<p style="text-align: center;"><strong>THE PREMIUM SERVICE</strong>
<strong>from the</strong>
<strong>WEEKLY FX DRIVE THRU</strong>
<strong>“The Home of Single Lot Trading”</strong></p>
<strong> </strong>
<ol>
	<li><strong> THE VIEW FROM MY TRADE DESK:</strong></li>
</ol>
LOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:

1.1: LOOKING BACKWARDS:

Well that was a week as far as I am concerned, when the introduction of monetary policy divergence via the world’s major central banks was 95% confirmed. As I wrote last week, the NFP numbers released yesterday had to be an absolute disaster for the FED not to raise interest rates at next months FOMC meeting in December.

The numbers were a blowout: -

<strong>271,000 jobs versus consensus of 181,000</strong>
<strong>Previous month revised up by 12,000.</strong>

<strong>Unemployment Rate at 5% unchanged</strong>

<strong>Average Hourly Earnings 0.4% consensus 0.2%</strong>

As a result, my divergent trading plan is now in full swing. I have added lots of potential trade set-ups for my subscribers into the Premium Service section of the blog and there are more set-ups to post early next week.

The USD is in HUGE breakout territory…see the chart below. In my opinion it is now time to buy the USD on dips.

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/DXY-07112015.png"><img class="aligncenter size-large wp-image-6753" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/DXY-07112015-1024x535.png" alt="DXY 07112015" width="1024" height="535" /></a>

As you can see in the weekly DXY (USD index) chart above the move higher in the USD was pretty spectacular and later in this blog if you compare chart movements on a weekly basis with the USD major pairs you will see there were moves of 250-300 pips and greater almost across the board. By any stretch of the imagination there is USD power back in the system, there are buyers of the greenback all over the place.

Be aware though, we should see a period of consolidation as these powerful moves are absorbed and overbought / oversold conditions are worked off. I strongly suggest that you do not do an impression of my male Labrador “Ozzy” who, always jumps in feet first creating an explosion of chaos and disorder. Try to plan your moves, you should have the time. The initial set ups I will be suggesting have very ambitious entry levels. They may require a little bit of tinkering, and whilst I do not mind giving away 20-30 pips on an entry given the circumstances, a 70-90-pip giveaway is in my opinion not that clever. I will be taking my female Labradors approach, “Aoife” who is far more cautious and in comparison to her brother “Ozzy” and does not dive in head first like a bull in a china shop.

Just look at the charts, so many of the USD majors hit extreme Fibonacci levels and should pullback to re-test breakouts and work off these extreme conditions. But this does not mean that it will happen.

Ahead of the Fed I traded really light. I decided not to go full out with the AUD and NZD news. I just let the existing trades do their stuff and I banked $$$ when I could and closed out many trades just after the BOE “Super Thursday” and ahead of the NFP release. I kept my longer-term trades open into NFP, but decided to take profits on the EUR/USD, USD/CHF and GBP/NZD trades after the news event. Subsequently, I have re-entered these pairs on pullbacks or set up limit orders.

I have written on many occasions that patience is a virtue with trading. It was very, very hard to keep my hands off the keyboard at times last week, in hindsight, which of course is just a wonderful thing, I probably could have traded a bit more but staying low is a really good discipline at times.

To recap, everything now as far as I am concerned is based around solid chart analysis moving forward. The great news is, even if you are bit hit and miss, we are directionally set up, and as such, with entry levels, whilst we always strive to have them a perfect as possible (which is a great discipline), you will not need to be spot on, even those of you who are not 100% confident can be 20-30 pips out on entries in my opinion, as directional moves are about to set in and there should be hundreds, if not thousands of pips available for us to trade with.

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1.2: LOOKING FORWARD:

MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:

(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href="http://www.forexfactory.com">www.forexfactory.com</a> and <a href="http://www.tradingeconomics.com">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).
SUNDAY: N/A.

MONDAY: AUD – NAB Business Confidence.
MONDAY: CNY - CPi.

TUESDAY: GBP – Inflation Report Hearings.
TUESDAY: NZD – RBNZ financial Stability Report.

WEDNESDAY: GBP – Jobs Data &amp; words of wisdom from Mark Carney (BOE).
WEDNESDAY: AUD – Jobs Data.

THURSDAY: N/A.

FRIDAY: EUR – German GDP.
FRIDAY: USD – Core Retail Sales and PPi plus UOM Consumer Sentiment.

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MY THOUGHTS ON THE NEWS ITEMS THIS COMING WEEK:

In comparison to the last two weeks, this coming week is a great deal lighter on economic news data releases.

The one item that is not listed above will be all the “FED speak” and the appearance of “EUR numpties” that will emerge from under rocks being dragged onto our TV screens to give as much conflicting news as possible to ensure that they get their 30 second sound-bytes.

We have to be aware of this fact, but remember only Janet Yellen’s comments count in the U.S. and Mario Draghi’s in the Eurozone.

The likes of CNBC and BLOOMBERG will be looking at the potential targets of USD strength to make as much noise as possible about the pitfalls of a rate hike by the FED. It is not about reporting news nowadays; it’s about trying to make news. The FED sets out monetary policy; it is NOT set by analysis on CNBC or BLOOMBERG. Ben Bernanke announced the change in FED policy last year when tapering completed, we are now at step 2, moving forward with interest rate normalization.

Therefore, I see commentary and equities driving the Forex Markets this week more than the economic data releases and we should bear in mind that because we are light on USD data in particular, there really is nothing much that could stop the USD from strengthening further.

Having just written that please note my thoughts on jumping in too fast as we should in my opinion, see a period of consolidation. Lots of the USD major pairs hit extreme levels that need to be worked off. However, there are no guarantees that the USD will stop when the Asian markets open, it may need Asian traders to flush out their trades after NFP first. The USD should confirm the big move, at this stage these will be the best prices to enter with your trades, the issue is always nobody tells you.

Therefore, we have to be both patient and ready at the same time!

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MY KEY SUPPORT &amp; RESISTANCE LEVELS THIS WEEK FOR USD MAJORS<strong>:</strong>

In this section I have as usual kept my charts as minimalist as possible. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease.

All of my thoughts, ideas and relevant comments are contained on the charts.

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EUR/USD - Weekly Closing Price: 1.0745

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/EURUSD-W-07112015.png"><img class="aligncenter size-large wp-image-6755" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/EURUSD-W-07112015-1024x514.png" alt="EURUSD W 07112015" width="1024" height="514" /></a>

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GBP/USD - Weekly Closing Price: 1.5050

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/GBPUSD-W-07112015.png"><img class="aligncenter size-large wp-image-6756" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/GBPUSD-W-07112015-1024x514.png" alt="GBPUSD W 07112015" width="1024" height="514" /></a>

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AUD/USD - Weekly Closing Price: 0.7048

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/AUDUSD-D-07112015.png"><img class="aligncenter size-large wp-image-6754" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/AUDUSD-D-07112015-1024x514.png" alt="AUDUSD D 07112015" width="1024" height="514" /></a>

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NZD/USD - Weekly Closing Price: 0.6523

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/NZDUSD-D-07112015.png"><img class="aligncenter size-large wp-image-6757" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/NZDUSD-D-07112015-1024x514.png" alt="NZDUSD D 07112015" width="1024" height="514" /></a>

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USD/CAD - Weekly Closing Price: 1.3296

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/USDCAD-D-07112015.png"><img class="aligncenter size-large wp-image-6758" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/USDCAD-D-07112015-1024x514.png" alt="USDCAD D 07112015" width="1024" height="514" /></a>

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USD/CHF - Weekly Closing Price: 1.0059

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/USDCHF-W-07112015.png"><img class="aligncenter size-large wp-image-6759" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/USDCHF-W-07112015-1024x514.png" alt="USDCHF W 07112015" width="1024" height="514" /></a>

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USD/JPY - Weekly Closing Price: 123.19

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/USDJPY-W-07112015.png"><img class="aligncenter size-large wp-image-6760" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/USDJPY-W-07112015-1024x514.png" alt="USDJPY W 07112015" width="1024" height="514" /></a>

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1.3: LOOKING SIDEWAYS (FOR GOOD MEASURE):

Over the past week, I received a couple of communications from subscribers based around trade flexibility, basically stop loss placement.

I sometimes feel that I have been saying this most of 2015, however more notably just before the summer and again in September when the FOMC missed opportunities to hike interest rates, I have been advising traders to trade smaller position sizes with wider stops.

The main reason for this was to give us as traders a greater opportunity to stay alive with trades rather than being stopped out in choppy market conditions. The uncertainty in the Forex markets driven in part, or maybe in whole, by Janet Yellen dithering made it at times a lottery to trade. Yes, there were opportunities, there always are in hindsight, but at the time FUNDAMENTALS and TECHNICALS counted for nothing as currency pairs were dragged beyond key levels of support and resistance causing numerous false breakouts and false breakdowns.

Many novice traders were lured in, only to be the wrong side of the market and out of cash in loss situations very quickly as the false moves came back into trading ranges.

When setting trades I use Fibonacci levels in conjunction with horizontal support and resistance levels and from these and other charting patterns I select high probability trades. I set my stop losses and limits using the same ideas.

This year has been a different year in the way that I have approached trading compared to 2014. In fact it all changed for me after Thomas Jordan (SNB) removed the EUR/CHF peg. The numerous short squeezes’ that followed in the ensuing couple of months from an upset market trying to adjust made me change. I took losses and I had to adjust.

When entering trades I use smaller positions and this allows me greater flexibility. I know at the outset what my RISKS are, based on a full-size position, but I enter on a % of my full-size. This means I can move stop loss positions without fear of breaking my RISK MANAGEMENT levels from within my TRADE PLAN and should the trade turn profitable I can add to the core trade and then adjust my stops either based on the overall trade or treat each trade as an individual trade for RISK MANAGEMENT purposes.

This is a far more adaptable and flexible way to trade. Whilst it involves a little more account management of your trades the benefits more than outweigh the time involved checking and validating the adjustments required.

It involves my key word for 2015… PATIENCE.

<strong> </strong>
<ol start="2">
	<li><strong> WHAT’S ON MY MIND:</strong></li>
</ol>
<p style="text-align: center;"><strong>IS IT JUST ME OR…</strong>
<strong>DOES MARK CARNEY NEVER APPEAR TO GET IT RIGHT?</strong></p>
I know I repeatedly give Mark Carney a hard time, but lets face facts he is a fecking muppet.

He has never delivered on anything since moving from the BOC in 2013, apart from bloody confusion.

If his job specification states he has to mislead markets, he would be earning a performance bonus. The fact is that this is not in his job profile. For over a year he has been bullshi****g markets about the state of the UK economy, which must be a nightmare for UK businesses.

He is just not credible anymore.

I recall in the early summer of 2014, my wife and I were driving to Saratoga Springs for a few days R&amp;R, which coincided with Carney’s speech at the London Lord Mayor’s Mansion House dinner. Carney spoke about the state of the UK economy and talked about UK interest rates rising sooner rather later. Over the days that followed he talked down the comments made in his speech and sure enough UK economic data that followed was mixed and cold water was poured on the possibility of an interest rate increase. Obviously in the interim GBP related currency pairs were on fire.

This year he has on at least two occasions talked up the fact that the UK interest rates will increase. The most notable occasion was in July at Lincoln Cathedral where he made a major monetary policy speech. The markets just reacted as they do on hearing this, only once again to be disappointed when the economic data that followed showed a completely different picture than that spouted by Carney.

In fact at a gathering of central bankers, called BIFFOS (Big Ignorant Feckers Full Of Shite), which I think it was in South America somewhere, Carney even went out in public to say that the UK economy was in great shape and that he would even move rates ahead of the FED. Holy mother of God, in the name of all that is defined as sanity, who, would move ahead of the FED; at the same time maybe, but ahead of the FED?

Mark Carney just cannot be believed; all comments made by him should carry a serious Forex trader warning.

Below is a section from my pre BOE trade ideas/update that I sent to my premium service subscribers on 4<sup>th</sup> November 2015.
<p style="text-align: center;"><span style="color: #0000ff;"><strong><em>THE BANK OF ENGLAND - INFLATION REPORT:</em></strong></span></p>
<p style="text-align: center;"><span style="color: #0000ff;"><em>Tomorrow is a big BOE day. Carney will spin a few yarns no doubt about that but it is the INFLATION REPORT that always turns into the market mover. </em></span></p>
<p style="text-align: center;"><span style="color: #0000ff;"><em>I remember a few years ago when the GBP/USD was just above 2.0000 and the then BOE governor Mervyn King painted the UK economy as it was, he pulled no punches and clearly stated where he thought it was going. The GBP/USD waterfalled lower in dramatic style. </em></span></p>
<p style="text-align: center;"><span style="color: #0000ff;"><em>This is an important data release and should not be underestimated with its impact.</em></span></p>
<p style="text-align: center;"><span style="color: #0000ff;"><em>Given "The Carney" effect I see no reason to expect anything other than a big GBP move.</em></span></p>
When I wrote about the Carney effect, I really did not think he would have provided such a dovish statement, given that the markets were expecting a hawkish view.

The mere fact that Deputy governor Minouche Shafik defended questions stating that the BOE had been wrong-footing investors and households with its various signals on when interest rates may start to rise says it all as far as I am concerned.

All the forward guidance given by Carney has been a joke. Since 2013 after Carneys arrival from the BOC, he initially said that when unemployment reached 7% he would look at raising rates. The jobless number fell quite quickly; he pooped his pants and backtracked. Next it was the Oil price that prevented a rate rise.

Maybe I have him wrong… maybe he is just a ditherer like Janet Yellen?

So, last Thursday what were the key points that he hit the markets with?
<ol>
	<li>The BOE MPC voted 8-1 to keep interest rates unchanged. (Ian McCafferty, the one man standing alone looking for a rate increase)</li>
	<li>He stated that the BOE outlook for global growth has weakened since August. He blamed emerging market economies for that weakness, saying that growth in the emerging market regions had slowed markedly.</li>
	<li>The bank expects inflation to rise above its 2% goal in two years. He went on to say that risks lie to the downside during the two-year period. What that means is that just like his predecessor Mervyn King he has NO control whatsoever over inflation growth and just cannot get the sustained growth required to achieve the 2% objective. Ever since I started trading Forex Merve “the swerve” King, never hit this objective and came up with so many “sick note” equivalents of excuses as to why. History is just repeating itself.</li>
	<li>Rising interest rates are now delayed by 10 or 12 months to the end of 2016.</li>
	<li>Yet, Carney once again stated that the UK economy is robust and resilient.</li>
	<li>The Consumer price inflation index, he predicts will be below 1% possibly into the second half of 2016.</li>
</ol>
Basically, it was a very dovish bulletin.

From a Forex trading perspective at least we know where we stand once and for all. I think that Mark Carney after such a dovish collection of statements affecting the UK economic trading conditions will have to crawl back under a rock for at least six months.

Maybe moving forward, he will think twice before releasing misleading statements, who knows? However I would imagine that any future comments he makes would be well challenged given this remarkable u-turn. As stated earlier running a business in the UK must have been a nightmare in the past couple of years, at least now it looks like an extended dovish period is in play.

In my opinion we should have a clear six to nine months of policy divergence in the UK (BOE v FED) happy days, as far as I am concerned!!

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<strong> </strong>
<ol start="3">
	<li><strong> THE PREMIUM SERVICE:</strong></li>
</ol>
3.1: SUMMARY OF YEAR TO DATE PERFORMANCE - 2015:
<p style="text-align: center;">PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</p>
<p style="text-align: center;">PROFITS FROM TRADE SET-UPS – to November 7th 2015.
(The profit levels below are based on single lot trades only)</p>
<p style="text-align: center;">MICRO LOT TRADER - 589 trades cost to trade = $58.90
<strong>PROFIT</strong> from 589 trades = <strong>$1,071.70</strong></p>
<p style="text-align: center;">MINI LOT TRADER - 589 trades cost to trade = $589.00
<strong>PROFIT</strong> from 589 trades = <strong>$10,717.00</strong></p>
<p style="text-align: center;">STANDARD LOT TRADER - 589 trades cost to trade = $5,890.00
<strong>PROFIT</strong> from 589 trades = <strong>$107,173.00</strong></p>
<p style="text-align: center;"></p>
3.2: PREMIUM SERVICE – TRADE SUMMARIES THIS MONTH:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/RADAR1-07112015.png"><img class="aligncenter size-full wp-image-6745" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/RADAR1-07112015.png" alt="RADAR1 07112015" width="506" height="543" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/RADAR2-07112015.png"><img class="aligncenter size-full wp-image-6746" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/RADAR2-07112015.png" alt="RADAR2 07112015" width="485" height="543" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/FLASH1-07112015.png"><img class="aligncenter size-full wp-image-6747" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/FLASH1-07112015.png" alt="FLASH1 07112015" width="480" height="544" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/FLASH2-07112015.png"><img class="aligncenter size-full wp-image-6748" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/FLASH2-07112015.png" alt="FLASH2 07112015" width="497" height="540" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/FUN-07112015.png"><img class="aligncenter size-full wp-image-6749" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/FUN-07112015.png" alt="FUN 07112015" width="519" height="533" /></a>

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3.3: PREMIUM SERVICE – 2015 PERFORMANCE TO DATE:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/PS-PROFITS1-07112015.png"><img class="aligncenter size-full wp-image-6743" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/PS-PROFITS1-07112015.png" alt="PS PROFITS1 07112015" width="527" height="417" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/PS-PROFITS2-07112015.png"><img class="aligncenter size-full wp-image-6744" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/11/PS-PROFITS2-07112015.png" alt="PS PROFITS2 07112015" width="536" height="416" /></a>

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3.4: PREMIUM SERVICE – 2014 TOTAL PERFORMANCE:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-PERF2-31122014.png"><img class="aligncenter size-full wp-image-4962" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-PERF2-31122014.png" alt="PREM SERV PERF2 31122014" width="470" height="426" /></a>

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NOTES:
<ul>
	<li>If the above return from Forex Trading interests you go to my website landing page at <a href="http://www.weeklyfxdrivethru.com">weeklyfxdrivethru.com</a> and check out the subscription options and special promotions under the tabs “PREMIUM SERVICE” and “PROMOTIONS”</li>
	<li>If you want more data about the performance and my website does not answer your questions, contact me directly and I will supply the data you require.</li>
	<li>THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000. A profitable trade is a profitable trade. It is all about trading according to the size of your broker account (EFFECTIVE POSITION SIZING) and applying RISK MANAGEMENT principles at all times.</li>
</ul>
<strong> </strong><strong> </strong>
<ol start="4">
	<li><strong> PREMIUM SERVICE (GOLD) SUBSCRIBER CONTENT:</strong></li>
</ol>
(The following section is additional data, thoughts, and ideas exclusively for PREMIUM SERVICE (GOLD) subscribers)

4.1: THE PREMIUM SERVICE – TRADING REVIEW:

4.2: THE DIVERGENT CB MONETARY POLICY – FUNDAMENTAL TRADES:

4.3: CHANGES TO MY PREFERRED FX BROKER LINEUP:

4.4: REVISIONS TO TRADE STYLE DEFINITIONS:

4.5: MAJOR TRADING PAIRS WITH LONGER-TERM MATCHING TRENDS:

4.6: THE PREMIUM SERVICE - LIVE TRADES ARE:

4.7: THE PREMIUM SERVICE – LIMIT ORDER TRADES ARE:

4.8: POTENTIAL TRADES - WHAT PAIRS / CHARTS AM I LOOKING AT?

<strong> </strong>
<ol start="5">
	<li><strong> MY FINAL THOUGHTS:</strong></li>
</ol>
OVERVIEW OF TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD:

Finally, we have a divergent central bank policy moving into position. I think that even the Queen ditherer Janet Yellen will find it very difficult not to raise rates in December at the next FOMC meeting.

This should provide us with not just directional trading but also momentum trading, which has not been around for some considerable time.

This however, does not mean green for go get out there and go long the USD all over the place? We have to be selective and allow for consolidation moves to finish their course. This might only take a couple of days, but it could take a couple of weeks and as you know currencies do not move in straight lines they move up and down but can still be overall directional.

Therefore the best policy is to continue to be patient. Being 100% exact on your entry is pleasing but as we enter the next period in currency markets 100% accuracy in not a pre-requisite. There will be so many pips available that to miss 20-30 may be frustrating and possibly annoying, but it is not the b-all and end all, so to speak.

Ensure that your TRADE PLANS are adhered to and that you do not over-extend your account through over-leveraging to try to take advantage of the upcoming moves. As stated earlier the FX market does not move in a straight line no matter how directional the market may appear and over-leveraging will only end in tears.

Take care,

Scott Pickering
The Pip Accumulator
<a href="https://weeklyfxdrivethru.com/disclaimer/">https://weeklyfxdrivethru.com/disclaimer/
</a>BLOG #176