(9108,1,'2017-02-11 16:32:32','2017-02-11 21:32:32','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nAfter an awful start to 2017 from a trading perspective, as they say “the ship has now steadied itself” (apologies if that is not 100% accurate). I have seen some green/black numbers on my broker account trading balances. It was nothing but red for most of January.\r\n\r\nSo… where do I go from here?\r\n<p style=\"text-align: center;\">“To infinity and beyond”, “The only way is up”,\r\n“Digging in the Dirt”, off to my “Secret World” or maybe “2,000 light years from home?”</p>\r\nThe answer is back to the hard graft taking on board what I have learned about this year’s market so far and the way it reacts based upon TRUMPANTICS.\r\n\r\nIn October 2016, I was speaking with a couple of investors one from Sydney and one from San Francisco on a SKYPE call and we were talking about Forex Trading in general. Whilst I knew that I had adapted a 2016 trading style that was different to 2015, it became apparent that in my first year of the PREMIUM SERVICE 2014, my trade approach was somewhat different than that of 2013. I am not saying that one needs to have camouflage or mimicry abilities each year or for that matter be some sort of chameleon to trade, but these qualities would help!\r\n\r\nBeing able to adapt and change is paramount and a critical success factor for trading longevity. Amongst other trivia such as RISK MANAGEMENT, POSITION SIZING and TRADE PLANS… I jest.\r\n\r\nMoving on…\r\n\r\nThe FX market is without doubt news driven rather than by economic data at the moment. I think that over time TRUMP will understand that he can’t keep delivering ill thought out outbursts on every occasion. He can act business-like when required and I think that sooner or later he will settle down. Notice I placed no timeline here and no; I have not been drinking or smoking something illegal. I write this paragraph because an intelligent person would realize sometimes it is best to say nothing than to create uncertainty. I am making assumptions here, I know.\r\n\r\nI think what helped last week, was that there was a sudden realization that other events around the world mattered. Following a phone call from NICOLAUS COPERNICUS to “THE DONALD” he was told that despite what he thinks he was NOT the centre of the universe.\r\n\r\nThe EUROZONE woes continued with the French elections with Mr. Fillon involved in a scandal concerning jobs for his family, which resulted in far right extremist Marine (Feck off the single currency and leave the EU) Le Pen leading in the opinion polls. With the populist vote on the rise, I would NOT rule out Le Pen with a serious challenge. Stranger things have happened…\r\n\r\nWolfgang aka “the pit bull” Schaeuble (German Finance Minister), has basically opened the door ready to boot GREECE out of the EUROZONE (more on this later in the blog).\r\n\r\nWith other “you’re gonna love it”, “it will be fantastic” news; the antipodean central banks RBA &amp; RBNZ are basically moving away from dovish to neutral. They are far too savvy to go hawkish because they would get steamrollered should Janet Yellen at the FED go hawkish and raise interest rates in the US. Will Yellen raise rates? That is a whole ‘nother’ story as they say.\r\n\r\nBREXIT A50 trigger is moving sweetly through the UK parliamentary process. It has passed through the commons and has now gone for its second reading in the Lords.\r\n\r\nI just have a feeling this weekend’s Sunday papers are going to be a hoot in Europe.\r\n\r\nNow some FX broker news…\r\n\r\nNice platform or not; those feckers at FXCM have been caught out and banned from operating in the US.\r\n\r\nThey took a huge amount off me vis-à-vis the CHF peg removal on my GBP/CHF trade. Following the PEG removal and cable FLASH CRASH last year I have heard of so many stories about poor service, that it comes as no surprise.\r\n\r\nIs this the end for FXCM?  I would say no matter what country you operate in many people closed accounts on the US news. If the owners lied to the US regulators, surely they have lied across the globe to other jurisdictions, if they believed for years that they had pulled the wool over US regulators; why wouldn\'t they do the same elsewhere. A leopard never changes its spots.\r\n\r\nThis story will have legs over the coming weeks.\r\n\r\nMore…\r\n\r\nI mentioned last week that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. This will possibly be featured in next week’s blog.\r\n\r\nEven more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nI am now getting to grips with the technology more and more, as time progresses. I am now comfortable with my 30-minute agenda. Basically, I take a “PICKERING” view of the week ahead. I think that having the webinar at the start of the week at the end of day one is possibly the best time to hold such an event. It allows for weekly candle follow through, or not, to take effect; plus, the first daily candle of the week is important in my eyes not just for possible continued sentiment but also for the establishment of any new moves.\r\n\r\n#4 is on Monday 13th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, Scott Pickering Weekly FX Drive Thru for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nLast week’s winner which I failed to annotate in the blog: brian@******.co.uk is fully up and running.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017.png\"><img class=\"aligncenter size-large wp-image-9080\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017-1024x947.png\" alt=\"\" width=\"1024\" height=\"947\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Janet Yellen – Testimony to the Senate Banking Committee with her statement of US Monetary Policy.\r\n\r\nThis should be a “doozy” as no matter what she says she could be upstaged by TRUMPANTICS.\r\n\r\nHowever, let’s face simple economic facts. The US economy is performing basically very well and by all accounts “THE DONALD” is going to splash the cash that US does NOT have, to re-build roads, bridges and airports, which in comparison to Quebec where I live are fecking brilliant. If you want to see pot holes in roads, crumbling bridges, crumbling overpasses and crumbling buildings please put Montreal into your vacation plans. It needs money spent on it; big…’bigly’ money.\r\n\r\nSo, when TRUMP talks about airports in poor shape I can see his point, in New York and some other major hub cities. However, with regards to roads, if you travel from Quebec into Ontario or Quebec south into New York state the difference in the quality of the roads is noticeable at the state/province boundary. Just google it you will see what I mean.\r\n\r\nBack to the point…\r\n\r\nYellen should be pushed on normalization of interest rates policy and this will be the issue that creates most volatility. The fact that the FED seems to have already once again pulled back from three rate increases to possibly just two or my opinion maybe just one this year will attract some attention, or rather it should.</li>\r\n 	<li>GBP: Jobs data is always an important economic barometer and something that governments are held very accountable for more than anything else by most voters.\r\n\r\nThere is also CPI and Retail Sales this week from the UK.\r\n\r\nThe data since last June’s BREXIT vote has mainly shown tremendous resilience with the UK economy. However, I fear it is the hard numbers relating to the capital account etc. from the treasury that interests the markets more moving forward.\r\n\r\nWithout doubt in my opinion the withdrawal of capital from the UK and the movement of labour, which is inevitable in my opinion, will be what influences the direction of the cable exchange rate moving forward. For now, we have the opening act to deal with.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>AUD: Jobs data on Wednesday night. I want to see the AUD/USD back at 0.8000 so I can short it. Nothing more than that. So please let’s have some great numbers!!</li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li>NZD: Retail Sales. Directly opposite to the AUD/USD, I would like the NZD currency to fall off the cliff (nothing against any kiwi’s reading this blog). Regretfully for me, these numbers look like they could be a beat never mind a failure…argh!!</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROXZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\nRemember, get your T-Shirt printed “Uncertainty and confusion rules”\r\n\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017.png\"><img class=\"aligncenter size-large wp-image-9081\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017-1024x855.png\" alt=\"\" width=\"1024\" height=\"855\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9091\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9092\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9090\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9093\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9094\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9095\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9096\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>“THE PIT BULL” MOVES IN…\r\n</strong><strong>WILL HIS ACTIONS BE NOTED AS HELPFUL\r\n</strong><strong>IN THE HISTORY BOOKS?</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\nI love Wolfgang Schaeuble aka “The Pit Bull”.\r\n\r\nThe German Finance Minister goes places only “THE DONALD” would go. He is the closest to “THE DONALD” in the EUROZONE with regards sticking his oar in whether its required or not.\r\n\r\nLaugh… Holy Mother of God. The management of the EUROZONE can only be compared to a set of chickens running around a farmyard with their heads cut off.\r\n\r\nWho the hell is Schaeuble to tell a member state what to or what not to do? Every time he produces outbursts like this, it does make outsiders believe that the other 18 members of the single currency union are like provinces of Germany. I totally get his position as Finance Minister of Germany, and without doubt Germany is the powerhouse of the union. However, all members of the union are equal per the core documents and whilst Schaeuble can have his opinions, he isn’t even the leader of Germany and the fact that he sits on the Finance Ministers committee chaired by Jeroen Dijsselbloem with regards to the EUROZONE and its funding of GREECE, to me means he is once again over-stepping his mark.\r\n\r\nHowever, on this occasion I ask was it helpful in the long run and should he have been more vocal in this direction 6 years ago?\r\n\r\nMario Draghi, ECB President, had a similar problem with Ewald Nowotny (Austrian Bank Governor) and Jens Weidman (German Bundesbank Governor) undermining what he was trying to achieve a couple of years ago. It is very noticeable these two ECB board members have shut up of late as it is in the best interests of ECB policy for them to do so.\r\n\r\nIn an interview, the issue of a debt haircut for GREECE came up. Schaeuble answered only as he knows how. It has been widely accepted that Schaeuble was showing GREECE the EUROZONE door.\r\n\r\nFrankly Schaeuble and his counterparts on the committee managed by Dijsselbloem have kicked the GREECE can down the road for years, so maybe now is the time for GREECE to leave the EUROZONE and revert to the “Drachma” away from the single-currency. But, why wasn’t GREECE encouraged to leave before? Why did the EUROZONE Finance Ministers keep lending money, creating more and more conditions that the Tsipras led government has no chance of adhering to?\r\n\r\nMy God, it\'s the Lisbon Treaty once again (Article 50 of BREXIT fame contained in it as well) that states that a “debt cut“ violates EUROZONE rules and a country would have to leave the EURO AREA to have one. The EU leaders must have been on acid or an equivalent when the Lisbon treaty was ushered in!\r\n\r\nSo, GREECE is front and centre once again.\r\n\r\nWill the EUROZONE Finance Ministers finally get GREECE resolved? We are in a Mexican stand-off as I see it from a macro viewpoint.\r\n<ul>\r\n 	<li>The IMF are clear from their position stating that in their opinion GREEK reforms promised to creditors are off track. The Tsipras lead Greek government reject this point of view… no surprise there. This mistrust goes all the way back to 2009.</li>\r\n 	<li>Schaeuble is very kind to GREECE. Do what you said you would do when you received your last bailout and all will be OK. GREECE needs the second round of bailout III money soon. The clock is ticking down.</li>\r\n 	<li>The issue with GREECE is not as much about the debt management as it is about remaining competitive in business. This is very difficult, as most businesses must operate without credit. GREECE has long become almost a cash only business environment. This makes it extremely hard to see growth and it opens black market trading and hides the real economy. How can you govern effectively in this environment?</li>\r\n 	<li>The IMF are reluctant to go further with financial support. If the IMF pull out, the Dutch government have said that without IMF continued support the Netherlands will not participate in any revised or updated Greek bailout.</li>\r\n 	<li>Bond yields in Greece are rising once again and time is running out to get a deal done before the EUROZONE elections take hold and hog the news.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nWhat for GREECE then?\r\n\r\nA debt haircut is required to enable the country to take control of its finances and move forward. I think I wrote this two maybe three years ago. We are now further down a stony, can ridden road and we have greater uncertainty than ever before.\r\n\r\nCan GREECE survive outside of the EUROZONE?\r\n\r\nThey are lovely people and they have a backbone. They have shown tremendous resilience so far. It is however an absolute bloody disaster that 6/7 years later they are probably going to have to do what they should have done on day one.\r\n\r\nHad GREECE left the single currency back in 2009 where would GREECE Be now? You would have to say probably in better shape. GREECE is the classic example that the EUROZONE ‘one size fits all’ approach does not work.\r\n\r\nNow let’s be clear. GREECE did not help itself at times. However, the best solution is to leave the single currency as soon as possible and take control. There will always be buyers of debt and reverting to monetary policy control allows the freedom that GREECE requires to move forward.\r\n\r\nDo we thank the PIT BULL for elevating the debate?\r\n\r\nHistorians may look kindly on this event when the books are written. It could however get lost in the 2017 bigger story about the EUROZONE / EUROPEAN UNION implosion!\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #231 FREE NEWSLETTER\r\nDATE: 12<sup>th</sup> February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;','“THE PIT BULL” MOVES IN…','','inherit','closed','closed','','9107-revision-v1','','','2017-02-11 16:32:32','2017-02-11 21:32:32','',9107,'http://weeklyfxdrivethru.com/9107-revision-v1/',0,'revision','',0),(9109,1,'2017-02-11 16:41:18','2017-02-11 21:41:18','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAfter an awful start to 2017 from a trading perspective, as they say “the ship has now steadied itself” (apologies if that is not 100% accurate). I have seen some green/black numbers on my broker account trading balances. It was nothing but red for most of January.\r\n\r\nSo… where do I go from here?\r\n<p style=\"text-align: center;\">“To infinity and beyond”, “The only way is up”,\r\n“Digging in the Dirt”, off to my “Secret World” or maybe “2,000 light years from home?”</p>\r\nThe answer is back to the hard graft taking on board what I have learned about this year’s market so far and the way it reacts based upon TRUMPANTICS.\r\n\r\nIn October 2016, I was speaking with a couple of investors one from Sydney and one from San Francisco on a SKYPE call and we were talking about Forex Trading in general. Whilst I knew that I had adapted a 2016 trading style that was different to 2015, it became apparent that in my first year of the PREMIUM SERVICE 2014, my trade approach was somewhat different than that of 2013. I am not saying that one needs to have camouflage or mimicry abilities each year or for that matter be some sort of chameleon to trade, but these qualities would help!\r\n\r\nBeing able to adapt and change is paramount and a critical success factor for trading longevity. Amongst other trivia such as RISK MANAGEMENT, POSITION SIZING and TRADE PLANS… I jest.\r\n\r\nMoving on…\r\n\r\nThe FX market is without doubt news driven rather than by economic data at the moment. I think that over time TRUMP will understand that he can’t keep delivering ill thought out outbursts on every occasion. He can act business-like when required and I think that sooner or later he will settle down. Notice I placed no timeline here and no; I have not been drinking or smoking something illegal. I write this paragraph because an intelligent person would realize sometimes it is best to say nothing than to create uncertainty. I am making assumptions here, I know.\r\n\r\nI think what helped last week, was that there was a sudden realization that other events around the world mattered. Following a phone call from NICOLAUS COPERNICUS to “THE DONALD” he was told that despite what he thinks he was NOT the centre of the universe.\r\n\r\nThe EUROZONE woes continued with the French elections with Mr. Fillon involved in a scandal concerning jobs for his family, which resulted in far right extremist Marine (Feck off the single currency and leave the EU) Le Pen leading in the opinion polls. With the populist vote on the rise, I would NOT rule out Le Pen with a serious challenge. Stranger things have happened…\r\n\r\nWolfgang aka “the pit bull” Schaeuble (German Finance Minister), has basically opened the door ready to boot GREECE out of the EUROZONE (more on this later in the blog).\r\n\r\nWith other “you’re gonna love it”, “it will be fantastic” news; the antipodean central banks RBA &amp; RBNZ are basically moving away from dovish to neutral. They are far too savvy to go hawkish because they would get steamrollered should Janet Yellen at the FED go hawkish and raise interest rates in the US. Will Yellen raise rates? That is a whole ‘nother’ story as they say.\r\n\r\nBREXIT A50 trigger is moving sweetly through the UK parliamentary process. It has passed through the commons and has now gone for its second reading in the Lords.\r\n\r\nI just have a feeling this weekend’s Sunday papers are going to be a hoot in Europe\r\n\r\nNow some FX broker news…\r\n\r\nNice platform or not; those feckers at FXCM have been caught out and banned from operating in the US.\r\n\r\nThey took a huge amount off me vis-à-vis the CHF peg removal on my GBP/CHF trade. Following the PEG removal and cable FLASH CRASH last year I have heard of so many stories about poor service, that it comes as no surprise.\r\n\r\nIs this the end for FXCM?  I would say no matter what country you operate in many people closed accounts on the US news. If the owners lied to the US regulators, surely they have lied across the globe to other jurisdictions, if they believed for years that they had pulled the wool over US regulators; why wouldn\'t they do the same elsewhere. A leopard never changes its spots.\r\n\r\nThis story will have legs over the coming weeks.\r\n\r\nMore…\r\n\r\nI mentioned last week that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. This will possibly be featured in next week’s blog.\r\n\r\nEven more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nI am now getting to grips with the technology more and more, as time progresses. I am now comfortable with my 30-minute agenda. Basically, I take a “PICKERING” view of the week ahead. I think that having the webinar at the start of the week at the end of day one is possibly the best time to hold such an event. It allows for weekly candle follow through, or not, to take effect; plus, the first daily candle of the week is important in my eyes not just for possible continued sentiment but also for the establishment of any new moves.\r\n\r\n#4 is on Monday 13th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, Scott Pickering Weekly FX Drive Thru for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nLast week’s winner which I failed to annotate in the blog: brian@******.co.uk is fully up and running.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017.png\"><img class=\"aligncenter size-large wp-image-9080\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017-1024x947.png\" alt=\"\" width=\"1024\" height=\"947\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Janet Yellen – Testimony to the Senate Banking Committee with her statement of US Monetary Policy.This should be a “doozy” as no matter what she says she could be upstaged by TRUMPANTICS.\r\n\r\nHowever, let’s face simple economic facts. The US economy is performing basically very well and by all accounts “THE DONALD” is going to splash the cash that US does NOT have, to re-build roads, bridges and airports, which in comparison to Quebec where I live are fecking brilliant. If you want to see pot holes in roads, crumbling bridges, crumbling overpasses and crumbling buildings please put Montreal into your vacation plans. It needs money spent on it; big…’bigly’ money.\r\n\r\nSo, when TRUMP talks about airports in poor shape I can see his point, in New York and some other major hub cities. However, with regards to roads, if you travel from Quebec into Ontario or Quebec south into New York state the difference in the quality of the roads is noticeable at the state/province boundary. Just google it you will see what I mean.\r\n\r\nBack to the point…\r\n\r\nYellen should be pushed on normalization of interest rates policy and this will be the issue that creates most volatility. The fact that the FED seems to have already once again pulled back from three rate increases to possibly just two or my opinion maybe just one this year will attract some attention, or rather it should.</li>\r\n 	<li>GBP: Jobs data is always an important economic barometer and something that governments are held very accountable for more than anything else by most voters.There is also CPI and Retail Sales this week from the UK.\r\n\r\nThe data since last June’s BREXIT vote has mainly shown tremendous resilience with the UK economy. However, I fear it is the hard numbers relating to the capital account etc. from the treasury that interests the markets more moving forward.\r\n\r\nWithout doubt in my opinion the withdrawal of capital from the UK and the movement of labour, which is inevitable in my opinion, will be what influences the direction of the cable exchange rate moving forward. For now, we have the opening act to deal with.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>AUD: Jobs data on Wednesday night. I want to see the AUD/USD back at 0.8000 so I can short it. Nothing more than that. So please let’s have some great numbers!!</li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li>NZD: Retail Sales. Directly opposite to the AUD/USD, I would like the NZD currency to fall off the cliff (nothing against any kiwi’s reading this blog). Regretfully for me, these numbers look like they could be a beat never mind a failure…argh!!</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROXZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\nRemember, get your T-Shirt printed “Uncertainty and confusion rules”\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017.png\"><img class=\"aligncenter size-large wp-image-9081\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017-1024x855.png\" alt=\"\" width=\"1024\" height=\"855\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9091\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9092\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9090\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9093\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9094\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9095\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9096\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am still in transition. I decided to bank $$$ across all trade styles this week and looked to re-load trade set-ups for hopefully repeating trades.\r\n\r\nI have my longer-term strategy in my thoughts which is now predominantly EUR short based and over the coming weeks you will see set ups taking shape with: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF.\r\n\r\nI am still fascinated by the CAD and I am tempted to look very long term with USD/CAD.\r\n\r\nI am too early for the GBP cross rates but from the middle of Q2 I want to get long GBP/NZD, GBP/CAD and GBP/AUD.  I am thinking of placing small long trades at lower levels to pick up spikes lower on BREXIT volatility. I know it sounds crazy but I do think in the second half of 2016, being long the GBP will be the trade. Before you guys leap in. I still believe we must re-test the lows again first or maybe lower to 1.1500… please bear this in mind.\r\n\r\nI spoke to a couple of you this week via the “PLATINUM” reviews and for me I found these quite refreshing and motivating.\r\n\r\nAs I stated on both occasions for Q1 my goal is to get positive with the PREMIUM SERVICE pips tally. I am NOT for want of a better phrase “going all in”. This is a process and an adjustment period. I will try to put as many stakes in the ground as possible, but we must accept we are being pushed and pulled by a crazy man. Technicals and even Fundamentals are sometimes defeated by the nonsense. We should remain strategic but at the same time exercise a high degree of patience.\r\n\r\nI got my head around what needs to be done and I have my 6-week plan until the end of Q1 in place and slowly but surely it will be become more and more obvious to you what I am trying to achieve.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in ranges although, the emphasis and sentiment is trying to change.\r\n\r\nAs stated above I have my TRADING PLAN taking shape not just for Q1 but for the remainder of the year and this will be a great year if my thoughts are correct.\r\n\r\nThe joker “TRUMP” is the only card that can screw with it. To combat this my emphasis is not solely based around the USD majors. This at least should give me my edge.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious issues ahead.</li>\r\n</ol>\r\n<u>\r\nTHE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar: #4 - Monday February 12th 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event.\r\n\r\nTo access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nIn addition, I will upload the recoding to my YouTube account “The Weekly FX Drive Thru”. It will be there within a few hours of the webinar finishing.\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIVE-TRADES-12022017.png\"><img class=\"aligncenter size-large wp-image-9089\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIVE-TRADES-12022017-789x1024.png\" alt=\"\" width=\"789\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIMIT-ORDERS-12022017.png\"><img class=\"aligncenter size-large wp-image-9088\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIMIT-ORDERS-12022017-703x1024.png\" alt=\"\" width=\"703\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong>THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>“THE PIT BULL” MOVES IN…\r\n</strong><strong>WILL HIS ACTIONS BE NOTED AS HELPFUL\r\n</strong><strong>IN THE HISTORY BOOKS?</strong></p>\r\nI love Wolfgang Schaeuble aka “The Pit Bull”.\r\n\r\nThe German Finance Minister goes places only “THE DONALD” would go. He is the closest to “THE DONALD” in the EUROZONE with regards sticking his oar in whether its required or not.\r\n\r\nLaugh… Holy Mother of God. The management of the EUROZONE can only be compared to a set of chickens running around a farmyard with their heads cut off.\r\n\r\nWho the hell is Schaeuble to tell a member state what to or what not to do? Every time he produces outbursts like this, it does make outsiders believe that the other 18 members of the single currency union are like provinces of Germany. I totally get his position as Finance Minister of Germany, and without doubt Germany is the powerhouse of the union. However, all members of the union are equal per the core documents and whilst Schaeuble can have his opinions, he isn’t even the leader of Germany and the fact that he sits on the Finance Ministers committee chaired by Jeroen Dijsselbloem with regards to the EUROZONE and its funding of GREECE, to me means he is once again over-stepping his mark.\r\n\r\nHowever, on this occasion I ask was it helpful in the long run and should he have been more vocal in this direction 6 years ago?\r\n\r\nMario Draghi, ECB President, had a similar problem with Ewald Nowotny (Austrian Bank Governor) and Jens Weidman (German Bundesbank Governor) undermining what he was trying to achieve a couple of years ago. It is very noticeable these two ECB board members have shut up of late as it is in the best interests of ECB policy for them to do so.\r\n\r\nIn an interview, the issue of a debt haircut for GREECE came up. Schaeuble answered only as he knows how. It has been widely accepted that Schaeuble was showing GREECE the EUROZONE door.\r\n\r\nFrankly Schaeuble and his counterparts on the committee managed by Dijsselbloem have kicked the GREECE can down the road for years, so maybe now is the time for GREECE to leave the EUROZONE and revert to the “Drachma” away from the single-currency. But, why wasn’t GREECE encouraged to leave before? Why did the EUROZONE Finance Ministers keep lending money, creating more and more conditions that the Tsipras led government has no chance of adhering to?\r\n\r\nMy God, it\'s the Lisbon Treaty once again (Article 50 of BREXIT fame contained in it as well) that states that a “debt cut“ violates EUROZONE rules and a country would have to leave the EURO AREA to have one. The EU leaders must have been on acid or an equivalent when the Lisbon treaty was ushered in!\r\n\r\nSo, GREECE is front and centre once again.\r\n\r\nWill the EUROZONE Finance Ministers finally get GREECE resolved? We are in a Mexican stand-off as I see it from a macro viewpoint.\r\n<ul>\r\n 	<li>The IMF are clear from their position stating that in their opinion GREEK reforms promised to creditors are off track. The Tsipras lead Greek government reject this point of view… no surprise there. This mistrust goes all the way back to 2009.</li>\r\n 	<li>Schaeuble is very kind to GREECE. Do what you said you would do when you received your last bailout and all will be OK. GREECE needs the second round of bailout III money soon. The clock is ticking down.</li>\r\n 	<li>The issue with GREECE is not as much about the debt management as it is about remaining competitive in business. This is very difficult, as most businesses must operate without credit. GREECE has long become almost a cash only business environment. This makes it extremely hard to see growth and it opens black market trading and hides the real economy. How can you govern effectively in this environment?</li>\r\n 	<li>The IMF are reluctant to go further with financial support. If the IMF pull out, the Dutch government have said that without IMF continued support the Netherlands will not participate in any revised or updated Greek bailout.</li>\r\n 	<li>Bond yields in Greece are rising once again and time is running out to get a deal done before the EUROZONE elections take hold and hog the news.</li>\r\n</ul>\r\nWhat for GREECE then?\r\n\r\nA debt haircut is required to enable the country to take control of its finances and move forward. I think I wrote this two maybe three years ago. We are now further down a stony, can ridden road and we have greater uncertainty than ever before.\r\n\r\nCan GREECE survive outside of the EUROZONE?\r\n\r\nThey are lovely people and they have a backbone. They have shown tremendous resilience so far. It is however an absolute bloody disaster that 6/7 years later they are probably going to have to do what they should have done on day one.\r\n\r\nHad GREECE left the single currency back in 2009 where would GREECE Be now? You would have to say probably in better shape. GREECE is the classic example that the EUROZONE ‘one size fits all’ approach does not work.\r\n\r\nNow let’s be clear. GREECE did not help itself at times. However, the best solution is to leave the single currency as soon as possible and take control. There will always be buyers of debt and reverting to monetary policy control allows the freedom that GREECE requires to move forward.\r\n\r\nDo we thank the PIT BULL for elevating the debate?\r\n\r\nHistorians may look kindly on this event when the books are written. It could however get lost in the 2017 bigger story about the EUROZONE / EUROPEAN UNION implosion!\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #127 PREMIUM SERVICE\r\nDATE: 12<sup>th</sup> February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','“THE PIT BULL” MOVES IN…','','inherit','closed','closed','','9101-revision-v1','','','2017-02-11 16:41:18','2017-02-11 21:41:18','',9101,'http://weeklyfxdrivethru.com/9101-revision-v1/',0,'revision','',0),(9195,1,'2017-02-28 16:10:07','2017-02-28 21:10:07','','PREM SERV PROFITS2 FEB!7','','inherit','open','closed','','prem-serv-profits2-feb7','','','2017-02-28 16:23:54','2017-02-28 21:23:54','',5000,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PREM-SERV-PROFITS2-FEB7.png',0,'attachment','image/png',0),(9196,1,'2017-02-28 16:10:34','2017-02-28 21:10:34','','CONSOLIDATED FEB17','','inherit','open','closed','','consolidated-feb17','','','2017-02-28 16:25:48','2017-02-28 21:25:48','',5002,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/CONSOLIDATED-FEB17.png',0,'attachment','image/png',0),(9212,1,'2017-02-28 16:44:06','2017-02-28 21:44:06','','PIP COMPARISON 2016-2015','','inherit','open','closed','','pip-comparison-2016-2015','','','2017-02-28 16:44:06','2017-02-28 21:44:06','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PIP-COMPARISON-2016-2015.png',0,'attachment','image/png',0),(9213,1,'2017-02-28 16:44:30','2017-02-28 21:44:30','','CONSOLIDATED DEC 2016','','inherit','open','closed','','consolidated-dec-2016','','','2017-03-03 15:38:57','2017-03-03 20:38:57','',3012,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/CONSOLIDATED-DEC-2016.png',0,'attachment','image/png',0),(9214,1,'2017-02-28 16:44:57','2017-02-28 21:44:57','','PREM PROFITS 2014','','inherit','open','closed','','prem-profits-2014','','','2017-03-03 15:48:28','2017-03-03 20:48:28','',5000,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PREM-PROFITS-2014.png',0,'attachment','image/png',0),(9215,1,'2017-02-28 16:45:23','2017-02-28 21:45:23','','PS PROFITs 2015','','inherit','open','closed','','ps-profits-2015','','','2017-02-28 16:45:23','2017-02-28 21:45:23','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITs-2015.png',0,'attachment','image/png',0),(9216,1,'2017-02-28 16:45:48','2017-02-28 21:45:48','','PS PROFITS 2016','','inherit','open','closed','','ps-profits-2016','','','2017-03-03 15:47:46','2017-03-03 20:47:46','',5000,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS-2016.png',0,'attachment','image/png',0),(9391,1,'2017-04-08 05:48:52','2017-04-08 10:48:52','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAt the outset of last week, I wrote to subscribers basically saying that new trades would be minimal because of the fact there was such a larger number of high beta economic data releases on the calendar. I saw last week as a week in which to take RISK off the table and bank both pips and $$$.\r\n\r\nI held back on adding numerous trades and in fact I added 4 new LIMIT ORDERS based on some USD weakness, which I thought would be the “play” ahead of and into the release of the NFP data. None of these new limit orders triggered and they are still lying there, but I did throughout the week reduce RISK and remove a few trades. It was a slow week for me regarding activity but the PREMIUM SERVICE banked a positive +358 pips in the first week of April 2017. Therefore, I am of course very happy.\r\n\r\nThe week was plagued by geopolitical news, the dreadful nerve gas attack in Syria, the missile launch by “THE DONALD”, the knock-on effect of this action on the North Korean situation and the on-going relationship between the US and Russia.\r\n\r\nMoving on…\r\n\r\nThe US job numbers always dominate the news for the week in which they are released. ADP were great numbers; the prior month’s data was re-calculated by about 50,000 jobs but the numbers came in strong. The government NFP data missed by about 80,000 jobs but the unemployment rate lowered to 4.5%.\r\n\r\nA big miss, the USD sold off and then strengthened. The trades that I covered ahead of NFP and banked pips and $$$ on, all USD long trades, would have generated 100% more pips 10 minutes after poor job numbers… go figure. As the day progressed, the USD strengthened moving about 60 points on the day. 60 DXY points is a big move.\r\n\r\nI am coming around more and more each month to the viewpoint of the majority of my “peer group” of traders, which is, ignore NFP day, do not add trades and let the day play out. There is a lot to be said for this approach. The chop fest of NFP can be very painful.\r\n\r\nThe FOMC minutes were hawkish and the USD sold off… go figure? We have a situation I think where the markets DO NOT believe the FED rhetoric.\r\n\r\nOther news last week…\r\n\r\nThe UK missed on Manufacturing and Construction PMI but beat the Services PMi. At the end of the week, cable is still weaker. All these traders trying to pick bottoms, only have smelly fingers. I still maintain that with the uncertainty ahead with BREXIT it is foolish to say downside moves have been baked into the GBP/USD price structure.\r\n\r\nSmell the coffee… BREXIT will take years to negotiate and the negotiations have NOT yet started. For God’s sake, this desire to say I picked the bottom is childish. There will be many twists and turns ahead with the odd spike and sell-off. GBP/USD is moving lower.\r\n\r\nDraghi spelled it out in no uncertain terms for the markets eager once again to believe the bottom is in for the EUR/USD.\r\n\r\nThe market makers have the attention span of a one year old child, long may this continue, this inability to remember what they were told gives us buying the dips and selling the rips opportunities.\r\n\r\nThe RBA has not confirmed the target level of 0.6500 for fair value AUD/USD, I think it was the level muted by the NAB, but the bottom line is that the AUD is moving lower whether it be on AUD data or Chinese data.\r\n\r\nWe have some great opportunities lining up, my only caveat is that the heightened geopolitical event risk many skew things a little. Nevertheless, there is light at the end of the tunnel.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#9 this Monday 10th April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nCongratulations to <a href=\"mailto:mike*******@***.com\">mike*******@***.co</a>m\r\n\r\nMike is this month’s winner of a FREE PREMIUM SERVICE subscription. I should have done the draw last week… my bad. By the time this blog is posted mike should be all set up.\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-09042017.png\"><img class=\"aligncenter size-large wp-image-9363\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-09042017-1024x826.png\" alt=\"\" width=\"1024\" height=\"826\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA busy week coming up but I think that geopolitical news will dominate proceedings: -\r\n<ol>\r\n 	<li>CAD: The BOC meets on Wednesday and holds a press conference after the 10:00AM rate announcement at 11:15AM EST.\r\n\r\nI am not expecting anything new from this rate decision. Yes, there are housing bubbles in Vancouver and Toronto, but I think that rate cuts now will fuel these bubbles and that is the last thing that Stephen Poloz, BOC Governor would want.\r\n\r\nThe commentary however, should be interesting.</li>\r\n 	<li>USD: We have Consumer Sentiment data on Thursday, and that is the pick of the US data releases for me.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-09042017.png\"><img class=\"aligncenter size-large wp-image-9364\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-09042017-1024x857.png\" alt=\"\" width=\"1024\" height=\"857\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9378\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9379\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9377\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +358 pips\r\nYEAR TO DATE:      +1,851 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>MY PROCESS (OF TRADING)</strong>\r\n\r\nWhere to start.\r\n\r\nSeveral weeks ago, I mentioned in the blog that I had received a few questions about my process in trade selection. I stated that I would come back to this sometime in the future. That future time is now.\r\n\r\nThere is no better time in my opinion than when geopolitical events risks are high to review your trade selection process.\r\n\r\nMy PROCESS: This is NOT analysis paralysis. This is RISK MANAGEMENT in action.\r\n\r\nIf you attend or watch on You Tube the WEEKLY FX DRIVE THRU – LIVE webinar, you will know that I have a core selection of LEAD INDICATORS that I will always look at first. However, as I have stated on so many occasions, in the FX market CORRELATIONS DO MATTER and I believe these should be looked at for verification and trade confidence.\r\n\r\nOne further parameter I look at that is not on these charts is a currency pairs overall trend / direction. Are the Daily, Weekly and Monthly charts all moving in the same direction? It is often said that “the trend is your friend”. I look at trend as well.\r\n\r\nThis week, I am not writing much; all my comments will be on the charts. I know that this can sometimes be painful opening chart after chart, but this is the clearest way to give my thoughts.\r\n\r\nI am always writing be calm, be patient, take smaller positions and place wider stops but at the same time position size accordingly to manage risk. Never are these words as important as they are right now in my opinion.\r\n\r\nAs you know correlations in all markets matter a great deal to me. They give assurance and confidence placing trades.\r\n\r\nI really hope that you find this chart by chart approach a good insight into my thoughts on how I approach the market and a demonstration of the care that goes into my thought process prior to posting a trade set up for my PREMIUM SERVICE subscribers.\r\n\r\nBelow, I list out what I call my LEAD INDICATOR charts. They include commodities, indexes, currencies and bonds. These combined and their inter-market relationships, give me confidence when placing trades. If they correlate correctly I have additional confidence placing a trade set up or live trade. In addition, do not forget when looking at an individual currency pair to trade I also check directional trends as well.\r\n\r\nBear in mind the PROCESS also helps you manage RISK. RISK MANAGEMENT leads to better trading consistency and enhances your bottom line.\r\n\r\nBelow, I am looking at the current position chart by chart to give me my overview of the market. From this I have my macro fundamentals based on <strong><u>now</u></strong> versus my <strong><u>longer-term fundamentals.</u></strong>\r\n\r\nThis therefore gives me my background to the trading charts when looking for high probability set ups and Technicals to match these fundamentals. I just call it MY PROCESS.\r\n\r\nUSD INDEX (DXY):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/DXY-09042017.png\"><img class=\"aligncenter size-large wp-image-9371\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/DXY-09042017-1024x508.png\" alt=\"\" width=\"1024\" height=\"508\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nXAU/USD (GOLD):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GOLD-09042017.png\"><img class=\"aligncenter size-large wp-image-9372\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GOLD-09042017-1024x510.png\" alt=\"\" width=\"1024\" height=\"510\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSOIL (WTi):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/WTi-09042017.png\"><img class=\"aligncenter size-large wp-image-9376\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/WTi-09042017-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nXCU/USD (COPPER):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/COPPER-09042017.png\"><img class=\"aligncenter size-large wp-image-9370\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/COPPER-09042017-1024x546.png\" alt=\"\" width=\"1024\" height=\"546\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSPX (S&amp;P 500):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/SPX500-09042017.png\"><img class=\"aligncenter size-large wp-image-9373\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/SPX500-09042017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUS10Y (US 10 YEAR NOTE):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/10TNOTES-09042017.png\"><img class=\"aligncenter size-large wp-image-9367\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/10TNOTES-09042017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/SEK:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDSEK-09042017.png\"><img class=\"aligncenter size-large wp-image-9375\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDSEK-09042017-1024x564.png\" alt=\"\" width=\"1024\" height=\"564\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-09042017.png\"><img class=\"aligncenter size-large wp-image-9374\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-09042017-1024x541.png\" alt=\"\" width=\"1024\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-09042017.png\"><img class=\"aligncenter size-large wp-image-9369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-09042017-1024x540.png\" alt=\"\" width=\"1024\" height=\"540\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDJPY-09042017.png\"><img class=\"aligncenter size-large wp-image-9368\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDJPY-09042017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a></u>\r\n\r\n&nbsp;\r\n\r\nMy PROCESS in a nutshell is research. It’s your money. Your broker only wants you to keep feeding your account with funds to replace poor trading.\r\n\r\nPROCESS… DISCIPLINE… TRADE PLAN… RISK MANAGEMENT… POSITION SIZING…\r\n\r\nAll of the above blur together for me. The PROCESS helped me stopping feeding my broker accounts. It was too easy not to think properly and just be reactive with trading. It was tantamount to gambling. It is lazy not to manage your trades based upon your RISK and its lazy not to get the best possible entry price.\r\n\r\nMy PROCESS eliminates RISK. It gives me red, amber and green lights.\r\n\r\nThere is a great deal of information and data to digest from the above charts. I know that some of you will think that this is analysis paralysis. Let me write it again this is RISK MANAGEMENT.\r\n\r\nThis is MY PROCESS. This process has generated over 40,000 pips in the past four years in net profits and it works for me.\r\n<ul>\r\n 	<li>Yes, I openly admit it is time consuming and cautious.</li>\r\n 	<li>Yes, I let many trades (100’s a year) pass by that I could have traded.</li>\r\n 	<li>Yes, it is a “steady Eddie” approach.</li>\r\n 	<li>Yes, it requires discipline.</li>\r\n 	<li>Yes, it requires a TRADE PLAN.</li>\r\n 	<li>Yes, this helps you with MANAGING RISK and POSITION SIZING.</li>\r\n 	<li>Yes, you can argue that process is slow.</li>\r\n 	<li>But it works.</li>\r\n</ul>\r\nIn my opinion to trade you must have a PLAN, a PROCESS to achieve trading longevity. This PROCESS works for me and although I can still get caught out at times, my PROCESS has saved me more times than I would like to mention.\r\n\r\nI am a serious longer-term trader that wants to be about in 10 years’ time and maybe even beyond that horizon. Without a PLAN / PROCESS I cannot see how you would achieve trading longevity.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #238 FREE NEWSLETTER\r\nDATE: 9th April 2017.\r\n\r\n&nbsp;','MY PROCESS (OF TRADING)','','publish','open','closed','','my-process-of-trading','','','2017-04-08 05:48:52','2017-04-08 10:48:52','',0,'https://weeklyfxdrivethru.com/?p=9391',0,'post','',0),(9615,1,'2017-07-01 04:03:36','2017-07-01 09:03:36','','JUNE2017 PREM SERV PERF1','','inherit','open','closed','','june2017-prem-serv-perf1','','','2017-07-01 04:56:37','2017-07-01 09:56:37','',5000,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/JUNE2017-PREM-SERV-PERF1.png',0,'attachment','image/png',0),(10837,1,'2018-01-20 07:24:50','2018-01-20 12:24:50','<strong> </strong>\r\n<ol>\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE OPENING SHOT:</strong></span></li>\r\n</ol>\r\nWhat a week that was.\r\n\r\nHoly Mother of God, trading this week for me was hard with my trading style. There was movement, mostly one way, call it reactionary, impulsive or fear of missing out trading (FOMO), call it whatever you want it was nonstop selling of the USD. I cannot recall too many times over the past 10 years that I have seen so much nonstop one-way traffic. I spent a great deal of the time sidelined watching what went on, there were no, what I call usual market pullbacks to meet my TRADE PLAN guidelines to enter.\r\n\r\nChart indicators meant little, similar could be said of many Fibonacci levels. During last week, we had several market squeezes, a Dovish hike with a Hawkish outcome and more “chop action” than a family butcher would get through in a month; we as FX traders had it all in just 5 days.\r\n\r\nThe week was light on economic data to consider. From my perspective all the market moving economic data events were last Wednesday, the BOC interest rate decision and Press Conference, AUD employment data and Chinese GDP. The rest of the week we were at the mercy of equities.\r\n\r\nThe swings in US equities, especially the Dow Jones index, which had around a 1,000 point move up and down in 48 hours were nothing more than just extreme, it was basically just mental price activity.\r\n\r\nCable squeezed like feck, it has 1.4000 in mind. The markets are gunning to take stops above this figure but on Friday last week following poor Retail Sales figures the pair fell back from achieving 1.3945.\r\n\r\nAlso, the JPY had its moments. I had several JPY trades which in a flash turned from strength to weakness as the USD/JPY squeezed higher above 111.00.\r\n\r\nThe EUR/USD leapt up as well, it obviously wants to take stops above 1.2300. Despite severe jawboning from the ECB and other EU figures, the single currencies move higher was relentless during the week.\r\n\r\nThe commodity currencies AUD and NZD slowly kept grinding higher with small pullbacks then off again taking new highs as they moved.\r\n\r\nIn a normal market, one would expect some sort of price test to verify the break out or break down levels. I placed three what I called “no brainer” limit orders to do just that. They all triggered and then swiftly reversed stopping me out of all three trades. Bugger that for a game of soldiers as one might say!\r\n\r\nMoving on…\r\n\r\nI had placed a huge amount of faith in the BOC news. It was a dovish hike but a sort of hawkish “at times” press conference all the USD/CAD gains, were given back and then a huge spike to end the day. We ended the day with a very long wicked “Doji” candle the highs at 1.2540 and lows at 1.2350. The price movements during the day were just mad. The CAD lived up to it’s nickname “Loonie”\r\n\r\nIf all this was not enough…\r\n\r\nEnter the old groper “LITTLE HANDS” talking his usual bollocks over NAFTA, escalating the chatter with China and in so doing pushing a potential trade war closer and then the escalating chatter surrounding yet another US government shutdown. This just fueled the already crazy price action and volatility.\r\n\r\nI just cannot wait to see “LITTLE HANDS” in Davos this week. He will no doubt overshadow the whole proceedings and bring increased security issues along with him. Never mind the headlines that will emanate from his reasons to visit.\r\n\r\nBasically, to sum up last week, there was little point measuring moves, most of the time trading was tantamount to gambling. I am sure many traders will disagree with that statement but how anyone could plot a trade under those circumstances was using luck more than skill. Only the true 1 and 5-minute scalper traders with all that experience and nerve could have survived, it was at times a bloodbath. Even my “Pressure charts” which are great on directional behavior were all over the place on low minute charts. I was sidelined.\r\n\r\nLast week and looking forward the USD was on the “Highway to Hell”. From time-to-time but for really short periods it demonstrated some signs of a recovery, but these were very short lived. Basically, sellers of the USD were lining up as soon as spikes were seen. Selling the “RIPS” was the order of the week. Even last Friday as the latest D.C. shutdown approached the USD strengthened a little but my overall thought process remains; it’s going down.\r\n\r\nNow look, I do expect a pullback, as I have said in many of my blogs. Remember, the FX market likes to check / validate prices. However, I am viewing these validation levels as opportunities, but they are all so far away from current pricing at the moment, it will take some patience to sit out the wait.\r\n\r\nWill the pullback happen this week?\r\n\r\nOne would like to think so, however, but to be honest with “LITTLE HANDS” let loose in Davos anything could happen.\r\n\r\nBeing patient is a trading skill. It’s sounds absolutely crazy and bizarre to say that staying sidelined is a trading skill, but it is. Knowing when to RISK your capital is precious.\r\n\r\nThe DXY chart below shows the declining USD from TRUMP’S inauguration day last January 2017 until now.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/DXY-W-INDEX-20012018.png\"><img class=\"aligncenter size-large wp-image-10814\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/DXY-W-INDEX-20012018-1024x586.png\" alt=\"\" width=\"1024\" height=\"586\" /></a>\r\n\r\n&nbsp;\r\n\r\nTo be frank, I just cannot for the life of me understand at this point in time, why anyone would want to hold the USD. It really is one-way traffic. I never thought that I would ever write something like that for a currency where the Central bank is taking the lead to normalization. My brain is telling me USD strength. Central Bank divergence rules. Other Central banks are shifting policy, but the FED is well down the road of normalization, nearly all of the other G10 countries are talking about it and getting the markets ready but have done nada so far. It’s all quite bizarre.\r\n\r\nConnect to iTunes and play AC/DC “Highway to Hell” and look at the above DXY chart one more time!\r\n\r\nTo complete this section, this week…\r\n\r\nEnding soon…\r\n\r\n“BUY ONE GET ONE FREE”\r\n\r\nWith a new trading year just starting, there is another target of 10,000 pips for me to beat in 2018. I have launched a PREMIUM SERVICE promotion called, “BUY ONE GET ONE FREE” which is available until January 31st, 2018.\r\n\r\nThe details of the “BUY ONE GET ONE FREE” promotion can be found on my home page under the TAB “PROMOTIONS”.\r\n\r\nI would point out that with the PROMOTION for CAD$800.00 you will have a one years complete subscription and hopefully be part of the 10,000 pips haul this year.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE PREMIUM SERVICE TRADING LAST WEEK:</strong></span></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/POS-SUMMARY-20012018.png\"><img class=\"aligncenter size-large wp-image-10817\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/POS-SUMMARY-20012018-1024x878.png\" alt=\"\" width=\"1024\" height=\"878\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong> THIS WEEK’S OVERVIEW and OPPORTUNITIES:</strong></span></li>\r\n</ol>\r\n<u>\r\n3:1. THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/ECON-DATA-20012018.png\"><img class=\"aligncenter size-large wp-image-10816\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/ECON-DATA-20012018-1024x821.png\" alt=\"\" width=\"1024\" height=\"821\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3:2. FX NEWS ITEM – “PICK OF THE WEEK”:</u>\r\n\r\nThe prime piece of data on the agenda this week that has caught my eye, from a MUST TRADE perspective:\r\n\r\n<u>EUR: ECB RATE DECISION and PRESS CONFERENCE:</u>\r\n\r\nGod love Mario Draghi.\r\n\r\nPersonally, I can see that he has basically won, with one or two minor exceptions his long hard fight to get fellow governing council members of the ECB to tow the line and unite on the ECB policy decisions. Over the past few years council members, in particular, Jens Wiedmann (President of Deutsche Bank), Ewald Nowotny (President of the National Bank of Austria) and Wolfgang Schauble (Ex. Governing Council Member, ex. German Finance Minister and now President of the Bundestag), would say and do whatever they thought undermining Draghi and the alleged combined efforts of the ECB for the EUROZONE greater good.\r\n\r\nDraghi attempted several ways to bring these people in line. Some outspoken speeches, such as “Whatever it takes….”. Eventually the lines were drawn and most of the time they are adhered to.\r\n\r\nThis past week or so rhetoric from all over the EU and ECB has been united in trying to keep a lid on EUR strength. Late last year much time was spent by the ECB talking down tapering and interest rate normalization. This worked but recently more to do with USD weakness the single currency has strengthened across the board.\r\n\r\nThe EUR/USD is fast approaching 1.2300 and the ECB are pissing conkers over this. They do NOT want an exchange rate at this level. They have been jawboning, but to little effect as the USD selling has been vicious. Therefore, this week’s press conference will be fascinating to follow.\r\n\r\n&nbsp;\r\n\r\n<u>3:3. MY THOUGHTS ON TRADING THIS WEEK:</u>\r\n\r\nIf you did not know I am more of a Fundamental trader.\r\n\r\nTiming is everything and the following may start to bear fruit this week, it may take a week or two.\r\n\r\nLast week I talked about JPY strength. I am not going to go into great trade set up by set up ideas in this area of the blog, that is reserved for PREMIUM SERVICE subscribers, however, let me elaborate a little more based on the recent price action with what could happen in my opinion.\r\n\r\nWe have extremes, I have been using the word stretched a lot of late. Let me throw out a few observations:\r\n<ul>\r\n 	<li>Equities are squeezing higher</li>\r\n 	<li>U.S. Treasury Yields are also moving higher</li>\r\n 	<li>U.S. 10-year Bonds are dumping</li>\r\n 	<li>Oil has been on a tear higher</li>\r\n 	<li>USD (DXY) has dumped.</li>\r\n</ul>\r\nShould the extreme moves stop, and reverse will the USD benefit?\r\n\r\nU.S. Yields are going up but the relationship with the USD/JPY is broken. This pair is not rising.\r\n\r\nEquities are at all-time highs. The USD/JPY is not following. The correlation is not there.\r\n\r\nLook at the USD/JPY chart below. As mentioned recently there is a big move brewing and as I have said with the BOJ looking to move on its long term monetary policy of accommodation to maybe being a little more leaning towards normalization the path lower would be my thoughts on the matter.\r\n\r\nThe USD/JPY is in a triangle pattern. Long term, but in the apex. 110.00 as you can imagine is huge trend line support and the implications of a move lower beyond that level would be huge.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDJPY-W-20012018.png\"><img class=\"aligncenter size-large wp-image-10815\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDJPY-W-20012018-1024x591.png\" alt=\"\" width=\"1024\" height=\"591\" /></a>\r\n\r\n&nbsp;\r\n\r\nI see, as I have stated before the JPY as the bonus trade in 2018. This is as a direct result of the BOJ changing policy.\r\n\r\nObviously, with a BOJ move this affects not just USD/JPY but it also implications for most if not all of the JPY crosses.\r\n\r\nI would also look at the NZD. New Prime Minister, Jacinda Ardern has announced that she is pregnant and will be taking maternity leave. The role of PM in New Zealand would therefore pass to Winston Peters. By all accounts populist and an unknown quantity. This should place the NZD negative moving forward.\r\n\r\nWe have seen so many stretched moves over the past 10 days, I am ready and waiting for the pullbacks to re-enter in the direction of the Weekly and Monthly trends. I expect lots of bull and bear flag patterns on the 240M, 480M, 720M and daily charts coming through.\r\n\r\nIn addition, the closing candles will be heavily scrutinized by the banks and large institutions this week as they set up their books for the week ahead.\r\n\r\nThere’s more…\r\n\r\nNAFTA talks start up again in my old home town of Montreal. It will according to twitter (so it must be 100% accurate!) be a 9-day affair. Most of the clever people feel that if “LITTLE HANDS” rips up the agreement, whilst we have a six-month hiatus period, the currency that will suffer the most would be the MXN. Let’s see about that one!\r\n\r\nEven more…\r\n\r\nCross rates of late are broadly speaking wound up very tight. There is an explosive move on the cards, be very, very careful. Make sure that your position sizes vis-à-vis cross rates are about 25% of your usual trading size or less!\r\n\r\nFinally,\r\n\r\nTherefore, here’s a tip. If you are trading, trade only the following times when liquidity will be at its highest: 8.00AM EST to NOON EST. This may not always be possible, but it is without doubt the best time to trade.\r\n\r\nIn addition, be extremely careful with cross rates as they will be the first to suffer from the lower liquidity periods in the market.\r\n\r\n&nbsp;\r\n\r\n<u>3:3. USD MAJORS – SUPPORT &amp; RESISTANCE with MY BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/TCHART-20012018.png\"><img class=\"aligncenter size-large wp-image-10828\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/TCHART-20012018-1024x874.png\" alt=\"\" width=\"1024\" height=\"874\" /></a>\r\n\r\n<u>3:4. USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\n<strong>\r\n<u>EUR/USD:</u></strong>\r\n\r\n&nbsp;\r\n\r\nLooks bullish to me with a nice bull flag pattern developing.\r\n\r\nThe issue I have is that I would prefer a re-test of the breakout price of 1.2092. I would like to see a break lower to that level or at least 1.2165 to validate the move higher.\r\n\r\nI am firmly in the camp of this pair moving higher through 2018 and I have my H1 target of 1.2668 in my mind and on my trading charts. That level BTW would be a great shorting level. It is the 61.8% retracement level of the 2014 high to the 2017 low.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/EURUSD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/EURUSD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nPoor Retail Sales data last Friday in my opinion scuppered any test of 1.4000. It is a huge psychological number that will be taken out and then what’s next, that is the question.\r\n\r\nI like the idea of a nice pullback to 1.3612. Dream on, if that were to happen a choir of heavenly angels would be singing in close harmony over my desk! 1.3650 (61.8% Fibonacci retracement) would be good enough.\r\n\r\nI have a feeling the 38% Fibonacci level may be “all we get” at 1.3760 and even that may be very difficult.\r\n\r\nIt is nevertheless a “BUY THE DIP” pair to take back to 1.4000 in my opinion.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/GBPUSD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/GBPUSD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\nWe are in an upward sloping channel pattern. A few weeks ago, I was certain that this pair was going to break higher and test the 0.8120 level. Recent price action, when the AUD has basically crawled higher, retraced, albeit shallow, then spiked up again makes me wonder just a bit will it hit the lofty heights around 0,.8120.\r\n\r\nWhy?\r\n\r\nLong wicks show no price confirmations and a basic lack of follow through. Therefore, I question the conviction of the move. There have been some long green candles as well, so I am somewhat caught between a rock and a hard place vis-à-vis this pair.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/AUDUSD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/AUDUSD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:</u></strong>\r\n\r\nLast week I had this drawn more like an ascending wedge, having re-visited my charts, I see it similar to the AUD/USD in the sense that it is an upward sloping channel.\r\n\r\nThe overhead is playing its part however with this pair and with the political concerns in New Zealand about to become reality, the upward move could very soon be over. Pleases me no end. I am in a CORE SHORT position with this currency.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/NZDUSD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/NZDUSD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong><strong>\r\n</strong>\r\nWe have a BEAR FLAG pattern on the daily chart below. Ideally a move to just below 1.2600 to short would be just brilliant.\r\n\r\nWith NAFTA talks looming one cannot guarantee anything with this pair as it certainly lives up to its nickname of the “Loonie” if recent price action is anything to go by.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCAD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCAD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong>\r\n\r\nLast week, I mentioned this pair dropping to 0.9450. It could still happen and more if the ECB projects the EUR/USD higher this week during the ECB Monetary Policy statement and the following Press Conference.\r\n\r\nAs you can see from the chart it spiked below trend line support on Friday last week and quickly gathered itself. This is NOT over.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCHF-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10834\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCHF-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong><u>\r\n</u>\r\nI need to get myself focused on this currency this coming week. It is in my action plan to do so.\r\n\r\nI am now looking at a HEAD AND SHOULDERS pattern playing out a measured move to 107.40. We have had an almost perfect test of the neckline break.\r\n\r\nBelow 110.00 is an important level to cut through in my opinion.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDJPY-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10835\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDJPY-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></span></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:</u><u></u>\r\n\r\n&nbsp;\r\n\r\nA bit better this week, but OMG it is tough out there. I am not a scalper 5 minute to 15 minutes trader. Having had a quick session with my peer group, I noticed there were a lot of expletives in the conversation. Basically, most were caught off guard and seasoned traders were dipping in and out quickly, again NOT my style. Everyone is waiting on the pullback to re-enter with the trend.\r\n\r\nI was not really too engaged with the market from a LIVE trade perspective last week, so it is hard to review from that viewpoint.\r\n\r\nI closed a few trades here and there to limit RISK but for most of the time I was just following charts looking for entries that never materialized as pullbacks were so shallow they did not represent an entry for me using my TRADE PLAN guidelines.\r\n\r\nI finally have some green balances in my broker accounts. If everything pans out the way I think it will this week, it could be a bit more exciting than last week on the basis that I may feel a bit more involved with the moves. Like a lot of you, I was in front of screens for hours last week just observing. This type of activity does sort out the traders from the gamblers though and as I have said on so many occasions patience is a virtue that <u>ALL</u> FX traders require in abundance.\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\nI am clear on what I want from trading this quarter. If it all pans out “Happy Days”.\r\n\r\nI have a lot of chart work ahead of me over the next few days. I have provisional set ups ready in the following: -\r\n\r\nUSD/JPY, AUD/JPY, NZD/JPY, NOK/JPY, SEK/JPY, CAD/JPY, EUR/JPY, EUR/USD, GBP/USD, EUR/GBP, GBP/NZD, GBP/AUD, EUR/NZD, EUR/AUD, USD/CAD, USD/MXN and USD/CHF.\r\n\r\nMost of the above are limit orders via POSITION TRADES. I have drop down limit orders for both RADAR and FUNDAMENTAL trades based on shorter time frames also on my desk. It’s quite a neat pile of papers. It will just take around 3-4 hours to verify charts, exits and entries, load into my brokers, tweet, email and finally get into the excel system.\r\n\r\nI hope to start sending these out Monday and Tuesday.\r\n\r\nI have already mentioned in the blog in an earlier segment that I am looking to the JPY and NZD this coming week.\r\n\r\nThe inter-market relationships are not correlating and that is a concern for me fundamentally. I am NOT comfortable with RISK when this occurs.\r\n\r\nI believe that RISK OFF that we have not really experienced for several years will be upon us very soon. I am not sure what the catalyst will be to trigger this event, Equities, “LITTLE HANDS”, The FED, The ECB, The BOJ, China, US Treasuries, BREXIT, Germany or “LITTLE ROCKET MAN”.\r\n\r\nThe JPY will be the currency to track this year and as I said last week its rise up the charts is a bonus. The great news is the USD/JPY is liquid.\r\n\r\nUSD weakness is in my opinion going to be a theme in 2018 and this should please “LITTLE HANDS” no end.\r\n\r\nI am therefore looking long EUR/USD and GBP/USD but short with RISK OFF AUD/USD and NZD/USD.\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/MKT-SENTIMENT-20012018.png\"><img class=\"aligncenter size-large wp-image-10827\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/MKT-SENTIMENT-20012018-787x1024.png\" alt=\"\" width=\"787\" height=\"1024\" /></a>\r\n</u>\r\n\r\n&nbsp;\r\n\r\n<u>4:3. TRADING PLANS and LONGER-TERM TRADE SUMMARIES:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4:3.1. MY TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>Prepare and post out as many of my longer-term POSITION TRADE limit orders in the early stages of the week, markets permitting.</li>\r\n 	<li>Add EUR long into my TRADE PLAN strategy following the ECB this Thursday.</li>\r\n 	<li>Continue to coordinate my strategy into my TRADE PLAN vis-à-vis the JPY. This is now very much a tradeable currency in 2018. For me it is similar to Lazarus coming back from the dead.</li>\r\n</ol>\r\n<u>4:3.2. LONG TERM CORE TRADES SUMMARIES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LT-CORE-POS-20012018.png\"><img class=\"aligncenter size-large wp-image-10859\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LT-CORE-POS-20012018-1024x951.png\" alt=\"\" width=\"1024\" height=\"951\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LIVE-TRADES-20012018.png\"><img class=\"aligncenter size-large wp-image-10819\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LIVE-TRADES-20012018-1024x1015.png\" alt=\"\" width=\"1024\" height=\"1015\" /></a>\r\n\r\n<u>CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LIMIT-ORDERS-20012018.png\"><img class=\"aligncenter size-large wp-image-10818\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LIMIT-ORDERS-20012018-1024x960.png\" alt=\"\" width=\"1024\" height=\"960\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS and MARKET FEEDBACK:</u>\r\n\r\n&nbsp;\r\n\r\nNothing to add here. They were all very quiet last week, with me anyhow.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong> THE FINAL SHOTS:</strong></span></li>\r\n</ol>\r\n<u>5:1. WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\n&nbsp;\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n&nbsp;\r\n\r\n<u>5:2. CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\n\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #162 PREMIUM SERVICE\r\nDATE: 20th January 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE USD IS ON \"THE HIGHWAY TO HELL\"','','publish','open','closed','','usd-highway-hell','','','2018-01-23 11:31:39','2018-01-23 16:31:39','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10837',0,'member_posts','',0),(9617,1,'2017-07-01 04:03:47','2017-07-01 09:03:47','','ECON DATA 02072017','','inherit','open','closed','','econ-data-02072017','','','2017-07-01 04:18:34','2017-07-01 09:18:34','',9641,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-02072017.png',0,'attachment','image/png',0),(9618,1,'2017-07-01 04:03:56','2017-07-01 09:03:56','','TCHART 02072017','','inherit','open','closed','','tchart-02072017','','','2017-07-01 04:19:06','2017-07-01 09:19:06','',9641,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-02072017.png',0,'attachment','image/png',0),(9119,1,'2017-02-18 15:04:43','2017-02-18 20:04:43','','ECON DATA 19022017','','inherit','open','closed','','econ-data-19022017','','','2017-02-18 15:07:57','2017-02-18 20:07:57','',9123,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png',0,'attachment','image/png',0),(9120,1,'2017-02-18 15:04:53','2017-02-18 20:04:53','','TCHART 19022017','','inherit','open','closed','','tchart-19022017','','','2017-02-18 15:08:22','2017-02-18 20:08:22','',9123,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png',0,'attachment','image/png',0),(9122,1,'2017-02-18 15:05:14','2017-02-18 20:05:14','','LIVE TRADES 19022017','','inherit','open','closed','','live-trades-19022017','','','2017-02-18 15:09:58','2017-02-18 20:09:58','',9123,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png',0,'attachment','image/png',0),(9123,1,'2017-02-18 15:13:44','2017-02-18 20:13:44','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe market is hard to read and even harder to follow. The obvious is no longer the obvious.\r\n\r\nIt is extremely difficult to allow for “THE DONALD FACTOR” it gives us uncertainty. There was a time blow out U.S. data would give the DXY a two or three day move. We are lucky to see two or three hours at the moment.\r\n\r\nI hear the frustrations. If you are coming unstuck, walk away for a few days.\r\n\r\nFundamentally, I believe I am positioned the correct way and Yellen’s “Humphrey Hawkins” testimony gave me increased confidence in my set ups. The fact is I need wide stops and smaller position sizes or I could add $250,000 to my accounts and trade more normal sizes. I can tell you right now, the latter is NOT going to happen.\r\n\r\n&nbsp;\r\n\r\nPainful as it is, I have nothing else that I can say. It is what it is, we have a painful transition government in place in Washington and at the same time we have a UK BREXIT, GREECE, FRANCE, HOLLAND and GERMANY all with issues that are unknown quantities. On top of this we have North Korea, the Middle East and OPEC all ready to steal the limelight at a moment’s notice.\r\n\r\nIf “THE DONALD FACTOR” was not enough to contend with add the rest from the prior paragraph and we have a lot overhead to consider.\r\n\r\nBack to trading…\r\n\r\nI am very, very slowly changing my strategy. I have given myself until the end of Q1 to have it in play and my CORE POSITIONS established. This will be a slow process and at the same time I want to exit old trades at the best prices available.\r\n\r\nThe EUR/CHF (FUN466) is a trade I would like to exit at 1.0750 or higher but right now the chances of that level being seen looks like a dream.\r\n\r\nOver the past week, we banked $$$ and established a few more positions. I am seeing a lot of opportunities to add, but, like many of you from what I hear I am reluctant to do so until I see something to hang my hat on so to speak. It is still uncertain.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are volatile. I do see green shoots of the emphasis and sentiment is trying to change, but as soon as I see these they are shot down in flames more often than not.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>GBP/USD: - The BREXIT effect is starting to come through as economic data is washed through the economic averages. I still believe that after the CORE BREXIT details are decided upon the UK economy will start to stabilize, but prior to this, which could be up to a year away the uncertainty factor will dominate.There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.<strong> </strong></li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\"><img class=\"aligncenter size-full wp-image-9122\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\" alt=\"\" width=\"492\" height=\"458\" /></a>\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\"><img class=\"aligncenter size-full wp-image-9121\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\" alt=\"\" width=\"455\" height=\"423\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED.\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #128 PREMIUM SERVICE\r\nDATE: 19th February 2017.','THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”','','publish','open','closed','','fed-talked-talk-now-time-walk-walk','','','2017-02-20 06:36:57','2017-02-20 11:36:57','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9123',0,'member_posts','',0),(9124,1,'2017-02-18 15:12:25','2017-02-18 20:12:25','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.\r\n\r\nAs long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROXZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\r\n\r\n</a>\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe market is hard to read and even harder to follow. The obvious is no longer the obvious.\r\n\r\nIt is extremely difficult to allow for “THE DONALD FACTOR” it gives us uncertainty. There was a time blow out U.S. data would give the DXY a two or three day move. We are lucky to see two or three hours at the moment.\r\n\r\nI hear the frustrations. If you are coming unstuck, walk away for a few days.\r\n\r\nFundamentally, I believe I am positioned the correct way and Yellen’s “Humphrey Hawkins” testimony gave me increased confidence in my set ups. The fact is I need wide stops and smaller position sizes or I could add $250,000 to my accounts and trade more normal sizes. I can tell you right now, the latter is NOT going to happen.\r\n\r\n&nbsp;\r\n\r\nPainful as it is, I have nothing else that I can say. It is what it is, we have a painful transition government in place in Washington and at the same time we have a UK BREXIT, GREECE, FRANCE, HOLLAND and GERMANY all with issues that are unknown quantities. On top of this we have North Korea, the Middle East and OPEC all ready to steal the limelight at a moment’s notice.\r\n\r\nIf “THE DONALD FACTOR” was not enough to contend with add the rest from the prior paragraph and we have a lot overhead to consider.\r\n\r\nBack to trading…\r\n\r\nI am very, very slowly changing my strategy. I have given myself until the end of Q1 to have it in play and my CORE POSITIONS established. This will be a slow process and at the same time I want to exit old trades at the best prices available.\r\n\r\nThe EUR/CHF (FUN466) is a trade I would like to exit at 1.0750 or higher but right now the chances of that level being seen looks like a dream.\r\n\r\nOver the past week, we banked $$$ and established a few more positions. I am seeing a lot of opportunities to add, but, like many of you from what I hear I am reluctant to do so until I see something to hang my hat on so to speak. It is still uncertain.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are volatile. I do see green shoots of the emphasis and sentiment is trying to change, but as soon as I see these they are shot down in flames more often than not.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.\r\n\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>GBP/USD: - The BREXIT effect is starting to come through as economic data is washed through the economic averages. I still believe that after the CORE BREXIT details are decided upon the UK economy will start to stabilize, but prior to this, which could be up to a year away the uncertainty factor will dominate.\r\n\r\nThere will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.<strong> </strong></li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\"><img class=\"aligncenter size-full wp-image-9122\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\" alt=\"\" width=\"492\" height=\"458\" /></a>\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\"><img class=\"aligncenter size-full wp-image-9121\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\" alt=\"\" width=\"455\" height=\"423\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED.\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #128 PREMIUM SERVICE\r\nDATE: 19th February 2017.','THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”','','inherit','closed','closed','','9123-revision-v1','','','2017-02-18 15:12:25','2017-02-18 20:12:25','',9123,'http://weeklyfxdrivethru.com/9123-revision-v1/',0,'revision','',0),(9125,1,'2017-02-18 15:13:29','2017-02-18 20:13:29','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe market is hard to read and even harder to follow. The obvious is no longer the obvious.\r\n\r\nIt is extremely difficult to allow for “THE DONALD FACTOR” it gives us uncertainty. There was a time blow out U.S. data would give the DXY a two or three day move. We are lucky to see two or three hours at the moment.\r\n\r\nI hear the frustrations. If you are coming unstuck, walk away for a few days.\r\n\r\nFundamentally, I believe I am positioned the correct way and Yellen’s “Humphrey Hawkins” testimony gave me increased confidence in my set ups. The fact is I need wide stops and smaller position sizes or I could add $250,000 to my accounts and trade more normal sizes. I can tell you right now, the latter is NOT going to happen.\r\n\r\n&nbsp;\r\n\r\nPainful as it is, I have nothing else that I can say. It is what it is, we have a painful transition government in place in Washington and at the same time we have a UK BREXIT, GREECE, FRANCE, HOLLAND and GERMANY all with issues that are unknown quantities. On top of this we have North Korea, the Middle East and OPEC all ready to steal the limelight at a moment’s notice.\r\n\r\nIf “THE DONALD FACTOR” was not enough to contend with add the rest from the prior paragraph and we have a lot overhead to consider.\r\n\r\nBack to trading…\r\n\r\nI am very, very slowly changing my strategy. I have given myself until the end of Q1 to have it in play and my CORE POSITIONS established. This will be a slow process and at the same time I want to exit old trades at the best prices available.\r\n\r\nThe EUR/CHF (FUN466) is a trade I would like to exit at 1.0750 or higher but right now the chances of that level being seen looks like a dream.\r\n\r\nOver the past week, we banked $$$ and established a few more positions. I am seeing a lot of opportunities to add, but, like many of you from what I hear I am reluctant to do so until I see something to hang my hat on so to speak. It is still uncertain.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are volatile. I do see green shoots of the emphasis and sentiment is trying to change, but as soon as I see these they are shot down in flames more often than not.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>GBP/USD: - The BREXIT effect is starting to come through as economic data is washed through the economic averages. I still believe that after the CORE BREXIT details are decided upon the UK economy will start to stabilize, but prior to this, which could be up to a year away the uncertainty factor will dominate.There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.<strong> </strong></li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\"><img class=\"aligncenter size-full wp-image-9122\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\" alt=\"\" width=\"492\" height=\"458\" /></a>\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\"><img class=\"aligncenter size-full wp-image-9121\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\" alt=\"\" width=\"455\" height=\"423\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED.\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #128 PREMIUM SERVICE\r\nDATE: 19th February 2017.','THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”','','inherit','closed','closed','','9123-revision-v1','','','2017-02-18 15:13:29','2017-02-18 20:13:29','',9123,'http://weeklyfxdrivethru.com/9123-revision-v1/',0,'revision','',0),(9126,1,'2017-02-18 15:32:06','2017-02-18 20:32:06','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>   4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #232 FREE NEWSLETTER\r\nDATE: 19th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”','','publish','open','closed','','fed-talked-talk-now-time-walk-walk','','','2017-02-18 15:32:06','2017-02-18 20:32:06','',0,'http://weeklyfxdrivethru.com/?p=9126',0,'post','',0),(9127,1,'2017-02-18 15:29:31','2017-02-18 20:29:31','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n&nbsp;\r\n\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>(INSERT EXCEL SHEET)\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.\r\n\r\nAs long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>(INSERT EXCEL SHEET)\r\n\r\n&nbsp;\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n<strong>\r\n\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\r\n\r\n\r\n</a><strong>   4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\n&nbsp;\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #232 FREE NEWSLETTER\r\nDATE: 19th February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;','THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”','','inherit','closed','closed','','9126-revision-v1','','','2017-02-18 15:29:31','2017-02-18 20:29:31','',9126,'http://weeklyfxdrivethru.com/9126-revision-v1/',0,'revision','',0),(9128,1,'2017-02-18 15:31:02','2017-02-18 20:31:02','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\r\n\r\n</a>\r\n\r\n<strong>   4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #232 FREE NEWSLETTER\r\nDATE: 19th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”','','inherit','closed','closed','','9126-revision-v1','','','2017-02-18 15:31:02','2017-02-18 20:31:02','',9126,'http://weeklyfxdrivethru.com/9126-revision-v1/',0,'revision','',0),(9129,1,'2017-02-18 15:32:06','2017-02-18 20:32:06','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>   4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #232 FREE NEWSLETTER\r\nDATE: 19th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”','','inherit','closed','closed','','9126-revision-v1','','','2017-02-18 15:32:06','2017-02-18 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17:57:07','',10488,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017.png',0,'attachment','image/png',0),(10484,1,'2017-12-02 05:30:37','2017-12-02 10:30:37','','NZDUSD D 03122017','','inherit','open','closed','','nzdusd-d-03122017','','','2017-12-02 12:58:22','2017-12-02 17:58:22','',10488,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017.png',0,'attachment','image/png',0),(10485,1,'2017-12-02 05:30:40','2017-12-02 10:30:40','','USDCAD D 03122017','','inherit','open','closed','','usdcad-d-03122017','','','2017-12-02 12:58:44','2017-12-02 17:58:44','',10488,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017.png',0,'attachment','image/png',0),(10486,1,'2017-12-02 05:30:43','2017-12-02 10:30:43','','USDCHF 03122017','','inherit','open','closed','','usdchf-03122017','','','2017-12-02 13:01:35','2017-12-02 18:01:35','',10488,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-03122017.png',0,'attachment','image/png',0),(10487,1,'2017-12-02 05:30:45','2017-12-02 10:30:45','','USDJPY D 03122017','','inherit','open','closed','','usdjpy-d-03122017','','','2017-12-02 16:55:50','2017-12-02 21:55:50','',10488,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-03122017.png',0,'attachment','image/png',0),(10488,1,'2017-12-02 17:03:56','2017-12-02 22:03:56','&nbsp;\r\n<ol>\r\n 	<li><strong>THE FIRST FEW SHOTS:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nWhenever I type December I am already thinking about Christmas, New Year and not being too anal but next year’s trading plans.\r\n\r\nWith regards to my FX trading next year and my plans with the PREMIUM SERVICE, I will announce them on a “drip feed” basis in the “DRIVE THRU” blogs between now and the final one of 2017 due out on 17th December.\r\n\r\nSo, with my own version of the countdown just two more “DRIVE THRU’s” until Christmas after this one!!\r\n\r\nI have had feedback to the recent changes with the DRIVE THRU blog format. I would like to thank those who commented about the changes, there were some positives and some negatives to the new structure.\r\n<ul>\r\n 	<li>Some miss “THE SOAPBOX” - some don\'t because it’s NOT directly currency related.</li>\r\n 	<li>Some want more charts. These are reserved for PREMIUM SERVICE subscribers throughout the trading week, sorry.</li>\r\n 	<li>Some want both - more charts and more SOAPBOX!!</li>\r\n 	<li>How to trade the week favourably received</li>\r\n</ul>\r\nThe blog takes me about 6-8 hours in total to write, compile and post. My wife, spell checks, grammar checks and signs off that I am NOT being too extreme. Then it has to be broken into the different formats for the various social media releases, update and post the WordPress versions and post the manual versions onto various Social Media formats. My goal is to reduce the time spent on production but have it just as focused but at the same time away from the usual FX reviews. I am a strong believer in differentiation.\r\n\r\nMoving on…\r\n\r\nPlease keep the feedback coming I love it and if you picked the DRIVE THRU blog up via TWITTER and you like my style and/or approach please feel free to re-tweet it!\r\n\r\nRemember you can always subscribe to the PREMIUM SERVICE to get more of my approach on a daily basis and at the same time get some help on making pips. My target for 2018 is 10,000 net pips…. I dare you!!\r\n\r\nNext…\r\n\r\nI enter December with 19 x LIVE TRADES and 14 x LIMIT ORDERS in position raring to go. Normally I would say, as we approach the end of the year it is time to slowly pullback and reduce RISK into the year end…. yeah right!\r\n\r\nAs soon as I plan something like this, opportunities come leaping out at me. It’s all about life choices and the FUNDAMENTALS, so for PREMIUM SERVICE subscribers please note it is very highly likely circa. 99.9% that there will be trading through the Christmas holidays, I just cannot see how it will not happen at this precise moment in time. So; get prepared for, paper hats on, turkey drumstick in hand and Jack Daniels by the side of the keyboard trading coming to a screen near you!\r\n\r\nEnough of that…\r\n\r\nMy sampling of my competition continues. Here is the best from this week’s experiences.\r\n\r\nHow to start this is difficult. I was trying to keep an open mind but pick me up off the floor!!\r\n\r\nI do despair sometimes. I know that I am NOT perfect and sometimes I can be off the wall son occasion with trades, but FFS, I have heard it all now.\r\n\r\nPlanets in alignment to move markets.\r\n\r\nIt’s not a question of Venus and Saturn, there has to be joke in here about Uranus.\r\n\r\nHMOG, you may as well place biscuits over potential trade set ups on paper, place them on the floor and let my Labrador boy, Ozzy eat them. The trade under the biscuit he picks first is the set up to trade!\r\n\r\nTalk about bollocks.\r\n\r\nMoving on…\r\n\r\nTHE PREMIUM SERVICE had another great month in November, and it is now only 272 pips behind last year’s record total at this stage of the year.\r\n\r\nNOVEMBER 2017 net TOTAL: 2,381 net pips\r\n2017 YEAR TO DATE: 12,783 net pips\r\n\r\nI do have a few trades hanging around with losses that I have carried forward into December. Most notable is a HEDGED 700 pip USD/CAD 3 separate trades position. The rest are small fry. So that contingent liability will have to be taken into consideration. The bottom line is however that I should remain (all things being equal) above my 10,000 pips per annum objective.\r\n\r\nMore details of the November performance can be found under the HISTORY &amp; PERFORMANCE tab on my welcome page.\r\n\r\nStaying in sales mode; now is a great time to join the PREMIUM SERVICE and be familiar and ready to go with the 2018 launch!!\r\n\r\nFinally, …\r\n\r\nIs anyone as sick of pigging BITCOIN as I am, my SPAM folders are full of it, for the remainder of 2017 there will be no mentions of fecking BITCOIN or crypto currencies in this blog. I don’t trade it, I am at the moment not interested in it, it is just a distraction to look at the charts and whilst I am sure it will remain around for some time, at the moment, I only have two words to say about BITCOIN… me arse!\r\n\r\nI did find this gem on twitter this week however…\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017.png\"><img class=\"aligncenter size-large wp-image-10473\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017-1024x466.png\" alt=\"\" width=\"1024\" height=\"466\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong>THE FX MARKET PLACE THIS WEE</strong></li>\r\n</ol>\r\n<u>\r\nTHIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017.png\"><img class=\"aligncenter size-large wp-image-10478\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017-1024x989.png\" alt=\"\" width=\"1024\" height=\"989\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThere is swoop of data this week. It will be challenging to say the least. There is a great deal of Tier one data that should influence FX moves through to the year end.\r\n\r\nI think we have a pretty good understanding that the FED will raise come hell or high water, in fact “Hell” could freeze over but I still think Yellen will raise rates regardless.\r\n\r\nIn addition, of course we will continue to watch and listen to the fallout from the ex. TRUMP advisor Mike Flynn news that he will testify against the President of The United States. Having said that the “BUY THE FECKIN’ DIP” mentality even stands true when a possible impeachment case is on the horizon. After the Flynn revelations settled in and the Kushner links also came through, the markets then pared losses. No matter what the news, BUY THE DIP seems to always be the strategy in the U.S.\r\n\r\nIn no particular order: -\r\n\r\n<strong><u>AUD:</u></strong><u> CURRENT ACCOUNT, RETAIL SALES, RBA, GDP &amp; TRADE BALANCE</u>.\r\n\r\nJM&amp;J, this is what you call a “Clatter” of data. It’s all good stuff and highly directional.\r\n\r\nThe AUD has been under pressure to the downside of late. RBA policy via Governor Philip Lowe has been “Status Quo” policy neutral. The housing situation in Sydney causes huge concerns and Philip Lowe has made it clear he is no rush to raise rates but he has stated recently that the next direction of AUD rates will be higher.\r\n\r\nI rate Philip Lowe, I think he’s a thinker. I do NOT think he will want to rock any boats this week even if he has insider knowledge of any of the data numbers due to be released.\r\n\r\nRetail Sales will be a biggie. Last time around it was a 0%. If it does not post a positive number in the run up to Christmas, it never will. This is a key release in my opinion. The Current Account and Trade Balance are important but maybe not as relevant into the year-end. Like many things in December its pushed into the next Calendar year.\r\n\r\nGDP is as important as Retail Sales albeit it\'s a backward-looking number. Last quarter it was 0.8%, a minimum of a beat will be required.\r\n\r\nTrading the AUD will be awkward this week, with so much data. I enter with a lot of AUD short and long trades… so the PREMIUM SERVICE is HEDGED!!\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> JOBS DATA.</u>\r\n\r\nRecently there has been no correlation between the private sector and public-sector jobs data. So, DO NOT trust that the ADP numbers will be an indication of NFP due Friday this week.\r\n\r\nThese numbers are always watched and noted, but in relation to FED policy and the FOMC interest rate decision due later this month, they are not as important in my eyes. I WILL NOT be trading NFP. I will watch and be a trading voyeur but as I have stated many, many times you more often than not have more luck with a national lottery than you do with trading FX on NFP day.\r\n\r\nAs for the numbers, as long as the 6 month averages are maintained I cannot see how the markets could be disappointed. There should be a chunk of part-time given the time of the year and this will create chaos and disorder for the initial knee-jerk reactions but when it’s all said and done its all about wage growth to show inflation. So, the Average Hourly Earnings with the NFP data on Friday will be key.\r\n\r\nI may have to hide my keyboard or take either Ozzy or Aoife for a walk as a distraction as I DO NOT want to trade NFP…. See you Friday then!\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> TRADE BALANCE &amp; BOC.</u>\r\n\r\nI have two wives at the moment. My physical one and the other one is the USD/CAD. At times, I feel like I am married to three HEDGED TRADES as well. My losses are fixed at 700 pips while I wait to enter my “HEDGE OUT” trades to trigger.\r\n\r\nThe GDP and Jobs Data last Friday was a real pain in the arse, a nice little pre-data spike could have triggered my short trades. I am now I think probably waiting on this week’s data to hopefully get my entry price!\r\n\r\nWith regards to the data.\r\n\r\nThe TRADE BALANCE must move back towards positive and below CAD$3 Billion. It was April when it was last below CAD$2 Billion. It has a history of failing to meet forecasts.\r\n\r\nStephen Poloz has been a downbeat gloomy little fecker of late and it’s about time he had a spiked egg nog to cheer him up.\r\n\r\nWith the FED raising in December, there will be some pressure to follow suit. I just cannot see it this week. However, Poloz likes to surprise. One cannot rule it out. I would personally be astonished and would expect the next hike in Q1 2018.\r\n\r\nI do however think he will be a little more upbeat on the CAD economy, he should be with last week’s data and also with the run up to the year end and the Christmas holidays.\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS with BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\"><img class=\"aligncenter size-full wp-image-10479\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\" alt=\"\" width=\"1016\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nNot much of a change in my thoughts or the chart that sits below. I think that I may have changed the colours of the lines that\'s about it!\r\n\r\nGREEN LINE = support at 1.1817\r\nPURPLE LINE = my bull / bear line at 1.1880\r\nDARK RED = resistance at 1.1960\r\nBLUE LINE = recent highs at 1.2090\r\n\r\nThe upward channel remains pretty much intact. We have been in a range of 1.1817 to 1.1960 in the past week.\r\n\r\nWe need to obviously break above or below to get this pair moving along. I have this feeling that now we are in December it will take either NFP this week or the ECB the week following to get things moving and give us a direction to follow.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10482\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nI had been writing all week about the 1.3450 level being broken and creating a short squeeze.\r\n\r\nThe chart below, shows a possible “CUP &amp; HANDLE” pattern being formed with a measured move to 1.3900.\r\n\r\nWe must always temper the enthusiasm vis-à-vis the cable as it is always a news release away from a BREXIT announcement that can send it 100 pips lower or 100 pips higher. At the moment, there is a huge belief and more importantly a commitment to see serious progress acknowledged prior to the end of the year. This has me leaning more to the long side.\r\n\r\nThe 76.4% Fibonacci level that sits at 1.3508 is a key level. This pair was obviously spooked on the Flynn news last Friday. A break above this level should see the pair move towards a possible 1.4000 target beyond the CUP &amp; HANDLE pattern, at the golden Fib. level of 161.8%.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10483\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nThe down channel remains intact albeit it was temporarily broken on the Flynn news. I am still bearish this pair and see 1.7640 as a great level to short from but even with the Flynn revelations this level failed to be achieved.\r\n\r\nWe are in a tight trading range between the PURPLE lines on the chart 0.7530 to 0.7640.\r\n\r\nThe RBA meets this week. I am not expecting any change in policy and I expect Philip Lowe to release a statement that is once again neutral.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10481\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:\r\n</u></strong>\r\nWe have a bullish engulfing candle from last Friday. This usually means that a move higher should continue to be seen. Of late, these candles have NOT produced the follow through that is usually seen.\r\n\r\nWe are range bound between the two PURPLE lines of 0.6780 and 0.6980.\r\n\r\nTechnically, I think that this move higher just gives us a better price to short from as politically New Zealand has issues to overcome and whilst this uncertainty remains in place the pressure to the downside will always prevail.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10484\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong><strong>\r\n</strong>\r\nBugger…\r\n\r\nI really wanted to be short this pair, but I was looking for a level closer to the 200 DAY SMA and the 61.8% Fibonacci retracement level.\r\n\r\nThat is a “helluva” BIG RED candle on the chart. Usually BIG RED candles are followed by further BIG RED candles.\r\n\r\nThe trading range is 1.2660 to 1.2915.\r\n\r\nWe have the BOC this week, I just can’t see Poloz being dovish. I see him more positive than of late and this may send the USD/CAD lower. Ideally from my point of view I want him to dismiss last Friday’s data as “Mickey Mouse:” and send the USD/CAD back to 1.3000. I just can’t envisage that happening.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong><strong>\r\n</strong>\r\nI am still dreaming of bull flags and pennants with this pair. The measured move is to 1.0350, which by interest is a previous level of resistance from last year.\r\n\r\nIf 0.9700 gives way on the back of the flight to safety move which has affected this pair following the “FLYNN” revelations, we could see a move back to the recent lows around 0.9400.\r\n\r\nBe ready for a snap back move with this pair its correlation with its inverse relationship with the EUR/USD is out of sync. But make no mistake, on uncertainty the flight to buy GOLD also affects the CHF.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-03122017.png\"><img class=\"aligncenter size-large wp-image-10486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong><u>\r\n</u>\r\nThis pair was hit hard with the “FLYNN” news.\r\n\r\nOn Friday that is almost a 160-pip candle from 111.40 to 113.00. Quite a move for this pair. I think that the trading range to work with is 110.80 to 113.00.  This pair will be affected the most as equities and bonds fly around on the news headlines as they are released.\r\n\r\nIt goes without saying, do not get too heavy in a position size as when the market is headline driven moves can whip around very quickly.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u>\r\n\r\nWe are now in December. This is historically, a strange month, Christmas parties, sexual harassment claims, lawyers will be on 24x7 call outs, and from a trading perspective volatility tends to thin out as the market becomes less liquid.\r\n\r\nWe do have a few interesting snippets however to keep traders at their desks. The GREED factor will certainly come into play with the institutions and for us, the poor retail traders we have to be savvy and selective.\r\n\r\nNews items that are driving the markets have been based around the US TAX BILL, BREXIT and on Friday last week ex. TRUMP National Security advisor, Mike Flynn announced that he will testify against the President. BREXIT will play on for the next two years, but this month it is crucial for UK Prime Minister, Theresa May to see acknowledged progress has been made. My focus this week is GBP related.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-MONTHLY-03122017.png\"><img class=\"aligncenter size-large wp-image-10480\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-MONTHLY-03122017-1024x398.png\" alt=\"\" width=\"1024\" height=\"398\" /></a>\r\n\r\n&nbsp;\r\n\r\nYou can see from the above Monthly GBP/USD chart that we are breaking out above a multi-year trend line (from August 2104).\r\n\r\nThis is big news if the push higher can be maintained and it should have a knock-on effect through all cable related pairs.\r\n\r\nOne other fact to note from the GBP/USD chart is to take a look at the November monthly candle. It is very, very bullish. In fact, when you look at the moves from the August 2016 lows the monthly candle pattern is trending nicely higher.\r\n\r\nThe PREMIUM SERVICE is currently trading EUR/GBP, GBP/AUD and GBP/JPY. I am as I have stated several times of late not 100% happy trading the USD at the moment and my focus is more away from the majors into the cross rates.\r\n\r\nCable will be my main focus this week along with the CAD (to initiate my “HEDGE OUT” trades).\r\n\r\nWe must note that the FED report via the FOMC on December 13th, with the ECB and BOE both on the following day 14th December. I believe Friday 15th December will be the last day with anything near normal trading volumes.\r\n\r\nAs you know I would usually write here to look at cross rate pairs as an option. My GBP trades are POSITION style trades for the long haul and my trading activity with cross rate currency pairs that already have limited liquidity will; be severely curtailed from now on given the reduced volumes ahead. The RISK of getting stuck with an increased volatile pair with reduced trading volumes is just not worth it in my opinion, no matter how much of a volatility junkie you may be.\r\n\r\nFinally, as we enter a period, when the USD should be demonstrating increased strength through the passing of the TAX BILL, but more importantly Central Bank divergence, as Yellen will probably raise U.S. interest rates on December 13th,\r\n\r\nWould it not seem common sense to maybe hold an emerging market cross? Maybe take a look at USD/ZAR, USD/TRY or USD/MXN.\r\n\r\nThe bottom line is to try to be cute. It is you versus the big banks.\r\n\r\nFLYNN: It is a RISK OFF event in my opinion. I need to see reaction on Monday this week to get a better picture. On Friday, last week when the news broke it was like watching headless chickens running around a farmyard. Kushner was linked which may have helped the markets steady. But who knows? The DXY was slammed on Friday following the news breaking, but like the markets pared back after a while (see below).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DXY-03122017.png\"><img class=\"aligncenter size-large wp-image-10474\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DXY-03122017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS TOTAL NOVEMBER 2017:     = +2,381 pips\r\nYEAR TO DATE:                              = +12,783 pips\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\nWell November was the second-best pip performing month in 2017. I am carrying forward about 600 pips of negative trades plus an additional negative 700 pips of USD/CAD HEDGED trades into December. Therefore, the chances of a 2016 beat vis-à-vis pip performance looks unlikely.\r\n\r\nThe net pip total for November was 2,381 pips\r\nYear to date = 12,783 pips\r\n\r\nRatios of profit / loss trades are above 75% / 25% remaining in line, but my income this year will be lower than last year and lower than 2015.\r\n\r\nI have had to change my style and approach to trading to accommodate the market swings which have virtually made trading in 2017 unrecognizable from 2015.\r\n\r\nThe increasing reliance on automated trades via algorithms has brought a new dynamic to FX. Some of these algorithms are “STOP HUNTERS” and this creates a different type of trading environment in which to operate. In my opinion, to achieve a trading longevity in these markets we must trade smaller with wider stops and accept that maybe earnings will be a little lower. I really think that the days of looking for 50 pips of profit on a trade with a 30-pip stop are well behind us now. In fact, I think 50 pip stops are pointless most of the time.  I am still of the opinion that Fibonacci levels, pivot points and previous interest levels are the paramount key in conjunction with some chart patterns.\r\n\r\nAt the end of the day though, it’s still all about RISK MANAGEMENT. Whichever way you slice it, you still need to trade position sizes in line with your broker account balance.\r\n\r\nFollowing on from comments last week, I am revising my POSITION SIZING chart and introducing a new trade style called MOMENTUM TRADES.\r\n\r\nOne aspect of trading smaller positions with wider stops that cannot be ignored is that drawdowns can be larger especially with my POSITION trades which, can be based off MONTHLY ATR levels.\r\n\r\nMOMENTUM trades will be a little riskier as they are based off MOMENTUM moves that are NOT confirmed. They will however have tighter stops which will reduce drawdown levels. With almost 50% of my trades (47.5%) now being POSITION trades it’s time to review and adjust again.\r\n\r\nI have almost completed a revision of my TRADE STYLE DEFINITIONS and redefined existing styles to increase clarity for next year. This should be on the website soon, along with the new POSITION SIZING spreadsheet. I will email copies as well.\r\n\r\nI am undecided on the re-introduction of the weekly webinar. I cannot find a suitable vehicle that is iMac compatible. I will keep looking.\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\nLast Friday was a strange day, there was the US TAX BILL shenanigans, BREXIT confusion and mis-quotes coming back and forth from North Korea. The DAILY candles were strange based upon what one would have thought to have seen via continuation moves off the close of the November monthly candles.\r\n\r\nSentiment however was disrupted last Friday on the back of the Michael Flynn news. Prior to the bombshell breaking I was in the camp that USD should remain positive moving towards the year end based off the FED rate hike due on the 13th December. Initially we saw a massive drop in the DXY, but then we had the usual “BUY THE DIP” mentality set in.\r\n\r\nMoving forward, my thoughts are based around long GBP trades. I spent a good few hours putting together potential GBP related ARMAGEDDON trades. These look redundant now. I will NOT be rushing in to participate in this market, I want to see the dust settle on the Flynn fallout.\r\n\r\nI will be running down trades and RISK EXPOSURE into the holidays and as mentioned already, the last day of reasonable volume I expect to be on Friday 15th December after the FOMC, ECB and BOE are out of the way. Of course, I am ignoring BREXIT and other geopolitical news events that could happen.\r\n\r\nLooking at the sentiment chart, sentiment is still mixed.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/SENTIMENT-03122017.png\"><img class=\"aligncenter size-large wp-image-10477\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/SENTIMENT-03122017-775x1024.png\" alt=\"\" width=\"775\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>USD sentiment is still all over the place. Flynn revelations have not helped. I think it should be treated as RISK OFF but I need to wait, see and evaluate. Therefore, I will stay away as much as possible from the majors.</li>\r\n 	<li>Plan GBP long trades. There are some nice pullbacks from Friday last week that should offer some nice levels. Again, I need to evaluate, digest and absorb the Flynn fallout.</li>\r\n 	<li>CAD HEDGES. I am looking for my entry at 1.2980 to trigger. I just can’t see that this week, anything close to 1.2900 I will see as a gift. I am annoyed via hindsight that I did not short at 1.2910. I need to see what Poloz says this Wednesday and then decide. I will have an either/or plan in place prior to the BOC.</li>\r\n</ol>\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD, AUD and NZD currencies. I am now bullish cable!\r\n\r\nThe Flynn revelations turned the markets upside down last Friday and the uncertainties that this brings with it need to be absorbed and digested.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\n<u>MY PLAN:</u>  - My belief is still that the USD/CAD is a short trade. I am waiting for 1.2910-1.2980 to establish 3 x “OUT” trades for my HEDGED trades.  I have my “OUT” trade LIMIT ORDERS in place at 1.2980. Be prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 4 x live long AUD/NZD trades, and a NZD/USD short trade in play.\r\n\r\nPlus: - I have 4 more AUD/NZD long trades in position, plus, a NZD/JPY and a further NZD/USD short trades as LIMIT ORDERS in position.\r\n\r\n<u>MY PLAN:</u> - I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing. After the Flynn fallout is rationalized.\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\nCurrently live I have an AUD/USD short and GBP/AUD long trade in position.\r\n\r\nPlus: - I have an additional AUD/USD short LIMIT ORDER.\r\n\r\n<u>MY PLAN:</u> - To add back trades across the board at the start of this coming week that I removed at the end of last week.\r\n\r\n<strong><u>THE GBP:</u></strong>\r\n\r\nCurrently I have a EUR/GBP short and GBP/AUD and GBP/JPY long trades in play.\r\n\r\n<u>MY PLAN</u>: - Is to add additional cable cross rate pairs, GBP/NZD and staged “Buy Stop” entries across several pairs.\r\n\r\nI do want to see the dust settle first after the volatility of last Friday first. I am NOT in any rush to participate.\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\nCURRENT LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-TRADES-03122017.png\"><img class=\"aligncenter size-large wp-image-10476\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-TRADES-03122017-888x1024.png\" alt=\"\" width=\"888\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-ORDERS-03122017.png\"><img class=\"aligncenter size-large wp-image-10475\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-ORDERS-03122017-946x1024.png\" alt=\"\" width=\"946\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nYou may have seen examples similar to these (see below) over the past few weeks.\r\n\r\nSo, the brokers intentions are clear. BONUS $$$ and FREE WEBINARS. Be very careful on the offers there are NO free lunches in FX.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/HANTEC-MARKETS.png\"><img class=\"aligncenter size-large wp-image-10470\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/HANTEC-MARKETS-1024x510.png\" alt=\"\" width=\"1024\" height=\"510\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AVA-TRADE.png\"><img class=\"aligncenter size-large wp-image-10471\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AVA-TRADE-1024x829.png\" alt=\"\" width=\"1024\" height=\"829\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINAL SHOTS:</strong></li>\r\n</ol>\r\n<u>WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #157 PREMIUM SERVICE\r\n3rd December 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','NO MATTER WHAT… U.S. TRADERS BUY THE DIP','','publish','open','closed','','no-matter-u-s-traders-buy-dip','','','2018-01-18 13:57:53','2018-01-18 18:57:53','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10488',0,'member_posts','',0),(10422,1,'2017-11-18 05:50:39','2017-11-18 10:50:39','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nThis week’s DRIVE THRU takes on a new format. I am not changing for changing sake, I am responding to comments. The main purpose of this blog is to formally communicate with my PREMIUM SERVICE subscribers, but it does have a dual purpose. The second purpose is to inform and hopefully attract serious FX traders to become new PREMIUM SERVICE subscribers. It is always a balance and for about 4 years now, I keep tweaking the content. I hope that you like this revision. Given my history in this regard it will NOT be the last.\r\n\r\nMoving on…\r\n\r\nLast week had it all; boredom, excitement, annoyance, frustration, surprise plus profits and losses and several shots of Jack Daniels… that was just Tuesday. I think I read somewhere that it was the strongest / biggest single day rally in the USD for years.\r\n\r\nIt certainly shook the markets for those playing the EUR/USD (Head and Shoulders) / DXY (Inverted Head and Shoulders). Money flows at the moment are driving these huge moves. The NIKKEI had a 20% move higher in a couple of months. Fund managers are looking for value as we head into the year end, monies are moving to Europe away from Japan etc.… there is a lot going on and currencies are being used in huge volumes to facilitate a lot of these moves.\r\n\r\nOvernight last Thursday into Friday morning the PREMIUM SERVICE was blasted with over 750 pips of profit when my core short positions across the AUD and NZD drilled home pips across several trades.\r\n\r\nFor me last week was a two-day trading week… All that wasted time for the other days sitting in front of screens!!\r\n\r\nIt has been quite some time since I have written “RISK OFF” in my blog but we are sort of there as we are bouncing around in the US equity markets. It is a battle between the “BUY THE DIP” mentality and market bears. Is the most hated rally ever finally being sold? Not sure but a pullback of sorts, and its minimal in the grand scheme of things is happening.\r\n\r\nEnough of that…\r\n\r\nOver the past month or so I have been sampling my competition to the PREMIUM SERVICE.\r\n\r\nThere are so many chart analysts out there, but that is all they do. They look backwards and tell what patterns were formed and why, but there is very little out there who look forward and trade, in fact I doubt very many of them have skin in the market.\r\n\r\nI have looked across the spectrum; costly to cheap and well-known to unknown.\r\nI followed big names who have tens of thousands of followers on twitter, as well as specific trade set up providers and analysts from brokers. In total about 10 names/ businesses, here is a sample of what I came across. It’s not totally inclusive as some were just not worth the print!\r\n\r\n<strong><u>TV ANAYLST WITH OWN FX SUPPORT BUSINESS (UK BASED)</u></strong>: Is a regular guest on BNN, CNBC and BLOOMBERG, huge on Twitter. In my opinion, he is a gambler. He puts trades up a minute or two before high beta news events. It\'s a 50-50 guess. You hear about the good ones on Twitter and the failures disappear. The service covers all markets, I am just Forex, so a lot of what I received was great for correlations but nothing revolutionary.  I made money but the cost was double what I charge. Lots of supporting information, not sure where its cut and pasted from. Response time to questions poor.\r\n\r\nIt was a high cost, I made money but the gambling trades are stupid in my opinion.\r\n\r\n<strong><u>TV ANAYLST WITH OWN FX SUPPORT BUSINESS (US BASED): </u></strong>Another, is so fast and impossible to follow on a webinar and the amount of assumptions made are incredible. This service provider is a regular on CNBC. All the trades lost money. Analysis is good but the implementation of trades a joke. It was all over the map for me, no discipline, no structure. The chat room was frankly dangerous, no management, inexperienced traders being exposed to all sorts of crap. Is it any wonder FX gets a bad name? I would close that down right now.\r\n\r\nThere are so many cost options, so much to take in, maybe something I did NOT buy worked but I doubt it. I am confused about the whole package options and I blame this service for my migraine during the week. Response time to questions excellent.\r\n\r\nCannot possibly trade LIVE trades. Very well-known must live off huge fee incomes from webinars, on-line books, algorithm sales (they don\'t work either) and TV appearance fees.\r\n\r\n<strong><u>BROKER ANALYST (UK BASED):</u></strong> This person from a large Broker, also on Business TV a fair bit, I respect as a chart analyst, but the LIVE trading is a fecking joke. He simply never trades. It’s all theory. No skin in the game.\r\n\r\n<strong><u>TRADES SERVICE PROVIDER (HONG KONG BASED):</u></strong><strong>  </strong>Four times more expensive than the PREMIUM SERVICE no supporting information for trades, poor response times and trades were all 10 or 15 pip scalps that would NOT cover the cost of the subscription unless you were trading 4/5 standard lots a time. Not my target audience and too high RISK for most people. I just about broke even. Not my cup of tea. Now they are SPAMMING me… Jesus, Mary and Joseph!!\r\n\r\n<strong><u>SUMMARY:</u></strong>\r\n\r\nI have faults, just ask my wife! Trading in the FX market I always have real skin in the market. I feel the trades. I trade without emotion (most times) because I manage RISK. I do not have hundreds of subscribers, no way near. I have a solid group of serious FX traders from around the globe and two syndicates through spokespeople that adds about 20 additional traders into the mix. I keep it simple and I try my best to provide a personal and prompt service. I, the PREMIUM SERVICE am looking for serious traders who want to trade, not have to trade, I hope that makes sense.\r\n\r\nTo do what I do, I can’t have more than 50 subscribers. There are still a few spaces left.\r\n\r\nI may chop ‘n change trades around to fit the market conditions, which can be difficult to follow with everyone being in different time zones, but that is trading. I trade to make $$$ not to lose $$$.\r\n\r\nI was up at 3.30AM on a couple of mornings last week playing with trades. That is the reality of trading in the FX market, its open from Sunday at 5PM EST and closes the following Friday at 5PM EST. I am NOT interested in “that trade was closed whilst I was asleep!” If you are a serious trader you have little sleep between Sunday and Friday each week.\r\n\r\nBack on track…\r\n\r\nAt the end of the day from my research, did I find anything I want to add to the PREMIUM SERVICE?\r\n\r\nThere are a couple of things I will introduce moving forward but overall, I feel good about the research I provide it is mostly brief and to the point. Those services that provide lots of commentary, I strongly suspect DO NOT TRADE. I struggle for hours as it is now and I consider myself damn good at time management.\r\n\r\nFinally,\r\n\r\nThere will be no blog next weekend, we have friends flying in from the UK. The opportunities to trade will be slim. Plus, zero time for completing research and finding the 10 hours or so required to complete the blog from start to finish will just not be there. So, it is a see you in two weeks after this week’s review.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong></strong><strong> THE FX MARKET PLACE:</strong>&nbsp;</li>\r\n</ol>\r\n<u>LOOKING AHEAD THIS COMING WEEK:</u>\r\n\r\n<u>\r\nTHIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-19112017.png\"><img class=\"aligncenter size-large wp-image-10401\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-19112017-1024x884.png\" alt=\"\" width=\"1024\" height=\"884\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS with BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-19112017.png\"><img class=\"aligncenter size-full wp-image-10402\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-19112017.png\" alt=\"\" width=\"1014\" height=\"898\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\nOverall recent data from the EUROZONE has been good. We have seen a pullback from the recent 1.1860 highs. RSi (Relative Strength Indicator) is moving higher and given the better data, the bulls are trying to regain control once again. I think that we need to see a break higher above 1.1880 (BLACK LINE) for the bulls to be back in control.\r\n\r\nSupport is good circa. 1.1660 and on the chart below (PURPLE LINE) and more recently at 1.1750 (BURGUNDY LINE).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10414\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\nThe recent weakening USD has pulled cable higher. I am however always thinking that this pair is one news item away from a 100-pip fall and it could happen at any time.\r\n\r\nThe chart below shows a bullish set of candles, which completely goes against my FUNDAMENTAL views regarding this pair. Price was rejected very strongly at 1.3260 last Friday. That rejection stopped me out of GBP/NZD and GBP/AUD longs at the time… bugger.\r\n\r\nI think that we range trade with this pair between the two Fibonacci levels of 23.6% at 1.3170 and 38% at 1.3260.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10415\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\nThis pair is under pressure as you can clearly see from the chart below. We were held up at 61.8% Fibonacci level last Friday. The spike from this low will allow traders such as me through the PREMIUM SERVICE to re-load short trades this week. The bigger the spike the better… bring it on.\r\n\r\nWe are getting close to 30 level on the RSi therefore, a couple of re-set trading sessions would suit me fine!!\r\n\r\nThere are several potential trading patterns one can use on the pair, for now I am running with a channel set up as this pair seems to like channels.\r\n\r\nAs long as the RBA remains neutral I cannot see this pair moving higher in the near term.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10413\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\nWe are getting closer to a 30 reading on the RSi. We can of course drop below but I am hoping for a spike to allow me to re-load PREMIUM SERVICE short trades.\r\n\r\nThe political uncertainty in New Zealand is driving this pair lower and for the foreseeable future I see no change in this connection.\r\n\r\nPREMIUM SERVICE subscribers know what my target is to the downside with this pair, the candlestick pattern does look very bearish to me.\r\n\r\nBulls if there are any, will not be back in control of this pair unless we break back above 0.7000, which, seems an awfully long way away at the moment when one looks at current pricing.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10416\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\nBugger…\r\n\r\nI really want this pair above 1.2900 to short. After last Friday’s in line inflation print, the pair spiked to the 61.8% Fibonacci level and then pulled back.\r\n\r\nThe upward sloping channel is basically still intact on the chart below, so I still have some hope for now. Who am I kidding? This pair is bound to about turn and break through the trend line support and leave me behind!!\r\n\r\nWe have Retail Sales data this week. Does this mean that I may have to wait another week for my short entry?\r\n\r\nBelow 1.2725 would make me have to re-think my PLAN.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10417\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\nAm I dreaming with the pennant / flag patterns on the cart below? It is rather an awkward shape. The measured moves play to 1.0460 (BURGUNDY) and 1.0175 (BLACK).\r\n\r\nI am struggling to know what to do with this pair. The PREMIUM SERVICE has a small long trade, which is out of the money at the moment. I am not sure what to do with this pair, but I do know that longer-term I want to be long.\r\n\r\nI am working on the fact we are in a range of 0.9840 to a.0040.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10418\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\nBecause I am stupid I let 60 pips of profit disappear with this pair last Friday… argh!!\r\n\r\nRISK sentiment is ruling this pair at the moment as the NIKKEI sells off and uncertainty persists in Washington. Add into the mix treasury yields. Now ask me why did I give up my short so cheaply? Because I am stupid!!\r\n\r\nThis pair has 108.00 written all over it in my opinion. The 200 DAY SMA comes in around 111.80, which was original take profit level, but a break below here would NOT surprise me and a test of 110.00, the 61.8% Fibonacci level would seem reasonable to me for the shorter term.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10419\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nMost of the economic data releases this week are related to speeches by Central Bank leaders. Therefore, it is reactionary news, which of late I have not enjoyed much as it has been lacking conviction or momentum. The recent exceptions being the BOE Super Thursday and Draghi’s ECB Press Conference. There was certainly direction following these, but the rest… not my cup of tea.\r\n\r\nOf what remains, the following short list interests me: -\r\n\r\n<strong><u>AUD:</u></strong><u> MONETARY POLICY MEETING MINUTES</u>.\r\n\r\nThese minutes surely to God cannot be as much of a snooze fest as the original statement release. It passed basically without a flicker. Philip Lowe also speaks about 12 hours after the minutes are published.\r\n\r\nThe RBA are neutral. It will be interesting to see if any timescales on policy were discussed plus any inklings vis-a-vis housing prices in the Australian market.\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> FOMC MEETING MINUTES.</u>\r\n\r\nIt’s not about this year, 2017 that has me including this item in this section, it is about future discussions into 2018. At the end of the day with a new FED chair moving in early next year, I am not expecting future policies to be changed or placed on hold. Central Banks are well oiled dinosaurs that move so slowly and like massive oil tankers when a change of policy is made in the sense that it takes oil tankers 5/6 miles to turnabout.\r\n\r\nRate hikes into 2018 is what will catch the eye in this release.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CORE RETAIL SALES.</u>\r\n\r\nI am looking to short the USD/CAD and add to my CORE SHORT POSITION. Therefore, I want the poor data to continue to give me the best entry level possible. The closer to 1.3000 the better…. I am waiting.\r\n\r\nBeing realistic however, last month’s reading was a dismal negative 0.7%. I would be astonished if a negative print was repeated in the run up months to Christmas.\r\n\r\n&nbsp;\r\n\r\n<u>HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nPersonally, I believe that we are in a consolidation period once again. Last week the USD was whacked and the commodity currencies were taken to the woodshed.\r\n\r\nThe majors and the cross rates in my opinion need to re-set. There were some massive moves over the past week. EUR/USD +800 pips, GBP/NZD about +600 pips or so and GBP/AUD about +500 pips.\r\n\r\nThe Monthly ATR (Average True Range) GBP/AUD is just under 1,000 pips so when you consider that 500 pips was the range last week, we need to consolidate the moves. Not that we have to consolidate with the cross-rate pairs, they are very volatile but you have to be aware of these facts into this week.\r\n\r\nWe are light on true economic data this week and therefore we will be at the will of the news wires… oh shit I can hear you saying.\r\n\r\nYes regretfully, it will be the Senate and the numbers of GOP senate members that will either vote yes or no on the TRUMP TAX REFUND. From what I can see it’s no longer tax reform, that is far too radical for dysfunctional politicians to stomach.\r\n\r\nBREXIT will feature as progress really needs to be established prior to the end of the year. We are soon into the season of lavish Christmas Parties in Brussels. The expense accounts will be out in full and the hospitality industry will move up from yellow to red alert as the cha ching of cash and need for extra credit card swipe machines intensifies.\r\n\r\nIf David Davis (UK Chief negotiator) doesn’t get some UK BREXIT positives on paper pre-Christmas, I can see a Tory party revolt and a new leader in place for early 2018. I write this and I am fully aware that no one with any grey matter in their heads would want the poison chalice of dealing with BREXIT, unless you do not mind shoving two fingers in the air to the EU and taking the no deal option…. enter Boris Johnson.\r\n\r\nI think therefore that trading USD majors especially the EUR/USD and USD/JPY will be very reactionary to US data and BREXIT will keep anything GBP tied up.\r\n\r\nTherefore, the commodity currencies should offer us option. The AUD and NZD currencies in particular are weak and trading very heavily. Whilst I believe we have to allow for resetting pullbacks to enter these currencies remain the best option for trading pairs with liquidity.\r\n\r\nThe NZD is especially under pressure politically and moves lower should continue as long as political uncertainties continue. The AUD is being pushed lower by the RBA. Hats off to Philip Lowe this is being done professionally and the move is to a large extent given what usually happens being conducted under the radar.\r\n\r\nI have already said we should wait for the commodity cross rates to reset so that leaves the smaller currencies and exotic pairs.\r\n\r\nI closed a number of trades last Friday pre-weekend on the failure of the AUD and NZD currencies. I still think that pairs like the AUD/JPY, NZD/JPY, AUD/NZD, NZD/CAD etc. are still viable until the market reset is completed.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +1,276 pips\r\n\r\nPIPS MONTH TO DATE:                = +1,445 pips\r\n\r\nYEAR TO DATE:                              = +11,847 pips\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\n\r\nHoly crap a two-day trading week, give me more of that.\r\n\r\nI hope that you guys caught some of the moves. I know a couple of the newbie traders are copying most trade set-ups and I have heard from them vis-à-vis their delight.\r\n\r\nI still think we have a little more to go with the AUD and NZD weakness trades. As I have written in the blog already we need to see a reset of overbought and oversold conditions.\r\n\r\nThe cross rates have really been kind to me this past month or so. As I have mentioned on several occasions this year, we need to see sentiment and momentum. We had “RISK OFF” and the commodity currencies responded true to form. This type of trade has literally been out the market for two years.\r\n\r\nI am still however, not letting trades run beyond the 50 – 100 pip levels. I still do NOT trust this market.\r\n\r\nI am making a few changes for 2018.\r\n\r\nI have been checking out my competition, and whilst I have some issues to iron out basically I feel comfortable with what I have going with just a couple of changes here and there. It’s all about time. I am still a trader and need time to reflect and research. I cannot blast out 15 trades a day with 10 pip goals, that is just NOT me. But it is also very hard to try and trade SWING TRADING, in fact, I think it’s very much impossible of late and if it happens its pure fluke. But I am still trying as it is my core.\r\n\r\nFUNDAMENTAL TRADING still wins out in my opinion and trading with Central Bank Monetary Policy is the core still for next year.\r\n\r\nI am looking at bringing back the LIVE “DRIVE THRU” webinar, but I need a software package that is good and works with Safari.\r\n\r\nSubscriptions will not increase in 2018.\r\n\r\nI am toying with adding another TRADING STYLE that I have been testing out recently. More about this early December once 90 days worthy of results are in.\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\nInto the year-end I think that I will get another shot at AUD and NZD weakness.\r\n\r\nThis SHOULD continue into 2018 as I am of the opinion that Central Bank divergence will become the trade moving forward.\r\n\r\nI am not 100% because of the uncertainty surrounding TRUMP. He wants a weak USD and he will talk down the USD but this will in no way be deemed to be intervention in the markets. It will be spun.\r\n\r\nI am still looking to get long GBP pairs across the board, but as mentioned recently I still believe that there is another substantial move lower in cable. The Theresa May situation and that added uncertainty makes me continue to believe that every day we trade GBP long we are risking a 100+ pip drop on the back of political fallout in the UK or a negative news item regarding BREXIT.\r\n\r\nI have my ARMAGGEDON GBP TRADES on a spreadsheet ready and armed to go!\r\n\r\nI am still looking to also get long the CHF across the board. This has to wait though until little rocket man is sorted out.\r\n\r\nLooking near term…\r\n\r\nSentiment is still mixed.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/SENTIMENT-19112017.png\"><img class=\"aligncenter size-large wp-image-10403\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/SENTIMENT-19112017-768x1024.png\" alt=\"\" width=\"768\" height=\"1024\" /></a><u> </u>\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nIt will probably be a slow start to trading next week. We will be news driven so I would prefer to see a European session out of the way first.\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>USD sentiment is still all over the place. Therefore, I will stay away as much as possible from the majors.</li>\r\n 	<li>Re-establish some cross-rate trades after the consolidation reset has taken place.</li>\r\n 	<li>Focus on re-establishing AUD and NZD short trades.</li>\r\n 	<li>CAD HEDGES. I am looking for over 1.2850 to enter shorts. I am close to getting this following last Friday’s data. Hopefully some follow through early in the week will give me an entry level that I will be happy with.</li>\r\n</ol>\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD, AUD and NZD currencies. Last Friday I had a huge clear-out and I am now in re-build mode on suitable pullbacks.\r\n\r\nAs mentioned last week, the CAD is on the back burner for now. I STILL have three HEDGED trades to work through. There is no rush, but I will freely admit I am sick of looking at them blocking up my broker account live trades data area!\r\n\r\nThe AUD and NZD I am patiently waiting for pullbacks to use the opportunity to re-load again across the board.\r\n\r\nThe market itself is still broadly range bound and daily moves on most days are for the most part quite limiting.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\nPlus, I have a long CAD/JPY LIMIT ORDER in place but it is currently over 300 pips from the current market pricing.\r\n\r\nMY PLAN: My belief is still that the USD/CAD is a short trade. I am waiting for 1.2850-1.2910 to establish 3 x “OUT” trades for my HEDGED trades.  I have my “OUT” trade LIMIT ORDERS in place at 1.2910. The question is whether I will be able to get my preferred entry level or not.\r\n\r\nThe recent highs have topped out around 1.2915 on two or three occasions. I am expecting USD strength to filter back through the market which will help my target entry levels. I want to use the USD strength to sell into this week or next week if possible and establish my “OUT” trades for these HEDGES.\r\n\r\nBe prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 3 x live long AUD/NZD trades.\r\n\r\nPlus: - I have 2 more AUD/NZD long trades in position as LIMIT ORDERS&gt;\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\nCurrently live I have a AUD/JPY short.\r\n\r\nMY PLAN: - To add back trades across the board at the start of this coming week that I removed at the end of last week.\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u><u> </u>\r\n\r\nCURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-19112017.png\"><img class=\"aligncenter size-large wp-image-10405\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-19112017-919x1024.png\" alt=\"\" width=\"919\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-ORDERS-19112017.png\"><img class=\"aligncenter size-large wp-image-10404\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-ORDERS-19112017-1024x991.png\" alt=\"\" width=\"1024\" height=\"991\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nHave you guys noticed the analysts to most brokers have been booted out into doing LIVE WEBINARS in an attempt to increase retail trader numbers for the year end and into 2018?\r\n\r\nGood Lord some of them I swear to God have never seen an actual trading platform before, they are so used to working off a BLOOMBERG terminal. If you want a giggle scout twitter, they will be there this week and probably every week through to Christmas.\r\n\r\nSo, the brokers intentions are clear. BONUS $$$ and FREE WEBINARS. Be very careful on the offers there are NO free lunches in FX.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> INTO THE CLOSE:</strong></li>\r\n</ol>\r\n<u>WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>\r\nPREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>\r\nCLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #156 PREMIUM SERVICE\r\n19th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','KIWI WILL REMAIN UNDER PRESSURE','','inherit','closed','closed','','10420-revision-v1','','','2017-11-18 05:50:39','2017-11-18 10:50:39','',10420,'https://weeklyfxdrivethru.com/10420-revision-v1/',0,'revision','',0),(10145,1,'2017-09-30 07:44:18','2017-09-30 12:44:18','<ol>\r\n 	<li><strong> INTRODUCTION</strong></li>\r\n</ol>\r\nMy PREMIUM SERVICE AUTUMN/FALL PROMOTION ends this weekend, on Sunday 1st October at the market open 5PM EST (New York time) to be precise. So, if you want to get on board and get some $$$ in line for Christmas and beyond go to my website and subscribe. <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThe outstanding items from last week remain outstanding items this week.\r\n\r\nThey are…\r\n<ul>\r\n 	<li>I still need to complete my PREMIUM SERVICE video.</li>\r\n 	<li>My EA’s (Expert Advisors - Algorithms) that I mentioned last week are STILL outstanding.</li>\r\n</ul>\r\nNot that I need to offer up excuses, but I started cleaning my computer files. I thought that I had all three Macs linked, but… apparently not. My trading computer that drives my screens is purpose built but runs on MSFT software for the brokers and so getting this stuff across and into a library was a little tedious. Those of you who I have interacted with know that I am a trader and NOT a computer whizz kid or geek.\r\n\r\nI recently re-connected with my old neighbour in Dublin, who can run rings around the best of folk on machines, software limits, apps etc. At the best of times, it’s another bloody language to me.\r\n\r\nFrom last week, the word of the week was….\r\n\r\n<strong>“PATIENCE”</strong>\r\n\r\nFrom my perspective I banked $$$ and pips but what a struggle. I am carrying CORE POSITIONS now with negative positions and I am patiently waiting for the markets to re-set.\r\n\r\nI will cover the following in more detail later but the GERMAN and NEW ZEALAND ELECTION RESULTS, STEPHEN POLOZ (BOC), JANET YELLEN and “FLIP-FLOPPER” MARK CARNEY to name but a few were all screwing with me.\r\n\r\nI was basically badly positioned for the events but looking down from a MACRO level with my FUNDAMENTALS in place, I feel I am correctly pointed.\r\n\r\nI was trying to be patient and get myself re-positioned to be ready to take advantage moving forward. I am getting there bit by bit with my CORE POSITIONS adjustments have been made and additions are now in place.\r\n\r\nI think back in 2013 I wrote an entire section in the blog about trading with patience is one of the hardest things to do. The need to believe that you must be trading every day, can be overwhelming when in fact cash is a position and to be sidelined for 24-48 hours is not a bad thing to let the markets re-set.\r\n\r\nIt is hard at times because there are other factors hanging over the markets such as NORTH KOREA, the TRUMP TAX PLAN and BREXIT the re-setting takes a little longer as positions are skewed. Also with last week being both a month and quarter end it was quite a cocktail.\r\n\r\nWith some degree of PATIENCE having been applied I am now ready for the final quarter of 2017.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong><u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u></li>\r\n</ol>\r\nIn no special order, here is what floated my boat last week.\r\n\r\n<strong><u>EUR</u></strong><u>: THE GERMAN NATIONAL ELECTIONS and THE CATALONIA ISSUE.</u>\r\n\r\nHoly shit. The press never saw that coming. The “Far Right” now have a good number of seats in parliament and poor old Angela Merkel has her work cut out forming a government excluding the “AfD” party.\r\nAmericans point fingers at TRUMP with 48% or whatever it was of the turnout and he occupies the White House. Merkel only received 32% of the popular vote. I am finding it very hard in the west to recall the last government that was in power based upon being more than 50% of the popular vote.\r\n\r\nAnyways back to the point…\r\n\r\nThe election outcome leaves a bitter taste in the mouth of many “jotter blotters” in Brussels as their gravy train of expenses, potted plants, Chateauneuf-du-Pape on Friday’s and lavish pensions may be coming to an end as there are pledges to manage costs… yeah right, my arse!!\r\n\r\nOn that point, I read with interest but absolutely ZERO SURPRISE that EU BREXIT negotiator Michel Barnier, so far has racked up travel expenses to the tune of €47,417.60 since October 1st, 2016. This will be a drop in the ocean when all is said and done. The amount of €€€€ wasted in the EUROPEAN UNION is massive. This bill no matter what it ends up being when added to all the other BREXIT BILLS created will be swept under the carpet as the EU will say it was covered by the UK in their divorce fees. It will be €millions.\r\n\r\nThese; pen pushing, jotter blotters in Brussels know how to spend money… it’s all billable.\r\n\r\nBack to the EUR…\r\n\r\nThe single currency was kicked back from its breakout move by the FOMC the previous week and just as it was starting to breathe again the German Election result kicked it hard in the samosas and from my perspective it looks constructive to re-test lower support levels moving forward.\r\n\r\nAt the time of writing this blog, I freely admit to being a little confused. Is the Catalan vote on or off?\r\n\r\nThe independence vote is creating a constitutional crisis with government in Madrid saying its illegal. The 8 million people or thereabouts who live in North Eastern Spain have wanted independence for some time…in fact quite some time. Courts have already brandished the vote illegal should it go ahead. The government has seized ballot papers and locked polling booths. It’s all very unclear to me what is happening.\r\n\r\nFrom a currency perspective, obviously, the Catalan vote / issue has the potential to be very EUR negative.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong><u>: STEPHEN POLOZ SPEECH IN ST. JOHNS.</u>\r\n\r\nWTF.\r\n\r\nI was NOT alone being wrong footed on this speech. Hindsight is a beautiful thing.\r\n\r\nThe previous rate hikes got so much bang for their buck with a movement of about $0.15cents for a combined increase of 0.50%, the BOC is probably on PROZAC worried about the markets getting carried away with another hike on the cards.\r\n\r\nPoloz reeled everyone back in. “No predetermined path for rates” that\'s a great line. Bottom line, I still see the data from Canada being good and therefore it is inevitable that they will raise rates again this year.\r\n\r\nDare I mention my conspiracy theory once again? I reckon they all go (FED, BOE, ECB and BOC) on the same day. This would have the effect of stopping mad swings day after day in December as Central Banks adjust their policies.\r\n\r\nThen again, from a trading perspective its better if they go one at a time. If you want to trade each event separately there is a choice and a better opportunity to make $$$ as you would be better focused.\r\n\r\nAnyway…\r\n\r\nI had to adjust trades and take losses on the back of the Poloz speech. I am now back and ready to face the BOC and Poloz head on!!\r\n\r\n<u>NZD: RBNZ RATE STATEMENT, CASH RATE and THE GENERAL ELECTION</u>.\r\n\r\nIt’s another WTF!\r\n\r\nI am going to show my age here and some of you may need to google this but Grant “aka Frank” Spencer temporary Governor of the RBNZ, now in charge of the keys to Wheeler’s drinks cabinet for the chaps, announced that New Zealand interest rates would remain accommodative for an extended period of time.\r\n\r\nI expected the Kiwi to drop faster than a lead balloon. I was ready, NZD/USD, EUR/NZD, GBP/NZD and AUD/NZD on the news not really much happened at all. Not really a flicker… bugger.\r\n\r\nThe Election is still taking its toll. Another weak coalition government needs to be formed. This will take some time by all accounts. PATIENCE with the NZD will be required it will flip-flop around in my opinion between 0.7150 to 0.7250 until we get a resolution.\r\n\r\n<strong><u>GBP</u></strong><u>: CARNEY’S SPEECHES, CURRENT ACCOUNT DATA.</u>\r\n\r\nThere is nothing much new that I can add to what I have said before about Mark Carney.\r\n\r\nHe has given poor forward guidance over the years since arriving from the BOC replacing Merve “The Swerve” King as BOE Governor. He is a flip flopper, which, in general terms creates market instability the one core part of his job description he is employed to avoid.\r\n\r\nAt times, under the immense pressure of the job (and who would want it!), acts like a modern-day Pontius Pilate. It would not surprise me at a future BOE press conference or Parliamentary Committee hearing if we saw him behind his desk or podium with a basin of water and a hand towel.\r\n\r\nI think Carney has to go through with a one and done rate hike in the UK before the end of 2017. This of course does NOT mean he will despite all the rhetoric around the last interest rate statement and the 3.0% inflation level in the UK.\r\n\r\nCarney has the problem, Kuroda (BOJ), Draghi (ECB) and Janet Yellen at the Fed wished they had… inflation. Carney is caught between the devil and deep blue sea. The accountants (jotter blotters) have squeezed his balls so tight he has bent the knee and yielded to a potential / probable rate hike.\r\n\r\nHis latest speeches have taken the usual path: -\r\n<ul>\r\n 	<li>The BOE is not the savior of BREXIT.</li>\r\n 	<li>Worried about reckless lending as inflation bites and wages lag.</li>\r\n 	<li>Household debt is concerning, “short term damage… next 2-3 years!”</li>\r\n</ul>\r\nMoving on…\r\n\r\nThe focus by many twitter feeds and analysts last Friday was based on the UK GDP data.  From my perspective given BREXIT and its potential effects on the City of London in particular, the UK Current Account data was more important. Although 90 days backward looking, it highlights the currency demand, income flows, values of imports and exports and basic banking transfers over the previous 90 days.\r\n\r\nWhy is it important to me?\r\n\r\nWith the banking industry and its supporting networks undergoing moves away from the UK as the BREXIT timetable moves forward, the flows will start to dry up causing an imbalance that the BOE must react to.\r\n\r\nThis quarter the forecasted number was:\r\n\r\nMinus £15.8 Billion the actual number was Minus £23.2 Billion.\r\n\r\nI believe a trend of misses will not start to form as banks and related institutions start the shift to mainland Europe and Ireland.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD</u></strong><u>: JANET YELLEN in or OUT? &amp; HER COMMENTS ABOUT INFLATION.</u>\r\n\r\nThis story will develop over the weekend but as we all know Janet Yellen’s tenure as FED CHAIR ends in February 2018. The debate over whether she stays on or ends had fueled much speculation over recent weeks and months.\r\n\r\nLast Friday it was announced or probably leaked that THE DONALD and his Treasury Secretary Stephen Mnuchin interviewed former FED governor Kevin Warsh about replacing Yellen.\r\n\r\nWTF…\r\n\r\nThis follows on the back of her comments she disclosed last Tuesday during her speech to the National association for Business Economics. Yellen admitted that she doesn’t understand inflation, control of which is the FED’s number one responsibility. Apparently, all the FED’s working models on inflation are wrong.\r\n\r\nFFS…\r\n\r\nWhy didn’t she just resign on the spot?\r\n\r\nThis sort of thing beggar’s belief.\r\n\r\nIs everything about the U.S. just loud voices, bullshit and total bollocks?\r\n\r\n&nbsp;\r\n\r\n<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u>\r\n\r\n<u>\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATE-01102017.png\"><img class=\"aligncenter size-large wp-image-10106\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATE-01102017-1024x805.png\" alt=\"\" width=\"1024\" height=\"805\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-01102017.png\"><img class=\"aligncenter size-large wp-image-10107\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-01102017-1024x848.png\" alt=\"\" width=\"1024\" height=\"848\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Not a lot this week to choose from. Here are my picks of the upcoming week.\r\n\r\n<strong><u>GBP:  </u></strong><u>MANUFACTURING, CONSTRUCTION &amp; SERVICES PMI’s.</u>\r\n\r\nYikes; that was quick month!\r\n\r\nHere we go again with the PMI data. Last month all three were above the 50 line which signifies expansion. The one in danger of slipping below 50 is Construction PMI which last time around stood at 51.1. Should this fall below the dreaded 50 it will in my opinion place the proposed BOE interest rate hike due probably in November on hold.\r\n\r\n3% inflation or not I just cannot see the BOE raising rates in the environment that a sub 50 number would create.\r\n\r\nI am expecting a miss from Construction and Manufacturing PMI’s but a beat from the Services PMi.\r\n\r\nThe UK is going through a change and from my buddies on the ground (not literally), it is not being discussed at high level and to a large extent being swept under the carpet.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD</u></strong><u>: RBA RATE STATEMENT, RETAIL SALES &amp; TRADE BALANCE.</u>\r\n\r\nIt is a big week for the AUD it rejected hard from 0.8000, mostly on the back of comments from RBA Governor Philip Lowe.\r\n\r\nDr. Lowe basically said that the Central Bank is not rushing to change direction of monetary policy just because a lot of other Central Banks are choosing to do so. Therefore, I cannot see the Cash Rate being moved from 1.5%.\r\n\r\nRetail Sales last month came in flat at 0.0%. Anything better which I assume we should see this time around will be a beat and be AUD positive.\r\n\r\nTrade Balance is sticky. This number in my opinion could go either way and the data will tell us whether the AUD spikes or continues to drift lower.\r\n\r\nAll three announcements are market movers. Trade Balance and Retail Sales are released at the same time Wednesday just to ensure we have ADVIL on hand!!\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong><u>: TRADE BALANCE &amp; EMPLOYMENT DATA.</u>\r\n\r\nSo, after last week’s GDP was a bit soft, I am looking for strong data to support my CORE CAD TRADE POSITION, which for now looks sick. Patience is being applied in huge volume.\r\n\r\nLast month the jobs data disappointed because of the mix between part and full-time positions. I am thinking that it may be more of the same as we start the run up to Thanksgiving and Christmas festivities. Although, I must point out after what is deemed a poor or mediocre number one month from Canada the next month is usually a blowout.\r\n\r\nThis is truly what makes trading currencies such fun!!\r\n\r\nThe Trade Balance number is a sticky one. Last time being CAD$ -3.0 Billion. Trying to obtain very recent up to date data to give me a hint here has proved virtually impossible. More ADVIL required for this one!\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD</u></strong><u>: ADP, NON-FARM PAYROLLS and AVERAGE HOURLIES</u>.\r\n\r\nFirst off.\r\n\r\nDo NOT get suckered in to trades based off the ADP numbers when planning your NFP day. The correlation between ADP data on a Wednesday from the private sector and the government data on a Friday has not seen any correlation of late. So, if you want to do a Robert Palmer, “Looking for Clues” there will probably be feck all in expecting NFP to follow ADP numbers.\r\n\r\nI must say this…\r\n\r\nWho give a f**k anyways? The Fed are raising rates come hell or high water, I for one will probably NOT trade NFP, it is a lottery and as an indicator for the FED forget it… that decision has been made. Plus, it looks like Yellen is NOT going to be around to pick up any pieces anyhow.\r\n\r\nI do not think NFP has any real importance this week. I could be proved wrong but I really do feel that the FED are raising no matter what.\r\n\r\nAs for the actual numbers; ADP last month was 237,000 and NFP was 156,000. If NFP keeps roughly to the last 12 month monthly average, the markets should not go too wild.\r\n\r\nThere should be an acceptance in the markets about the perceived FED policy… what am I saying!!\r\n\r\nObviously, the average hourly rate needs to remain positive and a jump of 0.1% would keep the markets happy.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\nFINAL WEEK THIS MONTH:         +302 pips\r\nMONTH OF SEPTEMBER 2017:  +1,175 net pips\r\nYEAR TO DATE 2017:                    +7,506 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1.1: TRADING REVIEW:</u>\r\n\r\nSEPTEMBER 2017 – MONTHLY REVIEW:\r\n\r\nAll things said and done I added +302 pips last week. Took a couple of big hits in the process of achieving that total so I am comfortable with that.\r\n\r\nThe Monthly totals were: 1,175 pips for September, which gives an annual position of net + 7,506 pips.\r\n\r\nFrom a trading perspective, I am carrying forward a large number of negative pips via my CORE TRADES AUD/NZD and USD/CAD. I am playing the waiting game with both and in fairness I have been taking pips off the AUD/NZD at regular intervals.  With regards to the USD/CAD I took a couple of big pip hits with open position and also this month on closed trades I netted out a negative c.200 pips on the USD/CAD.\r\n\r\nI am NOT holding a lot of $$$ losses on my CORE POSITION trades at a level that concern me. In fact, I am well within my 3% tolerance and will continue to add positions. It is just frustrating having to sit these positions out.\r\n\r\nDuring the month, I had good cross-rate trades and some poor ones. I am still finding trading conditions a challenge and all the fiddling about with trades that has to be done is time consuming, messy and labour intensive.\r\n\r\nThis messy and difficult trading conditions has manifested itself in my positive / negative trades percentage falling back a little this month to basically a 69% positive to 31% losing trade ratio (my objective is 75% / 25%).\r\n\r\nDrawdowns are also higher. It was a bizarre month. However, trading smaller and wider helps keep the trade alive. If I must manage wider and longer to stay in the market, I will. My RISK MANAGEMENT per trade is my guide and as long as I do NOT lose command of this area I will tolerate some market deviations.\r\n\r\nIt is a scrappy fucked up market at times and it is what it is… onwards and upwards as they say. If it was perfect world and a perfect market that performs the way it should then HAPPY DAYS!!\r\n\r\nThe fact is, we live and trade in very, very strange times. We need to adjust and adapt as far as I am concerned to keep our heads above water. We need to ignore the dotards and get on with it.\r\n\r\nMoving on…\r\n\r\nSome of you have noticed that I have started using MOMENTUM as an entry alternative much more frequently now.\r\n\r\nWhy?\r\n\r\nDead simple; it all goes back to the markets. I know many of you latched onto me for FUNDAMENTAL views and over the years these have stood me in good stead. I do however still study the technical aspect of set-ups, in fact, some of my trading buddies, my peer group are spot on with technical trades.\r\n\r\nHowever, at the moment, they are struggling with technical entries in the same way I was. I will NOT let the grass grow under my feet. If I must adapt I will, trading evolves as far as I am concerned.\r\n\r\nPullback entries which were once so reliable are not as reliable at the moment for me as well as members of my peer group. I cannot single out a specific type of trade or specific pair or pairs, it is general.\r\n\r\nI have been testing MOMENTUM set ups for a while and I was achieving an 80% / 20% hit rate, hence, I brought them into the PREMIUM SERVICE. Whether I create a new TRADE STYLE next year who knows, but for now, away from when I add to a CORE POSITION TRADE the MOMENTUM trades are added to RADAR TRADES.\r\n\r\n<u>\r\n\r\n</u><u>4.1.2: SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n\r\n</u>Thankfully in the last week the rhetoric between THE DONALD and #rocketman or LITTLE ROCKET MAN as I noticed in a tweet has calmed down a bit.\r\n\r\nTRUMP’s TAX PLAN has been all talk over the U.S. networks and when added to the continuing fallout from the Hurricanes in Texas, Florida and Puerto Rico, the inflammatory commentary from the United Nations and the North Korean responses seem a long time ago.\r\n\r\nWe have had Janet Yellen admit she knows feck all about how inflation works and that all the FED’s financial models are basically shite. At the same time the FOMC decided bollocks to the data we are going to raise rates no matter what. The Balance Sheet reduction is also starting.\r\n\r\nMark Carney is still going to raise rates…or is he?\r\n\r\nMario Draghi had family issues to attend at the end of the week and remarkably the ECB numpties like Nowotny must have had duct tape over their mouths as nothing was uttered in Draghi’s absence. I would say that the ECB council of governors are all on PROZAK, one word out of place and the EUR/USD could be at 1.2250. That, despite the indecision over the German election result.\r\n\r\nNot that it matters much but New Zealand is also in limbo following an indecisive election there last weekend.\r\n\r\nNext week one thing that I want to mention is that I am now going to start building a EUR long position. I look at the EUR/USD chart and the factor that stands out is that 1.1720 looks to be the area, the bottom, where buyers have jumped in. There placing longs with stops just beneath 1.1720 makes sense from my perspective. At least I think I know where the RISK lies.\r\n\r\nThe bigger question is what pairs to focus on in addition to the EUR/USD: -\r\n\r\nEUR/USD -\r\nEUR/AUD – Buy Stop in place\r\nEUR/CAD – not 100%\r\nEUR/CHF – already long with RISK level well defined\r\nEUR/GBP – Maybe my parity trade is back on….\r\nEUR/JPY – just not sure about equities but it should rally\r\nEUR/MXN – need to research this one\r\nEUR/NZD – long trade triggered on week end settlement\r\n\r\nWatch this space…\r\n\r\nBack to the sentiment summary…\r\n\r\nSo, it would be fair to say that the market is a bit messy trying to digest all the data and news. I would also say that now the FX market is more news driven than economic data driven. This in my opinion is a key factor in the scrappy markets.\r\n\r\nWe are one news item away from impending doom is how I would sum up trading right here, right now.\r\n\r\nFrom the chart below you can see that the USD is still a little mixed and given what I have just written this should be no surprise.\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MKT-SENTIMENT-01102017.png\"><img class=\"aligncenter size-large wp-image-10111\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MKT-SENTIMENT-01102017-774x1024.png\" alt=\"\" width=\"774\" height=\"1024\" /></a>\r\n</u>\r\n\r\n<u>4.1.3: USD - SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-01102017.png\"><img class=\"aligncenter size-large wp-image-10107\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-01102017-1024x848.png\" alt=\"\" width=\"1024\" height=\"848\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.4: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10128\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10133\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10134\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n</u><u>4.1.5: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nBasically, I am STILL bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n2 x live short USD/CAD trades and 1 x NZD/CAD short trade.\r\n\r\nPlus: - I have BUY STOP limit orders in position for the CAD/CHF and CAD/JPY.\r\n\r\nMY PLAN: Is to wait a little and I will add back additional short USD/CAD trades this coming week.\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 6 x live long AUD/NZD trades, plus a short NZD/CAD and NZD/USD and long 1 x GBP/NZD trade.\r\n\r\nPlus: - I have AUD/NZD, EUR/NZD and GBP/NZD limit order trades in position.\r\n\r\nMY PLAN: I am now on hold pending the political outcome from the general election. I was very disappointed with the reaction to the RBA and believe that I should hold and maintain as we ‘chop around” waiting for an outcome.\r\n\r\n&nbsp;\r\n\r\n<u>4.1.6: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-01102017.png\"><img class=\"aligncenter size-large wp-image-10109\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-01102017-871x1024.png\" alt=\"\" width=\"871\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-01102017.png\"><img class=\"aligncenter size-large wp-image-10108\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-01102017-1024x865.png\" alt=\"\" width=\"1024\" height=\"865\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.7: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nThis should come as no surprise.\r\n\r\nI have now heard it from two sources retail trader numbers in Forex are still declining. I tried to get responses last week about this from my brokers and they were cagey to say the least.\r\n\r\nThe brokers (white label ones) have only one attack ‘Freebies” and claw its cost of doing these promotions back through rate spreads.\r\n\r\nBanks pulling out, retail pulling back…holy crap why are some brokers saying market participation is on the increase both financially and with participants?\r\n\r\nAs Spock would say…” fascinating”\r\n\r\nor,\r\n\r\nAs Scott would say… “It’s been on the cards, and a factor ever since the SNB PEG removal on the EUR/CHF”\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> CLOSING THOUGHTS &amp; IDEAS:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you should do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nShould you want to go a stage further and subscribe to the PREMIUM SERVICE. This can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription that those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nFrom time to time I offer subscription promotions. These can be viewed under the tab FX PROMOTIONS at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<strong>NOTE: There is a promotion in place right now and it expires Sunday 1st October at 5PM EST!</strong>\r\n\r\nI show below an interesting excel spreadsheet based around my PREMIUM SERVICE monthly subscription option of CAD$150.00 per month. I hope that you find this interesting.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917.png\"><img class=\"aligncenter size-large wp-image-10037\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917-912x1024.png\" alt=\"\" width=\"912\" height=\"1024\" /></a>\r\n\r\n<u>5.3: THE FINISHING LINE:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #149 PREMIUM SERVICE\r\n1st October 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;','FED ADMITS IT HAS NO CLUE','','publish','open','closed','','fed-admits-no-clue','','','2017-09-30 07:44:18','2017-09-30 12:44:18','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10145',0,'member_posts','',0),(10146,1,'2017-09-30 07:44:18','2017-09-30 12:44:18','<ol>\r\n 	<li><strong> INTRODUCTION</strong></li>\r\n</ol>\r\nMy PREMIUM SERVICE AUTUMN/FALL PROMOTION ends this weekend, on Sunday 1st October at the market open 5PM EST (New York time) to be precise. So, if you want to get on board and get some $$$ in line for Christmas and beyond go to my website and subscribe. <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThe outstanding items from last week remain outstanding items this week.\r\n\r\nThey are…\r\n<ul>\r\n 	<li>I still need to complete my PREMIUM SERVICE video.</li>\r\n 	<li>My EA’s (Expert Advisors - Algorithms) that I mentioned last week are STILL outstanding.</li>\r\n</ul>\r\nNot that I need to offer up excuses, but I started cleaning my computer files. I thought that I had all three Macs linked, but… apparently not. My trading computer that drives my screens is purpose built but runs on MSFT software for the brokers and so getting this stuff across and into a library was a little tedious. Those of you who I have interacted with know that I am a trader and NOT a computer whizz kid or geek.\r\n\r\nI recently re-connected with my old neighbour in Dublin, who can run rings around the best of folk on machines, software limits, apps etc. At the best of times, it’s another bloody language to me.\r\n\r\nFrom last week, the word of the week was….\r\n\r\n<strong>“PATIENCE”</strong>\r\n\r\nFrom my perspective I banked $$$ and pips but what a struggle. I am carrying CORE POSITIONS now with negative positions and I am patiently waiting for the markets to re-set.\r\n\r\nI will cover the following in more detail later but the GERMAN and NEW ZEALAND ELECTION RESULTS, STEPHEN POLOZ (BOC), JANET YELLEN and “FLIP-FLOPPER” MARK CARNEY to name but a few were all screwing with me.\r\n\r\nI was basically badly positioned for the events but looking down from a MACRO level with my FUNDAMENTALS in place, I feel I am correctly pointed.\r\n\r\nI was trying to be patient and get myself re-positioned to be ready to take advantage moving forward. I am getting there bit by bit with my CORE POSITIONS adjustments have been made and additions are now in place.\r\n\r\nI think back in 2013 I wrote an entire section in the blog about trading with patience is one of the hardest things to do. The need to believe that you must be trading every day, can be overwhelming when in fact cash is a position and to be sidelined for 24-48 hours is not a bad thing to let the markets re-set.\r\n\r\nIt is hard at times because there are other factors hanging over the markets such as NORTH KOREA, the TRUMP TAX PLAN and BREXIT the re-setting takes a little longer as positions are skewed. Also with last week being both a month and quarter end it was quite a cocktail.\r\n\r\nWith some degree of PATIENCE having been applied I am now ready for the final quarter of 2017.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong><u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u></li>\r\n</ol>\r\nIn no special order, here is what floated my boat last week.\r\n\r\n<strong><u>EUR</u></strong><u>: THE GERMAN NATIONAL ELECTIONS and THE CATALONIA ISSUE.</u>\r\n\r\nHoly shit. The press never saw that coming. The “Far Right” now have a good number of seats in parliament and poor old Angela Merkel has her work cut out forming a government excluding the “AfD” party.\r\nAmericans point fingers at TRUMP with 48% or whatever it was of the turnout and he occupies the White House. Merkel only received 32% of the popular vote. I am finding it very hard in the west to recall the last government that was in power based upon being more than 50% of the popular vote.\r\n\r\nAnyways back to the point…\r\n\r\nThe election outcome leaves a bitter taste in the mouth of many “jotter blotters” in Brussels as their gravy train of expenses, potted plants, Chateauneuf-du-Pape on Friday’s and lavish pensions may be coming to an end as there are pledges to manage costs… yeah right, my arse!!\r\n\r\nOn that point, I read with interest but absolutely ZERO SURPRISE that EU BREXIT negotiator Michel Barnier, so far has racked up travel expenses to the tune of €47,417.60 since October 1st, 2016. This will be a drop in the ocean when all is said and done. The amount of €€€€ wasted in the EUROPEAN UNION is massive. This bill no matter what it ends up being when added to all the other BREXIT BILLS created will be swept under the carpet as the EU will say it was covered by the UK in their divorce fees. It will be €millions.\r\n\r\nThese; pen pushing, jotter blotters in Brussels know how to spend money… it’s all billable.\r\n\r\nBack to the EUR…\r\n\r\nThe single currency was kicked back from its breakout move by the FOMC the previous week and just as it was starting to breathe again the German Election result kicked it hard in the samosas and from my perspective it looks constructive to re-test lower support levels moving forward.\r\n\r\nAt the time of writing this blog, I freely admit to being a little confused. Is the Catalan vote on or off?\r\n\r\nThe independence vote is creating a constitutional crisis with government in Madrid saying its illegal. The 8 million people or thereabouts who live in North Eastern Spain have wanted independence for some time…in fact quite some time. Courts have already brandished the vote illegal should it go ahead. The government has seized ballot papers and locked polling booths. It’s all very unclear to me what is happening.\r\n\r\nFrom a currency perspective, obviously, the Catalan vote / issue has the potential to be very EUR negative.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong><u>: STEPHEN POLOZ SPEECH IN ST. JOHNS.</u>\r\n\r\nWTF.\r\n\r\nI was NOT alone being wrong footed on this speech. Hindsight is a beautiful thing.\r\n\r\nThe previous rate hikes got so much bang for their buck with a movement of about $0.15cents for a combined increase of 0.50%, the BOC is probably on PROZAC worried about the markets getting carried away with another hike on the cards.\r\n\r\nPoloz reeled everyone back in. “No predetermined path for rates” that\'s a great line. Bottom line, I still see the data from Canada being good and therefore it is inevitable that they will raise rates again this year.\r\n\r\nDare I mention my conspiracy theory once again? I reckon they all go (FED, BOE, ECB and BOC) on the same day. This would have the effect of stopping mad swings day after day in December as Central Banks adjust their policies.\r\n\r\nThen again, from a trading perspective its better if they go one at a time. If you want to trade each event separately there is a choice and a better opportunity to make $$$ as you would be better focused.\r\n\r\nAnyway…\r\n\r\nI had to adjust trades and take losses on the back of the Poloz speech. I am now back and ready to face the BOC and Poloz head on!!\r\n\r\n<u>NZD: RBNZ RATE STATEMENT, CASH RATE and THE GENERAL ELECTION</u>.\r\n\r\nIt’s another WTF!\r\n\r\nI am going to show my age here and some of you may need to google this but Grant “aka Frank” Spencer temporary Governor of the RBNZ, now in charge of the keys to Wheeler’s drinks cabinet for the chaps, announced that New Zealand interest rates would remain accommodative for an extended period of time.\r\n\r\nI expected the Kiwi to drop faster than a lead balloon. I was ready, NZD/USD, EUR/NZD, GBP/NZD and AUD/NZD on the news not really much happened at all. Not really a flicker… bugger.\r\n\r\nThe Election is still taking its toll. Another weak coalition government needs to be formed. This will take some time by all accounts. PATIENCE with the NZD will be required it will flip-flop around in my opinion between 0.7150 to 0.7250 until we get a resolution.\r\n\r\n<strong><u>GBP</u></strong><u>: CARNEY’S SPEECHES, CURRENT ACCOUNT DATA.</u>\r\n\r\nThere is nothing much new that I can add to what I have said before about Mark Carney.\r\n\r\nHe has given poor forward guidance over the years since arriving from the BOC replacing Merve “The Swerve” King as BOE Governor. He is a flip flopper, which, in general terms creates market instability the one core part of his job description he is employed to avoid.\r\n\r\nAt times, under the immense pressure of the job (and who would want it!), acts like a modern-day Pontius Pilate. It would not surprise me at a future BOE press conference or Parliamentary Committee hearing if we saw him behind his desk or podium with a basin of water and a hand towel.\r\n\r\nI think Carney has to go through with a one and done rate hike in the UK before the end of 2017. This of course does NOT mean he will despite all the rhetoric around the last interest rate statement and the 3.0% inflation level in the UK.\r\n\r\nCarney has the problem, Kuroda (BOJ), Draghi (ECB) and Janet Yellen at the Fed wished they had… inflation. Carney is caught between the devil and deep blue sea. The accountants (jotter blotters) have squeezed his balls so tight he has bent the knee and yielded to a potential / probable rate hike.\r\n\r\nHis latest speeches have taken the usual path: -\r\n<ul>\r\n 	<li>The BOE is not the savior of BREXIT.</li>\r\n 	<li>Worried about reckless lending as inflation bites and wages lag.</li>\r\n 	<li>Household debt is concerning, “short term damage… next 2-3 years!”</li>\r\n</ul>\r\nMoving on…\r\n\r\nThe focus by many twitter feeds and analysts last Friday was based on the UK GDP data.  From my perspective given BREXIT and its potential effects on the City of London in particular, the UK Current Account data was more important. Although 90 days backward looking, it highlights the currency demand, income flows, values of imports and exports and basic banking transfers over the previous 90 days.\r\n\r\nWhy is it important to me?\r\n\r\nWith the banking industry and its supporting networks undergoing moves away from the UK as the BREXIT timetable moves forward, the flows will start to dry up causing an imbalance that the BOE must react to.\r\n\r\nThis quarter the forecasted number was:\r\n\r\nMinus £15.8 Billion the actual number was Minus £23.2 Billion.\r\n\r\nI believe a trend of misses will not start to form as banks and related institutions start the shift to mainland Europe and Ireland.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD</u></strong><u>: JANET YELLEN in or OUT? &amp; HER COMMENTS ABOUT INFLATION.</u>\r\n\r\nThis story will develop over the weekend but as we all know Janet Yellen’s tenure as FED CHAIR ends in February 2018. The debate over whether she stays on or ends had fueled much speculation over recent weeks and months.\r\n\r\nLast Friday it was announced or probably leaked that THE DONALD and his Treasury Secretary Stephen Mnuchin interviewed former FED governor Kevin Warsh about replacing Yellen.\r\n\r\nWTF…\r\n\r\nThis follows on the back of her comments she disclosed last Tuesday during her speech to the National association for Business Economics. Yellen admitted that she doesn’t understand inflation, control of which is the FED’s number one responsibility. Apparently, all the FED’s working models on inflation are wrong.\r\n\r\nFFS…\r\n\r\nWhy didn’t she just resign on the spot?\r\n\r\nThis sort of thing beggar’s belief.\r\n\r\nIs everything about the U.S. just loud voices, bullshit and total bollocks?\r\n\r\n&nbsp;\r\n\r\n<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u>\r\n\r\n<u>\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATE-01102017.png\"><img class=\"aligncenter size-large wp-image-10106\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATE-01102017-1024x805.png\" alt=\"\" width=\"1024\" height=\"805\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-01102017.png\"><img class=\"aligncenter size-large wp-image-10107\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-01102017-1024x848.png\" alt=\"\" width=\"1024\" height=\"848\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Not a lot this week to choose from. Here are my picks of the upcoming week.\r\n\r\n<strong><u>GBP:  </u></strong><u>MANUFACTURING, CONSTRUCTION &amp; SERVICES PMI’s.</u>\r\n\r\nYikes; that was quick month!\r\n\r\nHere we go again with the PMI data. Last month all three were above the 50 line which signifies expansion. The one in danger of slipping below 50 is Construction PMI which last time around stood at 51.1. Should this fall below the dreaded 50 it will in my opinion place the proposed BOE interest rate hike due probably in November on hold.\r\n\r\n3% inflation or not I just cannot see the BOE raising rates in the environment that a sub 50 number would create.\r\n\r\nI am expecting a miss from Construction and Manufacturing PMI’s but a beat from the Services PMi.\r\n\r\nThe UK is going through a change and from my buddies on the ground (not literally), it is not being discussed at high level and to a large extent being swept under the carpet.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD</u></strong><u>: RBA RATE STATEMENT, RETAIL SALES &amp; TRADE BALANCE.</u>\r\n\r\nIt is a big week for the AUD it rejected hard from 0.8000, mostly on the back of comments from RBA Governor Philip Lowe.\r\n\r\nDr. Lowe basically said that the Central Bank is not rushing to change direction of monetary policy just because a lot of other Central Banks are choosing to do so. Therefore, I cannot see the Cash Rate being moved from 1.5%.\r\n\r\nRetail Sales last month came in flat at 0.0%. Anything better which I assume we should see this time around will be a beat and be AUD positive.\r\n\r\nTrade Balance is sticky. This number in my opinion could go either way and the data will tell us whether the AUD spikes or continues to drift lower.\r\n\r\nAll three announcements are market movers. Trade Balance and Retail Sales are released at the same time Wednesday just to ensure we have ADVIL on hand!!\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong><u>: TRADE BALANCE &amp; EMPLOYMENT DATA.</u>\r\n\r\nSo, after last week’s GDP was a bit soft, I am looking for strong data to support my CORE CAD TRADE POSITION, which for now looks sick. Patience is being applied in huge volume.\r\n\r\nLast month the jobs data disappointed because of the mix between part and full-time positions. I am thinking that it may be more of the same as we start the run up to Thanksgiving and Christmas festivities. Although, I must point out after what is deemed a poor or mediocre number one month from Canada the next month is usually a blowout.\r\n\r\nThis is truly what makes trading currencies such fun!!\r\n\r\nThe Trade Balance number is a sticky one. Last time being CAD$ -3.0 Billion. Trying to obtain very recent up to date data to give me a hint here has proved virtually impossible. More ADVIL required for this one!\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD</u></strong><u>: ADP, NON-FARM PAYROLLS and AVERAGE HOURLIES</u>.\r\n\r\nFirst off.\r\n\r\nDo NOT get suckered in to trades based off the ADP numbers when planning your NFP day. The correlation between ADP data on a Wednesday from the private sector and the government data on a Friday has not seen any correlation of late. So, if you want to do a Robert Palmer, “Looking for Clues” there will probably be feck all in expecting NFP to follow ADP numbers.\r\n\r\nI must say this…\r\n\r\nWho give a f**k anyways? The Fed are raising rates come hell or high water, I for one will probably NOT trade NFP, it is a lottery and as an indicator for the FED forget it… that decision has been made. Plus, it looks like Yellen is NOT going to be around to pick up any pieces anyhow.\r\n\r\nI do not think NFP has any real importance this week. I could be proved wrong but I really do feel that the FED are raising no matter what.\r\n\r\nAs for the actual numbers; ADP last month was 237,000 and NFP was 156,000. If NFP keeps roughly to the last 12 month monthly average, the markets should not go too wild.\r\n\r\nThere should be an acceptance in the markets about the perceived FED policy… what am I saying!!\r\n\r\nObviously, the average hourly rate needs to remain positive and a jump of 0.1% would keep the markets happy.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\nFINAL WEEK THIS MONTH:         +302 pips\r\nMONTH OF SEPTEMBER 2017:  +1,175 net pips\r\nYEAR TO DATE 2017:                    +7,506 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1.1: TRADING REVIEW:</u>\r\n\r\nSEPTEMBER 2017 – MONTHLY REVIEW:\r\n\r\nAll things said and done I added +302 pips last week. Took a couple of big hits in the process of achieving that total so I am comfortable with that.\r\n\r\nThe Monthly totals were: 1,175 pips for September, which gives an annual position of net + 7,506 pips.\r\n\r\nFrom a trading perspective, I am carrying forward a large number of negative pips via my CORE TRADES AUD/NZD and USD/CAD. I am playing the waiting game with both and in fairness I have been taking pips off the AUD/NZD at regular intervals.  With regards to the USD/CAD I took a couple of big pip hits with open position and also this month on closed trades I netted out a negative c.200 pips on the USD/CAD.\r\n\r\nI am NOT holding a lot of $$$ losses on my CORE POSITION trades at a level that concern me. In fact, I am well within my 3% tolerance and will continue to add positions. It is just frustrating having to sit these positions out.\r\n\r\nDuring the month, I had good cross-rate trades and some poor ones. I am still finding trading conditions a challenge and all the fiddling about with trades that has to be done is time consuming, messy and labour intensive.\r\n\r\nThis messy and difficult trading conditions has manifested itself in my positive / negative trades percentage falling back a little this month to basically a 69% positive to 31% losing trade ratio (my objective is 75% / 25%).\r\n\r\nDrawdowns are also higher. It was a bizarre month. However, trading smaller and wider helps keep the trade alive. If I must manage wider and longer to stay in the market, I will. My RISK MANAGEMENT per trade is my guide and as long as I do NOT lose command of this area I will tolerate some market deviations.\r\n\r\nIt is a scrappy fucked up market at times and it is what it is… onwards and upwards as they say. If it was perfect world and a perfect market that performs the way it should then HAPPY DAYS!!\r\n\r\nThe fact is, we live and trade in very, very strange times. We need to adjust and adapt as far as I am concerned to keep our heads above water. We need to ignore the dotards and get on with it.\r\n\r\nMoving on…\r\n\r\nSome of you have noticed that I have started using MOMENTUM as an entry alternative much more frequently now.\r\n\r\nWhy?\r\n\r\nDead simple; it all goes back to the markets. I know many of you latched onto me for FUNDAMENTAL views and over the years these have stood me in good stead. I do however still study the technical aspect of set-ups, in fact, some of my trading buddies, my peer group are spot on with technical trades.\r\n\r\nHowever, at the moment, they are struggling with technical entries in the same way I was. I will NOT let the grass grow under my feet. If I must adapt I will, trading evolves as far as I am concerned.\r\n\r\nPullback entries which were once so reliable are not as reliable at the moment for me as well as members of my peer group. I cannot single out a specific type of trade or specific pair or pairs, it is general.\r\n\r\nI have been testing MOMENTUM set ups for a while and I was achieving an 80% / 20% hit rate, hence, I brought them into the PREMIUM SERVICE. Whether I create a new TRADE STYLE next year who knows, but for now, away from when I add to a CORE POSITION TRADE the MOMENTUM trades are added to RADAR TRADES.\r\n\r\n<u>\r\n\r\n</u><u>4.1.2: SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n\r\n</u>Thankfully in the last week the rhetoric between THE DONALD and #rocketman or LITTLE ROCKET MAN as I noticed in a tweet has calmed down a bit.\r\n\r\nTRUMP’s TAX PLAN has been all talk over the U.S. networks and when added to the continuing fallout from the Hurricanes in Texas, Florida and Puerto Rico, the inflammatory commentary from the United Nations and the North Korean responses seem a long time ago.\r\n\r\nWe have had Janet Yellen admit she knows feck all about how inflation works and that all the FED’s financial models are basically shite. At the same time the FOMC decided bollocks to the data we are going to raise rates no matter what. The Balance Sheet reduction is also starting.\r\n\r\nMark Carney is still going to raise rates…or is he?\r\n\r\nMario Draghi had family issues to attend at the end of the week and remarkably the ECB numpties like Nowotny must have had duct tape over their mouths as nothing was uttered in Draghi’s absence. I would say that the ECB council of governors are all on PROZAK, one word out of place and the EUR/USD could be at 1.2250. That, despite the indecision over the German election result.\r\n\r\nNot that it matters much but New Zealand is also in limbo following an indecisive election there last weekend.\r\n\r\nNext week one thing that I want to mention is that I am now going to start building a EUR long position. I look at the EUR/USD chart and the factor that stands out is that 1.1720 looks to be the area, the bottom, where buyers have jumped in. There placing longs with stops just beneath 1.1720 makes sense from my perspective. At least I think I know where the RISK lies.\r\n\r\nThe bigger question is what pairs to focus on in addition to the EUR/USD: -\r\n\r\nEUR/USD -\r\nEUR/AUD – Buy Stop in place\r\nEUR/CAD – not 100%\r\nEUR/CHF – already long with RISK level well defined\r\nEUR/GBP – Maybe my parity trade is back on….\r\nEUR/JPY – just not sure about equities but it should rally\r\nEUR/MXN – need to research this one\r\nEUR/NZD – long trade triggered on week end settlement\r\n\r\nWatch this space…\r\n\r\nBack to the sentiment summary…\r\n\r\nSo, it would be fair to say that the market is a bit messy trying to digest all the data and news. I would also say that now the FX market is more news driven than economic data driven. This in my opinion is a key factor in the scrappy markets.\r\n\r\nWe are one news item away from impending doom is how I would sum up trading right here, right now.\r\n\r\nFrom the chart below you can see that the USD is still a little mixed and given what I have just written this should be no surprise.\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MKT-SENTIMENT-01102017.png\"><img class=\"aligncenter size-large wp-image-10111\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MKT-SENTIMENT-01102017-774x1024.png\" alt=\"\" width=\"774\" height=\"1024\" /></a>\r\n</u>\r\n\r\n<u>4.1.3: USD - SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-01102017.png\"><img class=\"aligncenter size-large wp-image-10107\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-01102017-1024x848.png\" alt=\"\" width=\"1024\" height=\"848\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.4: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10128\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10131\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10133\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-01102017.png\"><img class=\"aligncenter size-large wp-image-10134\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-01102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n</u><u>4.1.5: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nBasically, I am STILL bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n2 x live short USD/CAD trades and 1 x NZD/CAD short trade.\r\n\r\nPlus: - I have BUY STOP limit orders in position for the CAD/CHF and CAD/JPY.\r\n\r\nMY PLAN: Is to wait a little and I will add back additional short USD/CAD trades this coming week.\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 6 x live long AUD/NZD trades, plus a short NZD/CAD and NZD/USD and long 1 x GBP/NZD trade.\r\n\r\nPlus: - I have AUD/NZD, EUR/NZD and GBP/NZD limit order trades in position.\r\n\r\nMY PLAN: I am now on hold pending the political outcome from the general election. I was very disappointed with the reaction to the RBA and believe that I should hold and maintain as we ‘chop around” waiting for an outcome.\r\n\r\n&nbsp;\r\n\r\n<u>4.1.6: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-01102017.png\"><img class=\"aligncenter size-large wp-image-10109\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-01102017-871x1024.png\" alt=\"\" width=\"871\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-01102017.png\"><img class=\"aligncenter size-large wp-image-10108\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-01102017-1024x865.png\" alt=\"\" width=\"1024\" height=\"865\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.7: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nThis should come as no surprise.\r\n\r\nI have now heard it from two sources retail trader numbers in Forex are still declining. I tried to get responses last week about this from my brokers and they were cagey to say the least.\r\n\r\nThe brokers (white label ones) have only one attack ‘Freebies” and claw its cost of doing these promotions back through rate spreads.\r\n\r\nBanks pulling out, retail pulling back…holy crap why are some brokers saying market participation is on the increase both financially and with participants?\r\n\r\nAs Spock would say…” fascinating”\r\n\r\nor,\r\n\r\nAs Scott would say… “It’s been on the cards, and a factor ever since the SNB PEG removal on the EUR/CHF”\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> CLOSING THOUGHTS &amp; IDEAS:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you should do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nShould you want to go a stage further and subscribe to the PREMIUM SERVICE. This can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription that those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nFrom time to time I offer subscription promotions. These can be viewed under the tab FX PROMOTIONS at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<strong>NOTE: There is a promotion in place right now and it expires Sunday 1st October at 5PM EST!</strong>\r\n\r\nI show below an interesting excel spreadsheet based around my PREMIUM SERVICE monthly subscription option of CAD$150.00 per month. I hope that you find this interesting.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917.png\"><img class=\"aligncenter size-large wp-image-10037\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917-912x1024.png\" alt=\"\" width=\"912\" height=\"1024\" /></a>\r\n\r\n<u>5.3: THE FINISHING LINE:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #149 PREMIUM SERVICE\r\n1st October 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;','FED ADMITS IT HAS NO CLUE','','inherit','closed','closed','','10145-revision-v1','','','2017-09-30 07:44:18','2017-09-30 12:44:18','',10145,'https://weeklyfxdrivethru.com/10145-revision-v1/',0,'revision','',0),(9695,1,'2017-07-08 11:28:10','2017-07-08 16:28:10','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAfter the week before last week with its non-stop fun (my ex. work buddies would now be on the floor pissing themselves laughing at that opening remark), we had a rather more sedated look to the markets the week just gone. It was a holiday week in both Canada and the US, with the Independence Day holiday in many cases being extended by an extra day’s holiday being taken to make it a very long weekend for some traders. Thus, it was really a three-day week for near normal, bear in mind that it is also the summer, market participation.\r\n\r\nFrom my own trading perspective with a vacation and house move well in the rear-view mirror over 600 pips were added to the PREMIUM SERVICE total for 2017 in the three days on closed trades.\r\n\r\nI will always tell it how it is. Trying to focus on trading when in the middle of a house move and then setting up in a house plus a vacation around the same time, is practically impossible and I count myself as well disciplined.\r\n\r\nI am now settled into my new environment and the fruits of this are starting to come through in my set up and trades undertaken. I have never doubted my abilities to generate $$$ and pips and I am now fully engaged in playing catch up to meet my 10,000-pip objective for 2017. It is a tall order given the start to 2017, but I am 100% focused on the requirements ahead.\r\n\r\nAs I wrote to PREMIUM SERVICE subscribers last week, I trade for the long haul and I will NOT take on trades just for the sake of trades. Whilst I have an ambitious target to meet, I will not sacrifice my TRADING DISCIPLINES outlined in my TRADE PLAN. These I hold dear as they provide longevity in trading which is paramount to trading success in my opinion.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nDespite a shortened week from my perspective there were still a few takeaways of note.\r\n\r\nIn no particular order, here is what floated my boat last week.\r\n<ul>\r\n 	<li>AUD (RBA):Philip Lowe delivered a very interesting statement, which to some extent caught some of the market off guard.From the prior week’s “Rock Star” adulation that followed Draghi, Poloz and Carney after they all turned hawkish, I think many pundits expected the same from Philip Lowe.\r\n\r\nThe RBA remained neutral and the AUD weakened across the board. The takeaways that stood out for me were: -\r\n\r\nPolicy is consistent with: -\r\n\r\nGrowth and inflation targets\r\nIndicators of Labour Demand remain mixed.\r\nEmployment Growth has been stronger over recent months.\r\nSigns that the housing market is starting to cool.\r\nHousing Debt has outpaced the slow growth in incomes.\r\nA rising AUD$ would complicate the economic adjustment.\r\n\r\nBasically, it was a do not “Rock the Boat” approach.\r\n\r\nAustralian exports are not going to argue with the approach as the appreciating AUD$ is a pain.</li>\r\n 	<li>GBP (PMi, Industrial and Manufacturing Output data plus Mark Carney):All three PMi figures were misses on consensus expectations (Manufacturing (54.3), Construction (54.8) and Services (53.4)).Now, I am not shouting from the rooftops saying that the UK economy is about to fall off a cliff, but I am so damn close to doing so. It was a crap week for UK economic data.\r\n\r\nThe PMI data was all well above the “50 level” but maybe now just over a year after the referendum vote was taken, the concerns are starting to creep in.\r\n\r\nThe Industrial (0.1% versus 0.4% expected) and Manufacturing (0.2% versus 0.5% expected) data released on Friday last week were just poor. Whilst they are by no means top tier data releases the simple fact is so much UK data is poor it should have an impact. (It’s had an impact on my thoughts!).\r\n\r\nAfter the BREXIT vote in June 2016 the UK economy looked positive in fact quite resilient but 2017 is the opposite. The BREXIT uncertainty has come through in most aspects of the economy.\r\n\r\nI realise that the recent MPC vote was 5-3 and not 7-1 as expected. Carney was dovish in his Mansion House breakfast speech and then a week later in Sintra, Portugal he was hawkish vis-à-vis the BOE need to look at interest rates rising soon…. really.\r\n\r\nWhen is soon?  For me it’s anything from a week or so to a few months. For my boy Labrador, Ozzy, soon equals now, in fact in his language it means yesterday!\r\n\r\nI just don’t get Carney. His forward guidance pre-BREXIT was shite to put it mildly and frankly he just digs huge holes for himself to fall into. He will probably flip-flop again against the backdrop of this week’s data\r\n\r\nI am looking at pressure on wages, household spending, retail sales, consumer confidence and housing in the UK as well as last week’s data and I am NOT getting a warm fuzzy feeling at all. Carney’s flip-flopping made feck all sense to me. It looked like a childish “TRUMPLIKE” action because at the ECB Economic Forum both Draghi (ECB) and Poloz (BOC) were both very hawkish about the future.\r\n\r\nI just cannot see the BOE raising rates this year and probably not well into 2018. There are just too many BREXIT uncertainties combined with poor economic data. Never mind Haldane’s economists view on inflation.\r\n\r\nI think that it is quite simple. There is just too much to risk with BREXIT.\r\n\r\nWas it David Bloom (Global Head FX Strategy) HSBC who predicted cable back at 1.2000 and EUR/GBP at parity a few weeks ago?\r\n\r\nHmmn… good calls maybe!</li>\r\n</ul>\r\n<ul>\r\n 	<li>USD (FOMC Meeting Minutes, PMi data, ADP and NFP):Indecision… indecision.Personally in my opinion it’s obvious that the FED cannot agree on peripheral policy moving forward.\r\n\r\nBalance sheet tapering is the new buzz phrase now.\r\n\r\nFrankly, I believe the FED are going to continue moving forward relentlessly in their normalization policy to ensure that they have tools in the box to use as we head into another global worldwide recession. With this move in play who gives a f**k about Balance Sheet tapering.\r\n\r\nThe TRUMP administration has been bogged down by a dysfunctional party line divided Washington D.C. not helped by the fact that TRUMP himself continues to score own goals with his twitter feed in the name of keeping his core support informed.\r\n\r\nThe “ART OF THE DEAL” has been beaten by career politicians who couldn’t give a shit. The draining of the swamp was not as straightforward as he thought and he has been largely ineffective. The Washington machine has won but at what cost?\r\n\r\nPMi data was good last week with consensus levels being beaten with both Manufacturing (57.8) and Non-Manufacturing (57.4) data. This shows life in the economy. However, Autos, Housing, Retail Sales and Confidence drives the “Ultimate Consumer society” and these are very mixed to say the least.\r\n\r\nADP employment was a miss 158k versus 185k expected.\r\n\r\nNFP data was 222k versus 179k expected, once again the ADP and NFP numbers show no consistency and leading up to NFP U.S. data was NOT supportive of a beat! It was the average Hourly Rate that caused concern for the markets as the data was released. It remained at a constant 0.2%, the markets were expecting growth to 0.3%.\r\n\r\nThe market reaction was in my own opinion very minimal to the data. Without doubt the “hourlies” stunted the market reaction.\r\n\r\nI find it very hard with U.S. labour statistics as they are always being revised. They should buy a computer like mine and get a guy in from “O and M” to sort out a reporting system that works properly the first time. It is just a bloody nonsense that these numbers are never accurate. Here’s an idea… report the data in week two of the month rather than week one!! Try to give yourselves some credibility.</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>BREXIT:The negotiations have started in Brussels. Nothing much at all is being leaked. This surprises me, or maybe they are still agreeing on what pens to use on what size of paper?</li>\r\n 	<li>BOJ (Kuroda and Central Bank comments on Bond Purchases):Bucking the trend of other high profile Central Bank governors, the BOJ re-asserted its commitment at all costs to continue with its BOND purchasing program. The BOJ remains DOVISH.</li>\r\n 	<li>OIL:The helter-skelter price action continues. First bearish, then bullish and into the close of last week reversing the bullish move to move bearish once again.All this with a backdrop of conflict, mis-trust and tension in the middle east.\r\nSaudi Arabia – Qatar, Saudi Arabia – Iran, Saudi Arabia – Yemen and Egypt – Libya.\r\n\r\nEven myself; the most bearish OIL person on the planet, because of simple supply and demand economic theory, would concede that maybe a spike higher given the tension could be argued in favour of price action towards $55-$60 a barrel.\r\n\r\nWhat a strange world we live in.</li>\r\n</ul>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nThere is a summer break with my LIVE WEBINARS they will return in the fall / autumn.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-09072017.png\"><img class=\"aligncenter size-large wp-image-9665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-09072017-1024x998.png\" alt=\"\" width=\"1024\" height=\"998\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>BOC: This is the pick of the week for me based upon the recent hawkish sentiment change from Stephen Poloz (Governor BOC).The big question is of course, is he ready to sanction a rate increase this week?Analysts believe so, and a 0.25% increase to 0.75% has been predicted.\r\n\r\nCan you imagine what would happen to the CAD pairs should he not raise rates? Since his deputy announced a couple of weeks ago that the dovish approach could be ending, the USD/CAD has fallen from 1.3600 to sub 1.3000.\r\n\r\nIf the rate hike happens, is there more left to fall? Dead right there is; I think that 1.2760 is an obvious target.\r\n\r\nHowever, should he not hike now, what would happen?\r\n\r\nIn my opinion I think we could see a fast retrace to around 1.3250, but this could be tempered by the accompanying commentary and again with the press conference 75 minutes later.\r\n\r\nI think that the ramifications of not raising rates would be incredible and although I am not positioned short USD/CAD etc. at the moment, I hope to have positions in profit with stop losses at break-even just in case… you just never know.\r\n\r\nMany Central Bank governors appear to suffer from “premature verbage”. It is quite a targeted disease.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>JANET YELLEN – Semi-annual Monetary Policy Report:I hate writing this but we are back on a “will she / won’t she” raise rates again this year news cycle.Just a word of caution her prepared speech is released to the markets 90 minutes prior to her taking her seat to deliver it and then ask questions.</li>\r\n 	<li>USD (Producer and Consumer prices / Retail Sales):Thursday’s and Friday’s data will be interesting to follow.These will be crucial to the markets re the hike or no further hike scenarios, however I feel the FED is raising regardless one more time this year, probably in December.\r\n\r\nTime will tell.</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-09072017.png\"><img class=\"aligncenter size-large wp-image-9666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-09072017-1024x855.png\" alt=\"\" width=\"1024\" height=\"855\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-09072017.png\"><img class=\"aligncenter size-large wp-image-9675\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-09072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-09072017.png\"><img class=\"aligncenter size-large wp-image-9676\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-09072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-09072017.png\"><img class=\"aligncenter size-large wp-image-9674\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-09072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-09072017.png\"><img class=\"aligncenter size-large wp-image-9677\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-09072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-09072017.png\"><img class=\"aligncenter size-large wp-image-9678\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-09072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-09072017.png\"><img class=\"aligncenter size-large wp-image-9679\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-09072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-09072017.png\"><img class=\"aligncenter size-large wp-image-9680\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-09072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 50% of my target for this time of the year. I had a poor start to the year and I am now following a vacation and house move in recovery mode.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, login at my website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +675 pips\r\nYEAR TO DATE:      +3,080 pips\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$500.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nWe added 675 pips to the PREMIUM SERVICE annual total last week, plus counting the week before almost 1,000 pips in two weeks. I am happy with this.\r\n\r\nLast week, being FOMC Minutes and U.S. jobs data week, I closed out of many positions early to bank $$$ as you just never know what reaction to the news the markets will give you plus NFP for me is most of the time a bit of a lottery and from a conservative trading point of view it’s better to bank pips and $$$ rather than gamble positions away.\r\nThus, I will now be adding back positions over the next few days on pullbacks. I see many pairs such as EUR pairs a buy on dips scenario (EUR/CAD excepted) and I do want to sell into strength with the AUD/USD and NZD/USD once again.\r\n\r\nAs usual the issue with these trades is being patient, waiting for prices to come to come to you. This is the art of trading for the long haul not to get caught up in the emotion of moves that you are not participating in.\r\n\r\nIn addition, I am looking at the emerging market pairs once again; USD/MXN, USD/TRY and USD/ZAR. In my eyes these represent good value from a risk/reward perspective.\r\n\r\n&nbsp;\r\n\r\n<u>TRADE ENVIRONMENT:</u>\r\n\r\nI think that Janet Yellen’s testimony this week, will set the tone moving forward.\r\n\r\nIf she turns dovish again or in any way looks hesitant to keep raising rates the USD will get hammered. She holds the short / medium term keys to momentum over the summer in my opinion.\r\n\r\nAs you know, my views are that the FED will raise rates in line with “the dots” and regardless of economic data which they will pass off as “transitory” as their goal appears to be normalization as soon as possible.\r\n\r\n<u>\r\nCORE TRADES:</u>\r\n\r\nI need to start again after last week’s closeouts.\r\n\r\n&nbsp;\r\n\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/IVE-TRADES-09072017.png\"><img class=\"aligncenter size-large wp-image-9667\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/IVE-TRADES-09072017-963x1024.png\" alt=\"\" width=\"963\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-ORDERS-09072017.png\"><img class=\"aligncenter size-large wp-image-9668\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-ORDERS-09072017-818x1024.png\" alt=\"\" width=\"818\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nARE WE APPROACHING THE TIPPING POINT?</strong>\r\n\r\nSince returning from vacation in New Zealand and Australia, my SOAPBOX titles have been: -\r\n\r\nARE THE GAME KEEPERS NOW POACHERS?\r\nGBP – IS IT A LONG OR SHORT TRADE?\r\nIS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?\r\n\r\nAll three items have generated a lot of likes and a few comments as usual, most nice but a few not so nice.\r\n\r\nNow; either I have lost the plot, which could be the case, or economically things are really motoring along and policies are changing so fast that unease is being created in the marketplace?\r\n\r\nAlmost as soon as I wrote about “The Divergence trade” Draghi, Poloz and Carney all came out HAWKISH.\r\n\r\nI analyzed the cable and its cross-rates and within a week or so we have Carney “flip-flop”.\r\n\r\nFinally, the Central banks except BOC, walked back hawkish comments in the aftermath of the reaction to the change in sentiment. This shows to me the dilemma the central banks are in on the basis that they want to alert the markets of potential policy changes in the pipeline, but do not want the currency fluctuations that go with any announcement, which I can understand.\r\n\r\nNow I am not raising the issue that as soon as I write in the DRIVE THRU the market sentiment reverses because I have raised an issue. I am writing stating that as a FUNDAMENTAL trader the fundamentals that I am working with are now changing, and that, I believe we are approaching the TIPPING POINT for sentiment / momentum / central bank policy and reactions to economic data shifting. These items alone won’t bring us over the edge but in conjunction with a major geopolitical event… dare I even say it BLACK SWAN event.\r\n\r\nJust based on recent factors we have noticed attitudes and reactions are changing. In the past, we would have seen big moves on geopolitical events now the markets are largely muted. This is complacency in my opinion. Trying to place my thoughts logically for this section was a bit challenging, I hope you can follow without too many re-reads.\r\n\r\nLet me elaborate a bit, bear with me: -\r\n\r\nThere are many examples of this primarily with the BOE through the “flip flopper” and the ECB through Mario Draghi and his hangers on (Wiedmann and Nowotny) over a potential taper tantrum and interest rate policy in the medium–term amongst other issues.\r\n\r\nHowever, I prefer to use Janet Yellen and the FED/FOMC as my example, otherwise I will have pages and pages of stuff.\r\n\r\nGo back in time to Ben Bernanke, then add on Yellen’s tenure up to the TRUMP presidential victory in 2016. I think that it would be safe to say that the FED telegraphed every move to the markets… absolutely no surprises. Every piece of data was analyzed and reviewed over and over vis-à-vis context and the impact on the market was scrutinized left, right and centre.\r\n\r\nWith Janet Yellen this policy of total transparency continued up to the FED press conference in December 2016.\r\n\r\nBased upon the backdrop of a Pseudo republican victory via “THE DONALD” it all changed.\r\n\r\nThe markets got bulled up about tax cuts, infrastructure spending, less controls on medical costs as it was a policy to repeal Obamacare (The Affordable Care Act). Regulation on Wall Street would be reduced and monies owned by multi-national US companies lodged outside of the US would be repatriated back under a tax incentive scheme. Companies would be encouraged through lower taxation to retain a U.S. presence instead of moving outside of the U.S. because of high local taxes and cheaper labour costs elsewhere.\r\n\r\nI think that I am correct in saying 6 months in and “THE DONALD” has achieved zero on that list.\r\n\r\nHowever, was the FED also bulled up and wanting to get ahead of the curve that it had been so many times criticized of being behind on?\r\n\r\nWithout doubt this year with a backdrop of very mixed, sometimes poor U.S. economic data the FED has marched on with rate increases regardless.\r\n\r\nIt is out of character for Janet Yellen, who frankly sounds DOVISH even when she is delivering HAWKISH sentiment.\r\n\r\nHas this complete change of policy by the FED lit a fire under other central banks?\r\n\r\nI think that The FED’s outright disregard for data dependency of late has created a sea change. However, notably, the BOJ under Kuroda has signaled that the support to the market through bond purchasing will continue. The backdrop to this very recent BOJ announcement was that Kuroda has no fresh ideas and should be replaced. The RBA under relatively new governor, Philip Lowe left policy neutral last week when many were calling for a more hawkish tone.\r\n\r\nIs it now a case of, the FED is changing policy regardless of data so we should all change?\r\n\r\nI would have thought most central banks could get away with a lag in timing hence my piece about CENTRAL BANK DIVERGENCE four weeks ago. After all the divergence for as long as possible should help home exporters and dis-advantage the U.S. exporters at the same time. A little bit of that can’t be bad… I would have thought.\r\n\r\nLooking at the macro level it looks like a sea change is in effect and we are about to change fundamentally.\r\n\r\nWhilst I talk in the present… the now; do not forget we are still dealing with culture and a central bank’s monetary policies are slow to turn around, we are in 2017 there will be communications and a gentle feed into any changes. The wham-bam-thank-you-mam approach of especially Mario Draghi will be re-thought and a more leisurely delivery in bite sized chunks will be adopted, I am certain of this.\r\n\r\nSo; how does it translate into forex trading?\r\n\r\nFX is noted as being a future pricing instrument. As we know, the markets react, then re-think and correct if required.\r\n\r\nThe FED with its present approach in normal circumstances from my perspective tell you that the USD will strengthen and challenge 100.00 once again with US $ index (DXY). In fact, the USD cannot get out of its own way… why?\r\n\r\nThe single currency was hit so hard but is so resilient it never hit parity, never mind sub parity as some banks were calling. Economically the EUROZONE was so poor (it still is in some countries) it was beaten up so bad, it has the greatest opportunity given the TRUMP administration ineffectiveness to bounce back. In 2017, the markets decided that at some stage the ECB will turn hawkish so the single currency has been generally supported at the expense of the DXY moving back to 100.00 once again.\r\n\r\nThe result of all this putting the shenanigans to one side is wide trading ranges. If you look across most currency pairs especially with the USD majors we are in trading ranges: -\r\n\r\nEUR/USD: 1.1200 – 1.1450\r\nGBP/USD: 1.2600 – 1.3050\r\nAUD/USD: 0.7300 – 0.7750\r\nNZD/USD: 0.6820 - 0.7350\r\nUSD/CHF: 0.9550 – 1.0150\r\nUSD/JPY: 108.00 – 114.50\r\n\r\nThese ranges can be described as large ranges but you can also mark off mini-ranges within these levels that contain the price action. I know, we are in the summer doldrums of trading and ranges within ranges are commonplace. I agree with this but there’s more going on in the peripheral and reactions to potential disturbing geopolitical events are muted to say the least.\r\n\r\nTherefore, what I see is that the TIPPING POINT will be a bit of a domino event triggered by a geopolitical event, the bigger than normal central bank policy decision, or, a governmental policy decision that shakes the market so much that even these broad trading ranges noted above are broken with the result being a major shift in policy both for governments and central banks. This creates a market panic.\r\n\r\nSo let me drill this thought down a little more. Triggers starting this domino effect could be such as the following: -\r\n\r\nNORTH KOREA nuclear flexing.\r\nMIDDLE EASTERN tensions over spilling into OIL supplies grinding to a halt.\r\nA NEW WORLD ECONOMIC SLOWDOWN leading to recession.\r\n\r\nI am sure you can think of a few more items for the list, but I hope you get my point. There is so much uncertainty and lack of clarity dotted about, I believe we are prime for a big move.\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #140 PREMIUM SERVICE SUBSCRIBERS VERSION\r\nDATE: 9th July 2017','ARE WE APPROACHING THE TIPPING POINT?','','inherit','closed','closed','','9681-revision-v1','','','2017-07-08 11:28:10','2017-07-08 16:28:10','',9681,'https://weeklyfxdrivethru.com/9681-revision-v1/',0,'revision','',0),(9142,1,'2017-02-25 06:00:52','2017-02-25 11:00:52','','ECON DATA 26022017','','inherit','open','closed','','econ-data-26022017','','','2017-02-25 07:32:33','2017-02-25 12:32:33','',9161,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png',0,'attachment','image/png',0),(9143,1,'2017-02-25 06:01:19','2017-02-25 11:01:19','','T CHART 26022017','','inherit','open','closed','','t-chart-26022017','','','2017-02-25 07:33:04','2017-02-25 12:33:04','',9161,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png',0,'attachment','image/png',0),(9156,1,'2017-02-25 06:06:41','2017-02-25 11:06:41','','GBPUSD D 26022017','','inherit','open','closed','','gbpusd-d-26022017','','','2017-02-25 07:42:44','2017-02-25 12:42:44','',9161,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017.png',0,'attachment','image/png',0),(9154,1,'2017-02-25 06:06:01','2017-02-25 11:06:01','','AUDUSD D 26022017','','inherit','open','closed','','audusd-d-26022017','','','2017-02-25 07:43:01','2017-02-25 12:43:01','',9161,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017.png',0,'attachment','image/png',0),(9155,1,'2017-02-25 06:06:21','2017-02-25 11:06:21','','EURUSD D 26022017','','inherit','open','closed','','eurusd-d-26022017','','','2017-02-25 07:42:22','2017-02-25 12:42:22','',9161,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017.png',0,'attachment','image/png',0),(9157,1,'2017-02-25 06:07:02','2017-02-25 11:07:02','','NZDUSD D 26022017','','inherit','open','closed','','nzdusd-d-26022017','','','2017-02-25 07:43:25','2017-02-25 12:43:25','',9161,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017.png',0,'attachment','image/png',0),(9158,1,'2017-02-25 06:07:23','2017-02-25 11:07:23','','USDCAD D 26022017','','inherit','open','closed','','usdcad-d-26022017','','','2017-02-25 07:43:42','2017-02-25 12:43:42','',9161,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017.png',0,'attachment','image/png',0),(9159,1,'2017-02-25 06:07:44','2017-02-25 11:07:44','','USDCHF D 26022017','','inherit','open','closed','','usdchf-d-26022017','','','2017-02-25 07:43:58','2017-02-25 12:43:58','',9161,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017.png',0,'attachment','image/png',0),(9160,1,'2017-02-25 06:08:05','2017-02-25 11:08:05','','USDJPY D 26022017','','inherit','open','closed','','usdjpy-d-26022017','','','2017-02-25 07:44:16','2017-02-25 12:44:16','',9161,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017.png',0,'attachment','image/png',0),(9161,1,'2017-02-25 07:38:12','2017-02-25 12:38:12','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.Dare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.I am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.A cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.What can I say?It should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nThe charts below contain commentary (my views and thoughts). The charts shown are the USD majors that are reflected above in my excel spread sheet.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9155\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9156\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9154\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9157\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9158\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9159\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9160\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> THE PREMIUM SERVICE:</strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>3. PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe pip loss has now been erased, which is good news.\r\n\r\nI am still bearish EUROZONE, even more so than last week and adding the BREXIT nonsense you just could not make this stuff up. They are separate issues but linked. The EUROZONE / EUROPEAN UNION headwinds are growing much stronger and the uncertainties just gather influence and increasing commentary. Whilst the EU has shown resilience in the past to absorb all sorts of political or economic crisis’s, we are now coupled, some may say plagued, with not just new issues but the old issues are back because they were never fixed first time around. With GREECE never fixed, first, second, third or fourth times!\r\n\r\nI am looking at EUR/CAD, GBP/CAD as potential cross rate trades. I tweeted charts of these currencies last week based upon trend line tests. I just cannot get a clear handle on the CAD. The BOC meets on Wednesday and statement is due. Hopefully, this will help.\r\n\r\nI have added a EUR/GBP and NZD/CAD limit orders already. Both small sized in view of uncertainties overhead.\r\n\r\nThe AUD/NZD is consolidating above 1.0660 even after bad AUD CapEx data. This bodes well for a move higher and I feel that the 61.8% retracement of 1.0900 could be where we go. My thoughts last year of 1.1600 and above have been revised. I just cannot see these levels this year given the RBNZ commentary.\r\n\r\nCommodity pairs, AUD/USD, NZD/USD and USD/CAD, I have held back on for the time being I am waiting on “THE DONALD’S” plans and facts.\r\n\r\nOverall, trading is boring at the moment; there is a lot of huff ‘n puff but not much else. We are in most cases as you can see from the charts posted in this blog in sideways trading inside ranges.\r\n\r\nFor Q2 I am looking to have core positions established and well in place for EUR, GBP, CHF and JPY pairs. As stated earlier it may take the FED March meeting to place the pegs in the ground.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are still to a large extent volatile.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair ion my opinion and I believe its move is much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.However, given the rhetoric this week, I see lower first and a messy BREXIT. The upside reversal should be spectacular but like everything else we need the uncertainty of the downside move washed through before that can be looked at. I still see a sub 1.1900 trade and a possible lunge lower sub 1.1500 before it’s all said and done.Very few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.In addition, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017.png\"><img class=\"aligncenter size-large wp-image-9152\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017-796x1024.png\" alt=\"\" width=\"796\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017.png\"><img class=\"aligncenter size-large wp-image-9151\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017-734x1024.png\" alt=\"\" width=\"734\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #129 PREMIUM SERVICE\r\nDATE: 26th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','HOW I AM ADAPTING MY TRADING IN “LA LA LAND”','','publish','open','closed','','adapting-trading-la-la-land','','','2017-02-25 07:45:02','2017-02-25 12:45:02','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9161',0,'member_posts','',0),(9162,1,'2017-02-25 07:38:12','2017-02-25 12:38:12','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.\r\n\r\nDare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.\r\n\r\nI am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.\r\n\r\nA cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.\r\n\r\nWhat can I say?\r\n\r\nIt should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n<strong> THE PREMIUM SERVICE:</strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>3. PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe pip loss has now been erased, which is good news.\r\n\r\nI am still bearish EUROZONE, even more so than last week and adding the BREXIT nonsense you just could not make this stuff up. They are separate issues but linked. The EUROZONE / EUROPEAN UNION headwinds are growing much stronger and the uncertainties just gather influence and increasing commentary. Whilst the EU has shown resilience in the past to absorb all sorts of political or economic crisis’s, we are now coupled, some may say plagued, with not just new issues but the old issues are back because they were never fixed first time around. With GREECE never fixed, first, second, third or fourth times!\r\n\r\nI am looking at EUR/CAD, GBP/CAD as potential cross rate trades. I tweeted charts of these currencies last week based upon trend line tests. I just cannot get a clear handle on the CAD. The BOC meets on Wednesday and statement is due. Hopefully, this will help.\r\n\r\nI have added a EUR/GBP and NZD/CAD limit orders already. Both small sized in view of uncertainties overhead.\r\n\r\nThe AUD/NZD is consolidating above 1.0660 even after bad AUD CapEx data. This bodes well for a move higher and I feel that the 61.8% retracement of 1.0900 could be where we go. My thoughts last year of 1.1600 and above have been revised. I just cannot see these levels this year given the RBNZ commentary.\r\n\r\nCommodity pairs, AUD/USD, NZD/USD and USD/CAD, I have held back on for the time being I am waiting on “THE DONALD’S” plans and facts.\r\n\r\nOverall, trading is boring at the moment; there is a lot of huff ‘n puff but not much else. We are in most cases as you can see from the charts posted in this blog in sideways trading inside ranges.\r\n\r\nFor Q2 I am looking to have core positions established and well in place for EUR, GBP, CHF and JPY pairs. As stated earlier it may take the FED March meeting to place the pegs in the ground.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are still to a large extent volatile.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.\r\n\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair ion my opinion and I believe its move is much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.\r\n\r\nHowever, given the rhetoric this week, I see lower first and a messy BREXIT. The upside reversal should be spectacular but like everything else we need the uncertainty of the downside move washed through before that can be looked at. I still see a sub 1.1900 trade and a possible lunge lower sub 1.1500 before it’s all said and done.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.\r\n\r\nIn addition, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017.png\"><img class=\"aligncenter size-large wp-image-9152\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017-796x1024.png\" alt=\"\" width=\"796\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017.png\"><img class=\"aligncenter size-large wp-image-9151\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017-734x1024.png\" alt=\"\" width=\"734\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #129 PREMIUM SERVICE\r\nDATE: 26th February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;','HOW I AM ADAPTING MY TRADING IN “LA LA LAND”','','inherit','closed','closed','','9161-revision-v1','','','2017-02-25 07:38:12','2017-02-25 12:38:12','',9161,'https://weeklyfxdrivethru.com/9161-revision-v1/',0,'revision','',0),(9163,1,'2017-02-25 07:41:52','2017-02-25 12:41:52','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.Dare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.I am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.\r\n\r\nA cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.What can I say?\r\n\r\nIt should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nThe charts below contain commentary (my views and thoughts). The charts shown are the USD majors that are reflected above in my excel spread sheet.\r\n\r\n&nbsp;\r\n\r\n<strong> THE PREMIUM SERVICE:</strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>3. PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe pip loss has now been erased, which is good news.\r\n\r\nI am still bearish EUROZONE, even more so than last week and adding the BREXIT nonsense you just could not make this stuff up. They are separate issues but linked. The EUROZONE / EUROPEAN UNION headwinds are growing much stronger and the uncertainties just gather influence and increasing commentary. Whilst the EU has shown resilience in the past to absorb all sorts of political or economic crisis’s, we are now coupled, some may say plagued, with not just new issues but the old issues are back because they were never fixed first time around. With GREECE never fixed, first, second, third or fourth times!\r\n\r\nI am looking at EUR/CAD, GBP/CAD as potential cross rate trades. I tweeted charts of these currencies last week based upon trend line tests. I just cannot get a clear handle on the CAD. The BOC meets on Wednesday and statement is due. Hopefully, this will help.\r\n\r\nI have added a EUR/GBP and NZD/CAD limit orders already. Both small sized in view of uncertainties overhead.\r\n\r\nThe AUD/NZD is consolidating above 1.0660 even after bad AUD CapEx data. This bodes well for a move higher and I feel that the 61.8% retracement of 1.0900 could be where we go. My thoughts last year of 1.1600 and above have been revised. I just cannot see these levels this year given the RBNZ commentary.\r\n\r\nCommodity pairs, AUD/USD, NZD/USD and USD/CAD, I have held back on for the time being I am waiting on “THE DONALD’S” plans and facts.\r\n\r\nOverall, trading is boring at the moment; there is a lot of huff ‘n puff but not much else. We are in most cases as you can see from the charts posted in this blog in sideways trading inside ranges.\r\n\r\nFor Q2 I am looking to have core positions established and well in place for EUR, GBP, CHF and JPY pairs. As stated earlier it may take the FED March meeting to place the pegs in the ground.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are still to a large extent volatile.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair ion my opinion and I believe its move is much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.However, given the rhetoric this week, I see lower first and a messy BREXIT. The upside reversal should be spectacular but like everything else we need the uncertainty of the downside move washed through before that can be looked at. I still see a sub 1.1900 trade and a possible lunge lower sub 1.1500 before it’s all said and done.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.In addition, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017.png\"><img class=\"aligncenter size-large wp-image-9152\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017-796x1024.png\" alt=\"\" width=\"796\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017.png\"><img class=\"aligncenter size-large wp-image-9151\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017-734x1024.png\" alt=\"\" width=\"734\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #129 PREMIUM SERVICE\r\nDATE: 26th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','HOW I AM ADAPTING MY TRADING IN “LA LA LAND”','','inherit','closed','closed','','9161-revision-v1','','','2017-02-25 07:41:52','2017-02-25 12:41:52','',9161,'https://weeklyfxdrivethru.com/9161-revision-v1/',0,'revision','',0),(9164,1,'2017-02-25 07:45:02','2017-02-25 12:45:02','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, <strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.Dare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.I am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.A cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.What can I say?It should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nThe charts below contain commentary (my views and thoughts). The charts shown are the USD majors that are reflected above in my excel spread sheet.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9155\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9156\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9154\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9157\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9158\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9159\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9160\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> THE PREMIUM SERVICE:</strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>3. PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe pip loss has now been erased, which is good news.\r\n\r\nI am still bearish EUROZONE, even more so than last week and adding the BREXIT nonsense you just could not make this stuff up. They are separate issues but linked. The EUROZONE / EUROPEAN UNION headwinds are growing much stronger and the uncertainties just gather influence and increasing commentary. Whilst the EU has shown resilience in the past to absorb all sorts of political or economic crisis’s, we are now coupled, some may say plagued, with not just new issues but the old issues are back because they were never fixed first time around. With GREECE never fixed, first, second, third or fourth times!\r\n\r\nI am looking at EUR/CAD, GBP/CAD as potential cross rate trades. I tweeted charts of these currencies last week based upon trend line tests. I just cannot get a clear handle on the CAD. The BOC meets on Wednesday and statement is due. Hopefully, this will help.\r\n\r\nI have added a EUR/GBP and NZD/CAD limit orders already. Both small sized in view of uncertainties overhead.\r\n\r\nThe AUD/NZD is consolidating above 1.0660 even after bad AUD CapEx data. This bodes well for a move higher and I feel that the 61.8% retracement of 1.0900 could be where we go. My thoughts last year of 1.1600 and above have been revised. I just cannot see these levels this year given the RBNZ commentary.\r\n\r\nCommodity pairs, AUD/USD, NZD/USD and USD/CAD, I have held back on for the time being I am waiting on “THE DONALD’S” plans and facts.\r\n\r\nOverall, trading is boring at the moment; there is a lot of huff ‘n puff but not much else. We are in most cases as you can see from the charts posted in this blog in sideways trading inside ranges.\r\n\r\nFor Q2 I am looking to have core positions established and well in place for EUR, GBP, CHF and JPY pairs. As stated earlier it may take the FED March meeting to place the pegs in the ground.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are still to a large extent volatile.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair ion my opinion and I believe its move is much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.However, given the rhetoric this week, I see lower first and a messy BREXIT. The upside reversal should be spectacular but like everything else we need the uncertainty of the downside move washed through before that can be looked at. I still see a sub 1.1900 trade and a possible lunge lower sub 1.1500 before it’s all said and done.Very few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.In addition, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017.png\"><img class=\"aligncenter size-large wp-image-9152\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017-796x1024.png\" alt=\"\" width=\"796\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017.png\"><img class=\"aligncenter size-large wp-image-9151\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017-734x1024.png\" alt=\"\" width=\"734\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #129 PREMIUM SERVICE\r\nDATE: 26th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','HOW I AM ADAPTING MY TRADING IN “LA LA LAND”','','inherit','closed','closed','','9161-revision-v1','','','2017-02-25 07:45:02','2017-02-25 12:45:02','',9161,'https://weeklyfxdrivethru.com/9161-revision-v1/',0,'revision','',0),