.2000 peg for ever, literally got taken to the cleaners when it was uncoupled.\r\n\r\nLast night, I spoke with one of my peers who told me of instances where traders literally took oversized long positions on the EUR/CHF to make 5 or 10 pips a time on the promise of SNB support. They were extremely over-leveraged and taking on so much risk that when the SNB action took place their broker account with say $10,000 on them were immediately wiped out because they did NOT use RISK or MONEY MANAGEMENT nor did they think of proper POSITION SIZING. The end result: I was advised of invoices being raised to the tune of $70,000 and more to cover the fill. Traders who did not have their accounts wiped out have lost thousands of $$$ regardless of the broker used.\r\n\r\nWe all need brokers…some may say they are a necessary evil, but we need them.\r\n\r\nI have researched and tried many brokers over the 8 years that I have been trading. I had a great relationship with my account manager at FXCM, and that counts as a positive, but the way that they as a company handled SNB Day was my worst broker experience ever. I have had some experiences on broken promises and outright lies deceit and dishonesty from brokers in the past, but the SNB fallout has opened my eyes even further.\r\n\r\nWhen choosing a broker we look for regulations and affiliations and try to take in all the small print that we mostly all hate to examine. I wonder how many of us have actually read the small print. Brokers should be regulated across as many zones in the world that is humanly possible. Brokers that failed on SNB Day had this, they had all the regulatory bodies behind them regarding clients monies etc.\r\n\r\nI did not have accounts with any of the brokers listed above, except FXCM, but most of them probably ticked all the boxes you as a client needed to know about before opening an account. Many of them have been saved, but some will still NOT trade CHF pairs. It looks like ALPARI and EXCEL MARKETS are the only brokers to have gone under so far.\r\n\r\nWith regards to FXCM, let me tell you, this brokerage must have owned half the Amazon rainforest given the volume of paper, red tape and regulation I went through to open my account, yet they failed to deliver on SNB Day and have struggled to keep their doors open. The 4<sup>th</sup> largest broker in the world was what I read recently about FXCM; so what went wrong?\r\n\r\nTrying to keep this simple the market was so heavily traded in one direction, and the volumes were just so huge. The market collapsed when the decoupling happened.\r\n\r\nJust think about one factor that has not come to light yet. We have heard about the private FX traders in their thousands and how they were affected. I have not read much about the institutions yet. The Forex market is a 5 (five) trillion dollars a day market, five trillion dollars is not trading done by private traders i.e. you and me. There is much more fallout to come from the institutions such as the banks.\r\n\r\nSimply put, what happened on SNB Day was a one-off, probably never to be repeated event ever in our lifetimes.\r\n\r\nSo, given that I say in my title of this article “chose carefully”, yet the three brokers who are in trouble, or closed for business, ticked all the boxes, what else could you have done? Or, basically, if you were with these brokers was it just a case of bad luck?\r\n\r\nWhen I have gone through the process of establishing a relationship with a Forex broker, I thought that I was being as thorough as possible, FXCM passed this test when I was selecting brokers to align with.\r\n\r\nAs a minimum, let me review the data that you should be looking for regarding your broker when making your choice.\r\n\r\nYour broker should meet the following requirements: -\r\n\r\nBe licensed and regulated to meet all regulatory obligations.\r\nYou should be able to see country by country the various regulatory authorities listed where approval and standards are met.\r\n24x7 support via telephone and “Live Chat”.\r\nDedicated Account Managers.\r\n\r\nYour broker should have the following information available: -\r\n\r\nRisk Disclaimers.\r\nPrivacy Policies.\r\nComplaints Procedures.\r\n<span style=\"line-height: 1.5;\">Policies on how they handle Conflict of Interest and Execution of trade policies.\r\n</span><span style=\"line-height: 1.5;\">Details of an Investor Compensation Fund.</span>\r\n\r\nFinally we have a crunch test. Looking back on SNB Day, there was slippage, there were reports of poor fills all over the Forex market.\r\n\r\nOpen up a demo account and test the brokers platform for accessibility during periods of high volume such as, Non-Farm Payrolls, ECB Press Conferences etc.\r\n\r\nSlippage / poor fills are an important and part of our everyday trading that we have to deal with. The brokers bombard you with small print on their contracts; every “get out” clause in the book is there for you add your signature to.\r\n\r\nTherefore in my eyes, we should take them for the equivalent of a test drive. Choosing a broker should involve a period of practical experience as well as ensuring that they meet an administrative functionality.\r\n\r\nThere may NOT be a repeat of SNB Day, and quite frankly it was so extreme I guess that we will not see it repeated but we should go as far as we can to help indemnify ourselves as best we can.\r\n\r\nI hope that this short article helps in some way.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>\r\n\r\nBelow is the current spread sheet showing the existing live trades. Both of these trades are hedged from 100 pips. The hedges were placed SNB Day.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\"><img class=\"aligncenter size-full wp-image-5139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\" alt=\"PS LIVE TRADES 18012015\" width=\"712\" height=\"477\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nThe current list of LIMIT ORDER trades are highlighted on the spreadsheet below.\r\n\r\nI would like to add that given the extreme nervousness in the market and the continued uncertainty surrounding the fallout from SNB Day, I have not added any charts or additional trades this weekend. I will be reviewing after the European open tomorrow (Monday).\r\n\r\nI believe that this is the prudent approach given the fact that the uncertainty in the Forex markets provides volatility that, quite frankly is not tradable at times. I would rather wait until the dust settles.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\"><img class=\"aligncenter size-full wp-image-5140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\" alt=\"PS TRADES ON RADAR 18012015\" width=\"710\" height=\"410\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\"><img class=\"aligncenter size-full wp-image-5138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\" alt=\"PREM SERV TRENDING PAIRS 18012015\" width=\"390\" height=\"551\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscriber deal)\r\n\r\n<strong>EUR/USD: Closing Price 1.1560.</strong> In total there was over a 500 pip range in the EUR/USD this past week and about a 350 pip drop overall. Obviously “SNB day” rocked the boat and sent this pair into a tailspin move lower. What next is the obvious question? Sticking my neck on the chopping block, I think we should see a period of consolidation ahead of the ECB Press Conference this Thursday. We saw a bottom on Friday at 1.1460. I think that this will be the support level; a break lower opens up a move to 1.1210. On the upside, I think that we could see bounces that will probably be sold into at 1.1650, 1.1720 and maybe even 1.1870, although the latter would, in my opinion, involve quite a short squeeze. DO NOT rule this out. The market is heavily short EUR at the moment, and so nervous anything could happen. There are lots of brokers liquidating positions at the moment to balance their books…never say never to anything at the moment.\r\n\r\n<strong>GBP/USD: Closing Price 1.5131</strong>. Quite a turbulent week for the cable but the end of week close was only 20 pips lower than the previous week. In 2014, I had no real luck trading this pair; I think at one time I called it “Flattering to Deceive”. My views have not altered. All week, I believed with the EUR/GBP cross-rate effect in play the cable would stay supported as the EUR/GBP fell in value. So many times it looked like the GBP/USD was going to break substantially higher, but it never really got going. I hate to say common sense, but common sense tells me that as the EUR falls, the EUR/GBP also falls and by virtue of these moves the GBP/USD should remain elevated. I know, the EUR/USD dropped 400 pips or so and cable never moved so it remained elevated by comparison. However, in my opinion, in the past the bounce in cable has been dominant and I expected a test of 1.5300; it never materialized.\r\nLooking forward, 1.5030 is definitely the near death experience support and resistance for the next few days should be capped around 1.5270.\r\n\r\n<strong>AUD/USD: Closing Price 0.8219</strong>. Aussie employment numbers helped this pair during last week. We are range bound and I can say and I am tired of trying to make money on this pair at the moment. The cross-rate effects of the EUR/AUD, GBP/AUD and AUD/CAD are playing havoc with the AUD/USD moves. Looking forward, support is at 0.8180, then down to 0.8120. Resistance is 0.8300. I have a limit order at 0.8380 patiently waiting to short.\r\n\r\n<strong>NZD/USD: Closing Price 0.7770</strong>. Like the AUD/USD a very range bound pair. 0.7620 to 0.7920 is the range. I have my limit order at 0.7920 to short and quite frankly this pair has become the new “Loonie” to trade. We have been in the range that I have identified for about three or four months now…painful.\r\n\r\n<strong>USD/CAD: Closing Price 1.1976.</strong> On SNB day I was “wussied” out of a trade that cost quite a bit of $$$. My long limit entry was triggered and I did not move my stop lower to cope with the volatility at the time. I took a big 85-pip loss, only watch my next level of support hold and then watch the “Loonie” bounce up like a pop-tart and take out my initial profit target all inside two hours…. God…I’m that good!! It was very frustrating indeed, and that is the polite version of how I feel. I had soooooooooo many other things on my mind at the time this was happening so I am trying not to beat myself up too much.\r\nLooking forward, resistance for me lies at 1.2075, with support back at 1.1940.\r\n\r\n<strong>USD/CHF: Closing Price 0.8579</strong>. What on earth do I say about the CHF? Personally, I am expecting a bounce in the CHF pairs, as I do believe that Jordan fucked up, I think he had NO FRIGGIN IDEA what he was taking on and now the SNB will be involved in further currency manipulation to help manage the Swiss economy moving forward. I do believe though, that measures will be on hold until after the ECB announcement on QE this week. <span style=\"line-height: 1.5;\">In my opinion, the CHF will be a sell currency moving forward. i.e. long USD/CHF, EUR/CHF and GBP/CHF to name but three pairs…….but NOT yet it’s too risky. </span>Quite frankly, stay away for a few more days. Lets get all the fallout, all the data, and all the thoughts of the central bankers on the table and then decide what to do. I know that there are thousands of traders trying to pick bottoms with the CHF pairs. You do what you think you need to do, me…I am staying away for a little while until I can see some clarity on the future policy.\r\n\r\n<strong>USD/JPY: Closing Price 117.42. </strong> The USD/JPY strengthened by about 100 yen in the week. I promised Yang, one of my subscribers that I would start trading this pair and the JPY crosses last week, in fact I have been promising for weeks. That plan kind of got placed on hold once again. We are range bound with this pair; 115.50 is the support and 118.00 the resistance.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\nSUNDAY: N/A\r\n\r\nMONDAY: NZD – NZIER Business Confidence.\r\nMONDAY: CNY – GDP.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\nTUESDAY: NZD – CPi.\r\n\r\nWEDNESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\nWEDNESDAY: GBP – Unemployment Data.\r\nWEDNESDAY: CAD – BOC Monetary Policy Statement / Interest Rate.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\n\r\nTHURSDAY: EUR – ECB Interest Rate s and Press Conference.\r\nTHURSDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nFRIDAY: EUR – French and German Flash Manufacturing PMi\r\nFRIDAY: GBP – Retail Sales.\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nI doubt as Forex traders that we will ever witness events like SNB Day again in our lifetimes. It was a history book entry event. As traders it is all about how we react after that turmoil. I know that many of you lost money on CHF trades last Thursday.\r\n\r\nIt is all about drawing a line under it…. and moving on. DO NOT revenge trade that is NOT the answer. It is especially NOT the answer given the news event on the horizon.\r\n\r\nThe ECB dominates the economic calendar this week. I have documented my thoughts in this blog. I may be wrong, I may be right, it is just my opinion and quite frankly no one knows what is going to happen this Thursday. The one thing that I can probably get 100% correct is that it will be volatile. It may actually be a day NOT TO TRADE\r\n\r\nThere is a Forex market everyday. There are usually one or two strong moves everyday. Why risk this Thursday when volatility will be extreme?\r\n\r\nI know that many of you will trade no matter what I write. All I ask is that you consider the risks involved with trading anything with EUR attached to it.\r\n\r\nBefore you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.\r\n\r\nThis Thursday, in my opinion, will not be as catastrophic as SNB Day, but rest assured it will be volatile.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 18<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\n\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products.\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?','','inherit','open','closed','','5145-revision-v1','','','2015-01-17 18:19:52','2015-01-17 23:19:52','',5145,'https://weeklyfxdrivethru.com/5145-revision-v1/',0,'revision','',0),(5147,1,'2015-01-17 18:20:44','2015-01-17 23:20:44','Given the unprecedented fall-out from last Thursday, which, I will now refer to as “SNB DAY”, I wanted to talk about Forex Brokers in the EDUCATION section of this week’s blog.\r\nAs a consequence, for this week only I have made the decision to open up the PREMIUM SERVICE version of the WEEKLY FX DRIVE THRU to all readers.\r\n\r\n&nbsp;\r\n<h2 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h2>\r\n<strong>DATE: 18.01.2015\r\nREFERENCE: #43\r\n</strong><strong>BLOG: THE PREMIUM SERVICE</strong>\r\n\r\n&nbsp;\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nLast week, in the blog I used “Holy Mother of God”… this week it’s “Jesus Mary and Joseph”.\r\n\r\nWhat a week…\r\n\r\nWhere do I start?\r\n\r\nMy first thoughts were: –\r\n\r\nDid SNB (Jordan) have any prior idea of the effect his announcement would have on the markets?\r\n\r\nDid Jordan know that his actions would make the history books?\r\n\r\nDid he think or realize that companies would go bust, people would be out a job and millions of $$ would be lost from balance sheets and broker accounts?\r\n\r\n&nbsp;\r\n\r\nThose are the $64,000 questions… and my answer to the questions is probably not to the extent that things played out. Believe me… there is more fallout to come as a result of SNB Day.\r\n\r\nI was awake and at my desk when the news broke. It was an experience to say the least; I had LIMIT ORDERS that were triggered with three brokers. Suffice to say my experiences with brokers were not consistent.\r\n\r\nI took a hit on my FXCM account and in comparison to many traders I will NOT be presented with an invoice for money owed. They froze out their CHF trades for over an hour and then what appeared to have happened is that they opened up at the bottom price and filled trades based on this. I have now learned that many traders lost substantial sums of money.\r\n\r\nThe other two brokers behaved themselves very well indeed, all things considered and losses were minimalized. In fact their systems unlike FXCM’s worked extremely well.\r\n\r\nMoving on….\r\n\r\nWe dust ourselves off prepare to deal with any Forex broker fallout and get set for the next week. What a week its going to be, with the highlight obviously being Draghi’s biggest (I always seem to say every meeting is his biggest) test to date on the Thursday 22<sup>nd</sup>.\r\n\r\nWe also have a BOC interest rate decision, a BOJ Policy statement and several other front line news events but these seem to fade into the background somewhat as all eyes will be on Draghi.\r\n\r\nI am certain that he will not disappoint but the ECB does have a TALK TALK habit and no action history.\r\n\r\nIf Draghi does NOT deliver we will have another SNB day….\r\n\r\nTo a large extent QE is priced in, it\'s the details that we need, and, I think that the volatility will be greater is he kicks another can down the road and delays action. As I say, it’s all going to be in details.\r\n\r\nIf he does not meet market expectations….or delays….it will be volatile.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<em>\r\n</em><strong><span style=\"text-decoration: underline;\">WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?</span></strong>\r\n\r\n&nbsp;\r\n\r\nLet me just set the scene here…\r\n\r\nIf I take a step back to, I think it was last May, when at the ECB Press Conference the EUR/USD hit 1.3993. I remember that day well as if it were only yesterday, yer man Mario Draghi said that the ECB would look at and consider purchasing sovereign bonds and whoopsie…. the EUR/USD decline towards parity started.\r\n\r\nIt has not been easy going for weakening the EUR/USD. It certainly wasn’t at first, and poor Mario Draghi has had to fight all the way and try to flex his muscles to do his job. We must of course remember that he is answerable to Berlin before and above anything else and the Germans are hard people to win over - just ask the Greeks, Cypriots, Portuguese, Spanish, Italians and the Irish.\r\n\r\nIn the early months following Draghi’s May announcement there were battles in the press with the following three flutes, which is the best way that I can describe these opponents to most things that Draghi says.\r\n\r\nJens Weidmann – Deutsche Bundesbank, President\r\nWolfgang Shauble - German Finance Minister\r\nEwald Notwony – Austrian Central Bank, President\r\n\r\nEvery time that Draghi would say something progressive that might help DEFLATION or UNEMPLOYMENT in the EUROZONE one of the three flutes highlighted above would roll out an objection based on legality, numbers are wrong, we don\'t need that QE sh**e, we have austerity…the fact that austerity didn’t work is totally irrelevant.\r\n\r\nWith a stroke of luck, after a few of months over the summer last year, there was the will he, won’t he, when will he, is he bullsh***ing, along with opposition voices mainly from within Germany, Mario Draghi got his break.\r\n\r\nThen we had Central Bank divergence… a stroke of luck for Mario Draghi. Janet Yellen announced a change in FED monetary policy as the last chunk of QE tapering from the FED was removed. The FED had moved to an increasing interest rate monetary policy following the end of QE, We still haven’t seen any increases yet, but we are expecting something later this year.\r\n\r\nThe FED and the ECB were now on divergent policies…one dovish and one hawkish. The result, the USD strengthened and the EUR weakened……\r\n\r\nIn the couple of months following, Mario Draghi once again talked about options but did nothing. Parallel to this the economic data emanating from the EUROZONE was still poor… German, Spanish, French, Italian and Spanish data all bounced on the bottom and failed to impress. DEFLATION started to be used in conversation, more and more around the corridors in Brussels sound bytes were focused on talking down DEFLATION, nevertheless it culminated with Draghi openly saying that sovereign bond buying was being looked at.\r\n\r\nThe EUR/USD dropped again on that news but bounced as the markets were looking at Draghi and the ECB as similar to “The Boy who cried Wolf”.\r\n\r\nLast Thursday, the SNB removed the link between the EUR and the CHF by removing the 1.2000 (peg/ floor limit) that kept exchange rates at a level. The turmoil in the markets, well, its history book stuff in my opinion. However, the EUR once again weakened and has fallen as low as 1.1460.\r\n\r\nSince May last year, 1.3993 to 1.1460 on Friday just passed…2,533 pips of a fall.\r\n\r\nSo as usual; here are a few questions to mull over: -\r\n<ol>\r\n	<li>What do you reckon Draghi’s goal exchange rate with the EUR/USD was, when he initially talked about QE up at 1.3993…lets call it 1.4000?</li>\r\n	<li>How many of the 2,500 pips or so fall in the EUR/USD exchange rate from 1.4000 to 1.1460 is actually attributable to ECB monetary policy?</li>\r\n	<li>I am willing to bet that the Germans who foot the bill (pay the invoice), for QE will be looking at 2,500 pips so far, saying lets do QE on the cheap we are almost at 1.1000…\r\nRemember we are dealing with politicians. QE is bad for Merkel regarding popularity and votes in Germany. Politicians will only want to do as little as possible…..What do you think?</li>\r\n	<li>At the outset of the QE announcement from the ECB the volume quoted to be required by the markets was €1,000 billion. There has been so much talk already that the proposed limit will be €500 billion and not the €1,000 billion that the markets are expecting and coupled with the fact that the SNB action has already blasted a further 300 pips or so lower off the EUR/USD exchange rate, is it not possible that politicians who require popularity to survive would take the line of least resistance and maybe take the risk of trying to satisfy the markets with the lower figure of €500 billion…. What do you think?</li>\r\n</ol>\r\n&nbsp;\r\n\r\nWhat happens if only €500 billion is quoted in the Press Conference on Thursday?\r\n\r\nBecause QE is priced in to a large extent with current EUR/USD exchange rate, in my opinion, anything below €1,000 billion will be seen as a fudge by the markets. If the rhetoric from Draghi that supports whatever amount of QE that is proposed is wishy-washy, and if QE is further delayed, I feel that there could be the mother of all bounces / squeezes in the EUR/USD back towards at least 1.2000. The 4<sup>th</sup> January market opening gap fill at 1.2000 looms, in my opinion, it is like a tractor beam from Star Trek if Draghi fails to get the markets on board.\r\n\r\nAt the front of mind, I always feel that the “collective” known as the ECB are more dysfunctional than Washington D.C. when it comes to policy and doing what is right for the people that they represent.\r\n\r\nMarkets just cannot cope with vagueness or uncertainty…these are two traits that politicians the world over thrive upon. The ECB are top of the charts on being cheap and delaying implementation. They are also brilliant at talking, but not actually doing anything. Sadly the ECB is NOT despite its belief independent…. It is funded mainly by and managed by Berlin and Frankfurt…politicians are in control.\r\n\r\nAs I said last week in the blog, Draghi is the fall guy here.\r\n\r\nIf Germany says only €500 billion and the EUR/USD squeezes like crazy back 500 pips or so, the politicians will blame Draghi. Politicians are Teflon coated and only point fingers of blame. They are not interested in taking blame, merely passing it on. All things said, I strongly suspect QE on the cheap this Thursday and I think that the markets will NOT like it.\r\n\r\nI want to be wrong and I hope that I am…. but the ECB history of fudging leads me to believe that they will fall short, for whatever reason.\r\n\r\nBe ready to buy the EUR…. (I really do hope that I am wrong for the European people s sake).\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong></strong><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:</span></strong>&nbsp;</li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">3.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">3.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">3.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nThis week two PREMIUM SERVICE trades were affected by the SNB news. This has dented the trading performance and I am showing a negative for the end of the first full trading week. Although it is somewhat misleading to call it a full week, after the SNB news things practically came to a halt as I dealt with issues surrounding my aligned brokers, in particular FXCM. Apart from FXCM all appears to be well. I have spoken with them and all accounts should receive official communications from the brokers confirming all is well after SNB Day.\r\n\r\nThis is important to me as many of my PREMIUM SERVICE subscribers also have broker accounts signed up from my website banners and together we aligned with the broker and together we carry greater influence should problems occur.\r\n\r\nI spent a great deal of time on Thursday on administrative duties, not the usual kind but administrative all the same and Friday, more administration and a funeral to attend. Hence, it was not a full week, nor was last week by any stretch of the imagination a normal week.\r\n\r\nFrom my personal motivation perspective the FXCM issue hit me quite hard and now it’s all about shaking it out, dusting myself down and getting back in the saddle again.\r\n\r\nI start again tonight at the open, with chart reviews and will get back into full swing tomorrow. Given the news on the horizon, I will be picky on what I decide to trade.\r\n\r\nThe usual summary charts detailing the week and year to date performances, however, are below for reference, even though they do not make great reading, but it is real and honest reporting of the facts:\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.3.1. – THE PREMIUM SERVICE PROFIT/LOSS RATIOS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\"><img class=\"aligncenter size-full wp-image-5129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\" alt=\"PREM SERVICE PROFIT-LOSS RATIO 18012015\" width=\"417\" height=\"583\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.2. – THE PREMIUM SERVICE RISK/REWARD ANALYSIS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\"><img class=\"aligncenter size-full wp-image-5130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\" alt=\"PS RISK-REWARD ANALYSIS 18012015\" width=\"427\" height=\"535\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.3. – THE PREMIUM SERVICE TRADE SUMMARY MONTH &amp; YTD:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\"><img class=\"aligncenter size-full wp-image-5131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\" alt=\"PREM SERV PROFITS1 18012015\" width=\"452\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\"><img class=\"aligncenter size-full wp-image-5132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\" alt=\"PREM SERVICE PROFITS2 18012015\" width=\"455\" height=\"427\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\n(PLEASE NOTE: The CWMFX broker banner will be visible on my website by the middle of this week. I apologize for the delay. If you want to open an account with CWMFX please contact me direct via the email address at the end of the blog. If you DO NOT open an account via me, you WILL NOT qualify for the limited time PROMOTION)\r\n\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade or Blackwell Global, you will be eligible for “BONUS WEEKS” to be added to your subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th\r\n\r\nFebruary 2015…it is really very limited: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n\r\n20 weeks = $350.00\r\n\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times\r\n\r\nHence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FOREX BROKERS -\r\nWe need them, however, we have to choose them carefully</strong></p>\r\nGiven the effects of SNB Day, and all the horror stories that are now surfacing from customers of ALPARI, EXCEL MARKETS, ACM, FXOPEN, INVESTORS GROUP, INTERACTIVE BROKERS, LCG, SWISSQUOTE, ROBOFOREX, and FXCM, it really was a catastrophe waiting in the wings; some have already stated that it was bound to happen eventually. The market was so long EUR/CHF it was an incredible one-sided market. Traders believing that the SNB would continue to support the 1.2000 peg for ever, literally got taken to the cleaners when it was uncoupled.\r\n\r\nLast night, I spoke with one of my peers who told me of instances where traders literally took oversized long positions on the EUR/CHF to make 5 or 10 pips a time on the promise of SNB support. They were extremely over-leveraged and taking on so much risk that when the SNB action took place their broker account with say $10,000 on them were immediately wiped out because they did NOT use RISK or MONEY MANAGEMENT nor did they think of proper POSITION SIZING. The end result: I was advised of invoices being raised to the tune of $70,000 and more to cover the fill. Traders who did not have their accounts wiped out have lost thousands of $$$ regardless of the broker used.\r\n\r\nWe all need brokers…some may say they are a necessary evil, but we need them.\r\n\r\nI have researched and tried many brokers over the 8 years that I have been trading. I had a great relationship with my account manager at FXCM, and that counts as a positive, but the way that they as a company handled SNB Day was my worst broker experience ever. I have had some experiences on broken promises and outright lies deceit and dishonesty from brokers in the past, but the SNB fallout has opened my eyes even further.\r\n\r\nWhen choosing a broker we look for regulations and affiliations and try to take in all the small print that we mostly all hate to examine. I wonder how many of us have actually read the small print. Brokers should be regulated across as many zones in the world that is humanly possible. Brokers that failed on SNB Day had this, they had all the regulatory bodies behind them regarding clients monies etc.\r\n\r\nI did not have accounts with any of the brokers listed above, except FXCM, but most of them probably ticked all the boxes you as a client needed to know about before opening an account. Many of them have been saved, but some will still NOT trade CHF pairs. It looks like ALPARI and EXCEL MARKETS are the only brokers to have gone under so far.\r\n\r\nWith regards to FXCM, let me tell you, this brokerage must have owned half the Amazon rainforest given the volume of paper, red tape and regulation I went through to open my account, yet they failed to deliver on SNB Day and have struggled to keep their doors open. The 4<sup>th</sup> largest broker in the world was what I read recently about FXCM; so what went wrong?\r\n\r\nTrying to keep this simple the market was so heavily traded in one direction, and the volumes were just so huge. The market collapsed when the decoupling happened.\r\n\r\nJust think about one factor that has not come to light yet. We have heard about the private FX traders in their thousands and how they were affected. I have not read much about the institutions yet. The Forex market is a 5 (five) trillion dollars a day market, five trillion dollars is not trading done by private traders i.e. you and me. There is much more fallout to come from the institutions such as the banks.\r\n\r\nSimply put, what happened on SNB Day was a one-off, probably never to be repeated event ever in our lifetimes.\r\n\r\nSo, given that I say in my title of this article “chose carefully”, yet the three brokers who are in trouble, or closed for business, ticked all the boxes, what else could you have done? Or, basically, if you were with these brokers was it just a case of bad luck?\r\n\r\nWhen I have gone through the process of establishing a relationship with a Forex broker, I thought that I was being as thorough as possible, FXCM passed this test when I was selecting brokers to align with.\r\n\r\nAs a minimum, let me review the data that you should be looking for regarding your broker when making your choice.\r\n\r\nYour broker should meet the following requirements: -\r\n\r\nBe licensed and regulated to meet all regulatory obligations.\r\nYou should be able to see country by country the various regulatory authorities listed where approval and standards are met.\r\n24x7 support via telephone and “Live Chat”.\r\nDedicated Account Managers.\r\n\r\nYour broker should have the following information available: -\r\n\r\nRisk Disclaimers.\r\nPrivacy Policies.\r\nComplaints Procedures.\r\n<span style=\"line-height: 1.5;\">Policies on how they handle Conflict of Interest and Execution of trade policies.\r\n</span><span style=\"line-height: 1.5;\">Details of an Investor Compensation Fund.</span>\r\n\r\nFinally we have a crunch test. Looking back on SNB Day, there was slippage, there were reports of poor fills all over the Forex market.\r\n\r\nOpen up a demo account and test the brokers platform for accessibility during periods of high volume such as, Non-Farm Payrolls, ECB Press Conferences etc.\r\n\r\nSlippage / poor fills are an important and part of our everyday trading that we have to deal with. The brokers bombard you with small print on their contracts; every “get out” clause in the book is there for you add your signature to.\r\n\r\nTherefore in my eyes, we should take them for the equivalent of a test drive. Choosing a broker should involve a period of practical experience as well as ensuring that they meet an administrative functionality.\r\n\r\nThere may NOT be a repeat of SNB Day, and quite frankly it was so extreme I guess that we will not see it repeated but we should go as far as we can to help indemnify ourselves as best we can.\r\n\r\nI hope that this short article helps in some way.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>\r\n\r\nBelow is the current spread sheet showing the existing live trades. Both of these trades are hedged from 100 pips. The hedges were placed SNB Day.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\"><img class=\"aligncenter size-full wp-image-5139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\" alt=\"PS LIVE TRADES 18012015\" width=\"712\" height=\"477\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nThe current list of LIMIT ORDER trades are highlighted on the spreadsheet below.\r\n\r\nI would like to add that given the extreme nervousness in the market and the continued uncertainty surrounding the fallout from SNB Day, I have not added any charts or additional trades this weekend. I will be reviewing after the European open tomorrow (Monday).\r\n\r\nI believe that this is the prudent approach given the fact that the uncertainty in the Forex markets provides volatility that, quite frankly is not tradable at times. I would rather wait until the dust settles.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\"><img class=\"aligncenter size-full wp-image-5140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\" alt=\"PS TRADES ON RADAR 18012015\" width=\"710\" height=\"410\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\"><img class=\"aligncenter size-full wp-image-5138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\" alt=\"PREM SERV TRENDING PAIRS 18012015\" width=\"390\" height=\"551\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscriber deal)\r\n\r\n<strong>EUR/USD: Closing Price 1.1560.</strong> In total there was over a 500 pip range in the EUR/USD this past week and about a 350 pip drop overall. Obviously “SNB day” rocked the boat and sent this pair into a tailspin move lower. What next is the obvious question? Sticking my neck on the chopping block, I think we should see a period of consolidation ahead of the ECB Press Conference this Thursday. We saw a bottom on Friday at 1.1460. I think that this will be the support level; a break lower opens up a move to 1.1210. On the upside, I think that we could see bounces that will probably be sold into at 1.1650, 1.1720 and maybe even 1.1870, although the latter would, in my opinion, involve quite a short squeeze. DO NOT rule this out. The market is heavily short EUR at the moment, and so nervous anything could happen. There are lots of brokers liquidating positions at the moment to balance their books…never say never to anything at the moment.\r\n\r\n<strong>GBP/USD: Closing Price 1.5131</strong>. Quite a turbulent week for the cable but the end of week close was only 20 pips lower than the previous week. In 2014, I had no real luck trading this pair; I think at one time I called it “Flattering to Deceive”. My views have not altered. All week, I believed with the EUR/GBP cross-rate effect in play the cable would stay supported as the EUR/GBP fell in value. So many times it looked like the GBP/USD was going to break substantially higher, but it never really got going. I hate to say common sense, but common sense tells me that as the EUR falls, the EUR/GBP also falls and by virtue of these moves the GBP/USD should remain elevated. I know, the EUR/USD dropped 400 pips or so and cable never moved so it remained elevated by comparison. However, in my opinion, in the past the bounce in cable has been dominant and I expected a test of 1.5300; it never materialized.\r\nLooking forward, 1.5030 is definitely the near death experience support and resistance for the next few days should be capped around 1.5270.\r\n\r\n<strong>AUD/USD: Closing Price 0.8219</strong>. Aussie employment numbers helped this pair during last week. We are range bound and I can say and I am tired of trying to make money on this pair at the moment. The cross-rate effects of the EUR/AUD, GBP/AUD and AUD/CAD are playing havoc with the AUD/USD moves. Looking forward, support is at 0.8180, then down to 0.8120. Resistance is 0.8300. I have a limit order at 0.8380 patiently waiting to short.\r\n\r\n<strong>NZD/USD: Closing Price 0.7770</strong>. Like the AUD/USD a very range bound pair. 0.7620 to 0.7920 is the range. I have my limit order at 0.7920 to short and quite frankly this pair has become the new “Loonie” to trade. We have been in the range that I have identified for about three or four months now…painful.\r\n\r\n<strong>USD/CAD: Closing Price 1.1976.</strong> On SNB day I was “wussied” out of a trade that cost quite a bit of $$$. My long limit entry was triggered and I did not move my stop lower to cope with the volatility at the time. I took a big 85-pip loss, only watch my next level of support hold and then watch the “Loonie” bounce up like a pop-tart and take out my initial profit target all inside two hours…. God…I’m that good!! It was very frustrating indeed, and that is the polite version of how I feel. I had soooooooooo many other things on my mind at the time this was happening so I am trying not to beat myself up too much.\r\nLooking forward, resistance for me lies at 1.2075, with support back at 1.1940.\r\n\r\n<strong>USD/CHF: Closing Price 0.8579</strong>. What on earth do I say about the CHF? Personally, I am expecting a bounce in the CHF pairs, as I do believe that Jordan fucked up, I think he had NO FRIGGIN IDEA what he was taking on and now the SNB will be involved in further currency manipulation to help manage the Swiss economy moving forward. I do believe though, that measures will be on hold until after the ECB announcement on QE this week. <span style=\"line-height: 1.5;\">In my opinion, the CHF will be a sell currency moving forward. i.e. long USD/CHF, EUR/CHF and GBP/CHF to name but three pairs…….but NOT yet it’s too risky. </span>Quite frankly, stay away for a few more days. Lets get all the fallout, all the data, and all the thoughts of the central bankers on the table and then decide what to do. I know that there are thousands of traders trying to pick bottoms with the CHF pairs. You do what you think you need to do, me…I am staying away for a little while until I can see some clarity on the future policy.\r\n\r\n<strong>USD/JPY: Closing Price 117.42. </strong> The USD/JPY strengthened by about 100 yen in the week. I promised Yang, one of my subscribers that I would start trading this pair and the JPY crosses last week, in fact I have been promising for weeks. That plan kind of got placed on hold once again. We are range bound with this pair; 115.50 is the support and 118.00 the resistance.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\nSUNDAY: N/A\r\n\r\nMONDAY: NZD – NZIER Business Confidence.\r\nMONDAY: CNY – GDP.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\nTUESDAY: NZD – CPi.\r\n\r\nWEDNESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\nWEDNESDAY: GBP – Unemployment Data.\r\nWEDNESDAY: CAD – BOC Monetary Policy Statement / Interest Rate.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\n\r\nTHURSDAY: EUR – ECB Interest Rate s and Press Conference.\r\nTHURSDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nFRIDAY: EUR – French and German Flash Manufacturing PMi\r\nFRIDAY: GBP – Retail Sales.\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nI doubt as Forex traders that we will ever witness events like SNB Day again in our lifetimes. It was a history book entry event. As traders it is all about how we react after that turmoil. I know that many of you lost money on CHF trades last Thursday.\r\n\r\nIt is all about drawing a line under it…. and moving on. DO NOT revenge trade that is NOT the answer. It is especially NOT the answer given the news event on the horizon.\r\n\r\nThe ECB dominates the economic calendar this week. I have documented my thoughts in this blog. I may be wrong, I may be right, it is just my opinion and quite frankly no one knows what is going to happen this Thursday. The one thing that I can probably get 100% correct is that it will be volatile. It may actually be a day NOT TO TRADE\r\n\r\nThere is a Forex market everyday. There are usually one or two strong moves everyday. Why risk this Thursday when volatility will be extreme?\r\n\r\nI know that many of you will trade no matter what I write. All I ask is that you consider the risks involved with trading anything with EUR attached to it.\r\n\r\nBefore you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.\r\n\r\nThis Thursday, in my opinion, will not be as catastrophic as SNB Day, but rest assured it will be volatile.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 18<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\n\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products.\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?','','inherit','open','closed','','5145-revision-v1','','','2015-01-17 18:20:44','2015-01-17 23:20:44','',5145,'https://weeklyfxdrivethru.com/5145-revision-v1/',0,'revision','',0),(5148,1,'2015-01-17 18:23:50','2015-01-17 23:23:50','Given the unprecedented fall-out from last Thursday, which, I will now refer to as “SNB DAY”, I wanted to talk about Forex Brokers in the EDUCATION section of this week’s blog.\r\nAs a consequence, for this week only I have made the decision to open up the PREMIUM SERVICE version of the WEEKLY FX DRIVE THRU to all readers.\r\n\r\n&nbsp;\r\n<h2 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h2>\r\n<strong>DATE: 18.01.2015\r\nREFERENCE: #43\r\n</strong><strong>BLOG: THE PREMIUM SERVICE</strong>\r\n\r\n&nbsp;\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nLast week, in the blog I used “Holy Mother of God”… this week it’s “Jesus Mary and Joseph”.\r\n\r\nWhat a week…\r\n\r\nWhere do I start?\r\n\r\nMy first thoughts were: –\r\n\r\nDid SNB (Jordan) have any prior idea of the effect his announcement would have on the markets?\r\n\r\nDid Jordan know that his actions would make the history books?\r\n\r\nDid he think or realize that companies would go bust, people would be out a job and millions of $$ would be lost from balance sheets and broker accounts?\r\n\r\n&nbsp;\r\n\r\nThose are the $64,000 questions… and my answer to the questions is probably not to the extent that things played out. Believe me… there is more fallout to come as a result of SNB Day.\r\n\r\nI was awake and at my desk when the news broke. It was an experience to say the least; I had LIMIT ORDERS that were triggered with three brokers. Suffice to say my experiences with brokers were not consistent.\r\n\r\nI took a hit on my FXCM account and in comparison to many traders I will NOT be presented with an invoice for money owed. They froze out their CHF trades for over an hour and then what appeared to have happened is that they opened up at the bottom price and filled trades based on this. I have now learned that many traders lost substantial sums of money.\r\n\r\nThe other two brokers behaved themselves very well indeed, all things considered and losses were minimalized. In fact their systems unlike FXCM’s worked extremely well.\r\n\r\nMoving on….\r\n\r\nWe dust ourselves off prepare to deal with any Forex broker fallout and get set for the next week. What a week its going to be, with the highlight obviously being Draghi’s biggest (I always seem to say every meeting is his biggest) test to date on the Thursday 22<sup>nd</sup>.\r\n\r\nWe also have a BOC interest rate decision, a BOJ Policy statement and several other front line news events but these seem to fade into the background somewhat as all eyes will be on Draghi.\r\n\r\nI am certain that he will not disappoint but the ECB does have a TALK TALK habit and no action history.\r\n\r\nIf Draghi does NOT deliver we will have another SNB day….\r\n\r\nTo a large extent QE is priced in, it\'s the details that we need, and, I think that the volatility will be greater is he kicks another can down the road and delays action. As I say, it’s all going to be in details.\r\n\r\nIf he does not meet market expectations….or delays….it will be volatile.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<em>\r\n</em><strong><span style=\"text-decoration: underline;\">WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?</span></strong>\r\n\r\n&nbsp;\r\n\r\nLet me just set the scene here…\r\n\r\nIf I take a step back to, I think it was last May, when at the ECB Press Conference the EUR/USD hit 1.3993. I remember that day well as if it were only yesterday, yer man Mario Draghi said that the ECB would look at and consider purchasing sovereign bonds and whoopsie…. the EUR/USD decline towards parity started.\r\n\r\nIt has not been easy going for weakening the EUR/USD. It certainly wasn’t at first, and poor Mario Draghi has had to fight all the way and try to flex his muscles to do his job. We must of course remember that he is answerable to Berlin before and above anything else and the Germans are hard people to win over - just ask the Greeks, Cypriots, Portuguese, Spanish, Italians and the Irish.\r\n\r\nIn the early months following Draghi’s May announcement there were battles in the press with the following three flutes, which is the best way that I can describe these opponents to most things that Draghi says.\r\n\r\nJens Weidmann – Deutsche Bundesbank, President\r\nWolfgang Shauble - German Finance Minister\r\nEwald Notwony – Austrian Central Bank, President\r\n\r\nEvery time that Draghi would say something progressive that might help DEFLATION or UNEMPLOYMENT in the EUROZONE one of the three flutes highlighted above would roll out an objection based on legality, numbers are wrong, we don\'t need that QE sh**e, we have austerity…the fact that austerity didn’t work is totally irrelevant.\r\n\r\nWith a stroke of luck, after a few of months over the summer last year, there was the will he, won’t he, when will he, is he bullsh***ing, along with opposition voices mainly from within Germany, Mario Draghi got his break.\r\n\r\nThen we had Central Bank divergence… a stroke of luck for Mario Draghi. Janet Yellen announced a change in FED monetary policy as the last chunk of QE tapering from the FED was removed. The FED had moved to an increasing interest rate monetary policy following the end of QE, We still haven’t seen any increases yet, but we are expecting something later this year.\r\n\r\nThe FED and the ECB were now on divergent policies…one dovish and one hawkish. The result, the USD strengthened and the EUR weakened……\r\n\r\nIn the couple of months following, Mario Draghi once again talked about options but did nothing. Parallel to this the economic data emanating from the EUROZONE was still poor… German, Spanish, French, Italian and Spanish data all bounced on the bottom and failed to impress. DEFLATION started to be used in conversation, more and more around the corridors in Brussels sound bytes were focused on talking down DEFLATION, nevertheless it culminated with Draghi openly saying that sovereign bond buying was being looked at.\r\n\r\nThe EUR/USD dropped again on that news but bounced as the markets were looking at Draghi and the ECB as similar to “The Boy who cried Wolf”.\r\n\r\nLast Thursday, the SNB removed the link between the EUR and the CHF by removing the 1.2000 (peg/ floor limit) that kept exchange rates at a level. The turmoil in the markets, well, its history book stuff in my opinion. However, the EUR once again weakened and has fallen as low as 1.1460.\r\n\r\nSince May last year, 1.3993 to 1.1460 on Friday just passed…2,533 pips of a fall.\r\n\r\nSo as usual; here are a few questions to mull over: -\r\n<ol>\r\n	<li>What do you reckon Draghi’s goal exchange rate with the EUR/USD was, when he initially talked about QE up at 1.3993…lets call it 1.4000?</li>\r\n	<li>How many of the 2,500 pips or so fall in the EUR/USD exchange rate from 1.4000 to 1.1460 is actually attributable to ECB monetary policy?</li>\r\n	<li>I am willing to bet that the Germans who foot the bill (pay the invoice), for QE will be looking at 2,500 pips so far, saying lets do QE on the cheap we are almost at 1.1000…\r\nRemember we are dealing with politicians. QE is bad for Merkel regarding popularity and votes in Germany. Politicians will only want to do as little as possible…..What do you think?</li>\r\n	<li>At the outset of the QE announcement from the ECB the volume quoted to be required by the markets was €1,000 billion. There has been so much talk already that the proposed limit will be €500 billion and not the €1,000 billion that the markets are expecting and coupled with the fact that the SNB action has already blasted a further 300 pips or so lower off the EUR/USD exchange rate, is it not possible that politicians who require popularity to survive would take the line of least resistance and maybe take the risk of trying to satisfy the markets with the lower figure of €500 billion…. What do you think?</li>\r\n</ol>\r\n&nbsp;\r\n\r\nWhat happens if only €500 billion is quoted in the Press Conference on Thursday?\r\n\r\nBecause QE is priced in to a large extent with current EUR/USD exchange rate, in my opinion, anything below €1,000 billion will be seen as a fudge by the markets. If the rhetoric from Draghi that supports whatever amount of QE that is proposed is wishy-washy, and if QE is further delayed, I feel that there could be the mother of all bounces / squeezes in the EUR/USD back towards at least 1.2000. The 4<sup>th</sup> January market opening gap fill at 1.2000 looms, in my opinion, it is like a tractor beam from Star Trek if Draghi fails to get the markets on board.\r\n\r\nAt the front of mind, I always feel that the “collective” known as the ECB are more dysfunctional than Washington D.C. when it comes to policy and doing what is right for the people that they represent.\r\n\r\nMarkets just cannot cope with vagueness or uncertainty…these are two traits that politicians the world over thrive upon. The ECB are top of the charts on being cheap and delaying implementation. They are also brilliant at talking, but not actually doing anything. Sadly the ECB is NOT despite its belief independent…. It is funded mainly by and managed by Berlin and Frankfurt…politicians are in control.\r\n\r\nAs I said last week in the blog, Draghi is the fall guy here.\r\n\r\nIf Germany says only €500 billion and the EUR/USD squeezes like crazy back 500 pips or so, the politicians will blame Draghi. Politicians are Teflon coated and only point fingers of blame. They are not interested in taking blame, merely passing it on. All things said, I strongly suspect QE on the cheap this Thursday and I think that the markets will NOT like it.\r\n\r\nI want to be wrong and I hope that I am…. but the ECB history of fudging leads me to believe that they will fall short, for whatever reason.\r\n\r\nBe ready to buy the EUR…. (I really do hope that I am wrong for the European people s sake).\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">3.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">3.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">3.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nThis week two PREMIUM SERVICE trades were affected by the SNB news. This has dented the trading performance and I am showing a negative for the end of the first full trading week. Although it is somewhat misleading to call it a full week, after the SNB news things practically came to a halt as I dealt with issues surrounding my aligned brokers, in particular FXCM. Apart from FXCM all appears to be well. I have spoken with them and all accounts should receive official communications from the brokers confirming all is well after SNB Day.\r\n\r\nThis is important to me as many of my PREMIUM SERVICE subscribers also have broker accounts signed up from my website banners and together we aligned with the broker and together we carry greater influence should problems occur.\r\n\r\nI spent a great deal of time on Thursday on administrative duties, not the usual kind but administrative all the same and Friday, more administration and a funeral to attend. Hence, it was not a full week, nor was last week by any stretch of the imagination a normal week.\r\n\r\nFrom my personal motivation perspective the FXCM issue hit me quite hard and now it’s all about shaking it out, dusting myself down and getting back in the saddle again.\r\n\r\nI start again tonight at the open, with chart reviews and will get back into full swing tomorrow. Given the news on the horizon, I will be picky on what I decide to trade.\r\n\r\nThe usual summary charts detailing the week and year to date performances, however, are below for reference, even though they do not make great reading, but it is real and honest reporting of the facts. Last year great profits were generated, so my target is to turn things around starting this week. Without SNB Day we would have been showing a nice profit this year so far after our first week of trading.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.3.1. – THE PREMIUM SERVICE PROFIT/LOSS RATIOS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\"><img class=\"aligncenter size-full wp-image-5129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\" alt=\"PREM SERVICE PROFIT-LOSS RATIO 18012015\" width=\"417\" height=\"583\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.2. – THE PREMIUM SERVICE RISK/REWARD ANALYSIS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\"><img class=\"aligncenter size-full wp-image-5130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\" alt=\"PS RISK-REWARD ANALYSIS 18012015\" width=\"427\" height=\"535\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.3. – THE PREMIUM SERVICE TRADE SUMMARY MONTH &amp; YTD:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\"><img class=\"aligncenter size-full wp-image-5131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\" alt=\"PREM SERV PROFITS1 18012015\" width=\"452\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\"><img class=\"aligncenter size-full wp-image-5132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\" alt=\"PREM SERVICE PROFITS2 18012015\" width=\"455\" height=\"427\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\n(PLEASE NOTE: The CWMFX broker banner will be visible on my website by the middle of this week. I apologize for the delay. If you want to open an account with CWMFX please contact me direct via the email address at the end of the blog. If you DO NOT open an account via me, you WILL NOT qualify for the limited time PROMOTION)\r\n\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade or Blackwell Global, you will be eligible for “BONUS WEEKS” to be added to your subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th\r\n\r\nFebruary 2015…it is really very limited: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n\r\n20 weeks = $350.00\r\n\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times\r\n\r\nHence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FOREX BROKERS -\r\nWe need them, however, we have to choose them carefully</strong></p>\r\nGiven the effects of SNB Day, and all the horror stories that are now surfacing from customers of ALPARI, EXCEL MARKETS, ACM, FXOPEN, INVESTORS GROUP, INTERACTIVE BROKERS, LCG, SWISSQUOTE, ROBOFOREX, and FXCM, it really was a catastrophe waiting in the wings; some have already stated that it was bound to happen eventually. The market was so long EUR/CHF it was an incredible one-sided market. Traders believing that the SNB would continue to support the 1.2000 peg for ever, literally got taken to the cleaners when it was uncoupled.\r\n\r\nLast night, I spoke with one of my peers who told me of instances where traders literally took oversized long positions on the EUR/CHF to make 5 or 10 pips a time on the promise of SNB support. They were extremely over-leveraged and taking on so much risk that when the SNB action took place their broker account with say $10,000 on them were immediately wiped out because they did NOT use RISK or MONEY MANAGEMENT nor did they think of proper POSITION SIZING. The end result: I was advised of invoices being raised to the tune of $70,000 and more to cover the fill. Traders who did not have their accounts wiped out have lost thousands of $$$ regardless of the broker used.\r\n\r\nWe all need brokers…some may say they are a necessary evil, but we need them.\r\n\r\nI have researched and tried many brokers over the 8 years that I have been trading. I had a great relationship with my account manager at FXCM, and that counts as a positive, but the way that they as a company handled SNB Day was my worst broker experience ever. I have had some experiences on broken promises and outright lies deceit and dishonesty from brokers in the past, but the SNB fallout has opened my eyes even further.\r\n\r\nWhen choosing a broker we look for regulations and affiliations and try to take in all the small print that we mostly all hate to examine. I wonder how many of us have actually read the small print. Brokers should be regulated across as many zones in the world that is humanly possible. Brokers that failed on SNB Day had this, they had all the regulatory bodies behind them regarding clients monies etc.\r\n\r\nI did not have accounts with any of the brokers listed above, except FXCM, but most of them probably ticked all the boxes you as a client needed to know about before opening an account. Many of them have been saved, but some will still NOT trade CHF pairs. It looks like ALPARI and EXCEL MARKETS are the only brokers to have gone under so far.\r\n\r\nWith regards to FXCM, let me tell you, this brokerage must have owned half the Amazon rainforest given the volume of paper, red tape and regulation I went through to open my account, yet they failed to deliver on SNB Day and have struggled to keep their doors open. The 4<sup>th</sup> largest broker in the world was what I read recently about FXCM; so what went wrong?\r\n\r\nTrying to keep this simple the market was so heavily traded in one direction, and the volumes were just so huge. The market collapsed when the decoupling happened.\r\n\r\nJust think about one factor that has not come to light yet. We have heard about the private FX traders in their thousands and how they were affected. I have not read much about the institutions yet. The Forex market is a 5 (five) trillion dollars a day market, five trillion dollars is not trading done by private traders i.e. you and me. There is much more fallout to come from the institutions such as the banks.\r\n\r\nSimply put, what happened on SNB Day was a one-off, probably never to be repeated event ever in our lifetimes.\r\n\r\nSo, given that I say in my title of this article “chose carefully”, yet the three brokers who are in trouble, or closed for business, ticked all the boxes, what else could you have done? Or, basically, if you were with these brokers was it just a case of bad luck?\r\n\r\nWhen I have gone through the process of establishing a relationship with a Forex broker, I thought that I was being as thorough as possible, FXCM passed this test when I was selecting brokers to align with.\r\n\r\nAs a minimum, let me review the data that you should be looking for regarding your broker when making your choice.\r\n\r\nYour broker should meet the following requirements: -\r\n\r\nBe licensed and regulated to meet all regulatory obligations.\r\nYou should be able to see country by country the various regulatory authorities listed where approval and standards are met.\r\n24x7 support via telephone and “Live Chat”.\r\nDedicated Account Managers.\r\n\r\nYour broker should have the following information available: -\r\n\r\nRisk Disclaimers.\r\nPrivacy Policies.\r\nComplaints Procedures.\r\n<span style=\"line-height: 1.5;\">Policies on how they handle Conflict of Interest and Execution of trade policies.\r\n</span><span style=\"line-height: 1.5;\">Details of an Investor Compensation Fund.</span>\r\n\r\nFinally we have a crunch test. Looking back on SNB Day, there was slippage, there were reports of poor fills all over the Forex market.\r\n\r\nOpen up a demo account and test the brokers platform for accessibility during periods of high volume such as, Non-Farm Payrolls, ECB Press Conferences etc.\r\n\r\nSlippage / poor fills are an important and part of our everyday trading that we have to deal with. The brokers bombard you with small print on their contracts; every “get out” clause in the book is there for you add your signature to.\r\n\r\nTherefore in my eyes, we should take them for the equivalent of a test drive. Choosing a broker should involve a period of practical experience as well as ensuring that they meet an administrative functionality.\r\n\r\nThere may NOT be a repeat of SNB Day, and quite frankly it was so extreme I guess that we will not see it repeated but we should go as far as we can to help indemnify ourselves as best we can.\r\n\r\nI hope that this short article helps in some way.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>\r\n\r\nBelow is the current spread sheet showing the existing live trades. Both of these trades are hedged from 100 pips. The hedges were placed SNB Day.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\"><img class=\"aligncenter size-full wp-image-5139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\" alt=\"PS LIVE TRADES 18012015\" width=\"712\" height=\"477\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nThe current list of LIMIT ORDER trades are highlighted on the spreadsheet below.\r\n\r\nI would like to add that given the extreme nervousness in the market and the continued uncertainty surrounding the fallout from SNB Day, I have not added any charts or additional trades this weekend. I will be reviewing after the European open tomorrow (Monday).\r\n\r\nI believe that this is the prudent approach given the fact that the uncertainty in the Forex markets provides volatility that, quite frankly is not tradable at times. I would rather wait until the dust settles.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\"><img class=\"aligncenter size-full wp-image-5140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\" alt=\"PS TRADES ON RADAR 18012015\" width=\"710\" height=\"410\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\"><img class=\"aligncenter size-full wp-image-5138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\" alt=\"PREM SERV TRENDING PAIRS 18012015\" width=\"390\" height=\"551\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscriber deal)\r\n\r\n<strong>EUR/USD: Closing Price 1.1560.</strong> In total there was over a 500 pip range in the EUR/USD this past week and about a 350 pip drop overall. Obviously “SNB day” rocked the boat and sent this pair into a tailspin move lower. What next is the obvious question? Sticking my neck on the chopping block, I think we should see a period of consolidation ahead of the ECB Press Conference this Thursday. We saw a bottom on Friday at 1.1460. I think that this will be the support level; a break lower opens up a move to 1.1210. On the upside, I think that we could see bounces that will probably be sold into at 1.1650, 1.1720 and maybe even 1.1870, although the latter would, in my opinion, involve quite a short squeeze. DO NOT rule this out. The market is heavily short EUR at the moment, and so nervous anything could happen. There are lots of brokers liquidating positions at the moment to balance their books…never say never to anything at the moment.\r\n\r\n<strong>GBP/USD: Closing Price 1.5131</strong>. Quite a turbulent week for the cable but the end of week close was only 20 pips lower than the previous week. In 2014, I had no real luck trading this pair; I think at one time I called it “Flattering to Deceive”. My views have not altered. All week, I believed with the EUR/GBP cross-rate effect in play the cable would stay supported as the EUR/GBP fell in value. So many times it looked like the GBP/USD was going to break substantially higher, but it never really got going. I hate to say common sense, but common sense tells me that as the EUR falls, the EUR/GBP also falls and by virtue of these moves the GBP/USD should remain elevated. I know, the EUR/USD dropped 400 pips or so and cable never moved so it remained elevated by comparison. However, in my opinion, in the past the bounce in cable has been dominant and I expected a test of 1.5300; it never materialized.\r\nLooking forward, 1.5030 is definitely the near death experience support and resistance for the next few days should be capped around 1.5270.\r\n\r\n<strong>AUD/USD: Closing Price 0.8219</strong>. Aussie employment numbers helped this pair during last week. We are range bound and I can say and I am tired of trying to make money on this pair at the moment. The cross-rate effects of the EUR/AUD, GBP/AUD and AUD/CAD are playing havoc with the AUD/USD moves. Looking forward, support is at 0.8180, then down to 0.8120. Resistance is 0.8300. I have a limit order at 0.8380 patiently waiting to short.\r\n\r\n<strong>NZD/USD: Closing Price 0.7770</strong>. Like the AUD/USD a very range bound pair. 0.7620 to 0.7920 is the range. I have my limit order at 0.7920 to short and quite frankly this pair has become the new “Loonie” to trade. We have been in the range that I have identified for about three or four months now…painful.\r\n\r\n<strong>USD/CAD: Closing Price 1.1976.</strong> On SNB day I was “wussied” out of a trade that cost quite a bit of $$$. My long limit entry was triggered and I did not move my stop lower to cope with the volatility at the time. I took a big 85-pip loss, only watch my next level of support hold and then watch the “Loonie” bounce up like a pop-tart and take out my initial profit target all inside two hours…. God…I’m that good!! It was very frustrating indeed, and that is the polite version of how I feel. I had soooooooooo many other things on my mind at the time this was happening so I am trying not to beat myself up too much.\r\nLooking forward, resistance for me lies at 1.2075, with support back at 1.1940.\r\n\r\n<strong>USD/CHF: Closing Price 0.8579</strong>. What on earth do I say about the CHF? Personally, I am expecting a bounce in the CHF pairs, as I do believe that Jordan fucked up, I think he had NO FRIGGIN IDEA what he was taking on and now the SNB will be involved in further currency manipulation to help manage the Swiss economy moving forward. I do believe though, that measures will be on hold until after the ECB announcement on QE this week. <span style=\"line-height: 1.5;\">In my opinion, the CHF will be a sell currency moving forward. i.e. long USD/CHF, EUR/CHF and GBP/CHF to name but three pairs…….but NOT yet it’s too risky. </span>Quite frankly, stay away for a few more days. Lets get all the fallout, all the data, and all the thoughts of the central bankers on the table and then decide what to do. I know that there are thousands of traders trying to pick bottoms with the CHF pairs. You do what you think you need to do, me…I am staying away for a little while until I can see some clarity on the future policy.\r\n\r\n<strong>USD/JPY: Closing Price 117.42. </strong> The USD/JPY strengthened by about 100 yen in the week. I promised Yang, one of my subscribers that I would start trading this pair and the JPY crosses last week, in fact I have been promising for weeks. That plan kind of got placed on hold once again. We are range bound with this pair; 115.50 is the support and 118.00 the resistance.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\nSUNDAY: N/A\r\n\r\nMONDAY: NZD – NZIER Business Confidence.\r\nMONDAY: CNY – GDP.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\nTUESDAY: NZD – CPi.\r\n\r\nWEDNESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\nWEDNESDAY: GBP – Unemployment Data.\r\nWEDNESDAY: CAD – BOC Monetary Policy Statement / Interest Rate.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\n\r\nTHURSDAY: EUR – ECB Interest Rate s and Press Conference.\r\nTHURSDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nFRIDAY: EUR – French and German Flash Manufacturing PMi\r\nFRIDAY: GBP – Retail Sales.\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nI doubt as Forex traders that we will ever witness events like SNB Day again in our lifetimes. It was a history book entry event. As traders it is all about how we react after that turmoil. I know that many of you lost money on CHF trades last Thursday.\r\n\r\nIt is all about drawing a line under it…. and moving on. DO NOT revenge trade that is NOT the answer. It is especially NOT the answer given the news event on the horizon.\r\n\r\nThe ECB dominates the economic calendar this week. I have documented my thoughts in this blog. I may be wrong, I may be right, it is just my opinion and quite frankly no one knows what is going to happen this Thursday. The one thing that I can probably get 100% correct is that it will be volatile. It may actually be a day NOT TO TRADE\r\n\r\nThere is a Forex market everyday. There are usually one or two strong moves everyday. Why risk this Thursday when volatility will be extreme?\r\n\r\nI know that many of you will trade no matter what I write. All I ask is that you consider the risks involved with trading anything with EUR attached to it.\r\n\r\nBefore you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.\r\n\r\nThis Thursday, in my opinion, will not be as catastrophic as SNB Day, but rest assured it will be volatile.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 18<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\n\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products.\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?','','inherit','open','closed','','5145-revision-v1','','','2015-01-17 18:23:50','2015-01-17 23:23:50','',5145,'https://weeklyfxdrivethru.com/5145-revision-v1/',0,'revision','',0),(5149,1,'2015-01-18 07:59:29','2015-01-18 12:59:29','Given the unprecedented fall-out from last Thursday, which, I will now refer to as “SNB DAY”, I wanted to talk about Forex Brokers in the EDUCATION section of this week’s blog.\r\nAs a consequence, for this week only I have made the decision to open up the PREMIUM SERVICE version of the WEEKLY FX DRIVE THRU to all readers.\r\n\r\n&nbsp;\r\n<h2 style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h2>\r\n<strong>DATE: 18.01.2015\r\nREFERENCE: #43\r\n</strong><strong>BLOG: THE PREMIUM SERVICE</strong>\r\n\r\n&nbsp;\r\n<ol>\r\n	<li><strong><span style=\"text-decoration: underline;\"> INTRODUCTION:</span></strong></li>\r\n</ol>\r\nLast week, in the blog I used “Holy Mother of God”… this week it’s “Jesus Mary and Joseph”.\r\n\r\nWhat a week…\r\n\r\nWhere do I start?\r\n\r\nMy first thoughts were: –\r\n\r\nDid SNB (Jordan) have any prior idea of the effect his announcement would have on the markets?\r\n\r\nDid Jordan know that his actions would make the history books?\r\n\r\nDid he think or realize that companies would go bust, people would be out a job and millions of $$ would be lost from balance sheets and broker accounts?\r\n\r\n&nbsp;\r\n\r\nThose are the $64,000 questions… and my answer to the questions is probably not to the extent that things played out. Believe me… there is more fallout to come as a result of SNB Day.\r\n\r\nI was awake and at my desk when the news broke. It was an experience to say the least; I had LIMIT ORDERS that were triggered with three brokers. Suffice to say my experiences with brokers were not consistent.\r\n\r\nI took a hit on my FXCM account and in comparison to many traders I will NOT be presented with an invoice for money owed. They froze out their CHF trades for over an hour and then what appeared to have happened is that they opened up at the bottom price and filled trades based on this. I have now learned that many traders lost substantial sums of money.\r\n\r\nThe other two brokers behaved themselves very well indeed, all things considered and losses were minimalized. In fact their systems unlike FXCM’s worked extremely well.\r\n\r\nMoving on….\r\n\r\nWe dust ourselves off prepare to deal with any Forex broker fallout and get set for the next week. What a week its going to be, with the highlight obviously being Draghi’s biggest (I always seem to say every meeting is his biggest) test to date on the Thursday 22<sup>nd</sup>.\r\n\r\nWe also have a BOC interest rate decision, a BOJ Policy statement and several other front line news events but these seem to fade into the background somewhat as all eyes will be on Draghi.\r\n\r\nI am certain that he will not disappoint but the ECB does have a TALK TALK habit and no action history.\r\n\r\nIf Draghi does NOT deliver we will have another SNB day….\r\n\r\nTo a large extent QE is priced in, it\'s the details that we need, and, I think that the volatility will be greater is he kicks another can down the road and delays action. As I say, it’s all going to be in details.\r\n\r\nIf he does not meet market expectations….or delays….it will be volatile.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> WHAT’S ON MY MIND: -\r\nTHE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>\r\n</ol>\r\n<em>\r\n</em><strong><span style=\"text-decoration: underline;\">WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?</span></strong>\r\n\r\n&nbsp;\r\n\r\nLet me just set the scene here…\r\n\r\nIf I take a step back to, I think it was last May, when at the ECB Press Conference the EUR/USD hit 1.3993. I remember that day well as if it were only yesterday, yer man Mario Draghi said that the ECB would look at and consider purchasing sovereign bonds and whoopsie…. the EUR/USD decline towards parity started.\r\n\r\nIt has not been easy going for weakening the EUR/USD. It certainly wasn’t at first, and poor Mario Draghi has had to fight all the way and try to flex his muscles to do his job. We must of course remember that he is answerable to Berlin before and above anything else and the Germans are hard people to win over - just ask the Greeks, Cypriots, Portuguese, Spanish, Italians and the Irish.\r\n\r\nIn the early months following Draghi’s May announcement there were battles in the press with the following three flutes, which is the best way that I can describe these opponents to most things that Draghi says.\r\n\r\nJens Weidmann – Deutsche Bundesbank, President\r\nWolfgang Shauble - German Finance Minister\r\nEwald Notwony – Austrian Central Bank, President\r\n\r\nEvery time that Draghi would say something progressive that might help DEFLATION or UNEMPLOYMENT in the EUROZONE one of the three flutes highlighted above would roll out an objection based on legality, numbers are wrong, we don\'t need that QE sh**e, we have austerity…the fact that austerity didn’t work is totally irrelevant.\r\n\r\nWith a stroke of luck, after a few of months over the summer last year, there was the will he, won’t he, when will he, is he bullsh***ing, along with opposition voices mainly from within Germany, Mario Draghi got his break.\r\n\r\nThen we had Central Bank divergence… a stroke of luck for Mario Draghi. Janet Yellen announced a change in FED monetary policy as the last chunk of QE tapering from the FED was removed. The FED had moved to an increasing interest rate monetary policy following the end of QE, We still haven’t seen any increases yet, but we are expecting something later this year.\r\n\r\nThe FED and the ECB were now on divergent policies…one dovish and one hawkish. The result, the USD strengthened and the EUR weakened……\r\n\r\nIn the couple of months following, Mario Draghi once again talked about options but did nothing. Parallel to this the economic data emanating from the EUROZONE was still poor… German, Spanish, French, Italian and Spanish data all bounced on the bottom and failed to impress. DEFLATION started to be used in conversation, more and more around the corridors in Brussels sound bytes were focused on talking down DEFLATION, nevertheless it culminated with Draghi openly saying that sovereign bond buying was being looked at.\r\n\r\nThe EUR/USD dropped again on that news but bounced as the markets were looking at Draghi and the ECB as similar to “The Boy who cried Wolf”.\r\n\r\nLast Thursday, the SNB removed the link between the EUR and the CHF by removing the 1.2000 (peg/ floor limit) that kept exchange rates at a level. The turmoil in the markets, well, its history book stuff in my opinion. However, the EUR once again weakened and has fallen as low as 1.1460.\r\n\r\nSince May last year, 1.3993 to 1.1460 on Friday just passed…2,533 pips of a fall.\r\n\r\nSo as usual; here are a few questions to mull over: -\r\n<ol>\r\n	<li>What do you reckon Draghi’s goal exchange rate with the EUR/USD was, when he initially talked about QE up at 1.3993…lets call it 1.4000?</li>\r\n	<li>How many of the 2,500 pips or so fall in the EUR/USD exchange rate from 1.4000 to 1.1460 is actually attributable directly to ECB monetary policy? When you look back the FED divergent policy and now the SNB. In my opinion well over 70% of the move is a NON ECB driven.</li>\r\n	<li>I am willing to bet that the Germans who foot the bill (pay the invoice), for QE will be looking at 2,500 pips so far, saying lets do QE on the cheap we are almost at 1.1000…\r\nRemember we are dealing with politicians. QE is bad for Merkel regarding popularity and votes in Germany. Politicians will only want to do as little as possible…..What do you think?</li>\r\n	<li>At the outset of the QE announcement from the ECB the volume quoted to be required by the markets was €1,000 billion. There has been so much talk already that the proposed limit will be €500 billion and not the €1,000 billion that the markets are expecting and coupled with the fact that the SNB action has already blasted a further 300 pips or so lower off the EUR/USD exchange rate, is it not possible that politicians who require popularity to survive would take the line of least resistance and maybe take the risk of trying to satisfy the markets with the lower figure of €500 billion…. What do you think?</li>\r\n</ol>\r\n&nbsp;\r\n\r\nWhat happens if only €500 billion is quoted in the Press Conference on Thursday?\r\n\r\nBecause QE is priced in to a large extent with current EUR/USD exchange rate, in my opinion, anything below €1,000 billion will be seen as a fudge by the markets. If the rhetoric from Draghi that supports whatever amount of QE that is proposed is wishy-washy, and if QE is further delayed, I feel that there could be the mother of all bounces / squeezes in the EUR/USD back towards at least 1.2000. The 4<sup>th</sup> January market opening gap fill at 1.2000 looms, in my opinion, it is like a tractor beam from Star Trek if Draghi fails to get the markets on board.\r\n\r\nAt the front of mind, I always feel that the “collective” known as the ECB are more dysfunctional than Washington D.C. when it comes to policy and doing what is right for the people that they represent.\r\n\r\nMarkets just cannot cope with vagueness or uncertainty…these are two traits that politicians the world over thrive upon. The ECB are top of the charts on being cheap and delaying implementation. They are also brilliant at talking, but not actually doing anything. Sadly the ECB is NOT despite its belief independent…. It is funded mainly by and managed by Berlin and Frankfurt…politicians are in control.\r\n\r\nAs I said last week in the blog, Draghi is the fall guy here.\r\n\r\nIf Germany says only €500 billion and the EUR/USD squeezes like crazy back 500 pips or so, the politicians will blame Draghi. Politicians are Teflon coated and only point fingers of blame. They are not interested in taking blame, merely passing it on. All things said, I strongly suspect QE on the cheap this Thursday and I think that the markets will NOT like it.\r\n\r\nI want to be wrong and I hope that I am…. but the ECB history of fudging leads me to believe that they will fall short, for whatever reason.\r\n\r\nBe ready to buy the EUR…. (I really do hope that I am wrong for the European people s sake).\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE PREMIUM SERVICE:</span></strong></li>\r\n</ol>\r\n<strong><span style=\"text-decoration: underline;\">SUMMARY OF PERFORMANCE:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">3.1 OVERVIEW:</span>\r\n\r\nFor new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.\r\n\r\n<span style=\"text-decoration: underline;\">3.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>\r\n\r\nFull details regarding the PREMIUM SERVICE can be found on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.\r\n\r\nTHE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -\r\n\r\n10 weeks - $200.00\r\n20 weeks - $350.00\r\n40 weeks - $500.00\r\n\r\n<span style=\"text-decoration: underline;\">3.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>\r\n\r\nThis week two PREMIUM SERVICE trades were affected by the SNB news. This has dented the trading performance and I am showing a negative for the end of the first full trading week. Although it is somewhat misleading to call it a full week, after the SNB news things practically came to a halt as I dealt with issues surrounding my aligned brokers, in particular FXCM. Apart from FXCM all appears to be well. I have spoken with them and all accounts should receive official communications from the brokers confirming all is well after SNB Day.\r\n\r\nThis is important to me as many of my PREMIUM SERVICE subscribers also have broker accounts signed up from my website banners and together we aligned with the broker and together we carry greater influence should problems occur.\r\n\r\nI spent a great deal of time on Thursday on administrative duties, not the usual kind but administrative all the same and Friday, more administration and a funeral to attend. Hence, it was not a full week, nor was last week by any stretch of the imagination a normal week.\r\n\r\nFrom my personal motivation perspective the FXCM issue hit me quite hard and now it’s all about shaking it out, dusting myself down and getting back in the saddle again.\r\n\r\nI start again tonight at the open, with chart reviews and will get back into full swing tomorrow. Given the news on the horizon, I will be picky on what I decide to trade.\r\n\r\nThe usual summary charts detailing the week and year to date performances, however, are below for reference, even though they do not make great reading, but it is real and honest reporting of the facts. Last year great profits were generated, so my target is to turn things around starting this week. Without SNB Day we would have been showing a nice profit this year so far after our first week of trading.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.3.1. – THE PREMIUM SERVICE PROFIT/LOSS RATIOS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\"><img class=\"aligncenter size-full wp-image-5129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFIT-LOSS-RATIO-18012015.png\" alt=\"PREM SERVICE PROFIT-LOSS RATIO 18012015\" width=\"417\" height=\"583\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.2. – THE PREMIUM SERVICE RISK/REWARD ANALYSIS:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\"><img class=\"aligncenter size-full wp-image-5130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-RISK-REWARD-ANALYSIS-18012015.png\" alt=\"PS RISK-REWARD ANALYSIS 18012015\" width=\"427\" height=\"535\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">3.3.3. – THE PREMIUM SERVICE TRADE SUMMARY MONTH &amp; YTD:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\"><img class=\"aligncenter size-full wp-image-5131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS1-18012015.png\" alt=\"PREM SERV PROFITS1 18012015\" width=\"452\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\"><img class=\"aligncenter size-full wp-image-5132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERVICE-PROFITS2-18012015.png\" alt=\"PREM SERVICE PROFITS2 18012015\" width=\"455\" height=\"427\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">3.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>\r\n<p style=\"text-align: center;\"><strong>THE PREMIUM SERVICE\r\n</strong><strong>(The Home of Single-Lot Trading)</strong></p>\r\n<p style=\"text-align: center;\"><strong>FOR JANUARY and FEBRUARY 2015\r\n</strong><strong>ONLY\r\n</strong><strong>THE PREMIUM SERVICE\r\n</strong><strong>Offers a\r\n</strong><strong>“BONUS WEEKS”\r\n</strong><strong>LIMITED TIME PROMOTION:</strong></p>\r\n(PLEASE NOTE: The CWMFX broker banner will be visible on my website by the middle of this week. I apologize for the delay. If you want to open an account with CWMFX please contact me direct via the email address at the end of the blog. If you DO NOT open an account via me, you WILL NOT qualify for the limited time PROMOTION)\r\n\r\n&nbsp;\r\n\r\nKeeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.\r\n\r\nIf you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade or Blackwell Global, you will be eligible for “BONUS WEEKS” to be added to your subscription.\r\n\r\nThis is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)\r\n\r\nThe promotion also applies to CWMFX accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.\r\n\r\nIf you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.\r\n\r\nConversely, if you intend to be a more active trader the CWMFX tight rate spreads will be of more interest.\r\n\r\nThe choice is yours.\r\n\r\nThis promotion with my associated trading partners will expire of Saturday 28th\r\n\r\nFebruary 2015…it is really very limited: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>Subscribe to the PREMIUM SERVICE:</li>\r\n</ol>\r\nYou will need to go to the welcome page of my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nClick on the sign-up tab at the top of the page.\r\n\r\n2015 PREMIUM SERVICE SUBSCRIPTION RATES\r\n\r\n10 weeks = $200.00\r\n\r\n20 weeks = $350.00\r\n\r\n40 weeks = $500.00 (full year / annual subscription)\r\n\r\nNOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation times\r\n\r\nHence, 40 weeks is equal to an annual subscription.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>\r\n</ol>\r\nThis will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX.\r\n\r\nFor Blackwell Global advise me of what you are doing and I will guide you through the process.\r\n\r\nAll the banners are on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>\r\n</ol>\r\nOnce the LIVE trading account is confirmed and funded, I will extended\r\n\r\nPREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> : -\r\n\r\n10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)\r\nYour subscription would be equivalent to $13.33 per week.\r\n\r\n20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)\r\nYour subscription would be equivalent to $11.66 per week.\r\n\r\n40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)\r\nYour subscription would be equivalent to $8.33 per week.\r\n\r\nThis promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.\r\n\r\nIt would hopefully be the start of a very profitable relationship together.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>\r\n</ol>\r\nOnly broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.\r\n\r\nFor the “BONUS WEEKS PROMOTION” in subscription weeks to the\r\n\r\nPREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.\r\n\r\nThis PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>\r\n</ol>\r\n(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)\r\n\r\n<span style=\"text-decoration: underline;\">4.1 EDUCATION:</span>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FOREX BROKERS -\r\nWe need them, however, we have to choose them carefully</strong></p>\r\nGiven the effects of SNB Day, and all the horror stories that are now surfacing from customers of ALPARI, EXCEL MARKETS, ACM, FXOPEN, INVESTORS GROUP, INTERACTIVE BROKERS, LCG, SWISSQUOTE, ROBOFOREX, and FXCM, it really was a catastrophe waiting in the wings; some have already stated that it was bound to happen eventually. The market was so long EUR/CHF it was an incredible one-sided market. Traders believing that the SNB would continue to support the 1.2000 peg for ever, literally got taken to the cleaners when it was uncoupled.\r\n\r\nLast night, I spoke with one of my peers who told me of instances where traders literally took oversized long positions on the EUR/CHF to make 5 or 10 pips a time on the promise of SNB support. They were extremely over-leveraged and taking on so much risk that when the SNB action took place their broker account with say $10,000 on them were immediately wiped out because they did NOT use RISK or MONEY MANAGEMENT nor did they think of proper POSITION SIZING. The end result: I was advised of invoices being raised to the tune of $70,000 and more to cover the fill. Traders who did not have their accounts wiped out have lost thousands of $$$ regardless of the broker used.\r\n\r\nWe all need brokers…some may say they are a necessary evil, but we need them.\r\n\r\nI have researched and tried many brokers over the 8 years that I have been trading. I had a great relationship with my account manager at FXCM, and that counts as a positive, but the way that they as a company handled SNB Day was my worst broker experience ever. I have had some experiences on broken promises and outright lies deceit and dishonesty from brokers in the past, but the SNB fallout has opened my eyes even further.\r\n\r\nWhen choosing a broker we look for regulations and affiliations and try to take in all the small print that we mostly all hate to examine. I wonder how many of us have actually read the small print. Brokers should be regulated across as many zones in the world that is humanly possible. Brokers that failed on SNB Day had this, they had all the regulatory bodies behind them regarding clients monies etc.\r\n\r\nI did not have accounts with any of the brokers listed above, except FXCM, but most of them probably ticked all the boxes you as a client needed to know about before opening an account. Many of them have been saved, but some will still NOT trade CHF pairs. It looks like ALPARI and EXCEL MARKETS are the only brokers to have gone under so far.\r\n\r\nWith regards to FXCM, let me tell you, this brokerage must have owned half the Amazon rainforest given the volume of paper, red tape and regulation I went through to open my account, yet they failed to deliver on SNB Day and have struggled to keep their doors open. The 4<sup>th</sup> largest broker in the world was what I read recently about FXCM; so what went wrong?\r\n\r\nTrying to keep this simple the market was so heavily traded in one direction, and the volumes were just so huge. The market collapsed when the decoupling happened.\r\n\r\nJust think about one factor that has not come to light yet. We have heard about the private FX traders in their thousands and how they were affected. I have not read much about the institutions yet. The Forex market is a 5 (five) trillion dollars a day market, five trillion dollars is not trading done by private traders i.e. you and me. There is much more fallout to come from the institutions such as the banks.\r\n\r\nSimply put, what happened on SNB Day was a one-off, probably never to be repeated event ever in our lifetimes.\r\n\r\nSo, given that I say in my title of this article “chose carefully”, yet the three brokers who are in trouble, or closed for business, ticked all the boxes, what else could you have done? Or, basically, if you were with these brokers was it just a case of bad luck?\r\n\r\nWhen I have gone through the process of establishing a relationship with a Forex broker, I thought that I was being as thorough as possible, FXCM passed this test when I was selecting brokers to align with.\r\n\r\nAs a minimum, let me review the data that you should be looking for regarding your broker when making your choice.\r\n\r\nYour broker should meet the following requirements: -\r\n\r\nBe licensed and regulated to meet all regulatory obligations.\r\nYou should be able to see country by country the various regulatory authorities listed where approval and standards are met.\r\n24x7 support via telephone and “Live Chat”.\r\nDedicated Account Managers.\r\n\r\nYour broker should have the following information available: -\r\n\r\nRisk Disclaimers.\r\nPrivacy Policies.\r\nComplaints Procedures.\r\n<span style=\"line-height: 1.5;\">Policies on how they handle Conflict of Interest and Execution of trade policies.\r\n</span><span style=\"line-height: 1.5;\">Details of an Investor Compensation Fund.</span>\r\n\r\nFinally we have a crunch test. Looking back on SNB Day, there was slippage, there were reports of poor fills all over the Forex market.\r\n\r\nOpen up a demo account and test the brokers platform for accessibility during periods of high volume such as, Non-Farm Payrolls, ECB Press Conferences etc.\r\n\r\nSlippage / poor fills are an important and part of our everyday trading that we have to deal with. The brokers bombard you with small print on their contracts; every “get out” clause in the book is there for you add your signature to.\r\n\r\nTherefore in my eyes, we should take them for the equivalent of a test drive. Choosing a broker should involve a period of practical experience as well as ensuring that they meet an administrative functionality.\r\n\r\nThere may NOT be a repeat of SNB Day, and quite frankly it was so extreme I guess that we will not see it repeated but we should go as far as we can to help indemnify ourselves as best we can.\r\n\r\nI hope that this short article helps in some way.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">4.2 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>\r\n\r\nBelow is the current spread sheet showing the existing live trades. Both of these trades are hedged from 100 pips. The hedges were placed SNB Day.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\"><img class=\"aligncenter size-full wp-image-5139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-LIVE-TRADES-18012015.png\" alt=\"PS LIVE TRADES 18012015\" width=\"712\" height=\"477\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>\r\n\r\nThe current list of LIMIT ORDER trades are highlighted on the spreadsheet below.\r\n\r\nI would like to add that given the extreme nervousness in the market and the continued uncertainty surrounding the fallout from SNB Day, I have not added any charts or additional trades this weekend. I will be reviewing after the European open tomorrow (Monday).\r\n\r\nI believe that this is the prudent approach given the fact that the uncertainty in the Forex markets provides volatility that, quite frankly is not tradable at times. I would rather wait until the dust settles.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\"><img class=\"aligncenter size-full wp-image-5140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PS-TRADES-ON-RADAR-18012015.png\" alt=\"PS TRADES ON RADAR 18012015\" width=\"710\" height=\"410\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>\r\n\r\nThe 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/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\"><img class=\"aligncenter size-full wp-image-5138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-TRENDING-PAIRS-18012015.png\" alt=\"PREM SERV TRENDING PAIRS 18012015\" width=\"390\" height=\"551\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style=\"text-decoration: underline;\">:\r\n</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscriber deal)\r\n\r\n<strong>EUR/USD: Closing Price 1.1560.</strong> In total there was over a 500 pip range in the EUR/USD this past week and about a 350 pip drop overall. Obviously “SNB day” rocked the boat and sent this pair into a tailspin move lower. What next is the obvious question? Sticking my neck on the chopping block, I think we should see a period of consolidation ahead of the ECB Press Conference this Thursday. We saw a bottom on Friday at 1.1460. I think that this will be the support level; a break lower opens up a move to 1.1210. On the upside, I think that we could see bounces that will probably be sold into at 1.1650, 1.1720 and maybe even 1.1870, although the latter would, in my opinion, involve quite a short squeeze. DO NOT rule this out. The market is heavily short EUR at the moment, and so nervous anything could happen. There are lots of brokers liquidating positions at the moment to balance their books…never say never to anything at the moment.\r\n\r\n<strong>GBP/USD: Closing Price 1.5131</strong>. Quite a turbulent week for the cable but the end of week close was only 20 pips lower than the previous week. In 2014, I had no real luck trading this pair; I think at one time I called it “Flattering to Deceive”. My views have not altered. All week, I believed with the EUR/GBP cross-rate effect in play the cable would stay supported as the EUR/GBP fell in value. So many times it looked like the GBP/USD was going to break substantially higher, but it never really got going. I hate to say common sense, but common sense tells me that as the EUR falls, the EUR/GBP also falls and by virtue of these moves the GBP/USD should remain elevated. I know, the EUR/USD dropped 400 pips or so and cable never moved so it remained elevated by comparison. However, in my opinion, in the past the bounce in cable has been dominant and I expected a test of 1.5300; it never materialized.\r\nLooking forward, 1.5030 is definitely the near death experience support and resistance for the next few days should be capped around 1.5270.\r\n\r\n<strong>AUD/USD: Closing Price 0.8219</strong>. Aussie employment numbers helped this pair during last week. We are range bound and I can say and I am tired of trying to make money on this pair at the moment. The cross-rate effects of the EUR/AUD, GBP/AUD and AUD/CAD are playing havoc with the AUD/USD moves. Looking forward, support is at 0.8180, then down to 0.8120. Resistance is 0.8300. I have a limit order at 0.8380 patiently waiting to short.\r\n\r\n<strong>NZD/USD: Closing Price 0.7770</strong>. Like the AUD/USD a very range bound pair. 0.7620 to 0.7920 is the range. I have my limit order at 0.7920 to short and quite frankly this pair has become the new “Loonie” to trade. We have been in the range that I have identified for about three or four months now…painful.\r\n\r\n<strong>USD/CAD: Closing Price 1.1976.</strong> On SNB day I was “wussied” out of a trade that cost quite a bit of $$$. My long limit entry was triggered and I did not move my stop lower to cope with the volatility at the time. I took a big 85-pip loss, only watch my next level of support hold and then watch the “Loonie” bounce up like a pop-tart and take out my initial profit target all inside two hours…. God…I’m that good!! It was very frustrating indeed, and that is the polite version of how I feel. I had soooooooooo many other things on my mind at the time this was happening so I am trying not to beat myself up too much.\r\nLooking forward, resistance for me lies at 1.2075, with support back at 1.1940.\r\n\r\n<strong>USD/CHF: Closing Price 0.8579</strong>. What on earth do I say about the CHF? Personally, I am expecting a bounce in the CHF pairs, as I do believe that Jordan fucked up, I think he had NO FRIGGIN IDEA what he was taking on and now the SNB will be involved in further currency manipulation to help manage the Swiss economy moving forward. I do believe though, that measures will be on hold until after the ECB announcement on QE this week. <span style=\"line-height: 1.5;\">In my opinion, the CHF will be a sell currency moving forward. i.e. long USD/CHF, EUR/CHF and GBP/CHF to name but three pairs…….but NOT yet it’s too risky. </span>Quite frankly, stay away for a few more days. Lets get all the fallout, all the data, and all the thoughts of the central bankers on the table and then decide what to do. I know that there are thousands of traders trying to pick bottoms with the CHF pairs. You do what you think you need to do, me…I am staying away for a little while until I can see some clarity on the future policy.\r\n\r\n<strong>USD/JPY: Closing Price 117.42. </strong> The USD/JPY strengthened by about 100 yen in the week. I promised Yang, one of my subscribers that I would start trading this pair and the JPY crosses last week, in fact I have been promising for weeks. That plan kind of got placed on hold once again. We are range bound with this pair; 115.50 is the support and 118.00 the resistance.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong><span style=\"text-decoration: underline;\"> THE WEEK AHEAD: -\r\nWHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>\r\n\r\nIf you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -\r\n\r\nGo to my website: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.\r\n\r\nI do NOT sell your email data to anyone…do not worry.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>\r\nSUNDAY: N/A\r\n\r\nMONDAY: NZD – NZIER Business Confidence.\r\nMONDAY: CNY – GDP.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\nTUESDAY: NZD – CPi.\r\n\r\nWEDNESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\nWEDNESDAY: GBP – Unemployment Data.\r\nWEDNESDAY: CAD – BOC Monetary Policy Statement / Interest Rate.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\n\r\nTHURSDAY: EUR – ECB Interest Rate s and Press Conference.\r\nTHURSDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nFRIDAY: EUR – French and German Flash Manufacturing PMi\r\nFRIDAY: GBP – Retail Sales.\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<span style=\"text-decoration: underline;\">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>\r\n\r\nI doubt as Forex traders that we will ever witness events like SNB Day again in our lifetimes. It was a history book entry event. As traders it is all about how we react after that turmoil. I know that many of you lost money on CHF trades last Thursday.\r\n\r\nIt is all about drawing a line under it…. and moving on. DO NOT revenge trade that is NOT the answer. It is especially NOT the answer given the news event on the horizon.\r\n\r\nThe ECB dominates the economic calendar this week. I have documented my thoughts in this blog. I may be wrong, I may be right, it is just my opinion and quite frankly no one knows what is going to happen this Thursday. The one thing that I can probably get 100% correct is that it will be volatile. It may actually be a day NOT TO TRADE\r\n\r\nThere is a Forex market everyday. There are usually one or two strong moves everyday. Why risk this Thursday when volatility will be extreme?\r\n\r\nI know that many of you will trade no matter what I write. All I ask is that you consider the risks involved with trading anything with EUR attached to it.\r\n\r\nBefore you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.\r\n\r\nThis Thursday, in my opinion, will not be as catastrophic as SNB Day, but rest assured it will be volatile.\r\n\r\nTake care.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday January 18<sup>th</sup> 2015\r\n\r\nEMAIL / FOLLOW ME AT:\r\n\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5;\">Google+/scottpickering\r\n</span>Tumblr: thepipaccumulator\r\n\r\n<strong><span style=\"text-decoration: underline;\">DISCLAIMER &amp; OTHER DATA:</span></strong>\r\n\r\n<span style=\"text-decoration: underline;\">THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>\r\n\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products.\r\n\r\nUnlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.\r\n\r\nBy virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website.\r\n\r\nAny reader who buys products or services from any advertiser via a banner on my website, <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">TRADING &amp; PERFORMANCES DISCLAIMER:</span>\r\n\r\nFLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','WILL THE ECB ANNOUNCE SUFFICIENT QE TO SATISFY THE MARKETS?','','inherit','open','closed','','5145-revision-v1','','','2015-01-18 07:59:29','2015-01-18 12:59:29','',5145,'https://weeklyfxdrivethru.com/5145-revision-v1/',0,'revision','',0),