(9501,1,'2017-05-14 12:51:32','2017-05-14 17:51:32','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\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\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.Consumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?\r\n\r\nAt the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.This week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.\r\n\r\nI do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.Trading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\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\r\n&nbsp;\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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: +100 pips\r\nYEAR TO DATE:      +1,382 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&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Content not available with this version of the blog)</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>IS IT A PULLBACK OPPORTUNITY? - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards:\r\n\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\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 and see you next on May 14th, 2017\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #240 FREE NEWSLETTER\r\nDATE: 14th May 2017.','IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?','','publish','open','closed','','pullback-opportunity-maybe-maybe-not','','','2017-05-14 12:51:32','2017-05-14 17:51:32','',0,'https://weeklyfxdrivethru.com/?p=9501',0,'post','',0),(9502,1,'2017-05-14 12:49:02','2017-05-14 17:49:02','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\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\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.\r\n\r\nConsumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?\r\n\r\nAt the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.\r\n\r\nThis week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.\r\n\r\nI do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.\r\n\r\nTrading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\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\r\n&nbsp;\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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: +100 pips\r\nYEAR TO DATE:      +1,382 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.<strong>\r\n\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Content not available with this version of the blog)</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>IS IT A PULLBACK OPPORTUNITY? - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards:\r\n\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\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 and see you next on May 14th, 2017\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #240 FREE NEWSLETTER\r\nDATE: 14th May 2017.','IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?','','inherit','closed','closed','','9501-revision-v1','','','2017-05-14 12:49:02','2017-05-14 17:49:02','',9501,'https://weeklyfxdrivethru.com/9501-revision-v1/',0,'revision','',0),(9503,1,'2017-05-14 12:51:32','2017-05-14 17:51:32','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\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\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.Consumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?\r\n\r\nAt the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.This week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.\r\n\r\nI do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.Trading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\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\r\n&nbsp;\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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: +100 pips\r\nYEAR TO DATE:      +1,382 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&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Content not available with this version of the blog)</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>IS IT A PULLBACK OPPORTUNITY? - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards:\r\n\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\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 and see you next on May 14th, 2017\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #240 FREE NEWSLETTER\r\nDATE: 14th May 2017.','IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?','','inherit','closed','closed','','9501-revision-v1','','','2017-05-14 12:51:32','2017-05-14 17:51:32','',9501,'https://weeklyfxdrivethru.com/9501-revision-v1/',0,'revision','',0),(9860,1,'2017-08-06 06:00:35','2017-08-06 11:00:35','<strong>\r\n</strong><strong>\r\n1. INTRODUCTION:</strong>\r\n\r\nI cannot believe that we are into August. This blog is the last one for a few weeks, I return with the “DRIVE THRU” blog on September 3rd, 2017.\r\n\r\nPREMIUM SERVICE subscribers please note that trading will continue through the “DRIVE THRU” break. I do have one or two key domestic action items to fulfil during the break and I will alert you when these are in play.\r\n\r\nMoving on…\r\n\r\nThe BOE “Super Thursday” event is now behind us and despite advising the markets that tightening is on the way, it was obvious due to the reaction in cable falling from around 1.3260 to about 1.3110 in the hour or so after the news was released and Mark Carney’s subsequent press conference, that the markets had priced in a more hawkish BOE. I will cover this event a in little more detail later.\r\n\r\nLooking at money $$$...\r\n\r\nI covered lots of trades ahead of last Friday’s Non-Farm Payrolls and added a positive +691 pips for the first few days of the month. It’s a great start and I am very quickly pulling back my pips shortfall from earlier in the year due to my house move followed almost immediately by a 4-week vacation. There is still some way to go to my 10,000-pip annual objective but I am now almost back to where my pips total should be for this time of the year.\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\nIn no particular order, here is what floated my boat last week.\r\n<ol>\r\n 	<li>NZD: Jobs Data.The Kiwi has been struggling since the data was released mid-week. Job growth in New Zealand is flat-lining. In Q2 2017, employment fell by 0.2% It was up 1.2% the previous quarter and it was forecasted to be positive this quarter by 0.7%.\r\n\r\nIt was the first contraction in employment since Q3 2015. The participation rate also slid 0.6%.\r\n\r\nHaving only recently visited New Zealand both North and South Islands, the place was buzzing and the dynamics appeared very positive. However, beneath this outer crust and dynamism the wages environment is subdued. In this instance, New Zealand is no different to other developed countries, despite unemployment levels being at historic low levels, wages are just NOT picking up.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>AUD: RBA Rate Statement.Dr. Philip Lowe (RBA Governor) kept rates unchanged and kept the commentary neutral. He did however elude to the fact that should the current AUD strength continue, it is likely to weigh on the outlook for output and employment. An appreciating exchange rate would result in a slower pick-up of economic activity and inflation than currently forecasted.\r\n\r\nDo I read… AUD strength = a growth slowdown?\r\n\r\nFrom a currency perspective; I do think that the RBA would prefer a weaker currency (who wouldn’t). With the AUD/USD hitting an 0.8065, the orders for Prozac at the RBA would have increased. A break below 0.7840 (recent breakout level) would ease matters a great deal. Obviously, an AUD/USD exchange rate hovering between 0.7000 and 0.7500 would be preferred by the RBA.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li>GBP: BOE and Carney Press Conference.Interest Rate on Hold\r\nMPC 6-2 vote\r\nGrowth forecasts revised lower.\r\nInflation to peak c.3% in October.\r\nInterest Rates may need TO RISE FASTER than markets imply.\r\nUncertainty about BREXIT will weigh on growth.\r\nWages growth market down from 3.5% to 3%.\r\n\r\nThey were the key things that I noted from the Statement and Press Conference.\r\n\r\nIn addition, what made me giggle a bit was Carney’s multiple references to households and businesses taking the lead in reactions to BREXIT uncertainties. He noted that both households and business were taking BREXIT in their stride and that they were both expecting a smooth transition.\r\n\r\nFFS… my arse.\r\n\r\nHouseholds are more in debt than ever. Wages are not keeping growth in line with inflation. There is great uncertainty.\r\n\r\nBusinesses are using BREXIT as an excuse to limit wage rises on the back of “be grateful you have a job all things considered”.\r\n\r\nIs Threadneedle Street in a time warp?\r\n\r\nThese guys beggar belief. Carney stated that the BOE has spoken to ‘real” people about policies. Who are these people, the Chaps in the local pub in the city around the corner from the BOE?\r\n\r\nThe GBP however was whacked on the BOE statement and the following Press Conference and again on the NFP data, moving lower by almost 250 pips from its pre “Super Thursday” highs.</li>\r\n 	<li>CAD: Jobs Data.It was a small miss on the Canadian data, which, I suppose given how, of late Canadian data has nearly always been a beat was a little surprising. Personally, I welcomed this miss, as it has allowed the USD/CAD to rally (CAD to weaken). I have been waiting very patiently for an entry level short (This entry was posted to PREMIUM SERVICE subscribers POS393). I feel that this level should be achieved early this week.\r\n\r\nThe Trade Balance number at (-3.6 CAD$ Billion versus -1.3 CAD$ billion expected) was a little worrying… but one month does not make up a trend.\r\n\r\nI am firmly in the camp that the CAD has at least another leg lower and a big one at that.</li>\r\n 	<li>USD: Non-Farm Payrolls data.I suppose my position on the reaction to the data would be “The market was just too heavily positioned the wrong way… far too much USD weakness, and by the looks of things too many USD shorts.\r\n\r\nThe data at 209k new jobs versus 181k predicted once again showed up the difference between ADP and NFP. ADP simply cannot be trusted as an indicator or a barometer when it comes to looking at forecasting NFP. Then again, only a fecking loony would forecast NFP, it\'s a bloody lottery when all said and done…but hang on…maybe it’s not a lottery. At least with a lottery you have a chance!\r\n\r\nBack on track…\r\n\r\nBlow out numbers. After the analysts and experts crawled out from beneath their desks and realised this the USD started to strengthen in style (Over 100 points higher).\r\n\r\nWell over, +100 pip moves with EUR/USD, GBP/USD and USD/JPY.\r\n\r\nThe usual suspects crawled out from under rocks to claim that the FED’s rate rise in December is possibility back on. FFS, HMOG, FGS, and JM&amp;J… we are in the middle of summer. Given the fact we have a clown in the White House, I would not be giving forward guidance on a damn thing more than a few hours ahead never mind a few months. I suppose these flutes are not in any way accountable for their predictions and they mostly have no skin in the game, so who cares what they say. In my opinion, this is one reason why CNBC ratings are falling faster than the cable at the moment.\r\n\r\nThe only person to listen to about FED activity in my opinion is Janet Yellen. Ignore the noise.</li>\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017.png\"><img class=\"aligncenter size-large wp-image-9820\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017-1024x888.png\" alt=\"\" width=\"1024\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nEconomic data releases this week are a bit thin on the ground.\r\n\r\nHowever, here are my picks of the upcoming week.\r\n<ol>\r\n 	<li>NZD: Those awfully nice chaps at the RBNZ led by Governor Graeme “the dealer” Wheeler has my top pick of the week this week.As I type this, the memorandum will already be circulating at the RBNZ deciding on the choice of wine for this week’s Press Conference and whether to go for cheese or pate. All the local corporate hospitality companies have been moved from orange to red alert to ensure sufficient stemware is on hand. No swigging from the bottles at the RBNZ.\r\n\r\nOn a more serious note...\r\n\r\nThe jobs data last week was a surprising miss. The Kiwi dollar back up at NZD/USD 0.7500 must have had Wheeler pissing conkers. Many traders / analysts / experts? had the NZD/USD trading at 0.7800 testing the May 2015 levels.\r\n\r\nNobody expects a rate move from the current 1.75%. It’s all about the commentary. Will Wheeler remain neutral or will he jawbone and go dovish trying to send the NZD/USD back towards 0.7000?\r\n\r\nA couple of weeks ago just prior to the latest drop in the USD, the NZD was showing signs of life to move sharply higher. A spokesperson from the RBNZ said basically “so what” 75%-80% of what the NZD/USD does exchange rate wise is out of the RBNZ control.\r\n\r\nOK… let’s roll out the same flute with the NZD/USD at 0.8000. Would the response be different? As sure as eggs are eggs it would be. There would be jawboning. As soon as dairy exports are threatened the RBNZ will act and like a good central bank they want stability. I would not rule out jawboning at this meeting just to keep the markets in check.\r\n\r\nUnfortunately, Wheelers rate statement and his jawboning never seem to go in tandem. It’s like he speaks with this right hand and writes with his left and neither hand knows what the other hand has done or is doing.\r\n\r\nIt all adds together to give us a news event to follow with interest. The Rate statement is released at 5PM EST and the Press Conference takes place at 6PM EST this Wednesday.</li>\r\n 	<li>USD: PPi and CPi data is released this week. Given that the FED is off its normalization route at the moment (even with the better than expected NFP data). These news items may not have the usual effect on markets other than for 30 minutes or so after the data is released. The FED change and the summer may play a combined role here. Nevertheless, we should be aware of the results.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017.png\"><img class=\"aligncenter size-large wp-image-9821\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017-1024x845.png\" alt=\"\" width=\"1024\" height=\"845\" /></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>\r\n</strong>EUR/USD:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9834\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9835\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\n&nbsp;\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\n\r\n&nbsp;\r\n\r\n<u>4.1.1: YOUR BENEFITS OF SUBSCRIBING:</u>\r\n\r\nI am obviously biased in this section;\r\n\r\nIn my opinion, it is not just about market commentaries and suggested trade set ups. I want the PREMIUM SERVICE to be different from other providers in the Forex Market.\r\nHow have I created differentiation?\r\n\r\nI am a full-time Forex Trader of over 9 years.\r\nI trade my trades.\r\nI have SKIN in the game.\r\n<strong>BENEFIT FOR YOU – not all service providers are traders. </strong>\r\n\r\nAll my suggested trades are communicated via Twitter through a secure / closed account and confirmed with more back up data for my trades through email. I tell you when I am getting in and I advise you if I am getting out. If you want to copy me, I let you know what I am doing, when I am doing it.\r\n<strong>BENEFIT FOR YOU – Real time trading (24 x 5), regardless of time zone</strong>\r\n\r\nI am NOT an educator. I am a trader first and foremost, but I can help many traders become better at what they do.\r\nForex Trading is repetition and to a large extent it is a daily routine and many times it is quite boring.\r\nTechnical trading of patterns, previous support and resistance levels, Pivot points and Fibonacci levels, they all work. I feel that my successes are based these indicators being used alongside fundamentals. If pushed, I would say that I am a fundamental trader. However, fundamentals alone are not good enough in my opinion. They will eventually work but requires very, very deep pockets. It is the combination of using fundamentals and technical analysis combined that is a winning formula; plus obviously identifying high probability trade set ups.\r\n<strong>BENEFIT FOR YOU – I live for my trades and pass this belief to subscribers</strong><u>\r\n</u>\r\nI offer serious traders additional support such as “one-on-one” coaching: -\r\n\r\nIdentifying Chart Patterns\r\nWhat do candlestick patterns mean?\r\nWhat do single candlesticks signify?\r\nHow do I identify high probability trades?\r\nHow to Manage RISK?\r\nHow to POSITION SIZE effectively?\r\nEffective Account Management andmy f\r\nHow to achieve Market longevity.\r\n<strong>BENEFIT FOR YOU – I want to help you achieve a Trading success</strong>\r\n\r\nI provide Market Commentary – but only when there is something important to communicate about the markets or something that is on my mind to say.\r\nI tell it how it is from my perspective. I do my best to straight talking in every situation.\r\n<strong>BENEFIT FOR YOU - I remove the noise remain informative and focused</strong><u>\r\n</u>\r\n\r\nPREMIUM SERVICE subscribers receive a “FULL VERSION” of this blog that includes sections on: -\r\nMy Market Trading Review (PREMIUM SERVICE progress)\r\nTechnical views plus fundamental opinions and thoughts moved forward\r\nMarket Sentiment analysis\r\nCore Trades and Core Positions analysis\r\nA review of current LIVE and LIMIT ORDERS\r\n<strong>BENEFIT FOR YOU – It’s open, honest, straight to the point and concise</strong>\r\n\r\nAnnual (Platinum) Subscribers receive, (if they want it) a personal monthly review via SKYPE or FaceTime of the PREMIUM SERVICE trades, an overview of the markets and my FUNDAMENTAL views / ideas moving forward.<strong>\r\nBENEFIT FOR YOU – I welcome interaction it feeds success</strong>\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.\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 70% 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 a protracted house move, in “Pip” 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:  +691 net pips\r\nYEAR TO DATE:      +4,906 net pips\r\n\r\n<u>\r\n4.2.1: SUBSCRIBING NOW…  HAS BENEFITS:</u>\r\n\r\nEven though I am not producing a “DRIVE THRU” blog for the next three weeks, my subscription periods of 10, 20 or 40 weeks are based around the DRIVE THRU posts.\r\n\r\nTherefore subscribing now really means that your subscription does not start until 3rd September, three weeks’ time. However, between now and them, I am still trading therefore suggested set ups and twitter, email, in fact all communication is open.\r\n\r\nTherefore: -\r\n\r\nA 10-week CAD$500.00 subscription starts 3rd September and would complete on 12th November 2017.\r\n\r\nA 20-week CAD$800.00 subscription would start 3rd September and would complete on 10th February 2018.\r\n\r\nA 40-week CAD$1,250.00 Platinum subscription would start 3rd September and complete on 30th June 2018.\r\n<u>\r\n</u><u>4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\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$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\nBecause of my “time out” this month. No freebie subscription this month back in September, in fact the next “DRIVE THRU” blog.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: 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>4.4.1: TRADING REVIEW:</u>\r\n<u>\r\n4.4.2: MARKET SENTIMENT:</u>\r\n\r\n4.4.3: CORE TRADES:\r\n<u>\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nWHAT’S NEXT AFTER THE RECENT BIG MOVES</strong>\r\n\r\n&nbsp;\r\n\r\nWith a title like that it sounds like I have an end of the world type of prediction to follow… you are safe!\r\n\r\nWe are now into the sleepy summer. There are some risks, most of them are geopolitical.\r\n\r\nI have in the main over recent weeks been looking forward predicting a new world… CENTRAL BANK DIVERGENCE, RE-STRUCTURE, RE-ALIGNMENT of the markets and I still believe we are in the throes of this happening despite the recent 72 hours or so in the Forex Market.\r\n\r\nLet’s recap what happened in the immediate past: -\r\n<ul>\r\n 	<li>Mark Carney (BOE, Governor), finally came out and said what needed to be said to put the damn bulls back in their boxes for at least this year.</li>\r\n 	<li>We had a blowout NFP number.</li>\r\n</ul>\r\nThat’s nothing earth shattering. Does the above change my thoughts and views that I have had for the past month or so?\r\n\r\nAbsolutely not; I was bearish and shorting the cable long before “Super Thursday”.\r\n\r\nDid I predict a good NFP?\r\n\r\nI don\'t do predictions and I doubt even David Copperfield or Penn &amp; Teller could magic up an accurate NFP number.\r\n\r\nWe are in transition.\r\n\r\nFrom this Monday I am on 50% leave for the summer until the 1st September. So, what is next?\r\n\r\nOver the next few weeks the big Forex event could be the Jackson Hole Symposium. Initially Mario Draghi (ECB, President) was going to use this event as the place he would talk about the timetable of events within the ECB for a return to interest rate normalization.\r\n\r\nI am not so certain that he will do this. My thought process is basically due to the fact the markets are ready to leap on the back of the single currency and send it to outer space (in forex terms) about 1.2500-1.3000 if the mood takes them. Draghi would literally poop his pants if he thought the EUR/USD would be at 1.2500 in rapid order.\r\n\r\nWe have German elections this Autumn/Fall and whilst German savers would welcome normalization, I would say that EUROZONE exporters primarily based in Germany would be buying “Andrex” and the like, in Costco quantities on a daily basis, as the increase in liquid stools could potentially reach epidemic proportions. Sales of Imodium could go through the roof (This is not investment advice).\r\n\r\nGerman elections is one good reason why Mario Draghi may just provide some B.S. at Jackson Hole.\r\n\r\nMy fear is that “THE DONALD” will create the next big move. It will of course be largely “not surprising” but it will be unpredictable from a timing viewpoint, even though we know about the potential of something happening.\r\n\r\nRight now, given all the geopolitical events in play around the world the markets are complacent. All the U.S. markets are concerned about are 401K valuations and returns, stock valuations mean feck all; we are on the brink once again in my opinion… (RE-STRUCTURE and RE-ALIGNMENT).\r\n<ul>\r\n 	<li>What about China being declared a currency manipulator, now that they failed to intervene effectively with North Korea?</li>\r\n 	<li>What about China getting huge trade restrictions placed upon them by the U.S.?</li>\r\n 	<li>What about North Korea dropping an ICBN on Japan… by mistake or intentionally?</li>\r\n 	<li>What about North Korea taking aim on the continental United States?</li>\r\n 	<li>What about the Russian / U.S. diplomatic expulsion tit for tat getting out of control spilling over into troubles in the “Old Soviet Block?</li>\r\n 	<li>What happens if the Iran / U.S. nuclear deal blows up?</li>\r\n 	<li>TRUMP has sided with Saudi Arabia over the Qatar terrorism claims. What would happen if this dispute escalates and unsettles stability in the region and subsequently OIL production?</li>\r\n</ul>\r\nI have only highlighted US based geopolitical related issues, as usually these would affect all markets to varying degrees. The chances of something happening could be 50-50 from my perspective, but who knows. I have ignored all the investigations and enquiries that shadow the TRUMP administration, these can just flare up at any time without warning, a tweet could kick it off.\r\n\r\nSo; what am I saying?\r\n\r\nJust be on your toes if you are trading over the next three or four weeks. Many traders are away. Many traders simply do not trade the summer.\r\n\r\nMost risks are similar to what we have every summer…  geopolitical. There are more flare up zones than the ones I have listed above, but I do feel that those areas with a TRUMP involvement are more at risk.\r\n\r\nFrom a trading perspective as I have written earlier we are in the throes of a transition. There are entry “Gifts” as I call them on the horizon. Grab them; the EUR/USD in particular, but hold with wider stops than usual to allow for the very thin trading conditions with lower liquidity than usual.\r\n\r\nTake care, back on September 3rd.\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\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: #FREE NEWSLETTER\r\nDATE: 6th August 2017.\r\n\r\n&nbsp;','WHAT’S NEXT AFTER THE RECENT BIG MOVES','','inherit','closed','closed','','9854-revision-v1','','','2017-08-06 06:00:35','2017-08-06 11:00:35','',9854,'https://weeklyfxdrivethru.com/9854-revision-v1/',0,'revision','',0),(9548,1,'2017-06-17 05:02:41','2017-06-17 10:02:41','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIt is great to be back trading again. Apart from my summer breaks I have never taken what really amounted to a six week break before. Not that it was a break, moving home and then being on a vacation some 35+ hours traveling time away is nothing to be sneezed at.\r\n\r\nYou will notice as well, that I have once again changed the running order and format of the blog around… eventually I will settle on a format that I am comfortable with. I have been writing these blogs for five years now and I am still not 100% happy. I live in hope that I will produce a format as smooth a Knob Creek bourbon!\r\n\r\nIt would be wrong of me not to mention Mary, Mark, David, Tom, Joel and Anna from my recent journey to Australia and New Zealand. Meeting fellow traders and PREMIUM SERVICE subscribers was a real buzz for me and the time that they set to one side for lunches, dinners, drinks and tour guide duties were greatly appreciated by my wife and myself. We have great memories and pictures of the occasions to keep. Many thanks guys Breda and I had a blast.\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nLast week, I started back at my screens on Tuesday basically catching up with administration matters and re-familiarization of charts etc. Then I announced to subscribers that I would start the next day on Wednesday, back in at the deep end, with a plethora of data releases and of course the FOMC rate announcement and press conference. Yup… I pick the days!!\r\n\r\nAlthough I have been away for about six weeks, nothing much has changed.\r\n\r\nHowever, two key situations are in play that I should address here: -\r\n<ul>\r\n 	<li>USA – DONALD TRUMP PRESIDENCY:\r\n\r\nThe dysfunctional politicians in Washington are hell bent on ensuring that the GOP is distracted from all policy initiatives by initially stalling on cabinet appointments and now the Russian enquiry has superseded all other events with President Trump’s naivety in politics being exposed by career politicians. From the outside looking in the Democrats have decided the best policy is stall and then look for enquiry after enquiry to distract. I must admit Trump may have been able to lie and get away with matters in the TRUMP organization but he cannot do the same as President. He appears to stumble into one elephant trap after another and now he looks clumsy and inefficient. The twitter rants from my perspective does his defence no good it just makes him look childish.\r\n\r\nI am absolutely convinced had HILLARY been victorious the GOP would apply the same tactics to the Democrats as they currently apply to the GOP and TRUMP.\r\n\r\nSo whatever your political persuasion in the “states” you must be frustrated if GOP and delighted if a Democrat supporter. Should “THE DONALD” be impeached or whatever (and that looks a long shot at the moment) and subsequently over time a Democrat returns to the White House., I have no doubt the GOP will frustrate the crap out of the Democrats and the new Democratic President would feel like they were in a log job. Basically; a role reversal.\r\n\r\nA great example of democracy in action for the less well off in the world to gaze on at and laugh at.\r\n\r\nFrom a trading perspective, so much has been promised and moves have happened based upon scenarios that look like a pipe dream at the moment.\r\n\r\nThe attention had been taken off the FED for some time and attention placed at the door of “THE DONALD”. Uncertainty lies ahead; BIG uncertainties. I do however believe we have a small window in 2017 to make pips before Central Bank normalization spreads. I tackle this later on in section 8 of the blog.</li>\r\n 	<li>THE UK – SNAP GENERAL ELECTION:</li>\r\n</ul>\r\nIn the UK. Theresa May the UK Prime Minister bet on increasing her majority in the House of Commons to strengthen her position through the BREXIT negotiations by calling a snap general election. She failed. While she still has the largest party in the House she does not have a working majority. She is forming a strategic voting alliance with the Northern Ireland Democratic Unionist party, which Sinn Fein leader Gerry Adams has already said that such an alliance is in breach of the “Good Friday” agreement between the IRELAND and the North. Deep joy. This has legs and frankly, like it or not I can see another UK election in 2017.\r\n\r\nFrom a trading perspective, the cable is rather difficult to really be convinced one way or the other 100%. I talk a little more about this towards the end of this section of the blog.\r\n\r\nSo back to last week, in particular Wednesday…\r\n\r\nThe equity markets appear to be in denial over TRUMP. Now we have consumers weighing in. Sales and CPi numbers were a disaster and the USD was taken to the woodshed.\r\n\r\nLater in the day, Janet Yellen held a press conference after a well predicted and baked in 0.25% rise in FED funds rate was announced. The Yellen press conference was a HAWKISH AFFAIR, the FOMC appear hell bent on raising rates and have “something behind the clock” in the event that the TRUMP administration collapses on the back of an impeachment trial, resignation or US recession or the like of something similar that would cause markets to jitter.\r\n\r\nFrom my perspective; data dependency and how the rest of the world looks economically are now both out of the window as reasons not to hike anymore. Even Janet Yellen who sounds DOVISH when delivering HAWKISH sentiments put all that behind her and went for the HWAKISH tone right through the statement, opening remarks to the press conference and basically when answering questions afterwards.\r\n\r\nThe result of this break from normality, especially when she talked openly about reducing the FED‘s balance sheet, sent the USD higher reversing the losses resulting from poor sales data.\r\n\r\nFollowing this rate hike and confirmation that the FOMC want at least one more this year plus the balance sheet reduction and proposed further rate hikes in 2018, does this mean that Central Bank convergence trade is now on?\r\n\r\nRead my thoughts on this later in THE SOAPBOX.\r\n\r\nThen Thursday brought in Mark Carney with the latest BOE policy summary, MPC vote and Bank rate announcement.\r\n\r\nNo surprises with the interest rate remaining at 0.25%, but the vote to remain unchanged instead of being 7-1 as usual was now 5-3. This caused cable to rally 100 pips in a matter of seconds. During the day, it gave back 50% of these gains but the card is now marked. My thoughts on cable are changing. I am like a child on Christmas morning with two toys I want to play with but I can only play with one at a time. I want to be both short and long cable.\r\n\r\nBREXIT has not yet started and part of me things that cable still has a lower level to test first. My other side tells me to buy a dip and get long because there are thousands of pips across the cable crosses to be made.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nI am happy to announce that the WEEKLY LIVE WEBINAR series will start again on: -\r\n\r\n<u>Monday 19th June at 5:30PM EST</u><strong> </strong>\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\n&nbsp;\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/2017/06/ECON-DATA-18062017.png\"><img class=\"aligncenter size-large wp-image-9531\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017-1024x997.png\" alt=\"\" width=\"1024\" height=\"997\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>NZD: I am not expecting the RBNZ to move on interest rates but the comments from Graeme Wheeler (CB Governor) will be interesting to follow.\r\n\r\nIn the past Wheeler has eluded to the fact that about 80% of the movement in the NZD/USD exchange rate is out of the control of the RBNZ.\r\n\r\nMy problem with Wheeler is that his press conferences remind me of my banker’s days of old when the chaps would just sit around and see who could load the most plums into their mouths and talk with a “lardy-da” accent to try and sound the most upper class as possible. (BOC meetings are very similar). These thoughts deflect my attention… However, when I read any of the statements they are so low on content anyhow maybe they are loading up the plums!!\r\n\r\nBottom line; if Wheeler wants the exchange rate of the NZD/USD closer to 0.6500 than 0.7500, which he has said is preferred, he needs to deliver an unequivocal without possible mis-interpretation language to the chaps in the room knocking back either a Central Otago Pinot Noir or Marlborough Sauvignon Blanc. If previous meetings are anything to go on, he seems unable to deliver on this. He may be a great host on the vino but communicating his policy not so good.\r\n\r\nLet’s see what happens this rime.</li>\r\n 	<li>CAD: Both Retail Sales and CPi this week.\r\n\r\nThe word on the street is that the BOC could be raising rates. This is not surprising given the geographical proximity to the USA.\r\n\r\nIs the Canadian economy ready for a rate hike, that is the question?\r\n\r\nIt may do something to slow down the housing squeeze but 0.25% is feck all in the grand scheme of things in my opinion.\r\n\r\nCertainly the CAD economic data appears to moving in the right direction, although one should not get carried away. Only four months ago Stephen Poloz the BOC Governor was talking about rate cuts!\r\n\r\nShould WTi drop below $40.00 a barrel rate hikes will be off and the BOC will have to re-think its strategy away from saying everything is transitory!\r\n\r\nIf these numbers miss. The CAD will weaken a great deal as the markets will rule out a rate hike. However, strong data opens up a whole new ball game for BOC especially if OIL falls through $40.00.</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/2017/06/TCHART-18062017.png\"><img class=\"aligncenter size-large wp-image-9532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></a>\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/2017/06/EURUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9541\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/GBPUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9542\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/AUDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9540\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/NZDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9543\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/USDCAD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9544\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/USDCHF-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9545\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/USDJPY-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9546\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\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. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +515 pips\r\nYEAR TO DATE:      +1,717 pips\r\n\r\nIf you would like to know a little more visually 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&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</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 the time my trading activity would be at its lowest.\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\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 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\n&nbsp;\r\n\r\n&nbsp;\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$1,000.00, 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\nBack at my desk for a couple of days re-familiarizing myself with recent moves and charts and completing the May month end excel spread sheets.\r\n\r\nNothing much to review, so let me use this space to look forward.\r\n\r\nMoving forward I believe that we should have a window of opportunity to finally trade Central Bank divergence against the FED normalization policy.\r\n\r\nIn addition to this, as I have eluded to a couple of times already since returning, the moves with the cable are now more and more fascinating. I still have my dilemma vis-à-vis nothing has fundamentally changed and about 90 days into article 50 being triggered we are only now getting to the point of starting the negotiations.\r\n\r\nI have started with two GBP long trades GBP/AUD and GBP/NZD. My reasons behind these as choices was based on several factors, some conflict with each other a little in the short-term but longer-term I believe we have great pip opportunities to make with these pairs. They are small positions at the moment and not until I see big moves forward will I add to my initial position size.\r\n\r\nI have the basis of a TRADE PLAN being formulated / strategized in my head on bits and pieces of targets and on charts.\r\n\r\nTo really have my mouth watering I would like to see EUR/USD sub 1.1100 and the GBP on a re-test of 1.2630 being supported. These are two levels for starters that I am looking at.\r\n\r\nI also am very conscious that with the headline news driven environment that we are operating with daily and weekly closes are proving more important.  We are shifting more to daily trading opportunities rather than extended trades unless they are approached with wider than usual stop loss levels. We are seeing a fundamental shift once again in trading behaviours. This is something I think we should consider and bear in mind.\r\n\r\nSo, with all that being written what specific trades / pairs I am looking at moving forward?\r\n<ol>\r\n 	<li>USD/CHF (Long) – I am looking to add a further position, I am looking for a price pullback as close to 0.9700 or below if possible.</li>\r\n 	<li>USD/CAD – I will either add a position short of 1.3200 on a daily close below this level to hedge the FUN trade which is still open. Alternatively, should we base at 1.3200 I will add another long trade to supplement the existing FUN long trade.</li>\r\n 	<li>AUD/USD and NZD/USD – I may be completely wrong with my longer -term views on equities / commodities / THE DONALDS policies etc., but I am looking to add to my existing POS short positions very soon. At the same time as adding I will be looking again at EUR/AUD and EUR/NZD to place and supplement existing cross-rate trades to the long side.</li>\r\n</ol>\r\nWhen looking at all these trading options. I have for now once again ignored JPY. When I see / get a feel for how this currency is going to react properly on a sustained basis then I will enter. For now, I will remain sidelined. I have opened a specific broker account to measure my JPY trades, and it is well funded. So, I am serious about trading JPY into the rest of 2017.\r\n\r\nPotentially if all my thoughts / plans / ideas happen, I could have around 20-25 LIVE TRADES on the go,\r\n\r\nI am still NOT of the opinion that we should be trading at 100% on single trades. 50% per trade on shorter term trades would be my personal maximum for now with my preferred level of exposure being around 25% per trade. I still think there are too many variables in the current marketplace to switch momentum at the drop of a hat.\r\n\r\nAs I have stated on many, many occasions, trading is for the long haul and regardless of the desire for instant gratification, if you do not weigh in the potential and obvious RISKS and just trade full-on regardless you are really at the point of gambling. It is a higher than usual RISK at the moment anyhow, and by moving the balance in favour of additional RISK by oversizing trades, is in my opinion a slippery slope that only has one end result.\r\n\r\n<u>\r\nCORE TRADES:\r\n\r\n</u>Nothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017.png\"><img class=\"aligncenter size-large wp-image-9534\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017-882x1024.png\" alt=\"\" width=\"882\" height=\"1024\" /></a>\r\n\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017.png\"><img class=\"aligncenter size-large wp-image-9533\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017-870x1024.png\" alt=\"\" width=\"870\" 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\nIS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?</strong>\r\n\r\nBefore starting this piece I thought that I would look back over all the previous blogs and establish the period that I first started talking about Central Bank divergence. Firstly, it was in the time that Ben Bernanke was FED chairman and it was in Q2 2013, I got serious about it Q4 2013 leading into 2014 and the same again in Q4 leading into 2015 and again Q4 2015 leading into 2016. I am nothing but consistent.\r\n\r\nSo; here I am again Q2/Q3 2017 what has rattled my cage this time?\r\n\r\nIt is quite simple really, well I think it is. Here is my logic.\r\n<ul>\r\n 	<li>The FED is normalizing and looks hell bent on continuing to do so for the remainder of 2017 and into 2018. By the end of 2018 the FED funds rate should be closer to 2% maybe 2.5%.</li>\r\n 	<li>At the FOMC press conference last week, the “UBER DOVE”, Janet Yellen even openly discussed reducing the size of the FED’s balance sheet. She talked about an approximate start date and how it would proceed over the coming two/three years.</li>\r\n 	<li>Economically from an inflation perspective the UK, Canada, Australia and New Zealand are all moving upwards.\r\n\r\nThe Deputy governor of the BOC announced that the BOC are looking to raise rates sometime later this year.\r\n\r\nLast week the BOE MPC announced that the vote on maintaining interest rates steady at 0.25% was 5-3 in favour. The market was expecting 7-1. The pressure on the UK to raise rates is therefore growing.\r\n\r\nIn Australia the economy is booming. The pressure to start raising rates is increasing and one could argue a similar case for New Zealand.\r\n\r\nIt is all about the timing.</li>\r\n 	<li>The exceptions at the moment are the ECB, BOJ and SNB.\r\n\r\nFirstly, the ECB is a complicated beast. One could argue interest rates in Germany should now be at 2.5% - 3%. However, you could also argue at the same time rates for the like of Italy, Greece and Cyprus should be 0%.\r\n\r\nHere lies the fundamental problem of the EUROZONE.\r\n\r\nMario Draghi (ECB President) has virtually an impossible conundrum to deal with trying to balance the needs and requirements of the 19 countries that make up the single currency block. He has stated that nothing will change on monetary policy until the end of 2017 at the very earliest.\r\n\r\nWith regards to the BOJ and SNB both central banks are not looking to amend interest rates this year.</li>\r\n</ul>\r\nTherefore, as the second and third largest central banks (ECB and BOJ) behind the FED will not be changing their policy on interest rates any time soon, we could have a window of opportunity. How long in time is this window? I believe up to the time that the FED starts to reduce its balance sheet size. Conservatively between 4 -6 months in my opinion.\r\n\r\nAs soon as the FED really kicks into its normalization policy the pressure on the BOE, BOC, RBA and maybe the RBNZ to act will grow. Having said this, as the USD strengthens because of FED policy, the other cross currencies will weaken and this will help economies in the short term but inflationary pressures will grow because of currency weakness and will need to be addressed when levels more than 2% are reached. In fact, prior to 2% most Central banks would want to act.\r\n\r\nThe BOE has inflation at 2.6% currently in the UK to cope with, hence the MPC votes 5-3 on the current 0.25% interest rate. But given the BREXIT uncertainties Governor Carney does not want to interfere anymore until greater clarity on the negotiation process is known.\r\n\r\nI believe in the short- term governments and central banks will welcome divergence from the FED, but into the medium-term they would be forced to act and normalize themselves.\r\n\r\nTherefore, assuming my thought process is correct, we should see the DXY move back towards and above the psychological level of 100.00.\r\n\r\nIt will not be a straight line there will be twists and turns along the way as economic data is released.\r\n\r\nThe obvious trade is short EUR/USD. Initially to give me confidence we need to see support 1.1100 broken. This should lead lower to 1.0950. This would be a correction that breaks the recent series of higher lows that we have seen the low of 1.0340 was hit in late 2016.\r\n\r\nI am expecting a pullback in equities to coincide with moves in the USD and when you add in the TRUMP policy uncertainties I am not certain at this stage how the USD/JPY would react. There are plenty of other pairs and cross- rate pairs that would be attractive moving forward.\r\n\r\nSo as you can see we need to see a move in the DXY and EUR/USD to trigger my plan on divergence. Over the coming few days I will have my TRADE PLAN revised ready to go.\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: #137 PREMIUM SERVICE\r\nDATE: 18th June 2017.\r\n\r\n&nbsp;','IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?','','inherit','closed','closed','','9547-revision-v1','','','2017-06-17 05:02:41','2017-06-17 10:02:41','',9547,'https://weeklyfxdrivethru.com/9547-revision-v1/',0,'revision','',0),(9549,1,'2017-06-17 05:06:19','2017-06-17 10:06:19','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIt is great to be back trading again. Apart from my summer breaks I have never taken what really amounted to a six week break before. Not that it was a break, moving home and then being on a vacation some 35+ hours traveling time away is nothing to be sneezed at.\r\n\r\nYou will notice as well, that I have once again changed the running order and format of the blog around… eventually I will settle on a format that I am comfortable with. I have been writing these blogs for five years now and I am still not 100% happy. I live in hope that I will produce a format as smooth a Knob Creek bourbon!\r\n\r\nIt would be wrong of me not to mention Mary, Mark, David, Tom, Joel and Anna from my recent journey to Australia and New Zealand. Meeting fellow traders and PREMIUM SERVICE subscribers was a real buzz for me and the time that they set to one side for lunches, dinners, drinks and tour guide duties were greatly appreciated by my wife and myself. We have great memories and pictures of the occasions to keep. Many thanks guys Breda and I had a blast.\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nLast week, I started back at my screens on Tuesday basically catching up with administration matters and re-familiarization of charts etc. Then I announced to subscribers that I would start the next day on Wednesday, back in at the deep end, with a plethora of data releases and of course the FOMC rate announcement and press conference. Yup… I pick the days!!\r\n\r\nAlthough I have been away for about six weeks, nothing much has changed.\r\n\r\nHowever, two key situations are in play that I should address here: -\r\n<ul>\r\n 	<li>USA – DONALD TRUMP PRESIDENCY:The dysfunctional politicians in Washington are hell bent on ensuring that the GOP is distracted from all policy initiatives by initially stalling on cabinet appointments and now the Russian enquiry has superseded all other events with President Trump’s naivety in politics being exposed by career politicians. From the outside looking in the Democrats have decided the best policy is stall and then look for enquiry after enquiry to distract. I must admit Trump may have been able to lie and get away with matters in the TRUMP organization but he cannot do the same as President. He appears to stumble into one elephant trap after another and now he looks clumsy and inefficient. The twitter rants from my perspective does his defence no good it just makes him look childish.\r\n\r\nI am absolutely convinced had HILLARY been victorious the GOP would apply the same tactics to the Democrats as they currently apply to the GOP and TRUMP.\r\n\r\nSo whatever your political persuasion in the “states” you must be frustrated if GOP and delighted if a Democrat supporter. Should “THE DONALD” be impeached or whatever (and that looks a long shot at the moment) and subsequently over time a Democrat returns to the White House., I have no doubt the GOP will frustrate the crap out of the Democrats and the new Democratic President would feel like they were in a log job. Basically; a role reversal.\r\n\r\nA great example of democracy in action for the less well off in the world to gaze on at and laugh at.\r\n\r\nFrom a trading perspective, so much has been promised and moves have happened based upon scenarios that look like a pipe dream at the moment.\r\n\r\nThe attention had been taken off the FED for some time and attention placed at the door of “THE DONALD”. Uncertainty lies ahead; BIG uncertainties. I do however believe we have a small window in 2017 to make pips before Central Bank normalization spreads. I tackle this later on in section 8 of the blog.</li>\r\n 	<li>THE UK – SNAP GENERAL ELECTION:</li>\r\n</ul>\r\nIn the UK. Theresa May the UK Prime Minister bet on increasing her majority in the House of Commons to strengthen her position through the BREXIT negotiations by calling a snap general election. She failed. While she still has the largest party in the House she does not have a working majority. She is forming a strategic voting alliance with the Northern Ireland Democratic Unionist party, which Sinn Fein leader Gerry Adams has already said that such an alliance is in breach of the “Good Friday” agreement between the IRELAND and the North. Deep joy. This has legs and frankly, like it or not I can see another UK election in 2017.\r\n\r\nFrom a trading perspective, the cable is rather difficult to really be convinced one way or the other 100%. I talk a little more about this towards the end of this section of the blog.\r\n\r\nSo back to last week, in particular Wednesday…\r\n\r\nThe equity markets appear to be in denial over TRUMP. Now we have consumers weighing in. Sales and CPi numbers were a disaster and the USD was taken to the woodshed.\r\n\r\nLater in the day, Janet Yellen held a press conference after a well predicted and baked in 0.25% rise in FED funds rate was announced. The Yellen press conference was a HAWKISH AFFAIR, the FOMC appear hell bent on raising rates and have “something behind the clock” in the event that the TRUMP administration collapses on the back of an impeachment trial, resignation or US recession or the like of something similar that would cause markets to jitter.\r\n\r\nFrom my perspective; data dependency and how the rest of the world looks economically are now both out of the window as reasons not to hike anymore. Even Janet Yellen who sounds DOVISH when delivering HAWKISH sentiments put all that behind her and went for the HAWKISH tone right through the statement, opening remarks to the press conference and basically when answering questions afterwards.\r\n\r\nThe result of this break from normality, especially when she talked openly about reducing the FED‘s balance sheet, sent the USD higher reversing the losses resulting from poor sales data.\r\n\r\nFollowing this rate hike and confirmation that the FOMC want at least one more this year plus the balance sheet reduction and proposed further rate hikes in 2018, does this mean that Central Bank convergence trade is now on?\r\n\r\nRead my thoughts on this later in THE SOAPBOX.\r\n\r\nThen Thursday brought in Mark Carney with the latest BOE policy summary, MPC vote and Bank rate announcement.\r\n\r\nNo surprises with the interest rate remaining at 0.25%, but the vote to remain unchanged instead of being 7-1 as usual was now 5-3. This caused cable to rally 100 pips in a matter of seconds. During the day, it gave back 50% of these gains but the card is now marked. My thoughts on cable are changing. I am like a child on Christmas morning with two toys I want to play with but I can only play with one at a time. I want to be both short and long cable.\r\n\r\nBREXIT has not yet started and part of me things that cable still has a lower level to test first. My other side tells me to buy a dip and get long because there are thousands of pips across the cable crosses to be made.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nI am happy to announce that the WEEKLY LIVE WEBINAR series will start again on: -\r\n\r\n<u>Monday 19th June at 5:30PM EST</u><strong> </strong>\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\n&nbsp;\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/2017/06/ECON-DATA-18062017.png\"><img class=\"aligncenter size-large wp-image-9531\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017-1024x997.png\" alt=\"\" width=\"1024\" height=\"997\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>NZD: I am not expecting the RBNZ to move on interest rates but the comments from Graeme Wheeler (CB Governor) will be interesting to follow.In the past Wheeler has eluded to the fact that about 80% of the movement in the NZD/USD exchange rate is out of the control of the RBNZ.\r\n\r\nMy problem with Wheeler is that his press conferences remind me of my banker’s days of old when the chaps would just sit around and see who could load the most plums into their mouths and talk with a “lardy-da” accent to try and sound the most upper class as possible. (BOC meetings are very similar). These thoughts deflect my attention… However, when I read any of the statements they are so low on content anyhow maybe they are loading up the plums!!\r\n\r\nBottom line; if Wheeler wants the exchange rate of the NZD/USD closer to 0.6500 than 0.7500, which he has said is preferred, he needs to deliver an unequivocal without possible mis-interpretation language to the chaps in the room knocking back either a Central Otago Pinot Noir or Marlborough Sauvignon Blanc. If previous meetings are anything to go on, he seems unable to deliver on this. He may be a great host on the vino but communicating his policy not so good.\r\n\r\nLet’s see what happens this time.</li>\r\n 	<li>CAD: Both Retail Sales and CPi this week.The word on the street is that the BOC could be raising rates. This is not surprising given the geographical proximity to the USA.\r\n\r\nIs the Canadian economy ready for a rate hike, that is the question?\r\n\r\nIt may do something to slow down the housing squeeze but 0.25% is feck all in the grand scheme of things in my opinion.\r\n\r\nCertainly the CAD economic data appears to moving in the right direction, although one should not get carried away. Only four months ago Stephen Poloz the BOC Governor was talking about rate cuts!\r\n\r\nShould WTi drop below $40.00 a barrel rate hikes will be off and the BOC will have to re-think its strategy away from saying everything is transitory!\r\n\r\nIf these numbers miss. The CAD will weaken a great deal as the markets will rule out a rate hike. However, strong data opens up a whole new ball game for BOC especially if OIL falls through $40.00.</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/2017/06/TCHART-18062017.png\"><img class=\"aligncenter size-large wp-image-9532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></a>\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\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9541\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/GBPUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9542\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/AUDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9540\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/NZDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9543\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/USDCAD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9544\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/USDCHF-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9545\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/USDJPY-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9546\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\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. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +515 pips\r\nYEAR TO DATE:      +1,717 pips\r\n\r\nIf you would like to know a little more visually 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&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</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 the time my trading activity would be at its lowest.\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\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 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\n&nbsp;\r\n\r\n&nbsp;\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$1,000.00, 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\nBack at my desk for a couple of days re-familiarizing myself with recent moves and charts and completing the May month end excel spread sheets.\r\n\r\nNothing much to review, so let me use this space to look forward.\r\n\r\nMoving forward I believe that we should have a window of opportunity to finally trade Central Bank divergence against the FED normalization policy.\r\n\r\nIn addition to this, as I have eluded to a couple of times already since returning, the moves with the cable are now more and more fascinating. I still have my dilemma vis-à-vis nothing has fundamentally changed and about 90 days into article 50 being triggered we are only now getting to the point of starting the negotiations.\r\n\r\nI have started with two GBP long trades GBP/AUD and GBP/NZD. My reasons behind these as choices was based on several factors, some conflict with each other a little in the short-term but longer-term I believe we have great pip opportunities to make with these pairs. They are small positions at the moment and not until I see big moves forward will I add to my initial position size.\r\n\r\nI have the basis of a TRADE PLAN being formulated / strategized in my head on bits and pieces of targets and on charts.\r\n\r\nTo really have my mouth watering I would like to see EUR/USD sub 1.1100 and the GBP on a re-test of 1.2630 being supported. These are two levels for starters that I am looking at.\r\n\r\nI also am very conscious that with the headline news driven environment that we are operating with daily and weekly closes are proving more important.  We are shifting more to daily trading opportunities rather than extended trades unless they are approached with wider than usual stop loss levels. We are seeing a fundamental shift once again in trading behaviours. This is something I think we should consider and bear in mind.\r\n\r\nSo, with all that being written what specific trades / pairs I am looking at moving forward?\r\n<ol>\r\n 	<li>USD/CHF (Long) – I am looking to add a further position, I am looking for a price pullback as close to 0.9700 or below if possible.</li>\r\n 	<li>USD/CAD – I will either add a position short of 1.3200 on a daily close below this level to hedge the FUN trade which is still open. Alternatively, should we base at 1.3200 I will add another long trade to supplement the existing FUN long trade.</li>\r\n 	<li>AUD/USD and NZD/USD – I may be completely wrong with my longer -term views on equities / commodities / THE DONALDS policies etc., but I am looking to add to my existing POS short positions very soon. At the same time as adding I will be looking again at EUR/AUD and EUR/NZD to place and supplement existing cross-rate trades to the long side.</li>\r\n</ol>\r\nWhen looking at all these trading options. I have for now once again ignored JPY. When I see / get a feel for how this currency is going to react properly on a sustained basis then I will enter. For now, I will remain sidelined. I have opened a specific broker account to measure my JPY trades, and it is well funded. So, I am serious about trading JPY into the rest of 2017.\r\n\r\nPotentially if all my thoughts / plans / ideas happen, I could have around 20-25 LIVE TRADES on the go,\r\n\r\nI am still NOT of the opinion that we should be trading at 100% on single trades. 50% per trade on shorter term trades would be my personal maximum for now with my preferred level of exposure being around 25% per trade. I still think there are too many variables in the current marketplace to switch momentum at the drop of a hat.\r\n\r\nAs I have stated on many, many occasions, trading is for the long haul and regardless of the desire for instant gratification, if you do not weigh in the potential and obvious RISKS and just trade full-on regardless you are really at the point of gambling. It is a higher than usual RISK at the moment anyhow, and by moving the balance in favour of additional RISK by oversizing trades, is in my opinion a slippery slope that only has one end result.\r\n\r\n<u>\r\nCORE TRADES:</u>\r\n\r\nNothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017.png\"><img class=\"aligncenter size-large wp-image-9534\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017-882x1024.png\" alt=\"\" width=\"882\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017.png\"><img class=\"aligncenter size-large wp-image-9533\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017-870x1024.png\" alt=\"\" width=\"870\" 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\nIS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?</strong>\r\n\r\nBefore starting this piece I thought that I would look back over all the previous blogs and establish the period that I first started talking about Central Bank divergence. Firstly, it was in the time that Ben Bernanke was FED chairman and it was in Q2 2013, I got serious about it Q4 2013 leading into 2014 and the same again in Q4 leading into 2015 and again Q4 2015 leading into 2016. I am nothing but consistent.\r\n\r\nSo; here I am again Q2/Q3 2017 what has rattled my cage this time?\r\n\r\nIt is quite simple really, well I think it is. Here is my logic.\r\n<ul>\r\n 	<li>The FED is normalizing and looks hell bent on continuing to do so for the remainder of 2017 and into 2018. By the end of 2018 the FED funds rate should be closer to 2% maybe 2.5%.</li>\r\n 	<li>At the FOMC press conference last week, the “UBER DOVE”, Janet Yellen even openly discussed reducing the size of the FED’s balance sheet. She talked about an approximate start date and how it would proceed over the coming two/three years.</li>\r\n 	<li>Economically from an inflation perspective the UK, Canada, Australia and New Zealand are all moving upwards.The Deputy governor of the BOC announced that the BOC are looking to raise rates sometime later this year.\r\n\r\nLast week the BOE MPC announced that the vote on maintaining interest rates steady at 0.25% was 5-3 in favour. The market was expecting 7-1. The pressure on the UK to raise rates is therefore growing.\r\n\r\nIn Australia the economy is booming. The pressure to start raising rates is increasing and one could argue a similar case for New Zealand.\r\n\r\nIt is all about the timing.</li>\r\n 	<li>The exceptions at the moment are the ECB, BOJ and SNB.Firstly, the ECB is a complicated beast. One could argue interest rates in Germany should now be at 2.5% - 3%. However, you could also argue at the same time rates for the like of Italy, Greece and Cyprus should be 0%.\r\n\r\nHere lies the fundamental problem of the EUROZONE.\r\n\r\nMario Draghi (ECB President) has virtually an impossible conundrum to deal with trying to balance the needs and requirements of the 19 countries that make up the single currency block. He has stated that nothing will change on monetary policy until the end of 2017 at the very earliest.\r\n\r\nWith regards to the BOJ and SNB both central banks are not looking to amend interest rates this year.</li>\r\n</ul>\r\nTherefore, as the second and third largest central banks (ECB and BOJ) behind the FED will not be changing their policy on interest rates any time soon, we could have a window of opportunity. How long in time is this window? I believe up to the time that the FED starts to reduce its balance sheet size. Conservatively between 4 -6 months in my opinion.\r\n\r\nAs soon as the FED really kicks into its normalization policy the pressure on the BOE, BOC, RBA and maybe the RBNZ to act will grow. Having said this, as the USD strengthens because of FED policy, the other cross currencies will weaken and this will help economies in the short term but inflationary pressures will grow because of currency weakness and will need to be addressed when levels more than 2% are reached. In fact, prior to 2% most Central banks would want to act.\r\n\r\nThe BOE has inflation at 2.6% currently in the UK to cope with, hence the MPC votes 5-3 on the current 0.25% interest rate. But given the BREXIT uncertainties Governor Carney does not want to interfere anymore until greater clarity on the negotiation process is known.\r\n\r\nI believe in the short- term governments and central banks will welcome divergence from the FED, but into the medium-term they would be forced to act and normalize themselves.\r\n\r\nTherefore, assuming my thought process is correct, we should see the DXY move back towards and above the psychological level of 100.00.\r\n\r\nIt will not be a straight line there will be twists and turns along the way as economic data is released.\r\n\r\nThe obvious trade is short EUR/USD. Initially to give me confidence we need to see support 1.1100 broken. This should lead lower to 1.0950. This would be a correction that breaks the recent series of higher lows that we have seen the low of 1.0340 was hit in late 2016.\r\n\r\nI am expecting a pullback in equities to coincide with moves in the USD and when you add in the TRUMP policy uncertainties I am not certain at this stage how the USD/JPY would react. There are plenty of other pairs and cross- rate pairs that would be attractive moving forward.\r\n\r\nSo as you can see we need to see a move in the DXY and EUR/USD to trigger my plan on divergence. Over the coming few days I will have my TRADE PLAN revised ready to go.\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: #137 PREMIUM SERVICE\r\nDATE: 18th June 2017.\r\n\r\n&nbsp;','IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?','','inherit','closed','closed','','9547-revision-v1','','','2017-06-17 05:06:19','2017-06-17 10:06:19','',9547,'https://weeklyfxdrivethru.com/9547-revision-v1/',0,'revision','',0),(10996,1,'2018-02-17 08:00:35','2018-02-17 13:00:35','<div class=\"one-half first\">\r\n<h2>This Month\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/MOMENTUM-17022018.png\"><img class=\"aligncenter size-large wp-image-10986\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/MOMENTUM-17022018-793x1024.png\" alt=\"\" width=\"793\" height=\"1024\" /></a></h2>\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>Year to date<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/MOM-JANYTD2018.png\"><img class=\"aligncenter size-large wp-image-10898\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/MOM-JANYTD2018-759x1024.png\" alt=\"\" width=\"759\" height=\"1024\" /></a></h2>\r\n<h2>PREVIOUS YEARS</h2>\r\n</div>','Momentum Trades','','inherit','closed','closed','','10540-revision-v1','','','2018-02-17 08:00:35','2018-02-17 13:00:35','',10540,'https://weeklyfxdrivethru.com/10540-revision-v1/',0,'revision','',0),(10995,1,'2018-02-17 07:59:58','2018-02-17 12:59:58','<h4>Radar Trades Archives:</h4>\r\n<section class=\"clearfix\">\r\n<div class=\"one-half first\">\r\n<h2>This Month<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/RADAR-17022018.png\"><img class=\"aligncenter size-large wp-image-10985\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/RADAR-17022018-768x1024.png\" alt=\"\" width=\"768\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>Year to date<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/RADAR-JANYTD2018.png\"><img class=\"aligncenter size-large wp-image-10896\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/RADAR-JANYTD2018-757x1024.png\" alt=\"\" width=\"757\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n<h2>PREVIOUS YEARS</h2>\r\n<h2><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/RADAR-COMPLETE-2017.png\"><img class=\"aligncenter size-full wp-image-10712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/RADAR-COMPLETE-2017.png\" alt=\"\" width=\"866\" height=\"954\" /></a></h2>\r\n<h2></h2>\r\n<img class=\"aligncenter size-full wp-image-8807\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/RADAR-2016-COMPLETE.png\" alt=\"\" width=\"856\" height=\"938\" />\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/RADAR-2015-COMP-copy.png\"><img class=\"aligncenter size-full wp-image-10670\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/RADAR-2015-COMP-copy.png\" alt=\"\" width=\"429\" height=\"449\" /></a><a href=\"https://weeklyfxdrivethru.com/radar-trades/radar-2015-comp/\" rel=\"attachment wp-att-6985\">\r\n</a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/RADAR-2014-COMPLETE.png\"><img class=\"aligncenter wp-image-8858\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/RADAR-2014-COMPLETE.png\" alt=\"\" width=\"489\" height=\"487\" /></a>\r\n\r\n</div>\r\n</section>','Radar Trades','','inherit','closed','closed','','2524-revision-v1','','','2018-02-17 07:59:58','2018-02-17 12:59:58','',2524,'https://weeklyfxdrivethru.com/2524-revision-v1/',0,'revision','',0),(10826,1,'2018-01-19 13:04:00','2018-01-19 18:04:00','','POS2 20012018','','inherit','open','closed','','pos2-20012018','','','2018-01-20 07:42:00','2018-01-20 12:42:00','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/POS2-20012018.png',0,'attachment','image/png',0),(10388,1,'2017-11-11 08:11:29','2017-11-11 13:11:29','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nIs it just me, or am I missing something?\r\n\r\nI find this current FX market very hard. The equity investor approach of “BUY THE DIP” is literally driving me insane. I think a lot of this stuff as I said last week, is MIND MANAGEMENT that I need to deal with, but with no major economic data to support moves, trying to trade in a news driven orientated marketplace is damn hard.\r\n\r\nTRUMP on his goodwill trip in Asia, the GOP screwing up yet another campaign promise, this time the TAX BILL in the U.S. and to a lesser extent, Theresa May’s government problems in the UK with cabinet sackings and scandals have been at the forefront of all the news. Add in an ascending OIL price, multiple corruption arrests in Riyadh, Saudi Arabia and an attempted missile strike on Riyadh International Airport. Plus, not forgetting a parabolic rise and then blow off top in the NIKKEi index, it was a strange week.\r\n\r\nThe two main news events on my list last week were Central Bank policy announcements from the RBA and RBNZ. These were boring and frankly a snooze fest.\r\n\r\nFor the entire week, I felt like a pork pie at a Jewish wedding… sitting and waiting. Hindsight is a beautiful thing, had I known that last week was going to be what it was, it would have been an ideal week away from charts and screens.\r\n\r\nI think that the main reason for my masterly inactivity was due the fact that my CORE TRADES were in transition and CROSS RATE trading is in a consolidation mode and until fresh ranges are established I have learned through experience to stay away.\r\n\r\nMoving on…\r\n\r\nReality check…\r\n\r\nOne aspect about trading that I will always to stay true to, is to remain truthful about my trading performance especially with the responsibility to the PREMIUM SERVICE.\r\n\r\nIf I am having a bad week, if I am uncertain with what to do I will tell you.\r\n\r\nSuffice to say with what I have just written the PREMIUM SERVICE did not motor through pips like it had been doing on the weeks previous. It was a poor yielding week. There were a few losing trades and few profitable trades that netted a whopping +47 pips in the week. Having said that most open trades are just reading water.\r\n\r\nNaturally, with the benefit of hindsight, the ”pip return” could have been 5 or 6 times what it was but we all know this.\r\n\r\nI live to battle for another week!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n<strong><u>ECONOMIC NEWS:</u></strong>\r\n\r\n<strong><u>AUD: </u></strong><u>RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENTS.</u>\r\n\r\nThe rate statement was the biggest snooze fest I have set the alarm to wake up for. Absolutely nothing happened.\r\n\r\nGuess what? The Monetary Policy Statement was a no change snooze fest as well.\r\n\r\nFrom an external viewpoint Philip Lowe has achieved the ultimate stability. It is very rare that two announcements from a major Central Bank in the same week pass by with little or no real reaction.\r\n\r\nA key goal of market stability without any uncertainties to create a clear understanding of policy has been achieved.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>CHAPS OR CHUMPS? </u>\r\n\r\nMaybe I am just getting intolerant of incompetence, but that Press Conference by stand-in RBNZ Governor, Grant Spencer was the biggest time-wasting event I have ever witnessed from a Central Bank.\r\n\r\nI used to criticize his predecessor Graeme Wheeler because the press conferences were so laid back that instead of chairs behind tables they should have been on psychiatrist’s loungers. At his very worst, Wheeler was never this bad.\r\n\r\nThe NZD economy is in a state of flux right now on the basis that there is a new government coalition between the Liberal and NZ First parties.\r\n\r\nThere is uncertainty over the new government’s policies and the final draft of how the new mandate for the RBNZ will look has still not been finalized. Basically, since the last meeting Grant Spencer has seen growth with employment and a pullback in housing prices.\r\n\r\nSpencer was generally upbeat, which surprised me a great deal, given the uncertainties that we all know lie ahead. These were brushed aside as non-consequential. I strongly suspect Spencer is now re-living these fucks ups in delivery.\r\n\r\nWe know from the Finance Minister (Robinson) that there will be a two-phase review of the RBNZ mandate. The first phase to focus on employment and the second to review the board make up and role. The government wants minutes of the RBNZ board meetings to be published, and also that the RBNZ will have employment maximization as a goal as well the existing inflation target. These changes were brushed off as easy to integrate.\r\n\r\nHowever, the press conference took a move sideways when Spencer was asked questions with regards to the future makeup of the board of the RBNZ. The new government wants to extend the banks mandate and increase the diversity of opinion on the board through adding outside members to the board of the RBNZ. When asked would he be in favour of external members on the board he was anti this idea. He cited examples of other boards such as the FED and ECB where board members commented openly against majority decisions. He was anti minutes and publicizing how board members had voted.\r\n\r\nBasically, I got the very strong feeling that he is a “I love and embrace change and I am a change manager <u>BUT</u>” type of person.\r\n\r\nSpencer talked about consistency of message. He said in the press conference that the current NZD/USD exchange rate was “in the vicinity” of where he saw fair value. Hmmn… about 90 minutes later his deputy was on the wires saying the NZD/USD exchange rate should be a few cents lower from current levels.\r\n\r\nMr. Spencer please tell me how is this different from the FED or ECB?\r\n\r\nThe bottom line was that the RBNZ moved their expectations of the next interest rate hike from Q3 2019 to Q2 2019…. Give me a fecking break; are you kidding?\r\n\r\nThen little more than 2 hours later to contradict everything Spencer stated about the new RBNZ mandate. Grant Robertson the Finance Minister was back on the wires stating that the new mandate could mean a looser policy from the RBNZ.\r\n\r\nThen 24 hours later NZ Finance Minister Grant Robertson not happy with statement one, came back on the wires again this time stating that the RBNZ inflation objective may not be a hard rule moving forward, again pointing to a looser policy.\r\n\r\nYou could NOT make this stuff up. Left hand versus right hand - no coordination complete lack of professionalism. I cannot believe a damn thing Spencer waffled on about. Thank God, he’s gone next March. This is shambolic for a Central Bank.\r\n\r\nAs I have said on several occasions, the New Zealand economy is going through and will continue to go through huge change over the coming months which will keep the NZD currency pressured to the downside. We are one headline away from a 50-pip drop. This week we have two examples of the “Headline drop”. I have absolutely no doubt that there will lots more ahead.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GEOPOLITICAL NEWS:</u></strong>\r\n\r\nIf the economic data could be best described as non-events and snooze fests, that could NOT be said about the geopolitical news.\r\n\r\nLet me try to keep this brief…\r\n\r\n<strong><u>SAUDI ARABIA:</u></strong>\r\n\r\nThere was a mass arrest under the banner of an anti-corruption sweep related to various levels of fraud, money laundering and other corrupt business practices. Over 200 people have now been arrested and still detained. Notably, 11 Royal Family Princes including billionaire Prince Alwaleed bin Talal have been detained. This list of detainees also includes prominent businessmen and former government ministers and officials.\r\n\r\nThis crossed the wires around the same time as it was reported a missile from Yemen was intercepted with its target being Riyadh’s international airport.\r\n\r\nIf this were not enough, a dispute with Lebanon also erupted. The Lebanese Prime Minister resigned whilst in Riyadh last weekend. Saudi Arabia wants change in Lebanon following Iran’s increasing influence in the middle east. The fact that Iran has close ties with Hizbollah who have power with the Lebanese government is pissing off the Saudis. This has now escalated to the point that all Saudi passport holders have been advised to leave Lebanon and a travel ban has been imposed.\r\n\r\nThere is a power shift in the region and Saudi Arabia is flexing and power games are at play in the region.\r\n\r\nWhat was the effect of this on the FX market…. I noticed nothing…. Nada.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THERESA MAY’s GOVERNMENT / CABINET SCANDALS &amp; BREXIT: </u></strong>\r\n\r\nThere is nothing like a good old sex scandal or corrupt politician in Westminster.  Priti Patel, International Development Secretary had been naughty, she had several unauthorized meetings with Israeli Politicians including Prime Minister Benjamin Netanyahu. Boris Johnson her boss as Foreign Secretary knew nothing of the meetings.\r\n\r\nThis followed the other resignation earlier in the week of Defense Secretary Michael Fallon who has allegedly done a “Weinstein”. There are also accusations of a few touchy / feely rumours and predator text messages going on with Junior Ministers.\r\n\r\nHappy Days the UK press this weekend will be in overdrive.\r\n\r\nThen there was BREXIT…. no change still a fuck up, no noticeable progress. On Friday, last week there was a joint Press Conference by Michel Barnier (Chief EU negotiator) and David Davis (UK Cabinet BREXIT negotiator), I think it was very easy to see straightaway that these two just do not get on.\r\n\r\nThe progress was nonspecific and cable jumped higher on the back of that… incredible. It was all hot air from my perspective the usual posturing. A journalist from the Guardian newspaper in London asked a couple of questions of Barnier basically to see if he was a puppet of the French and German governments or was he in control of the negotiations. Just when it was going to get interesting “TIME OUT” was called. The questions were not answered.\r\n\r\nI am now getting more and more of the opinion that a NO DEAL will be the outcome and a walk away.\r\n\r\nCable is always in my opinion one news headline away from a 100-pip spike or drop, as seen Friday these moves can be based on nothing. Eventually Cable will be a mega buy… but not yet, I think we have another big shot lower first.\r\n\r\n&nbsp;\r\n\r\n<strong><u>DONALD TRUMPS ASIAN “GOODWILL” TRIP:</u></strong>\r\n\r\nMelania’s outfits were striking, a lot of money spend there no doubt. As for yer man… it’s just a nonsense and embarrassing to watch and listen to him. I think world leaders give him more respect than he gets back in the U.S. from his own people but I do think that they are playing and just humouring him.\r\n\r\n<strong><u>GOP TAX PLAN:</u></strong>\r\n\r\nFor a political party to be in opposition for eight years, one would have expected that they would hit the road running on their campaign pledges. Not in the U.S., a failure with the affordable care act (Obamacare) and now at the heart of every Republican Party the promise of lower taxes.\r\n\r\nIt must be embarrassing to be a representative in Washington, yet I don\'t see it in any dialogue. U.S. systems are set up on a pedestal for the rest of the world to be envious of.\r\n\r\nI don\'t see it and I don\'t get it. This is a shamble.\r\n\r\nI know the GOP did not think they would have a majority, never mind win the presidential election, TRUMP did that basically on his own. But the fact that in opposition, elected representatives DID NOTHING to prepare for government must sadden so many Americans, whether you are Republican or Democrat.\r\n\r\nAway on his GOODWILL TRIP spreading the love around Asia, THE DONALD jumped in on the Tax Bill reform and seemed to side with the senate version of the bill which delays the Corporate Tax cuts until 2019. Previously being a decisive leader and great deal maker his was onboard with the “HOUSE” version of the bill. THE DONALD has once again gone for a watered down limp version of reform.\r\n\r\nThe DOW, S&amp;P, NASDAQ and RUSSELL all went “bigly” RED on the news that Corporate Tax cuts would likely be delayed. A nice sell-off took place Thursday but by the close with the “BUY THE DIP” mentality in place 2/3rds of the losses across the DOW and S&amp;P were paired back. 24 hours later the market after absorbing the news consolidates sideways as it was a Friday. It is quite predictable at times.\r\n\r\n<u>\r\n2.2: LOOKING AHEAD TO THIS COMING WEEK:</u><u></u>\r\n\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017.png\"><img class=\"aligncenter size-large wp-image-10389\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017-1024x748.png\" alt=\"\" width=\"1024\" height=\"748\" /></a>\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017.png\"><img class=\"aligncenter size-large wp-image-10369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n<u>2.2.3: 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\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10384\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10385\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10386\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10387\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS INDEX &amp; RETAIL SALES</u>.\r\n\r\nThese figures will be interesting to note based on whether the UK economy is moving forward or not. They mean nothing vis-a-vis future BOE policy as we have just had the dovish rate hike.\r\n\r\nConsumer Prices last time around were at 3%, with wages rising at only 2.2% and Retail sales were disappointing at -0.8%\r\n\r\nIt is the differential gap between CPI (Inflation) and Average Earnings which will attract 99.999999999% of the attention. Will it have narrowed?\r\n\r\nFrom a Retail Sales numbers perspective if this cannot start to pick up in the run up to Christmas it will never move higher. The issue of course will then be the Credit Card spending numbers if families have decided to go for it at Christmas, put the expense on the plastic and then worry about trying to clear the debt in the new year. At higher interest rates, of course thanks to the recent interest rate increase, the early Mark Carney Christmas present from the BOE!\r\n\r\n<strong><u>\r\nAUD:</u></strong><u> JOBS DATA.</u>\r\n\r\nI have a feeling that the jobs data this time around could really surprise to the upside. There tends to be cycles with AUD jobs data. Good numbers, then lower, then blowout.  Last month the number was 19.8k.\r\n\r\nAs long as last month’s number is beaten and growth can be seen, I think given the recent RBA down playing of the Australian economy this will be viewed positively by the markets.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CPi &amp; CORE RETAIL SALES.</u>\r\n\r\nI have no doubt that Stephen Poloz, BOC governor will be expecting CPI greater than 0.2% and a positive reading on Retail Sales after last month’s miserable negative 0.7% reading<u>.</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> PPI, CPI &amp; RETAIL SALES.</u>\r\n\r\nLike the UK. These numbers probably mean very little vis-à-vis the FED monetary policy action that is widely expected next month, when it is expected that the annual Christmas present of a 0.25% interest rate increase is actioned.\r\n\r\nObviously, it goes without saying that good numbers, significant beats over the previous set are expected, especially as the storm season has been blamed for a lot of the recent mixed U.S. data.\r\n\r\nObviously good numbers across the board will have the TV networks frothing at the mouth over the December FED meeting and future policy with a new FED chair in place next year. Conversely, the same could be said if the numbers are a bloody disaster!\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\n<u>GEOPOLITICAL ISSUES TO CONSIDER:</u>\r\n\r\nBREXIT\r\n\r\nSAUDI ARABIA\r\n\r\nTRUMPS GOODWILL TRIP TO ASIA\r\n\r\n&nbsp;\r\n\r\nLast week was a very strange week to trade. There was very little economic data to get your teeth into and the news that was there, was basically a snooze fest. This coming week offers a plethora of options.\r\n\r\nI have not been very active in the FX market the past 5/6 days. I was waiting for the momentum indicators to re-set and for a lot of the cross rate overbought / oversold conditions to settle down.\r\n\r\nThis coming week the JPY interests me a great deal.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017.png\"><img class=\"aligncenter size-large wp-image-10383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the chart above it is clear to see that the once very consistent correlation between the NIKKEI index and the USD/JPY is over. I have been referring to this over the past week or two.\r\n\r\nAs long time readers will know I place a lot of faith in correlations as they give a security of consistency and confidence when placing trades. When they are not aligned, they can create opportunities.\r\n\r\nWe have such an opportunity with the JPY. The chart above shows a quite remarkable move higher with the NIKKEI that was not traced by the USD/JPY, in fact quite the opposite on occasion. With the NIKKEI busting higher and the DOW, S&amp;P and NASDAQ pumping new highs, one would have expected the USD/JPY close to 130.00 maybe 140.00… instead quite the opposite.\r\n\r\nWhen the NIKKEI retraces and the U.S. equities finally give up the relentless push higher, the USD/JPY that failed to rally will be prime to accelerate its move lower as equities retrace lower.\r\n\r\nI am currently short through the PREMIUM SERVICE short AUD/JPY, EUR/JPY, GBP/JPY and NZD/JPY. The Antipodean pairs are positive but the European pairs spiked against me last Friday. My intention is to remain short for the foreseeable future to see how this plays out.\r\n\r\nThe USD/JPY, has critical support around 113.10 and then should that level give way there could be 200-300 pips in the move lower. Hopefully my 4 x JPY trades will move lower as well. At the moment, the USD/JPY is hovering about 50 pips above the key support.\r\n\r\nAdditionally…\r\n\r\nI am trying to look around not be as reliant on the USD for trades. I have very mixed feelings about trading reliance on the USD when we operate in a news driven market. Great positions can be upside down in minutes for no real reason.\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:           = +47 pips\r\nPIPS MONTH TO DATE:                = +169 pips\r\nYEAR TO DATE:                              = +10,571 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\nI did NOT like last week at all. I think MIND MANAGEMENT had a lot to play with it. I do NOT like news driven markets as its not directional, it is reactionary and impulsive which can have you upside down in trades in a matter of minutes.\r\n\r\nCombine this with the nonsense of the RBA and RBNZ last week and I felt like I would have been better employed elsewhere. The markets were slow and I could not see a trade that suited me.\r\n\r\nThe consolidation of the cross rates has taken a few days longer than I expected given the tight ranges that the USD majors are operating within.\r\n\r\nAll of these factors made me not a very happy bunny last week. I think the fact I was focusing on JPY trades says it all. Usually I stay well away, although there was a compelling reason to be involved with the JPY as already discussed.\r\n\r\nI found myself most of the time last week sitting in trades waiting for 50 pips of profit to place a protective stop behind.  I do not think I had one of those trades all week, and because we have been basically range bound I do not think it’s prudent to close existing LIVE trades. It is all down to patience, at least that is what I am hoping is the key. The mere fact that we have more economic data this week and some crucial inflation data to get one’s teeth into it should help get sentiment and momentum shifting.\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\nAfter the calamity of my performance around Super Thursday the week prior, last week was full of quite masterly inactivity!\r\n\r\nLooking forward…\r\n\r\nSentiment is mixed. That has not helped me. My FUNDAMENTALS and MACRO THOUGHTS however remain intact. It is a consolidation period that may still have another week or two left.\r\n\r\nHaving just been through the RBNZ Press Conference and Rate Statement, all I can say is bollocks... and lots of them. That meeting last week was a damn fiasco. Everything that Grant Spencer, stand-in governor said, was basically poo-pooed by Grant Robertson the Finance Minister over the ensuing 24 hours.\r\n\r\nFor the start of this week. Be prepared on Sunday evening at the open, based upon some weekly chart analysis I have about 4/5 trades ready to post within the first couple of hours or so of the start of the week.\r\n\r\nIn a nutshell, here is my action plan for this week: -\r\n<ol>\r\n 	<li>USD sentiment all over the place.</li>\r\n 	<li>More concentration on JPY pairs vis-à-vis the NIKKEI pullback.</li>\r\n 	<li>Re-establish some cross-rate trades. EUR/AUD and GBP/AUD interest me the most at the moment.</li>\r\n 	<li>Focus on more AUD short trades. The RBA is without doubt the most consistent with its views on remaining neutral.</li>\r\n 	<li>CAD HEDGES. I am looking for over 1.2800 to enter shorts. I may not get this price at the moment. I expect USD strength to come through the markets soon as the reality of Central Bank divergence sets in a bit more than it has so far. This should push this pair higher if it behaves well. It is all about the timing of the “OUT” trade.</li>\r\n</ol>\r\nI have completed my GBP trade analysis for ARMEGEDDON TRADES and next are my CHF trades which I will release first, hopefully within the next week or so after THE DONALD has completed his GOODWILL TRIP.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MKT-SENTIMENT-12112017.png\"><img class=\"aligncenter size-large wp-image-10373\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MKT-SENTIMENT-12112017-782x1024.png\" alt=\"\" width=\"782\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD and NZD currencies. I am now going to add AUD trades as well sooner rather than later.\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.\r\n\r\nThe NZD I am patiently waiting for a pullback to use the opportunity to re-load again across the board. Now that the RBNZ is out the way it is 100% apparent to me that huge changes and uncertainties lie ahead for this currency.\r\n\r\nThe market itself is still very range bound and daily moves are for the most part quite limiting.\r\n\r\n&nbsp;\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\nMY PLAN: My belief is still that the USD/CAD is a short trade. I was waiting for 1.2850-1.2910 to establish 3 x “OUT” trades for my HEDGED trades.  That looks like a bit of a dream level today. The recent highs have topped out around 1.2915 on two or three occasions. That level is someway away at the moment. 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 5 x live long AUD/NZD trades, 2 x NZD/CAD short trades, a GBP/NZD long trade and NZD/JPY and NZD/CHF short trades.\r\n\r\nPlus: - I have 2 x AUD/NZD and a EUR/NZD long trade in position. Plus, on the short side, 2 x NZD/USD, a NZD/JPY and NZD/CHF limit order trades in position.\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 both AUD/USD and AUD/JPY shorts.\r\n\r\nMY PLAN: - To add trades across the board at the start of this coming week.\r\n\r\n&nbsp;\r\n\r\n4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:\r\n\r\nCURRENT LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE1-12112017.png\"><img class=\"aligncenter size-large wp-image-10371\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE1-12112017-1024x948.png\" alt=\"\" width=\"1024\" height=\"948\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE2-12112017.png\"><img class=\"aligncenter size-large wp-image-10372\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE2-12112017-991x1024.png\" alt=\"\" width=\"991\" 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-12112017.png\"><img class=\"aligncenter size-large wp-image-10370\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-12112017-1024x976.png\" alt=\"\" width=\"1024\" height=\"976\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nNothing new this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</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 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>5.2: 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>5.3: 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\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: #155 PREMIUM SERVICE\r\n12th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;','RBNZ CHAPS OR CHUMPS?','','publish','open','closed','','rbnz-chaps-chumps','','','2018-01-18 13:58:39','2018-01-18 18:58:39','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10388',0,'member_posts','',0),(10365,1,'2017-11-04 05:02:54','2017-11-04 10:02:54','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nThe previous week it was a DRAGHI THUNDERBOLT that hit the FX market and last week it was Mark Carney’s turn. Carney is seen as a bit of a DOVE more so than a HAWK by the market; I see him as a “Flip-Flopper” more than anything else, however last Thursday with the precision of one of Daenerys Targaryen’s dragons SPAT FIRE over the assembled and eagerly listening cable bulls.\r\n\r\nWe saw moves of 200 pips lower with GBP/USD and the crosses which are monsters at the best of times moved considerably more, GBP/AUD and GBP/NZD circa. 400 pips range on the day.\r\n\r\nFrom my own perspective, I did NOT play the BOE Super Thursday very well. I was expecting a rally on the announcement into which as I had written to PREMIUM SERVICE subscribers during the week I was looking to fade as I was expecting a DOVISH HIKE.\r\n\r\nWe had a DOVISH HIKE but the selloff started in the late Asian session from the prior day and continued through the European session. As the announcement came basically the selloff intensified.\r\n\r\nI was set up mentally for cable to fail, but not in the way it happened.\r\n\r\nI talk a great deal about RISK MANAGEMENT, TRADE MANAGEMENT and TRADING PSYCHOLOGY, which I am now calling MIND MANAGEMENT. I never had my MIND MANAGEMENT in the correct place.\r\n\r\nI only partially participated in the GBP move and made poor selections of trading pairs on the day. I banked small losses. Privately, I made reasonable $$$ scalping the market. Overall, however, I was very disappointed with my Super Thursday performance.\r\n\r\nWe move on…\r\n\r\nTHE PREMIUM SERVICE as at 31st October 2017, has now beaten its annual net pip target of 10,000 pips. To the end of October 2017, the pip total stands at 10,402 pips.\r\n\r\nI am delighted… Happy Days.\r\n\r\nThe 2016 total was a record at 13,575 pips. Whilst I have always beaten the 10,000-pip target since the PREMIUM SERVICE started in 2014, last year’s total will a tall order. But as it is often said… “Onwards and Upwards”.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong></strong><strong> THE FX MARKET PLACE:</strong>&nbsp;</li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n&nbsp;\r\n\r\n<strong><u>BOE</u></strong><u>: SUPER THURSDAY &amp; PMi DATA.</u>\r\n\r\n&nbsp;\r\n\r\nA few weeks ago, when Mark Carney announced that UK interest rates could be rising earlier than previously thought to fight off inflation which was running at an annual rate of c.3%, I wrote saying that “CARNEY COMES OUT OF THE CLOSET”.\r\n\r\nThis move from DOVE to HAWK meant that the cable which previously had been under pressure from BREXIT leapt up like a rat up a drainpipe and sped towards 1.3300. There was talk of a re-test of 52W highs around 1.3650.\r\n\r\nLast Thursday Carney announced basically a DOVISH 0.25% rate hike… a one and done event. His commentary was as DOVISH as it comes and the cable fell like a lead balloon.\r\n\r\nThe unwinding of cable longs started hours earlier as the realism of a DOVISH HIKE came more and more into the reality and traders of all sizes squared off positions.\r\n\r\nThe MPC vote was 7-2 in favour of the hike. The two dissenters being Jon Cunliffe and David Ramsden.\r\n\r\nThe main takeaways from Carney’s press conference were in my opinion: -\r\n<ul>\r\n 	<li>MPC sees wage growth picking up in 2018</li>\r\n 	<li>MPC believes that the tighter labour market will boost wages.</li>\r\n 	<li>BREXIT deal will affect the exchange rates</li>\r\n 	<li>Rates will be adjusted either up or down on a BREXIT resolution.</li>\r\n 	<li>MPC wants to use the Bank rate as an instrument of BOE policy rather than QE.</li>\r\n 	<li>Rates must be higher before reversing QE.</li>\r\n 	<li>Inflation back at 2% will help make BREXIT a success\r\n(God knows what the feck they were smoking to come up with this line!!</li>\r\n 	<li>UK rate decision not driven by the exchange rate….\r\n(My arse!!)</li>\r\n</ul>\r\nMy thoughts are that it was a mistake to raise rates. Asked by the press did he think it was a mistake, Mark Carney responded with it was a “nimble response” to an unprecedented set of circumstances. The fact that cable sold off only adds fuel to UK inflation. It was cables devaluation that is basically what has fueled the inflation position. Ironic that a rate hike caused cable to devalue again, the irony of that fact should not be lost on the MPC!\r\n\r\nUK interest rates are to remain low for an extended period well into 2019.\r\n\r\nWith the rate hike out of the way we can now concentrate on the main event… BREXIT\r\n\r\nUK PMi data last week was stronger than expected, and took me by surprise I only expected a beat with service PMi:\r\n\r\nConstruction              50.8 versus 48.3\r\nManufacturing           56.3 versus 55.8\r\nServices                      55.6 versus 53.3\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> FOMC, FED CHAIR, GOP TAX PLAN, ADP &amp; NFP.</u>\r\n\r\nA huge amount of economic and political data last week from the U.S. All this and not even a mention of TWITTER.\r\n\r\nThe FED CHAIR announcement went off without incident. JEROME POWELL, subject to senate approval will replace Janet Yellen next February. When the announcement was made, I had to hold my head back to stop the blood from my nose bleed dripping all over my apple keyboard. It was such a shock to my body to have a TRUMP announcement without drama attached… total shock to my system.\r\n\r\nA couple of points for dinner table conversation about Janet Yellen’s tenure at the FED.\r\n<ul>\r\n 	<li>When she became FED CHAIR the USD (DXY) was at 81.00.</li>\r\n 	<li>The DXY has been falling since TRUMPS inauguration 101.00.</li>\r\n 	<li>Today after 10 months of falling it still stands at 94.00.</li>\r\n</ul>\r\nMy point here is that after the GFC when the DXY stood at 70.00, following on from Ben Bernanke she guided the DXY to about the mid-point given that in 2000 the DXY was at 120.00. Personally, without TRUMP the DXY would be well into triple digits by now.\r\n\r\nThe FOMC statement a day earlier passed us by without incident.  The FX market did its usual thing by the odd flexing here and there but to be honest it was an all “fur coat and no knickers” event.\r\n\r\nThe TAX PLAN release was for me, mixed into the background as the BOE press conference fall out was still in full swing. The previous day there was a rumour in the Asian session that reductions in the corporate tax rate would either be phased in or phased out, or both…. From what I can gather this was a bullsh*t rumour.\r\n\r\nWith regards to the jobs data; ADP was a nice bear 235k against an expectation of 202k. NFP missed at 261k versus 312k. The unemployment rate dipped from 4.2% to 4.1%. Hourly earnings 0.0% versus 0.2% expected.\r\n\r\nJobs data was poor so the USD strengthened go figure.\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/2017/11/ECON-DATA-0512017.png\"><img class=\"aligncenter size-large wp-image-10338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017-1024x705.png\" alt=\"\" width=\"1024\" height=\"705\" /></a>\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-05112017.png\"><img class=\"aligncenter size-large wp-image-10339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-05112017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: 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<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10349\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10350\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10348\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10351\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10352\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10353\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10354\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThe Antipodean currencies rule this week!\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE</u>.\r\n\r\nI am NOT expecting any fireworks this week. Grant aka “Frank” Spencer has already stated no change and dovish for an extended period.\r\n\r\nI will be looking to see what, if anything, is said vis-à-vis the new Labour Party coalition governments intentions to expand the role of the RBNZ.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD:</u></strong><u> RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENT.</u>\r\n\r\nI am not expecting any move on interest rates. Philip Lowe has been very straightforward since becoming governor. He is clear and unambiguous and his is his own man. He has been happy of late to remain neutral and is in no rush to increase interest rates, far from it.\r\n\r\nAs with most monetary policy and rate statements the “verbal’s” give us the clues. I am expecting more of the same. No fireworks just a status quo report.\r\n\r\nThis may change in 2018, but for now it is only the FED that has an open normalization policy on interest rates. This suits other currencies like the AUD because the result with FED policy should be that the USD strengthens based upon interest rate differentiation causing other currencies to weaken.\r\n\r\nA weaker currency is always preferred and this can be achieved by the likes of the RBA with no work. It’s all in theory done for them by the FED.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nThere was a lot jammed into last week that made me believe that caution was the best route forward. Trading FX always has RISK involved and at the end of the day it’s all about MANAGING RISK in conjunction with both TRADE MANAGEMENT and MIND MANAGEMENT.\r\n\r\nLast week finished with USD strength returning and I see this renewed USD strength remaining with the markets into the early part of this week, if not more than that.\r\n\r\nGeopolitical factors such as “THE TRUMP GOODWILL TOUR OF ASIA”, which was given a good old dose U.S. hospitality with nuclear weapons loaded bombers flying up and down the Korean coast. It doesn’t bear thinking about.\r\n\r\nBREXIT and poor old Theresa May will hit the headlines this week now that Carney’s BOE super Thursday event is behind us. However, we should remember that moves in cable are still just one UK negative BREXIT announcement from a fall, or one positive announcement away from a spike higher.\r\n\r\nOIL appears to be settling around the USD$60.00 level. Anything higher will get the U.S. shale production lifting off which will drive prices back towards USD$50.00 per barrel.\r\n\r\nSo…\r\n\r\nWith that as my back drop how will I be approaching the FX market this week.\r\n\r\nWithout much economic data, this week and with the “RED” FX data emanating from mainly AUD and NZD, one would think I had a pretty clear plan in place. Unfortunately, with all the geopolitical nonsense around and with TRUMP off home soil the potential for gaffs is heightened.\r\n\r\nThe USD is news driven at the moment, and, if the USD is news driven almost everything else currency wise falls victim.\r\n\r\nI have cross rates that interest me and they are a great option away from the USD.  The JPY crosses are of interest but I never seem to personally have great success with them. Recently, the NZD/JPY has been good and the AUD/JPY is back on my RADAR once again after closing it just ahead of NFP last week. But with TRUMP in Asia maybe the JPY should not be such a focus. However, the parabolic rise in the NIKKEI does have me alert to JPY shorts.\r\n\r\nHaving written all that, I still see being long the USD as the immediate route. I do not think it will last for long as I see this USD strength technical and I expect the move higher to stop and then USD weakness will come back and force the DXY lower. (See the DXY chart below)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017.png\"><img class=\"aligncenter size-large wp-image-10340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" /></a>\r\n\r\n&nbsp;\r\n\r\nOverall, I would be looking to establish positions in cross rates. GBP crosses may need some time to wash out oversold conditions. EUR crosses long in the medium term excite me, but not quite yet.\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\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:           = +122 pips\r\nPIPS MONTH TO DATE:                = +122 pips\r\nYEAR TO DATE:                              = +10,524 pips\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017.png\"><img class=\"aligncenter size-large wp-image-10335\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017-968x1024.png\" alt=\"\" width=\"968\" height=\"1024\" /></a>\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<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\n<u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</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 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>5.2: 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>5.3: 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\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: #258 FREE NEWSLETTER\r\n5th November 2017','CARNEY SPITS FIRE AT CABLE BULLS','','publish','open','closed','','carney-spits-fire-cable-bulls','','','2018-02-15 07:09:47','2018-02-15 12:09:47','',0,'https://weeklyfxdrivethru.com/?p=10365',0,'post','',0),(10067,1,'2017-09-23 06:45:37','2017-09-23 11:45:37','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nYou may notice as you digest the blog this week that some long awaited, from my perspective format changes have now been introduced.\r\n\r\nBasically, my FREE NEWSLETTER subscribers have sections 1-3 and now a larger PREMIUM SERVICE subscribers only section 4 completes the blog. This new streamlined approach fits better with my schedule and allows me to be more concise.\r\n\r\nOutstanding items…\r\n\r\nI still need to complete my PREMIUM SERVICE video. Not an excuse but last Thursday I had three hours put to one side for it, but when I first glanced at my screens at 4:30AM it was a sea of RED. No amount of coffee or other stimulant was going to put me in the best of moods for completing a “Mr. Happy” video. It was a 100% warm blue sky day and still warm, my wife and I went out for Lobster instead!!\r\n\r\nMy apologies, I will get this sorted in the coming week with the link placed in this segment of the blog (I think).\r\n\r\nMy EA’s (Expert Advisors - Algorithms) that I mentioned last week are STILL outstanding. I had hoped to have progressed these further by now. I feel like I am back in school with this stuff, codes and such like. My partners are being very patient and totally supportive throughout this process.\r\n\r\nThe big issue is going to be how do I bring these EA’s into the PREMIUM SERVICE. I have still got to work that conundrum out!!\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<u>GBP: RETAIL SALES, BORIS &amp; THERESA MAYS’S SPEECH IN FLORENCE. </u>\r\n\r\nRetail sales were a blowout number. I had read a document from the CBI the day before that had indicated strength in sales so I was ready for it.\r\n\r\nBoris Johnson is flexing, or rumoured to be. The GBP strengthened about 40-50 pips on the news that he may be resigning.\r\n\r\nI digress but I had to laugh, I was on webinar when several Americans chirped up and commented about how poor old Boris was a clown. I only have this to say about clowns …1600 Pennsylvania Avenue, Washington DC.\r\n\r\nMoving on…\r\n\r\nI remember the Sunday that Boris announced that he was supporting the BREXIT move, he was then the Mayor of London. That was the start of the cable sell off.  Regretfully, I was long GBP/NZD. I remember being on twitter with a couple of traders I respect, discussing the effects of Boris on the cable.\r\n\r\nHis potential resignation is NOT causing 10% of the shenanigans his BREXIT support move did in the currency market.\r\n\r\nThe best for last…\r\n\r\nTheresa May delivered a politician’s speech in Florence as far as I was concerned. Her previous keynote speech which she did earlier at Lancaster House in London laid out her governments position and basically, I thought she repeated most of that content again. She just stated her position, as is what politicians do. Cable sold off, bounced after the speech and then sold off once again.\r\n\r\nThe EU negotiating team probably loved it, high on rhetoric low on content specifics, full of waffle and bullshit. Just what Brussels would order every day of the week. In fact, Michel Barnier (Head EU negotiator from Brussels) said soon after Theresa May had finished that he found the speech “To be in a constructive spirit”. Need I say anymore.\r\n\r\nMay’s position as leader of the Tories and Prime Minister is tenuous to put it mildly; any sane person not a “Dotard” would look at the job of guiding the UK through BREXIT as a poisoned chalice. Therefore, for now I think no one will challenge her.\r\n\r\nHowever, politicians are a strange breed and there are plenty of clowns wanting to be on the worlds stage. You cannot predict with certainty what might happen.\r\n\r\n&nbsp;\r\n\r\n<u>USD: FOMC RARE DECISION STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\nWTF... unbelievable … I am probably on my own here with these thoughts so it could be Scott v the World.\r\n\r\nFor the past God only knows how long, the FED has been data dependent. It has been almost to the point of can’t pee unless the data supports it.\r\n\r\nLast Wednesday…\r\n\r\nBollocks to the fecking data. What are they smoking? What are they drinking? Because I want some of that.\r\n\r\nThe FED believes that two record breaking hurricanes (natural disasters) inside a month hitting two of the biggest economically contributing states in the union both with very, very large areas either under water, or with mass construction damage or both are not going to be producing anything for some time.  Yellen said spending is expanding at a moderate rate, investment is increasing and labour data is strengthened. I don’t get it. All the data I have seen lately doesn’t say that and doesn’t support that view.\r\n\r\nThen the cherry on the cake…inflation. What fecking inflation? Oh, yes…transitory. Transitory my arse. The U.S. economy is not in as great shape as we all thought it was going to be.\r\n\r\nJanet Yellen “the uber dove” must be on medication as the statement and press conference commentaries were so damn positive.\r\n\r\nThe FED takes us for a pile of numpties. Ben Bernanke before her and Yellen herself tell us what’s suits them at the time. It’s NOT forward guidance, or anything resembling that. That went months ago. This is about covering one’s arse, nothing more and nothing less.\r\n\r\nAll one had to do was look at the markets after the knee jerk reaction to strengthen the USD. The following sessions after the Press Conference the DXY consolidated and then in the following US session it sold off again.\r\n\r\nEquities reaction in the US to the FED balance sheet tightening from next month and an interest rate hike before the end of 2017 plus 3 more in 2018 was what? To do absolutely nothing.\r\n\r\nI was gob smacked by the FX market on Thursday. It did not know what to do. It was clueless, directionless for hours and basically the day was best summed up as being a ‘nonsense, nothing made sense at all”.\r\n\r\n&nbsp;\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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917.png\"><img class=\"aligncenter size-large wp-image-10038\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917-1024x701.png\" alt=\"\" width=\"1024\" height=\"701\" /></a>\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></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>USD:</u></strong>  CONSUMER CONFIDENCE:\r\n\r\nThe Consumer Confidence numbers always interest me because albeit a backward-looking number it lets you know what is going on in the head of the consumer. Not that the data really matters anymore, it would appear that the FED is raising regardless and economic data is no longer considered.\r\n\r\n<strong><u>GBP</u>:  </strong>CURRENT ACCOUNT<strong>:</strong>\r\n\r\nWith the major banks now ramping up their processes to leave the City of London the importance of trending this data takes on a greater value. It is inevitable that this number will get worse as BREXIT approaches and the BOE will look at this data and perhaps have an “Oh crap” moment questioning their decision to raise rates. Money flows are monitored and measured closely by the BOE.\r\n\r\nThis could be a surprising market mover.\r\n\r\n<strong><u>CAD</u></strong>: GDP:\r\n\r\nAfter mixed inflation data, last week this will be used no doubt as a barometer as to whether the BOC will raise again, or not raise again, before the end of 2017.\r\n\r\nEconomic data from Canada has been strong and the market is geared up for a hike. A strong number could see an overreaction. Not that we are ever used to seeing the Forex Market overreact!!\r\n\r\n<strong><u>NZD</u></strong>:  RBNZ RATE STATEMENT &amp; CASH RATE:\r\n\r\nHot on the heels of election. I would expect more of the same from the last meeting. Nothing new at all.\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\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 PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +873 net pips\r\nYEAR TO DATE:      +7,529 net 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\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><u>\r\n</u><u>\r\n4.1.2: SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.1.3: USD - SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n<u>4.1.4: USD – TRADING CHARTS and COMMENTARIES:\r\n</u><u>\r\n</u><u>4.1.5: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.1.6: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.1.7: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n<strong> </strong><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\nNOTE: There is a promotion in place right now!\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: #252 FREE NEWSLETTER\r\n24th September 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;','WAS YELLEN’S HAWKISH MOMENT TRANSITORY?','','publish','open','closed','','yellens-hawkish-moment-transitory','','','2017-09-23 06:45:37','2017-09-23 11:45:37','',0,'https://weeklyfxdrivethru.com/?p=10067',0,'post','',0),(9726,1,'2017-07-15 07:41:40','2017-07-15 12:41:40','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWell that was an interesting week to say the least. On Wednesday night, I was convinced that the FED had decided upon a change of direction with its monetary policy and by midafternoon on Thursday I was less certain.\r\n\r\nI am now asking myself if these policy announcements followed by walk backs by Central bank leaders are coordinated or is it just pressure of the job or is it a bit of incompetence or both. Whatever way you want to describe it I would use the word unconvincing.\r\n\r\nAll we want as traders, especially with FX is clarity. We couldn’t give a rat’s hairy ass if its positive, negative, bullish, bearish, hawkish or dovish; we just want clarity.\r\n\r\nI am now 100% convinced that we do not get clarity because the Central Bank governors / presidents are as much in dark as most people as to what is actually happening in their own economies. Everything now is so inter-linked we live in different times than that of Trichet and Greenspan and the old-school approaches are no longer relevant.\r\n\r\nLast week I wrote about a TIPPING POINT. I think we are there a lot faster than I thought and it will be FX that starts it.\r\n\r\nMore is at play now that just gamekeepers turning poachers and doves becoming hawks. I see a possible major RE-STRUCTURE and RE-ALIGNMENT taking place in the FX market. It has the added spice of possibly occurring during the summer when trading volumes are low and markets thin and illiquid.\r\n\r\nI also believe that the FED was the final nail in the coffin, the straw that broke the camel’s back to make this a real possibility.\r\n\r\nMore of this in the “SOAPBOX” later.\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>CAD (BOC):\r\n\r\nI have been critical of Stephen Poloz in the past through lack of decision, being far too “CONSERVATIVE” in approach, which is the Canadian way irrespective of political persuasion.\r\n\r\nAbout a month ago, Poloz’s Senior Deputy Governor, Carolyn Wilkins (In Canada, we love full employment so there’s probably a great hierarchy, family tree spreadsheet inside the BOC), announced that the time to tighten BOC policy and look to raise rates was basically approaching. The USD/CAD exchange rate fell from the 1.3500 area and now sits circa. 1.2700. That is an 8 cents drop. Unbelievable; and in normal circumstances I would have said equivalent to a about a 1% -1.5% interest rate change. The BOC raised by 0.25% and it could be a one and done event this year.\r\n\r\nFair play; one of the biggest issues and maybe reasoning behind this rate rise had to be the housing bubbles in Toronto and Vancouver.  8 cents move in the exchange rate is the equivalent to a tax on house purchases for overseas buyers, who are really to blame for the housing bubble, squeezing prices up. Their cost to fund CAD$ has increased by the 8-cent move.\r\n\r\nI expected on Thursday the day after the USD/CAD, GBP/CAD and EUR/CAD were slaughtered for a bounce back of sorts. Of sorts are the words to use. On Thursday feck all of a spike higher. The CAD languished around its lows. CAD strength is back.</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>GBP (Employment Data, Export numbers and BREXIT):\r\n\r\nA much better week this week for the UK data releases.\r\n\r\nEmployment numbers were good and Export figures positive. Deputy governor Broadbent also went on the wires and said that now is NOT the time to be raising interest rates. No doubt this support got him a big kiss from Mark Carney.\r\n\r\nBREXIT negotiations are still on-going and leaks are almost nonexistent. Either the wine being drunk is so damn good those involved are incapable of speech to report on progress or they have done feck all but just look across the table at each other. Boris Johnson (UK Foreign Minister and BREXIT champion) did offer up a quote during the week, when in reference to the costs of the UK divorce from the EUROPEAN UNION, he said that the numbers quoted by the EU were extortion and that the EU could whistle for it to be paid!\r\n\r\nSo matters are progressing nicely.</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>USD (Janet Yellen Bi-Annual testimony, CPi and Retail Sales):\r\n\r\nWell she certainly surprised with her more DOVISH statement to the hill on the state of the FED and its Monetary Policy approach and progress towards its objectives. More about this later in the “SOAPBOX”\r\n\r\nWith regards to the CPI and Retail Sales data, it was really poor and the USD was taken to the woodshed and smacked.\r\n\r\nThe future does not look good for USD bulls.</li>\r\n 	<li>EUR (ECB):\r\n\r\nIt has been announced that Mario Draghi (ECB President) will attend this years FED symposium in Jackson Hole.\r\n\r\nThis announcement has fueled speculation that he may use this event to warm the markets up to the future of the ECB bond buying program. ECB TAPERING is the hot topic at the moment, we had all the shenanigans at the ECB forum last month in Sintra, Portugal when Draghi’s hawkish comments were attempted to be walked back by “unnamed sources!” … my arse; that was the ECB who pooped their pants when they saw the EUR reaction to a tightening policy.\r\n\r\nI would say invest in “Depends**” because the entire staff at the ECB will be wearing them when the symposium takes place.\r\n\r\nI would have thought that the ECB would stay tight lipped and say nothing or do nothing until the year end. If Draghi puts one word out of place, never mind an entire sentence, the single currency will rip higher on the mere mention of tightening never mind a TAPERING exit program.\r\n\r\n<em>** For those of you who live outside of North America.\r\n\r\nHere is the google search for Depend (for men and women)\r\n\r\nTake Control of Leaks by Finding the Protection That\'s Right for You. Fast Absorption · All Around Leg Elastics · Odour Control · Great Protection · Increased Flexibility Types: Fit-Flex®, Real Fit® Briefs, Depend® Shield, Adjustable Underwear, Protection with Tabs</em></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.<strong>\r\n\r\n</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-16072017.png\"><img class=\"aligncenter size-large wp-image-9699\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-16072017-1024x990.png\" alt=\"\" width=\"1024\" height=\"990\" /></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>GBP: It is a big week data wise for the UK. We have CPi, Mark Carney’s testimony to the parliamentary committee on Inflation and Retail Sales.\r\n\r\nI am still very cagey trading the cable at the moment. My bias was upside but the economic data of late has been poor switching my bias to sell. This week’s data will be confirmation of my switch in bias or just confusion.</li>\r\n 	<li>EUR: Mario Draghi has his Press Conference this week, when all eyes and ears will be on “TAPERING” clues. Whatever happens, the single currency will have its usual wild roller-coaster ride up and down for a couple of hours. I just cannot see Draghi committing to anything or hinting at anything. It is the status quo for me, especially with the Jackson Hole symposium attendance being confirmed all attention will be focused there.</li>\r\n 	<li>AUD: Jobs data this week. Good numbers will confirm the AUD breakout and poor numbers will bring back the sceptics. It could be an either way report. Winter employment data releases are always a bit of a lottery as seasonal employment comes into play.\r\n\r\nWe also get at the beginning of the week the last set of minutes from the RBA. If you recall, the last statement from the RBA disappointed the market and sent the AUD/USD lower by 100+ pips because the RBA stayed neutral. This could be interesting to read.\r\n\r\nWill it affect the strengthening AUD that we have seen since Janet Yellen’s testimony earlier in the week?</li>\r\n 	<li>JPY: No doubt a yawn fest. I cannot see the BOJ saying or doing anything new except committing to the existing QE and QQE programs that are in place.</li>\r\n 	<li>CAD: CPi and Retail Sales data is released on Friday. More good numbers would in my opinion send the USD/CAD towards the next support area of 1.2300.</li>\r\n</ol>\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/T-CHART-16072017.png\"><img class=\"aligncenter size-large wp-image-9700\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/T-CHART-16072017-1024x856.png\" alt=\"\" width=\"1024\" height=\"856\" /></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>\r\nEUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-16072017.png\"><img class=\"aligncenter size-large wp-image-9711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-16072017-1024x472.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-16072017.png\"><img class=\"aligncenter size-large wp-image-9712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-16072017-1024x472.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-16072017.png\"><img class=\"aligncenter size-large wp-image-9710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-16072017-1024x472.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-16072017.png\"><img class=\"aligncenter size-large wp-image-9713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-16072017-1024x472.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-16072017.png\"><img class=\"aligncenter size-large wp-image-9714\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-16072017-1024x472.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-16072017.png\"><img class=\"aligncenter size-large wp-image-9715\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-16072017-1024x472.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-16072017.png\"><img class=\"aligncenter size-large wp-image-9716\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-16072017-1024x472.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<p style=\"text-align: center;\"><u>WHAT IS THE PREMIUM SERVICE?</u></p>\r\n<p style=\"text-align: center;\">The 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.</p>\r\n<p style=\"text-align: center;\">Full 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.</p>\r\n<p style=\"text-align: center;\">Further 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.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">So; 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.</p>\r\n<p style=\"text-align: center;\">In 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.</p>\r\n<p style=\"text-align: center;\"><u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +1,288 pips\r\nYEAR TO DATE:      +3,693 pips</p>\r\n<p style=\"text-align: center;\">If 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:</p>\r\n<p style=\"text-align: center;\"><a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a></p>\r\n<p style=\"text-align: center;\">PLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n</p>\r\n\r\n<ol style=\"text-align: center;\" start=\"6\">\r\n 	<li style=\"text-align: left;\"><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\">If 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></p>\r\n<p style=\"text-align: center;\">This can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.</p>\r\n<p style=\"text-align: center;\"></p>\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<strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nAN FX STRUCTURAL RE-ALIGNMENT IS ON THE WAY </strong></p>\r\nLast week I wrote about how I believed were we were approaching a TIPPING POINT in the markets. Whilst I believe 100% in what I write, I did not think that one week later we would be at said TIPPING POINT, in fact, in my opinion, we are at what is a STRUCTURAL RE-ALIGNMENT.\r\n\r\nWhat do I mean?\r\n\r\nLet me start with some pre-amble, the much-awaited Janet Yellen bi-annual testimony on Capitol Hill, which must have left many people shaking their heads wondering WTF. I found her unconvincing and dare I suggest this but it’s not going to be her problem to fix as her tenure is up early next year and her replacement will be the seat on the hill in front of the politicians.\r\n\r\nI struggle with these U.S. committees, no one really asks questions and if they do they cut the answer short and most of the time we just get statements of position rather than questions. It’s all rather amateurish at times. Some of the committee members were more interested in scoring party points than actually being focused on the matter in hand. It does however, parade out in front of the world allegedly the best representatives of the people that the U.S. has… God help us all.\r\n\r\nMy thoughts / highlights / lowlights on the two-day testimony were: -\r\n\r\nINFLATION:\r\n\r\nWhat inflation?\r\n\r\nShe said that Inflation should rebound, but the FED could alter policy if inflation softness persists. Basically, she is stuck with the 2% goal that hasn’t been achieved for, I don’t know 5 years, 7 years?\r\n\r\nIf I had set targets like this back in the corporate world that I did not achieve never mind beat, I would be out on my arse looking for a new job!\r\n\r\nHer commentary was along the lines of FED POLICY should see the objective hit in the next few years. FED POLICY so far hasn’t done it, why on earth would anyone think that the FED has suddenly found the secret sauce?\r\n\r\n\r\nFED BALANCE SHEET, INTEREST RATES and MONETARY POLICY:\r\n\r\nThis is what caused all the twitchy bottoms.\r\n\r\nWith regards to monetary policy, she was DOVISH.  Although the Fed will begin TAPERING its balance sheet and although it will continue to gradually raise interest rates, interest rates will no longer be as high as before as seen in previous economic cycles and if inflation does NOT perk up the FED will slow down on raising rates.\r\n\r\nThe FED intends to raise rates as unemployment rates keep falling. Hmmn\r\nOn Day Two, Janet Yellen basically re-worked the same as day one although she did walk back comments made about whether she believed that there would ever be another great Financial crisis?\r\nDay one it was No.\r\n\r\nDay two we received this commentary. She talked about increased banking resilience and the fact so much has been done to strengthen banking capital and liquidity requirements should another crisis occur. She was happy to say that with Bank stress test results there was great improvement in risk management and capital planning.\r\n\r\nShe summed it up by saying that whilst the FED could never be confident that there will never be another financial crisis, there has been significant work and improvements made to best protect against an economic downturn.\r\n\r\nI keep saying that she unconvincing, you can add unimpressive if you want. She talks the talk but I think no-one really believe a word that comes out of the FED as much as they used to. Everything is transitory, data dependent then that no longer appears to matter.\r\n\r\nIN SUMMARY:\r\n\r\nSo; after all that, we received really poor CPi and Retail sales data on Friday last week and the USD received another whacking!\r\n\r\nFrom behind my desk it looks like it’s going to be a long hot summer for USD bulls. I just cannot see how it can come back quickly from: -\r\n<ul>\r\n 	<li>YELLEN’s change of focus, unimpressive, lack lustre performance on Capitol Hill. She has really said without saying it that rates are going nowhere in the near future. We may see the next hike in December 2017.</li>\r\n 	<li>A continuing bad run of weak / poor U.S. data after previously released poor data.</li>\r\n 	<li>The on-going political woes of the TRUMP administration. It just keeps scoring own goal after own goal. How did this guy ever run a business? It’s frankly shambolic.</li>\r\n 	<li>Normalization around the world by other G7 central banks. This will affect the USD as other currencies strengthen through their own Central Bank normalization policies.</li>\r\n</ul>\r\nItems 1 and 4 above are strategic and structural. These are not whims!\r\n\r\nJanet Yellen’s Capitol Hill performance was in my opinion was possibly the final nail in the coffin that has instigated an FX STRUCTURAL RE-ALIGNMENT that could take place this summer when markets are slow and trading volumes are thin.\r\n\r\n\r\nTRADING MOVING FORWARD:\r\n\r\nFirstly, let’s not get carried away, even though it sounds like I have already.\r\n\r\nWe are trading in the summer. Ranges are always tested and it is a desperate time of the year for false breakouts and breakdowns. Having said that: - AUD/USD, NZD/USD, AUD/NZD, AUD/JPY, EUR/USD, GBP/USD, EUR/CAD, USD/CAD and CAD/JPY to name just a few currency pairs are in breakout / breakdown mode. Range extremes are being tested and should they be broken potentially big moves are afoot. Without doubt this move by the FED benefits the commodity currencies whether their central banks want it to or not.\r\n\r\nNOTE: The BOC has already led the way and in the past month the CAD$ has appreciated by over 8 cents. I am not sure that the RBA or the RBNZ would appreciate such a move. They may not have much of a say in what initially happens. Right now, the AUD/USD and NZD/USD are in break out territory toying with really good and strong previous resistance levels.\r\n\r\nWith a move across most G7 central banks to normalize sooner rather later, the market is testing and pushing levels that during the slower thin markets could just give way and moves could be explosive. Perhaps, we will not see the usual false moves that we have seen in past summers.\r\n\r\nWe could see and I would NOT rule it out - a massive summer STRUCTURAL RE-ALIGNMENT.\r\n\r\nShould one currency USD major breakout, it will affect its cross rates and then like a domino effect the market all pushes and pulls to re-align value.\r\n\r\nIn my opinion the big loser should this happen will be the USD.\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: #244 FREE NEWSLETTER\r\nDATE: 16th July 2017.\r\n\r\n&nbsp;','AN FX STRUCTURAL RE-ALIGNMENT  IS ON THE WAY','','publish','open','closed','','fx-structural-re-alignment-way','','','2017-07-15 07:41:40','2017-07-15 12:41:40','',0,'https://weeklyfxdrivethru.com/?p=9726',0,'post','',0),(9756,1,'2017-07-22 07:00:09','2017-07-22 12:00:09','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI must admit that although we are in the summer, the summer doldrums trading experiences that we have seen in past years have not arrived yet. We may have thinner trading conditions and much less than usual liquidity in the market, but the moves are very much still out there.\r\n\r\nThe moves are not all Central Bank initiated, but one could say that the BOC and RBA have had great influences of late in moves surrounding the CAD and AUD. The GBP has BREXIT uncertainties, Theresa May’s tenuous grip on power and we have the BOE “flip-flopping”. The EUR has spiked higher on the news denied twice by the ECB and Draghi that the end of policy accommodation is in sight and that tapering will start and they normalize interest rates.\r\n\r\nSo all in all there is more than enough to feed a hungry market.\r\n\r\nThe winner (if there needs to be one) in all of this is the USD. Basically, it has weakened since “THE DONALD” was sworn in (see USD INDEX (DXY) below).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDDXY-23072017.png\"><img class=\"aligncenter size-large wp-image-9733\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDDXY-23072017-1024x508.png\" alt=\"\" width=\"1024\" height=\"508\" /></a>\r\n\r\nWhen I talk about winners, I am really referring to exporters and keeping the wheels of industry greased and moving increasing the export nations competitive. From this perspective, the U.S. is winning and the EUROZONE is losing.\r\n\r\nMoving on…\r\n\r\nOver the past three weeks I have written in the SOAPBOX section of this blog about: -\r\n\r\n1. July 15th: FX MARKET RE-ALIGNMENT.\r\n\r\n2. July 6th: THE TIPPING POINT.\r\n\r\n3. July 1st: (Regarding Central Banks) GAME KEEPERS are NOW POACHERS.\r\n\r\nAll three of these articles from this blog are current factors in the market today. I am not looking for a pat on the back but this information is FREE.\r\n\r\n&nbsp;\r\n\r\nThe reason that I bring this up is because of something that occurred during the week. Like many of you, I subscribe to various market opinion sites for raw data, especially the various international banks around the globe. I use most of this data, especially the bank data to give me contrarian ideas moving forward which I pass on to my PREMIUM SERVICE subscribers.\r\n\r\nHowever, a trial period with an independent global research provider had come to an end. The continuation fees were about CAD$14,500.00 per annum. The information provided was not even FX specific, it was mostly opinion based upon fundamentals and I could not by any stretch of the imagination justify such costs for my business. As I explained to my contact, my Fundamentals emanate primarily from Central bank documentation because it is Central Bank Monetary Policy that fundamentally drives the FX market. The days of Greenspan and Trichet are long gone when an interpreter was required to dig deep to find out what they were saying. Nowadays transparency is the buzz word and the documentation available is clearly set out for all.\r\n\r\nMy fundamental interpretation plus technical set ups to provide trade set ups that can generate $$$ are provided for just CAD$1,250.00 per annum by comparison to the non-accountable fundamental data at CAD$14,500.00 a year that does not give entry or exit levels or follow ups on previous opinions.\r\n\r\nSubscribers to the PREMIUM SERVICE receive detailed actual information that can generate $$$.\r\n\r\nPerhaps I am in the wrong business!!\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no order, here is what floated my boat last week.\r\n<ul>\r\n 	<li>USD: (REPUBLICAN HEALTHCARE PLAN… another rejection)\r\nNZD: (CPi)\r\nAUD: (RBA)\r\nThis all happened in the space of a couple of hours or so.\r\n\r\nLast Monday in between the NZD CPi and the RBA minutes from the last meeting being released the failure to proceed in the current draft was announced and the markets went crazy.\r\n\r\nPersonally; I was out at the time operating with only an iPAD. It was hard to gather data and trade effectively, so I took the cautious route and systematically closed every open trade. In the process, I think I banked about 150 pips but had I been in front of my screens with total access I would have seen more and read some back up and may not have carried out the “LOCK DOWN” move as I could have seen moves across 6 screens, compared to one device. Whilst I banked pips, I think there were about 1,000 additional pips thrown away as the reversal moves were powerful.\r\n\r\nQuite a few European PREMIUM SERVICE subscribers were asleep through it all and woke up to some pleasant surprises the next day.\r\n\r\nPrior to the US news the NZD CPi data surprised most analysts by failing to meet expectations. The NZD pulled back and took the AUD with it. Around the same time as the Health Care news hit the wires the RBA minutes were released and they were more hawkish than the original interest rate statement from a couple of weeks ago.\r\n\r\nThat was double boost to the AUD which was already strengthening on the U.S. news, it took the NZD with it and all the cross rates.\r\n\r\nIt was around the RBA data that I was checking in on my iPAD. The rest is history as they say…. argh!!</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>ECB: (Interest Rate Statement and Press Conference)\r\n\r\nWhat can I say that hasn’t already been said?\r\n\r\nGod love him (Mario Draghi).\r\n\r\nHe tried his best to be DOVISH every step of the way but the markets just did NOT believe a word of it and looking at Draghi when he was talking he looked like he did NOT believe the crap he was spouting.\r\n\r\nEvery man, woman and child, even my dogs Ozzy and Aoife know that the ECB will be tapering sooner rather than later.\r\n\r\nDraghi did his best, spouting words and phrases such as: - 2018, December 2017, next year, extended period of time, not in the foreseeable future etc. etc…\r\n\r\nThe result was the EUR/USD climbed from 1.1480 to 1.1656. Feck knows what would have happened had he been HAWKISH!\r\n\r\nSo; it’s just when and not if. All eyes are now fixed on the Jackson Hole Symposium next month. EUR/USD at 1.2000 is NOT out of the realms of possibilities now. December 2016, it was at 1.0350.</li>\r\n 	<li>GBP: (CPi and Retail Sales)\r\n\r\nBREXIT scares the crap out of me and I believe that the market is just 110% complacent. The UK economy is starting to feel the pressure. Inflation and the relationship between inflation and wages is biting.\r\n\r\nCPi missed and Retail Sales beat. Big fecking deal on the Retail Sales; this in my opinion is mainly tourist driven based upon the UK being a cheap place to visit and one gets mucho £££ now in exchange for whatever.\r\n\r\nCable is under pressure as the news emanating from the BREXIT talks is hardly setting the world on fire and with the UK economic data mainly being poor, I think we are heading much lower again.</li>\r\n 	<li>AUD: (Employment Data)\r\n\r\nFantastic data a huge beat in the jobs numbers. The AUD initially spiked and then fell back overnight (for me) into the ECB press conference. It then rallied on broad continuing USD weakness and rather bizarrely the NZD/USD which had not really matched the upward move of the AUD/USD in recent days took the lead after the ECB, leaving the AUD/USD behind a little.\r\n\r\nWe should keep an eye on these moves moving forward. The charts all look bullish but the moves are not consistent.</li>\r\n 	<li>JPY: (BOJ Rate Statement)\r\n\r\nStop the presses.\r\n\r\nThe BOJ announced that it has extended its target deadline date to 2019 to reach its 2% inflation target.\r\n\r\nI want to comment without swearing…. feck that; Kuroda needs to get his arse in gear and start looking for a new job. I think that I will be six feet under pushing up daises before Japan has 2% inflation. There is more chance of hell freezing over.</li>\r\n</ul>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-23072017.png\"><img class=\"aligncenter size-large wp-image-9731\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-23072017-1024x958.png\" alt=\"\" width=\"1024\" height=\"958\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n<ol>\r\n 	<li>USD: The big news this week surrounds the USD. This mean more nails in the coffin and could send the DXY towards 90.00.\r\n\r\nConsumer Confidence, an FOMC Rate Statement and Advance GDP are all key events. Plus, not on my chart are Durable Goods plus the usual weekly job numbers and OIL inventory data.\r\n\r\nIt should be an interesting week.\r\n\r\nWill Janet Yellen save or let the USD die? That is the question.\r\n\r\nThe cynic in me says if she wants another turn as FED chair she will kill the USD and please TRUMP. Did someone once state that the FED was independent?</li>\r\n 	<li>GBP: GDP and the Inflation report hearings. These news events both could move the cable exchange rate substantially. Recent economic data (apart from last week’s Retail Sales) has been poor so further bad figures will increase the downside pressure on the cable.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-23072017.png\"><img class=\"aligncenter size-large wp-image-9732\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-23072017-1024x847.png\" alt=\"\" width=\"1024\" height=\"847\" /></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>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-23072017.png\"><img class=\"aligncenter size-large wp-image-9744\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-23072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-23072017.png\"><img class=\"aligncenter size-large wp-image-9745\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-23072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-WEEKLY-23072017.png\"><img class=\"aligncenter size-large wp-image-9743\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-WEEKLY-23072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-WEEKLY-23072017.png\"><img class=\"aligncenter size-large wp-image-9746\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-WEEKLY-23072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-WEEKLY-23072017.png\"><img class=\"aligncenter size-large wp-image-9747\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-WEEKLY-23072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-WEEKLY-23072017.png\"><img class=\"aligncenter size-large wp-image-9748\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-WEEKLY-23072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-23072017.png\"><img class=\"aligncenter size-large wp-image-9749\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-23072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>4.1: 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>4.2: 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<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +1,598 net pips\r\nYEAR TO DATE:      +4,003 net pips\r\n<u>\r\n</u><u>4.3: WANT A PREMIUM SERVICE SUBSCRIPTION:</u>\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$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&nbsp;\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)<strong> </strong>\r\n\r\n<u>4.4.1: TRADING REVIEW:</u>\r\n\r\nLast week the PREMIUM SERVICE added +310 net pips.\r\n\r\nJust before the ECB Press Conference last week, I decided apart from the AUD/NZD to go flat with my open trades.\r\n\r\nAs I have talked about recently we are RE-ALIGNING in the currency market. Upon first glance, it looks pretty clear. The USD is getting taken to the woodshed and getting a bloody good spanking. However, I think we should consider a couple of other things as well, namely the S&amp;P and the JPY.\r\nIt is very easy to trade outside of these factors in normal circumstances but I think we should be careful around not just the USD majors because of “THE DONALD” and “FED” uncertainties at the moment, but the cross-rates can also spark a move on a whim (ECB day last week EUR/CAD and EUR/AUD about face).\r\n\r\nTherefore, dare I say it but we need to exercise patience and be picky. I will be picky with the PREMIUM SERVICE trades so please allow for this, I would rather take 50 pips or so per day out of two or three smaller trades than aim for the 70-100 pip moves. Great if we can get them but I will now be aiming a little lower, until I have greater confidence.\r\n\r\nThe STRUCTURAL SHIFT is happening and the potential moves are huge. There are couple of no brainer trades in my opinion. Get in on small pullbacks and place stops wide, almost close your eyes and open them in 3 or 4 weeks’ time to bank the $$$, such as AUD/USD, AUD/NZD and EUR/USD long. Plus FUNDAMENTALLY I want to be short GBP/USD and possibly short GBP/CAD and USD/CAD.\r\n\r\nThese trades will be my initial focus.\r\n\r\nApart from the pairs noted above I will be as selective as possible based around my core trades. I hope that this makes sense. By the middle of this week I hope to fully loaded once again.\r\n\r\n<u>\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n</u>This is a new addition to this section. The SHORT or LONG indicators in the excel sheet are based on buying and selling pressure algorithms averaged for the time periods. I use these from time to time for confirmation of a trade. In addition, when I see the Short, Medium and Long term periods in alignment this gives me more confidence vis-à-vis a trades direction and who is in control of the currency pair, the bears or the bulls.\r\n<u>\r\n\r\n</u><u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/MKT-SENT-23072017.png\"><img class=\"aligncenter size-large wp-image-9736\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/MKT-SENT-23072017-691x1024.png\" alt=\"\" width=\"691\" height=\"1024\" /></a>\r\n\r\n4.4.3: CORE TRADES:</u>\r\n<u>\r\n</u>Apart from a failing eye-sight glitch on setting a stop on the AUD/NZD at the correct level…argh!!, core trades are now being set up.\r\n\r\n&nbsp;\r\n\r\nEUR/USD: (Not yet triggered)\r\n\r\nThis pair is the most interesting of all from my “no-brainers” noted above. The market expects 1.1711 to be tagged and then a corrective retrace to about 1.1200 or so. In normal market circumstances, I would agree to these thoughts without much debate. However, this current market is “squeezy”, non-believing of Mario Draghi and algorithm riddled with specific targets locked in.\r\n\r\nOn Friday, last week one day after Draghi’s ECB Press conference an ECB spokesperson stated that in October this year its Asset Purchasing Programme “Tapering” will be discussed. FFS - Draghi must have known this 24 hours earlier!\r\n\r\nAt the moment, maybe at 1.1700 we may get a small pullback to say a 38% Fibonacci to 1.1615 and then move back with the trend. My trade POS374 has an entry at 1.1590. I may need to tinker with this if I do not get the full pullback I want.\r\n\r\nI would NOT rule anything out. Given all the “TAPER FRENZY” and the markets desire for a huge EUR/USD corrective move, we need to be over this trade like a rash.\r\n\r\nNeedless to say, the EUR cross-rates will be drivers as well.\r\n\r\n\r\nAUD/USD: (Live)\r\n\r\nThis pair has broken out. 0.8000 is the immediate objective and I believe that 0.8400 is possible.\r\n\r\nA word of caution, the Deputy RBA Governor Guy Debelle, was speaking on Friday last week basically stating that there will be no rush to raise rates just because other Central Banks are doing so. The AUD pulled back 50-60 pips on this news and gave me the “BUYING THE DIP” opportunity as 3 trades triggered…happy days.\r\n\r\nTechnically, the AUD has already broken out and the RBA is trying to close the stable door after the horse has already bolted.\r\n\r\n\r\nAUD/NZD: (Live)\r\n\r\nPrior to the “Debelle” comments this pair looked very constructive to the long side. It was whacked lower on the comments. Longer-term fair value for this pair is much higher.\r\n\r\nI must point out at this stage. The weekly closing candle looks bloody awful. If the start of the week does not see this pair move upwards in line with the AUD I may consider removing trades to re-enter again at lower levels. The candle looks poor. But fundamentally I am good. With this conflict, I need to see the start of the week and possibly make a decision by the close of the day on Monday.\r\n\r\nI have been in and out of the pair on the long side for about 3 years now and I have provided numerous head and shoulders patterns, bull flag measured moves, descending wedge breakouts… the lot. Basically, it is a slow mover but hopefully before I die it will back into the 1.20’s again!\r\n\r\n&nbsp;\r\n\r\nGBP/USD: (Live)\r\n\r\nThe more I read and see on TV regarding the UK government the more it looks like a shambolic collection of misfits that lack leadership, unity and God forbid direction on practically every subject. In certain aspects, it makes TRUMP look positively on the ball (I cannot believe I wrote that).\r\n\r\nThe BREXIT negotiations look amateurish and not thought out. The risk of a “No Deal” as highlighted last week by one of the UK negotiator’s Nick Fox happening is real. I cannot see how this benefits the UK. In fact, this does NOT benefit the EU either.\r\n\r\nI have documented this in the past but my reasons for being contrarian with this pair compared to most market analysts and commentators is because of: -\r\n<ul>\r\n 	<li>BREXIT UNCERTAINTY.</li>\r\n 	<li>CAPITAL OUTFLOWS and FINANCIAL INSTITUTIONS are now on the move out of the city. This will add more pressure.</li>\r\n 	<li>THERESA MAY’S tenuous position as leader and Prime Minister.</li>\r\n 	<li>KEY ECONOMIC DATA now turning sour.</li>\r\n 	<li>BOE committed to dovish approach for at least 2017.</li>\r\n</ul>\r\nThis could be a challenging trade initially, I believe that 1.2775 is the pivot to pass to give me greater confidence. In the interim, the USD (TRUMP ISSUES) will from time to time effect the cable moves.\r\n\r\nI am using recent highs of just above 1.3100 as my line in the sand to exit if required. Therefore, from a RISK / REWARD perspective this trade position does appeal.<u>\r\n\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-23072017.png\"><img class=\"aligncenter size-large wp-image-9735\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-23072017-934x1024.png\" alt=\"\" width=\"934\" 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-23072017.png\"><img class=\"aligncenter size-large wp-image-9734\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-ORDERS-23072017-841x1024.png\" alt=\"\" width=\"841\" 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<strong>\r\nCENTRAL BANK DIVERGENCE IS BACK\r\n\r\n</strong>\r\n\r\nThis week I am not writing about the end of the world or anything like that, after two weeks of writing about TIPPING POINTS and STRUCTURAL RE-ALIGNMENTS, to write about DIVERGENCE sounds rather boring by comparison.\r\n\r\nFor about 18 months and to me it does seem a hell of a lot longer, I have been banging on about CENTRAL BANK DIVERGENCE and the possible trades that run alongside it.\r\n\r\nEarlier this year I thought that we had it, but “THE DONALD’S” ineffective management of the U.S. kicked that into touch no matter how aggressive the FED was in the early part of 2017. The USD (DXY) chart from the beginning of the blog is repeated below. It shows that even in a raising of rates scenario a currency can still NOT strengthen. <strong>\r\n\r\n</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDDXY-23072017.png\"><img class=\"aligncenter size-large wp-image-9733\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDDXY-23072017-1024x508.png\" alt=\"\" width=\"1024\" height=\"508\" /></a>\r\n\r\n</strong>If you recall at the start of 2017 the FED stood in isolation of the G10 Central Banks. It started a policy of normalization with its interest rate policy. It did this whilst the other central banks inside the G10 stood still being dovish or at best neutral.\r\n\r\n<strong>\r\n</strong>Three weeks ago, on the 1st of July, I wrote a piece for this section called “THE GAMEKEEPERS are now THE POACHERS”. This was based upon the fact that the previous Central Banks that had remained dovish or neutral were starting to change their policy stance.\r\n\r\nAt an ECB Monetary Policy forum in Sintra, Portugal, ECB Mario Draghi, BOE Mark Carney, BOC Stephen Poloz and BOJ Haruhiko Kuroda were all present and gave speeches.\r\n\r\nDraghi, Poloz and Carney talked about a change in policy.\r\n\r\n&nbsp;\r\n\r\nDRAGHI (ECB) – Basically his comments were walked back inside 24 hours as the single currency went on the rampage.\r\n\r\nAt his Press Conference last Thursday, Draghi did all he could to talk the EUR/USD, down, but to no avail. The market smelt blood and did NOT believe the dovish comments made and as a result the single currency strengthened across the board.\r\n\r\nIt now looks like The Jackson Hole Symposium next month and the October ECB meeting will be the times that the change in ECB policy will be discussed and details provided to the markets.\r\n\r\nThe single currency has moved from 1.0340 a to 1.1680, that is about 1,300 pips since December 2016.\r\n\r\nHow far will it go on ECB tapering and the beginning of interest rate normalization, I think 1.2600 is possible when all said and done. That is the 61.8% retracement from the 1.3990 highs in 2014 to the December 2016 lows of 1.0340.\r\n\r\n\r\nPOLOZ (BOC) – The man of action. He said rates were going to rise and they did by 0.25%. The move surrounding the hype and the actual rate increase effect was from 1.3550 to 1.2550, 1,000 pips or $0.10 cents.\r\n\r\nHoly Mother of God, back in the day you would be lucky to see a $0.10 cent move for nothing less than 1.0% move in interest rates not for only a 0.25% hike. Is it any wonder Poloz appears happy at the moment with a “One and done” approach.\r\n\r\n\r\nCARNEY (BOE) – The “Flip-Flopper” was at it again. The week prior he held rates unchanged at the BOE. Admittedly the BOE vote at that time was 5-3 in favour of leaving rates unchanged although from the outside at that time Carney looked under pressure.\r\n\r\nA week later he’s talking about possible hikes into the end of 2017. A few days later after Sintra more bad economic data is released in the UK and rate hikes are once again off the agenda. In fact, one or two of the 3 from 5-3 MPC vote have subsequently now walked back their vote to say they would now not raise interest rates in the UK. But this does NOT stop the speculation.\r\n\r\n&nbsp;\r\n\r\nKURODA (BOJ) – Nothing new from yer man. He still needs bridgework on his teeth and basically Japan’s low rate policy remains in place…. unchanged.\r\n\r\n\r\nSince Sintra, we have heard from Dr. Philip Lowe, Governor from the RBA who surprised analysts by deciding to remain neutral on interest rates. This was only very recently re-emphasized by his deputy Guy Debelle, who told financial analysts just because other Central Banks are changing policy and moving on rates doesn’t mean the RBA should as well.\r\n\r\nThe way I look at this is that, the RBA have moved to neutral and are now firm neutral. It was only a short while ago with commodity prices struggling there were calls for a cut in interest rates and the reason that did not happen was because it would fuel the housing bubble in the Sydney market.\r\n\r\nA RBNZ spokesman was also on the wires stating that the RBNZ is not worried by the strength of the Kiwi dollar.\r\n\r\nOK…\r\n\r\nMoving on…\r\n\r\nThere is movement and a stance change made or in the works in the next 6 months from, the ECB, the BOC, the RBA and the RBNZ.\r\n\r\nThe BOE, BOJ and SNB are in my eyes are not going to change.\r\n\r\nWhat about the FED?\r\n\r\nThis is where it gets interesting. The Fed has changed its approach and has walked back from its hawkish stance on raising rates. Because of this the USD (DXY) has continued its fall that has been in effect since the start of 2017.\r\n\r\nWe therefore have a DIVERGENCE TRADE possibility.\r\n\r\nIt would be very easy to trade the DXY but we should be smarter than that given the positions of the various USD major Central Banks.\r\n\r\nUSD (DXY) basket weighted as follows: -\r\n<ul>\r\n 	<li>EUR 57.6%</li>\r\n 	<li>JPY 13.6%</li>\r\n 	<li>GBP 11.9%</li>\r\n 	<li>CAD 9.1%</li>\r\n 	<li>SEK 4.2%</li>\r\n 	<li>CHF 3.6%</li>\r\n</ul>\r\nAs we know the JPY does its own thing most of the time and aligns with equities and bonds and can move in opposite directions to the DXY.\r\n\r\nThe GBP is under severe pressure from several factors that could see it move in an opposite direction to the DXY.\r\n\r\nTherefore roughly 25% of the index could trade opposite to the index ‘s direction. It would have an influence but maybe not a substantial one but an influence we should take into consideration.\r\n\r\nAt the start of 2017, I would never have thought that the DIVERGENCE trade would be against a weak USD, my thought process was always against a strong USD. But here we are with USD weakness.\r\n\r\nPick your pair carefully and if FED policy remains as is, all is good.\r\n\r\nBear in mind the next FOMC interest rate statement is this Wednesday, look for clues in the statement.\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\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: #142 PREMIUM SERVICE VERSION\r\nDATE: 23rd July 2017.\r\n\r\n&nbsp;','CENTRAL BANK DIVERGENCE IS BACK','','publish','open','closed','','central-bank-divergence-back','','','2017-07-22 07:00:09','2017-07-22 12:00:09','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9756',0,'member_posts','',0);
INSERT INTO `wp_posts` VALUES (9561,1,'2017-06-17 05:51:42','2017-06-17 10:51:42','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIt is great to be back trading again. Apart from my summer breaks I have never taken what really amounted to a six week break before. Not that it was a break, moving home and then being on a vacation some 35+ hours traveling time away is nothing to be sneezed at.\r\n\r\nYou will notice as well, that I have once again changed the running order and format of the blog around… eventually I will settle on a format that I am comfortable with. I have been writing these blogs for five years now and I am still not 100% happy. I live in hope that I will produce a format as smooth a Knob Creek bourbon!\r\n\r\nIt would be wrong of me not to mention Mary, Mark, David, Tom, Joel and Anna from my recent journey to Australia and New Zealand. Meeting fellow traders and PREMIUM SERVICE subscribers was a real buzz for me and the time that they set to one side for lunches, dinners, drinks and tour guide duties were greatly appreciated by my wife and myself. We have great memories and pictures of the occasions to keep. Many thanks guys Breda and I had a blast.\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\nLast week, I started back at my screens on Tuesday basically catching up with administration matters and re-familiarization of charts etc. Then I announced to subscribers that I would start the next day on Wednesday, back in at the deep end, with a plethora of data releases and of course the FOMC rate announcement and press conference. Yup… I pick the days!!\r\n\r\nAlthough I have been away for about six weeks, nothing much has changed.\r\n\r\nHowever, two key situations are in play that I should address here: -\r\n<ul>\r\n 	<li>USA – DONALD TRUMP PRESIDENCY:\r\n\r\nThe dysfunctional politicians in Washington are hell bent on ensuring that the GOP is distracted from all policy initiatives by initially stalling on cabinet appointments and now the Russian enquiry has superseded all other events with President Trump’s naivety in politics being exposed by career politicians. From the outside looking in the Democrats have decided the best policy is stall and then look for enquiry after enquiry to distract. I must admit Trump may have been able to lie and get away with matters in the TRUMP organization but he cannot do the same as President. He appears to stumble into one elephant trap after another and now he looks clumsy and inefficient. The twitter rants from my perspective does his defence no good it just makes him look childish.\r\n\r\nI am absolutely convinced had HILLARY been victorious the GOP would apply the same tactics to the Democrats as they currently apply to the GOP and TRUMP.\r\n\r\nSo whatever your political persuasion in the “states” you must be frustrated if GOP and delighted if a Democrat supporter. Should “THE DONALD” be impeached or whatever (and that looks a long shot at the moment) and subsequently over time a Democrat returns to the White House., I have no doubt the GOP will frustrate the crap out of the Democrats and the new Democratic President would feel like they were in a log job. Basically; a role reversal.\r\n\r\nA great example of democracy in action for the less well off in the world to gaze on at and laugh at.\r\n\r\nFrom a trading perspective, so much has been promised and moves have happened based upon scenarios that look like a pipe dream at the moment.\r\n\r\nThe attention had been taken off the FED for some time and attention placed at the door of “THE DONALD”. Uncertainty lies ahead; BIG uncertainties. I do however believe we have a small window in 2017 to make pips before Central Bank normalization spreads. I tackle this later on in section 8 of the blog.</li>\r\n 	<li>THE UK – SNAP GENERAL ELECTION:</li>\r\n</ul>\r\nIn the UK. Theresa May the UK Prime Minister bet on increasing her majority in the House of Commons to strengthen her position through the BREXIT negotiations by calling a snap general election. She failed. While she still has the largest party in the House she does not have a working majority. She is forming a strategic voting alliance with the Northern Ireland Democratic Unionist party, which Sinn Fein leader Gerry Adams has already said that such an alliance is in breach of the “Good Friday” agreement between the IRELAND and the North. Deep joy. This has legs and frankly, like it or not I can see another UK election in 2017.\r\n\r\nFrom a trading perspective, the cable is rather difficult to really be convinced one way or the other 100%. I talk a little more about this towards the end of this section of the blog.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSo back to last week, in particular Wednesday…\r\n\r\nThe equity markets appear to be in denial over TRUMP. Now we have consumers weighing in. Sales and CPi numbers were a disaster and the USD was taken to the woodshed.\r\n\r\nLater in the day, Janet Yellen held a press conference after a well predicted and baked in 0.25% rise in FED funds rate was announced. The Yellen press conference was a HAWKISH AFFAIR, the FOMC appear hell bent on raising rates and have “something behind the clock” in the event that the TRUMP administration collapses on the back of an impeachment trial, resignation or US recession or the like of something similar that would cause markets to jitter.\r\n\r\nFrom my perspective; data dependency and how the rest of the world looks economically are now both out of the window as reasons not to hike anymore. Even Janet Yellen who sounds DOVISH when delivering HAWKISH sentiments put all that behind her and went for the HAWKISH tone right through the statement, opening remarks to the press conference and basically when answering questions afterwards.\r\n\r\nThe result of this break from normality, especially when she talked openly about reducing the FED‘s balance sheet, sent the USD higher reversing the losses resulting from poor sales data.\r\n\r\nFollowing this rate hike and confirmation that the FOMC want at least one more this year plus the balance sheet reduction and proposed further rate hikes in 2018, does this mean that Central Bank convergence trade is now on?\r\n\r\nRead my thoughts on this later in THE SOAPBOX.\r\n\r\nThen Thursday brought in Mark Carney with the latest BOE policy summary, MPC vote and Bank rate announcement.\r\n\r\nNo surprises with the interest rate remaining at 0.25%, but the vote to remain unchanged instead of being 7-1 as usual was now 5-3. This caused cable to rally 100 pips in a matter of seconds. During the day, it gave back 50% of these gains but the card is now marked. My thoughts on cable are changing. I am like a child on Christmas morning with two toys I want to play with but I can only play with one at a time. I want to be both short and long cable.\r\n\r\nBREXIT has not yet started and part of me things that cable still has a lower level to test first. My other side tells me to buy a dip and get long because there are thousands of pips across the cable crosses to be made.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nI am happy to announce that the WEEKLY LIVE WEBINAR series will start again on: -\r\n\r\n<u>Monday 19th June at 5:30PM EST</u>\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\n&nbsp;\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/2017/06/ECON-DATA-18062017.png\"><img class=\"aligncenter size-large wp-image-9531\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017-1024x997.png\" alt=\"\" width=\"1024\" height=\"997\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>NZD: I am not expecting the RBNZ to move on interest rates but the comments from Graeme Wheeler (CB Governor) will be interesting to follow.\r\n\r\nIn the past Wheeler has eluded to the fact that about 80% of the movement in the NZD/USD exchange rate is out of the control of the RBNZ.\r\n\r\nMy problem with Wheeler is that his press conferences remind me of my banker’s days of old when the chaps would just sit around and see who could load the most plums into their mouths and talk with a “lardy-da” accent to try and sound the most upper class as possible. (BOC meetings are very similar). These thoughts deflect my attention… However, when I read any of the statements they are so low on content anyhow maybe they are loading up the plums!!\r\n\r\nBottom line; if Wheeler wants the exchange rate of the NZD/USD closer to 0.6500 than 0.7500, which he has said is preferred, he needs to deliver an unequivocal without possible mis-interpretation language to the chaps in the room knocking back either a Central Otago Pinot Noir or Marlborough Sauvignon Blanc. If previous meetings are anything to go on, he seems unable to deliver on this. He may be a great host on the vino but communicating his policy not so good.\r\n\r\nLet’s see what happens this time.</li>\r\n 	<li>CAD: Both Retail Sales and CPi this week.\r\n\r\nThe word on the street is that the BOC could be raising rates. This is not surprising given the geographical proximity to the USA.\r\n\r\nIs the Canadian economy ready for a rate hike, that is the question?\r\n\r\nIt may do something to slow down the housing squeeze but 0.25% is feck all in the grand scheme of things in my opinion.\r\n\r\nCertainly the CAD economic data appears to moving in the right direction, although one should not get carried away. Only four months ago Stephen Poloz the BOC Governor was talking about rate cuts!\r\n\r\nShould WTi drop below $40.00 a barrel rate hikes will be off and the BOC will have to re-think its strategy away from saying everything is transitory!\r\n\r\nIf these numbers miss. The CAD will weaken a great deal as the markets will rule out a rate hike. However, strong data opens up a whole new ball game for BOC especially if OIL falls through $40.00.</li>\r\n</ol>\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/2017/06/TCHART-18062017.png\"><img class=\"aligncenter size-large wp-image-9532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></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/2017/06/EURUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9541\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/GBPUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9542\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/AUDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9540\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/NZDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9543\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/USDCAD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9544\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/USDCHF-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9545\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></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/2017/06/USDJPY-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9546\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\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<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\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. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +515 pips\r\nYEAR TO DATE:      +1,717 pips\r\n\r\nIf you would like to know a little more visually 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<u>\r\nDO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</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 the time my trading activity would be at its lowest.\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\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 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\n&nbsp;\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$1,000.00, 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<strong>\r\n\r\n</strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?</strong>\r\n\r\nBefore starting this piece I thought that I would look back over all the previous blogs and establish the period that I first started talking about Central Bank divergence. Firstly, it was in the time that Ben Bernanke was FED chairman and it was in Q2 2013, I got serious about it Q4 2013 leading into 2014 and the same again in Q4 leading into 2015 and again Q4 2015 leading into 2016. I am nothing but consistent.\r\n\r\nSo; here I am again Q2/Q3 2017 what has rattled my cage this time?\r\n\r\nIt is quite simple really, well I think it is. Here is my logic.\r\n<ul>\r\n 	<li>The FED is normalizing and looks hell bent on continuing to do so for the remainder of 2017 and into 2018. By the end of 2018 the FED funds rate should be closer to 2% maybe 2.5%.</li>\r\n 	<li>At the FOMC press conference last week, the “UBER DOVE”, Janet Yellen even openly discussed reducing the size of the FED’s balance sheet. She talked about an approximate start date and how it would proceed over the coming two/three years.</li>\r\n 	<li>Economically from an inflation perspective the UK, Canada, Australia and New Zealand are all moving upwards.\r\n\r\nThe Deputy governor of the BOC announced that the BOC are looking to raise rates sometime later this year.\r\n\r\nLast week the BOE MPC announced that the vote on maintaining interest rates steady at 0.25% was 5-3 in favour. The market was expecting 7-1. The pressure on the UK to raise rates is therefore growing.\r\n\r\nIn Australia the economy is booming. The pressure to start raising rates is increasing and one could argue a similar case for New Zealand.\r\n\r\nIt is all about the timing.</li>\r\n 	<li>The exceptions at the moment are the ECB, BOJ and SNB.\r\n\r\nFirstly, the ECB is a complicated beast. One could argue interest rates in Germany should now be at 2.5% - 3%. However, you could also argue at the same time rates for the like of Italy, Greece and Cyprus should be 0%.\r\n\r\nHere lies the fundamental problem of the EUROZONE.\r\n\r\nMario Draghi (ECB President) has virtually an impossible conundrum to deal with trying to balance the needs and requirements of the 19 countries that make up the single currency block. He has stated that nothing will change on monetary policy until the end of 2017 at the very earliest.\r\n\r\nWith regards to the BOJ and SNB both central banks are not looking to amend interest rates this year.</li>\r\n</ul>\r\nTherefore, as the second and third largest central banks (ECB and BOJ) behind the FED will not be changing their policy on interest rates any time soon, we could have a window of opportunity. How long in time is this window? I believe up to the time that the FED starts to reduce its balance sheet size. Conservatively between 4 -6 months in my opinion.\r\n\r\nAs soon as the FED really kicks into its normalization policy the pressure on the BOE, BOC, RBA and maybe the RBNZ to act will grow. Having said this, as the USD strengthens because of FED policy, the other cross currencies will weaken and this will help economies in the short term but inflationary pressures will grow because of currency weakness and will need to be addressed when levels more than 2% are reached. In fact, prior to 2% most Central banks would want to act.\r\n\r\nThe BOE has inflation at 2.6% currently in the UK to cope with, hence the MPC votes 5-3 on the current 0.25% interest rate. But given the BREXIT uncertainties Governor Carney does not want to interfere anymore until greater clarity on the negotiation process is known.\r\n\r\nI believe in the short- term governments and central banks will welcome divergence from the FED, but into the medium-term they would be forced to act and normalize themselves.\r\n\r\nTherefore, assuming my thought process is correct, we should see the DXY move back towards and above the psychological level of 100.00.\r\n\r\nIt will not be a straight line there will be twists and turns along the way as economic data is released.\r\n\r\nThe obvious trade is short EUR/USD. Initially to give me confidence we need to see support 1.1100 broken. This should lead lower to 1.0950. This would be a correction that breaks the recent series of higher lows that we have seen the low of 1.0340 was hit in late 2016.\r\n\r\nI am expecting a pullback in equities to coincide with moves in the USD and when you add in the TRUMP policy uncertainties I am not certain at this stage how the USD/JPY would react. There are plenty of other pairs and cross- rate pairs that would be attractive moving forward.\r\n\r\nSo as you can see we need to see a move in the DXY and EUR/USD to trigger my plan on divergence. Over the coming few days I will have my TRADE PLAN revised ready to go.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"9\">\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\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: #241 FREE NEWSLETTER\r\nDATE: 18th June 2017.\r\n\r\n&nbsp;','IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?','','inherit','closed','closed','','9560-revision-v1','','','2017-06-17 05:51:42','2017-06-17 10:51:42','',9560,'https://weeklyfxdrivethru.com/9560-revision-v1/',0,'revision','',0),(9665,1,'2017-07-07 16:14:41','2017-07-07 21:14:41','','ECON DATA 09072017','','inherit','open','closed','','econ-data-09072017','','','2017-07-08 10:58:51','2017-07-08 15:58:51','',9681,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-09072017.png',0,'attachment','image/png',0),(9586,1,'2017-06-24 05:59:30','2017-06-24 10:59:30','','GBPUSD D 25062017','','inherit','open','closed','','gbpusd-d-25062017','','','2017-06-24 06:07:23','2017-06-24 11:07:23','',9591,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017.png',0,'attachment','image/png',0),(9587,1,'2017-06-24 05:59:36','2017-06-24 10:59:36','','NZDUSD D 25062017','','inherit','open','closed','','nzdusd-d-25062017','','','2017-06-24 06:07:46','2017-06-24 11:07:46','',9591,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017.png',0,'attachment','image/png',0),(9588,1,'2017-06-24 05:59:40','2017-06-24 10:59:40','','USDCAD D 25062017','','inherit','open','closed','','usdcad-d-25062017','','','2017-06-24 06:08:00','2017-06-24 11:08:00','',9591,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017.png',0,'attachment','image/png',0),(9589,1,'2017-06-24 05:59:46','2017-06-24 10:59:46','','USDCHF D 25062017','','inherit','open','closed','','usdchf-d-25062017','','','2017-06-24 06:08:12','2017-06-24 11:08:12','',9591,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017.png',0,'attachment','image/png',0),(9590,1,'2017-06-24 05:59:51','2017-06-24 10:59:51','','USDJPY D 25062017','','inherit','open','closed','','usdjpy-d-25062017','','','2017-06-24 06:08:23','2017-06-24 11:08:23','',9591,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017.png',0,'attachment','image/png',0),(9591,1,'2017-06-24 06:16:10','2017-06-24 11:16:10','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nA very quiet week when all said and done. I think it was last Thursday morning when I tweeted out that I had thought my machines / screens had frozen. Trading in the “summer doldrums” is here.\r\n\r\nThis is the time of year that I review my annual performance so far, look at my TRADE LAN vis-à-vis target currency pairs and objectives, then revise my strategy into the year end.\r\n\r\nI have started this process and already I have a huge dilemma with cable (GBP).\r\n<ul>\r\n 	<li>Should I be long or short?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on equities?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on commodities?</li>\r\n</ul>\r\nI thought it may be interesting to document some of these later in the blog.\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\nOver the past week or so I have been settling back into a routine in a new time zone, new office and a new desk layout.\r\n\r\nIt was a light week with regards to activity although a couple of events caught my attention.\r\n<ul>\r\n 	<li>OIL:\r\n\r\nThose of you who attended last Monday’s WEEKLY FX DRIVE THRU – LIVE webinar, will recall yet another one of my soapbox rants on OPEC and FRACKERS. I am getting way too predictable albeit, I will say it because no-one else will “I AM RIGHT”.\r\n\r\nAs mentioned on the webinar my old Economic teachers / professors “Woodsy and McCabe” would be proud of my “SUPPLY &amp; DEMAND” logic. It was relevant 40 years ago and still is today.\r\n\r\nLet me be brief and to the point: -\r\n\r\nOPEC is not a functioning cartel. It is a collection of self-serving countries still trying to hold the world to ransom on a commodity that is dying. In the good times, the good old days, incomes generated through OIL were more often than not squandered. Now the OIL price in my opinion given the improved technology around the world for extraction techniques is has a price limit ceiling no better than a $60.00 per barrel price at best.\r\n\r\nThe US “frackers” have benefited the most from extraction economies of scale and this will, in my opinion, keep a lid on price extremes. As soon as prices rise, more frackers enter the marketplace and bring up supply and this keeps prices lower. Costs to produce versus not to produce are now more manageable than ever for “frackers”. No longer are there outrageous costs to open / close production so it is almost getting to the equivalent of flicking a switch.\r\n\r\nInto the future OIL is going to become less and less important vis-à-vis cars. The move into Hybrid is here to stay and “self–generated” powered cars are the future.\r\n\r\nThe OIL market is frankly a corrupt, speculative and manipulative market played in by a few. The penny has dropped for several players of late as the movements in market prices are tighter. Not such a lucrative a playground as it used to be.\r\n\r\nJust my thoughts and my view from “THE SOAPBOX”. No doubt this coming Monday if I show a USOIL chart, I won’t be able to stop myself!!</li>\r\n 	<li>RBNZ:\r\n\r\nGraeme “fecking” Wheeler. Now the flute has no “fecking” problems with the valuation of the NZD against the USD being at c. 0.7300.\r\n\r\nHoly Mother of God, I know he steps down as governor of the RBNZ in September, but to be in holiday mode in June is a little early even by my own playbook. I have stated for years that central banks are like huge oil tankers that take 3 or 4 miles to stop moving forward never mind require a turning circle of a mile or so to reverse course. They are not quick to do anything.\r\nHas the RBNZ decided to change policy?\r\n\r\nWhen reading the statement, it appears not.\r\n\r\nI am therefore at a loss as to why he did not jawbone the price lower. Technically 0.7320-0.7350 is a huge / massive level to pass through and should the NZD/USD achieve this, a great deal of my TRADE PLAN for the remainder of 2016 may have to be re-thought.\r\n\r\nAt the moment, I know that there is a “carry trade” effect in place given the NZD interest rate differential but that is not longer-term sustainable in my opinion. In addition, I know that the cross-rate flows through the AUD/NZD also really pull at this currency.\r\n\r\nHowever, having said all that, the lack of verbal intervention from the RBNZ was a puzzler.\r\n\r\nJust to give you full disclosure, Graeme Wheeler is off both my 2017 Christmas Card lists; paper and digital.</li>\r\n 	<li>CAD:\r\n\r\nFollowing the comments made by the “Deputy” governor, not “yer man” Poloz the actual governor, this currency has strengthened across the board. The comments indicated that the BOC were close to changing policy and raise interest rates rather than remain dovish.\r\n\r\nThis week we had Retail Sales which were a beat to add fuel to the move lower in USD/CAD, and the following day CPi missed and the USD/CAD weakened.\r\n\r\nSo mixed data.\r\n\r\nGiven the fact that Oil is heading towards $40.00 per barrel, from my perspective I would not be betting my home on the BOC raising rates in the next 3 months or so. If there is one thing that I have learned living in Canada is that it is the most Conservative country that I have lived in, so much so the C in Conservative is font size 72. Canada is a reactive rather than a pro-active country in regard to most aspects of everyday life. The BOC reflects this.</li>\r\n 	<li>BREXIT:\r\n\r\nThe negotiations have started in Brussels. I believe we must remain alert 24 x 7 for comments made by UK or EU politicians plus the Brussels bureaucrats. Validated or unconfirmed comments will move the markets instantaneously and will affect both the GBP and EUR currency.</li>\r\n 	<li>“TRUMP”\r\n\r\nAs diplomatically as possible:\r\n\r\nThe current US President is a liability to himself, and the people around him, never mind, world stability and the markets.\r\n\r\nHis constant tweeting, and I can understand at times why he does this given the biased US TV coverage, creates not only more fuel for the TV networks to debate but has a destabilizing effect and creates uncertainty in the markets. His approval ratings as a result suffer badly fueling the fires that surround him.\r\n\r\nFrom a trading perspective he is a bloody nightmare, totally unpredictable and most of the time his comments in my opinion are ill founded and tantamount to a spoiled child lashing out.</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\nMy webinar last week did not record and I could not therefore distribute it.\r\n\r\nThe lesson therefore is, attend live!!\r\n\r\nSeriously though, I could not, nor could my software provider give me any reason why it did not record.\r\n\r\nThe next WEBINAR is on: - Monday 26th June at 5:30PM EST\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<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: -\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n(The benefits are that as soon as a new webinar is posted you are emailed)\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/2017/06/ECON-DATA-25062017.png\"><img class=\"aligncenter size-large wp-image-9567\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nThe economic data releases this week are minimal once again.\r\n<ol>\r\n 	<li>EUR: Following the PMi releases last week for the EUROZONE as a whole, (Services missed but Manufacturing beat estimates), this week a more favoured barometer by the markets is the “Ifo” data from Germany.\r\n\r\nFrom my perspective this is why the markets, especially in the US do not understand the EUROZONE. They focus on Germany, which is OK but Germany is not 100% what drives the ECB and Mario Draghi. If it were interest rates would be about 3% in Germany right now, but by the same token about minus 2% in Italy!\r\n\r\nNevertheless it is what it is and follow it I must given the position of the EUR/USD closing in on a confirmed break above1.1200.\r\n\r\nFrom a number perspective, above 114.6 which was the previous number and will be viewed by the markets (rightly or wrongly) as an improvement in the EUROZONE.</li>\r\n 	<li>USD: Consumer confidence numbers are critical for a consumer driven society like the US. If this number is below 117.9, which was the last level, this will have a negative effect on the USD. Above this level and this could be the catalyst to spark the USD “lack lustre” performance of late despite having increased rates.\r\n\r\nIncreasing Interest rates can obviously affect this data but more usually this is reflected in CPi rather than confidence data. One could argue that increasing rates shows a strong and resilient economy that should inspire confidence. I cannot believe I just wrote that with “THE DONALD” as president.</li>\r\n 	<li>GBP: The current account data is often put to one side as accountant only data. Given BREXIT and its implications this is now most definitely not the case.  The capital flows in and out of the UK are mission critical for the BOE and the government.\r\n\r\nThe City of London moves by banks and other financial institutions away from London and into mainland Europe / Dublin have a direct effect on the current account. Sometimes instant, but mostly gradual and in my opinion should be noted.</li>\r\n 	<li>CAD: GDP this week will in my opinion provide the ultimate test of whether the BOC raises interest rates or not. I am highly skeptical based on the falling OIL price but this number could kick start CAD weakness or send it sub 1.3000.\r\n\r\nIt is a backward looking number and no doubt the BOC know the result, but it still has importance.</li>\r\n</ol>\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/2017/06/T-CHART-25062017.png\"><img class=\"aligncenter size-large wp-image-9568\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></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/2017/06/EURUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9585\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/GBPUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/AUDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9584\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/NZDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/USDCAD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/USDCHF-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/USDJPY-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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><strong> </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 only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\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. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and 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\n\r\nMONTH TO DATE:  +911 pips\r\nYEAR TO DATE:      +2,113 pips\r\n\r\nIf you would like to know a little more visually 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&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time….\r\n\r\nThis promotion is now entering its final week.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</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 the time my trading activity would be at its lowest.\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\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 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\n&nbsp;\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$1,000.00, 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\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\nFFS; these markets are slow and painful. What to do?\r\n\r\nI am not getting the move I expected with the USD (DXY) see the chart below with comments.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/DXY-25062017.png\"><img class=\"aligncenter size-large wp-image-9576\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/DXY-25062017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nThis chart has me concerned as a drop to 94.50 has a major impact on everything. In the past, the USD has been picked up by buyers seeing valuation around 96.20-40, I am hoping for more of the same but the chart does not look pretty for USD bulls.\r\n\r\nLooking at the TRADE ENVIRONMENT it is slow.\r\n\r\nI am in two minds as of what to do with the GBP as you can see from “THE SOAPBOX” section that follows. I am positioned long with cross rates at the moment, under water with one trade more or less positive with two others. My hesitancy to remove these trades was due to the fact that they are both commodity cross rate pairs (GBP/NZD and GBP/AUD) and fundamentally my views on the commodity currencies are that they should come under some selling pressure. If I am correct with this contrarian view remains to be seen.\r\n\r\nAt the moment, I am looking for the CHF, AUD and NZD to weaken across the board, with the NZD being taken to the woodshed and spanking so that the glow from its bottom lights up the skies!!\r\n\r\nHence the phrase “Red sky at night the Kiwi is getting spanked”.\r\n\r\nWith all the thoughts, comments and fundamental views, I am still of the opinion that without a clear move in USD it is best to remain with smaller position sizes. The market is complicated and it does not give me huge confidence given the uncertainties that are in play, especially with the USD and GBP.\r\n\r\n<u>\r\nCORE TRADES:\r\n\r\n</u>Nothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-25062017.png\"><img class=\"aligncenter size-large wp-image-9575\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-25062017-920x1024.png\" alt=\"\" width=\"920\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-25062017.png\"><img class=\"aligncenter size-large wp-image-9574\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-25062017-891x1024.png\" alt=\"\" width=\"891\" 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\nGBP – IS IT A LONG OR A SHORT TRADE?</strong><strong>\r\n\r\n</strong>I have to say, on or about the anniversary of the historic BREXIT referendum vote, I never thought that I would be caught in two minds over the direction to trade the cable.\r\n\r\nAs PREMIUM SERVICE SUBSCRIBERS are aware I have in play 3 x long GBP commodity cross trades with two more limit orders in place to trigger, plus GBP/USD and EUR/GBP trades as limit orders as well. That is potentially 7 trades in total.\r\n\r\nThese trades were placed last week or before last week, so why am I now in two minds, what has fundamentally changed to place me in this dilemma?\r\n\r\nI do not want to write pages and pages on this, but essentially, I am torn between being either long or short over the following: -\r\n<ul>\r\n 	<li>The overall uncertainty that surrounds BREXIT.</li>\r\n 	<li>The MPC vote 5-3.</li>\r\n 	<li>UK inflation in the economy at 2.9% (BOE target 2%).</li>\r\n 	<li>Carney’s mansion House breakfast speech being so dovish.</li>\r\n 	<li>Haldane’s economic based response to Carney.</li>\r\n 	<li>The initial EU response from the Brussels bureaucrats who are basically negotiating on behalf of the 27 member countries.</li>\r\n 	<li>UK unemployment is low at 4.8%.</li>\r\n 	<li>GDP and PMi data very resilient all things considered.</li>\r\n 	<li>Theresa May’s long term position looks more and more in doubt. Another general election looks odds on for the Autumn / Fall.</li>\r\n 	<li>Wage growth is still a “lagger” at 2% households are being squeezed.</li>\r\n 	<li>UK debt to GDP is very high circa. 90%.</li>\r\n</ul>\r\nSome of the above are positive and some are negative. I was going to list them by positives and negatives, however after some thought I decided just to list them as they came out so that you can appreciate the back and forth thought process!\r\n\r\nUp to a few weeks ago, my plan was very much around the fact that BREXIT UNCERTAINTY trumps all other factors. Then we had the MPC vote at 5-3. Did this influence me too far the other way?\r\n\r\nAs you may know I am a longer-term trader if the truth be told, albeit at the moment, I am having to sit on my hands so as not to exit or take profits on trades too early given the way this market is currently performing. My drawdowns are higher than usual but I have adjusted my TRADE PLAN to accommodate this change.\r\n\r\nTo help explain my dilemma visually, the following seven charts show the levels that interest me, and my comments / thoughts are contained on the charts. Whilst these may add to the confusion at least they give me levels to watch out for.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017.png\"><img class=\"aligncenter size-large wp-image-9577\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017.png\"><img class=\"aligncenter size-large wp-image-9578\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017.png\"><img class=\"aligncenter size-large wp-image-9579\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017-1024x514.png\" alt=\"\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017.png\"><img class=\"aligncenter size-large wp-image-9580\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017-1024x502.png\" alt=\"\" width=\"1024\" height=\"502\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017.png\"><img class=\"aligncenter size-large wp-image-9581\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017.png\"><img class=\"aligncenter size-large wp-image-9582\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017-1024x550.png\" alt=\"\" width=\"1024\" height=\"550\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017.png\"><img class=\"aligncenter size-large wp-image-9583\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\n\r\n&nbsp;\r\n\r\nYou would have noticed from the charts that there are numerous trigger points that either indicate GBP bullish or GBP bearish.\r\n\r\nBecause we have come off the back of a very bearish Mark Carney many of the charts are more bearish now than what they were a few days ago. On all of the charts I have tried to indicate my bull / bear lines in the sand to move forward from.\r\n\r\nWhilst these are technical levels and should not be ignored, my overall thoughts are that in times like this with such huge fundamental news, fundamentals trump Technical’s. You may of course not agree with this but the moves on the back of a fundamental shift are potentially massive.\r\n\r\nAs with all matters Forex, patience will be key here moving forward.\r\n\r\n&nbsp;\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: #138 PREMIUM SERVICE SUBSCRIBER VERSION\r\nDATE: 25th June 2017.\r\n\r\n&nbsp;','GBP – IS IT A LONG OR A SHORT TRADE?','','publish','open','closed','','gbp-long-short-trade','','','2017-06-24 06:16:10','2017-06-24 11:16:10','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9591',0,'member_posts','',0),(9592,1,'2017-06-24 06:16:10','2017-06-24 11:16:10','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nA very quiet week when all said and done. I think it was last Thursday morning when I tweeted out that I had thought my machines / screens had frozen. Trading in the “summer doldrums” is here.\r\n\r\nThis is the time of year that I review my annual performance so far, look at my TRADE LAN vis-à-vis target currency pairs and objectives, then revise my strategy into the year end.\r\n\r\nI have started this process and already I have a huge dilemma with cable (GBP).\r\n<ul>\r\n 	<li>Should I be long or short?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on equities?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on commodities?</li>\r\n</ul>\r\nI thought it may be interesting to document some of these later in the blog.\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\nOver the past week or so I have been settling back into a routine in a new time zone, new office and a new desk layout.\r\n\r\nIt was a light week with regards to activity although a couple of events caught my attention.\r\n<ul>\r\n 	<li>OIL:\r\n\r\nThose of you who attended last Monday’s WEEKLY FX DRIVE THRU – LIVE webinar, will recall yet another one of my soapbox rants on OPEC and FRACKERS. I am getting way too predictable albeit, I will say it because no-one else will “I AM RIGHT”.\r\n\r\nAs mentioned on the webinar my old Economic teachers / professors “Woodsy and McCabe” would be proud of my “SUPPLY &amp; DEMAND” logic. It was relevant 40 years ago and still is today.\r\n\r\nLet me be brief and to the point: -\r\n\r\nOPEC is not a functioning cartel. It is a collection of self-serving countries still trying to hold the world to ransom on a commodity that is dying. In the good times, the good old days, incomes generated through OIL were more often than not squandered. Now the OIL price in my opinion given the improved technology around the world for extraction techniques is has a price limit ceiling no better than a $60.00 per barrel price at best.\r\n\r\nThe US “frackers” have benefited the most from extraction economies of scale and this will, in my opinion, keep a lid on price extremes. As soon as prices rise, more frackers enter the marketplace and bring up supply and this keeps prices lower. Costs to produce versus not to produce are now more manageable than ever for “frackers”. No longer are there outrageous costs to open / close production so it is almost getting to the equivalent of flicking a switch.\r\n\r\nInto the future OIL is going to become less and less important vis-à-vis cars. The move into Hybrid is here to stay and “self–generated” powered cars are the future.\r\n\r\nThe OIL market is frankly a corrupt, speculative and manipulative market played in by a few. The penny has dropped for several players of late as the movements in market prices are tighter. Not such a lucrative a playground as it used to be.\r\n\r\nJust my thoughts and my view from “THE SOAPBOX”. No doubt this coming Monday if I show a USOIL chart, I won’t be able to stop myself!!</li>\r\n 	<li>RBNZ:\r\n\r\nGraeme “fecking” Wheeler. Now the flute has no “fecking” problems with the valuation of the NZD against the USD being at c. 0.7300.\r\n\r\nHoly Mother of God, I know he steps down as governor of the RBNZ in September, but to be in holiday mode in June is a little early even by my own playbook. I have stated for years that central banks are like huge oil tankers that take 3 or 4 miles to stop moving forward never mind require a turning circle of a mile or so to reverse course. They are not quick to do anything.\r\nHas the RBNZ decided to change policy?\r\n\r\nWhen reading the statement, it appears not.\r\n\r\nI am therefore at a loss as to why he did not jawbone the price lower. Technically 0.7320-0.7350 is a huge / massive level to pass through and should the NZD/USD achieve this, a great deal of my TRADE PLAN for the remainder of 2016 may have to be re-thought.\r\n\r\nAt the moment, I know that there is a “carry trade” effect in place given the NZD interest rate differential but that is not longer-term sustainable in my opinion. In addition, I know that the cross-rate flows through the AUD/NZD also really pull at this currency.\r\n\r\nHowever, having said all that, the lack of verbal intervention from the RBNZ was a puzzler.\r\n\r\nJust to give you full disclosure, Graeme Wheeler is off both my 2017 Christmas Card lists; paper and digital.</li>\r\n 	<li>CAD:\r\n\r\nFollowing the comments made by the “Deputy” governor, not “yer man” Poloz the actual governor, this currency has strengthened across the board. The comments indicated that the BOC were close to changing policy and raise interest rates rather than remain dovish.\r\n\r\nThis week we had Retail Sales which were a beat to add fuel to the move lower in USD/CAD, and the following day CPi missed and the USD/CAD weakened.\r\n\r\nSo mixed data.\r\n\r\nGiven the fact that Oil is heading towards $40.00 per barrel, from my perspective I would not be betting my home on the BOC raising rates in the next 3 months or so. If there is one thing that I have learned living in Canada is that it is the most Conservative country that I have lived in, so much so the C in Conservative is font size 72. Canada is a reactive rather than a pro-active country in regard to most aspects of everyday life. The BOC reflects this.</li>\r\n 	<li>BREXIT:\r\n\r\nThe negotiations have started in Brussels. I believe we must remain alert 24 x 7 for comments made by UK or EU politicians plus the Brussels bureaucrats. Validated or unconfirmed comments will move the markets instantaneously and will affect both the GBP and EUR currency.</li>\r\n 	<li>“TRUMP”\r\n\r\nAs diplomatically as possible:\r\n\r\nThe current US President is a liability to himself, and the people around him, never mind, world stability and the markets.\r\n\r\nHis constant tweeting, and I can understand at times why he does this given the biased US TV coverage, creates not only more fuel for the TV networks to debate but has a destabilizing effect and creates uncertainty in the markets. His approval ratings as a result suffer badly fueling the fires that surround him.\r\n\r\nFrom a trading perspective he is a bloody nightmare, totally unpredictable and most of the time his comments in my opinion are ill founded and tantamount to a spoiled child lashing out.</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\nMy webinar last week did not record and I could not therefore distribute it.\r\n\r\nThe lesson therefore is, attend live!!\r\n\r\nSeriously though, I could not, nor could my software provider give me any reason why it did not record.\r\n\r\nThe next WEBINAR is on: - Monday 26th June at 5:30PM EST\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<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: -\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n(The benefits are that as soon as a new webinar is posted you are emailed)\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/2017/06/ECON-DATA-25062017.png\"><img class=\"aligncenter size-large wp-image-9567\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nThe economic data releases this week are minimal once again.\r\n<ol>\r\n 	<li>EUR: Following the PMi releases last week for the EUROZONE as a whole, (Services missed but Manufacturing beat estimates), this week a more favoured barometer by the markets is the “Ifo” data from Germany.\r\n\r\nFrom my perspective this is why the markets, especially in the US do not understand the EUROZONE. They focus on Germany, which is OK but Germany is not 100% what drives the ECB and Mario Draghi. If it were interest rates would be about 3% in Germany right now, but by the same token about minus 2% in Italy!\r\n\r\nNevertheless it is what it is and follow it I must given the position of the EUR/USD closing in on a confirmed break above1.1200.\r\n\r\nFrom a number perspective, above 114.6 which was the previous number and will be viewed by the markets (rightly or wrongly) as an improvement in the EUROZONE.</li>\r\n 	<li>USD: Consumer confidence numbers are critical for a consumer driven society like the US. If this number is below 117.9, which was the last level, this will have a negative effect on the USD. Above this level and this could be the catalyst to spark the USD “lack lustre” performance of late despite having increased rates.\r\n\r\nIncreasing Interest rates can obviously affect this data but more usually this is reflected in CPi rather than confidence data. One could argue that increasing rates shows a strong and resilient economy that should inspire confidence. I cannot believe I just wrote that with “THE DONALD” as president.</li>\r\n 	<li>GBP: The current account data is often put to one side as accountant only data. Given BREXIT and its implications this is now most definitely not the case.  The capital flows in and out of the UK are mission critical for the BOE and the government.\r\n\r\nThe City of London moves by banks and other financial institutions away from London and into mainland Europe / Dublin have a direct effect on the current account. Sometimes instant, but mostly gradual and in my opinion should be noted.</li>\r\n 	<li>CAD: GDP this week will in my opinion provide the ultimate test of whether the BOC raises interest rates or not. I am highly skeptical based on the falling OIL price but this number could kick start CAD weakness or send it sub 1.3000.\r\n\r\nIt is a backward looking number and no doubt the BOC know the result, but it still has importance.</li>\r\n</ol>\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/2017/06/T-CHART-25062017.png\"><img class=\"aligncenter size-large wp-image-9568\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></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/2017/06/EURUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9585\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/GBPUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/AUDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9584\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/NZDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/USDCAD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/USDCHF-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/USDJPY-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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><strong> </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 only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\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. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and 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\n\r\nMONTH TO DATE:  +911 pips\r\nYEAR TO DATE:      +2,113 pips\r\n\r\nIf you would like to know a little more visually 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&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time….\r\n\r\nThis promotion is now entering its final week.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</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 the time my trading activity would be at its lowest.\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\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 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\n&nbsp;\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$1,000.00, 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\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\nFFS; these markets are slow and painful. What to do?\r\n\r\nI am not getting the move I expected with the USD (DXY) see the chart below with comments.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/DXY-25062017.png\"><img class=\"aligncenter size-large wp-image-9576\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/DXY-25062017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nThis chart has me concerned as a drop to 94.50 has a major impact on everything. In the past, the USD has been picked up by buyers seeing valuation around 96.20-40, I am hoping for more of the same but the chart does not look pretty for USD bulls.\r\n\r\nLooking at the TRADE ENVIRONMENT it is slow.\r\n\r\nI am in two minds as of what to do with the GBP as you can see from “THE SOAPBOX” section that follows. I am positioned long with cross rates at the moment, under water with one trade more or less positive with two others. My hesitancy to remove these trades was due to the fact that they are both commodity cross rate pairs (GBP/NZD and GBP/AUD) and fundamentally my views on the commodity currencies are that they should come under some selling pressure. If I am correct with this contrarian view remains to be seen.\r\n\r\nAt the moment, I am looking for the CHF, AUD and NZD to weaken across the board, with the NZD being taken to the woodshed and spanking so that the glow from its bottom lights up the skies!!\r\n\r\nHence the phrase “Red sky at night the Kiwi is getting spanked”.\r\n\r\nWith all the thoughts, comments and fundamental views, I am still of the opinion that without a clear move in USD it is best to remain with smaller position sizes. The market is complicated and it does not give me huge confidence given the uncertainties that are in play, especially with the USD and GBP.\r\n\r\n<u>\r\nCORE TRADES:\r\n\r\n</u>Nothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-25062017.png\"><img class=\"aligncenter size-large wp-image-9575\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-25062017-920x1024.png\" alt=\"\" width=\"920\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-25062017.png\"><img class=\"aligncenter size-large wp-image-9574\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-25062017-891x1024.png\" alt=\"\" width=\"891\" 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\nGBP – IS IT A LONG OR A SHORT TRADE?</strong><strong>\r\n\r\n</strong>I have to say, on or about the anniversary of the historic BREXIT referendum vote, I never thought that I would be caught in two minds over the direction to trade the cable.\r\n\r\nAs PREMIUM SERVICE SUBSCRIBERS are aware I have in play 3 x long GBP commodity cross trades with two more limit orders in place to trigger, plus GBP/USD and EUR/GBP trades as limit orders as well. That is potentially 7 trades in total.\r\n\r\nThese trades were placed last week or before last week, so why am I now in two minds, what has fundamentally changed to place me in this dilemma?\r\n\r\nI do not want to write pages and pages on this, but essentially, I am torn between being either long or short over the following: -\r\n<ul>\r\n 	<li>The overall uncertainty that surrounds BREXIT.</li>\r\n 	<li>The MPC vote 5-3.</li>\r\n 	<li>UK inflation in the economy at 2.9% (BOE target 2%).</li>\r\n 	<li>Carney’s mansion House breakfast speech being so dovish.</li>\r\n 	<li>Haldane’s economic based response to Carney.</li>\r\n 	<li>The initial EU response from the Brussels bureaucrats who are basically negotiating on behalf of the 27 member countries.</li>\r\n 	<li>UK unemployment is low at 4.8%.</li>\r\n 	<li>GDP and PMi data very resilient all things considered.</li>\r\n 	<li>Theresa May’s long term position looks more and more in doubt. Another general election looks odds on for the Autumn / Fall.</li>\r\n 	<li>Wage growth is still a “lagger” at 2% households are being squeezed.</li>\r\n 	<li>UK debt to GDP is very high circa. 90%.</li>\r\n</ul>\r\nSome of the above are positive and some are negative. I was going to list them by positives and negatives, however after some thought I decided just to list them as they came out so that you can appreciate the back and forth thought process!\r\n\r\nUp to a few weeks ago, my plan was very much around the fact that BREXIT UNCERTAINTY trumps all other factors. Then we had the MPC vote at 5-3. Did this influence me too far the other way?\r\n\r\nAs you may know I am a longer-term trader if the truth be told, albeit at the moment, I am having to sit on my hands so as not to exit or take profits on trades too early given the way this market is currently performing. My drawdowns are higher than usual but I have adjusted my TRADE PLAN to accommodate this change.\r\n\r\nTo help explain my dilemma visually, the following seven charts show the levels that interest me, and my comments / thoughts are contained on the charts. Whilst these may add to the confusion at least they give me levels to watch out for.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017.png\"><img class=\"aligncenter size-large wp-image-9577\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017.png\"><img class=\"aligncenter size-large wp-image-9578\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017.png\"><img class=\"aligncenter size-large wp-image-9579\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017-1024x514.png\" alt=\"\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017.png\"><img class=\"aligncenter size-large wp-image-9580\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017-1024x502.png\" alt=\"\" width=\"1024\" height=\"502\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017.png\"><img class=\"aligncenter size-large wp-image-9581\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017.png\"><img class=\"aligncenter size-large wp-image-9582\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017-1024x550.png\" alt=\"\" width=\"1024\" height=\"550\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017.png\"><img class=\"aligncenter size-large wp-image-9583\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\n\r\n&nbsp;\r\n\r\nYou would have noticed from the charts that there are numerous trigger points that either indicate GBP bullish or GBP bearish.\r\n\r\nBecause we have come off the back of a very bearish Mark Carney many of the charts are more bearish now than what they were a few days ago. On all of the charts I have tried to indicate my bull / bear lines in the sand to move forward from.\r\n\r\nWhilst these are technical levels and should not be ignored, my overall thoughts are that in times like this with such huge fundamental news, fundamentals trump Technical’s. You may of course not agree with this but the moves on the back of a fundamental shift are potentially massive.\r\n\r\nAs with all matters Forex, patience will be key here moving forward.\r\n\r\n&nbsp;\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: #138 PREMIUM SERVICE SUBSCRIBER VERSION\r\nDATE: 25th June 2017.\r\n\r\n&nbsp;','GBP – IS IT A LONG OR A SHORT TRADE?','','inherit','closed','closed','','9591-revision-v1','','','2017-06-24 06:16:10','2017-06-24 11:16:10','',9591,'https://weeklyfxdrivethru.com/9591-revision-v1/',0,'revision','',0),(10865,1,'2018-01-27 07:12:53','2018-01-27 12:12:53','','TCHART 27012018','','inherit','open','closed','','tchart-27012018','','','2018-01-27 11:34:10','2018-01-27 16:34:10','',10885,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/TCHART-27012018.png',0,'attachment','image/png',0),(10866,1,'2018-01-27 07:12:58','2018-01-27 12:12:58','','SENTIMENT 27012018','','inherit','open','closed','','sentiment-27012018','','','2018-01-27 11:36:24','2018-01-27 16:36:24','',10885,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/SENTIMENT-27012018.png',0,'attachment','image/png',0),(10867,1,'2018-01-27 07:13:10','2018-01-27 12:13:10','','LIVE TRADES 27012018','','inherit','open','closed','','live-trades-27012018','','','2018-01-27 07:14:33','2018-01-27 12:14:33','',9394,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LIVE-TRADES-27012018.png',0,'attachment','image/png',0),(10868,1,'2018-01-27 07:13:19','2018-01-27 12:13:19','','LT SUMMARY 27012018','','inherit','open','closed','','lt-summary-27012018','','','2018-01-27 07:13:19','2018-01-27 12:13:19','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LT-SUMMARY-27012018.png',0,'attachment','image/png',0),(10398,1,'2017-11-11 08:40:00','2017-11-11 13:40:00','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIs it just me, or am I missing something?\r\n\r\nI find this current FX market very hard. The equity investor approach of “BUY THE DIP” is literally driving me insane. I think a lot of this stuff as I said last week, is MIND MANAGEMENT that I need to deal with, but with no major economic data to support moves, trying to trade in a news driven orientated marketplace is damn hard.\r\n\r\nTRUMP on his goodwill trip in Asia, the GOP screwing up yet another campaign promise, this time the TAX BILL in the U.S. and to a lesser extent, Theresa May’s government problems in the UK with cabinet sackings and scandals have been at the forefront of all the news. Add in an ascending OIL price, multiple corruption arrests in Riyadh, Saudi Arabia and an attempted missile strike on Riyadh International Airport. Plus, not forgetting a parabolic rise and then blow off top in the NIKKEi index, it was a strange week.\r\n\r\nThe two main news events on my list last week were Central Bank policy announcements from the RBA and RBNZ. These were boring and frankly a snooze fest.\r\n\r\nFor the entire week, I felt like a pork pie at a Jewish wedding… sitting and waiting. Hindsight is a beautiful thing, had I known that last week was going to be what it was, it would have been an ideal week away from charts and screens.\r\n\r\nI think that the main reason for my masterly inactivity was due the fact that my CORE TRADES were in transition and CROSS RATE trading is in a consolidation mode and until fresh ranges are established I have learned through experience to stay away.\r\n\r\nMoving on…\r\n\r\nReality check…\r\n\r\nOne aspect about trading that I will always to stay true to, is to remain truthful about my trading performance especially with the responsibility to the PREMIUM SERVICE.\r\n\r\nIf I am having a bad week, if I am uncertain with what to do I will tell you.\r\n\r\nSuffice to say with what I have just written the PREMIUM SERVICE did not motor through pips like it had been doing on the weeks previous. It was a poor yielding week. There were a few losing trades and few profitable trades that netted a whopping +47 pips in the week. Having said that most open trades are just reading water.\r\n\r\nNaturally, with the benefit of hindsight, the ”pip return” could have been 5 or 6 times what it was but we all know this.\r\n\r\nI live to battle for another week!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.\r\n</u>\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n<strong><u>ECONOMIC NEWS:</u></strong>\r\n\r\n<strong><u>AUD: </u></strong><u>RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENTS.\r\n</u>\r\n\r\nThe rate statement was the biggest snooze fest I have set the alarm to wake up for. Absolutely nothing happened.\r\n\r\nGuess what? The Monetary Policy Statement was a no change snooze fest as well.\r\n\r\nFrom an external viewpoint Philip Lowe has achieved the ultimate stability. It is very rare that two announcements from a major Central Bank in the same week pass by with little or no real reaction.\r\n\r\nA key goal of market stability without any uncertainties to create a clear understanding of policy has been achieved.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>CHAPS OR CHUMPS? </u>\r\n\r\nMaybe I am just getting intolerant of incompetence, but that Press Conference by stand-in RBNZ Governor, Grant Spencer was the biggest time-wasting event I have ever witnessed from a Central Bank.\r\n\r\nI used to criticize his predecessor Graeme Wheeler because the press conferences were so laid back that instead of chairs behind tables they should have been on psychiatrist’s loungers. At his very worst, Wheeler was never this bad.\r\n\r\nThe NZD economy is in a state of flux right now on the basis that there is a new government coalition between the Liberal and NZ First parties.\r\n\r\nThere is uncertainty over the new government’s policies and the final draft of how the new mandate for the RBNZ will look has still not been finalized. Basically, since the last meeting Grant Spencer has seen growth with employment and a pullback in housing prices.\r\n\r\nSpencer was generally upbeat, which surprised me a great deal, given the uncertainties that we all know lie ahead. These were brushed aside as non-consequential. I strongly suspect Spencer is now re-living these fucks ups in delivery.\r\n\r\nWe know from the Finance Minister (Robinson) that there will be a two-phase review of the RBNZ mandate. The first phase to focus on employment and the second to review the board make up and role. The government wants minutes of the RBNZ board meetings to be published, and also that the RBNZ will have employment maximization as a goal as well the existing inflation target. These changes were brushed off as easy to integrate.\r\n\r\nHowever, the press conference took a move sideways when Spencer was asked questions with regards to the future makeup of the board of the RBNZ. The new government wants to extend the banks mandate and increase the diversity of opinion on the board through adding outside members to the board of the RBNZ. When asked would he be in favour of external members on the board he was anti this idea. He cited examples of other boards such as the FED and ECB where board members commented openly against majority decisions. He was anti minutes and publicizing how board members had voted.\r\n\r\nBasically, I got the very strong feeling that he is a “I love and embrace change and I am a change manager <u>BUT</u>” type of person.\r\n\r\nSpencer talked about consistency of message. He said in the press conference that the current NZD/USD exchange rate was “in the vicinity” of where he saw fair value. Hmmn… about 90 minutes later his deputy was on the wires saying the NZD/USD exchange rate should be a few cents lower from current levels.\r\n\r\nMr. Spencer please tell me how is this different from the FED or ECB?\r\n\r\nThe bottom line was that the RBNZ moved their expectations of the next interest rate hike from Q3 2019 to Q2 2019…. Give me a fecking break; are you kidding?\r\n\r\nThen little more than 2 hours later to contradict everything Spencer stated about the new RBNZ mandate. Grant Robertson the Finance Minister was back on the wires stating that the new mandate could mean a looser policy from the RBNZ.\r\n\r\nThen 24 hours later NZ Finance Minister Grant Robertson not happy with statement one, came back on the wires again this time stating that the RBNZ inflation objective may not be a hard rule moving forward, again pointing to a looser policy.\r\n\r\nYou could NOT make this stuff up. Left hand versus right hand - no coordination -complete lack of professionalism. I cannot believe a damn thing Spencer waffled on about. Thank God, he’s gone next March. This is shambolic for a Central Bank.\r\n\r\nAs I have said on several occasions, the New Zealand economy is going through and will continue to go through huge change over the coming months which will keep the NZD currency pressured to the downside. We are one headline away from a 50-pip drop. This week we have two examples of the “Headline drop”. I have absolutely no doubt that there will lots more ahead.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GEOPOLITICAL NEWS:</u></strong>\r\n\r\nIf the economic data could be best described as non-events and snooze fests, that could NOT be said about the geopolitical news.\r\n\r\nLet me try to keep this brief…\r\n\r\n&nbsp;\r\n\r\n<strong><u>SAUDI ARABIA:</u></strong>\r\n\r\nThere was a mass arrest under the banner of an anti-corruption sweep related to various levels of fraud, money laundering and other corrupt business practices. Over 200 people have now been arrested and still detained. Notably, 11 Royal Family Princes including billionaire Prince Alwaleed bin Talal have been detained. This list of detainees also includes prominent businessmen and former government ministers and officials.\r\n\r\nThis crossed the wires around the same time as it was reported a missile from Yemen was intercepted with its target being Riyadh’s international airport.\r\n\r\nIf this were not enough, a dispute with Lebanon also erupted. The Lebanese Prime Minister resigned whilst in Riyadh last weekend. Saudi Arabia wants change in Lebanon following Iran’s increasing influence in the middle east. The fact that Iran has close ties with Hizbollah who have power with the Lebanese government is pissing off the Saudis. This has now escalated to the point that all Saudi passport holders have been advised to leave Lebanon and a travel ban has been imposed.\r\n\r\nThere is a power shift in the region and Saudi Arabia is flexing and power games are at play in the region.\r\n\r\nWhat was the effect of this on the FX market…. I noticed nothing…. Nada.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THERESA MAY’s GOVERNMENT / CABINET SCANDALS &amp; BREXIT: </u></strong>\r\n\r\nThere is nothing like a good old sex scandal or corrupt politician in Westminster.  Priti Patel, International Development Secretary had been naughty, she had several unauthorized meetings with Israeli Politicians including Prime Minister Benjamin Netanyahu. Boris Johnson her boss as Foreign Secretary knew nothing of the meetings.\r\n\r\nThis followed the other resignation earlier in the week of Defense Secretary Michael Fallon who has allegedly done a “Weinstein”. There are also accusations of a few touchy / feely rumours and predator text messages going on with Junior Ministers.\r\n\r\nHappy Days the UK press this weekend will be in overdrive.\r\n\r\nThen there was BREXIT…. no change still a fuck up, no noticeable progress. On Friday, last week there was a joint Press Conference by Michel Barnier (Chief EU negotiator) and David Davis (UK Cabinet BREXIT negotiator), I think it was very easy to see straightaway that these two just do not get on.\r\n\r\nThe progress was nonspecific and cable jumped higher on the back of that… incredible. It was all hot air from my perspective the usual posturing. A journalist from the Guardian newspaper in London asked a couple of questions of Barnier basically to see if he was a puppet of the French and German governments or was he in control of the negotiations. Just when it was going to get interesting “TIME OUT” was called. The questions were not answered.\r\n\r\nI am now getting more and more of the opinion that a NO DEAL will be the outcome and a walk away.\r\n\r\nCable is always in my opinion one news headline away from a 100-pip spike or drop, as seen Friday these moves can be based on nothing. Eventually Cable will be a mega buy… but not yet, I think we have another big shot lower first.\r\n\r\n<strong><u>\r\nDONALD TRUMPS ASIAN “GOODWILL” TRIP:</u></strong>\r\n\r\nMelania’s outfits were striking, a lot of money spend there no doubt. As for yer man… it’s just a nonsense and embarrassing to watch and listen to him. I think world leaders give him more respect than he gets back in the U.S. from his own people but I do think that they are playing and just humouring him.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GOP TAX PLAN:</u></strong>\r\n\r\nFor a political party to be in opposition for eight years, one would have expected that they would hit the road running on their campaign pledges. Not in the U.S., a failure with the affordable care act (Obamacare) and now at the heart of every Republican Party the promise of lower taxes.\r\n\r\nIt must be embarrassing to be a representative in Washington, yet I don\'t see it in any dialogue. U.S. systems are set up on a pedestal for the rest of the world to be envious of.\r\n\r\nI don\'t see it and I don\'t get it. This is a shamble.\r\n\r\nI know the GOP did not think they would have a majority, never mind win the presidential election, TRUMP did that basically on his own. But the fact that in opposition, elected representatives DID NOTHING to prepare for government must sadden so many Americans, whether you are Republican or Democrat.\r\n\r\nAway on his GOODWILL TRIP spreading the love around Asia, THE DONALD jumped in on the Tax Bill reform and seemed to side with the senate version of the bill which delays the Corporate Tax cuts until 2019. Previously being a decisive leader and great deal maker his was onboard with the “HOUSE” version of the bill. THE DONALD has once again gone for a watered down limp version of reform.\r\n\r\nThe DOW, S&amp;P, NASDAQ and RUSSELL all went “bigly” RED on the news that Corporate Tax cuts would likely be delayed. A nice sell-off took place Thursday but by the close with the “BUY THE DIP” mentality in place 2/3rds of the losses across the DOW and S&amp;P were paired back. 24 hours later the market after absorbing the news consolidates sideways as it was a Friday. It is quite predictable at times.\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/2017/11/ECON-DATA-12112017.png\"><img class=\"aligncenter size-large wp-image-10389\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017-1024x748.png\" alt=\"\" width=\"1024\" height=\"748\" /></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/2017/11/TCHART-12112017.png\"><img class=\"aligncenter size-large wp-image-10369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: 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\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10384\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10385\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10386\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10387\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS INDEX &amp; RETAIL SALES</u>.\r\n\r\nThese figures will be interesting to note based on whether the UK economy is moving forward or not. They mean nothing vis-a-vis future BOE policy as we have just had the dovish rate hike.\r\n\r\nConsumer Prices last time around were at 3%, with wages rising at only 2.2% and Retail sales were disappointing at -0.8%\r\n\r\nIt is the differential gap between CPI (Inflation) and Average Earnings which will attract 99.999999999% of the attention. Will it have narrowed?\r\n\r\nFrom a Retail Sales numbers perspective if this cannot start to pick up in the run up to Christmas it will never move higher. The issue of course will then be the Credit Card spending numbers if families have decided to go for it at Christmas, put the expense on the plastic and then worry about trying to clear the debt in the new year. At higher interest rates, of course thanks to the recent interest rate increase, the early Mark Carney Christmas present from the BOE!\r\n\r\n<strong><u>\r\nAUD:</u></strong><u> JOBS DATA.</u>\r\n\r\nI have a feeling that the jobs data this time around could really surprise to the upside. There tends to be cycles with AUD jobs data. Good numbers, then lower, then blowout.  Last month the number was 19.8k.\r\n\r\nAs long as last month’s number is beaten and growth can be seen, I think given the recent RBA down playing of the Australian economy this will be viewed positively by the markets.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CPi &amp; CORE RETAIL SALES.</u>\r\n\r\nI have no doubt that Stephen Poloz, BOC governor will be expecting CPI greater than 0.2% and a positive reading on Retail Sales after last month’s miserable negative 0.7% reading<u>.</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> PPI, CPI &amp; RETAIL SALES.</u>\r\n\r\nLike the UK. These numbers probably mean very little vis-à-vis the FED monetary policy action that is widely expected next month, when it is expected that the annual Christmas present of a 0.25% interest rate increase is actioned.\r\n\r\nObviously, it goes without saying that good numbers, significant beats over the previous set are expected, especially as the storm season has been blamed for a lot of the recent mixed U.S. data.\r\n\r\nObviously good numbers across the board will have the TV networks frothing at the mouth over the December FED meeting and future policy with a new FED chair in place next year. Conversely, the same could be said if the numbers are a bloody disaster!\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\n<u>GEOPOLITICAL ISSUES TO CONSIDER:</u>\r\n\r\nBREXIT\r\n\r\nSAUDI ARABIA\r\n\r\nTRUMPS GOODWILL TRIP TO ASIA\r\n\r\n&nbsp;\r\n\r\nLast week was a very strange week to trade. There was very little economic data to get your teeth into and the news that was there, was basically a snooze fest. This coming week offers a plethora of options.\r\n\r\nI have not been very active in the FX market the past 5/6 days. I was waiting for the momentum indicators to re-set and for a lot of the cross rate overbought / oversold conditions to settle down.\r\n\r\nThis coming week the JPY interests me a great deal.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017.png\"><img class=\"aligncenter size-large wp-image-10383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the chart above it is clear to see that the once very consistent correlation between the NIKKEI index and the USD/JPY is over. I have been referring to this over the past week or two.\r\n\r\nAs long time readers will know I place a lot of faith in correlations as they give a security of consistency and confidence when placing trades. When they are not aligned, they can create opportunities.\r\n\r\nWe have such an opportunity with the JPY. The chart above shows a quite remarkable move higher with the NIKKEI that was not traced by the USD/JPY, in fact quite the opposite on occasion. With the NIKKEI busting higher and the DOW, S&amp;P and NASDAQ pumping new highs, one would have expected the USD/JPY close to 130.00 maybe 140.00… instead quite the opposite.\r\n\r\nWhen the NIKKEI retraces and the U.S. equities finally give up the relentless push higher, the USD/JPY that failed to rally will be prime to accelerate its move lower as equities retrace lower.\r\n\r\nI am currently short through the PREMIUM SERVICE short AUD/JPY, EUR/JPY, GBP/JPY and NZD/JPY. The Antipodean pairs are positive but the European pairs spiked against me last Friday. My intention is to remain short for the foreseeable future to see how this plays out.\r\n\r\nThe USD/JPY, has critical support around 113.10 and then should that level give way there could be 200-300 pips in the move lower. Hopefully my 4 x JPY trades will move lower as well. At the moment, the USD/JPY is hovering about 50 pips above the key support.\r\n\r\nAdditionally…\r\n\r\nI am trying to look around not be as reliant on the USD for trades. I have very mixed feelings about trading reliance on the USD when we operate in a news driven market. Great positions can be upside down in minutes for no real reason.\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:           = +47 pips\r\nPIPS MONTH TO DATE:                = +169 pips\r\nYEAR TO DATE:                              = +10,571 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<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:\r\n</u><u>\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</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 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>5.2: 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>\r\n5.3: 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\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: #259 FREE NEWSLETTER\r\n12th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','RBNZ CHAPS OR CHUMPS?','','publish','open','closed','','rbnz-chaps-chumps','','','2017-11-11 08:40:00','2017-11-11 13:40:00','',0,'https://weeklyfxdrivethru.com/?p=10398',0,'post','',0),(9600,1,'2017-06-24 06:57:07','2017-06-24 11:57:07','<strong>\r\n1. INTRODUCTION:</strong>\r\n\r\nA very quiet week when all said and done. I think it was last Thursday morning when I tweeted out that I had thought my machines / screens had frozen. Trading in the “summer doldrums” is here.\r\n\r\nThis is the time of year that I review my annual performance so far, look at my TRADE LAN vis-à-vis target currency pairs and objectives, then revise my strategy into the year end.\r\n\r\nI have started this process and already I have a huge dilemma with cable (GBP).\r\n<ul>\r\n 	<li>Should I be long or short?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on equities?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on commodities?</li>\r\n</ul>\r\nI thought it may be interesting to document some of these later in the blog.\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nOver the past week or so I have been settling back into a routine in a new time zone, new office and a new desk layout.\r\n\r\nIt was a light week with regards to activity although a couple of events caught my attention.\r\n<ul>\r\n 	<li>OIL:\r\n\r\nThose of you who attended last Monday’s WEEKLY FX DRIVE THRU – LIVE webinar, will recall yet another one of my soapbox rants on OPEC and FRACKERS. I am getting way too predictable albeit, I will say it because no-one else will “I AM RIGHT”.\r\n\r\nAs mentioned on the webinar my old Economic teachers / professors “Woodsy and McCabe” would be proud of my “SUPPLY &amp; DEMAND” logic. It was relevant 40 years ago and still is today.\r\n\r\nLet me be brief and to the point: -\r\n\r\nOPEC is not a functioning cartel. It is a collection of self-serving countries still trying to hold the world to ransom on a commodity that is dying. In the good times, the good old days, incomes generated through OIL were more often than not squandered. Now the OIL price in my opinion given the improved technology around the world for extraction techniques is has a price limit ceiling no better than a $60.00 per barrel price at best.\r\n\r\nThe US “frackers” have benefited the most from extraction economies of scale and this will, in my opinion, keep a lid on price extremes. As soon as prices rise, more frackers enter the marketplace and bring up supply and this keeps prices lower. Costs to produce versus not to produce are now more manageable than ever for “frackers”. No longer are there outrageous costs to open / close production so it is almost getting to the equivalent of flicking a switch.\r\n\r\nInto the future OIL is going to become less and less important vis-à-vis cars. The move into Hybrid is here to stay and “self–generated” powered cars are the future.\r\n\r\nThe OIL market is frankly a corrupt, speculative and manipulative market played in by a few. The penny has dropped for several players of late as the movements in market prices are tighter. Not such a lucrative a playground as it used to be.\r\n\r\nJust my thoughts and my view from “THE SOAPBOX”. No doubt this coming Monday if I show a USOIL chart, I won’t be able to stop myself!!</li>\r\n 	<li>RBNZ:\r\n\r\nGraeme “fecking” Wheeler. Now the flute has no “fecking” problems with the valuation of the NZD against the USD being at c. 0.7300.\r\n\r\nHoly Mother of God, I know he steps down as governor of the RBNZ in September, but to be in holiday mode in June is a little early even by my own playbook. I have stated for years that central banks are like huge oil tankers that take 3 or 4 miles to stop moving forward never mind require a turning circle of a mile or so to reverse course. They are not quick to do anything.\r\nHas the RBNZ decided to change policy?\r\n\r\nWhen reading the statement, it appears not.\r\n\r\nI am therefore at a loss as to why he did not jawbone the price lower. Technically 0.7320-0.7350 is a huge / massive level to pass through and should the NZD/USD achieve this, a great deal of my TRADE PLAN for the remainder of 2016 may have to be re-thought.\r\n\r\nAt the moment, I know that there is a “carry trade” effect in place given the NZD interest rate differential but that is not longer-term sustainable in my opinion. In addition, I know that the cross-rate flows through the AUD/NZD also really pull at this currency.\r\n\r\nHowever, having said all that, the lack of verbal intervention from the RBNZ was a puzzler.\r\n\r\nJust to give you full disclosure, Graeme Wheeler is off both my 2017 Christmas Card lists; paper and digital.</li>\r\n 	<li>CAD:\r\n\r\nFollowing the comments made by the “Deputy” governor, not “yer man” Poloz the actual governor, this currency has strengthened across the board. The comments indicated that the BOC were close to changing policy and raise interest rates rather than remain dovish.\r\n\r\nThis week we had Retail Sales which were a beat to add fuel to the move lower in USD/CAD, and the following day CPi missed and the USD/CAD weakened.\r\n\r\nSo mixed data.\r\n\r\nGiven the fact that Oil is heading towards $40.00 per barrel, from my perspective I would not be betting my home on the BOC raising rates in the next 3 months or so. If there is one thing that I have learned living in Canada is that it is the most Conservative country that I have lived in, so much so the C in Conservative is font size 72. Canada is a reactive rather than a pro-active country in regard to most aspects of everyday life. The BOC reflects this.</li>\r\n 	<li>BREXIT:\r\n\r\nThe negotiations have started in Brussels. I believe we must remain alert 24 x 7 for comments made by UK or EU politicians plus the Brussels bureaucrats. Validated or unconfirmed comments will move the markets instantaneously and will affect both the GBP and EUR currency.</li>\r\n 	<li>“TRUMP”\r\n\r\nAs diplomatically as possible:\r\n\r\nThe current US President is a liability to himself, and the people around him, never mind, world stability and the markets.\r\n\r\nHis constant tweeting, and I can understand at times why he does this given the biased US TV coverage, creates not only more fuel for the TV networks to debate but has a destabilizing effect and creates uncertainty in the markets. His approval ratings as a result suffer badly fueling the fires that surround him.\r\n\r\nFrom a trading perspective he is a bloody nightmare, totally unpredictable and most of the time his comments in my opinion are ill founded and tantamount to a spoiled child lashing out.</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\nMy webinar last week did not record and I could not therefore distribute it.\r\n\r\nThe lesson therefore is, attend live!!\r\n\r\nSeriously though, I could not, nor could my software provider give me any reason why it did not record.\r\n\r\nThe next WEBINAR is on: - Monday 26th June at 5:30PM EST\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<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: -\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n(The benefits are that as soon as a new webinar is posted you are emailed)\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/2017/06/ECON-DATA-25062017.png\"><img class=\"aligncenter size-large wp-image-9567\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nThe economic data releases this week are minimal once again.\r\n<ol>\r\n 	<li>EUR: Following the PMi releases last week for the EUROZONE as a whole, (Services missed but Manufacturing beat estimates), this week a more favoured barometer by the markets is the “Ifo” data from Germany.\r\n\r\nFrom my perspective this is why the markets, especially in the US do not understand the EUROZONE. They focus on Germany, which is OK but Germany is not 100% what drives the ECB and Mario Draghi. If it were interest rates would be about 3% in Germany right now, but by the same token about minus 2% in Italy!\r\n\r\nNevertheless it is what it is and follow it I must given the position of the EUR/USD closing in on a confirmed break above1.1200.\r\n\r\nFrom a number perspective, above 114.6 which was the previous number and will be viewed by the markets (rightly or wrongly) as an improvement in the EUROZONE.</li>\r\n 	<li>USD: Consumer confidence numbers are critical for a consumer driven society like the US. If this number is below 117.9, which was the last level, this will have a negative effect on the USD. Above this level and this could be the catalyst to spark the USD “lack lustre” performance of late despite having increased rates.\r\n\r\nIncreasing Interest rates can obviously affect this data but more usually this is reflected in CPi rather than confidence data. One could argue that increasing rates shows a strong and resilient economy that should inspire confidence. I cannot believe I just wrote that with “THE DONALD” as president.</li>\r\n 	<li>GBP: The current account data is often put to one side as accountant only data. Given BREXIT and its implications this is now most definitely not the case.  The capital flows in and out of the UK are mission critical for the BOE and the government.\r\n\r\nThe City of London moves by banks and other financial institutions away from London and into mainland Europe / Dublin have a direct effect on the current account. Sometimes instant, but mostly gradual and in my opinion should be noted.</li>\r\n 	<li>CAD: GDP this week will in my opinion provide the ultimate test of whether the BOC raises interest rates or not. I am highly skeptical based on the falling OIL price but this number could kick start CAD weakness or send it sub 1.3000.\r\n\r\nIt is a backward looking number and no doubt the BOC know the result, but it still has importance.</li>\r\n</ol>\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/2017/06/T-CHART-25062017.png\"><img class=\"aligncenter size-large wp-image-9568\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></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/2017/06/EURUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9585\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/GBPUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/AUDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9584\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/NZDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/USDCAD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/USDCHF-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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/2017/06/USDJPY-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></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<p style=\"text-align: center;\"><u>WHAT IS THE PREMIUM SERVICE?</u></p>\r\n<p style=\"text-align: center;\">The 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.</p>\r\n<p style=\"text-align: center;\">Full 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.</p>\r\n<p style=\"text-align: center;\">Further 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.</p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">So; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.</p>\r\n<p style=\"text-align: center;\">In 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. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.</p>\r\n<p style=\"text-align: center;\"><u>CURRENT PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">MONTH TO DATE:  +911 pips\r\nYEAR TO DATE:      +2,113 pips\r\n</p>\r\n<p style=\"text-align: center;\">If you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:</p>\r\n<p style=\"text-align: center;\"><a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a></p>\r\n<p style=\"text-align: center;\">PLEASE NOTE: the above video is best viewed using a Google Chrome browser.</p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u></p>\r\n<p style=\"text-align: center;\">There has never been a better time….</p>\r\n<p style=\"text-align: center;\">This promotion is now entering its final week.</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:   </strong><strong>“DOUBLE IT UP”</strong></p>\r\n<p style=\"text-align: center;\">I usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.</p>\r\n<p style=\"text-align: center;\">Because I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.</p>\r\n<p style=\"text-align: center;\">This is the biggest and I believe the best subscriber promotion that I have ever offered.</p>\r\n<p style=\"text-align: center;\">What is <strong>“DOUBLE IT UP”</strong> all about…</p>\r\n<p style=\"text-align: center;\">Basically, 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.</p>\r\n<p style=\"text-align: center;\">In addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.</p>\r\n<p style=\"text-align: center;\">This 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.</p>\r\n<p style=\"text-align: center;\">This 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.</p>\r\n<p style=\"text-align: center;\">Confirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.</p>\r\n<p style=\"text-align: center;\">This 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.</p>\r\n<p style=\"text-align: center;\"><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.</p>\r\n<p style=\"text-align: center;\">Below are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.</p>\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\n&nbsp;\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$1,000.00, 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\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<strong> </strong><strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nGBP – IS IT A LONG OR A SHORT TRADE?</strong></p>\r\n<strong>\r\n</strong>I have to say, on or about the anniversary of the historic BREXIT referendum vote, I never thought that I would be caught in two minds over the direction to trade the cable.\r\n\r\nAs PREMIUM SERVICE SUBSCRIBERS are aware I have in play 3 x long GBP commodity cross trades with two more limit orders in place to trigger, plus GBP/USD and EUR/GBP trades as limit orders as well. That is potentially 7 trades in total.\r\n\r\nThese trades were placed last week or before last week, so why am I now in two minds, what has fundamentally changed to place me in this dilemma?\r\n\r\nI do not want to write pages and pages on this, but essentially, I am torn between being either long or short over the following: -\r\n<ul>\r\n 	<li>The overall uncertainty that surrounds BREXIT.</li>\r\n 	<li>The MPC vote 5-3.</li>\r\n 	<li>UK inflation in the economy at 2.9% (BOE target 2%).</li>\r\n 	<li>Carney’s mansion House breakfast speech being so dovish.</li>\r\n 	<li>Haldane’s economic based response to Carney.</li>\r\n 	<li>The initial EU response from the Brussels bureaucrats who are basically negotiating on behalf of the 27 member countries.</li>\r\n 	<li>UK unemployment is low at 4.8%.</li>\r\n 	<li>GDP and PMi data very resilient all things considered.</li>\r\n 	<li>Theresa May’s long term position looks more and more in doubt. Another general election looks odds on for the Autumn / Fall.</li>\r\n 	<li>Wage growth is still a “lagger” at 2% households are being squeezed.</li>\r\n 	<li>UK debt to GDP is very high circa. 90%.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nSome of the above are positive and some are negative. I was going to list them by positives and negatives, however after some thought I decided just to list them as they came out so that you can appreciate the back and forth thought process!\r\n\r\nUp to a few weeks ago, my plan was very much around the fact that BREXIT UNCERTAINTY trumps all other factors. Then we had the MPC vote at 5-3. Did this influence me too far the other way?\r\n\r\nAs you may know I am a longer-term trader if the truth be told, albeit at the moment, I am having to sit on my hands so as not to exit or take profits on trades too early given the way this market is currently performing. My drawdowns are higher than usual but I have adjusted my TRADE PLAN to accommodate this change.\r\n\r\nTo help explain my dilemma visually, the following seven charts show the levels that interest me, and my comments / thoughts are contained on the charts. Whilst these may add to the confusion at least they give me levels to watch out for.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017.png\"><img class=\"aligncenter size-large wp-image-9577\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017.png\"><img class=\"aligncenter size-large wp-image-9578\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017.png\"><img class=\"aligncenter size-large wp-image-9579\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017-1024x514.png\" alt=\"\" width=\"1024\" height=\"514\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017.png\"><img class=\"aligncenter size-large wp-image-9580\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017-1024x502.png\" alt=\"\" width=\"1024\" height=\"502\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017.png\"><img class=\"aligncenter size-large wp-image-9581\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017.png\"><img class=\"aligncenter size-large wp-image-9582\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017-1024x550.png\" alt=\"\" width=\"1024\" height=\"550\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017.png\"><img class=\"aligncenter size-large wp-image-9583\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\nYou would have noticed from the charts that there are numerous trigger points that either indicate GBP bullish or GBP bearish.\r\n\r\nBecause we have come off the back of a very bearish Mark Carney many of the charts are more bearish now than what they were a few days ago. On all of the charts I have tried to indicate my bull / bear lines in the sand to move forward from.\r\n\r\nWhilst these are technical levels and should not be ignored, my overall thoughts are that in times like this with such huge fundamental news, fundamentals trump Technical’s. You may of course not agree with this but the moves on the back of a fundamental shift are potentially massive.\r\n\r\nAs with all matters Forex, patience will be key here moving forward.\r\n\r\n&nbsp;\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\nBLOG VERSION: #242 FREE NEWSLETTER\r\nDATE: 25th June 2017.\r\n\r\n&nbsp;','GBP – IS IT A LONG OR A SHORT TRADE?','','inherit','closed','closed','','9599-revision-v1','','','2017-06-24 06:57:07','2017-06-24 11:57:07','',9599,'https://weeklyfxdrivethru.com/9599-revision-v1/',0,'revision','',0),(9601,1,'2017-06-26 12:54:48','2017-06-26 17:54:48','<h2>THE PREMIUM SERVICE from THE WEEKLY FX DRIVE-THRU</h2>\r\nFLASH, RADAR, FUNDAMENTAL and POSITION trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.\r\n\r\nIn an effort to prevent against fraud and account sharing our system restricts access to 3 IP addresses per account. Example: Home, Office and Mobile.\r\n\r\nPlease make sure with your internet service provider that you have a static IP address before signing up for the Premium Service. If you do NOT have a static IP address, please contact me so that I can explain the way around this to avoid frustration at:- subscriptions@thepremiumservice.com\r\n\r\nPlease also note there are NO REFUNDS once a subscription service has been paid for.\r\n\r\nScott Pickering\r\nHalifx (Nova Scotia), Canada\r\n<a href=\"mailto:subscriptions@thepremiumservice.com\">scott@thepremiumservice.com</a>','Terms and Conditions','','inherit','closed','closed','','7769-revision-v1','','','2017-06-26 12:54:48','2017-06-26 17:54:48','',7769,'https://weeklyfxdrivethru.com/7769-revision-v1/',0,'revision','',0),(9602,1,'2017-06-26 12:55:16','2017-06-26 17:55:16','<h2>THE PREMIUM SERVICE from THE WEEKLY FX DRIVE-THRU</h2>\r\nFLASH, RADAR, FUNDAMENTAL and POSITION trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.\r\n\r\nIn an effort to prevent against fraud and account sharing our system restricts access to 3 IP addresses per account. Example: Home, Office and Mobile.\r\n\r\nPlease make sure with your internet service provider that you have a static IP address before signing up for the Premium Service. If you do NOT have a static IP address, please contact me so that I can explain the way around this to avoid frustration at:- subscriptions@thepremiumservice.com\r\n\r\nPlease also note there are NO REFUNDS once a subscription service has been paid for.\r\n\r\nScott Pickering\r\nHalifax (Nova Scotia), Canada\r\n<a href=\"mailto:subscriptions@thepremiumservice.com\">scott@thepremiumservice.com\r\n</a>','Terms and Conditions','','inherit','closed','closed','','7769-revision-v1','','','2017-06-26 12:55:16','2017-06-26 17:55:16','',7769,'https://weeklyfxdrivethru.com/7769-revision-v1/',0,'revision','',0),(9732,1,'2017-07-22 06:30:50','2017-07-22 11:30:50','','TCHART 23072017','','inherit','open','closed','','tchart-23072017','','','2017-07-22 06:52:27','2017-07-22 11:52:27','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-23072017.png',0,'attachment','image/png',0),(9733,1,'2017-07-22 06:30:54','2017-07-22 11:30:54','','USD(DXY) 23072017','','inherit','open','closed','','usddxy-23072017','','','2017-07-22 06:52:53','2017-07-22 11:52:53','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDDXY-23072017.png',0,'attachment','image/png',0),(9736,1,'2017-07-22 06:31:11','2017-07-22 11:31:11','','MKT SENT 23072017','','inherit','open','closed','','mkt-sent-23072017','','','2017-07-22 06:55:48','2017-07-22 11:55:48','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/MKT-SENT-23072017.png',0,'attachment','image/png',0),(9743,1,'2017-07-22 06:35:10','2017-07-22 11:35:10','','AUDUSD WEEKLY 23072017','','inherit','open','closed','','audusd-weekly-23072017','','','2017-07-22 06:53:54','2017-07-22 11:53:54','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-WEEKLY-23072017.png',0,'attachment','image/png',0),(9744,1,'2017-07-22 06:35:17','2017-07-22 11:35:17','','EURUSD D 23072017','','inherit','open','closed','','eurusd-d-23072017','','','2017-07-22 06:53:23','2017-07-22 11:53:23','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-23072017.png',0,'attachment','image/png',0),(9745,1,'2017-07-22 06:35:22','2017-07-22 11:35:22','','GBPUSD D 23072017','','inherit','open','closed','','gbpusd-d-23072017','','','2017-07-22 06:53:36','2017-07-22 11:53:36','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-23072017.png',0,'attachment','image/png',0),(9746,1,'2017-07-22 06:35:28','2017-07-22 11:35:28','','NZDUSD WEEKLY 23072017','','inherit','open','closed','','nzdusd-weekly-23072017','','','2017-07-22 06:54:05','2017-07-22 11:54:05','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-WEEKLY-23072017.png',0,'attachment','image/png',0),(9747,1,'2017-07-22 06:35:34','2017-07-22 11:35:34','','USDCAD WEEKLY 23072017','','inherit','open','closed','','usdcad-weekly-23072017','','','2017-07-22 06:54:19','2017-07-22 11:54:19','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-WEEKLY-23072017.png',0,'attachment','image/png',0),(9748,1,'2017-07-22 06:35:39','2017-07-22 11:35:39','','USDCHF WEEKLY 23072017','','inherit','open','closed','','usdchf-weekly-23072017','','','2017-07-22 06:54:29','2017-07-22 11:54:29','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-WEEKLY-23072017.png',0,'attachment','image/png',0),(9749,1,'2017-07-22 06:35:44','2017-07-22 11:35:44','','USDJPY D 23072017','','inherit','open','closed','','usdjpy-d-23072017','','','2017-07-22 06:54:41','2017-07-22 11:54:41','',9756,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-23072017.png',0,'attachment','image/png',0),(9604,1,'2017-06-26 15:11:32','2017-06-26 20:11:32','[s2If current_user_is(administrator)]\r\nHello Site Administrator you can access all content :)\r\n[/s2If]\r\n[s2If current_user_is(s2member_level4)]\r\n\r\n<section class=\"clearfix\">\r\n<div class=\"one-fourth first membership\"><a href=\"https://weeklyfxdrivethru.com/premium-service-annual-subscription-renewal/\"><img class=\"alignleft size-full wp-image-7748\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-renewal.jpg\" alt=\"Premium Service Annual Subscription-renewal\" width=\"400\" /></a>\r\n<h3>Premium Service Annual Renewal</h3>\r\n<h2 class=\"price\">CAD $2000.00</h2>\r\n<a class=\"button\" href=\"https://weeklyfxdrivethru.com/premium-service-annual-subscription-renewal/\" type=\"button\"> Buy Now</a>\r\n\r\n</div>\r\n</section>[/s2If]\r\n\r\n[s2If current_user_is(s2member_level2)]\r\nPlease renew your Premium Service Subscription after logging out\r\n[/s2If]\r\n[s2If !is_user_logged_in()]\r\n\r\n<section class=\"clearfix\">\r\n<div class=\"one-third first membership\"><a href=\"./premium-service-10-weeks-subscription\"><img class=\"alignleft size-full wp-image-7745\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/3-Months-Subscription.jpg\" alt=\"Premium Service 3-Months-Subscription\" width=\"400\" /></a>\r\n<h3>3 Months Subscription</h3>\r\n<h2 class=\"price\">CAD $1000.00</h2>\r\n<a class=\"button\" href=\"./premium-service-10-weeks-subscription\" type=\"button\"> Buy Now</a>\r\n\r\n</div>\r\n<div class=\"one-third membership\"><a href=\"./premium-service-20-weeks-subscription\"><img class=\"alignleft size-full wp-image-7746\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/6-Months-Subscriptions.jpg\" alt=\"Premium Service 6-Months-Subscriptions\" width=\"400\" /></a>\r\n<h3>6 Months Subscription</h3>\r\n<h2 class=\"price\">CAD $1500.00</h2>\r\n<a class=\"button\" href=\"./premium-service-20-weeks-subscription\" type=\"button\"> Buy Now</a>\r\n\r\n</div>\r\n<div class=\"one-third membership\"><a href=\"./premium-service-40-weeks-subscription\"><img class=\"alignleft size-full wp-image-7747\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription.jpg\" alt=\"Premium Service Annual-Subscription\" width=\"750\" height=\"750\" /></a>\r\n<h3>Annual Subscription</h3>\r\n<h2 class=\"price\">CAD $2500.00</h2>\r\n<a class=\"button\" href=\"./premium-service-40-weeks-subscription\" type=\"button\"> Buy Now</a>\r\n\r\n</div>\r\n</section>[/s2If]','Subscription Options','','inherit','closed','closed','','7749-revision-v1','','','2017-06-26 15:11:32','2017-06-26 20:11:32','',7749,'https://weeklyfxdrivethru.com/7749-revision-v1/',0,'revision','',0),(9632,1,'2017-07-01 04:06:08','2017-07-01 09:06:08','','AUDUSD D 02072017','','inherit','open','closed','','audusd-d-02072017','','','2017-07-01 04:19:50','2017-07-01 09:19:50','',9641,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-02072017.png',0,'attachment','image/png',0),(9633,1,'2017-07-01 04:06:13','2017-07-01 09:06:13','','EURUSD D 02072017','','inherit','open','closed','','eurusd-d-02072017','','','2017-07-01 04:19:28','2017-07-01 09:19:28','',9641,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-02072017.png',0,'attachment','image/png',0),(9634,1,'2017-07-01 04:06:18','2017-07-01 09:06:18','','GBPUSD D 02072017','','inherit','open','closed','','gbpusd-d-02072017','','','2017-07-01 04:19:39','2017-07-01 09:19:39','',9641,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-02072017.png',0,'attachment','image/png',0),(9635,1,'2017-07-01 04:06:22','2017-07-01 09:06:22','','NZDUSD D 02072017','','inherit','open','closed','','nzdusd-d-02072017','','','2017-07-01 04:20:03','2017-07-01 09:20:03','',9641,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-02072017.png',0,'attachment','image/png',0),(9636,1,'2017-07-01 04:06:26','2017-07-01 09:06:26','','USDCAD D 02072017','','inherit','open','closed','','usdcad-d-02072017','','','2017-07-01 04:20:17','2017-07-01 09:20:17','',9641,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-02072017.png',0,'attachment','image/png',0),(9637,1,'2017-07-01 04:06:30','2017-07-01 09:06:30','','USDCHF D 02072017','','inherit','open','closed','','usdchf-d-02072017','','','2017-07-01 04:20:40','2017-07-01 09:20:40','',9641,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-02072017.png',0,'attachment','image/png',0),(9638,1,'2017-07-01 04:06:34','2017-07-01 09:06:34','','USDJPY D 02072017','','inherit','open','closed','','usdjpy-d-02072017','','','2017-07-01 04:20:51','2017-07-01 09:20:51','',9641,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-02072017.png',0,'attachment','image/png',0),(9639,1,'2017-07-01 04:10:08','2017-07-01 09:10:08','','LOGO CUBE','','inherit','open','closed','','logo-cube','','','2017-09-11 10:21:22','2017-09-11 15:21:22','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LOGO-CUBE.png',0,'attachment','image/png',0),(9640,1,'2017-07-01 04:10:18','2017-07-01 09:10:18','','PS LOGO','','inherit','open','closed','','ps-logo','','','2017-09-11 10:29:44','2017-09-11 15:29:44','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/PS-LOGO.png',0,'attachment','image/png',0),(9641,1,'2017-07-01 04:29:40','2017-07-01 09:29:40','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIf ever anyone says to you that FX trading is boring and un-eventful just remind them of the shenanigans that went on last week.\r\n\r\nMario Draghi, ECB President and the “sources” my arse saying that the markets mis-judged his comments. What a load of bollocks.\r\n\r\nMark Carney the governor of the BOE doing what he does best “Flip-Flopping and finally, last but not least…\r\n\r\nStephen Poloz governor of the BOC announcing that the BOC are en route to change policy away from supportive to hawkish by possibly looking to raise Canadian interest rates before the end of 2017 (I would say if oil drops through $40.00 that move could be delayed).\r\n\r\nThe three flutes named above have suddenly (coordinated?) turned from GAME KEEPERS to POACHERS vis-a-vis their interest rate policies.\r\n\r\nI will return to this matter later in the blog with the “SOAPBOX”\r\n\r\nGetting back into the groove now, the PREMIUM SERVICE added about 300 pips last week and I am now back in the mode of CORE POSITIONS and stacking up LIMIT ORDERS.\r\n\r\nHaving said that, it is hard trading at the moment; one must remember that it is summer and we have been blessed with a few moves that may be over-played, but nonetheless have provided some great moves. If you are a cautious and conservative trader like me, you are probably kicking yourself over a few hundred pips extra you could have gained had you not exited positions too early.\r\n\r\nRemember; no one should ever feel guilty about banking pips and few $$$. It’s a much better feeling the losing $$$. Like most of you I guess, we still look at the woulda, coulda and shoulda trades. It’s normal… but just move on.\r\n\r\nVery comfortable now in my new surroundings in Nova Scotia. It’s a great spot and much better for me trading in a bright open office with a view rather than the darkened room, with a huge fecking tree blocking out most of the natural light that I had previously in Quebec. These subtle differences do make a difference.\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\nIt would be very easy to repeat myself three or four times in various sections of the blog this week. It will be a check on the state of my mental health to see if I can avoid this!\r\n\r\nIt was a light week with regards to Economic data but holy fuck the central bank governors and presidents more than made up for that.\r\n\r\nIn no particular order, here is what floated my boat last week.\r\n<ul>\r\n 	<li>OIL and USD/CAD:\r\n\r\nPicture this: - An old man every morning switching on his machines and looking at the screens swearing at himself, “FFS why the feck I am not short this fecking pair” … this was me all week and guess what, I’ll still be doing it next week at this rate.As I mentioned in last week’s LIVE WEBINAR (without getting on my soapbox), I predicted OIL lower to about $42.00 then a small bounce then a test of $40.00. So far it’s playing out.\r\n\r\nI need to get my ass in gear and have a USD/CAD short trade set up in position.\r\n\r\nOIL is a dirty old commodity and OPEC are an out of date collection of countries that lie to each other and the world about production because of pure greed. As the world becomes less and less reliant on middle eastern OIL the effectiveness of what OPEC does or says gets less and less.\r\n\r\nI wish that that I could come down off that fence and say what I really mean.\r\n\r\nPutting my attempt at humour to one side, this is all about pure, basic and very simple Economic SUPPLY AND DEMAND.\r\n\r\nThis highly speculative market has lost its edge of late as many hedge funds who were big participants in the OIL markets are no longer around. The ability to push the price around is still there but the logic (did I actually use that word in association with OIL?) has long gone.\r\n\r\nSo basically, this is a SUPPLY AND DEMAND call and nothing else. I think that this message is hitting home with a bit more bite now.\r\n\r\nBack to the CAD…\r\n\r\nI am looking for mid 1.32’s for an entry short if possible but this looks unlikely if data continues to come in line or beat expectations.  As long as I am in short prior to the next BOC meeting at this stage these are my thoughts.</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>DRAGHI and the ECB:\r\n\r\nHoly Mother of God. What a fecking gang of unprofessional idiots. They must have all been acting as the scarecrow from the wizard of Oz. Not a damn brain between the lot of them.“Unnamed sources” basically the ECB, shit themselves because the single currency strengthened, basically it leapt up like a salmon, and then they tell us a day later that we’re the fecking numpties as we misinterpreted Draghi’s speech. Bollocks basically double bollocks.\r\n\r\nThe FX market was on steroids for the day of Draghi’s speech (Tuesday) and the following day calamity reigned for many retail traders still long. As the “unnamed sources” sound-byte hit the wires everything EUR dropped 100-200 pips in an instant. I’d say that hurt a lot of people because the fills would have been poor, especially with the likes of FXCM! Did they do what they usually do in situations like this and just lock out traders?\r\n\r\nOver the rest of Wednesday the single currency reversed back to the previous day levels. Helter-skelter day!</li>\r\n 	<li>THE ECB ECONOMIC FORUM (Sintra, Portugal)\r\n\r\nDraghi was there as host, along with his three amigos, Carney (BOE), Poloz (BOC) and Kuroda (BOJ).This was where “Carney the flip-flopper” came out of his closet to announce that he would be looking to raise after all… what a “plonker”.\r\n\r\nPoloz confirmed what he stated earlier on CNBC about removing accommodation from the BOC and to start looking to raise interest rates.\r\n\r\nKuroda, apart from needing to spend a few $$$ on dental work, announced nada, nothing new. The BOJ now remains the only central bank in true dovish, accommodative mode.\r\n\r\nMore about this topic later.</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>JANET YELLEN:\r\n\r\nOn Tuesday I cut out of trades early after Draghi’s first speech ahead of Janet Yellen’s diary date.FFS, it was granny tells a fecking story around the fireside….\r\n\r\nI cut profitable trades to be sensible for “Storytime with Janet”. Never have I been so disappointed. No policies, no outlook, no guessing and no gossip; just stories about Ben and Merv “the swerve”.</li>\r\n 	<li>BREXIT:\r\n\r\nThe 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>“TRUMP”\r\n\r\nAs diplomatically as possible:This week’s tweet highlight, or rather lowlight…\r\n\r\nOn Thursday, he tweeted about someone from a TV station who was bleeding from a face-lift who was invited to Mar a Lago, but TRUMP would not meet her for an interview because she was bleeding from the surgery…WTF.\r\n\r\nThis is the leader of the “FREE WORLD” the most powerful man in the world.\r\n\r\nMost of the world used to laugh at the antics of the US pre-TRUMP and most Americans could not understand why. With TRUMP in office and tweets like this, God knows what the thoughts are now. Even I find this difficult to comment on.\r\n\r\nApart from the fact that TRUMP behaves like a spoilt child and NOT a 70-year-old adult.</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\nI am canceling the LIVE WEBINARS for the summer and will start up again in the fall/autumn.\r\n\r\n&nbsp;\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-02072017.png\"><img class=\"aligncenter size-large wp-image-9617\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-02072017-953x1024.png\" alt=\"\" width=\"953\" height=\"1024\" /></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\nQuite a bit scheduled this week. This makes a change from recent weeks and a few items stand out for me.\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>USD: The pick of the week for most traders but NOT me is Friday’s Non-Farm payroll numbers. I think I have had more luck on the lottery lately… at least with the lottery you stand a chance of winning.As usual all your family favourites will be dragged onto CNBC, BLOOMBERG and FOX BUSINESS to talk shite about the numbers no one can predict. Frankly given the fact the US department of statistics only give us approximations because previous numbers are altered up and down, in fact previous, previous numbers are altered… it’s all rather a game to stay away from in my opinion. Paint a wall, take out your significant other, mow the lawn or just pick yer nose it’s better than the madness of NFP day.Prior to NFP we have ADP jobs data, no real help for NFP as last months numbers showed. The FOMC meeting minutes should be interesting to see how hawkish the FED really are. Is it all fur coat and no knickers, we should find out Wednesday.</li>\r\n 	<li>GBP: A plethora of PMi data. Services and Construction should be strong but Manufacturing maybe a bit below. All are expected to be over 50.</li>\r\n 	<li>AUD: The RBA have a rate statement announcement plus we have Retail sales and a Trade balance number to look forward to. I am getting excited just thinking about these news items. I am well hedged the AUD at the moment so I couldn’t give a rats hairy arse what way the numbers go.</li>\r\n 	<li>CAD: Stephen Poloz (BOC Governor), will be looking closely at the Trade balance and Jobs data no doubt with a BOC interest rate decision up very soon.Personally, given the importance of OIL to the CAD economy and commodities in general, I think he will have more than just one eye on WTi.</li>\r\n</ol>\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-02072017.png\"><img class=\"aligncenter size-large wp-image-9618\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-02072017-1024x827.png\" alt=\"\" width=\"1024\" height=\"827\" /></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-02072017.png\"><img class=\"aligncenter size-large wp-image-9633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9637\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9638\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-02072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a>\r\n\r\n<strong>\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li style=\"text-align: center;\"><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><u>WHAT IS THE PREMIUM SERVICE?</u></p>\r\n<p style=\"text-align: center;\">The 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.</p>\r\n<p style=\"text-align: center;\">Full 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.</p>\r\n<p style=\"text-align: center;\">Further 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.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE</u></p>\r\n<p style=\"text-align: center;\">So; if nothing else, I tell it how it is. I am currently about 40% 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.</p>\r\n<p style=\"text-align: center;\">In 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.</p>\r\nI will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that was due to expire at the end of June, which I have extended until the open of the markets on July 2nd at 5PM EST, called “DOUBLE IT UP”.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n<p style=\"text-align: center;\"><u>CURRENT PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">MONTH TO DATE:  +1,203 pips\r\nYEAR TO DATE:      +2,405 pips</p>\r\n<p style=\"text-align: center;\">If 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:</p>\r\n<p style=\"text-align: center;\"><a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a></p>\r\n<p style=\"text-align: center;\">PLEASE NOTE: the above video is best viewed using a Google Chrome browser.</p>\r\n<p style=\"text-align: center;\"><u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u></p>\r\n<p style=\"text-align: center;\">There has never been a better time….</p>\r\n<p style=\"text-align: center;\">This promotion closes Sunday 2nd July at 5PM EST (Extended from June 30th)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong></p>\r\n<p style=\"text-align: center;\">This is the biggest and I believe the best subscriber promotion that I have ever offered.</p>\r\n<p style=\"text-align: center;\">What is <strong>“DOUBLE IT UP”</strong> all about…</p>\r\n<p style=\"text-align: center;\">Basically, from now until 2nd of July at 5PM EST 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.</p>\r\n<p style=\"text-align: center;\">This virtually means that a 10 week subscription will take you right through to the end of 2017.</p>\r\n<p style=\"text-align: center;\">Confirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.</p>\r\n<p style=\"text-align: center;\">This 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.</p>\r\n<p style=\"text-align: center;\">Below are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.</p>\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\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li style=\"text-align: center;\"><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\">If 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></p>\r\n<p style=\"text-align: center;\">This can be done as follows: -</p>\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n<p style=\"text-align: center;\">July’s winner is:\r\ncarlos**********@gmail.com</p>\r\nBy the time this blog is posted Carlos should be up and running with full access.\r\n\r\n<strong> </strong>\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\nI added 292 pips to the PREMIUM SERVICE total for the year last week, it could have been double that. I was spooked out of the Draghi rally on Tuesday on the basis that I wanted to clear most of the decks prior to Yellen’s moment. FFS; what a complete and utter nonevent that was; it really pist me off, a self-glorification of her tenure so far reminiscing her times with Bernanke and sucking up to my buddy Merv “The Swerve” King, BOE governor pre-the flip-flopper.\r\n\r\nThe PIP year to date total is now at 2,405 pips.\r\n\r\nMy rough target per month is 1,250 pips to achieve my annual objective of 10,000 fresh and tasty pips.\r\n\r\nOther points of the overall performance that I look at are as follows: -\r\n<ul>\r\n 	<li>Drawdowns are higher than usual but within my revised TRADE PLAN accommodating longer-term POSITION TRADES.</li>\r\n 	<li>Profitable trades versus Loss trades ratios are improving. Monthly for June 77% / 33% and YTD now just under my target at 70% / 30%.</li>\r\n 	<li>Performance status in pips versus last year. I am now at 40% of my objective for this time of year…this is improving and a couple of good months will boost this towards 100%.</li>\r\n 	<li>Day trades are still an issue. I have zero confidence in some of the moves and so my TRADE PLAN guidelines by coincidence do not set off alarms. The alarms that do pop–up, frankly, I wouldn’t touch the trades with a barge pole.</li>\r\n 	<li>I have let many trades go by that maybe I should have entered.The point to note here is that I am despite being behind objective NOT taking trades that <u>I AM NOT</u> 100% committed to.</li>\r\n 	<li>Profit per trade is lower than usual but typical for the time of year. One cannot expect in the slow months the same return. I am not comfortable either reviewing position sizing yet as compensation for this.I will review position sizing in the fall / autumn when the liquidity returns…hopefully.</li>\r\n</ul>\r\n<u>\r\nTRADING ENVIRONMENT:</u>\r\n\r\nBasically, it\'s a pain in the arse. The summer is here and I think we have to treat last week as an exception. Fresh ranges and tops have been established, especially in the commodity currencies. The possible excitement ahead is possibly with the S&amp;P. It is up against the 127% Fibonacci extension and it looks toppy. However, I have been saying equities should turn lower for what feels like months and all that happens is that they power higher every time. So; I am not the best at calling the moves in the S&amp;P. But I still think the S&amp;P looks toppy.\r\n\r\nFollowing my GBP dilemma from last week’s DRIVE THRU, I have stayed away from the GBP/USD but I have not resisted the temptation with the cable cross rates. There is more to come. I will be filling my boots on cross rates if my thought process plays out moving forward.\r\n\r\nMoving forward, I am getting ready to load up USD long trades again. Once the overreaction to all the possible rate hikes from the other Central Banks (BOE, ECB and BOC) have died down I think that the USD will re-assert itself once again.\r\n\r\nThe pair that cause me a bit of a headache with my plan moving forward is how the USD/JPY will react to USD moves and equity moves that could be heading lower. I bring this up because the BOJ is the only Central Bank still in the camp of dovishness and accommodation with no let up of accommodation even thought about this year or next!\r\n\r\n&nbsp;\r\n\r\n<u>\r\nCORE TRADES:</u>\r\n\r\nI have started with: -\r\n\r\nGBP/AUD, GBP/NZD, EUR/AUD and EUR/NZD long trades. In addition, I am still looking to add to my AUD/NZD long trades again.\r\n\r\nI currently hold trades with NZD/USD and AUD/USD which are under water. I am looking to add more short trades with these pairs as well.\r\n\r\nOver the couple of weeks I will create a spreadsheet to place in this section detailing goals and objectives.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-TRADES-02072017.png\"><img class=\"aligncenter size-large wp-image-9619\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-TRADES-02072017-890x1024.png\" alt=\"\" width=\"890\" 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-02072017.png\"><img class=\"aligncenter size-large wp-image-9620\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-ORDERS-02072017-819x1024.png\" alt=\"\" width=\"819\" height=\"1024\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> THE GAME KEEPERS ARE NOW POACHERS!</strong>\r\n\r\nLast week will be remembered for several things as far as I am concerned: -\r\n<ul>\r\n 	<li>Draghi turns hawkish.</li>\r\n 	<li>The ECB tell us he wasn’t hawkish at all.</li>\r\n 	<li>Carney “flip flops” again.</li>\r\n 	<li>Poloz confirms he’s gone hawkish.</li>\r\n 	<li>Janet’s cozy fire side chat (non-event).</li>\r\n 	<li>Kuroda is not at the party with the other CB Governors.</li>\r\n 	<li>Donald Trump’s bizarre tweets (nothing unusual…I suppose).</li>\r\n 	<li>Rampant Commodity currencies.</li>\r\n 	<li>Theresa May surviving the Queens Speech vote.</li>\r\n</ul>\r\nThey were all interesting in their own right, but I want to focus on those bullet points at the top of the list.\r\n\r\nA couple of weeks ago (June 17th) I wrote in this SOAPBOX section about how I thought we as traders probably had a window of about 4/6 months when Central Bank policy divergence between the FED and the other G7 countries Central Banks would give us some strong directional trading opportunities.\r\n\r\nWith what happened last week, I think we can forget that.\r\n\r\nIn true ECB style, President Draghi announces to the world on Tuesday that the EURO AREA recovery was both strengthening and broadening. He added that the Central Bank can aid this covered by adjusting the parameters of it’s policy instruments. He added that the DEFLATION threat was over and reflationary forces were now at play.\r\n\r\nThis announcement was the catalyst for yields to swiftly move higher and this took the EUR/USD up around 150 pips as the single currency broadly strengthened across all EUR linked pairs. The USD (DXY) Index was crushed to hit lows.\r\n\r\nNow, he still had dovish undertones in his speech, but surely to God the ECB could have predicted the response by the markets.\r\n\r\nThe following day…the Lord giveth and the Lord taketh away, at least for an hour or so anyway. In true ECB style of days gone by, out comes an announcement (as the EUR/USD was poking above 1.1400), from un-named sources that the markets read Draghi’s previous day’s speech all wrong, “He was Dovish not Hawkish”.\r\n\r\nWhat a load of crap that was. As mentioned earlier in the blog, all EUR related pairs dropped between 100 and 250 pips in an instant. My guess is that many traders were stopped out way beyond their stop loss levels as the move lower was swift with little or no stopping points on the way, one can just imagine the slippage some brokers would have transmitted to clients.\r\n\r\nOver the following couple of hours, the markets got a grip re-read what Draghi had said and ignored the “un-named source”. Now let’s get one thing absolutely clear. The ECB shit themselves over EUR appreciation across the board and thought they could walk back Draghi’s speech…. bloody idiots. The “un-named” source was an ECB underling of some sort.\r\n\r\nThe ECB has done this sort of thing (try to walk back press releases etc.) because they could not organize a piss up in a brewery.\r\n\r\nThe same day as the attempted walk back from the ECB, “Flip –Flopper” Carney was at it again. The BOE governor was so dovish a week earlier he dismissed the MPC vote of 5-3 at the BOE over a rate hike in sterling. One week later, he is now saying that rates could be moving upwards before the end of 2017.\r\n\r\nCable rallied across the board, the GBP/USD by about 300 pips in the last few days of last week. It now resides around 1.3000.\r\n\r\nStephen Poloz, governor of the BOC also announced that the BOC was looking to end its accommodative policy regarding the CAD.\r\n\r\nWas all this change of direction coordinated?  Was the fact that Janet Yellen, FED chair, in her cozy chat session later the same day after the Carney and Poloz announcements deliberately held without any mention of FED policies or US economic data references?\r\n\r\nIs the Pope catholic?\r\n\r\nAll of this was stage managed and coordinated down to the minute. The only screw up was the ECB, not for the first time misunderstanding the effect of the statement.\r\n\r\nWithout doubt at some time Central Bank policies would change around the world and from that perspective we should not be surprised, but it was the coordination of the message that was fascinating.\r\n\r\nWhat next?\r\n\r\nThe first aspect about all of this I would like to mention is that from the BOE and ECB perspective nothing will probably change until closer to the end of the year, maybe even into early 2018. At least that’s my takeaway.\r\n\r\nDo we still have divergence with Central Banks?\r\n\r\nYes, but it’s now not as easy to trade because the markets will now be anticipating moves in interest rates and speculation will be at fever pitch from now on.\r\n\r\nWhat I do think is that the USD was crushed… over crushed and the likelihood of a bounce in the DXY is good.\r\n\r\nWithout doubt, every word written or uttered by Draghi, Poloz and Flip-Flopper will be scrutinized beyond belief. The game keepers have now turned poachers for want of a better phrase.\r\n\r\nA couple of years ago, in the archives of the DRIVE THRU, I wrote about Central Bank Governors / Presidents being treated as Rock Stars by the markets. I referred to this again after BREXIT when Carney had a walk of about 50 metres to get to the lectern to deliver his actions to support cable. All he needed on the walk were a few lasers borrowed from Pink Floyd and dry ice as he finally entered the conference room.\r\n\r\nIn my opinion, we are back at this stage again.\r\n\r\nAs long as we don’t get the likes of Steve Liesmann from CNBC throwing his underpants on the stage when Janet Yellen walks in, in a Tom Jones copycat move made by his female fans, we should be alright.\r\n\r\nNow there is a picture to pour out your Sunday morning cornflakes to!\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: #139 PREMIUM SERVICE (SUBSCRIBER VERSION)\r\nDATE: 2nd July 2017.\r\n\r\n&nbsp;','THE GAME KEEPERS ARE NOW POACHERS!','','publish','open','closed','','game-keepers-now-poachers','','','2017-07-01 04:31:28','2017-07-01 09:31:28','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9641',0,'member_posts','',0),(9643,1,'2017-07-01 04:29:40','2017-07-01 09:29:40','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIf ever anyone says to you that FX trading is boring and un-eventful just remind them of the shenanigans that went on last week.\r\n\r\nMario Draghi, ECB President and the “sources” my arse saying that the markets mis-judged his comments. What a load of bollocks.\r\n\r\nMark Carney the governor of the BOE doing what he does best “Flip-Flopping and finally, last but not least…\r\n\r\nStephen Poloz governor of the BOC announcing that the BOC are en route to change policy away from supportive to hawkish by possibly looking to raise Canadian interest rates before the end of 2017 (I would say if oil drops through $40.00 that move could be delayed).\r\n\r\nThe three flutes named above have suddenly (coordinated?) turned from GAME KEEPERS to POACHERS vis-a-vis their interest rate policies.\r\n\r\nI will return to this matter later in the blog with the “SOAPBOX”\r\n\r\nGetting back into the groove now, the PREMIUM SERVICE added about 300 pips last week and I am now back in the mode of CORE POSITIONS and stacking up LIMIT ORDERS.\r\n\r\nHaving said that, it is hard trading at the moment; one must remember that it is summer and we have been blessed with a few moves that may be over-played, but nonetheless have provided some great moves. If you are a cautious and conservative trader like me, you are probably kicking yourself over a few hundred pips extra you could have gained had you not exited positions too early.\r\n\r\nRemember; no one should ever feel guilty about banking pips and few $$$. It’s a much better feeling the losing $$$. Like most of you I guess, we still look at the woulda, coulda and shoulda trades. It’s normal… but just move on.\r\n\r\nVery comfortable now in my new surroundings in Nova Scotia. It’s a great spot and much better for me trading in a bright open office with a view rather than the darkened room, with a huge fecking tree blocking out most of the natural light that I had previously in Quebec. These subtle differences do make a difference.\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\nIt would be very easy to repeat myself three or four times in various sections of the blog this week. It will be a check on the state of my mental health to see if I can avoid this!\r\n\r\nIt was a light week with regards to Economic data but holy fuck the central bank governors and presidents more than made up for that.\r\n\r\nIn no particular order, here is what floated my boat last week.\r\n<ul>\r\n 	<li>OIL and USD/CAD:Picture this: - An old man every morning switching on his machines and looking at the screens swearing at himself, “FFS why the feck I am not short this fecking pair” … this was me all week and guess what, I’ll still be doing it next week at this rate.\r\n\r\nAs I mentioned in last week’s LIVE WEBINAR (without getting on my soapbox), I predicted OIL lower to about $42.00 then a small bounce then a test of $40.00. So far it’s playing out.\r\n\r\nI need to get my ass in gear and have a USD/CAD short trade set up in position.\r\n\r\nOIL is a dirty old commodity and OPEC are an out of date collection of countries that lie to each other and the world about production because of pure greed. As the world becomes less and less reliant on middle eastern OIL the effectiveness of what OPEC does or says gets less and less.\r\n\r\nI wish that that I could come down off that fence and say what I really mean.\r\n\r\nPutting my attempt at humour to one side, this is all about pure, basic and very simple Economic SUPPLY AND DEMAND.\r\n\r\nThis highly speculative market has lost its edge of late as many hedge funds who were big participants in the OIL markets are no longer around. The ability to push the price around is still there but the logic (did I actually use that word in association with OIL?) has long gone.\r\n\r\nSo basically, this is a SUPPLY AND DEMAND call and nothing else. I think that this message is hitting home with a bit more bite now.\r\n\r\nBack to the CAD…\r\n\r\nI am looking for mid 1.32’s for an entry short if possible but this looks unlikely if data continues to come in line or beat expectations.  As long as I am in short prior to the next BOC meeting at this stage these are my thoughts.</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>DRAGHI and the ECB:Holy Mother of God. What a fecking gang of unprofessional idiots. They must have all been acting as the scarecrow from the wizard of Oz. Not a damn brain between the lot of them.\r\n\r\n“Unnamed sources” basically the ECB, shit themselves because the single currency strengthened, basically it leapt up like a salmon, and then they tell us a day later that we’re the fecking numpties as we misinterpreted Draghi’s speech. Bollocks basically double bollocks.\r\n\r\nThe FX market was on steroids for the day of Draghi’s speech (Tuesday) and the following day calamity reigned for many retail traders still long. As the “unnamed sources” sound-byte hit the wires everything EUR dropped 100-200 pips in an instant. I’d say that hurt a lot of people because the fills would have been poor, especially with the likes of FXCM! Did they do what they usually do in situations like this and just lock out traders?\r\n\r\nOver the rest of Wednesday the single currency reversed back to the previous day levels. Helter-skelter day!</li>\r\n 	<li>THE ECB ECONOMIC FORUM (Sintra, Portugal)Draghi was there as host, along with his three amigos, Carney (BOE), Poloz (BOC) and Kuroda (BOJ).\r\n\r\nThis was where “Carney the flip-flopper” came out of his closet to announce that he would be looking to raise after all… what a “plonker”.\r\n\r\nPoloz confirmed what he stated earlier on CNBC about removing accommodation from the BOC and to start looking to raise interest rates.\r\n\r\nKuroda, apart from needing to spend a few $$$ on dental work, announced nada, nothing new. The BOJ now remains the only central bank in true dovish, accommodative mode.\r\n\r\nMore about this topic later.</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>JANET YELLEN:On Tuesday I cut out of trades early after Draghi’s first speech ahead of Janet Yellen’s diary date.\r\n\r\nFFS, it was granny tells a fecking story around the fireside….\r\n\r\nI cut profitable trades to be sensible for “Storytime with Janet”. Never have I been so disappointed. No policies, no outlook, no guessing and no gossip; just stories about Ben and Merv “the swerve”.</li>\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>“TRUMP”As diplomatically as possible:\r\n\r\nThis week’s tweet highlight, or rather lowlight…\r\n\r\nOn Thursday, he tweeted about someone from a TV station who was bleeding from a face-lift who was invited to Mar a Lago, but TRUMP would not meet her for an interview because she was bleeding from the surgery…WTF.\r\n\r\nThis is the leader of the “FREE WORLD” the most powerful man in the world.\r\n\r\nMost of the world used to laugh at the antics of the US pre-TRUMP and most Americans could not understand why. With TRUMP in office and tweets like this, God knows what the thoughts are now. Even I find this difficult to comment on.\r\n\r\nApart from the fact that TRUMP behaves like a spoilt child and NOT a 70-year-old adult.</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\nI am canceling the LIVE WEBINARS for the summer and will start up again in the fall/autumn.\r\n\r\n&nbsp;\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-02072017.png\"><img class=\"aligncenter size-large wp-image-9617\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-02072017-953x1024.png\" alt=\"\" width=\"953\" height=\"1024\" /></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\nQuite a bit scheduled this week. This makes a change from recent weeks and a few items stand out for me.\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>USD: The pick of the week for most traders but NOT me is Friday’s Non-Farm payroll numbers. I think I have had more luck on the lottery lately… at least with the lottery you stand a chance of winning.As usual all your family favourites will be dragged onto CNBC, BLOOMBERG and FOX BUSINESS to talk shite about the numbers no one can predict. Frankly given the fact the US department of statistics only give us approximations because previous numbers are altered up and down, in fact previous, previous numbers are altered… it’s all rather a game to stay away from in my opinion. Paint a wall, take out your significant other, mow the lawn or just pick yer nose it’s better than the madness of NFP day.\r\n\r\nPrior to NFP we have ADP jobs data, no real help for NFP as last months numbers showed. The FOMC meeting minutes should be interesting to see how hawkish the FED really are. Is it all fur coat and no knickers, we should find out Wednesday.</li>\r\n 	<li>GBP: A plethora of PMi data. Services and Construction should be strong but Manufacturing maybe a bit below. All are expected to be over 50.</li>\r\n 	<li>AUD: The RBA have a rate statement announcement plus we have Retail sales and a Trade balance number to look forward to. I am getting excited just thinking about these news items. I am well hedged the AUD at the moment so I couldn’t give a rats hairy arse what way the numbers go.</li>\r\n 	<li>CAD: Stephen Poloz (BOC Governor), will be looking closely at the Trade balance and Jobs data no doubt with a BOC interest rate decision up very soon.Personally, given the importance of OIL to the CAD economy and commodities in general, I think he will have more than just one eye on WTi.</li>\r\n</ol>\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-02072017.png\"><img class=\"aligncenter size-large wp-image-9618\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-02072017-1024x827.png\" alt=\"\" width=\"1024\" height=\"827\" /></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-02072017.png\"><img class=\"aligncenter size-large wp-image-9633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9637\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9638\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-02072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a>\r\n\r\n<strong>\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li style=\"text-align: center;\"><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><u>WHAT IS THE PREMIUM SERVICE?</u></p>\r\n<p style=\"text-align: center;\">The 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.</p>\r\n<p style=\"text-align: center;\">Full 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.</p>\r\n<p style=\"text-align: center;\">Further 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.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE</u></p>\r\n<p style=\"text-align: center;\">So; if nothing else, I tell it how it is. I am currently about 40% 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.</p>\r\n<p style=\"text-align: center;\">In 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.</p>\r\nI will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that was due to expire at the end of June, which I have extended until the open of the markets on July 2nd at 5PM EST, called “DOUBLE IT UP”.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n<p style=\"text-align: center;\"><u>CURRENT PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">MONTH TO DATE:  +1,203 pips\r\nYEAR TO DATE:      +2,405 pips</p>\r\n<p style=\"text-align: center;\">If 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:</p>\r\n<p style=\"text-align: center;\"><a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a></p>\r\n<p style=\"text-align: center;\">PLEASE NOTE: the above video is best viewed using a Google Chrome browser.</p>\r\n<p style=\"text-align: center;\"><u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u></p>\r\n<p style=\"text-align: center;\">There has never been a better time….</p>\r\n<p style=\"text-align: center;\">This promotion closes Sunday 2nd July at 5PM EST (Extended from June 30th)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong></p>\r\n<p style=\"text-align: center;\">This is the biggest and I believe the best subscriber promotion that I have ever offered.</p>\r\n<p style=\"text-align: center;\">What is <strong>“DOUBLE IT UP”</strong> all about…</p>\r\n<p style=\"text-align: center;\">Basically, from now until 2nd of July at 5PM EST 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.</p>\r\n<p style=\"text-align: center;\">This virtually means that a 10 week subscription will take you right through to the end of 2017.</p>\r\n<p style=\"text-align: center;\">Confirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.</p>\r\n<p style=\"text-align: center;\">This 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.</p>\r\n<p style=\"text-align: center;\">Below are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.</p>\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\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li style=\"text-align: center;\"><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\">If 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></p>\r\n<p style=\"text-align: center;\">This can be done as follows: -</p>\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n<p style=\"text-align: center;\">July’s winner is:\r\ncarlos**********@gmail.com</p>\r\nBy the time this blog is posted Carlos should be up and running with full access.\r\n\r\n<strong> </strong>\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\nI added 292 pips to the PREMIUM SERVICE total for the year last week, it could have been double that. I was spooked out of the Draghi rally on Tuesday on the basis that I wanted to clear most of the decks prior to Yellen’s moment. FFS; what a complete and utter nonevent that was; it really pist me off, a self-glorification of her tenure so far reminiscing her times with Bernanke and sucking up to my buddy Merv “The Swerve” King, BOE governor pre-the flip-flopper.\r\n\r\nThe PIP year to date total is now at 2,405 pips.\r\n\r\nMy rough target per month is 1,250 pips to achieve my annual objective of 10,000 fresh and tasty pips.\r\n\r\nOther points of the overall performance that I look at are as follows: -\r\n<ul>\r\n 	<li>Drawdowns are higher than usual but within my revised TRADE PLAN accommodating longer-term POSITION TRADES.</li>\r\n 	<li>Profitable trades versus Loss trades ratios are improving. Monthly for June 77% / 33% and YTD now just under my target at 70% / 30%.</li>\r\n 	<li>Performance status in pips versus last year. I am now at 40% of my objective for this time of year…this is improving and a couple of good months will boost this towards 100%.</li>\r\n 	<li>Day trades are still an issue. I have zero confidence in some of the moves and so my TRADE PLAN guidelines by coincidence do not set off alarms. The alarms that do pop–up, frankly, I wouldn’t touch the trades with a barge pole.</li>\r\n 	<li>I have let many trades go by that maybe I should have entered.The point to note here is that I am despite being behind objective NOT taking trades that <u>I AM NOT</u> 100% committed to.</li>\r\n 	<li>Profit per trade is lower than usual but typical for the time of year. One cannot expect in the slow months the same return. I am not comfortable either reviewing position sizing yet as compensation for this.I will review position sizing in the fall / autumn when the liquidity returns…hopefully.</li>\r\n</ul>\r\n<u>\r\nTRADING ENVIRONMENT:</u>\r\n\r\nBasically, it\'s a pain in the arse. The summer is here and I think we have to treat last week as an exception. Fresh ranges and tops have been established, especially in the commodity currencies. The possible excitement ahead is possibly with the S&amp;P. It is up against the 127% Fibonacci extension and it looks toppy. However, I have been saying equities should turn lower for what feels like months and all that happens is that they power higher every time. So; I am not the best at calling the moves in the S&amp;P. But I still think the S&amp;P looks toppy.\r\n\r\nFollowing my GBP dilemma from last week’s DRIVE THRU, I have stayed away from the GBP/USD but I have not resisted the temptation with the cable cross rates. There is more to come. I will be filling my boots on cross rates if my thought process plays out moving forward.\r\n\r\nMoving forward, I am getting ready to load up USD long trades again. Once the overreaction to all the possible rate hikes from the other Central Banks (BOE, ECB and BOC) have died down I think that the USD will re-assert itself once again.\r\n\r\nThe pair that cause me a bit of a headache with my plan moving forward is how the USD/JPY will react to USD moves and equity moves that could be heading lower. I bring this up because the BOJ is the only Central Bank still in the camp of dovishness and accommodation with no let up of accommodation even thought about this year or next!\r\n\r\n&nbsp;\r\n\r\n<u>\r\nCORE TRADES:</u>\r\n\r\nI have started with: -\r\n\r\nGBP/AUD, GBP/NZD, EUR/AUD and EUR/NZD long trades. In addition, I am still looking to add to my AUD/NZD long trades again.\r\n\r\nI currently hold trades with NZD/USD and AUD/USD which are under water. I am looking to add more short trades with these pairs as well.\r\n\r\nOver the couple of weeks I will create a spreadsheet to place in this section detailing goals and objectives.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-TRADES-02072017.png\"><img class=\"aligncenter size-large wp-image-9619\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-TRADES-02072017-890x1024.png\" alt=\"\" width=\"890\" 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-02072017.png\"><img class=\"aligncenter size-large wp-image-9620\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-ORDERS-02072017-819x1024.png\" alt=\"\" width=\"819\" height=\"1024\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> THE GAME KEEPERS ARE NOW POACHERS!</strong>\r\n\r\nLast week will be remembered for several things as far as I am concerned: -\r\n<ul>\r\n 	<li>Draghi turns hawkish.</li>\r\n 	<li>The ECB tell us he wasn’t hawkish at all.</li>\r\n 	<li>Carney “flip flops” again.</li>\r\n 	<li>Poloz confirms he’s gone hawkish.</li>\r\n 	<li>Janet’s cozy fire side chat (non-event).</li>\r\n 	<li>Kuroda is not at the party with the other CB Governors.</li>\r\n 	<li>Donald Trump’s bizarre tweets (nothing unusual…I suppose).</li>\r\n 	<li>Rampant Commodity currencies.</li>\r\n 	<li>Theresa May surviving the Queens Speech vote.</li>\r\n</ul>\r\nThey were all interesting in their own right, but I want to focus on those bullet points at the top of the list.\r\n\r\nA couple of weeks ago (June 17th) I wrote in this SOAPBOX section about how I thought we as traders probably had a window of about 4/6 months when Central Bank policy divergence between the FED and the other G7 countries Central Banks would give us some strong directional trading opportunities.\r\n\r\nWith what happened last week, I think we can forget that.\r\n\r\nIn true ECB style, President Draghi announces to the world on Tuesday that the EURO AREA recovery was both strengthening and broadening. He added that the Central Bank can aid this covered by adjusting the parameters of it’s policy instruments. He added that the DEFLATION threat was over and reflationary forces were now at play.\r\n\r\nThis announcement was the catalyst for yields to swiftly move higher and this took the EUR/USD up around 150 pips as the single currency broadly strengthened across all EUR linked pairs. The USD (DXY) Index was crushed to hit lows.\r\n\r\nNow, he still had dovish undertones in his speech, but surely to God the ECB could have predicted the response by the markets.\r\n\r\nThe following day…the Lord giveth and the Lord taketh away, at least for an hour or so anyway. In true ECB style of days gone by, out comes an announcement (as the EUR/USD was poking above 1.1400), from un-named sources that the markets read Draghi’s previous day’s speech all wrong, “He was Dovish not Hawkish”.\r\n\r\nWhat a load of crap that was. As mentioned earlier in the blog, all EUR related pairs dropped between 100 and 250 pips in an instant. My guess is that many traders were stopped out way beyond their stop loss levels as the move lower was swift with little or no stopping points on the way, one can just imagine the slippage some brokers would have transmitted to clients.\r\n\r\nOver the following couple of hours, the markets got a grip re-read what Draghi had said and ignored the “un-named source”. Now let’s get one thing absolutely clear. The ECB shit themselves over EUR appreciation across the board and thought they could walk back Draghi’s speech…. bloody idiots. The “un-named” source was an ECB underling of some sort.\r\n\r\nThe ECB has done this sort of thing (try to walk back press releases etc.) because they could not organize a piss up in a brewery.\r\n\r\nThe same day as the attempted walk back from the ECB, “Flip –Flopper” Carney was at it again. The BOE governor was so dovish a week earlier he dismissed the MPC vote of 5-3 at the BOE over a rate hike in sterling. One week later, he is now saying that rates could be moving upwards before the end of 2017.\r\n\r\nCable rallied across the board, the GBP/USD by about 300 pips in the last few days of last week. It now resides around 1.3000.\r\n\r\nStephen Poloz, governor of the BOC also announced that the BOC was looking to end its accommodative policy regarding the CAD.\r\n\r\nWas all this change of direction coordinated?  Was the fact that Janet Yellen, FED chair, in her cozy chat session later the same day after the Carney and Poloz announcements deliberately held without any mention of FED policies or US economic data references?\r\n\r\nIs the Pope catholic?\r\n\r\nAll of this was stage managed and coordinated down to the minute. The only screw up was the ECB, not for the first time misunderstanding the effect of the statement.\r\n\r\nWithout doubt at some time Central Bank policies would change around the world and from that perspective we should not be surprised, but it was the coordination of the message that was fascinating.\r\n\r\nWhat next?\r\n\r\nThe first aspect about all of this I would like to mention is that from the BOE and ECB perspective nothing will probably change until closer to the end of the year, maybe even into early 2018. At least that’s my takeaway.\r\n\r\nDo we still have divergence with Central Banks?\r\n\r\nYes, but it’s now not as easy to trade because the markets will now be anticipating moves in interest rates and speculation will be at fever pitch from now on.\r\n\r\nWhat I do think is that the USD was crushed… over crushed and the likelihood of a bounce in the DXY is good.\r\n\r\nWithout doubt, every word written or uttered by Draghi, Poloz and Flip-Flopper will be scrutinized beyond belief. The game keepers have now turned poachers for want of a better phrase.\r\n\r\nA couple of years ago, in the archives of the DRIVE THRU, I wrote about Central Bank Governors / Presidents being treated as Rock Stars by the markets. I referred to this again after BREXIT when Carney had a walk of about 50 metres to get to the lectern to deliver his actions to support cable. All he needed on the walk were a few lasers borrowed from Pink Floyd and dry ice as he finally entered the conference room.\r\n\r\nIn my opinion, we are back at this stage again.\r\n\r\nAs long as we don’t get the likes of Steve Liesmann from CNBC throwing his underpants on the stage when Janet Yellen walks in, in a Tom Jones copycat move made by his female fans, we should be alright.\r\n\r\nNow there is a picture to pour out your Sunday morning cornflakes to!\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: #139 PREMIUM SERVICE (SUBSCRIBER VERSION)\r\nDATE: 2nd July 2017.\r\n\r\n&nbsp;','THE GAME KEEPERS ARE NOW POACHERS!','','inherit','closed','closed','','9641-revision-v1','','','2017-07-01 04:29:40','2017-07-01 09:29:40','',9641,'https://weeklyfxdrivethru.com/9641-revision-v1/',0,'revision','',0),(9642,1,'2017-07-01 04:27:52','2017-07-01 09:27:52','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIf ever anyone says to you that FX trading is boring and un-eventful just remind them of the shenanigans that went on last week.\r\n\r\nMario Draghi, ECB President and the “sources” my arse saying that the markets mis-judged his comments. What a load of bollocks.\r\n\r\nMark Carney the governor of the BOE doing what he does best “Flip-Flopping and finally, last but not least…\r\n\r\nStephen Poloz governor of the BOC announcing that the BOC are en route to change policy away from supportive to hawkish by possibly looking to raise Canadian interest rates before the end of 2017 (I would say if oil drops through $40.00 that move could be delayed).\r\n\r\nThe three flutes named above have suddenly (coordinated?) turned from GAME KEEPERS to POACHERS vis-a-vis their interest rate policies.\r\n\r\nI will return to this matter later in the blog with the “SOAPBOX”\r\n\r\nGetting back into the groove now, the PREMIUM SERVICE added about 300 pips last week and I am now back in the mode of CORE POSITIONS and stacking up LIMIT ORDERS.\r\n\r\nHaving said that, it is hard trading at the moment; one must remember that it is summer and we have been blessed with a few moves that may be over-played, but nonetheless have provided some great moves. If you are a cautious and conservative trader like me, you are probably kicking yourself over a few hundred pips extra you could have gained had you not exited positions too early.\r\n\r\nRemember; no one should ever feel guilty about banking pips and few $$$. It’s a much better feeling the losing $$$. Like most of you I guess, we still look at the woulda, coulda and shoulda trades. It’s normal… but just move on.\r\n\r\nVery comfortable now in my new surroundings in Nova Scotia. It’s a great spot and much better for me trading in a bright open office with a view rather than the darkened room, with a huge fecking tree blocking out most of the natural light that I had previously in Quebec. These subtle differences do make a difference.\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\nIt would be very easy to repeat myself three or four times in various sections of the blog this week. It will be a check on the state of my mental health to see if I can avoid this!\r\n\r\nIt was a light week with regards to Economic data but holy fuck the central bank governors and presidents more than made up for that.\r\n\r\nIn no particular order, here is what floated my boat last week.\r\n<ul>\r\n 	<li>OIL and USD/CAD:\r\n\r\nPicture this: - An old man every morning switching on his machines and looking at the screens swearing at himself, “FFS why the feck I am not short this fecking pair” … this was me all week and guess what, I’ll still be doing it next week at this rate.\r\n\r\nAs I mentioned in last week’s LIVE WEBINAR (without getting on my soapbox), I predicted OIL lower to about $42.00 then a small bounce then a test of $40.00. So far it’s playing out.\r\n\r\nI need to get my ass in gear and have a USD/CAD short trade set up in position.\r\n\r\nOIL is a dirty old commodity and OPEC are an out of date collection of countries that lie to each other and the world about production because of pure greed. As the world becomes less and less reliant on middle eastern OIL the effectiveness of what OPEC does or says gets less and less.\r\n\r\nI wish that that I could come down off that fence and say what I really mean.\r\n\r\nPutting my attempt at humour to one side, this is all about pure, basic and very simple Economic SUPPLY AND DEMAND.\r\n\r\nThis highly speculative market has lost its edge of late as many hedge funds who were big participants in the OIL markets are no longer around. The ability to push the price around is still there but the logic (did I actually use that word in association with OIL?) has long gone.\r\n\r\nSo basically, this is a SUPPLY AND DEMAND call and nothing else. I think that this message is hitting home with a bit more bite now.\r\n\r\nBack to the CAD…\r\n\r\nI am looking for mid 1.32’s for an entry short if possible but this looks unlikely if data continues to come in line or beat expectations.  As long as I am in short prior to the next BOC meeting at this stage these are my thoughts.</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>DRAGHI and the ECB:\r\n\r\nHoly Mother of God. What a fecking gang of unprofessional idiots. They must have all been acting as the scarecrow from the wizard of Oz. Not a damn brain between the lot of them.\r\n\r\n“Unnamed sources” basically the ECB, shit themselves because the single currency strengthened, basically it leapt up like a salmon, and then they tell us a day later that we’re the fecking numpties as we misinterpreted Draghi’s speech. Bollocks basically double bollocks.\r\n\r\nThe FX market was on steroids for the day of Draghi’s speech (Tuesday) and the following day calamity reigned for many retail traders still long. As the “unnamed sources” sound-byte hit the wires everything EUR dropped 100-200 pips in an instant. I’d say that hurt a lot of people because the fills would have been poor, especially with the likes of FXCM! Did they do what they usually do in situations like this and just lock out traders?\r\n\r\nOver the rest of Wednesday the single currency reversed back to the previous day levels. Helter-skelter day!</li>\r\n 	<li>THE ECB ECONOMIC FORUM (Sintra, Portugal)\r\n\r\nDraghi was there as host, along with his three amigos, Carney (BOE), Poloz (BOC) and Kuroda (BOJ).\r\n\r\nThis was where “Carney the flip-flopper” came out of his closet to announce that he would be looking to raise after all… what a “plonker”.\r\n\r\nPoloz confirmed what he stated earlier on CNBC about removing accommodation from the BOC and to start looking to raise interest rates.\r\n\r\nKuroda, apart from needing to spend a few $$$ on dental work, announced nada, nothing new. The BOJ now remains the only central bank in true dovish, accommodative mode.\r\n\r\nMore about this topic later.</li>\r\n</ul>\r\n&nbsp;\r\n<ul>\r\n 	<li>JANET YELLEN:\r\n\r\nOn Tuesday I cut out of trades early after Draghi’s first speech ahead of Janet Yellen’s diary date.\r\n\r\nFFS, it was granny tells a fecking story around the fireside….\r\n\r\nI cut profitable trades to be sensible for “Storytime with Janet”. Never have I been so disappointed. No policies, no outlook, no guessing and no gossip; just stories about Ben and Merv “the swerve”.</li>\r\n 	<li>BREXIT:\r\n\r\nThe 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>“TRUMP”\r\n\r\nAs diplomatically as possible:\r\n\r\nThis week’s tweet highlight, or rather lowlight…\r\n\r\nOn Thursday, he tweeted about someone from a TV station who was bleeding from a face-lift who was invited to Mar a Lago, but TRUMP would not meet her for an interview because she was bleeding from the surgery…WTF.\r\n\r\nThis is the leader of the “FREE WORLD” the most powerful man in the world.\r\n\r\nMost of the world used to laugh at the antics of the US pre-TRUMP and most Americans could not understand why. With TRUMP in office and tweets like this, God knows what the thoughts are now. Even I find this difficult to comment on.\r\n\r\nApart from the fact that TRUMP behaves like a spoilt child and NOT a 70-year-old adult.</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\nI am canceling the LIVE WEBINARS for the summer and will start up again in the fall/autumn.\r\n\r\n&nbsp;\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-02072017.png\"><img class=\"aligncenter size-large wp-image-9617\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-02072017-953x1024.png\" alt=\"\" width=\"953\" height=\"1024\" /></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\nQuite a bit scheduled this week. This makes a change from recent weeks and a few items stand out for me.\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>USD: The pick of the week for most traders but NOT me is Friday’s Non-Farm payroll numbers. I think I have had more luck on the lottery lately… at least with the lottery you stand a chance of winning.\r\n\r\nAs usual all your family favourites will be dragged onto CNBC, BLOOMBERG and FOX BUSINESS to talk shite about the numbers no one can predict. Frankly given the fact the US department of statistics only give us approximations because previous numbers are altered up and down, in fact previous, previous numbers are altered… it’s all rather a game to stay away from in my opinion. Paint a wall, take out your significant other, mow the lawn or just pick yer nose it’s better than the madness of NFP day.\r\n\r\nPrior to NFP we have ADP jobs data, no real help for NFP as last months numbers showed. The FOMC meeting minutes should be interesting to see how hawkish the FED really are. Is it all fur coat and no knickers, we should find out Wednesday.</li>\r\n 	<li>GBP: A plethora of PMi data. Services and Construction should be strong but Manufacturing maybe a bit below. All are expected to be over 50.</li>\r\n 	<li>AUD: The RBA have a rate statement announcement plus we have Retail sales and a Trade balance number to look forward to. I am getting excited just thinking about these news items. I am well hedged the AUD at the moment so I couldn’t give a rats hairy arse what way the numbers go.</li>\r\n 	<li>CAD: Stephen Poloz (BOC Governor), will be looking closely at the Trade balance and Jobs data no doubt with a BOC interest rate decision up very soon.\r\n\r\nPersonally, given the importance of OIL to the CAD economy and commodities in general, I think he will have more than just one eye on WTi.</li>\r\n</ol>\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-02072017.png\"><img class=\"aligncenter size-large wp-image-9618\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-02072017-1024x827.png\" alt=\"\" width=\"1024\" height=\"827\" /></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-02072017.png\"><img class=\"aligncenter size-large wp-image-9633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9637\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-02072017-1024x472.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-02072017.png\"><img class=\"aligncenter size-large wp-image-9638\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-02072017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a>\r\n\r\n<strong>\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li style=\"text-align: center;\"><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><u>WHAT IS THE PREMIUM SERVICE?</u></p>\r\n<p style=\"text-align: center;\">The 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.</p>\r\n<p style=\"text-align: center;\">Full 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.</p>\r\n<p style=\"text-align: center;\">Further 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.</p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE</u></p>\r\n<p style=\"text-align: center;\">So; if nothing else, I tell it how it is. I am currently about 40% 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.</p>\r\n<p style=\"text-align: center;\">In 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.\r\n\r\nI will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that was due to expire at the end of June, which I have extended until the open of the markets on July 2nd at 5PM EST, called “DOUBLE IT UP”.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.</p>\r\n<p style=\"text-align: center;\"><u>CURRENT PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">MONTH TO DATE:  +1,203 pips\r\nYEAR TO DATE:      +2,405 pips\r\n</p>\r\n<p style=\"text-align: center;\">If 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:</p>\r\n<p style=\"text-align: center;\"><a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a></p>\r\n<p style=\"text-align: center;\">PLEASE NOTE: the above video is best viewed using a Google Chrome browser.</p>\r\n<p style=\"text-align: center;\">\r\n</p>\r\n<p style=\"text-align: center;\"><u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u></p>\r\n<p style=\"text-align: center;\">There has never been a better time….</p>\r\n<p style=\"text-align: center;\">This promotion closes Sunday 2nd July at 5PM EST (Extended from June 30th)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong></p>\r\n<p style=\"text-align: center;\">This is the biggest and I believe the best subscriber promotion that I have ever offered.</p>\r\n<p style=\"text-align: center;\">What is <strong>“DOUBLE IT UP”</strong> all about…</p>\r\n<p style=\"text-align: center;\">Basically, from now until 2nd of July at 5PM EST 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.</p>\r\n<p style=\"text-align: center;\">This virtually means that a 10 week subscrption will take you right through to the end of 2017.</p>\r\n<p style=\"text-align: center;\">Confirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.</p>\r\n<p style=\"text-align: center;\">This 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.</p>\r\n<p style=\"text-align: center;\">Below are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.</p>\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\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li style=\"text-align: center;\"><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\">If 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></p>\r\n<p style=\"text-align: center;\">This can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.</p>\r\n<p style=\"text-align: center;\">July’s winner is:\r\ncarlos**********@gmail.com\r\n\r\nBy the time this blog is posted Carlos should be up and running with full access.</p>\r\n<strong> </strong>\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\nI added 292 pips to the PREMIUM SERVICE total for the year last week, it could have been double that. I was spooked out of the Draghi rally on Tuesday on the basis that I wanted to clear most of the decks prior to Yellen’s moment. FFS; what a complete and utter nonevent that was; it really pist me off, a self-glorification of her tenure so far reminiscing her times with Bernanke and sucking up to my buddy Merv “The Swerve” King, BOE governor pre-the flip-flopper.\r\n\r\nThe PIP year to date total is now at 2,405 pips.\r\n\r\nMy rough target per month is 1,250 pips to achieve my annual objective of 10,000 fresh and tasty pips.\r\n\r\nOther points of the overall performance that I look at are as follows: -\r\n<ul>\r\n 	<li>Drawdowns are higher than usual but within my revised TRADE PLAN accommodating longer-term POSITION TRADES.</li>\r\n 	<li>Profitable trades versus Loss trades ratios are improving. Monthly for June 77% / 33% and YTD now just under my target at 70% / 30%.</li>\r\n 	<li>Performance status in pips versus last year. I am now at 40% of my objective for this time of year…this is improving and a couple of good months will boost this towards 100%.</li>\r\n 	<li>Day trades are still an issue. I have zero confidence in some of the moves and so my TRADE PLAN guidelines by coincidence do not set off alarms. The alarms that do pop–up, frankly, I wouldn’t touch the trades with a barge pole.</li>\r\n 	<li>I have let many trades go by that maybe I should have entered.\r\n\r\nThe point to note here is that I am despite being behind objective NOT taking trades that <u>I AM NOT</u> 100% committed to.</li>\r\n 	<li>Profit per trade is lower than usual but typical for the time of year. One cannot expect in the slow months the same return. I am not comfortable either reviewing position sizing yet as compensation for this.\r\n\r\nI will review position sizing in the fall / autumn when the liquidity returns…hopefully.</li>\r\n</ul>\r\n<u>\r\nTRADING ENVIRONMENT:</u>\r\n\r\nBasically, it\'s a pain in the arse. The summer is here and I think we have to treat last week as an exception. Fresh ranges and tops have been established, especially in the commodity currencies. The possible excitement ahead is possibly with the S&amp;P. It is up against the 127% Fibonacci extension and it looks toppy. However, I have been saying equities should turn lower for what feels like months and all that happens is that they power higher every time. So; I am not the best at calling the moves in the S&amp;P. But I still think the S&amp;P looks toppy.\r\n\r\nFollowing my GBP dilemma from last week’s DRIVE THRU, I have stayed away from the GBP/USD but I have not resisted the temptation with the cable cross rates. There is more to come. I will be filling my boots on cross rates if my thought process plays out moving forward.\r\n\r\nMoving forward, I am getting ready to load up USD long trades again. Once the overreaction to all the possible rate hikes from the other Central Banks (BOE, ECB and BOC) have died down I think that the USD will re-assert itself once again.\r\n\r\nThe pair that cause me a bit of a headache with my plan moving forward is how the USD/JPY will react to USD moves and equity moves that could be heading lower. I bring this up because the BOJ is the only Central Bank still in the camp of dovishness and accommodation with no letup of accommodation even thought about this year or next!\r\n\r\n&nbsp;\r\n\r\n<u>\r\nCORE TRADES:\r\n\r\n</u>I have started with: -\r\n\r\nGBP/AUD, GBP/NZD, EUR/AUD and EUR/NZD long trades. In addition, I am still looking to add to my AUD/NZD long trades again.\r\n\r\nI currently hold trades with NZD/USD and AUD/USD which are under water. I am looking to add more short trades with these pairs as well.\r\n\r\nOver the couple of weeks I will create a spreadsheet to place in this section detailing goals and objectives.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-TRADES-02072017.png\"><img class=\"aligncenter size-large wp-image-9619\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-TRADES-02072017-890x1024.png\" alt=\"\" width=\"890\" 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-02072017.png\"><img class=\"aligncenter size-large wp-image-9620\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-ORDERS-02072017-819x1024.png\" alt=\"\" width=\"819\" height=\"1024\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> THE GAME KEEPERS ARE NOW POACHERS!</strong>\r\n\r\nLast week will be remembered for several things as far as I am concerned: -\r\n<ul>\r\n 	<li>Draghi turns hawkish.</li>\r\n 	<li>The ECB tell us he wasn’t hawkish at all.</li>\r\n 	<li>Carney “flip flops” again.</li>\r\n 	<li>Poloz confirms he’s gone hawkish.</li>\r\n 	<li>Janet’s cozy fire side chat (non-event).</li>\r\n 	<li>Kuroda is not at the party with the other CB Governors.</li>\r\n 	<li>Donald Trump’s bizarre tweets (nothing unusual…I suppose).</li>\r\n 	<li>Rampant Commodity currencies.</li>\r\n 	<li>Theresa May surviving the Queens Speech vote.</li>\r\n</ul>\r\nThey were all interesting in their own right, but I want to focus on those bullet points at the top of the list.\r\n\r\nA couple of weeks ago (June 17th) I wrote in this SOAPBOX section about how I thought we as traders probably had a window of about 4/6 months when Central Bank policy divergence between the FED and the other G7 countries Central Banks would give us some strong directional trading opportunities.\r\n\r\nWith what happened last week, I think we can forget that.\r\n\r\nIn true ECB style, President Draghi announces to the world on Tuesday that the EURO AREA recovery was both strengthening and broadening. He added that the Central Bank can aid this covered by adjusting the parameters of it’s policy instruments. He added that the DEFLATION threat was over and reflationary forces were now at play.\r\n\r\nThis announcement was the catalyst for yields to swiftly move higher and this took the EUR/USD up around 150 pips as the single currency broadly strengthened across all EUR linked pairs. The USD (DXY) Index was crushed to hit lows.\r\n\r\nNow, he still had dovish undertones in his speech, but surely to God the ECB could have predicted the response by the markets.\r\n\r\nThe following day…the Lord giveth and the Lord taketh away, at least for an hour or so anyway. In true ECB style of days gone by, out comes an announcement (as the EUR/USD was poking above 1.1400), from un-named sources that the markets read Draghi’s previous day’s speech all wrong, “He was Dovish not Hawkish”.\r\n\r\nWhat a load of crap that was. As mentioned earlier in the blog, all EUR related pairs dropped between 100 and 250 pips in an instant. My guess is that many traders were stopped out way beyond their stop loss levels as the move lower was swift with little or no stopping points on the way, one can just imagine the slippage some brokers would have transmitted to clients.\r\n\r\nOver the following couple of hours, the markets got a grip re-read what Draghi had said and ignored the “un-named source”. Now let’s get one thing absolutely clear. The ECB shit themselves over EUR appreciation across the board and thought they could walk back Draghi’s speech…. bloody idiots. The “un-named” source was an ECB underling of some sort.\r\n\r\nThe ECB has done this sort of thing (try to walk back press releases etc.) because they could not organize a piss up in a brewery.\r\n\r\nThe same day as the attempted walk back from the ECB, “Flip –Flopper” Carney was at it again. The BOE governor was so dovish a week earlier he dismissed the MPC vote of 5-3 at the BOE over a rate hike in sterling. One week later, he is now saying that rates could be moving upwards before the end of 2017.\r\n\r\nCable rallied across the board, the GBP/USD by about 300 pips in the last few days of last week. It now resides around 1.3000.\r\n\r\nStephen Poloz, governor of the BOC also announced that the BOC was looking to end its accommodative policy regarding the CAD.\r\n\r\nWas all this change of direction coordinated?  Was the fact that Janet Yellen, FED chair, in her cozy chat session later the same day after the Carney and Poloz announcements deliberately held without any mention of FED policies or US economic data references?\r\n\r\nIs the Pope catholic?\r\n\r\nAll of this was stage managed and coordinated down to the minute. The only screw up was the ECB, not for the first time misunderstanding the effect of the statement.\r\n\r\nWithout doubt at some time Central Bank policies would change around the world and from that perspective we should not be surprised, but it was the coordination of the message that was fascinating.\r\n\r\nWhat next?\r\n\r\nThe first aspect about all of this I would like to mention is that from the BOE and ECB perspective nothing will probably change until closer to the end of the year, maybe even into early 2018. At least that’s my takeaway.\r\n\r\nDo we still have divergence with Central Banks?\r\n\r\nYes, but it’s now not as easy to trade because the markets will now be anticipating moves in interest rates and speculation will be at fever pitch from now on.\r\n\r\nWhat I do think is that the USD was crushed… over crushed and the likelihood of a bounce in the DXY is good.\r\n\r\nWithout doubt, every word written or uttered by Draghi, Poloz and Flip-Flopper will be scrutinized beyond belief. The game keepers have now turned poachers for want of a better phrase.\r\n\r\nA couple of years ago, in the archives of the DRIVE THRU, I wrote about Central Bank Governors / Presidents being treated as Rock Stars by the markets. I referred to this again after BREXIT when Carney had a walk of about 50 metres to get to the lectern to deliver his actions to support cable. All he needed on the walk were a few lasers borrowed from Pink Floyd and dry ice as he finally entered the conference room.\r\n\r\nIn my opinion, we are back at this stage again.\r\n\r\nAs long as we don’t get the likes of Steve Liesmann from CNBC throwing his underpants on the stage when Janet Yellen walks in, in a Tom Jones copycat move made by his female fans, we should be alright.\r\n\r\nNow there is a picture to pour out your Sunday morning cornflakes to!\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: #139 PREMIUM SERVICE (SUBSCRIBER VERSION)\r\nDATE: 2nd July 2017.\r\n\r\n&nbsp;','THE GAME KEEPERS ARE NOW POACHERS!','','inherit','closed','closed','','9641-revision-v1','','','2017-07-01 04:27:52','2017-07-01 09:27:52','',9641,'https://weeklyfxdrivethru.com/9641-revision-v1/',0,'revision','',0),