<h3 style="text-align: center;"><strong>THE PREMIUM SERVICE
</strong><strong>The Home of Single-Lot Trading
www.weeklyfxdrivethru.com</strong></h3>
<strong>DATE: 24.05.2015
REFERENCE: #61
</strong><strong>BLOG: THE PREMIUM SERVICE</strong>

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<ol>
	<li><strong> INTRODUCTION - MY OVERVIEW OF THE FOREX MARKET:</strong></li>
</ol>
<u>LOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:</u>

<u>1.1 - LOOKING BACKWARDS:</u>

It was a strange trading week. It wasn’t the first strange one this year and without question, I think that I am safe to say that it will not be the last one either. I had to travel a little during the week so from my own trading perspective it was a little dis-jointed, but I also know that many subscribers found the week weird to trade for a number of factors and that they were tied to their computers all week.

FOMC MEETING MINUTES:

These always achieve premier billing when the week’s news is reviewed. The hype over when the FED will raise interest rates in the U.S. quite frankly now borders on the ridiculous. When will it happen…. as Frasier Crane once stated “Time is irrelevant here in the 7<sup>th</sup> circle of hell……this is the place where even despair dies”. This is how I feel on the subject. Will someone please stick a “red hot poker” up the collective ass of the FED and just do it. Feck the bloody data, it is always going to be mixed at best this year…do it …be done and lets move on.

If I hear Steve Liesman on CNBC anymore, whining about FED language and the data, I think I will be on Knob Creek and Diets for breakfast to accompany my famous, and, without doubt, best in the world Montreal bagel from Fairmont Bagel. I know that I am originally from Liverpool and have a low patience tolerance but give me a fecking break.

Moving on from the pleasantries, the minutes were neither one thing nor the other. Even the friggin FOMC committee is bored with when they should raise rates and what language should be released in the minutes. It looks like a hike in June is not going to happen but hey, never say never. September looks favourite now, but about a week ago it was never going to happen in 2015 the consumer data was sooooooo bad.

It’s all about Wall Street. The fund managers who suckle on the teat of the FED and cannot manage without their hands being held are now so spoilt, they expect the FED to say that it will happen precisely on this day at this time. Bernanke did a great job in my opinion but my God, he has spoilt Wall Street.

I question who runs the U.S. Its not the dysfunctional idiots in Washington who were elected by the people. All they do is inter-party squabble and place party and personal politics ahead of the countries national interest. Is it the FED that runs the U.S.? At times they appear to be one with Wall Street and not Main Street. Who looks after the people that need help in the U.S.? That is another blog to write…

EUROZONE PMi DATA and GERMAN ZEW AND IFO DATA:

Rather mixed in my opinion. Taking a view from a macro level. The EUROZONE data looks to be mainly improving, however, German data is not consistent. It is good to see French and Spanish data generally improving, but Italy must now be a concern. After GREECE defaults, the markets will be pressurizing the Italians next, and if, as I expect the Greeks are back with the Drachma, the Italians will want the Lira. The CONTAGION begins.

U.S. and CANADIAN CPi DATA:

Canadian Data was weaker than expected but the U.S. data on Consumer Prices was strong, sending the DXY higher (see below).

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/CPi-DATA-24052015.png"><img class="aligncenter size-full wp-image-5990" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/CPi-DATA-24052015.png" alt="CPi DATA 24052015" width="816" height="160" /></a>

Quite frankly, the DXY looks to be in a bullish A+D = C=D style pattern, which, if (and it is a big if)…it plays out could place the DXY at 115.00. Where would that place the EUR/USD? Sub parity for sure.

Last Friday, on the back of consumer prices the USD went crazy taking the EUR/USD from 1.1160 to 1.0970 at one point before pulling back a little.

Inside Section 4 there is a chart of the USD Index (DXY) that I have included showing the potential of the DXY potential measured move and what this potentially means for us as Forex Traders from just one currency pair. I hope that I can expand on this matter next week.

Since the CPi data release, I have not viewed CNBC or BLOOMBERG as I do not think that I could take the commentary. It is amazing what a little bit of inflation data can do.

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<u>1.2 - LOOKING FORWARDS:</u>

<u>MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</u>

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

MONDAY: NZD – Trade Balance.

TUESDAY: USD - CB Consumer Confidence.

WEDNESDAY: BOC – Rate Statement.
WEDNESDAY: AUD – PCE Data.

THURSDAY: NZD – ANZ Business Confidence.

FRIDAY: GBP – GDP.
FRIDAY: USD – GDP.
FRIDAY: CAD – GDP.

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<u>1.3 - LOOKING SIDEWAYS (FOR GOOD MEASURE!!): </u>

Whilst this blog goes as a FREE NEWSLETTER to subscribers via THE WEEKLY FX DRIVE THRU web site, it is essentially a review for my PREMIUM SERVICE GOLD SUBSCRIBERS. Part of the blog is only for GOLD SUBSCRIBERS for obvious reasons and basically those who subscribe through my website or access it via social media get a feel for what is provided through the other “open” sections. This section refers to correspondence with subscribers over the past 7 days.

The main theme or questions, views and comments this week were: -

TRADING CONDITIONS and PROFITABILITY:

It is hard at the moment and I am saying this after a really good week of PREMIUM SERVICE trading. As I have told several of you, my own trading account varies in profitability from the PREMIUM SERVICE account. I operate the PREMIUM SERVICE account with single lot trades. These are placed across 4 different broker accounts.
<ul>
	<li>1 - COMMODITY X RATE PAIRS &amp; FUNDAMENTAL TRADES.</li>
	<li>2 – RADAR TRADES (USD MAJORS).</li>
	<li>3 – FLASH TRADES (USD MAJORS).</li>
	<li>4 – NON USD MAJOR TRADES.</li>
</ul>
These accounts make money.

With my own trading accounts, I trade different lot sized trades and my loss trades always seem to be those with a bigger position being traded. So pip wise the loss can be similar to the PREMIUM SERVICE but financially losses are multiplied. If you recall, I worked off my FXCM loss after the CHF peg removal and then some squeezes set me back.

I think that one of my subscribers described the market a month or so ago as “one step forwards and two steps backwards”. This is true as far as my personal trading is concerned. I am managing risk but my larger sized trades are unfortunately just not working out. I have had smallish pip losses, but larger $$$ losses than the single lot trades that are undertaken through the PREMIUM SERVICE. I hope that this makes sense to calculate. Common sense says why not trade all trades the same size, I wont trade GBP/NZD or any X rate pair the same size as a EUR/USD or EUR/GBP trade, so there has to be a difference. This is how and why overall performances can differ from those in the PREMIUM SERVICE

I sidetracked a little here but the bottom line is we are in a range bound market and there is still a lot of geopolitical news in the air. Whilst we may agree that the equity markets are at extremes, the markets are stretched and twitchy at these levels. The biggest buyers of shares are companies themselves re-purchasing stock and I would say that the markets are just waiting for a reason to pullback. This causes lack of correlation, which fuels uncertainty and this manifests itself through some strange moves neither FUNDAMENTALLY or DATA driven.

Like many of you guys, I suffer as well. All I can say is slow and steady wins the race. The PREMIUM SERVICE single-lot trades offer all round consistency of a performance return.

TRENDING MARKET CONDITIONS:

I cannot see this happening until GREECE is out of the way. Only then do I think that the Central bank divergences will take a prime role. We have to be patient. It may never happen, but in section 4 (for subscribers only) I have aired my views on trades which, show some great $$$ opportunities should it happen. Some of the charts in section 4 this week in my opinion show the best $$$ opportunities we have had this year so far. They are all technical set ups that match and meet 100% with my FUNDAMENTAL views.

I could be bold and say this is the TRENDING MARKET but even though I am very positive, these trades will not move in straight lines as you know and they could take several moves along the way that may cut against the overall trending move.

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<ol start="2">
	<li><strong><u> WHAT’S ON MY MIND: -
THE FUNDAMENTAL TRADERS OVERVIEW:</u></strong></li>
</ol>
<h3 style="text-align: center;"><span style="text-decoration: underline;"><strong>GREECE - THE OPTIONS... IS IT A or B?</strong></span></h3>
A short view this week, I keep being asked why am I so Anti-European?

The simple plain matter of fact is that I am not Anti-European, just anti the EUROZONE single currency and what it stands for and how it was introduced into so many countries without the people being able to vote. So much for European democracy!!

I could write for pages on this subject, so in advance, please forgive me for keeping this brief and at a high level.

Basically as I see it, GREECE has two options and for simplicity and consistency I am going to call them Option A and not surprisingly Option B.

<span style="text-decoration: underline;">OPTION A:</span>

<span style="text-decoration: underline;">GREECE DEFAULTS ON IT’S NEXT SET OF PAYMENTS TO ITS CREDITORS.</span>

For me, this is the most likely scenario.

What happens?

Initially, I expect CAPITAL CONTROLS. The Central Bank will issue firm rules on moving money in and out of the country and there will probably be cash limits on withdrawals from banks over the counter. I would expect cash machines to be taken off line.

Next, I expect that the GREEK GOVERNMENT will formally announce that they are withdrawing from the single-currency and that the Drachma will be re-introduced. It will probably be phased in as a parallel currency along the lines that the EUR was introduced back in the day to replace the Drachma. There is scaremongering going on stating that paying for items in EUR instead Drachma will be cheaper. There should be an official exchange rate between the two currencies to avoid that.

The markets…. equities I expect to close down for 48 hours or so. Bonds will be mental and the Forex Market will be on acid.

I expect the EUR/USD to fall initially quite hard and fast, however here are commentators that have told me directly that they expect the EUR to strengthen on the news of a GREECE exit. This is based upon the fact that the weak link is removed.

My view is somewhat different. I expect right wing groups in SPAIN, ITALY and PORTUGAL to grow in popularity and threaten political stability. This would be on the basis of, if GREECE can exit and have the Drachma back, we will have our Pesetas, Liras and Escudos back. Losing ones sovereign currency is a big thing. Unless you are European and lost your sovereignty you don’t get it.

I predict a CONTAGION effect.

This will keep the single currency pressured to the downside.

<span style="text-decoration: underline;">OPTION B:</span>

<span style="text-decoration: underline;">THE TRIOKA AGREE TERMS WITH GREECE TO EXTEND CREDIT FACILITIES – AGREE BAILOUT III</span>

This is what I will call the kicking of the can down the road solution. There is no better place on this glorious planet than the EUROZONE for can kicking.

Basically, GREECE gets terms that they feel that they can meet. We all know that severe cost cutting and selling prized assets is what the Tsipras led Government needs to do to achieve this result. That will not happen. It is NOT the GREEK psyche. Culturally NEVER going to happen. They may say that they will BUT they wont do it.

The only settlement is a haircut being agreed with creditors. Up to now creditors have stood firm - all or nothing. This is dead simple. Something is better than nothing. This is the only B option that will work in my opinion.

What happens?

The introduction of CAPITAL CONTROLS and the Drachma is avoided.

The equities and Forex markets will sell off and then bounce on the news. Then give it time…

The CONTAGION effect comes into play.

All governments that have had bailouts since the 2008-9 crash will want to be treated as the GREECE government has been treated. Essentially, why should bad behavior be rewarded? The Likes of PORTUGAL, IRELAND, CYPRUS etc will ask for their conditions to be reviewed and revised….they too will be looking for cheques in the post from Frankfurt.

On the news of refunds being demanded from various governments around the EUROZONE, the EUR/USD will fall under uncertainty. There will be calls of “refund or we leave”. The extreme parties will say one rule for one but not one rule for all, this is anti the agreement we co-signed at the outset.

This will keep the EUR/USD pressured to the downside.

You can agree with me 100%, 50% or whatever. You can disagree entirely with my thoughts. I will always have an opinion.

The simple fact is that something is going to happen and the name of the Jack Nicholson movie “Something’s Gotta Give” comes to mind.

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<ol start="3">
	<li><strong></strong><strong><u> THE PREMIUM SERVICE:</u></strong>&nbsp;</li>
</ol>
<strong><u>SUMMARY OF PERFORMANCE:</u></strong>

<u>3.1 – OVERVIEW and SUBSCRIPTION OPTIONS, FEATURES and PRICING:</u>

For new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>

At the top of my welcome page there are three drop down menus: -
PREMIUM SERVICE PROMOTIONS (if available)
SIGN-UP
DISCLAIMER

Further details and how to join are all contained there. You will need a PayPal account to subscribe.

Below I provide an overview of the GOLD and SILVER subscription options and pricing.<u> </u>

<u>GOLD MEMBER SUBSCRIPTION FEATURES &amp; PRICING OPTIONS:
</u>
<ul>
	<li>3 options on subscription periods.</li>
	<li>100% access to the PREMIUM SERVICE area of my website <a href="http://www.weeklyfxdrivethru.com">weeklyfxdrivethru.com</a></li>
	<li>A dedicated exclusive twitter feed for GOLD MEMBER subscribers only @ThePremService.</li>
	<li>All trade set-ups communicated via Twitter and RADAR and FUNDAMENTAL trades additionally via email when possible.</li>
	<li>The full and complete version of The WEEKLY FX DRIVE THRU delivered weekly via an emailed PDF, and, viewable on line inside the PREMIUM SERVICE secure section of <a href="http://www.weeklyfxdrivethru.com">weeklyfxdrivethru.com</a></li>
	<li>My thoughts and comments on market conditions via twitter and/or email.</li>
</ul>
GOLD MEMBER SUBSCRIPTION OPTION PRICING:
(Please note that PayPal works in months NOT weeks)

10 weeks / 3 months:               USD $295.00
20 weeks / 6 months:               USD $495.00
40 weeks / 12 months:             USD $795.00

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<u>SILVER MEMBER SUBSCRIPTION FEATURES &amp; PRICING OPTIONS:
</u>
<ul>
	<li>Simple 4 weekly (monthly) membership pricing.</li>
	<li>A dedicated exclusive twitter feed for SILVER MEMBER subscribers only @PremServSilver.</li>
	<li>All my trade set-ups delivered to you via the SILVER MEMBER subscriber twitter feed @PremServSilver.</li>
	<li>Access to the PREMIUM SERVICE website (relevant trade information only).</li>
	<li>The “FREE NEWSLETTER” version of THE WEEKLY FX DRIVE THRU delivered weekly direct to you email inbox and viewable online at <a href="http://www.weeklyfxdrivethru.com">weeklyfxdrivethru.com</a></li>
</ul>
SILVER MEMBER SUBSCRIPTION OPTION PRICING:
(Please note that PayPal works in months NOT weeks)

4 weeks / 1 month:                    USD $100.00

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<u>3.2 - SUMMARY OF PERFORMANCE:</u>

<u>3.2.1 – PREMIUM SERVICE – COST INCOME ANALYSIS (USD):</u>

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<p style="text-align: center;">EMANATING FROM TRADE SET-UPS - 2015 to date:</p>
<p style="text-align: center;"><u>MICRO LOT TRADER</u> - 365 trades cost to trade = $36.50
<strong>PROFIT</strong> from 365 trades = <strong><u>$519.30</u></strong></p>
<p style="text-align: center;"><u>MINI LOT TRADER</u> - 365 trades cost to trade = $365.00
<strong>PROFIT</strong> from 365 trades = <strong><u>$5,193.00</u></strong></p>
<p style="text-align: center;"><u>STANDARD LOT TRADER</u> - 365 trades cost to trade = $3,650.00
<strong>PROFIT</strong> from 365 trades = <strong><u>$51,930.00</u></strong></p>
<p style="text-align: center;">If the above return from Forex Trading interests you go to</p>
<p style="text-align: center;"><a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a> and check out the subscription options under the tab “PREMIUM SERVICE”.</p>
<p style="text-align: center;">The performance above is based off single-lot trade sizes.</p>
<p style="text-align: center;">THE PREMIUM SERVICE has subscribers with broker accounts of sizes ranging from $2,500 to over $100,000.</p>
<p style="text-align: center;">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.</p>
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<u>3.2.2 - PREMIUM SERVICE - OVERALL TRADE SUMMARY MONTH &amp; YTD:</u>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PREM-SERV-PROFITS1-24052015.png"><img class="aligncenter size-full wp-image-5991" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PREM-SERV-PROFITS1-24052015.png" alt="PREM SERV PROFITS1 24052015" width="459" height="427" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PREM-SERV-PROFITS2-24052015.png"><img class="aligncenter size-full wp-image-5992" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PREM-SERV-PROFITS2-24052015.png" alt="PREM SERV PROFITS2 24052015" width="460" height="421" /></a>

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<ol start="4">
	<li><strong><u> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</u></strong></li>
</ol>
(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)

<u>4.1 - EDUCATION:
</u>(The full list of all items and more from this section can be found in the PREMIUM SERVICE website in the Trade Essential area under the EDUCATION tab.)

This section will return soon. At the moment this section of the website is under review and I do not want to add more work until the final look is agreed.

For now bear with me. Whilst it is sometimes difficult to have topics, I have a few in the can as they say.

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<u>4.2 – THE PREMIUM SERVICE – TRADING REVIEW:</u>

As I think I mentioned already, I was traveling a little last week and whilst I found the week a little rushed at times, I am in agreement with several of you in the sense that when you think its going great, that is then the time to bank your profits. Too often, and I am more guilty than most I try to let the profitable trades run, only to have them blow up in my face. When I cut a profitable trade too early, those are the trades that go on to make another 100 pips plus.

The classic example of this was last Friday before the U.S. CPi data. I closed AUD/USD, NZD/USD and USD/CHF trades all for profits but missed out on over 250 pips of additional moves.

Guys… I am that good. Anyone that tells you they could have foreseen the U.S. data is bullshitting you. The recent run of U.S. data has been weak to say the least. I closed several trades ahead of a high RISK news event. It was the correct thing to do. These pairs were to be directly affected by the news.

I left my USD/CAD open, as I know from recent TV reports that the malls and general spending in Canada was down. There was a slight chance that the CPi data would be good but in my opinion it would be weak, which it was. As a result I took 35 pips on the USD/CAD and exited a loss position with profits.

Everyday, we seem to be faced with Asian markets in one direction, then Europe reverses it and then at the European close it turns again. This factor plus the very thin market volumes makes it difficult. I had a very short webinar with my peer group last week. Everyone feels the same way, and, everyone felt they were getting pushed first one way and then the other. The consensus was that the market is becoming a day trader market only. At the time of that meeting, I agreed. However, I see opportunities now with hopefully some longer-term trades that could signal the start of a trend.

We just need GREECE out of the way. After GREECE I think matters will be clearer all round, and frankly entering trades will be done with more confidence. Unfortunately, these trades are available now and we need to be selective.

From a pip perspective there were some very profitable trades last week, as early in the week we had a firm direction. This just faded as we came towards the FOMC and the FOMC minutes were a non-event in my eyes. Friday, the day of the week apart from Sunday night that I hate the most saw a powerful USD move which saw the DXY move back to 97.00.

When you look at the DXY chart we have a chart pattern that could set up a move to 115.00 or greater. This pattern forms the start of the technical set-ups on charts that I will go through later. However, I must point out that should we move to 115.00 or above in the DXY there would be some absolutely terrific monster moves in the USD majors. Given my FUNDAMENTAL views these meet perfectly with these technical indicators hence my excitement.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USD-DXY-24052015.png"><img class="aligncenter size-large wp-image-5998" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USD-DXY-24052015-1024x445.png" alt="USD DXY 24052015" width="1024" height="445" /></a>

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Monday and Tuesday next week, I will be trying to get reasonable entries on the highlighted pairs. We just need modest 23% to 38% (preferred) Fibonacci pullbacks from today’s extensions.

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<u>4.3 - THE PREMIUM SERVICE - EXISTING LIVE TRADES:</u>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-LIVE-TRADES-24052015.png"><img class="aligncenter size-full wp-image-6000" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-LIVE-TRADES-24052015.png" alt="PS LIVE TRADES 24052015" width="723" height="572" /></a>

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<u>4.4 - THE PREMIUM SERVICE – EXISTING LIMIT ORDERS:</u>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PREM-SERV-RADAR-TRADES-24052015.png"><img class="aligncenter size-full wp-image-6001" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PREM-SERV-RADAR-TRADES-24052015.png" alt="PREM SERV RADAR TRADES 24052015" width="705" height="447" /></a>

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<u>PLEASE NOTE:</u>

Remember position sizes for suggested FUNDAMENTAL TRADES should be much smaller than usual, maybe only 20%-25% of your normal trading position size. It is only when we add to our positions that the fun begins. All FUNDAMENTAL trades posted via email contain a second page with details of where I will add trades and when and where stops are moved, the Stair Stepping Stop Protection (SSSP) is self-explanatory and I hope useful. Using this grows your trading position and helps protect the profits made, should the trade gain traction. In addition, I have added some detail on my HEDGING approach as well to the second FUNDAMENTAL TRADE alert page. More detailed information on HEDGING can be found inside the PREMIUM SERVICE website under the EDUCATION tab – Trading Essentials.

I view the commodity cross-rate pairs, which form the basis of my FUNDAMENTAL TRADE SET-UPS as bonus trades away from the USD majors and over the year they can be very profitable. This is why I have a separate broker account for commodity cross-RATE PAIR trades. It gives me an immediate measurement of performance without the need to extrapolate data.

<u>4.5 - POTENTIAL TRADES - WHAT CHARTS AM I LOOKING AT?</u>

(This section usually contains charts mainly relating to non-USD majors, in particular the ones that I am working on and looking at because they catch my eye that may become potential trades in the trading sessions ahead. If there are no comments beneath the charts, my comments / thoughts are written on them directly. I will tweet and email as soon as these possible trades become LIMIT ORDERS)

<u>THIS WEEKS OVERVIEW:</u>

As you may have gathered (reading between the lines on tweets and other commentaries) I will be focusing a lot of my intention on CHF pairs. This week with regards to the charts I am specifically looking at: -

CHF/JPY, GBP/CHF, EUR/CHF, AUD/CHF, CAD/CHF and NZD/CHF. All of my comments are contained on the charts.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/AUDCHF-W-24052015.png"><img class="aligncenter size-large wp-image-6021" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/AUDCHF-W-24052015-1024x574.png" alt="AUDCHF W 24052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/CADCHF-W-24052015.png"><img class="aligncenter size-large wp-image-6020" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/CADCHF-W-24052015-1024x574.png" alt="CADCHF W 24052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/CHFJPY-W-24052015.png"><img class="aligncenter size-large wp-image-6019" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/CHFJPY-W-24052015-1024x574.png" alt="CHFJPY W 24052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURCHF-W-24052015.png"><img class="aligncenter size-large wp-image-6018" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURCHF-W-24052015-1024x574.png" alt="EURCHF W 24052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPCHF-W-25052015.png"><img class="aligncenter size-large wp-image-6017" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPCHF-W-25052015-1024x574.png" alt="GBPCHF W 25052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDCHF-W-24052015.png"><img class="aligncenter size-large wp-image-6016" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDCHF-W-24052015-1024x574.png" alt="NZDCHF W 24052015" width="1024" height="574" /></a>

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<u>4.6 - MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</u>

The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-TRENDING-PAIRS-24052015.png"><img class="aligncenter size-full wp-image-5999" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-TRENDING-PAIRS-24052015.png" alt="PS TRENDING PAIRS 24052015" width="412" height="546" /></a>

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<u>4.7 - THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</u><strong><u>:
</u></strong>(The reviews in the section are accompanied with daily and / or weekly charts of the USD majors)

INTRODUCTION:

I have received a few questions asking about what process I go through when looking at charts to establish whether or not I decide to take a trade or not. For the EUR/USD below, I have attempted to show the process. I hope this is of some benefit.

<strong>EUR/USD: Closing Price 1.1006</strong>

It has been quite a move lower in the past 7 days.

All of my thoughts are on the following charts and twitter will confirm a RADAR TRADE RT433 set up as soon as it is lodged with my broker.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURUSD-W-24052015.png"><img class="aligncenter size-large wp-image-6002" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURUSD-W-24052015-1024x574.png" alt="EURUSD W 24052015" width="1024" height="574" /></a>

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURUSD-D-24052015.png"><img class="aligncenter size-large wp-image-6003" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURUSD-D-24052015-1024x574.png" alt="EURUSD D 24052015" width="1024" height="574" /></a>

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURUSD-240M-24052015.png"><img class="aligncenter size-large wp-image-6004" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURUSD-240M-24052015-1024x574.png" alt="EURUSD 240M 24052015" width="1024" height="574" /></a>

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/RT433-EURUSD-60M-24052015.png"><img class="aligncenter size-large wp-image-6005" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/RT433-EURUSD-60M-24052015-1024x574.png" alt="RT433 EURUSD 60M 24052015" width="1024" height="574" /></a>

&nbsp;

Support in the EUR/USD is at 1.0960 with resistance is at 1.1040

&nbsp;

<strong>GBP/USD: Closing Price 1.5471</strong>.

Holy Mother of God. This pair drives me crazy. It was on a tear higher and now the damn thing looks so bearish, I think that the Cameron win election frenzy is over, well it looks to be. This is cable, it could turn tomorrow and head 300 pips higher once again. It was almost but not quite a weekly bearish engulfing candle on the weekly chart.

I have additional thoughts and comments on the chart below.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPUSD-W-25052015.png"><img class="aligncenter size-large wp-image-6006" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPUSD-W-25052015-1024x574.png" alt="GBPUSD W 25052015" width="1024" height="574" /></a>

&nbsp;

Support should be at 1.5540 and resistance at 1.5520.

<strong> </strong>

<strong>AUD/USD: Closing Price 0.7808</strong>.

My comments and thoughts together with a RADAR TRADE RT434 set up are included on the chart below. The trade will be confirmed via twitter as soon as I have it set up with my broker.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/RT434-AUDUSD-W-24052015.png"><img class="aligncenter size-large wp-image-6007" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/RT434-AUDUSD-W-24052015-1024x574.png" alt="RT434 AUDUSD W 24052015" width="1024" height="574" /></a>

&nbsp;

Support should now be at 0.7750 and resistance at 0.7920.

&nbsp;

<strong>NZD/USD: Closing Price 0.7289</strong>.

My comments related to this pair are contained on the charts below, plus a RADAR TRADE set up RT435 which will be confirmed via twitter as soon as it is with my broker.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDUSD-W-24052015.png"><img class="aligncenter size-large wp-image-6008" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDUSD-W-24052015-1024x574.png" alt="NZDUSD W 24052015" width="1024" height="574" /></a>

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/RT435-NZDUSD-D-24052015.png"><img class="aligncenter size-large wp-image-6009" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/RT435-NZDUSD-D-24052015-1024x574.png" alt="RT435 NZDUSD D 24052015" width="1024" height="574" /></a>

Support is at 0.7166 and resistance is at 0.7420.

&nbsp;

&nbsp;

<strong>USD/CAD: Closing Price 1.2277.</strong>

I have my comments for this pair contained on the charts below plus a RADAR TRADE set up RT436, which will be confirmed via twitter as soon as it is set up with my broker.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDCAD-W-24052015.png"><img class="aligncenter size-large wp-image-6010" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDCAD-W-24052015-1024x574.png" alt="USDCAD W 24052015" width="1024" height="574" /></a>

&nbsp;

&nbsp;

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/RT436-USDCAD-D-24052015.png"><img class="aligncenter size-large wp-image-6013" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/RT436-USDCAD-D-24052015-1024x574.png" alt="RT436 USDCAD D 24052015" width="1024" height="574" /></a>

&nbsp;

Support should be good at 1.2160 and resistance is at 1.2350.

<strong> </strong><strong> </strong>

<strong>USD/CHF: Closing Price 0.9410</strong>.

My comments for this pair are contained on the chart.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDCHF-D-24052015.png"><img class="aligncenter size-large wp-image-6011" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDCHF-D-24052015-1024x574.png" alt="USDCHF D 24052015" width="1024" height="574" /></a>

&nbsp;

Support is at 0.9350 and resistance at 0.9450.

<strong> </strong>

<strong>USD/JPY: Closing Price 121.53. </strong>

A nice move higher in the past week over 200 pips, but we are still range bound.

If you are range trader enjoy… If not, then stay away.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDJPY-W-24052015.png"><img class="aligncenter size-large wp-image-6012" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDJPY-W-24052015-1024x574.png" alt="USDJPY W 24052015" width="1024" height="574" /></a>

&nbsp;

Support is at 118.50 and resistance at 122.50.

&nbsp;

&nbsp;
<ol start="5">
	<li><strong><u> THE CONCLUSION - MY FINAL THOUGHTS:</u></strong></li>
</ol>
<u>5.1 - SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</u>

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&nbsp;

<u>5.2 –TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD: </u>

Not much on the economic data front this week.

If I were pushed to give a surprise event other than GREECE being sorted…. sorry, just checked the Weather Channel, the BBC and CNN – Hell has not yet frozen over, it would be: to not rule out a slim chance that the BOC could cut interest rates on Wednesday by 0.25% to 0.50%. There is no press conference and no statement required this month.

Returning to GREECE. To say the position is desperate is an understatement of mammoth proportions. I have not changed my position; I think a default is the only solution with GREECE returning to the Drachma.

As always, there will be trades to trade and there will be some great opportunities, please trade in line with your RISK MANAGEMENT parameters from your TRADING PLAN. If you do not have a TRADE PLAN, in my opinion, you should, as this will help you with consistency.

<strong>Consistency = longevity in trading and that is a critical goal.
IT IS THE KEY MEASUREMENT</strong>

Before you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.

&nbsp;

Take care.

Scott Pickering
The Pip Accumulator
Sunday May 24th 2015

EMAIL / FOLLOW ME AT:
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Twitter: @ThePremService
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<u>VIEWS AND COMMENTS IN THIS BLOG:</u>

All the comments and views expressed in my blog are my thoughts and ideas only. They are based on my FUNDAMENTAL views of the markets and my thoughts on the individuals concerned on how they manage positions in the public domain. In addition, I have my own thoughts and views about what I think goes on behind closed doors. You should NOT base any trade ideas on my thoughts and views alone. As I have said on many occasions in my blog, I am a FUNDAMENTAL trader first, then a TECHNICAL trader second using chart analysis to establish what I believe to be excellent trade entry positions. However, you must make up your own mind and trade at your own risk deciding if the entry levels I refer to actually meet with your views and thoughts. This makes complete sense as the risk in trading your account is 100% owned by you.

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