(9314,1,'2017-03-25 09:41:26','2017-03-25 14:41:26','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nEasy things first.\r\n\r\nI am back from house hunting on the east coast of Canada and, I am pleased to say that my wife and I have found a new home just outside of Halifax, Nova Scotia. We are delighted with the house and we are both really excited about the impending move.\r\n\r\nOn the negative side. If you follow me on twitter, if you are a PREMIUM SERVICE subscriber or a regular reader of this blog, you would be aware that for months I have been plagued by a series of software calamities, initially brought about by upgrading to ios sierra. These issues were exacerbated by a virus on my main Mac desktop. Matters came to a head last Monday. I could not get sound on the webinar broadcast for the WEEKLY FX DRIVE THRU – LIVE. Talk about stress. I thought that my recent trading was stressful enough to manage but eventually I found out that the recent addition of protection via McAfee was not such a great idea after all as it was blocking me. There were numerous network issues that McAfee did not like, my 5 remote printers to name 5 things and, I was prepared to live with this, but blocking my headset!!… for God’s sake give me a break.\r\n\r\nMcAfee has been uninstalled, it has ceased to be, it has moved on, it is no more and it never will be again as far as I am concerned.\r\n\r\nI really apologize to those of you who were waiting patiently for me to roll into action on the Webinar last Monday. Hopefully next Monday the 27<sup>th</sup> March, all will be back to normal. Being away for a week operating on my MacBook Air, I was really looking forward to the show after having a good old look around the charts.\r\n\r\nLeading on from the pleasantries…\r\n\r\nBollocks.\r\n\r\nWhat a pig of a week I have had; you can put lipstick on it but it’s still a fecking pig.\r\n\r\nAs I have stated in previous blogs my aim was to clear out the dross, drain the swamp… so to speak of trades I no longer wanted. I have done that but added more trades that are up in my face. Longer-term, I am comfortable with them and I am adding more smaller positions at lows and highs (buying dips and selling rips), but as you know it always looks darkest when buying with a RED candle coming towards you or selling with a big GREEN candle coming towards your entry level. Such is life.\r\n\r\nI am making a few pips this month, which is great, however, on the negative side I am sitting in CORE POSITIONS all under water. I am holding small positions but with quite wide stops, on the positive side not much $$$ at risk thankfully.\r\n\r\nNext time you see a junk mail telling you trading forex is a piece of cake and you are a dipstick if you cannot make money out of this market, respond telling the sender to feck off. I am tired of reading about all these fantastic traders who report entries at the top and exits close to or at the bottom, or vice versa. Trading is basically you versus the world, and do not let anyone influence you to think any other way. I will make my 10,000 pips of net profit this year but it will not be easy. To believe the FX market is easy is naïve. Remember, the big banks are pulling back their operations because even with their wealth and monetary power to influence they still screw it up.\r\n\r\nIn addition, whilst I am on my first soapbox of this blog. If these robots that keep appearing mainly in my Gmail inbox are so damn good why haven’t the banks bought them up so the retail trader can’t have them. It’s dead simple… they do not work.\r\n\r\nStill on the soapbox…\r\n\r\nI just don’t get it. At times, I think that I am losing my mind. I read, examine and force myself to listen to chart only technical trader’s ideas and reasons behind trades. If you are a 15-minute trader, which I am not, I can see it, but in the time it takes me to make a mug of coffee, these traders have more often than not completed two trades. So much time is given to the 15-minute trader, maybe it’s the way to go moving forward.\r\n\r\nWhen I first started trading currencies I used to use a combination of a 5 ,15 and 45-minute chart to enter a trade style called a pullback strategy. It works. But it does not work in this market, or maybe it’s just me, I can’t get it to work. It’s a damn good strategy and effective. In 2014, 2015 and last year, I used this strategy quite a bit and for my shorter-term trades and it was effective. The odd shorter term trade would develop into a swing trade from the original set up. I have said to PREMIUM SERVICE subscribers who have been starved of my shorter-term set ups of FLASH and RADAR trades this year that I hoped after the FOMC interest rate decision some state of market normality and acceptance would step back in. Like Diana Ross… ”I’m Still Waiting”.\r\n\r\nNot getting too anal, but I have checked the parameters and tried it out on a demo account. I must be careful, I have two or three big hitter’s subscribers who despite the warnings and risks will load up on the short-term trades to trade with momentum. I know it sounds absolutely crazy, but over 75% of the time the reversals back in the trends are just not happening. Therefore, one of my keys of success with shorter-term trades was my identification of high probability trade set ups. At 75% against me, I will not risk my money nor the money of my subscribers until this ratio is at least 75% in my favour and not the markets.\r\n\r\nSo, these short-term technical traders are they just gambling? Could be, because you never hear or see them if a trade goes the wrong way.\r\n\r\nTrading, especially FX trading is all about RISK MANAGEMENT and POSITION SIZING. If I have to sit and wait for my trade so be it. You need the patience of a saint trading FX.\r\n\r\nBack to the markets…\r\n\r\nIt would appear that all is just fine and dandy over in the UK and the EUROPEAN UNION and EUROZONE.\r\n\r\nI get it. The UK printed a beat on CPi. Holy Mother of God… if you devalue your currency over 15% what the hell do you expect. The UK hasn’t even triggered A50 yet and we are now hearing of interest rate increases. I am re-visiting my thoughts on the BREXIT, A50 and all things UK in the soapbox section 5 later.\r\n\r\nHallelujah, the EUROZONE and EUROPEAN UNION is safe… Geert Wilders did not win the Dutch election he was crushed. My arse he was crushed. The incumbent Prime Minister Rutte lost 25% of the parliamentary seats he had prior to the election and Wilders gained 33% more seats at the election. Granted the racist is not in power, but the fecker wasn’t crushed and to claim that it was a clear and resounding victory for the Dutch process is pure Walt Disney. Holland is, was and as long as I am alive and not pushing up daisies, will always be a weak coalition run country.\r\n\r\nNext, we had the French Presidential debate when Macron did very well and was by all accounts hailed as the victor. The EUR/USD spiked 60-80 pips on this news. Pundits are now claiming 1.1000 to 1.1400. They say that this plus improving economic and inflation data from the EUROZONE is enough to push the single currency higher. FFS, what about BREXIT.\r\n\r\nBREXIT is not just potential bad news for the UK, it also has ramifications for the EU as well. Mind you the same flutes talking EUR/USD at 1.1400 are the same flutes talking parity next week should there be some bad EU news coming across the wires.\r\n\r\nYou must in my opinion, keep the FUNDAMENTALS in your head at all times. They will win out over the “technicals” on every occasion. Listen and note what the Central Bank Governors and Presidents say. Obtain copies of their speeches highlight the salient points. Over the longer-term this will stand you in good stead over the numpties on TV or your twitter feed. Punters can get it right every now and then but it’s gambling. Most of them have “no skin” in the game so to speak.\r\n\r\nMoving on…\r\n\r\nHow could I not include a paragraph about “THE DONALD!”\r\n\r\nSo, it would appear that the TRUMP TRADE is in doubt. “THE DONALD” is struggling with the new job. It’s probably much bigger than he thought. His dictatorship approach that he had in the TRUMP BUSINESS just will not cut it in Washington.\r\n\r\nThe repeal of OBAMACARE being the case in point. What an absolute fiasco. His “enough is enough” take it or leave it style, which frankly is a good one to adopt at times, otherwise you can sit there negotiating for days on end going around in circles day after day. did not work. Career politicians are strange beasts, especially if they are in safe seats. They could not give a rat’s ass about doing the right thing, whether for constituents or party. It is all about self-preservation. The only threat to their existence is expulsion from the party and given the US desire to take everything to a courtroom the process is long drawn out and appealed over and over.\r\n\r\nDonald Trump’s draining of the swamp needs to be done across his own party as much as the Democrats. Washington is dysfunctional, not managed and politicians are 100% self-serving.\r\n\r\n“THE DONALD” has probably taken on much more than he can chew. If he thought that threats would work in Washington… think again. This is politics not business.\r\n\r\nStill More…\r\n\r\nAfter last week’s fiasco…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#8 this Monday 27<sup>th</sup> March at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\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/2017/03/ECON-DATA-26032017.png\"><img class=\"aligncenter size-large wp-image-9296\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-26032017-1024x765.png\" alt=\"\" width=\"1024\" height=\"765\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nFrom my perspective, not a very busy week on economic data: -\r\n\r\nThis worries me as it will be equities, geopolitical events, BREXIT, the EUROZONE and “THE DONALD” that will drive markets.\r\n\r\nDo not forget March 29<sup>th</sup> BREXIT TRIGGER DAY for A50.\r\n<ol>\r\n 	<li>USD: Consumer Confidence numbers are always an indicator that I take seriously. If people are spending or feel confident to spend money this is a plus for an economy. If they are not spending the opposite applies. Given everything that is going on in the USA, I strongly suspect that this release will take on greater importance than usual this Tuesday.</li>\r\n 	<li>GBP: Current Account Data is backwards looking by about 90 days. Right now, it is an indicator that interests me because of BREXIT. It is all about currency demand and flows.</li>\r\n</ol>\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/T-CHART-26032017.png\"><img class=\"aligncenter size-large wp-image-9297\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/T-CHART-26032017-1024x853.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/2017/03/EURUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9302\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9303\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9301\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9304\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9306\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9307\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/UDSDJPY-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9305\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/UDSDJPY-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber 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 –  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\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\n&nbsp;\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>LET THE FUN AND GAMES BEGIN (PART ONE:</strong>\r\n\r\nSo, as far as I can see article 50 declaring the UK exit process begins on March 29th, 2017 when it is said that Theresa May the UK Prime Minister will actually trigger the mechanism for the BREXIT process to begin.\r\n\r\nSince the referendum vote in June last year when the UK electorate voted to exit the EUROPEAN UNION, sterling versus the USD has devalued 15%, Mark Carney, Governor of the Bank of England, stepped up to the plate immediately to support the financial markets with increased QE (Quantitative Easing) and an interest rate cut.\r\n\r\nSince then it has been one long news release of headlines such as; cable to parity, cable BREXIT declines are now baked in, Carney is going to raise rates as we now have inflation in the UK, it’s going to be a hard BREXIT, it’s going to be a soft BREXIT, we will create a tax free zone in the heart of London, we are not going to pay a bill of €64 million to exit the EUROPEAN UNION, no trigger of A50 no discussion on exit terms, the UK will get no favours on exiting the EUROPEAN UNION… on and on it went week after week.\r\n\r\nLet me just remind everyone… if you are reading this blog on the day it was posted, Article 50 has STILL NOT been invoked.\r\n\r\nHowever, here we are under a week away and the gamblers are out regarding what the GBP will do on the announcement?\r\n\r\nI do not know what the cable will do when the article will trigger. I suspect it will drop initially on the news and then it will bounce back, but I do feel that from the trigger date until the exit from the EU (in 2 years or more), the cable along with the EUR/GBP and to some extent the EUR/USD, could possibly be very much a news driven currency.\r\n\r\nI write this because we are in unchartered territory. I have written this before but let me remind you.\r\n\r\nThe only country that has previously exited the EUROPEAN UNION was GREENLAND. It took GREENLAND two years to do it. The UK has the same ambitious target in mind. Frankly given the complexities of the UK position in the EU vis-à-vis GREENLAND, in my opinion two years may be rather ambitious.\r\n\r\nIn addition, the BREXIT negotiations will not be friendly because the lead time from the actual referendum vote until the A50 trigger will be invoked will be about 9 months. In this period, the negotiating positions have been aired in public and it’s NOT cordial, far from it.\r\n\r\nThe UK want trade but they do not want freedom of movement at any price, allegedly up to a no deal position.\r\n\r\nThe EUROPEAN UNION cannot make the process easy, nor can they show any benefits of leaving the EU because this would feed the populist movements and a contagion effect would probably be in play.\r\n\r\nWe could a Mexican standoff on day one. Do NOT rule it out.\r\n\r\nThere will be mind games, silly games and possibly party games including musical chairs before these negotiations are completed.\r\n\r\nAs I understand it, the pathway forward is going to be something like this: -\r\n<ul>\r\n 	<li>A50 triggered by UK on March 29th, 2017.</li>\r\n 	<li>On April 29th, 2017, the remaining 27 EU members meet to discuss the UK request to withdraw.</li>\r\n 	<li>There is then a period of two years set aside when negotiations begin. A draft of the deal agreed between both parties is put before the 27 leaders (if this is still the number in two years!!).</li>\r\n 	<li>20 of the current 27 member countries totaling at least 65% of the EU population needs to approve the exit deal.</li>\r\n 	<li>It is then ratified by the European Parliament.</li>\r\n 	<li>If at the end of two years of negotiations nothing is finalized they can be extended only if all member countries agree.</li>\r\n 	<li>If no agreement between the two sides is negotiated. The UK leaves the EUROPEAN UNION.</li>\r\n 	<li>The UK Parliament repeals the 1972 European Communities Act.</li>\r\n 	<li>Should the UK want back into the EU it must go through the same procedures that any new entrant applies with.</li>\r\n</ul>\r\nEasy peasy… if only.\r\n\r\nThis will not be an easy process for the UK.  As the major banking clearing centre for the EU and EUROZONE, London stands to lose a great deal of its standing around the globe as a financial area of excellence. It will still be an important financial centre but not with the same gloss. This is a fact that cannot be cast aside glibly.\r\n\r\nThe world’s major banks sit in the City of London. If these banks want to continue to have a major presence in Europe, they will have to relocate. Plans are afoot already and I strongly suspect that relocation announcements will start dropping into the media soon as the invocation of A50 occurs. In my opinion, this reality will hit cable. No matter how much you hear BREXIT A50 trigger prices levels are baked in, this is now reality, it is much different in my opinion.\r\n\r\nNext you will hear of UK job losses for those staff that are not re-located. Do you really think this is good news? Estimates of job losses being floated about are circa. 100,000.\r\n\r\nThen we will have poor / weak capital flows. Many of the multi-national Banks will just have a bureau style approach to the UK, the major thrust of operations will be either in Dublin, Frankfurt or wherever, the movement of funds in and out of the UK decreases. This is big news for currencies and the UK economy etc.\r\n\r\nIf this bad news strikes home hard in the UK. The calls for a stronger negotiation stance will grow. Intransigence will then grow into the negotiating team. Marry that up with the expected no nonsense approach from the EUROPEAN UNION negotiators who do not want a contagion on their hands and we have games…. LET THE FUN AND GAMES BEGIN…. (PART ONE) …\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #236 FREE NEWSLETTER\r\nDATE: 26th March 2017.\r\n\r\n&nbsp;','LET THE GAMES BEGIN (PART ONE):','','inherit','closed','closed','','9313-revision-v1','','','2017-03-25 09:41:26','2017-03-25 14:41:26','',9313,'https://weeklyfxdrivethru.com/9313-revision-v1/',0,'revision','',0),(9319,1,'2017-04-01 04:41:48','2017-04-01 09:41:48','','ECON DATA 02042017','','inherit','open','closed','','econ-data-02042017','','','2017-04-01 14:05:46','2017-04-01 19:05:46','',9351,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-02042017.png',0,'attachment','image/png',0),(9320,1,'2017-04-01 04:42:08','2017-04-01 09:42:08','','T CHART 020417','','inherit','open','closed','','t-chart-020417','','','2017-04-01 14:06:15','2017-04-01 19:06:15','',9351,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/T-CHART-020417.png',0,'attachment','image/png',0),(9335,1,'2017-04-01 04:46:30','2017-04-01 09:46:30','','AUDUSD D 02042017','','inherit','open','closed','','audusd-d-02042017','','','2017-04-01 14:06:51','2017-04-01 19:06:51','',9351,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-02042017.png',0,'attachment','image/png',0),(9336,1,'2017-04-01 04:46:41','2017-04-01 09:46:41','','EURUSD D 02042017','','inherit','open','closed','','eurusd-d-02042017','','','2017-04-01 14:06:31','2017-04-01 19:06:31','',9351,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-02042017.png',0,'attachment','image/png',0),(9337,1,'2017-04-01 04:46:52','2017-04-01 09:46:52','','GBPUSD D 02042017','','inherit','open','closed','','gbpusd-d-02042017','','','2017-04-01 14:06:41','2017-04-01 19:06:41','',9351,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-02042017.png',0,'attachment','image/png',0),(9338,1,'2017-04-01 04:47:03','2017-04-01 09:47:03','','NZDUSD D 02042017','','inherit','open','closed','','nzdusd-d-02042017','','','2017-04-01 14:07:02','2017-04-01 19:07:02','',9351,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-02042017.png',0,'attachment','image/png',0),(9339,1,'2017-04-01 04:47:16','2017-04-01 09:47:16','','USDCAD D 02042017','','inherit','open','closed','','usdcad-d-02042017','','','2017-04-01 14:07:15','2017-04-01 19:07:15','',9351,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-02042017.png',0,'attachment','image/png',0),(9340,1,'2017-04-01 04:47:28','2017-04-01 09:47:28','','USDCHF D 02042017','','inherit','open','closed','','usdchf-d-02042017','','','2017-04-01 14:07:26','2017-04-01 19:07:26','',9351,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-02042017.png',0,'attachment','image/png',0),(9341,1,'2017-04-01 04:47:40','2017-04-01 09:47:40','','USDJPY D 02042017','','inherit','open','closed','','usdjpy-d-02042017','','','2017-04-01 14:07:36','2017-04-01 19:07:36','',9351,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-02042017.png',0,'attachment','image/png',0),(9757,1,'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','','inherit','closed','closed','','9756-revision-v1','','','2017-07-22 07:00:09','2017-07-22 12:00:09','',9756,'https://weeklyfxdrivethru.com/9756-revision-v1/',0,'revision','',0),(9567,1,'2017-06-24 05:56:59','2017-06-24 10:56:59','','ECON DATA 25062017','','inherit','open','closed','','econ-data-25062017','','','2017-06-24 06:06:08','2017-06-24 11:06:08','',9591,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017.png',0,'attachment','image/png',0),(9531,1,'2017-06-17 04:31:55','2017-06-17 09:31:55','','ECON DATA 18062017','','inherit','open','closed','','econ-data-18062017','','','2017-06-17 04:54:18','2017-06-17 09:54:18','',9547,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017.png',0,'attachment','image/png',0),(9532,1,'2017-06-17 04:32:01','2017-06-17 09:32:01','','TCHART 18062017','','inherit','open','closed','','tchart-18062017','','','2017-06-17 04:54:51','2017-06-17 09:54:51','',9547,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017.png',0,'attachment','image/png',0),(9352,1,'2017-04-01 14:13:28','2017-04-01 19:13:28','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWow… I must be getting old! This past week has just flown by.\r\n\r\nFrom a trading perspective being positive, I am still adding pips to the yearly total, which now stands at 1,493 pips of net profit.\r\n\r\nI did what I promised I would do during the month of March, which was to remove trades that I felt were going nowhere fast “sticky” and where having them “LIVE” was just preventing me from adding too many other trades because it would extend my RISK beyond the parameters that I am comfortable with. In fact, I removed almost 1,000 pips in total. This was about 25% from normal trading and 75% of the aforementioned “sticky” trades.\r\n\r\nI know that it sounds crazy but even after c.10 years of trading to have those “sticky” trades gone is still an uplifting experience once you have come to terms with banking the loss in both pips and $$$. Thankfully, the trades were small sized, so the pain in $$$ was not as great as it could have been. However, I measure myself in net pips of profit and my annual goal is 10,000 pips. I have beaten this objective in all three years that the PREMIUM SERVICE has been in operation so I have my work cut out this year, which will be, very fragmented due to a house move and early vacation\r\n\r\nOn a further positive note… fingers crossed and also touching wood as I type this… no further software issues.\r\n\r\nLeading on from the pleasantries…\r\n\r\nLast week was dominated by BREXIT and “THE DONALDS” twitter account. Nothing new in this.\r\n\r\nBREXIT – part two comes later in “THE SOAPBOX” in section 5, so I will leave my thoughts, views and commentary until there.\r\n\r\nI was asked what is the rationale for splitting it down as I have, which I explain further below:\r\n<ul>\r\n 	<li>Part One – since the vote and all the shenanigans that have taken place even before the Lisbon Treaty (Article 50) has been triggered.</li>\r\n 	<li>Part Two – A50 triggered what are the 27-remaining member EUROPEAN UNION countries looking for and what is the potential common ground (the easy bits for negotiation) moving forward.</li>\r\n 	<li>Part Three – The Negotiation period and possible outcomes. The new look in Europe and the UK.</li>\r\n 	<li>Part Four – the trades that I will be focused on. Levels of entry. This is more based on the bottoms for reversal trade opportunities.</li>\r\n</ul>\r\nWhilst parts one and two will run back to back, I am not 100% sure parts three and four will immediately follow as I want to see the opening shorts of negotiation, rather than the guesswork and rumours that fill the media pages at the moment.\r\n\r\n“THE DONALD” just cannot help himself. This twitter account of his should be shut down. I understand why he wants it and likes it but it is damaging his presidency and it undermines his team who appear to come under continual scrutiny about their validity and credentials to do the job for which they were hired. He does NOT have enough kids to fill every portfolio!\r\n\r\nHe is back on currency manipulation once again. The Chinese Premier is due to fly in for some Florida Golf soon and “THE DONALD” is laying the groundwork in advance.\r\n\r\nIf TRUMP was so hell bent on punishing all currency manipulators why on earth has he not singled out the SNB. The Swiss Central Bank spent over $65 billion supporting the CHF with currency intervention in 2016. Oh...let me guess why Thomas Jordan has NOT been singled out?\r\n\r\nCould it be that the US does not compete with the Swiss vis-à-vis high-end watch and clock mechanisms? Of course, China competes with the US in the same markets. Very shallow Donald.\r\n\r\nRegarding the markets…\r\n\r\nThe month end and Q1 fix was a volatile affair as institutions re-balanced their FX positioning. The USD took quite a big hit…. From my perspective, it was a buy the dips and sell the rips opportunity. For PREMIUM SERVICE subscribers, I tweeted my exits from several positions late in the Asian session on the 30th just in case the European session was caught up in pre-fixing on the back of the Tusk press conference regarding the response to the UK BREXIT formal letter. At times, I wonder if I am too cautious!\r\n\r\nPlus…\r\n\r\nKeep one eye on GREECE. They have a debt re-payment of €8.2 billion in July this year and guess what? No cash to pay it. This story will develop moving forward over the next few weeks. Be prepared GREECE BAILOUT ACT IV is coming soon to a theatre near you!\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#9 this Monday 3rd April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\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/2017/04/ECON-DATA-02042017.png\"><img class=\"aligncenter size-large wp-image-9319\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-02042017-1024x991.png\" alt=\"\" width=\"1024\" height=\"991\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA nice busy week coming up with the highlight obviously being NFP on Friday: -\r\n<ol>\r\n 	<li>GBP: The UK dominates this week with a series of PMI data Manufacturing, Services and Construction. This data will either support the calls that cable has bottomed or they will throw the whole BREXIT negotiations and the UK economy uncertainty back to the forefront once again.</li>\r\n 	<li>USD: The NFP release will once again take pride of place regarding the data releases this week. We will be placed once again in a will they (FED) / wont they (FED) hike 2 or 3 times more this year?\r\n\r\nWe also have FOMC meeting minutes and ISM PMI data releases this week. There should be nothing new in the FED minutes.</li>\r\n 	<li>AUD: Not expecting much out of the RBA this week, except more of the same. Retails sales and Trade Balance numbers will be interesting though and could cause a few ripples. Recently AUD data has been pretty dull from a trading perspective.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/T-CHART-020417.png\"><img class=\"aligncenter size-large wp-image-9320\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/T-CHART-020417-1024x849.png\" alt=\"\" width=\"1024\" height=\"849\" /></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<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9336\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9337\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9335\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9341\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber 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\nBelow are current monthly and year to date PREMIUM SERVICE performance statistics. These can also be found on my welcome page under the TAB “THE HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE”\r\n\r\nBasically, from the spreadsheets below you can see that for the month of March PREMIUM SERVICE trades generated a net total of 673 pips and for 2017 year to date the pip total sits at 1,493\r\n\r\nOther highlights / lowlights are: -\r\n<ol>\r\n 	<li>Compared with the same point last year 2017 trails 2016 by 85 pips.</li>\r\n 	<li>My ratio of profitable to loss making trades is lagging this year. I am usually in the 75% / 25% area but this year so far it is 64% / 36%. I still have some work to do!</li>\r\n 	<li>My trading this year only shows a total of 21 trades out of 132 trades in total that are based upon shorter–term time horizon’s.</li>\r\n</ol>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF1-MARCH-2017.png\"><img class=\"aligncenter size-large wp-image-9317\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF1-MARCH-2017-982x1024.png\" alt=\"\" width=\"982\" height=\"1024\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF2-YTDMARCH2017.png\"><img class=\"aligncenter size-large wp-image-9318\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF2-YTDMARCH2017-1024x1000.png\" alt=\"\" width=\"1024\" height=\"1000\" /></a>\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\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI was felling quite comfortable having banked some pips and $$$ late Thursday last week ahead of the month and quarter end.  Wow… that was a volatile London Fix. The FX positioning has really been skewed of late and I guess the Q1 close was an ideal opportunity to dress up the balance sheets. I still find it quite bizarre that institutions still dress up performances for a day. As you all know a balance sheet is just a snapshot on a particular day. It is the trading accounts that give a real position. Are we still this naive?\r\n\r\nI was asked on a few occasions last week if I am happy with my trading in 2017? Talk about a loaded question…\r\n\r\nThe answer is quite simple…NO I am not.\r\n\r\nNothing has changed from the commentaries in this section practically from the start of 2017. The markets are tough to read hour by hour as we are so news driven. The markets turn so quickly you can lose $1,000 a day no problem on shorter term trades. This is why I have almost avoided FLASH and RADAR trading this year and being 100% honest I will continue to do so until I see a change.\r\n\r\nMy days of giving money back to brokers have long gone. Frankly that is a mugs game I no longer participate in. In my opinion you have to trade leaner and be prepared to be very flexible with your stop placements.\r\n\r\nI know many of you would like more shorter-term time framed trades, I understand this but let me give you the example of a current AUD/USD RADAR TRADE (RT755). This trade is going nowhere fast. Granted it has flexed upwards and downwards and I have moved my stop to accommodate some additional moving to the upside, but it has very little momentum in either direction.\r\n\r\nThis can be for several geopolitical and commodity price reasons all mixed in together that nullifies any movement, such as Iron Ore, Gold, Copper and the USD. To give you one reason for this pairs tight trading range, frankly, I would be guessing.\r\n\r\nSo… I am just sitting in this trade. I have 3 other RADAR TRADES at good levels of resistance to enter short. These will be pulled early next week if no action is forthcoming to trigger my entry levels.\r\n\r\nI said last week, maybe I am guilty of over-thinking these markets. Am I doing a “Frasier Crane”, trying to rationalize every potential move? Maybe I am. I like to have a plan. I have a plan, but it’s so slow to fall into place. Do I still believe in my plan? Yes; I do.\r\n\r\nWithout getting too anal; I know I am trying to rationalize a completely irrational market place at times. I mean, when you think about it, the very fact the market moves on the back of a tweet from a buffoon probably does indicate I am putting too many brain cells to work, I am making something that is simple too complicated. However, I do have my TRADE PLAN that has worked so well for over 5 years. I do like to have my fundamental views lined up, together with directional trading to give me a greater confidence. As soon as I let one of my parameters fall I feel that I am weakening my position and reasons to trade.\r\n\r\nThe solution is…. always TRADE YOUR PLAN and be patient.\r\n\r\nWe are trading very tight ranges in most pairs and therefore it is difficult to get too excited each time I sit in front of my screens.\r\n\r\nAt any one time, I have 4/5 trade set up potentials ready to tweet that fall away during the trading day for one reason or another.\r\n\r\nWe are in a different trading environment and therefore we must adjust. As I keep saying we appear to be totally news driven. Fundamentals matter and they will always trump technical set ups in a news driven environment, as technical levels are mostly ignored.\r\n\r\nI spoke earlier in the week with my peer group and everyone’s trading style is suffering to varying degrees. Everyone has amended their approach and position size. So, unfortunately there is no “Holy Grail” out there. My FX approach is for the long haul so I can and will wait / sit this out if necessary. I will not compromise my plan for increased risk. It all comes back to patience.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>EUR/USD and USD/CHF: - I have added and taken off positions. I will still continue to add to these core positions, I can still see the reasons to buy dips and sell rips.\r\n\r\nThe bigger picture is that despite encouraging inflation data, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>GBP/USD: - Nothing has really changed in my opinion.\r\n\r\nThere will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.\r\n\r\nA50 now triggered and the timeline for the BREXIT is now in play.\r\n\r\nAs I have stated on several occasions, very few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as the financial institutions start to make plans on their new structures inside a freshly shaped EUROPEAN UNION.</li>\r\n 	<li>GBP/JPY: - I am not sure that this will be a core trade moving forward, but of all the GBP x rates, this one has a lot to lose should the cable fall. I am as you know nervous trading JPY related pairs. All I want is 100 pips profit with a stop behind it to let it run. Easier said than done. Over the past few days this trade has been playing snakes and ladders.</li>\r\n 	<li>EUR/GBP: - Nothing has changed for me with this pair.\r\n\r\nI am still somewhat nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.\r\n\r\nAs mentioned over recent weeks, there are additional EUROZONE headwinds to take into consideration: - FRENCH and GERMAN ELECTIONS, A GREECE DEBT CRISIS (now more immanent) and a looming ITALIAN BANK CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE PERFORMANCE / RETURN 2017:\r\n\r\n</u>Given that we are at the end of Q1 I thought that it would be a good time to discuss more of my thoughts on 2017 so far, from a PREMIUM SERVICE trading result perspective.\r\n\r\nAs you know, the change and uncertainty in Q1 trading compared with Q4 2016 trading, took me by surprise. Was I naïve to believe that 2017 would be a clearer trading pathway than previous years? Maybe I was.\r\n\r\nI did not account for “THE DONALD” continuing with his tweet onslaught, nor did I ever account for so much uncertainty placed around his administration for his lack of control and poor judgement in what to tweet. But then, I do not think most people could have allowed for this because we are in unknown territory.\r\n\r\nMonetary Policy Divergence is starting to play a role, but at the moment despite FED commentary, it still is not 100% believed by the markets. The other Central banks dotted around the globe believe though, and their rhetoric has mellowed accordingly.\r\n\r\nBasically, I did not allow for such a sea of change. The institutions have spent a great deal of time in Q1 unravelling trades and repositioning themselves and the banks such as Barclays in 90 days have epitomized the rough seas in which we operate by altering their macro views on how the EUR/USD will trade in 2017. They have got all bulled up on the single currency believing tapering and hikes will happen soon because EUROZONE inflation is rising. This belief was kicked back this week with both commentary from the ECB stating policy is NOT changing and Draghi’s recent hawkish tone was walked back due to the fact that German inflation has gone off the boil.\r\n\r\nBARCLAYS FX FORECAST:\r\n\r\nEUR/USD                              Q1                   Q2                   Q3                   Q4\r\n\r\nNov 2016 – Feb 2017:        1.02                1.01                1.01                0.99<u>\r\n\r\n</u>Today:                                    1.09                1.06                1.03                1.05<u>\r\n\r\n</u>I am not saying that they cannot change their forecasting but it very sudden and in my eyes very reactive.\r\n<u>\r\n</u>However, with the above as a backdrop I am disappointed with Q1 overall but not as disappointed as I could have been had I not traded differently and cleansed out trades.\r\n\r\nMARCH 2017:                      Net pips added 673\r\nYEAR TO DATE:                  1,493 pips\r\n\r\n2016-2017 Comparison:    -85 pips behind the 2016 performance so far.\r\n\r\nIn my own mind, I feel like I should be at 3,000 pips net for the year. I have however since the start of the year removed some poor trades totaling 1,500 pips, so I can argue I am still in the zone. However, I need some focus through the next quarter which is very disjointed as I am away for several chunks of it. I love a challenge.\r\n\r\nI am still not actively day trading. All trades are medium to longer-term trades.\r\n\r\nMARCH 2017 – Profit / Loss trade ratios:                       69% / 31%\r\n\r\nYEAR TO DATE – Profit / Loss trade ratios:                   64% / 36%\r\n\r\nImproving, but my goal is 75% / 25%.\r\n\r\nThe bottom line is that I am still confident of achieving the 10,000-pip objective for the year but if the next three quarters offer up the uncertainty of Q1 it will be a nonstop challenge.\r\n<u>\r\n\r\n</u>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-02042017.png\"><img class=\"aligncenter size-large wp-image-9334\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-02042017-777x1024.png\" alt=\"\" width=\"777\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIMIT-02042017.png\"><img class=\"aligncenter size-large wp-image-9333\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIMIT-02042017-792x1024.png\" alt=\"\" width=\"792\" height=\"1024\" /></a> </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&nbsp;\r\n\r\n<strong>LET THE FUN AND GAMES BEGIN (PART TWO):</strong>\r\n\r\nWhere to start.\r\n\r\nLast week ahead of the A50 trigger I laid out basically the timetable of events for the BREXIT negotiations.\r\n\r\nThis week in Part Two, I wanted to take a slightly different view of BREXIT not so much from the day to day squabbles that will happen but the macro level overview of what the remaining 27 members of the EUROPEAN UNION will be looking to get out of BREXIT.\r\n\r\nRemember, we are dealing with the EUROPEAN UNION and Brussels, nothing ever appears as it does on the surface, and beneath there is all sorts going on. If there is one thing since the establishment of the EUROPEAN UNION that I write with confidence is that what is said is not always what is meant and what isn’t said is what is meant.\r\n\r\nThe first couple of points are quite straightforward, without exception, I expect that every member country would be unanimous in the fact that they want the UK to pay up their dues until the very last second. If the UK is let off the hook it would cost them!! The UK leaving as a net contributor is a scare to the smaller countries as they may turn from being net receivers in the UNION to net contributors following BREXIT.\r\n\r\nBefore moving forward, I would imagine that from country to country there are some lines drawn in the sand on what is acceptable and unacceptable for a BREXIT deal. I firmly believe this will be a very messy affair for two years or so and even after the negotiations are complete they must present the deal to the 27 country heads for ratification. This will be a drawn-out procedure with many twists and turns.\r\n\r\nFirst of all, trade is vital to all countries. The EU is not a free trade zone it is 100% bureaucratic and a rain forest of paper is required to get anything agreed. One should bear in mind the EU definition of a cabbage is 350+ pages long. Bear in mind, It took Canada years to get a trade agreement in place with the EU. Nothing is ever carried out at a pace. Everything in the EU is at two speeds; slow and stop. Do not get caught up in Brussels rhetoric.\r\n\r\nI have read reports from various commentators, news bureaus, media outlets and the EU media centre itself to try to get the following information into basically a bullet point format rather than 500 pages worth of commentary.\r\n\r\nThe keys macro areas of concern by country:\r\n<ul>\r\n 	<li>CITIZENS RIGHTS (EU nationals in the UK and UK nationals in the EU):\r\nAustria, Bulgaria, Czech Republic, Greece, Hungary, Italy, Ireland, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Spain.</li>\r\n</ul>\r\n<ul>\r\n 	<li>EU REVISED BUDGET CONTRIBUTIONS:\r\nAustria, Hungary, Italy, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Sweden.</li>\r\n</ul>\r\n<ul>\r\n 	<li>GOOD CONTINUED TRADE RELATIONS with the UK:\r\nBelgium, Czech Republic, Denmark, Estonia, Italy, The Netherlands and Romania</li>\r\n</ul>\r\n<ul>\r\n 	<li>CONTINUED SHARING OF SECURITY INFORMATION:\r\nBelgium, Croatia, Estonia and Portugal.</li>\r\n</ul>\r\n<ul>\r\n 	<li>EU UNITY FOLLOWING BREXIT:\r\nFinland, France, Germany, Malta and Sweden.</li>\r\n</ul>\r\nSo why have I done this research?\r\n\r\nMy main reason was to see if there was a theme. When negotiations start to keep matters positive and have a common agreement moving forward it is an excellent starting point. Now, I am not saying my 5 topics above were the only ones that I could find. There were more, like Tourism, Gibraltar, Scotland etc. but these represent the best tools for common ground in my opinion.\r\n\r\nWhilst the UK basically voted for BREXIT based on anti-freedom of movement I have no doubt that a reciprocal deal will be struck to put at ease all those currently displaced nationals around the EUROPEAN UNION. From a UK matter this would draw a line under existing non-UK nationals residing in the UK and hopefully put those UK nationals living abroad at ease.\r\n\r\nFrom a discussion perspective CITIZENS RIGHTS would in my opinion be a positive to focus on. In addition, the continued sharing of security and border intelligence would seem to benefit both sides of the negotiating table.\r\n\r\nWith regards to EU UNITY and REVISED BUDGET CONTRIBUTIONS following BREXIT, the UK has no interest in these topics and would not feature at all in the BREXIT negotiations.\r\n\r\nThe big one is of course TRADE.\r\n\r\n7 out of 27 countries as far as I could see, have this as important to their futures. Basically, this represents only 25% of the member countries. If I were a negotiator for the UK I would feel a little let down by this number.\r\n\r\nBeing cynical, my take on this is that there is much more than 25%, but as the EU already knows that the UK wants a great trade deal they do not want to declare their hand.\r\n\r\nSo, the upshot is that Donald Tusk stated last Friday that before the UK can discuss with the EU any trade deals or the like, both parties must negotiate what has become known as “the divorce terms”.\r\n\r\nThere is of course a growing number of commentators who are saying that a negotiated settlement may never actually happen as both sides of the table have dug their heels in on how they want to proceed. In fact, do we have a Mexican standoff before we start?\r\n\r\nIt will be fun and games, there will be leaks, there will be rumours, there will be sound-bytes that are favorable describing an accord and there will be sound-bytes highlighting aspiration.\r\n\r\nAs mentioned several times since last June when the BREXIT referendum vote took place, having just two years to organize the BREXIT deal is tight. There are something in the region of 20,000 sets of rules and regulations to effectively manage throughout the divorce proceedings. When you look at the time line that I included last week (repeated below), the fact A50 was triggered on the 29th March means it will be the end of April before the EU leaders discuss BREXIT and then another month before negotiations begin. That is 2 months out of 24 months with zero activity. This does NOT give confidence at all with the time frame suggested. As mentioned on many occasions in the past, it took Greenland two years to exit and they had nothing like the complexities of the UK relationship\r\n\r\n<em>As I understand it, the pathway forward is going to be something like this: -</em>\r\n<ul>\r\n 	<li><em>A50 triggered by UK on March 29th, 2017.\r\n\r\n</em></li>\r\n 	<li><em>On April 29th, 2017, the remaining 27 EU members meet to discuss the UK request to withdraw.\r\n\r\n</em></li>\r\n 	<li><em>There is then a period of two years set aside when negotiations begin. A draft of the deal agreed between both parties is put before the 27 leaders (if this is still the number in two years!!).\r\n\r\n</em></li>\r\n 	<li><em>20 of the current 27 member countries totaling at least 65% of the EU population needs to approve the exit deal.\r\n\r\n</em></li>\r\n 	<li><em>It is then ratified by the European Parliament.\r\n\r\n</em></li>\r\n 	<li><em>If at the end of two years of negotiations nothing is finalized they can be extended only if all member countries agree.\r\n\r\n</em></li>\r\n 	<li><em>If no agreement between the two sides is negotiated. </em><em>The UK leaves the EUROPEAN UNION.\r\n\r\n</em></li>\r\n 	<li><em>The UK Parliament repeals the 1972 European Communities Act.\r\n\r\n</em></li>\r\n 	<li><em>Should the UK want back into the EU it must go through the same procedures that any new entrant applies with.</em></li>\r\n</ul>\r\nAs soon as we hear of multi-national banks leaving the city of London and job losses being announced the UK negotiating position will harden as public pressure to achieve a good deal will be expected. At the same time the EU negotiators do not want to give any preferential treatment for fear of a CONTAGION EFFECT.\r\n\r\nTherefore in my opinion whilst the negotiating doors will be firmly closed, facts and figures will be leaked and there will be volatility attached.\r\n\r\nThere are traders who are saying that cable is building a bottom, which frankly I think is quite dangerous.\r\n\r\nThere is so much uncertainty moving forward.\r\n\r\nAfter two years will we see a negotiated arrangement, something that can transition from what is there now to something new. Would this include a trade arrangement? These can take years to set up but if a framework was in place this would be a bonus for the UK.\r\n\r\nMaybe we will have a negotiated extension because two years is not long enough to finalize an agreement.\r\n\r\nFinally, perhaps the talks could breakdown and both sides could walk away from the negotiating table,\r\n\r\nThere are no guarantees of anything with this complex deal.\r\n\r\nThe pressure for both sides not to show weakness of any kind will be uppermost in everybody’s mind. The sides are starting from a position of mistrust and therefore in my opinion it can only get worse and then a stalemate would ensue.\r\n\r\n…. LET THE FUN AND GAMES BEGIN…. (PART TWO) …\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #133 PREMIUM SERVICE\r\nDATE: 2nd April 2017.\r\n\r\n&nbsp;','LET THE GAMES BEGIN (PART TWO)','','inherit','closed','closed','','9351-revision-v1','','','2017-04-01 14:13:28','2017-04-01 19:13:28','',9351,'https://weeklyfxdrivethru.com/9351-revision-v1/',0,'revision','',0),(9353,1,'2017-04-01 14:34:25','2017-04-01 19:34:25','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWow… I must be getting old! This past week has just flown by.\r\n\r\nFrom a trading perspective being positive, I am still adding pips to the yearly total, which now stands at 1,493 pips of net profit.\r\n\r\nI did what I promised I would do during the month of March, which was to remove trades that I felt were going nowhere fast “sticky” and where having them “LIVE” was just preventing me from adding too many other trades because it would extend my RISK beyond the parameters that I am comfortable with. In fact, I removed almost 1,000 pips in total. This was about 25% from normal trading and 75% of the aforementioned “sticky” trades.\r\n\r\nI know that it sounds crazy but even after c.10 years of trading to have those “sticky” trades gone is still an uplifting experience once you have come to terms with banking the loss in both pips and $$$. Thankfully, the trades were small sized, so the pain in $$$ was not as great as it could have been. However, I measure myself in net pips of profit and my annual goal is 10,000 pips. I have beaten this objective in all three years that the PREMIUM SERVICE has been in operation so I have my work cut out this year, which will be, very fragmented due to a house move and early vacation\r\n\r\nOn a further positive note… fingers crossed and also touching wood as I type this… no further software issues.\r\n\r\nLeading on from the pleasantries…\r\n\r\nLast week was dominated by BREXIT and “THE DONALDS” twitter account. Nothing new in this.\r\n\r\nBREXIT – part two comes later in “THE SOAPBOX” in section 5, so I will leave my thoughts, views and commentary until there.\r\n\r\nI was asked what is the rationale for splitting it down as I have, which I explain further below:\r\n<ul>\r\n 	<li>Part One – since the vote and all the shenanigans that have taken place even before the Lisbon Treaty (Article 50) has been triggered.</li>\r\n 	<li>Part Two – A50 triggered what are the 27-remaining member EUROPEAN UNION countries looking for and what is the potential common ground (the easy bits for negotiation) moving forward.</li>\r\n 	<li>Part Three – The Negotiation period and possible outcomes. The new look in Europe and the UK.</li>\r\n 	<li>Part Four – the trades that I will be focused on. Levels of entry. This is more based on the bottoms for reversal trade opportunities.</li>\r\n</ul>\r\nWhilst parts one and two will run back to back, I am not 100% sure parts three and four will immediately follow as I want to see the opening shorts of negotiation, rather than the guesswork and rumours that fill the media pages at the moment.\r\n\r\n“THE DONALD” just cannot help himself. This twitter account of his should be shut down. I understand why he wants it and likes it but it is damaging his presidency and it undermines his team who appear to come under continual scrutiny about their validity and credentials to do the job for which they were hired. He does NOT have enough kids to fill every portfolio!\r\n\r\nHe is back on currency manipulation once again. The Chinese Premier is due to fly in for some Florida Golf soon and “THE DONALD” is laying the groundwork in advance.\r\n\r\nIf TRUMP was so hell bent on punishing all currency manipulators why on earth has he not singled out the SNB. The Swiss Central Bank spent over $65 billion supporting the CHF with currency intervention in 2016. Oh...let me guess why Thomas Jordan has NOT been singled out?\r\n\r\nCould it be that the US does not compete with the Swiss vis-à-vis high-end watch and clock mechanisms? Of course, China competes with the US in the same markets. Very shallow Donald.\r\n\r\nRegarding the markets…\r\n\r\nThe month end and Q1 fix was a volatile affair as institutions re-balanced their FX positioning. The USD took quite a big hit…. From my perspective, it was a buy the dips and sell the rips opportunity. For PREMIUM SERVICE subscribers, I tweeted my exits from several positions late in the Asian session on the 30th just in case the European session was caught up in pre-fixing on the back of the Tusk press conference regarding the response to the UK BREXIT formal letter. At times, I wonder if I am too cautious!\r\n\r\nPlus…\r\n\r\nKeep one eye on GREECE. They have a debt re-payment of €8.2 billion in July this year and guess what? No cash to pay it. This story will develop moving forward over the next few weeks. Be prepared GREECE BAILOUT ACT IV is coming soon to a theatre near you!\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#9 this Monday 3rd April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\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/2017/04/ECON-DATA-02042017.png\"><img class=\"aligncenter size-large wp-image-9319\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-02042017-1024x991.png\" alt=\"\" width=\"1024\" height=\"991\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA nice busy week coming up with the highlight obviously being NFP on Friday: -\r\n<ol>\r\n 	<li>GBP: The UK dominates this week with a series of PMI data Manufacturing, Services and Construction. This data will either support the calls that cable has bottomed or they will throw the whole BREXIT negotiations and the UK economy uncertainty back to the forefront once again.</li>\r\n 	<li>USD: The NFP release will once again take pride of place regarding the data releases this week. We will be placed once again in a will they (FED) / wont they (FED) hike 2 or 3 times more this year?\r\n\r\nWe also have FOMC meeting minutes and ISM PMI data releases this week. There should be nothing new in the FED minutes.</li>\r\n 	<li>AUD: Not expecting much out of the RBA this week, except more of the same. Retails sales and Trade Balance numbers will be interesting though and could cause a few ripples. Recently AUD data has been pretty dull from a trading perspective.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/T-CHART-020417.png\"><img class=\"aligncenter size-large wp-image-9320\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/T-CHART-020417-1024x849.png\" alt=\"\" width=\"1024\" height=\"849\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9336\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9337\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9335\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9341\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nBelow are current monthly and year to date PREMIUM SERVICE performance statistics. These can also be found on my welcome page under the TAB “THE HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE”\r\n\r\nBasically, from the spreadsheets below you can see that for the month of March PREMIUM SERVICE trades generated a net total of 673 pips and for 2017 year to date the pip total sits at 1,493\r\n\r\nOther highlights / lowlights are: -\r\n<ol>\r\n 	<li>Compared with the same point last year 2017 trails 2016 by 85 pips.</li>\r\n 	<li>My ratio of profitable to loss making trades is lagging this year. I am usually in the 75% / 25% area but this year so far it is 64% / 36%. I still have some work to do!</li>\r\n 	<li>My trading this year only shows a total of 21 trades out of 132 trades in total that are based upon shorter–term time horizon’s.</li>\r\n</ol>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF1-MARCH-2017.png\"><img class=\"aligncenter size-large wp-image-9317\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF1-MARCH-2017-982x1024.png\" alt=\"\" width=\"982\" height=\"1024\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF2-YTDMARCH2017.png\"><img class=\"aligncenter size-large wp-image-9318\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF2-YTDMARCH2017-1024x1000.png\" alt=\"\" width=\"1024\" height=\"1000\" /></a>\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\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\n&nbsp;\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:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>LET THE FUN AND GAMES BEGIN (PART TWO):</strong>\r\n\r\nWhere to start.\r\n\r\nLast week ahead of the A50 trigger I laid out basically the timetable of events for the BREXIT negotiations.\r\n\r\nThis week in Part Two, I wanted to take a slightly different view of BREXIT not so much from the day to day squabbles that will happen but the macro level overview of what the remaining 27 members of the EUROPEAN UNION will be looking to get out of BREXIT.\r\n\r\nRemember, we are dealing with the EUROPEAN UNION and Brussels, nothing ever appears as it does on the surface, and beneath there is all sorts going on. If there is one thing since the establishment of the EUROPEAN UNION that I write with confidence is that what is said is not always what is meant and what isn’t said is what is meant.\r\n\r\nThe first couple of points are quite straightforward, without exception, I expect that every member country would be unanimous in the fact that they want the UK to pay up their dues until the very last second. If the UK is let off the hook it would cost them!! The UK leaving as a net contributor is a scare to the smaller countries as they may turn from being net receivers in the UNION to net contributors following BREXIT.\r\n\r\nBefore moving forward, I would imagine that from country to country there are some lines drawn in the sand on what is acceptable and unacceptable for a BREXIT deal. I firmly believe this will be a very messy affair for two years or so and even after the negotiations are complete they must present the deal to the 27 country heads for ratification. This will be a drawn-out procedure with many twists and turns.\r\n\r\nFirst of all, trade is vital to all countries. The EU is not a free trade zone it is 100% bureaucratic and a rain forest of paper is required to get anything agreed. One should bear in mind the EU definition of a cabbage is 350+ pages long. Bear in mind, It took Canada years to get a trade agreement in place with the EU. Nothing is ever carried out at a pace. Everything in the EU is at two speeds; slow and stop. Do not get caught up in Brussels rhetoric.\r\n\r\nI have read reports from various commentators, news bureaus, media outlets and the EU media centre itself to try to get the following information into basically a bullet point format rather than 500 pages worth of commentary.\r\n\r\nThe keys macro areas of concern by country:\r\n<ul>\r\n 	<li>CITIZENS RIGHTS (EU nationals in the UK and UK nationals in the EU):\r\nAustria, Bulgaria, Czech Republic, Greece, Hungary, Italy, Ireland, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Spain.</li>\r\n</ul>\r\n<ul>\r\n 	<li>EU REVISED BUDGET CONTRIBUTIONS:\r\nAustria, Hungary, Italy, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Sweden.</li>\r\n</ul>\r\n<ul>\r\n 	<li>GOOD CONTINUED TRADE RELATIONS with the UK:\r\nBelgium, Czech Republic, Denmark, Estonia, Italy, The Netherlands and Romania</li>\r\n</ul>\r\n<ul>\r\n 	<li>CONTINUED SHARING OF SECURITY INFORMATION:\r\nBelgium, Croatia, Estonia and Portugal.</li>\r\n</ul>\r\n<ul>\r\n 	<li>EU UNITY FOLLOWING BREXIT:\r\nFinland, France, Germany, Malta and Sweden.</li>\r\n</ul>\r\nSo why have I done this research?\r\n\r\nMy main reason was to see if there was a theme. When negotiations start to keep matters positive and have a common agreement moving forward it is an excellent starting point. Now, I am not saying my 5 topics above were the only ones that I could find. There were more, like Tourism, Gibraltar, Scotland etc. but these represent the best tools for common ground in my opinion.\r\n\r\nWhilst the UK basically voted for BREXIT based on anti-freedom of movement I have no doubt that a reciprocal deal will be struck to put at ease all those currently displaced nationals around the EUROPEAN UNION. From a UK matter this would draw a line under existing non-UK nationals residing in the UK and hopefully put those UK nationals living abroad at ease.\r\n\r\nFrom a discussion perspective CITIZENS RIGHTS would in my opinion be a positive to focus on. In addition, the continued sharing of security and border intelligence would seem to benefit both sides of the negotiating table.\r\n\r\nWith regards to EU UNITY and REVISED BUDGET CONTRIBUTIONS following BREXIT, the UK has no interest in these topics and would not feature at all in the BREXIT negotiations.\r\n\r\nThe big one is of course TRADE.\r\n\r\n7 out of 27 countries as far as I could see, have this as important to their futures. Basically, this represents only 25% of the member countries. If I were a negotiator for the UK I would feel a little let down by this number.\r\n\r\nBeing cynical, my take on this is that there is much more than 25%, but as the EU already knows that the UK wants a great trade deal they do not want to declare their hand.\r\n\r\nSo, the upshot is that Donald Tusk stated last Friday that before the UK can discuss with the EU any trade deals or the like, both parties must negotiate what has become known as “the divorce terms”.\r\n\r\nThere is of course a growing number of commentators who are saying that a negotiated settlement may never actually happen as both sides of the table have dug their heels in on how they want to proceed. In fact, do we have a Mexican standoff before we start?\r\n\r\nIt will be fun and games, there will be leaks, there will be rumours, there will be sound-bytes that are favorable describing an accord and there will be sound-bytes highlighting aspiration.\r\n\r\nAs mentioned several times since last June when the BREXIT referendum vote took place, having just two years to organize the BREXIT deal is tight. There are something in the region of 20,000 sets of rules and regulations to effectively manage throughout the divorce proceedings. When you look at the time line that I included last week (repeated below), the fact A50 was triggered on the 29th March means it will be the end of April before the EU leaders discuss BREXIT and then another month before negotiations begin. That is 2 months out of 24 months with zero activity. This does NOT give confidence at all with the time frame suggested. As mentioned on many occasions in the past, it took Greenland two years to exit and they had nothing like the complexities of the UK relationship.\r\n\r\n<em>As I understand it, the pathway forward is going to be something like this: -</em>\r\n<ul>\r\n 	<li><em>A50 triggered by UK on March 29th, 2017.\r\n\r\n</em></li>\r\n 	<li><em>On April 29th, 2017, the remaining 27 EU members meet to discuss the UK request to withdraw.\r\n\r\n</em></li>\r\n 	<li><em>There is then a period of two years set aside when negotiations begin. A draft of the deal agreed between both parties is put before the 27 leaders (if this is still the number in two years!!).\r\n\r\n</em></li>\r\n 	<li><em>20 of the current 27 member countries totaling at least 65% of the EU population needs to approve the exit deal.\r\n\r\n</em></li>\r\n 	<li><em>It is then ratified by the European Parliament.\r\n\r\n</em></li>\r\n 	<li><em>If at the end of two years of negotiations nothing is finalized they can be extended only if all member countries agree.\r\n\r\n</em></li>\r\n 	<li><em>If no agreement between the two sides is negotiated. </em><em>The UK leaves the EUROPEAN UNION.\r\n\r\n</em></li>\r\n 	<li><em>The UK Parliament repeals the 1972 European Communities Act.\r\n\r\n</em></li>\r\n 	<li><em>Should the UK want back into the EU it must go through the same procedures that any new entrant applies with.</em></li>\r\n</ul>\r\nAs soon as we hear of multi-national banks leaving the city of London and job losses being announced the UK negotiating position will harden as public pressure to achieve a good deal will be expected. At the same time the EU negotiators do not want to give any preferential treatment for fear of a CONTAGION EFFECT.\r\n\r\nTherefore in my opinion whilst the negotiating doors will be firmly closed, facts and figures will be leaked and there will be volatility attached.\r\n\r\nThere are traders who are saying that cable is building a bottom, which frankly I think is quite dangerous.\r\n\r\nThere is so much uncertainty moving forward.\r\n\r\nAfter two years will we see a negotiated arrangement, something that can transition from what is there now to something new. Would this include a trade arrangement? These can take years to set up but if a framework was in place this would be a bonus for the UK.\r\n\r\nMaybe we will have a negotiated extension because two years is not long enough to finalize an agreement.\r\n\r\nFinally, perhaps the talks could breakdown and both sides could walk away from the negotiating table,\r\n\r\nThere are no guarantees of anything with this complex deal.\r\n\r\nThe pressure for both sides not to show weakness of any kind will be uppermost in everybody’s mind. The sides are starting from a position of mistrust and therefore in my opinion it can only get worse and then a stalemate would ensue.\r\n\r\n…. LET THE FUN AND GAMES BEGIN…. (PART TWO) …\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #237 FREE NEWSLETTER\r\nDATE: 2nd April 2017.','LET THE GAMES BEGIN (PART TWO):','','publish','open','closed','','let-games-begin-part-two','','','2017-04-01 14:34:25','2017-04-01 19:34:25','',0,'https://weeklyfxdrivethru.com/?p=9353',0,'post','',0),(9354,1,'2017-04-01 14:34:25','2017-04-01 19:34:25','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWow… I must be getting old! This past week has just flown by.\r\n\r\nFrom a trading perspective being positive, I am still adding pips to the yearly total, which now stands at 1,493 pips of net profit.\r\n\r\nI did what I promised I would do during the month of March, which was to remove trades that I felt were going nowhere fast “sticky” and where having them “LIVE” was just preventing me from adding too many other trades because it would extend my RISK beyond the parameters that I am comfortable with. In fact, I removed almost 1,000 pips in total. This was about 25% from normal trading and 75% of the aforementioned “sticky” trades.\r\n\r\nI know that it sounds crazy but even after c.10 years of trading to have those “sticky” trades gone is still an uplifting experience once you have come to terms with banking the loss in both pips and $$$. Thankfully, the trades were small sized, so the pain in $$$ was not as great as it could have been. However, I measure myself in net pips of profit and my annual goal is 10,000 pips. I have beaten this objective in all three years that the PREMIUM SERVICE has been in operation so I have my work cut out this year, which will be, very fragmented due to a house move and early vacation\r\n\r\nOn a further positive note… fingers crossed and also touching wood as I type this… no further software issues.\r\n\r\nLeading on from the pleasantries…\r\n\r\nLast week was dominated by BREXIT and “THE DONALDS” twitter account. Nothing new in this.\r\n\r\nBREXIT – part two comes later in “THE SOAPBOX” in section 5, so I will leave my thoughts, views and commentary until there.\r\n\r\nI was asked what is the rationale for splitting it down as I have, which I explain further below:\r\n<ul>\r\n 	<li>Part One – since the vote and all the shenanigans that have taken place even before the Lisbon Treaty (Article 50) has been triggered.</li>\r\n 	<li>Part Two – A50 triggered what are the 27-remaining member EUROPEAN UNION countries looking for and what is the potential common ground (the easy bits for negotiation) moving forward.</li>\r\n 	<li>Part Three – The Negotiation period and possible outcomes. The new look in Europe and the UK.</li>\r\n 	<li>Part Four – the trades that I will be focused on. Levels of entry. This is more based on the bottoms for reversal trade opportunities.</li>\r\n</ul>\r\nWhilst parts one and two will run back to back, I am not 100% sure parts three and four will immediately follow as I want to see the opening shorts of negotiation, rather than the guesswork and rumours that fill the media pages at the moment.\r\n\r\n“THE DONALD” just cannot help himself. This twitter account of his should be shut down. I understand why he wants it and likes it but it is damaging his presidency and it undermines his team who appear to come under continual scrutiny about their validity and credentials to do the job for which they were hired. He does NOT have enough kids to fill every portfolio!\r\n\r\nHe is back on currency manipulation once again. The Chinese Premier is due to fly in for some Florida Golf soon and “THE DONALD” is laying the groundwork in advance.\r\n\r\nIf TRUMP was so hell bent on punishing all currency manipulators why on earth has he not singled out the SNB. The Swiss Central Bank spent over $65 billion supporting the CHF with currency intervention in 2016. Oh...let me guess why Thomas Jordan has NOT been singled out?\r\n\r\nCould it be that the US does not compete with the Swiss vis-à-vis high-end watch and clock mechanisms? Of course, China competes with the US in the same markets. Very shallow Donald.\r\n\r\nRegarding the markets…\r\n\r\nThe month end and Q1 fix was a volatile affair as institutions re-balanced their FX positioning. The USD took quite a big hit…. From my perspective, it was a buy the dips and sell the rips opportunity. For PREMIUM SERVICE subscribers, I tweeted my exits from several positions late in the Asian session on the 30th just in case the European session was caught up in pre-fixing on the back of the Tusk press conference regarding the response to the UK BREXIT formal letter. At times, I wonder if I am too cautious!\r\n\r\nPlus…\r\n\r\nKeep one eye on GREECE. They have a debt re-payment of €8.2 billion in July this year and guess what? No cash to pay it. This story will develop moving forward over the next few weeks. Be prepared GREECE BAILOUT ACT IV is coming soon to a theatre near you!\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#9 this Monday 3rd April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\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/2017/04/ECON-DATA-02042017.png\"><img class=\"aligncenter size-large wp-image-9319\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-02042017-1024x991.png\" alt=\"\" width=\"1024\" height=\"991\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA nice busy week coming up with the highlight obviously being NFP on Friday: -\r\n<ol>\r\n 	<li>GBP: The UK dominates this week with a series of PMI data Manufacturing, Services and Construction. This data will either support the calls that cable has bottomed or they will throw the whole BREXIT negotiations and the UK economy uncertainty back to the forefront once again.</li>\r\n 	<li>USD: The NFP release will once again take pride of place regarding the data releases this week. We will be placed once again in a will they (FED) / wont they (FED) hike 2 or 3 times more this year?\r\n\r\nWe also have FOMC meeting minutes and ISM PMI data releases this week. There should be nothing new in the FED minutes.</li>\r\n 	<li>AUD: Not expecting much out of the RBA this week, except more of the same. Retails sales and Trade Balance numbers will be interesting though and could cause a few ripples. Recently AUD data has been pretty dull from a trading perspective.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/T-CHART-020417.png\"><img class=\"aligncenter size-large wp-image-9320\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/T-CHART-020417-1024x849.png\" alt=\"\" width=\"1024\" height=\"849\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9336\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9337\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9335\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9341\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nBelow are current monthly and year to date PREMIUM SERVICE performance statistics. These can also be found on my welcome page under the TAB “THE HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE”\r\n\r\nBasically, from the spreadsheets below you can see that for the month of March PREMIUM SERVICE trades generated a net total of 673 pips and for 2017 year to date the pip total sits at 1,493\r\n\r\nOther highlights / lowlights are: -\r\n<ol>\r\n 	<li>Compared with the same point last year 2017 trails 2016 by 85 pips.</li>\r\n 	<li>My ratio of profitable to loss making trades is lagging this year. I am usually in the 75% / 25% area but this year so far it is 64% / 36%. I still have some work to do!</li>\r\n 	<li>My trading this year only shows a total of 21 trades out of 132 trades in total that are based upon shorter–term time horizon’s.</li>\r\n</ol>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF1-MARCH-2017.png\"><img class=\"aligncenter size-large wp-image-9317\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF1-MARCH-2017-982x1024.png\" alt=\"\" width=\"982\" height=\"1024\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF2-YTDMARCH2017.png\"><img class=\"aligncenter size-large wp-image-9318\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF2-YTDMARCH2017-1024x1000.png\" alt=\"\" width=\"1024\" height=\"1000\" /></a>\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\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\n&nbsp;\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:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>LET THE FUN AND GAMES BEGIN (PART TWO):</strong>\r\n\r\nWhere to start.\r\n\r\nLast week ahead of the A50 trigger I laid out basically the timetable of events for the BREXIT negotiations.\r\n\r\nThis week in Part Two, I wanted to take a slightly different view of BREXIT not so much from the day to day squabbles that will happen but the macro level overview of what the remaining 27 members of the EUROPEAN UNION will be looking to get out of BREXIT.\r\n\r\nRemember, we are dealing with the EUROPEAN UNION and Brussels, nothing ever appears as it does on the surface, and beneath there is all sorts going on. If there is one thing since the establishment of the EUROPEAN UNION that I write with confidence is that what is said is not always what is meant and what isn’t said is what is meant.\r\n\r\nThe first couple of points are quite straightforward, without exception, I expect that every member country would be unanimous in the fact that they want the UK to pay up their dues until the very last second. If the UK is let off the hook it would cost them!! The UK leaving as a net contributor is a scare to the smaller countries as they may turn from being net receivers in the UNION to net contributors following BREXIT.\r\n\r\nBefore moving forward, I would imagine that from country to country there are some lines drawn in the sand on what is acceptable and unacceptable for a BREXIT deal. I firmly believe this will be a very messy affair for two years or so and even after the negotiations are complete they must present the deal to the 27 country heads for ratification. This will be a drawn-out procedure with many twists and turns.\r\n\r\nFirst of all, trade is vital to all countries. The EU is not a free trade zone it is 100% bureaucratic and a rain forest of paper is required to get anything agreed. One should bear in mind the EU definition of a cabbage is 350+ pages long. Bear in mind, It took Canada years to get a trade agreement in place with the EU. Nothing is ever carried out at a pace. Everything in the EU is at two speeds; slow and stop. Do not get caught up in Brussels rhetoric.\r\n\r\nI have read reports from various commentators, news bureaus, media outlets and the EU media centre itself to try to get the following information into basically a bullet point format rather than 500 pages worth of commentary.\r\n\r\nThe keys macro areas of concern by country:\r\n<ul>\r\n 	<li>CITIZENS RIGHTS (EU nationals in the UK and UK nationals in the EU):\r\nAustria, Bulgaria, Czech Republic, Greece, Hungary, Italy, Ireland, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Spain.</li>\r\n</ul>\r\n<ul>\r\n 	<li>EU REVISED BUDGET CONTRIBUTIONS:\r\nAustria, Hungary, Italy, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Sweden.</li>\r\n</ul>\r\n<ul>\r\n 	<li>GOOD CONTINUED TRADE RELATIONS with the UK:\r\nBelgium, Czech Republic, Denmark, Estonia, Italy, The Netherlands and Romania</li>\r\n</ul>\r\n<ul>\r\n 	<li>CONTINUED SHARING OF SECURITY INFORMATION:\r\nBelgium, Croatia, Estonia and Portugal.</li>\r\n</ul>\r\n<ul>\r\n 	<li>EU UNITY FOLLOWING BREXIT:\r\nFinland, France, Germany, Malta and Sweden.</li>\r\n</ul>\r\nSo why have I done this research?\r\n\r\nMy main reason was to see if there was a theme. When negotiations start to keep matters positive and have a common agreement moving forward it is an excellent starting point. Now, I am not saying my 5 topics above were the only ones that I could find. There were more, like Tourism, Gibraltar, Scotland etc. but these represent the best tools for common ground in my opinion.\r\n\r\nWhilst the UK basically voted for BREXIT based on anti-freedom of movement I have no doubt that a reciprocal deal will be struck to put at ease all those currently displaced nationals around the EUROPEAN UNION. From a UK matter this would draw a line under existing non-UK nationals residing in the UK and hopefully put those UK nationals living abroad at ease.\r\n\r\nFrom a discussion perspective CITIZENS RIGHTS would in my opinion be a positive to focus on. In addition, the continued sharing of security and border intelligence would seem to benefit both sides of the negotiating table.\r\n\r\nWith regards to EU UNITY and REVISED BUDGET CONTRIBUTIONS following BREXIT, the UK has no interest in these topics and would not feature at all in the BREXIT negotiations.\r\n\r\nThe big one is of course TRADE.\r\n\r\n7 out of 27 countries as far as I could see, have this as important to their futures. Basically, this represents only 25% of the member countries. If I were a negotiator for the UK I would feel a little let down by this number.\r\n\r\nBeing cynical, my take on this is that there is much more than 25%, but as the EU already knows that the UK wants a great trade deal they do not want to declare their hand.\r\n\r\nSo, the upshot is that Donald Tusk stated last Friday that before the UK can discuss with the EU any trade deals or the like, both parties must negotiate what has become known as “the divorce terms”.\r\n\r\nThere is of course a growing number of commentators who are saying that a negotiated settlement may never actually happen as both sides of the table have dug their heels in on how they want to proceed. In fact, do we have a Mexican standoff before we start?\r\n\r\nIt will be fun and games, there will be leaks, there will be rumours, there will be sound-bytes that are favorable describing an accord and there will be sound-bytes highlighting aspiration.\r\n\r\nAs mentioned several times since last June when the BREXIT referendum vote took place, having just two years to organize the BREXIT deal is tight. There are something in the region of 20,000 sets of rules and regulations to effectively manage throughout the divorce proceedings. When you look at the time line that I included last week (repeated below), the fact A50 was triggered on the 29th March means it will be the end of April before the EU leaders discuss BREXIT and then another month before negotiations begin. That is 2 months out of 24 months with zero activity. This does NOT give confidence at all with the time frame suggested. As mentioned on many occasions in the past, it took Greenland two years to exit and they had nothing like the complexities of the UK relationship.\r\n\r\n<em>As I understand it, the pathway forward is going to be something like this: -</em>\r\n<ul>\r\n 	<li><em>A50 triggered by UK on March 29th, 2017.\r\n\r\n</em></li>\r\n 	<li><em>On April 29th, 2017, the remaining 27 EU members meet to discuss the UK request to withdraw.\r\n\r\n</em></li>\r\n 	<li><em>There is then a period of two years set aside when negotiations begin. A draft of the deal agreed between both parties is put before the 27 leaders (if this is still the number in two years!!).\r\n\r\n</em></li>\r\n 	<li><em>20 of the current 27 member countries totaling at least 65% of the EU population needs to approve the exit deal.\r\n\r\n</em></li>\r\n 	<li><em>It is then ratified by the European Parliament.\r\n\r\n</em></li>\r\n 	<li><em>If at the end of two years of negotiations nothing is finalized they can be extended only if all member countries agree.\r\n\r\n</em></li>\r\n 	<li><em>If no agreement between the two sides is negotiated. </em><em>The UK leaves the EUROPEAN UNION.\r\n\r\n</em></li>\r\n 	<li><em>The UK Parliament repeals the 1972 European Communities Act.\r\n\r\n</em></li>\r\n 	<li><em>Should the UK want back into the EU it must go through the same procedures that any new entrant applies with.</em></li>\r\n</ul>\r\nAs soon as we hear of multi-national banks leaving the city of London and job losses being announced the UK negotiating position will harden as public pressure to achieve a good deal will be expected. At the same time the EU negotiators do not want to give any preferential treatment for fear of a CONTAGION EFFECT.\r\n\r\nTherefore in my opinion whilst the negotiating doors will be firmly closed, facts and figures will be leaked and there will be volatility attached.\r\n\r\nThere are traders who are saying that cable is building a bottom, which frankly I think is quite dangerous.\r\n\r\nThere is so much uncertainty moving forward.\r\n\r\nAfter two years will we see a negotiated arrangement, something that can transition from what is there now to something new. Would this include a trade arrangement? These can take years to set up but if a framework was in place this would be a bonus for the UK.\r\n\r\nMaybe we will have a negotiated extension because two years is not long enough to finalize an agreement.\r\n\r\nFinally, perhaps the talks could breakdown and both sides could walk away from the negotiating table,\r\n\r\nThere are no guarantees of anything with this complex deal.\r\n\r\nThe pressure for both sides not to show weakness of any kind will be uppermost in everybody’s mind. The sides are starting from a position of mistrust and therefore in my opinion it can only get worse and then a stalemate would ensue.\r\n\r\n…. LET THE FUN AND GAMES BEGIN…. (PART TWO) …\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #237 FREE NEWSLETTER\r\nDATE: 2nd April 2017.','LET THE GAMES BEGIN (PART TWO):','','inherit','closed','closed','','9353-revision-v1','','','2017-04-01 14:34:25','2017-04-01 19:34:25','',9353,'https://weeklyfxdrivethru.com/9353-revision-v1/',0,'revision','',0),(10391,1,'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?','','inherit','closed','closed','','10388-revision-v1','','','2017-11-11 08:11:29','2017-11-11 13:11:29','',10388,'https://weeklyfxdrivethru.com/10388-revision-v1/',0,'revision','',0),(10390,1,'2017-11-11 08:08:17','2017-11-11 13:08:17','&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></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<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, NASQAQ and RUSSEL 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>\r\n\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<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:\r\n\r\n</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\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<u>\r\n\r\n4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\nCURRENT LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/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\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?','','inherit','closed','closed','','10388-revision-v1','','','2017-11-11 08:08:17','2017-11-11 13:08:17','',10388,'https://weeklyfxdrivethru.com/10388-revision-v1/',0,'revision','',0),(9392,1,'2017-04-08 05:48:52','2017-04-08 10:48:52','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAt the outset of last week, I wrote to subscribers basically saying that new trades would be minimal because of the fact there was such a larger number of high beta economic data releases on the calendar. I saw last week as a week in which to take RISK off the table and bank both pips and $$$.\r\n\r\nI held back on adding numerous trades and in fact I added 4 new LIMIT ORDERS based on some USD weakness, which I thought would be the “play” ahead of and into the release of the NFP data. None of these new limit orders triggered and they are still lying there, but I did throughout the week reduce RISK and remove a few trades. It was a slow week for me regarding activity but the PREMIUM SERVICE banked a positive +358 pips in the first week of April 2017. Therefore, I am of course very happy.\r\n\r\nThe week was plagued by geopolitical news, the dreadful nerve gas attack in Syria, the missile launch by “THE DONALD”, the knock-on effect of this action on the North Korean situation and the on-going relationship between the US and Russia.\r\n\r\nMoving on…\r\n\r\nThe US job numbers always dominate the news for the week in which they are released. ADP were great numbers; the prior month’s data was re-calculated by about 50,000 jobs but the numbers came in strong. The government NFP data missed by about 80,000 jobs but the unemployment rate lowered to 4.5%.\r\n\r\nA big miss, the USD sold off and then strengthened. The trades that I covered ahead of NFP and banked pips and $$$ on, all USD long trades, would have generated 100% more pips 10 minutes after poor job numbers… go figure. As the day progressed, the USD strengthened moving about 60 points on the day. 60 DXY points is a big move.\r\n\r\nI am coming around more and more each month to the viewpoint of the majority of my “peer group” of traders, which is, ignore NFP day, do not add trades and let the day play out. There is a lot to be said for this approach. The chop fest of NFP can be very painful.\r\n\r\nThe FOMC minutes were hawkish and the USD sold off… go figure? We have a situation I think where the markets DO NOT believe the FED rhetoric.\r\n\r\nOther news last week…\r\n\r\nThe UK missed on Manufacturing and Construction PMI but beat the Services PMi. At the end of the week, cable is still weaker. All these traders trying to pick bottoms, only have smelly fingers. I still maintain that with the uncertainty ahead with BREXIT it is foolish to say downside moves have been baked into the GBP/USD price structure.\r\n\r\nSmell the coffee… BREXIT will take years to negotiate and the negotiations have NOT yet started. For God’s sake, this desire to say I picked the bottom is childish. There will be many twists and turns ahead with the odd spike and sell-off. GBP/USD is moving lower.\r\n\r\nDraghi spelled it out in no uncertain terms for the markets eager once again to believe the bottom is in for the EUR/USD.\r\n\r\nThe market makers have the attention span of a one year old child, long may this continue, this inability to remember what they were told gives us buying the dips and selling the rips opportunities.\r\n\r\nThe RBA has not confirmed the target level of 0.6500 for fair value AUD/USD, I think it was the level muted by the NAB, but the bottom line is that the AUD is moving lower whether it be on AUD data or Chinese data.\r\n\r\nWe have some great opportunities lining up, my only caveat is that the heightened geopolitical event risk many skew things a little. Nevertheless, there is light at the end of the tunnel.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#9 this Monday 10th April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nCongratulations to <a href=\"mailto:mike*******@***.com\">mike*******@***.co</a>m\r\n\r\nMike is this month’s winner of a FREE PREMIUM SERVICE subscription. I should have done the draw last week… my bad. By the time this blog is posted mike should be all set up.\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-09042017.png\"><img class=\"aligncenter size-large wp-image-9363\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-09042017-1024x826.png\" alt=\"\" width=\"1024\" height=\"826\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA busy week coming up but I think that geopolitical news will dominate proceedings: -\r\n<ol>\r\n 	<li>CAD: The BOC meets on Wednesday and holds a press conference after the 10:00AM rate announcement at 11:15AM EST.\r\n\r\nI am not expecting anything new from this rate decision. Yes, there are housing bubbles in Vancouver and Toronto, but I think that rate cuts now will fuel these bubbles and that is the last thing that Stephen Poloz, BOC Governor would want.\r\n\r\nThe commentary however, should be interesting.</li>\r\n 	<li>USD: We have Consumer Sentiment data on Thursday, and that is the pick of the US data releases for me.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-09042017.png\"><img class=\"aligncenter size-large wp-image-9364\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-09042017-1024x857.png\" alt=\"\" width=\"1024\" height=\"857\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9378\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9379\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9377\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +358 pips\r\nYEAR TO DATE:      +1,851 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>MY PROCESS (OF TRADING)</strong>\r\n\r\nWhere to start.\r\n\r\nSeveral weeks ago, I mentioned in the blog that I had received a few questions about my process in trade selection. I stated that I would come back to this sometime in the future. That future time is now.\r\n\r\nThere is no better time in my opinion than when geopolitical events risks are high to review your trade selection process.\r\n\r\nMy PROCESS: This is NOT analysis paralysis. This is RISK MANAGEMENT in action.\r\n\r\nIf you attend or watch on You Tube the WEEKLY FX DRIVE THRU – LIVE webinar, you will know that I have a core selection of LEAD INDICATORS that I will always look at first. However, as I have stated on so many occasions, in the FX market CORRELATIONS DO MATTER and I believe these should be looked at for verification and trade confidence.\r\n\r\nOne further parameter I look at that is not on these charts is a currency pairs overall trend / direction. Are the Daily, Weekly and Monthly charts all moving in the same direction? It is often said that “the trend is your friend”. I look at trend as well.\r\n\r\nThis week, I am not writing much; all my comments will be on the charts. I know that this can sometimes be painful opening chart after chart, but this is the clearest way to give my thoughts.\r\n\r\nI am always writing be calm, be patient, take smaller positions and place wider stops but at the same time position size accordingly to manage risk. Never are these words as important as they are right now in my opinion.\r\n\r\nAs you know correlations in all markets matter a great deal to me. They give assurance and confidence placing trades.\r\n\r\nI really hope that you find this chart by chart approach a good insight into my thoughts on how I approach the market and a demonstration of the care that goes into my thought process prior to posting a trade set up for my PREMIUM SERVICE subscribers.\r\n\r\nBelow, I list out what I call my LEAD INDICATOR charts. They include commodities, indexes, currencies and bonds. These combined and their inter-market relationships, give me confidence when placing trades. If they correlate correctly I have additional confidence placing a trade set up or live trade. In addition, do not forget when looking at an individual currency pair to trade I also check directional trends as well.\r\n\r\nBear in mind the PROCESS also helps you manage RISK. RISK MANAGEMENT leads to better trading consistency and enhances your bottom line.\r\n\r\nBelow, I am looking at the current position chart by chart to give me my overview of the market. From this I have my macro fundamentals based on <strong><u>now</u></strong> versus my <strong><u>longer-term fundamentals.</u></strong>\r\n\r\nThis therefore gives me my background to the trading charts when looking for high probability set ups and Technicals to match these fundamentals. I just call it MY PROCESS.\r\n\r\nUSD INDEX (DXY):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/DXY-09042017.png\"><img class=\"aligncenter size-large wp-image-9371\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/DXY-09042017-1024x508.png\" alt=\"\" width=\"1024\" height=\"508\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nXAU/USD (GOLD):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GOLD-09042017.png\"><img class=\"aligncenter size-large wp-image-9372\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GOLD-09042017-1024x510.png\" alt=\"\" width=\"1024\" height=\"510\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSOIL (WTi):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/WTi-09042017.png\"><img class=\"aligncenter size-large wp-image-9376\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/WTi-09042017-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nXCU/USD (COPPER):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/COPPER-09042017.png\"><img class=\"aligncenter size-large wp-image-9370\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/COPPER-09042017-1024x546.png\" alt=\"\" width=\"1024\" height=\"546\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSPX (S&amp;P 500):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/SPX500-09042017.png\"><img class=\"aligncenter size-large wp-image-9373\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/SPX500-09042017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUS10Y (US 10 YEAR NOTE):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/10TNOTES-09042017.png\"><img class=\"aligncenter size-large wp-image-9367\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/10TNOTES-09042017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/SEK:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDSEK-09042017.png\"><img class=\"aligncenter size-large wp-image-9375\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDSEK-09042017-1024x564.png\" alt=\"\" width=\"1024\" height=\"564\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-09042017.png\"><img class=\"aligncenter size-large wp-image-9374\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-09042017-1024x541.png\" alt=\"\" width=\"1024\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-09042017.png\"><img class=\"aligncenter size-large wp-image-9369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-09042017-1024x540.png\" alt=\"\" width=\"1024\" height=\"540\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDJPY-09042017.png\"><img class=\"aligncenter size-large wp-image-9368\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDJPY-09042017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a></u>\r\n\r\n&nbsp;\r\n\r\nMy PROCESS in a nutshell is research. It’s your money. Your broker only wants you to keep feeding your account with funds to replace poor trading.\r\n\r\nPROCESS… DISCIPLINE… TRADE PLAN… RISK MANAGEMENT… POSITION SIZING…\r\n\r\nAll of the above blur together for me. The PROCESS helped me stopping feeding my broker accounts. It was too easy not to think properly and just be reactive with trading. It was tantamount to gambling. It is lazy not to manage your trades based upon your RISK and its lazy not to get the best possible entry price.\r\n\r\nMy PROCESS eliminates RISK. It gives me red, amber and green lights.\r\n\r\nThere is a great deal of information and data to digest from the above charts. I know that some of you will think that this is analysis paralysis. Let me write it again this is RISK MANAGEMENT.\r\n\r\nThis is MY PROCESS. This process has generated over 40,000 pips in the past four years in net profits and it works for me.\r\n<ul>\r\n 	<li>Yes, I openly admit it is time consuming and cautious.</li>\r\n 	<li>Yes, I let many trades (100’s a year) pass by that I could have traded.</li>\r\n 	<li>Yes, it is a “steady Eddie” approach.</li>\r\n 	<li>Yes, it requires discipline.</li>\r\n 	<li>Yes, it requires a TRADE PLAN.</li>\r\n 	<li>Yes, this helps you with MANAGING RISK and POSITION SIZING.</li>\r\n 	<li>Yes, you can argue that process is slow.</li>\r\n 	<li>But it works.</li>\r\n</ul>\r\nIn my opinion to trade you must have a PLAN, a PROCESS to achieve trading longevity. This PROCESS works for me and although I can still get caught out at times, my PROCESS has saved me more times than I would like to mention.\r\n\r\nI am a serious longer-term trader that wants to be about in 10 years’ time and maybe even beyond that horizon. Without a PLAN / PROCESS I cannot see how you would achieve trading longevity.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #238 FREE NEWSLETTER\r\nDATE: 9th April 2017.\r\n\r\n&nbsp;','MY PROCESS (OF TRADING)','','inherit','closed','closed','','9391-revision-v1','','','2017-04-08 05:48:52','2017-04-08 10:48:52','',9391,'https://weeklyfxdrivethru.com/9391-revision-v1/',0,'revision','',0),(9394,16,'2017-04-11 10:42:16','2017-04-11 15:42:16','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LIVE-24022018.png\"><img class=\"aligncenter size-large wp-image-11013\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LIVE-24022018-1024x987.png\" alt=\"\" width=\"1024\" height=\"987\" /></a>','Live Trades','','publish','closed','closed','','live-trades','','','2018-02-23 17:34:13','2018-02-23 22:34:13','',0,'https://weeklyfxdrivethru.com/?page_id=9394',0,'page','',0),(9399,16,'2017-04-11 10:47:34','2017-04-11 15:47:34','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LIMIT-24022018.png\"><img class=\"aligncenter size-large wp-image-11012\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LIMIT-24022018-1024x758.png\" alt=\"\" width=\"1024\" height=\"758\" /></a>','Limit Orders','','publish','closed','closed','','limit-orders','','','2018-02-23 17:34:46','2018-02-23 22:34:46','',0,'https://weeklyfxdrivethru.com/?page_id=9399',0,'page','',0),(9434,1,'2017-04-14 17:21:28','2017-04-14 22:21:28','','USDCAD DAILY 16042017','','inherit','open','closed','','usdcad-daily-16042017','','','2017-04-14 19:09:57','2017-04-15 00:09:57','',9441,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-DAILY-16042017.png',0,'attachment','image/png',0),(9435,1,'2017-04-14 17:21:39','2017-04-14 22:21:39','','USDCHF DAILY 16042017','','inherit','open','closed','','usdchf-daily-16042017','','','2017-04-14 19:10:11','2017-04-15 00:10:11','',9441,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-DAILY-16042017.png',0,'attachment','image/png',0),(9821,1,'2017-08-05 05:54:33','2017-08-05 10:54:33','','TCHART 06082017','','inherit','open','closed','','tchart-06082017','','','2017-08-05 07:25:09','2017-08-05 12:25:09','',9836,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017.png',0,'attachment','image/png',0),(9402,16,'2017-04-11 10:49:54','2017-04-11 15:49:54',' ','','','publish','closed','closed','','9402','','','2017-12-13 13:38:49','2017-12-13 18:38:49','',0,'https://weeklyfxdrivethru.com/?p=9402',11,'nav_menu_item','',0),(9403,16,'2017-04-11 10:49:54','2017-04-11 15:49:54',' ','','','publish','closed','closed','','9403','','','2017-12-13 13:38:49','2017-12-13 18:38:49','',0,'https://weeklyfxdrivethru.com/?p=9403',10,'nav_menu_item','',0),(9455,1,'2017-04-21 09:10:17','2017-04-21 14:10:17','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am at the moment in the middle of packing, preparing for a house move from Quebec to Nova Scotia, which, is followed very quickly with a trip to New Zealand and Australia. In the full knowledge that over the next two months, I will be away from my office and screens for long periods at a time, I have been setting up my longer-term (POSITION) trades to reflect this. To accommodate our house move, this blog is the last one for two weeks, the next “DRIVE THRU” is scheduled for release on the 14th May.\r\n\r\nLast week and this coming week are shorter trading weeks to cover the Easter holidays, so trading volumes will be lower as traders look to add vacation days either side of the public holidays to take full advantage of time away from the office. This is a great time to conduct full chart reviews and analysis and, for me, knowing that I will be moving and traveling it allowed me time to build up a book of potential LIMIT ORDERS to add to my core positions.\r\n\r\nWhen will I learn? I have been writing and tweeting about the loose cannon “TRUMP” with his twitter account, stating be ready for the unexpected and trade nimble. Last Wednesday, my wife and I had a few action items to complete ahead of our house move. I left the house with my open trades in great shape. I was tempted to bank $$$ and take pips, but made the call that momentum and trends were in play and decided to review the open positions based upon Wednesday’s closing candles.\r\n\r\nFFS; TRUMP does it again. He walks back another key campaign promise by not declaring CHINA a currency manipulator, and jawbones the USD lower in a WSJ interview / article.\r\n\r\nThe result was the DXY fell from basically 101.00 down to just sub 100.00. Five limit orders triggered and my trading book inverted. Basically, I was looking at a sea of “red numbers” when returning home.\r\n\r\nI tweeted to subscribers that I expected pullbacks to occur through the following Asian and European sessions on Thursday. That did not happen to the extent that I had thought, but the New York session did the trick and I decided given the heightened geopolitical risk going into the Easter weekend to remove trades.\r\n\r\nWhilst, I did not really want to remove tiny profitable trades off the table, with what had happened the previous day and with warplanes in the sky and the fleet in the China Sea, to reduce RISK seemed sensible.  I took about 100 pips off the table in profits. It really is a grab ‘n’ go market at times.\r\n\r\nThroughout this entire market move, there appeared to be very few traders on twitter admitting to having suffered on this news event. Was I the only poor sod long the USD at that time?\r\n\r\nLooking at twitter it appears so… do I need to spell it out again about twitter?\r\n\r\nMoving on and back to “THE DONALD”\r\n\r\nHis dictatorship style must be pissing off his cabinet, he undermines Rex Tillerson and now by saying that China is NOT a currency manipulator he undermines and steals away the thunder from Steven Mnuchin’s treasury office review and report on Easter Monday about currency manipulation. This makes TRUMP himself responsible in a way for a LEAK of an official document ahead of its due date. I know he is the President and all that… but lead by fecking example. Keep it in your pants for God’s sake.\r\n\r\n<strong>FFS… “POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nThen in that same interview TRUMP jawboned the USD lower (that was the move talked about above), on the back of “people think I’m doing a great job and the USD has strengthened as a result but it’s too strong because of the confidence they have in me, it should be lower”.\r\n\r\nFFS… What a load of bollocks.\r\n\r\nTRUMP’S first 100 days would have been nothing short of a colossal F**K UP so far had he not carried out a missile strike on Syria and unloaded the MOAB (“Mother of All Bombs” on Afghanistan). The gun lobbyists and other far right sections of US society must be loving this. It’s like an episode of “Deadwood” gun-ho politics from the wild west in 2017.\r\n\r\nThe attacks are a distraction from the many main events, such as “THE DONALD” simply cannot figure out how to deal with career politicians. So, he’s not that smart, just a huge ego and there are still no “great deals”. Every campaign promise made with such confidence has so far been walked back. He is “flip- flopping” on the fundamentals he was elected for in his manifesto. So much for draining the swamp he is being consumed by the very aspect of D.C. he stated unequivocally that he would fix.\r\n\r\nObamacare; the repeal / replacement call it what you want, was an absolute failed dictatorship approach and the Republican party needs to look in the mirror and question their professionalism. After 8 years in the wings with time to prepare and given it was a front and centre policy for the election its failure to pass shows how poor U.S. politicians are. There are simply no excuses.\r\n\r\nWhere is his wall?\r\nWhere are the trade deals?\r\nWhat about taxes?\r\nWhat about all the infrastructure promises?\r\nWhat about the quick fix on repatriation of offshore US funds?\r\n\r\nI may be a little unfair with the above. Yes, I acknowledge that TRUMP alone won the election for the Republicans and he did it without a party machine behind him. It makes the Hillary Clinton failure even more catastrophic and shows that the Democrats were out of touch. The elitist approach taken by Hillary was doomed from day one, but like most leaders she surrounded herself with “YES” people.\r\n\r\nHowever, the first 100 days: So far; It’s just phony, the US voters have been seriously duped by TRUMP; It’s just ego and hairspray.\r\n\r\nFinally, on “THE DONALD”\r\n\r\nLet me get this off my chest….\r\n\r\nJawboning is a form of currency manipulation, just as Quantitative Easing (QE) is as well. The US was and still is in my opinion a CURRENCY MANIPULATOR and in more recent history was the first to promote manipulation following the 2008-9 Financial crash.\r\n\r\nRight now, I feel that the TRUMP administration so far is …\r\n\r\n<strong>NOTHING MORE THAN ”POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nI feel much better after that…\r\n\r\nLast week’s economic data was centered around the BOC interest rate decision and the Aussie Jobs, with the USD inflation and sentiment numbers.\r\n\r\nStephen Poloz at the BOC was basically a yawn fest. He spoke about improvements and the housing issues across Canada. He will do a Donald, and walk this back next time around. Watch this space.\r\n\r\nAussie jobs were a blowout; incredible numbers: - 61,000 new jobs versus the forecast of 21,000. The full-time / part-time ratios were impressive.\r\n\r\nWith regards to the US consumer confidence numbers; the Preliminary reading was at 98.00. This is big number and despite everything that I have observed and the media have played down, the positive TRUMP EFFECT feeling in the U.S. remains intact. Confidence in TRUMP and confidence in the U.S. economy is high. It was 98.6 in January after the Presidential inauguration and although it dipped for a bit, it is back up again.\r\n\r\nThe inflation aspect is still looking to be around the 2.5% mark in 2018. This number will fuel a whole host of issues regarding FED policy and TRUMP’S desire for low rates. The cynic in me says he wants low borrowing costs not as much for America but for his family business interests, which he longer has an interest in… yeah right, my arse!\r\n\r\nThen on Good Friday we had weak CPi Retail Sales data which basically shows from a macro and some might say micro level that the consumer is pulling back…. uncertain.\r\n\r\nContrasting U.S. data. One month’s data will not reverse FED policy but it clearly shows how difficult this stuff is to trend from a Central bank perspective.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#10 this Monday 17th April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\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/2017/04/ECON-DATA-16042017.png\"><img class=\"aligncenter size-large wp-image-9427\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-16042017-1024x749.png\" alt=\"\" width=\"1024\" height=\"749\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nNothing much this week for me from Economic Data releases, however, I think that geopolitical news will continue to dominate proceedings: -\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Friday. This is always going to be an interesting number to follow given the BREXIT process. The PMi numbers were largely disappointing; two out of three were poor.Consumer confidence and sales numbers are important to the UK especially at this time, given the inflation issues that are creeping into the UK economy. How will this inflation effect retail sales?</li>\r\n 	<li>OPEC: WE have a two-day OPEC meeting that concludes on the Saturday of next weekend.I know that one should be serious about OPEC but I do find the “CARTEL” similar to a bunch of misfits allegedly united. If history repeats itself the production cut will fall off the page the longer they try to keep it in place.\r\n\r\nI maintain my view expressed, almost every week, as I review WTi on the WEEKLY FX DRIVE THRU – LIVE WEBINAR, which is, that as soon as OIL hits $60.00 a barrel should it ever get there again, US Shale producers will be leaping back into the market in numbers. OIL is a pure and very simple supply and demand commodity.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017.png\"><img class=\"aligncenter size-large wp-image-9426\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017-1024x857.png\" alt=\"\" width=\"1024\" height=\"857\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9429\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017-1024x472.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/2017/04/GBPUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9431\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-DAILY-16042017-1024x472.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/2017/04/AUDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9428\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-DAILY-16042017-1024x472.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/2017/04/NZDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9432\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-DAILY-16042017-1024x472.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/2017/04/USDCAD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9434\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-DAILY-16042017-1024x472.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/2017/04/USDCHF-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9435\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-DAILY-16042017-1024x472.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/2017/04/USDJPY-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9436\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"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: +520 pips\r\nYEAR TO DATE:      +1,993 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<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&nbsp;\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>(Not available with this version of THE WEEKLY FX DRIVE THRU)</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<p style=\"text-align: center;\"><strong>FRENCH POLITICS and THE FED… MOVING FORWARD</strong></p>\r\nYou would probably think that from my commentary in the introduction I would be over my ranting and positioning on my soapbox?\r\n\r\nThink again; as you know I love politics and I believe that politics and forex are so closely inter-twinned, the push ‘n pull relationship is hard to break apart and dissect. At times the FX BLOG can be very POLITICAL in places.\r\n\r\nThe title FRENCH POLITICS and THE FED is a little misleading. It is my blog, my thoughts and opinions so I can collate titles and themes as I want to.\r\n\r\nWhere to start: -\r\n\r\nFRENCH POLITICS:\r\n\r\nThe single currency has been under tremendous down side pressure in the past two weeks. All rallies have been selling opportunities and have been well capped.\r\n\r\nTechnical traders are both confused and baffled at the same time as to why the market can see no value in the EUR from spikes and potential sentiment changes.\r\n\r\nFundamentals will trump technicals and we are in a news driven market at the moment where geopolitical news trumps everything. I would rather trust fundamentals in the current market above all else.\r\n\r\nThe French Presidential election has opened a new chapter and the balance of persuasion is shifting. Let me elaborate on my thoughts as to why those pen pushing, desk sucking, jotter blotters in Brussels have twitchy bottoms.\r\n\r\nUp until about three weeks ago, the race for the next President of France was by all accounts a done deal. The pundits had done all their calculations and basically it was most likely to be either a Le Pen or Macron victory in the first round of voting with both going through to the second round with Macron beating Le Pen by a hefty margin.\r\n\r\nIt has been a tame French Presidential election so far, with only the odd scandal, no stories involving the front runners with a sex scandal involving a wet lettuce, whipped cream and an egg whisk. All was relatively calm for a French election.\r\n\r\nEnter, the far-left candidate Jean-Luc Melenchon.\r\n\r\nFrance has always been a sucker for unionism and being bolshie, Holy Mother of God all the poor French laws that once existed in France, now repealed, are still alive and thriving here in Quebec!! There is a state of “Non-Satiety” here in Quebec, no let up at all.\r\n\r\nBack to my point…\r\n\r\nThe latest election poll from Ipsos-Sterna for newspaper Le Monde shows the following: -\r\n\r\nApril 23rd, 2017 first round voting: -\r\n\r\nEmmanuel Macron (Centrist Party):         22%\r\nMarine Le Pen (French National Front): 22%\r\nJean-Luc Melenchon (Far Left):               20%\r\nFrancois Fillon (Conservative):                 19%\r\n\r\n(Second round voting is on May 7th, 2017)\r\n\r\nAs I said, I love politics, and the above positions say several things to me.\r\n<ol>\r\n 	<li>If this poll is accurate. This election is too close to call.</li>\r\n 	<li>How on earth can you say with any degree of confidence who will progress into the second round?</li>\r\n</ol>\r\nThe question that leaps off the page at me is the following, and, I think that this is one major reason why the single currency is un-ceremonially dumped on spikes.\r\n\r\nDo you think that Far Left and Far Right voters would unite in a second round of voting against the mainstream thinking?\r\n\r\nIf so… there is a huge chance that a populist candidate could be victorious and then its bye bye Brussels, bye bye EUR and probably bye bye the EUROPEAN UNION.\r\n\r\nYou can see from the chart below that the EUR/USD is sold aggressively into the 1.0665 – 1.0690 level. The extended wicks back up my thoughts of the market seeing no value as there is no following through.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017.png\"><img class=\"aligncenter size-large wp-image-9430\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\nTHE FED:\r\n\r\nAbsolutely no connection to the FRENCH POLITICAL scene but just as intriguing.\r\n\r\nI am going to re-visit this in detail, I just have to.\r\n\r\nThe following is all my theory based upon the re-appointments due with the FED.\r\n\r\nAt this moment in time I believe that TRUMP is going to try to remove the FED’S independence. I see TRUMP as a currency manipulator himself and it would not surprise me to see him exert control on U.S. interest rates moving forward.\r\n\r\nI believe he will approach the FED in a stealth manner / style of approach.\r\n\r\nIn the next 12 months. Both Janet Yellen, Fed Chair and, Stanley Fischer, Deputy Chairman plus 3 board members need to be replaced as there are vacancies, plus we have the usual round–robin of voting to non-voting members being shuffled.\r\n\r\n“THE DONALD” believes he is so popular and that to fuel his popularity further, keeping a lid on interest rates would serve him better based upon his future policies that he hopes to push through.\r\n\r\nThe FED who are trying to normalize monetary policy are screwing with his plans.\r\n\r\nHe has the chance to appoint nothing but “DOVES” to the board in all capacities and effectively “cook the books”, to fiddle policy moving forward to meet his administrations objectives.\r\n\r\nHe would make it his business to have a hold over those “newbies” appointed. It’s what he does.\r\n\r\nTherefore, with White House influence “THE DONNALD” will become in my opinion the biggest currency manipulator of all time\r\n\r\nCould this happen?\r\n\r\nDoes he just need to sign an executive order to make it so?\r\n\r\nWill he drive this thru a Republican owned congress?\r\n\r\nFrom a trading perspective, we must be ready for something here in my opinion. My entire year is based a huge amount upon central bank monetary policy divergence. Instead… it could be based on a new race to the bottom.\r\n\r\nThink about that over the next two weeks whilst I am moving house….\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #239 FREE NEWSLETTER\r\nDATE: 16th April 2017.','FOR GOD’S SAKE, THIS IS NOTHING MORE THAN ”POT KETTLE BLACK, EGO, HAIRSPRAY, TWEETS & FLIP 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00:10:23','',9441,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-DAILY-16042017.png',0,'attachment','image/png',0),(9576,1,'2017-06-24 05:57:47','2017-06-24 10:57:47','','DXY 25062017','','inherit','open','closed','','dxy-25062017','','','2017-06-24 06:10:31','2017-06-24 11:10:31','',9591,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/DXY-25062017.png',0,'attachment','image/png',0),(9577,1,'2017-06-24 05:57:52','2017-06-24 10:57:52','','GBPUSD 25062017','','inherit','open','closed','','gbpusd-25062017','','','2017-06-24 06:12:35','2017-06-24 11:12:35','',9591,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017.png',0,'attachment','image/png',0),(9442,1,'2017-04-14 19:15:30','2017-04-15 00:15:30','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am at the moment in the middle of packing, preparing for a house move from Quebec to Nova Scotia, which, is followed very quickly with a trip to New Zealand and Australia. In the full knowledge that over the next two months, I will be away from my office and screens for long periods at a time, I have been setting up my longer-term (POSITION) trades to reflect this. To accommodate our house move, this blog is the last one for two weeks, the next “DRIVE THRU” is scheduled for release on the 14th May.\r\n\r\nLast week and this coming week are shorter trading weeks to cover the Easter holidays, so trading volumes will be lower as traders look to add vacation days either side of the public holidays to take full advantage of time away from the office. This is a great time to conduct full chart reviews and analysis and, for me, knowing that I will be moving and traveling it allowed me time to build up a book of potential LIMIT ORDERS to add to my core positions.\r\n\r\nWhen will I learn? I have been writing and tweeting about the loose cannon “TRUMP” with his twitter account, stating be ready for the unexpected and trade nimble. Last Wednesday, my wife and I had a few action items to complete ahead of our house move. I left the house with my open trades in great shape. I was tempted to bank $$$ and take pips, but made the call that momentum and trends were in play and decided to review the open positions based upon Wednesday’s closing candles.\r\n\r\nFFS; TRUMP does it again. He walks back another key campaign promise by not declaring CHINA a currency manipulator, and jawbones the USD lower in a WSJ interview / article.\r\n\r\nThe result was the DXY fell from basically 101.00 down to just sub 100.00. Five limit orders triggered and my trading book inverted. Basically, I was looking at a sea of “red numbers” when returning home.\r\n\r\nI tweeted to subscribers that I expected pullbacks to occur through the following Asian and European sessions on Thursday. That did not happen to the extent that I had thought, but the New York session did the trick and I decided given the heightened geopolitical risk going into the Easter weekend to remove trades.\r\n\r\nWhilst, I did not really want to remove tiny profitable trades off the table, with what had happened the previous day and with warplanes in the sky and the fleet in the China Sea, to reduce RISK seemed sensible.  I took about 100 pips off the table in profits. It really is a grab ‘n’ go market at times.\r\n\r\nThroughout this entire market move, there appeared to be very few traders on twitter admitting to having suffered on this news event. Was I the only poor sod long the USD at that time?\r\n\r\nLooking at twitter it appears so… do I need to spell it out again about twitter?\r\n\r\nMoving on and back to “THE DONALD”\r\n\r\nHis dictatorship style must be pissing off his cabinet, he undermines Rex Tillerson and now by saying that China is NOT a currency manipulator he undermines and steals away the thunder from Steven Mnuchin’s treasury office review and report on Easter Monday about currency manipulation. This makes TRUMP himself responsible in a way for a LEAK of an official document ahead of its due date. I know he is the President and all that… but lead by fecking example. Keep it in your pants for God’s sake.\r\n\r\n<strong>FFS… “POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nThen in that same interview TRUMP jawboned the USD lower (that was the move talked about above), on the back of “people think I’m doing a great job and the USD has strengthened as a result but it’s too strong because of the confidence they have in me, it should be lower”.\r\n\r\nFFS… What a load of bollocks.\r\n\r\nTRUMP’S first 100 days would have been nothing short of a colossal F**K UP so far had he not carried out a missile strike on Syria and unloaded the MOAB (“Mother of All Bombs” on Afghanistan). The gun lobbyists and other far right sections of US society must be loving this. It’s like an episode of “Deadwood” gun-ho politics from the wild west in 2017.\r\n\r\nThe attacks are a distraction from the many main events, such as “THE DONALD” simply cannot figure out how to deal with career politicians. So, he’s not that smart, just a huge ego and there are still no “great deals”. Every campaign promise made with such confidence has so far been walked back. He is “flip- flopping” on the fundamentals he was elected for in his manifesto. So much for draining the swamp he is being consumed by the very aspect of D.C. he stated unequivocally that he would fix.\r\n\r\nObamacare; the repeal / replacement call it what you want, was an absolute failed dictatorship approach and the Republican party needs to look in the mirror and question their professionalism. After 8 years in the wings with time to prepare and given it was a front and centre policy for the election its failure to pass shows how poor U.S. politicians are. There are simply no excuses.\r\n<p style=\"text-align: center;\">Where is his wall?\r\nWhere are the trade deals?\r\nWhat about taxes?\r\nWhat about all the infrastructure promises?\r\nWhat about the quick fix on repatriation of offshore US funds?</p>\r\nI may be a little unfair with the above. Yes, I acknowledge that TRUMP alone won the election for the Republicans and he did it without a party machine behind him. It makes the Hillary Clinton failure even more catastrophic and shows that the Democrats were out of touch. The elitist approach taken by Hillary was doomed from day one, but like most leaders she surrounded herself with “YES” people.\r\n\r\nHowever, the first 100 days: So far; It’s just phony, the US voters have been seriously duped by TRUMP; It’s just ego and hairspray.\r\n\r\nFinally, on “THE DONALD”\r\n\r\nLet me get this off my chest….\r\n\r\nJawboning is a form of currency manipulation, just as Quantitative Easing (QE) is as well. The US was and still is in my opinion a CURRENCY MANIPULATOR and in more recent history was the first to promote manipulation following the 2008-9 Financial crash.\r\n\r\nRight now, I feel that the TRUMP administration so far is …\r\n\r\n<strong>NOTHING MORE THAN\r\n”POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nI feel much better after that…\r\n\r\nLast week’s economic data was centered around the BOC interest rate decision and the Aussie Jobs, with the USD inflation and sentiment numbers.\r\n\r\nStephen Poloz at the BOC was basically a yawn fest. He spoke about improvements and the housing issues across Canada. He will do a Donald, and walk this back next time around. Watch this space.\r\n\r\nAussie jobs were a blowout; incredible numbers: - 61,000 new jobs versus the forecast of 21,000. The full-time / part-time ratios were impressive.\r\n\r\nWith regards to the US consumer confidence numbers; the Preliminary reading was at 98.00. This is big number and despite everything that I have observed and the media have played down, the positive TRUMP EFFECT feeling in the U.S. remains intact. Confidence in TRUMP and confidence in the U.S. economy is high. It was 98.6 in January after the Presidential inauguration and although it dipped for a bit, it is back up again.\r\n\r\nThe inflation aspect is still looking to be around the 2.5% mark in 2018. This number will fuel a whole host of issues regarding FED policy and TRUMP’S desire for low rates. The cynic in me says he wants low borrowing costs not as much for America but for his family business interests, which he longer has an interest in… yeah right, my arse!\r\n\r\nThen on Good Friday we had weak CPi Retail Sales data which basically shows from a macro and some might say micro level that the consumer is pulling back…. uncertain.\r\n\r\nContrasting U.S. data. One month’s data will not reverse FED policy but it clearly shows how difficult this stuff is to trend from a Central bank perspective.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#10 this Monday 17th April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\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/2017/04/ECON-DATA-16042017.png\"><img class=\"aligncenter size-large wp-image-9427\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-16042017-1024x749.png\" alt=\"\" width=\"1024\" height=\"749\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nNothing much this week for me from Economic Data releases, however, I think that geopolitical news will continue to dominate proceedings: -\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Friday. This is always going to be an interesting number to follow given the BREXIT process. The PMi numbers were largely disappointing; two out of three were poor.\r\n\r\nConsumer confidence and sales numbers are important to the UK especially at this time, given the inflation issues that are creeping into the UK economy. How will this inflation effect retail sales?</li>\r\n 	<li>OPEC: WE have a two-day OPEC meeting that concludes on the Saturday of next weekend.\r\n\r\nI know that one should be serious about OPEC but I do find the “CARTEL” similar to a bunch of misfits allegedly united. If history repeats itself the production cut will fall off the page the longer they try to keep it in place.\r\n\r\nI maintain my view expressed, almost every week, as I review WTi on the WEEKLY FX DRIVE THRU – LIVE WEBINAR, which is, that as soon as OIL hits $60.00 a barrel should it ever get there again, US Shale producers will be leaping back into the market in numbers. OIL is a pure and very simple supply and demand commodity.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017.png\"><img class=\"aligncenter size-large wp-image-9426\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017-1024x857.png\" alt=\"\" width=\"1024\" height=\"857\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9429\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017-1024x472.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/2017/04/GBPUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9431\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-DAILY-16042017-1024x472.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/2017/04/AUDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9428\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-DAILY-16042017-1024x472.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/2017/04/NZDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9432\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-DAILY-16042017-1024x472.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/2017/04/USDCAD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9434\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-DAILY-16042017-1024x472.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/2017/04/USDCHF-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9435\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-DAILY-16042017-1024x472.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/2017/04/USDJPY-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9436\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a>\r\n\r\n<strong> </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: +520 pips\r\nYEAR TO DATE:      +1,993 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<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nSo much for my TRADING PLAN being able to continue for a second week. The WSJ journal saw to that. Rather than bank about 150 pips and some nice $$$, 5 new limit order trades triggered and spiked further and the previous positive trades all turned negative. Those trades which were just bouncing around acceptable negative levels pushed further away from my entry levels and in one fell swoop I had gone from a POSITION trader to a RELIGIOUS trader.\r\n\r\nAfter more hasty analysis, I decided to live with the negative positions a little longer on the basis that many trades were when things settle down hedged trades, although, immediately after the TRUMPANTICS it was a little hard to see the hedges!!\r\n\r\nAs mentioned earlier deciding that geopolitical RISK was high, it made sense with a very long low liquidity weekend, to take $$$ and pips off the table. So, I removed a bunch of trades that were in the black.\r\n\r\nBack to the start of the week…\r\n\r\nWhat really bugged me from the start of the week was that two trades, EUR/JPY and NZD/JPY shorts failed to trigger by about 20-30 pips. Both these pairs dropped dramatically during the week and a good +250 pips was lost. Annoying and frustrating but this happens.\r\n\r\nThe market is difficult. I know of several traders who got long GBP cross rates only to have them all blow up in their faces in a matter of minutes. Just when you believe that there is a trend or a directional trade the levels fail and the planned trade is sidelined or just trashed.\r\n\r\nAs I have stated before, whilst I am not 100% happy at the moment with overall trading results I still believe that I am set up the right way to capitalize down the line. It is a waiting game and one should be patient. Patience is critical to success in trading, without patience you will never achieve longevity.\r\n\r\nI dread to think if I was to add up all the hours spent in front of machines, waiting, watching patiently doing nothing, how many hours a week, month or year would the total be?\r\n\r\nIn the week, a net +142 pips were added to my totals, which was, not brilliant by any stretch but it was still a positive n umber.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>EUR/USD and USD/CHF: - I still have capacity for more trades. I removed a couple of trades very cheaply on Thursday last week. I have already started adding them back and will add more this week.</li>\r\n 	<li>GBP/USD: - Nothing has really changed in my opinion, I am still looking for value to add again.</li>\r\n 	<li>EUR/GBP: - Nothing has changed for me with this pair.\r\n\r\nI am still somewhat nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.</li>\r\n 	<li>NZD/USD, AUD/NZD and EUR/NZD: - These are all trades based on NZD weakness. I have made no secret in my belief that fair value for the NZD/USD is closer to 0.6000. This is about right given that the AUD/USD is valued at 0.6500 according to the NAB.\r\n\r\nI will keep adding trades moving forward.</li>\r\n 	<li>AUD/USD: - I am looking to add several more positions with the CORE POSITION moving forward.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-TRADES-14042017.png\"><img class=\"aligncenter size-large wp-image-9421\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-TRADES-14042017-816x1024.png\" alt=\"\" width=\"816\" height=\"1024\" /></a>\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIMIT-ORDERS-14042017.png\"><img class=\"aligncenter size-large wp-image-9420\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIMIT-ORDERS-14042017-907x1024.png\" alt=\"\" width=\"907\" 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&nbsp;\r\n\r\n<strong>FRENCH POLITICS and THE FED… MOVING FORWARD</strong><strong> </strong>\r\n\r\nYou would probably think that from my commentary in the introduction I would be over my ranting and positioning on my soapbox?\r\n\r\nThink again; as you know I love politics and I believe that politics and forex are so closely inter-twinned, the push ‘n pull relationship is hard to break apart and dissect. At times the FX BLOG can be very POLITICAL in places.\r\n\r\nThe title FRENCH POLITICS and THE FED is a little misleading. It is my blog, my thoughts and opinions so I can collate titles and themes as I want to.\r\n\r\nWhere to start: -\r\n\r\nFRENCH POLITICS:\r\n\r\nThe single currency has been under tremendous down side pressure in the past two weeks. All rallies have been selling opportunities and have been well capped.\r\n\r\nTechnical traders are both confused and baffled at the same time as to why the market can see no value in the EUR from spikes and potential sentiment changes.\r\n\r\nFundamentals will trump technicals and we are in a news driven market at the moment where geopolitical news trumps everything. I would rather trust fundamentals in the current market above all else.\r\n\r\nThe French Presidential election has opened a new chapter and the balance of persuasion is shifting. Let me elaborate on my thoughts as to why those pen pushing, desk sucking, jotter blotters in Brussels have twitchy bottoms.\r\n\r\nUp until about three weeks ago, the race for the next President of France was by all accounts a done deal. The pundits had done all their calculations and basically it was most likely to be either a Le Pen or Macron victory in the first round of voting with both going through to the second round with Macron beating Le Pen by a hefty margin.\r\n\r\nIt has been a tame French Presidential election so far, with only the odd scandal, no stories involving the front runners with a sex scandal involving a wet lettuce, whipped cream and an egg whisk. All was relatively calm for a French election.\r\n\r\nEnter, the far-left candidate Jean-Luc Melenchon.\r\n\r\nFrance has always been a sucker for unionism and being bolshie, Holy Mother of God all the poor French laws that once existed in France, now repealed, are still alive and thriving here in Quebec!! There is a state of “Non-Satiety” here in Quebec, no let up at all.\r\n\r\nBack to my point…\r\n\r\nThe latest election poll from Ipsos-Sterna for newspaper Le Monde shows the following: -\r\n\r\nApril 23rd, 2017 first round voting: -\r\n\r\nEmmanuel Macron (Centrist Party):         22%\r\nMarine Le Pen (French National Front): 22%\r\nJean-Luc Melenchon (Far Left):               20%\r\nFrancois Fillon (Conservative):                 19%\r\n\r\n(Second round voting is on May 7th, 2017)\r\n\r\nAs I said, I love politics, and the above positions say several things to me.\r\n<ol>\r\n 	<li>If this poll is accurate. This election is too close to call.</li>\r\n 	<li>How on earth can you say with any degree of confidence who will progress into the second round?</li>\r\n</ol>\r\nThe question that leaps off the page at me is the following, and, I think that this is one major reason why the single currency is un-ceremonially dumped on spikes.\r\n\r\nDo you think that Far Left and Far Right voters would unite in a second round of voting against the mainstream thinking?\r\n\r\nIf so… there is a huge chance that a populist candidate could be victorious and then its bye bye Brussels, bye bye EUR and probably bye bye the EUROPEAN UNION.\r\n\r\nYou can see from the chart below that the EUR/USD is sold aggressively into the 1.0665 – 1.0690 level. The extended wicks back up my thoughts of the market seeing no value as there is no following through.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017.png\"><img class=\"aligncenter size-large wp-image-9430\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\nTHE FED:\r\n\r\nAbsolutely no connection to the FRENCH POLITICAL scene but just as intriguing.\r\n\r\nI am going to re-visit this in detail, I just have to.\r\n\r\nThe following is all my theory based upon the re-appointments due with the FED.\r\n\r\nAt this moment in time I believe that TRUMP is going to try to remove the FED’S independence. I see TRUMP as a currency manipulator himself and it would not surprise me to see him exert control on U.S. interest rates moving forward.\r\n\r\nI believe he will approach the FED in a stealth manner / style of approach.\r\n\r\nIn the next 12 months. Both Janet Yellen, Fed Chair and, Stanley Fischer, Deputy Chairman plus 3 board members need to be replaced as there are vacancies, plus we have the usual round–robin of voting to non-voting members being shuffled.\r\n\r\n“THE DONALD” believes he is so popular and that to fuel his popularity further, keeping a lid on interest rates would serve him better based upon his future policies that he hopes to push through.\r\n\r\nThe FED who are trying to normalize monetary policy are screwing with his plans.\r\n\r\nHe has the chance to appoint nothing but “DOVES” to the board in all capacities and effectively “cook the books”, to fiddle policy moving forward to meet his administrations objectives.\r\n\r\nHe would make it his business to have a hold over those “newbies” appointed. It’s what he does.\r\n\r\nTherefore, with White House influence “THE DONNALD” will become in my opinion the biggest currency manipulator of all time\r\n\r\nCould this happen?\r\n\r\nDoes he just need to sign an executive order to make it so?\r\n\r\nWill he drive this thru a Republican owned congress?\r\n\r\nFrom a trading perspective, we must be ready for something here in my opinion. My entire year is based a huge amount upon central bank monetary policy divergence. Instead… it could be based on a new race to the bottom.\r\n\r\nThink about that over the next two weeks whilst I am moving house….\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\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: #135 THE PREMIUM SERVICE\r\nDATE: 16th April 2017','FOR GOD’S SAKE, THIS IS NOTHING MORE THAN ”POT KETTLE BLACK, EGO, HAIRSPRAY, TWEETS & FLIP FLOPPING”','','inherit','closed','closed','','9441-revision-v1','','','2017-04-14 19:15:30','2017-04-15 00:15:30','',9441,'https://weeklyfxdrivethru.com/9441-revision-v1/',0,'revision','',0),(9443,1,'2017-04-15 12:17:49','2017-04-15 17:17:49','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am at the moment in the middle of packing, preparing for a house move from Quebec to Nova Scotia, which, is followed very quickly with a trip to New Zealand and Australia. In the full knowledge that over the next two months, I will be away from my office and screens for long periods at a time, I have been setting up my longer-term (POSITION) trades to reflect this. To accommodate our house move, this blog is the last one for two weeks, the next “DRIVE THRU” is scheduled for release on the 14th May.\r\n\r\nLast week and this coming week are shorter trading weeks to cover the Easter holidays, so trading volumes will be lower as traders look to add vacation days either side of the public holidays to take full advantage of time away from the office. This is a great time to conduct full chart reviews and analysis and, for me, knowing that I will be moving and traveling it allowed me time to build up a book of potential LIMIT ORDERS to add to my core positions.\r\n\r\nWhen will I learn? I have been writing and tweeting about the loose cannon “TRUMP” with his twitter account, stating be ready for the unexpected and trade nimble. Last Wednesday, my wife and I had a few action items to complete ahead of our house move. I left the house with my open trades in great shape. I was tempted to bank $$$ and take pips, but made the call that momentum and trends were in play and decided to review the open positions based upon Wednesday’s closing candles.\r\n\r\nFFS; TRUMP does it again. He walks back another key campaign promise by not declaring CHINA a currency manipulator, and jawbones the USD lower in a WSJ interview / article.\r\n\r\nThe result was the DXY fell from basically 101.00 down to just sub 100.00. Five limit orders triggered and my trading book inverted. Basically, I was looking at a sea of “red numbers” when returning home.\r\n\r\nI tweeted to subscribers that I expected pullbacks to occur through the following Asian and European sessions on Thursday. That did not happen to the extent that I had thought, but the New York session did the trick and I decided given the heightened geopolitical risk going into the Easter weekend to remove trades.\r\n\r\nWhilst, I did not really want to remove tiny profitable trades off the table, with what had happened the previous day and with warplanes in the sky and the fleet in the China Sea, to reduce RISK seemed sensible.  I took about 100 pips off the table in profits. It really is a grab ‘n’ go market at times.\r\n\r\nThroughout this entire market move, there appeared to be very few traders on twitter admitting to having suffered on this news event. Was I the only poor sod long the USD at that time?\r\n\r\nLooking at twitter it appears so… do I need to spell it out again about twitter?\r\n\r\nMoving on and back to “THE DONALD”\r\n\r\nHis dictatorship style must be pissing off his cabinet, he undermines Rex Tillerson and now by saying that China is NOT a currency manipulator he undermines and steals away the thunder from Steven Mnuchin’s treasury office review and report on Easter Monday about currency manipulation. This makes TRUMP himself responsible in a way for a LEAK of an official document ahead of its due date. I know he is the President and all that… but lead by fecking example. Keep it in your pants for God’s sake.\r\n\r\n<strong>FFS… “POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nThen in that same interview TRUMP jawboned the USD lower (that was the move talked about above), on the back of “people think I’m doing a great job and the USD has strengthened as a result but it’s too strong because of the confidence they have in me, it should be lower”.\r\n\r\nFFS… What a load of bollocks.\r\n\r\nTRUMP’S first 100 days would have been nothing short of a colossal F**K UP so far had he not carried out a missile strike on Syria and unloaded the MOAB (“Mother of All Bombs” on Afghanistan). The gun lobbyists and other far right sections of US society must be loving this. It’s like an episode of “Deadwood” gun-ho politics from the wild west in 2017.\r\n\r\nThe attacks are a distraction from the many main events, such as “THE DONALD” simply cannot figure out how to deal with career politicians. So, he’s not that smart, just a huge ego and there are still no “great deals”. Every campaign promise made with such confidence has so far been walked back. He is “flip- flopping” on the fundamentals he was elected for in his manifesto. So much for draining the swamp he is being consumed by the very aspect of D.C. he stated unequivocally that he would fix.\r\n\r\nObamacare; the repeal / replacement call it what you want, was an absolute failed dictatorship approach and the Republican party needs to look in the mirror and question their professionalism. After 8 years in the wings with time to prepare and given it was a front and centre policy for the election its failure to pass shows how poor U.S. politicians are. There are simply no excuses.\r\n\r\nWhere is his wall?\r\nWhere are the trade deals?\r\nWhat about taxes?\r\nWhat about all the infrastructure promises?\r\nWhat about the quick fix on repatriation of offshore US funds?\r\n\r\nI may be a little unfair with the above. Yes, I acknowledge that TRUMP alone won the election for the Republicans and he did it without a party machine behind him. It makes the Hillary Clinton failure even more catastrophic and shows that the Democrats were out of touch. The elitist approach taken by Hillary was doomed from day one, but like most leaders she surrounded herself with “YES” people.\r\n\r\nHowever, the first 100 days: So far; It’s just phony, the US voters have been seriously duped by TRUMP; It’s just ego and hairspray.\r\n\r\nFinally, on “THE DONALD”\r\n\r\nLet me get this off my chest….\r\n\r\nJawboning is a form of currency manipulation, just as Quantitative Easing (QE) is as well. The US was and still is in my opinion a CURRENCY MANIPULATOR and in more recent history was the first to promote manipulation following the 2008-9 Financial crash.\r\n\r\nRight now, I feel that the TRUMP administration so far is …\r\n\r\n<strong>NOTHING MORE THAN ”POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nI feel much better after that…\r\n\r\nLast week’s economic data was centered around the BOC interest rate decision and the Aussie Jobs, with the USD inflation and sentiment numbers.\r\n\r\nStephen Poloz at the BOC was basically a yawn fest. He spoke about improvements and the housing issues across Canada. He will do a Donald, and walk this back next time around. Watch this space.\r\n\r\nAussie jobs were a blowout; incredible numbers: - 61,000 new jobs versus the forecast of 21,000. The full-time / part-time ratios were impressive.\r\n\r\nWith regards to the US consumer confidence numbers; the Preliminary reading was at 98.00. This is big number and despite everything that I have observed and the media have played down, the positive TRUMP EFFECT feeling in the U.S. remains intact. Confidence in TRUMP and confidence in the U.S. economy is high. It was 98.6 in January after the Presidential inauguration and although it dipped for a bit, it is back up again.\r\n\r\nThe inflation aspect is still looking to be around the 2.5% mark in 2018. This number will fuel a whole host of issues regarding FED policy and TRUMP’S desire for low rates. The cynic in me says he wants low borrowing costs not as much for America but for his family business interests, which he longer has an interest in… yeah right, my arse!\r\n\r\nThen on Good Friday we had weak CPi Retail Sales data which basically shows from a macro and some might say micro level that the consumer is pulling back…. uncertain.\r\n\r\nContrasting U.S. data. One month’s data will not reverse FED policy but it clearly shows how difficult this stuff is to trend from a Central bank perspective.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#10 this Monday 17th April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\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/2017/04/ECON-DATA-16042017.png\"><img class=\"aligncenter size-large wp-image-9427\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-16042017-1024x749.png\" alt=\"\" width=\"1024\" height=\"749\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nNothing much this week for me from Economic Data releases, however, I think that geopolitical news will continue to dominate proceedings: -\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Friday. This is always going to be an interesting number to follow given the BREXIT process. The PMi numbers were largely disappointing; two out of three were poor.Consumer confidence and sales numbers are important to the UK especially at this time, given the inflation issues that are creeping into the UK economy. How will this inflation effect retail sales?</li>\r\n 	<li>OPEC: WE have a two-day OPEC meeting that concludes on the Saturday of next weekend.I know that one should be serious about OPEC but I do find the “CARTEL” similar to a bunch of misfits allegedly united. If history repeats itself the production cut will fall off the page the longer they try to keep it in place.\r\n\r\nI maintain my view expressed, almost every week, as I review WTi on the WEEKLY FX DRIVE THRU – LIVE WEBINAR, which is, that as soon as OIL hits $60.00 a barrel should it ever get there again, US Shale producers will be leaping back into the market in numbers. OIL is a pure and very simple supply and demand commodity.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017.png\"><img class=\"aligncenter size-large wp-image-9426\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017-1024x857.png\" alt=\"\" width=\"1024\" height=\"857\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9429\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017-1024x472.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/2017/04/GBPUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9431\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-DAILY-16042017-1024x472.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/2017/04/AUDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9428\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-DAILY-16042017-1024x472.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/2017/04/NZDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9432\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-DAILY-16042017-1024x472.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/2017/04/USDCAD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9434\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-DAILY-16042017-1024x472.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/2017/04/USDCHF-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9435\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-DAILY-16042017-1024x472.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/2017/04/USDJPY-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9436\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"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: +520 pips\r\nYEAR TO DATE:      +1,993 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<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&nbsp;\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>(Not available with this version of THE WEEKLY FX DRIVE THRU)</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<p style=\"text-align: center;\"><strong>FRENCH POLITICS and THE FED… MOVING FORWARD</strong></p>\r\nYou would probably think that from my commentary in the introduction I would be over my ranting and positioning on my soapbox?\r\n\r\nThink again; as you know I love politics and I believe that politics and forex are so closely inter-twinned, the push ‘n pull relationship is hard to break apart and dissect. At times the FX BLOG can be very POLITICAL in places.\r\n\r\nThe title FRENCH POLITICS and THE FED is a little misleading. It is my blog, my thoughts and opinions so I can collate titles and themes as I want to.\r\n\r\nWhere to start: -\r\n\r\nFRENCH POLITICS:\r\n\r\nThe single currency has been under tremendous down side pressure in the past two weeks. All rallies have been selling opportunities and have been well capped.\r\n\r\nTechnical traders are both confused and baffled at the same time as to why the market can see no value in the EUR from spikes and potential sentiment changes.\r\n\r\nFundamentals will trump technicals and we are in a news driven market at the moment where geopolitical news trumps everything. I would rather trust fundamentals in the current market above all else.\r\n\r\nThe French Presidential election has opened a new chapter and the balance of persuasion is shifting. Let me elaborate on my thoughts as to why those pen pushing, desk sucking, jotter blotters in Brussels have twitchy bottoms.\r\n\r\nUp until about three weeks ago, the race for the next President of France was by all accounts a done deal. The pundits had done all their calculations and basically it was most likely to be either a Le Pen or Macron victory in the first round of voting with both going through to the second round with Macron beating Le Pen by a hefty margin.\r\n\r\nIt has been a tame French Presidential election so far, with only the odd scandal, no stories involving the front runners with a sex scandal involving a wet lettuce, whipped cream and an egg whisk. All was relatively calm for a French election.\r\n\r\nEnter, the far-left candidate Jean-Luc Melenchon.\r\n\r\nFrance has always been a sucker for unionism and being bolshie, Holy Mother of God all the poor French laws that once existed in France, now repealed, are still alive and thriving here in Quebec!! There is a state of “Non-Satiety” here in Quebec, no let up at all.\r\n\r\nBack to my point…\r\n\r\nThe latest election poll from Ipsos-Sterna for newspaper Le Monde shows the following: -\r\n\r\nApril 23rd, 2017 first round voting: -\r\n\r\nEmmanuel Macron (Centrist Party):         22%\r\nMarine Le Pen (French National Front): 22%\r\nJean-Luc Melenchon (Far Left):               20%\r\nFrancois Fillon (Conservative):                 19%\r\n\r\n(Second round voting is on May 7th, 2017)\r\n\r\nAs I said, I love politics, and the above positions say several things to me.\r\n<ol>\r\n 	<li>If this poll is accurate. This election is too close to call.</li>\r\n 	<li>How on earth can you say with any degree of confidence who will progress into the second round?</li>\r\n</ol>\r\nThe question that leaps off the page at me is the following, and, I think that this is one major reason why the single currency is un-ceremonially dumped on spikes.\r\n\r\nDo you think that Far Left and Far Right voters would unite in a second round of voting against the mainstream thinking?\r\n\r\nIf so… there is a huge chance that a populist candidate could be victorious and then its bye bye Brussels, bye bye EUR and probably bye bye the EUROPEAN UNION.\r\n\r\nYou can see from the chart below that the EUR/USD is sold aggressively into the 1.0665 – 1.0690 level. The extended wicks back up my thoughts of the market seeing no value as there is no following through.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017.png\"><img class=\"aligncenter size-large wp-image-9430\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\nTHE FED:\r\n\r\nAbsolutely no connection to the FRENCH POLITICAL scene but just as intriguing.\r\n\r\nI am going to re-visit this in detail, I just have to.\r\n\r\nThe following is all my theory based upon the re-appointments due with the FED.\r\n\r\nAt this moment in time I believe that TRUMP is going to try to remove the FED’S independence. I see TRUMP as a currency manipulator himself and it would not surprise me to see him exert control on U.S. interest rates moving forward.\r\n\r\nI believe he will approach the FED in a stealth manner / style of approach.\r\n\r\nIn the next 12 months. Both Janet Yellen, Fed Chair and, Stanley Fischer, Deputy Chairman plus 3 board members need to be replaced as there are vacancies, plus we have the usual round–robin of voting to non-voting members being shuffled.\r\n\r\n“THE DONALD” believes he is so popular and that to fuel his popularity further, keeping a lid on interest rates would serve him better based upon his future policies that he hopes to push through.\r\n\r\nThe FED who are trying to normalize monetary policy are screwing with his plans.\r\n\r\nHe has the chance to appoint nothing but “DOVES” to the board in all capacities and effectively “cook the books”, to fiddle policy moving forward to meet his administrations objectives.\r\n\r\nHe would make it his business to have a hold over those “newbies” appointed. It’s what he does.\r\n\r\nTherefore, with White House influence “THE DONNALD” will become in my opinion the biggest currency manipulator of all time\r\n\r\nCould this happen?\r\n\r\nDoes he just need to sign an executive order to make it so?\r\n\r\nWill he drive this thru a Republican owned congress?\r\n\r\nFrom a trading perspective, we must be ready for something here in my opinion. My entire year is based a huge amount upon central bank monetary policy divergence. Instead… it could be based on a new race to the bottom.\r\n\r\nThink about that over the next two weeks whilst I am moving house….\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #239 FREE NEWSLETTER\r\nDATE: 16th April 2017.','FOR GOD’S SAKE, THIS IS NOTHING MORE THAN ”POT KETTLE BLACK, EGO, HAIRSPRAY, TWEETS & FLIP FLOPPING”','','publish','open','closed','','gods-sake-nothing-pot-kettle-black-ego-hairspray-tweets-flip-flopping','','','2017-04-21 09:10:17','2017-04-21 14:10:17','',0,'https://weeklyfxdrivethru.com/?p=9443',0,'post','',0),(9444,1,'2017-04-15 12:17:49','2017-04-15 17:17:49','&nbsp;\r\n\r\nBLOG VERSION: #239 FREE NEWSLETTER\r\nDATE: 16th April 2017.\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am at the moment in the middle of packing, preparing for a house move from Quebec to Nova Scotia, which, is followed very quickly with a trip to New Zealand and Australia. In the full knowledge that over the next two months, I will be away from my office and screens for long periods at a time, I have been setting up my longer-term (POSITION) trades to reflect this. To accommodate our house move, this blog is the last one for two weeks, the next “DRIVE THRU” is scheduled for release on the 14th May.\r\n\r\nLast week and this coming week are shorter trading weeks to cover the Easter holidays, so trading volumes will be lower as traders look to add vacation days either side of the public holidays to take full advantage of time away from the office. This is a great time to conduct full chart reviews and analysis and, for me, knowing that I will be moving and traveling it allowed me time to build up a book of potential LIMIT ORDERS to add to my core positions.\r\n\r\nWhen will I learn? I have been writing and tweeting about the loose cannon “TRUMP” with his twitter account, stating be ready for the unexpected and trade nimble. Last Wednesday, my wife and I had a few action items to complete ahead of our house move. I left the house with my open trades in great shape. I was tempted to bank $$$ and take pips, but made the call that momentum and trends were in play and decided to review the open positions based upon Wednesday’s closing candles.\r\n\r\nFFS; TRUMP does it again. He walks back another key campaign promise by not declaring CHINA a currency manipulator, and jawbones the USD lower in a WSJ interview / article.\r\n\r\nThe result was the DXY fell from basically 101.00 down to just sub 100.00. Five limit orders triggered and my trading book inverted. Basically, I was looking at a sea of “red numbers” when returning home.\r\n\r\nI tweeted to subscribers that I expected pullbacks to occur through the following Asian and European sessions on Thursday. That did not happen to the extent that I had thought, but the New York session did the trick and I decided given the heightened geopolitical risk going into the Easter weekend to remove trades.\r\n\r\nWhilst, I did not really want to remove tiny profitable trades off the table, with what had happened the previous day and with warplanes in the sky and the fleet in the China Sea, to reduce RISK seemed sensible.  I took about 100 pips off the table in profits. It really is a grab ‘n’ go market at times.\r\n\r\nThroughout this entire market move, there appeared to be very few traders on twitter admitting to having suffered on this news event. Was I the only poor sod long the USD at that time?\r\n\r\nLooking at twitter it appears so… do I need to spell it out again about twitter?\r\n\r\nMoving on and back to “THE DONALD”\r\n\r\nHis dictatorship style must be pissing off his cabinet, he undermines Rex Tillerson and now by saying that China is NOT a currency manipulator he undermines and steals away the thunder from Steven Mnuchin’s treasury office review and report on Easter Monday about currency manipulation. This makes TRUMP himself responsible in a way for a LEAK of an official document ahead of its due date. I know he is the President and all that… but lead by fecking example. Keep it in your pants for God’s sake.\r\n\r\n<strong>FFS… “POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nThen in that same interview TRUMP jawboned the USD lower (that was the move talked about above), on the back of “people think I’m doing a great job and the USD has strengthened as a result but it’s too strong because of the confidence they have in me, it should be lower”.\r\n\r\nFFS… What a load of bollocks.\r\n\r\nTRUMP’S first 100 days would have been nothing short of a colossal F**K UP so far had he not carried out a missile strike on Syria and unloaded the MOAB (“Mother of All Bombs” on Afghanistan). The gun lobbyists and other far right sections of US society must be loving this. It’s like an episode of “Deadwood” gun-ho politics from the wild west in 2017.\r\n\r\nThe attacks are a distraction from the many main events, such as “THE DONALD” simply cannot figure out how to deal with career politicians. So, he’s not that smart, just a huge ego and there are still no “great deals”. Every campaign promise made with such confidence has so far been walked back. He is “flip- flopping” on the fundamentals he was elected for in his manifesto. So much for draining the swamp he is being consumed by the very aspect of D.C. he stated unequivocally that he would fix.\r\n\r\nObamacare; the repeal / replacement call it what you want, was an absolute failed dictatorship approach and the Republican party needs to look in the mirror and question their professionalism. After 8 years in the wings with time to prepare and given it was a front and centre policy for the election its failure to pass shows how poor U.S. politicians are. There are simply no excuses.\r\n\r\nWhere is his wall?\r\nWhere are the trade deals?\r\nWhat about taxes?\r\nWhat about all the infrastructure promises?\r\nWhat about the quick fix on repatriation of offshore US funds?\r\n\r\nI may be a little unfair with the above. Yes, I acknowledge that TRUMP alone won the election for the Republicans and he did it without a party machine behind him. It makes the Hillary Clinton failure even more catastrophic and shows that the Democrats were out of touch. The elitist approach taken by Hillary was doomed from day one, but like most leaders she surrounded herself with “YES” people.\r\n\r\nHowever, the first 100 days: So far; It’s just phony, the US voters have been seriously duped by TRUMP; It’s just ego and hairspray.\r\n\r\nFinally, on “THE DONALD”\r\n\r\nLet me get this off my chest….\r\n\r\nJawboning is a form of currency manipulation, just as Quantitative Easing (QE) is as well. The US was and still is in my opinion a CURRENCY MANIPULATOR and in more recent history was the first to promote manipulation following the 2008-9 Financial crash.\r\n\r\nRight now, I feel that the TRUMP administration so far is …\r\n\r\n<strong>NOTHING MORE THAN ”POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nI feel much better after that…\r\n\r\nLast week’s economic data was centered around the BOC interest rate decision and the Aussie Jobs, with the USD inflation and sentiment numbers.\r\n\r\nStephen Poloz at the BOC was basically a yawn fest. He spoke about improvements and the housing issues across Canada. He will do a Donald, and walk this back next time around. Watch this space.\r\n\r\nAussie jobs were a blowout; incredible numbers: - 61,000 new jobs versus the forecast of 21,000. The full-time / part-time ratios were impressive.\r\n\r\nWith regards to the US consumer confidence numbers; the Preliminary reading was at 98.00. This is big number and despite everything that I have observed and the media have played down, the positive TRUMP EFFECT feeling in the U.S. remains intact. Confidence in TRUMP and confidence in the U.S. economy is high. It was 98.6 in January after the Presidential inauguration and although it dipped for a bit, it is back up again.\r\n\r\nThe inflation aspect is still looking to be around the 2.5% mark in 2018. This number will fuel a whole host of issues regarding FED policy and TRUMP’S desire for low rates. The cynic in me says he wants low borrowing costs not as much for America but for his family business interests, which he longer has an interest in… yeah right, my arse!\r\n\r\nThen on Good Friday we had weak CPi Retail Sales data which basically shows from a macro and some might say micro level that the consumer is pulling back…. uncertain.\r\n\r\nContrasting U.S. data. One month’s data will not reverse FED policy but it clearly shows how difficult this stuff is to trend from a Central bank perspective.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#10 this Monday 17th April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\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/2017/04/ECON-DATA-16042017.png\"><img class=\"aligncenter size-large wp-image-9427\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-16042017-1024x749.png\" alt=\"\" width=\"1024\" height=\"749\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nNothing much this week for me from Economic Data releases, however, I think that geopolitical news will continue to dominate proceedings: -\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Friday. This is always going to be an interesting number to follow given the BREXIT process. The PMi numbers were largely disappointing; two out of three were poor.\r\n\r\nConsumer confidence and sales numbers are important to the UK especially at this time, given the inflation issues that are creeping into the UK economy. How will this inflation effect retail sales?</li>\r\n 	<li>OPEC: WE have a two-day OPEC meeting that concludes on the Saturday of next weekend.\r\n\r\nI know that one should be serious about OPEC but I do find the “CARTEL” similar to a bunch of misfits allegedly united. If history repeats itself the production cut will fall off the page the longer they try to keep it in place.\r\n\r\nI maintain my view expressed, almost every week, as I review WTi on the WEEKLY FX DRIVE THRU – LIVE WEBINAR, which is, that as soon as OIL hits $60.00 a barrel should it ever get there again, US Shale producers will be leaping back into the market in numbers. OIL is a pure and very simple supply and demand commodity.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017.png\"><img class=\"aligncenter size-large wp-image-9426\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017-1024x857.png\" alt=\"\" width=\"1024\" height=\"857\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9429\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017-1024x472.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/2017/04/GBPUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9431\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-DAILY-16042017-1024x472.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/2017/04/AUDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9428\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-DAILY-16042017-1024x472.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/2017/04/NZDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9432\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-DAILY-16042017-1024x472.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/2017/04/USDCAD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9434\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-DAILY-16042017-1024x472.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/2017/04/USDCHF-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9435\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-DAILY-16042017-1024x472.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/2017/04/USDJPY-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9436\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"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: +520 pips\r\nYEAR TO DATE:      +1,993 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<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&nbsp;\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>(Not available with this version of THE WEEKLY FX DRIVE THRU)</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<p style=\"text-align: center;\"><strong>FRENCH POLITICS and THE FED… MOVING FORWARD</strong></p>\r\nYou would probably think that from my commentary in the introduction I would be over my ranting and positioning on my soapbox?\r\n\r\nThink again; as you know I love politics and I believe that politics and forex are so closely inter-twinned, the push ‘n pull relationship is hard to break apart and dissect. At times the FX BLOG can be very POLITICAL in places.\r\n\r\nThe title FRENCH POLITICS and THE FED is a little misleading. It is my blog, my thoughts and opinions so I can collate titles and themes as I want to.\r\n\r\nWhere to start: -\r\n\r\nFRENCH POLITICS:\r\n\r\nThe single currency has been under tremendous down side pressure in the past two weeks. All rallies have been selling opportunities and have been well capped.\r\n\r\nTechnical traders are both confused and baffled at the same time as to why the market can see no value in the EUR from spikes and potential sentiment changes.\r\n\r\nFundamentals will trump technicals and we are in a news driven market at the moment where geopolitical news trumps everything. I would rather trust fundamentals in the current market above all else.\r\n\r\nThe French Presidential election has opened a new chapter and the balance of persuasion is shifting. Let me elaborate on my thoughts as to why those pen pushing, desk sucking, jotter blotters in Brussels have twitchy bottoms.\r\n\r\nUp until about three weeks ago, the race for the next President of France was by all accounts a done deal. The pundits had done all their calculations and basically it was most likely to be either a Le Pen or Macron victory in the first round of voting with both going through to the second round with Macron beating Le Pen by a hefty margin.\r\n\r\nIt has been a tame French Presidential election so far, with only the odd scandal, no stories involving the front runners with a sex scandal involving a wet lettuce, whipped cream and an egg whisk. All was relatively calm for a French election.\r\n\r\nEnter, the far-left candidate Jean-Luc Melenchon.\r\n\r\nFrance has always been a sucker for unionism and being bolshie, Holy Mother of God all the poor French laws that once existed in France, now repealed, are still alive and thriving here in Quebec!! There is a state of “Non-Satiety” here in Quebec, no let up at all.\r\n\r\nBack to my point…\r\n\r\nThe latest election poll from Ipsos-Sterna for newspaper Le Monde shows the following: -\r\n\r\nApril 23rd, 2017 first round voting: -\r\n\r\nEmmanuel Macron (Centrist Party):         22%\r\nMarine Le Pen (French National Front): 22%\r\nJean-Luc Melenchon (Far Left):               20%\r\nFrancois Fillon (Conservative):                 19%\r\n\r\n(Second round voting is on May 7th, 2017)\r\n\r\nAs I said, I love politics, and the above positions say several things to me.\r\n<ol>\r\n 	<li>If this poll is accurate. This election is too close to call.</li>\r\n 	<li>How on earth can you say with any degree of confidence who will progress into the second round?</li>\r\n</ol>\r\nThe question that leaps off the page at me is the following, and, I think that this is one major reason why the single currency is un-ceremonially dumped on spikes.\r\n\r\nDo you think that Far Left and Far Right voters would unite in a second round of voting against the mainstream thinking?\r\n\r\nIf so… there is a huge chance that a populist candidate could be victorious and then its bye bye Brussels, bye bye EUR and probably bye bye the EUROPEAN UNION.\r\n\r\nYou can see from the chart below that the EUR/USD is sold aggressively into the 1.0665 – 1.0690 level. The extended wicks back up my thoughts of the market seeing no value as there is no following through.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017.png\"><img class=\"aligncenter size-large wp-image-9430\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\nTHE FED:\r\n\r\nAbsolutely no connection to the FRENCH POLITICAL scene but just as intriguing.\r\n\r\nI am going to re-visit this in detail, I just have to.\r\n\r\nThe following is all my theory based upon the re-appointments due with the FED.\r\n\r\nAt this moment in time I believe that TRUMP is going to try to remove the FED’S independence. I see TRUMP as a currency manipulator himself and it would not surprise me to see him exert control on U.S. interest rates moving forward.\r\n\r\nI believe he will approach the FED in a stealth manner / style of approach.\r\n\r\nIn the next 12 months. Both Janet Yellen, Fed Chair and, Stanley Fischer, Deputy Chairman plus 3 board members need to be replaced as there are vacancies, plus we have the usual round–robin of voting to non-voting members being shuffled.\r\n\r\n“THE DONALD” believes he is so popular and that to fuel his popularity further, keeping a lid on interest rates would serve him better based upon his future policies that he hopes to push through.\r\n\r\nThe FED who are trying to normalize monetary policy are screwing with his plans.\r\n\r\nHe has the chance to appoint nothing but “DOVES” to the board in all capacities and effectively “cook the books”, to fiddle policy moving forward to meet his administrations objectives.\r\n\r\nHe would make it his business to have a hold over those “newbies” appointed. It’s what he does.\r\n\r\nTherefore, with White House influence “THE DONNALD” will become in my opinion the biggest currency manipulator of all time\r\n\r\nCould this happen?\r\n\r\nDoes he just need to sign an executive order to make it so?\r\n\r\nWill he drive this thru a Republican owned congress?\r\n\r\nFrom a trading perspective, we must be ready for something here in my opinion. My entire year is based a huge amount upon central bank monetary policy divergence. Instead… it could be based on a new race to the bottom.\r\n\r\nThink about that over the next two weeks whilst I am moving house….\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\n&nbsp;','FOR GOD’S SAKE, THIS IS NOTHING MORE THAN ”POT KETTLE BLACK, EGO, HAIRSPRAY, TWEETS & FLIP FLOPPING”','','inherit','closed','closed','','9443-revision-v1','','','2017-04-15 12:17:49','2017-04-15 17:17:49','',9443,'https://weeklyfxdrivethru.com/9443-revision-v1/',0,'revision','',0),(9599,1,'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?','','publish','open','closed','','gbp-long-short-trade','','','2017-06-24 06:57:07','2017-06-24 11:57:07','',0,'https://weeklyfxdrivethru.com/?p=9599',0,'post','',0),(9568,1,'2017-06-24 05:57:05','2017-06-24 10:57:05','','T CHART 25062017','','inherit','open','closed','','t-chart-25062017','','','2017-06-24 06:06:52','2017-06-24 11:06:52','',9591,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017.png',0,'attachment','image/png',0),(10224,1,'2017-10-14 08:21:07','2017-10-14 13:21:07','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nLast week was a light week for economic data but wow the news events were crazy. From a trading viewpoint, I had to split the week into two halves.\r\n\r\nMonday thru Wednesday was boring, boring, boring. Where has the volatility gone? I tweeted out several times phrases such as “chop fest”, “lots of flashing lights”. We can put lipstick on this market but the bottom line is “it is a PIG” the volatility that used to there has to a large extent dried up. If I wanted to look at flashing lights all day, I’ll put up the Christmas Tree early, this is a bit boring.\r\n\r\nThen on Thursday and Friday, Holy Mother of God, it was wild. BREXIT spiced it up, Draghi followed and the US inflation data was a small miss but OMG the market reaction was huge, probably due to the implications it could have on FED rate hikes in 2018.\r\n\r\nI added net pips but I also took losses on Friday. Annoying as it was, my CONTINGENT LIABILITY of all trades and limit orders added to together, was not at my limits but it was higher than usual due to quantity of trades I have at the moment.\r\n\r\nLooking towards the weekend with the geopolitical concerns still out there and the fact that these moves could motor into this week’s early trading, I decided to cut them out. I banked losses of just over 200 pips. The net pip increase for the week was therefore only 160 pips.\r\n<p style=\"text-align: justify;\"><strong> </strong></p>\r\n\r\n<ol start=\"2\">\r\n 	<li><strong></strong><strong> THE FX MARKET PLACE:</strong>&nbsp;\r\n\r\n&nbsp;</li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">2.1: LOOKING BACK AT LAST WEEK:</span>\r\n\r\nOnly three pieces of news last week resonated with me for this section and regular readers will not be surprised by my choices.\r\n\r\n<strong><u>GBP</u></strong><u>: BREXIT NEGOTIATIONS REACH DEADLOCK then AN OLIVE BRANCH?</u>\r\n\r\nWell, “Glaze my nipples and call me Rita”, in the name of sanity what the bloody hell did the markets expect… a result?\r\n\r\nFor crying out loud, the clues have been stronger and stronger. The UK has been mentioning preparation for a “No deal” a lot recently.\r\n\r\nLast Thursday, after round 4 or 5 of the DIVORCE negotiations, the EU chief negotiator Michel Barnier and the UK equivalent MP and Tory Government Cabinet member David Davis announced the negotiations were deadlocked.\r\n\r\nQuelle bloody surprise!\r\n\r\nThe EU presented a running order of protocol to be ticked off in a strict A to B to C to D order, all nice and easy to follow. The Brits like the idea of D to B to A and then C. The obvious result is deadlock. So with the anticipation of deadlock, the decision to release more and more “sound bytes” about a “No deal” was probably a tactic to try to change the viewpoint of the EU.\r\n\r\nCable sold off, then later the same day out it comes from Barnier, what appears like a concession. Cable spikes back to remove all prior losses.\r\n\r\nMichel Barnier offers a two year “transition extension”. An olive branch, my arse it was not, it was pure genius.  This offer, ties the UK to meeting all EU financial obligations for an additional two years beyond the Article 50 deadline. Basically, in a nutshell… sure we’ll extend everything, but you have to meet all of our rules and regulations in the transition process.\r\n\r\nStep back for a moment....\r\n\r\nThe UK head negotiator (David Davis) is a politician who cannot appear weak as he would be slaughtered in both the Cabinet (behind closed doors) and (publicly ridiculed) in the UK House of Commons. The pressure not to give way on anything is massive, personally and politically as this will be in record books of his public service career.  All the pressure is on his head to achieve the best deal possible, which for the UK, is basically appearing to remain inside the EU but with border controls.\r\n\r\nThe EU chief negotiator is Michel Barnier. He is a French Republican Politician. He is representing 27 countries. His job is to follow the negotiation road map given to him by the “jotter blotters” in Brussels. This will at conclusion be presented to the 27 leaders of the EU for them to ratify.\r\n\r\nBarnier, although I am sure wants to do a great job, couldn’t give a rat’s ass about any fallout because all the pressure is on the UK. He can hold his hands aloft and claim to eternity that he has his road map that must be followed in order. Whether the UK are at fault or not, the blame for any negotiating breakdown can be switched very easily and all the pressure put back across the English Channel. Put yourself in Barnier’s position; it’s a high-profile role and it\'s a win, win no lose job. He just has to follow the guidelines. The transition deal if accepted was a gem in my opinion.\r\n\r\nOffering the two-year transition that Prime Minister May requested is a master stroke from Barnier. He gets the guarantee of badly needed money from the UK into the coffers of the EU in Brussels. It is the equivalent of a modern day “TROJAN HORSE”. However, this is NOT a done deal it needs to be ratified by at least Germany for it to be a runner.\r\n\r\nI still giggle at the HARD BREXIT versus SOFT BREXIT calls made by the media.\r\n\r\nA two-year transition does NOT automatically = SOFT BREXIT\r\n\r\nSOFT BREXIT = CONTAGION…. not going to happen\r\nSOFT BREXIT = CHERRY PICKING… not going to happen\r\n\r\nIf the transition deal is agreed it is nothing more than “Can kicking the issue down the road”.\r\n\r\nAt the back of my cynical mind; Theresa May requests the transition extension, this means that the Article 50 deadline date would now shift to March 2021, what could happen in the interim?\r\n\r\nNew parliamentary elections would have taken place.\r\nMaybe a new referendum on BREXIT?\r\nMaybe another Scottish Independence vote?\r\nA new Prime Minister of a new Government.\r\nA new (God help them) Minister in charge of negotiating the “divorce”.\r\n\r\nTheresa May effectively engineers her own BREXIT deal. She passes the poisoned chalice on.\r\n\r\nThe transition is not yet a done deal. This whole process is still covered in masses of uncertainties. I have no doubt some progress has been made but for the medias sake it’s all put forward as deadlock so far.\r\n\r\nThere simply was never enough time. I wrote months ago that it took Greenland with no way near the same complications of agreements as the UK to leave the full two-year limit. The UK was always going to be longer, it much more integrated and complicated.\r\n\r\nThis is still a huge unknown.\r\n\r\nIf the EU says no to the two-year transition, what then?\r\n\r\nCable drops like a brick because a “NO DEAL” walkaway looks to be the most obvious outcome?\r\n\r\nI know that the BOE have been relatively quiet of late, but I still find the news that the BOE are still considering a rate hike in amongst all this uncertainty plus a series of recent poor economic data more than outweighing any good data, incredible to consider, and frankly, its worthy of a comparison with a Las Vegas high stakes poker room gamble.\r\n\r\nThe latest BCC (British Chamber of Commerce) Quarterly Economic survey of businesses (what a great read), whilst it would send most people to sleep, its overall summation on the current UK economic position from its members was “uninspiring”. Now that\'s what I call a real vote of confidence…. NOT!\r\n\r\nTo raise rates with so much up in the air is a; huge / massive / almighty gamble in my opinion. Not befitting a responsible Central Bank.\r\n\r\n&nbsp;\r\n\r\n<strong><u>ECB:</u></strong><u> CATALONIA and MARIO DRAGHI (ECB). </u>\r\n\r\nYou couldn’t make this stuff up.\r\n\r\nThe Catalonian declaration of independence was placed on hold, whist the Catalan president Carles Puidegemont stated that it would be suspended whilst he held talks with Spanish Prime Minister Mariano Rahoy, who has already basically told him to feck off…. In the nicest possible terms.\r\n\r\nCatalonia accounts for about 40% of Spain’s GDP, so for this reason alone Madrid WILL NOT want to let it go anywhere, hence all the shenanigans. In my opinion, Catalonia is the biggest risk to the EUROZONE since GREECE. It is a massive risk to the Spanish economic recovery.\r\n\r\nI write this, but this is NOT reflected in the price action of the EURO at all. It is in a very tight range and has been for some time.\r\n\r\nWhat has now been created in the Catalan/Madrid crisis is nothing more than polarization.\r\n\r\nWhat is the way forward?\r\n\r\nBusinesses are looking to leave Catalonia. Catalonia would NOT be an instant member of the EU. How could it raise capital to operate? Maybe against future tax income? I see this as a credit event, enormous high risk and this whole matter appears to have not been thought out properly.\r\n\r\nPuidgemont tried to use the referendum vote to pressure Madrid for change, but that seems a tall order to say the least given the financial implications to Spain.\r\n\r\nThis will NOT end well. There will be more unrest to come, but unless a well-drawn out plan is visible, from the outside looking in, this is a mess. It simply cannot be good for the single currency the longer it drags on. Lines in the sand have been drawn and the political and economic risks are obvious on both sides.\r\n\r\nMoving on…\r\n\r\nMario Draghi and the ECB governing council as I have mentioned before are taking massive doses of Prozac to try and keep themselves steady as decision day looms on ECB future monetary policy.\r\n\r\nDraghi has said “Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We expect them to remain at their present levels for an extended period of time, and <strong><u>WELL PAST</u></strong> the horizon of our net asset purchases”\r\n\r\nThat\'s pretty clear to me. The German’s however are not happy with this statement and want change.\r\n\r\nThe current rate of ECB QE (Quantitative Easing) bond buying is at €60 Billion per month. The rumours about this moving forward is that in two weeks’ time at the next ECB Press Conference, Draghi will announce a cut in the monthly purchases to €30 Billion per month from early 2018 and run this reduced volume for about 9 months before the “tapering” will end completely.\r\n\r\nSo… there you have it; forward guidance from the ECB in a nutshell and its very clear so that we can all understand and follow. Will the markets get it?\r\n\r\nHow do I intend to trade the single currency moving forward? For that you will need to subscribe to the PREMIUM SERVICE.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD</u></strong><u>: FOMC MEETING MINUTES and THE US DOLLAR INDEX (DXY).</u>\r\n\r\nWTF…\r\n\r\nThe minutes reflected the statement.\r\n\r\nHowever, the USD was sold off as I think that the reality of no inflation was starting to hit board members. These minutes were before the bombshell of “THE FED HAS NO CLUE ABOUT INFLATION” and Yellen’s “SIGNS OF INFLATION &amp; TRANSITORY” were used at the last press conference. The minutes were also written before Yellen’s comments regarding the Fed models on inflation calculations are basically crap and inept… those latter descriptive words were mine!!\r\n\r\nThe market sold off after the minutes, the fear of less tightening because of no inflation in 2018 may have rung a few alarm bells… finally. This market is fickle, it over reacts to old news repeatedly and can be painful to follow at times.\r\n\r\nI have found trading this year a challenge, to put it mildly.\r\n\r\nMoving on…\r\n\r\nFED or not, the DXY is at a crossroads and we are either going sub 91.00 or higher through 94.00 in the coming sessions.\r\n\r\nAt times over these past weeks I am trading on the basis that the FED are raising rates period, and its pure Technicals on the DXY that will determine its direction. FED policy appears secondary.\r\n\r\nI still find it hard to be long the USD. It has, like I said last week sold off since the TRUMP inauguration. I am looking for reasons to be long the USD both FUNDAMENTALLY and TECHNICALLY. A week ago, I had oversold conditions as a reason that may influence the markets, those have now gone.\r\n\r\nMoving forward, THE DONALD wants low rates and a weak USD. The US will manipulate the USD lower if it has to, it has done so before.\r\n\r\nThis is my most watched chart of late and it will be over the coming sessions as I believe that this chart will be at the basis of most FX strategies being formulated for the short and medium terms moving forward.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-15102017.png\"><img class=\"aligncenter size-large wp-image-10194\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-15102017-1024x516.png\" alt=\"\" width=\"1024\" height=\"516\" /></a>\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECON-DATA-15102017.png\"><img class=\"aligncenter size-large wp-image-10195\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECON-DATA-15102017-1024x775.png\" alt=\"\" width=\"1024\" height=\"775\" /></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/2017/10/TCHART-15102017.png\"><img class=\"aligncenter size-large wp-image-10196\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/TCHART-15102017-1024x838.png\" alt=\"\" width=\"1024\" height=\"838\" /></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\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-15102017.png\"><img class=\"aligncenter size-large wp-image-10207\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-15102017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-15102017.png\"><img class=\"aligncenter size-large wp-image-10208\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-15102017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-15102017.png\"><img class=\"aligncenter size-large wp-image-10206\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-15102017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-15102017.png\"><img class=\"aligncenter size-large wp-image-10209\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-15102017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-15102017.png\"><img class=\"aligncenter size-large wp-image-10210\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-15102017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-15102017.png\"><img class=\"aligncenter size-large wp-image-10211\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-15102017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-15102017.png\"><img class=\"aligncenter size-large wp-image-10212\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-15102017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></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\nThankfully more economic data than last week to choose from. The following all UK based tickle my fancy…\r\n\r\n<strong><u>GBP:</u></strong><u> CPI, AVERAGE EARNINGS, RETAIL SALES &amp; CARNEY</u>.\r\n\r\nIt\'s a very awesome set up this week for UK news.\r\n\r\nInflation data, Average Earnings and Carney, you could not plan a diary better except for the fact I would have Carney speak after the Retails Sales numbers on Thursday, rather than have him fronting the news events.\r\n\r\nThis data will seal the fate of UK interest rates in November in my opinion. The BOE is ready to push up interest rates and stronger inflation data will probably seal that deal. If there is to be a spanner in the works, it will either come from the increased BREXIT uncertainty that is hanging over the markets at the moment or from the Average Earning Index if it still shows lagging too far behind inflation. However, I think the accountants at the BOE have Carney by the short and curly’s and the one and done hike I think he hopes will keep the wolves from the door.\r\n\r\nI wrote earlier in the blog about my concerns and the gamble I believe that this move would be, so I am not going to repeat myself.\r\n\r\nBy the time, Carney speaks we should know if the BREXIT transition deal is a runner or not or whether the government has rejected it, in which case it will be very interesting to hear what Carney has to say on this subject and if it will affect the BOE thought process on interest rate increases.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nAs we ended last week with the USD getting whacked, one must expect this treat to carry forward into the start of trading this coming week.\r\n\r\nMy focus will be on the USD index (DXY). The level of 90.93 is crucial in my opinion. Should this level break, we could be heading to the mid 80’s. The possible effect of a move sub 90.93 should not be underestimated.\r\n\r\nFrom a macro level the FED are probably still going to hike in December but unless inflation picks up one should question whether the December 2017 rate increase will be the only one until the same time in 2018 (I am assuming that the new FED chairperson in February will play the usual game of stringing the markets along for the year on possible hikes, and make one at the year end to maintain credibility).\r\n\r\nHere are my thoughts: -\r\n<ul>\r\n 	<li>Should the DXY break lower what happens to EUR/USD?</li>\r\n 	<li>The ECB does NOT want EUR/USD exchange rates above 1.2000. A mid 80’s print in the DXY would have EUR/USD closer to 1.2500 possibly above that level.</li>\r\n 	<li>The effects of a FED rate rise on the DXY should it already be towards the mid 80’s would be minimal.</li>\r\n 	<li>Other G8 Central Banks could not rely on the FED to counter balance any rate increases that they may have planned, as in my opinion the USD would be one weak “sister!”. Therefore, I believe the moves by other Central Banks to normalization or to raise their interest rates could be held back.</li>\r\n</ul>\r\nThose points are really for the future but they are with me at the moment. My focus would be on cross rate pairs until the situation with the USD has settled down. Trading the USD has an increased risk element attached to it at the moment given the geopolitical risks that would have a direct effect, therefore keeping way from the USD for a while in any event is perhaps not the worst trading idea.\r\n\r\nUp until the end of last week the EUR/AUD &amp; EUR/NZD were great options and they should be again once they have finished their corrective moves lower.\r\n\r\nYou DO NOT need to trade every day. Days when maybe you do not trade can be your best days as CASH is a position.\r\n\r\nThere is a lot for the market to digest at the present time on the heels of NFP. Let the market correct first and wait for it to give a trading signal.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\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\nOCTOBER 2017 TO DATE:           +160 net pips\r\nYEAR TO DATE 2017:                    +8,047 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\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\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\n\r\n4.1.1: RISK MANAGEMENT AND POSITION SIZING: <u></u>\r\n\r\n<u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u><u>\r\n</u><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&nbsp;\r\n\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\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\n\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: #255 DRIVE THRU\r\n15th October 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE EU TROJAN HORSE','','publish','open','closed','','eu-trojan-horse','','','2017-10-14 08:24:15','2017-10-14 13:24:15','',0,'https://weeklyfxdrivethru.com/?p=10224',0,'post','',0),(9492,1,'2017-05-13 15:55:41','2017-05-13 20:55:41','','NZDUSD DAILY 14052017','','inherit','open','closed','','nzdusd-daily-14052017','','','2017-05-14 12:21:52','2017-05-14 17:21:52','',9496,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017.png',0,'attachment','image/png',0),(9493,1,'2017-05-13 15:55:52','2017-05-13 20:55:52','','USDCAD DAILY 14042017','','inherit','open','closed','','usdcad-daily-14042017','','','2017-05-14 12:22:02','2017-05-14 17:22:02','',9496,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017.png',0,'attachment','image/png',0),(9494,1,'2017-05-13 15:56:03','2017-05-13 20:56:03','','USDCHF DAILY 14052017','','inherit','open','closed','','usdchf-daily-14052017','','','2017-05-14 12:22:14','2017-05-14 17:22:14','',9496,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017.png',0,'attachment','image/png',0),(9495,1,'2017-05-13 15:56:16','2017-05-13 20:56:16','','USDJPY DAILY 14052017','','inherit','open','closed','','usdjpy-daily-14052017','','','2017-05-14 12:22:28','2017-05-14 17:22:28','',9496,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017.png',0,'attachment','image/png',0),(9496,1,'2017-05-14 12:27:04','2017-05-14 17:27:04','&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><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&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?At 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 	<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.I 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>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\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/2017/05/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<strong> </strong>\r\n<ol start=\"3\">\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<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<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know it’s very bitty at the moment and not until June 13th will it alter.\r\n\r\nI had my “BUTT” handed to me surrounding Theresa May’s snap election announcement which seems ages ago. It was all but a 2,000-pip hit which hurt from a pip gathering perspective but not so much from a cash point of view although it did register.\r\n\r\nI am still confident of achieving the 10,000-pip annual goal so be prepared for a wild run through to the end of the year.\r\n\r\nThere are 5 x LIVE trades and 3 X LIMIT ORDERS in place at the moment. I have several potential trade set ups that I have been following over the past few days which should be ready to place Monday and Tuesday.\r\n\r\nTechnically many charts show some great opportunities coming into view and if both the technical’s and fundamental’s hold we could reap quite a few pips and finally make some decent $$$ this year.\r\n\r\nFundamentally, the RBA and RBNZ have made their pictures very clear. The BOJ have not altered and the FED shows great consistency despite all that surrounds them from a TRUMP administration that lacks clarity and cohesion. It is the ECB that causes me a little concern, on the basis that commentary from peripherals is believed and can screw up a trade direction. However, any shifts in policy should only be believed if it comes from Mario Draghi himself. Any shorter-term fluctuations should be used as either a buying or selling opportunity.\r\n\r\n<u>CORE TRADES:</u>\r\n\r\nThis section will re-fill commencing June 13th, 2017.<u></u>\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017.png\"><img class=\"aligncenter size-large wp-image-9488\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017-814x1024.png\" alt=\"\" width=\"814\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017.png\"><img class=\"aligncenter size-large wp-image-9487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017-768x1024.png\" alt=\"\" width=\"768\" 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>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\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #136 PREMIUM SERVICE\r\nDATE: 14th May 2017.\r\n\r\n&nbsp;','IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?','','publish','open','closed','','pullback-opportunity-maybe-maybe-not','','','2017-05-14 12:28:29','2017-05-14 17:28:29','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9496',0,'member_posts','',0),(9497,1,'2017-05-14 12:25:40','2017-05-14 17:25:40','&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><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&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 start=\"2\">\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 	<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>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\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/2017/05/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<strong> </strong>\r\n<ol start=\"3\">\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<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<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know it’s very bitty at the moment and not until June 13th will it alter.\r\n\r\nI had my “BUTT” handed to me surrounding Theresa May’s snap election announcement which seems ages ago. It was all but a 2,000-pip hit which hurt from a pip gathering perspective but not so much from a cash point of view although it did register.\r\n\r\nI am still confident of achieving the 10,000-pip annual goal so be prepared for a wild run through to the end of the year.\r\n\r\nThere are 5 x LIVE trades and 3 X LIMIT ORDERS in place at the moment. I have several potential trade set ups that I have been following over the past few days which should be ready to place Monday and Tuesday.\r\n\r\nTechnically many charts show some great opportunities coming into view and if both the technical’s and fundamental’s hold we could reap quite a few pips and finally make some decent $$$ this year.\r\n\r\nFundamentally, the RBA and RBNZ have made their pictures very clear. The BOJ have not altered and the FED shows great consistency despite all that surrounds them from a TRUMP administration that lacks clarity and cohesion. It is the ECB that causes me a little concern, on the basis that commentary from peripherals is believed and can screw up a trade direction. However, any shifts in policy should only be believed if it comes from Mario Draghi himself. Any shorter-term fluctuations should be used as either a buying or selling opportunity.\r\n\r\n<u>CORE TRADES:\r\n\r\n</u>This section will re-fill commencing June 13th, 2017.<u>\r\n\r\n</u>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017.png\"><img class=\"aligncenter size-large wp-image-9488\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017-814x1024.png\" alt=\"\" width=\"814\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017.png\"><img class=\"aligncenter size-large wp-image-9487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017-768x1024.png\" alt=\"\" width=\"768\" 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>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\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #136 PREMIUM SERVICE\r\nDATE: 14th May 2017.\r\n\r\n&nbsp;','IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?','','inherit','closed','closed','','9496-revision-v1','','','2017-05-14 12:25:40','2017-05-14 17:25:40','',9496,'https://weeklyfxdrivethru.com/9496-revision-v1/',0,'revision','',0),(9498,1,'2017-05-14 12:26:47','2017-05-14 17:26:47','&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><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&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 start=\"2\">\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 	<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>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\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/2017/05/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<strong> </strong>\r\n<ol start=\"3\">\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<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<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know it’s very bitty at the moment and not until June 13th will it alter.\r\n\r\nI had my “BUTT” handed to me surrounding Theresa May’s snap election announcement which seems ages ago. It was all but a 2,000-pip hit which hurt from a pip gathering perspective but not so much from a cash point of view although it did register.\r\n\r\nI am still confident of achieving the 10,000-pip annual goal so be prepared for a wild run through to the end of the year.\r\n\r\nThere are 5 x LIVE trades and 3 X LIMIT ORDERS in place at the moment. I have several potential trade set ups that I have been following over the past few days which should be ready to place Monday and Tuesday.\r\n\r\nTechnically many charts show some great opportunities coming into view and if both the technical’s and fundamental’s hold we could reap quite a few pips and finally make some decent $$$ this year.\r\n\r\nFundamentally, the RBA and RBNZ have made their pictures very clear. The BOJ have not altered and the FED shows great consistency despite all that surrounds them from a TRUMP administration that lacks clarity and cohesion. It is the ECB that causes me a little concern, on the basis that commentary from peripherals is believed and can screw up a trade direction. However, any shifts in policy should only be believed if it comes from Mario Draghi himself. Any shorter-term fluctuations should be used as either a buying or selling opportunity.\r\n\r\n<u>CORE TRADES:</u>\r\n\r\nThis section will re-fill commencing June 13th, 2017.<u></u>\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017.png\"><img class=\"aligncenter size-large wp-image-9488\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017-814x1024.png\" alt=\"\" width=\"814\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017.png\"><img class=\"aligncenter size-large wp-image-9487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017-768x1024.png\" alt=\"\" width=\"768\" 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>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\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #136 PREMIUM SERVICE\r\nDATE: 14th May 2017.\r\n\r\n&nbsp;','IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?','','inherit','closed','closed','','9496-revision-v1','','','2017-05-14 12:26:47','2017-05-14 17:26:47','',9496,'https://weeklyfxdrivethru.com/9496-revision-v1/',0,'revision','',0),(9499,1,'2017-05-14 12:27:04','2017-05-14 17:27:04','&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><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&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 start=\"2\">\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?At 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 	<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.I 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>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\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/2017/05/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<strong> </strong>\r\n<ol start=\"3\">\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<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<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know it’s very bitty at the moment and not until June 13th will it alter.\r\n\r\nI had my “BUTT” handed to me surrounding Theresa May’s snap election announcement which seems ages ago. It was all but a 2,000-pip hit which hurt from a pip gathering perspective but not so much from a cash point of view although it did register.\r\n\r\nI am still confident of achieving the 10,000-pip annual goal so be prepared for a wild run through to the end of the year.\r\n\r\nThere are 5 x LIVE trades and 3 X LIMIT ORDERS in place at the moment. I have several potential trade set ups that I have been following over the past few days which should be ready to place Monday and Tuesday.\r\n\r\nTechnically many charts show some great opportunities coming into view and if both the technical’s and fundamental’s hold we could reap quite a few pips and finally make some decent $$$ this year.\r\n\r\nFundamentally, the RBA and RBNZ have made their pictures very clear. The BOJ have not altered and the FED shows great consistency despite all that surrounds them from a TRUMP administration that lacks clarity and cohesion. It is the ECB that causes me a little concern, on the basis that commentary from peripherals is believed and can screw up a trade direction. However, any shifts in policy should only be believed if it comes from Mario Draghi himself. Any shorter-term fluctuations should be used as either a buying or selling opportunity.\r\n\r\n<u>CORE TRADES:</u>\r\n\r\nThis section will re-fill commencing June 13th, 2017.<u></u>\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017.png\"><img class=\"aligncenter size-large wp-image-9488\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017-814x1024.png\" alt=\"\" width=\"814\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017.png\"><img class=\"aligncenter size-large wp-image-9487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017-768x1024.png\" alt=\"\" width=\"768\" 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>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\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #136 PREMIUM SERVICE\r\nDATE: 14th May 2017.\r\n\r\n&nbsp;','IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?','','inherit','closed','closed','','9496-revision-v1','','','2017-05-14 12:27:04','2017-05-14 17:27:04','',9496,'https://weeklyfxdrivethru.com/9496-revision-v1/',0,'revision','',0),(9500,1,'2017-05-14 12:28:29','2017-05-14 17:28:29','&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><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&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?At 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 	<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.I 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>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\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/2017/05/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<strong> </strong>\r\n<ol start=\"3\">\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<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<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know it’s very bitty at the moment and not until June 13th will it alter.\r\n\r\nI had my “BUTT” handed to me surrounding Theresa May’s snap election announcement which seems ages ago. It was all but a 2,000-pip hit which hurt from a pip gathering perspective but not so much from a cash point of view although it did register.\r\n\r\nI am still confident of achieving the 10,000-pip annual goal so be prepared for a wild run through to the end of the year.\r\n\r\nThere are 5 x LIVE trades and 3 X LIMIT ORDERS in place at the moment. I have several potential trade set ups that I have been following over the past few days which should be ready to place Monday and Tuesday.\r\n\r\nTechnically many charts show some great opportunities coming into view and if both the technical’s and fundamental’s hold we could reap quite a few pips and finally make some decent $$$ this year.\r\n\r\nFundamentally, the RBA and RBNZ have made their pictures very clear. The BOJ have not altered and the FED shows great consistency despite all that surrounds them from a TRUMP administration that lacks clarity and cohesion. It is the ECB that causes me a little concern, on the basis that commentary from peripherals is believed and can screw up a trade direction. However, any shifts in policy should only be believed if it comes from Mario Draghi himself. Any shorter-term fluctuations should be used as either a buying or selling opportunity.\r\n\r\n<u>CORE TRADES:</u>\r\n\r\nThis section will re-fill commencing June 13th, 2017.<u></u>\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017.png\"><img class=\"aligncenter size-large wp-image-9488\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017-814x1024.png\" alt=\"\" width=\"814\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017.png\"><img class=\"aligncenter size-large wp-image-9487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017-768x1024.png\" alt=\"\" width=\"768\" 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>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\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #136 PREMIUM SERVICE\r\nDATE: 14th May 2017.\r\n\r\n&nbsp;','IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?','','inherit','closed','closed','','9496-revision-v1','','','2017-05-14 12:28:29','2017-05-14 17:28:29','',9496,'https://weeklyfxdrivethru.com/9496-revision-v1/',0,'revision','',0),