<h2 style="text-align: center;"><strong>THE PREMIUM SERVICE
</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h2>
<strong>DATE: 11.01.2015
REFERENCE: #135
</strong><strong>BLOG: THE WEEKLY FX DRIVE THRU</strong>

&nbsp;
<ol>
	<li><strong><span style="text-decoration: underline;"> INTRODUCTION:</span></strong></li>
</ol>
It’s great to be back and I hope that you all had a great Christmas / Holiday break.

Over the Christmas break, I have been very busy making changes in many aspects of my daily, weekly and monthly routines for the PREMIUM SERVICE. In addition, new FX Broker relationships are being added to my website pages and changes in reporting and communication methods have also been implemented. All very exciting and there is more to come, which, should fall into position over the next couple of months

You will notice that this blog format has been changed slightly from 2014. The most noticeable change is that the blog will now be published on a Sunday and NOT Saturday. The FREE NEWSLETTER continues pretty much as it was last year, but the balance in favour of PREMIUM SERVICE subscribers has tilted in their direction and subscribers will receive more content in 2015.

For the past 3 / 4 days I have been easing my way back into some trading but in the main I have been catching up on reading and getting myself prepared for tomorrow (Monday January 11<sup>th</sup>).

What have I learned in the past 3 / 4 days that was different from the market prior to Christmas last year?
<ul>
	<li>From a Forex market commentary perspective… Bugger all to be completely frank with you…it's the same old bollocks…the only noticeable difference is the fact it is 2015 instead of 2014.</li>
	<li>From a macro viewpoint… 2015 started the way 2014 ended… The Eurozone is still the butt of all jokes. The FED is still petrified of DEFLATION and will say and change its language, basically do anything, to avoid raising rates, despite continuing improving economic reports with the exception of INFLATION related data.</li>
	<li>From a currency pricing perspective…
EUR/USD has broken below 1.2000.
GBP/USD is close to a near death experience at 1.5000.
NZD/USD still in the same channel from last October, 0.7600 to 0.7900.
AUD/USD looks like it wants to breakout above 0.8200.
USD/JPY looks to be in a 118.00 to 120.00 range.
USD/CHF now above parity looks to be on a march to 1.0450 at least.
USD/CAD with lower OIL could be breaking above 1.2000 again.
<span style="line-height: 1.5;">EUR/GBP I was asleep at the wheel when it hit 0.8000 to short… damn.</span></li>
</ul>
<ul>
	<li>Finally, from a medical viewpoint… Excedrin appears to agree with my system better than Advil. My headaches are sorted faster with Excedrin.</li>
</ul>
So as you can see… it’s basically the same old same old.

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<ol start="2">
	<li><strong><span style="text-decoration: underline;"> THE PREMIUM SERVICE:
</span></strong></li>
</ol>
<strong><span style="text-decoration: underline;">SUMMARY OF PERFORMANCE:</span></strong>

<span style="text-decoration: underline;">2.1 OVERVIEW:</span>

For new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.

<span style="text-decoration: underline;">2.2 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>

Full details regarding the PREMIUM SERVICE can be found on my website <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>

On the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.

THE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -

10 weeks - $200.00
20 weeks - $350.00
40 weeks - $500.00

<span style="text-decoration: underline;">2.3 TRADING REVIEW OF ACTIVITY and SUMMARY OF PERFORMANCE:</span>

It was a very gentle week’s introduction back to trading for me as I eased my way back into the market.

I set up 6 RADAR TRADES via limit orders. In the end only two traded. Both were positive. However, I had one FLASH TRADE that was a loss making trade. The net result is -29 pips from the three trades.

There is really too little activity to report on, with only three live trades being undertaken. This will hopefully improve and allow me to have a great comment in depth next week.

The summary charts of the week and year to date, however, are below for reference.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRADING-SUMMARY-PS-11012015.png"><img class="aligncenter size-full wp-image-5085" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/TRADING-SUMMARY-PS-11012015.png" alt="TRADING SUMMARY PS 11012015" width="415" height="588" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png"><img class="aligncenter size-full wp-image-5086" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/RISK-REWARD-PS-11012015.png" alt="RISK-REWARD PS 11012015" width="427" height="544" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFIT-1-11012015.png"><img class="aligncenter size-full wp-image-5087" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFIT-1-11012015.png" alt="PREM SERV PROFIT 1 11012015" width="451" height="423" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS-2-11012015.png"><img class="aligncenter size-full wp-image-5088" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/PREM-SERV-PROFITS-2-11012015.png" alt="PREM SERV PROFITS 2 11012015" width="468" height="417" /></a>

<span style="text-decoration: underline;">2.4 THE PREMIUM SERVICE – 2015 PROMOTION:</span>
<h3 style="text-align: center;"><strong>THE PREMIUM SERVICE
</strong><strong>(The Home of Single-Lot Trading)</strong></h3>
<h3 style="text-align: center;"><strong>FOR JANUARY and FEBRUARY 2015
</strong><strong>ONLY
</strong><strong>THE PREMIUM SERVICE
</strong><strong>Offers a
</strong><strong>“BONUS WEEKS”
</strong><strong>LIMITED TIME PROMOTION:</strong></h3>
&nbsp;

Keeping your PREMIUM SERVICE trades separate from your own trades can give you an instant direct performance comparison.

If you open a separate account with any of my trading partners / preferred brokers CWMFX, AvaTrade, Blackwell Global or FXCM, I will provide you with “BONUS WEEKS” to your PREMIUM SERVICE subscription.

This is in addition to the account-opening bonuses for new clients offered by AvaTrade, (see their website www.avatrade.com for full details), or, Blackwell Global (contact me directly for bonus details)

The promotion also applies to CWMFX and FXCM accounts as well. They offer very tight rate spreads as an alternative to account opening bonuses offered by AvaTrade and Blackwell Global.

If you intend to be or are a longer-term position style trader only looking at your computer once a day tight rate spreads may not be as important to you and as such, the AvaTrade or Blackwell Global bonus may be more appealing to you.

Conversely, if you intend to be a more active trader the CWMFX or FXCM tight rate spreads will be of more interest.

The choice is yours.

This promotion with my associated trading partners will expire of Saturday 28th February 2015…it is really very limited: -

&nbsp;
<ol>
	<li>Subscribe to the PREMIUM SERVICE:</li>
</ol>
You will need to go to the welcome page of my website <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>

Click on the sign-up tab at the top of the page.

2015 PREMIUM SERVICE SUBSCRIPTION RATES

10 weeks = $200.00
20 weeks = $350.00
40 weeks = $500.00 (full year / annual subscription)

NOTE: I limit my trading during periods of thin liquidity such as Christmas / New Year and Late July / August summer vacation time. Hence, 40 weeks is equal to an annual subscription.

&nbsp;
<ol start="2">
	<li>Open a LIVE account clicking on the “BANNER” of the broker of your choice on my website.</li>
</ol>
This will enable you to achieve a trading bonus direct from AvaTrade or BLACKWELL GLOBAL or opt for the tight rate spreads from CWMFX or FXCM.

For Blackwell Global advise me of what you are doing and I will guide you through the process.

All the banners are on the welcome page of my website www.weeklyfxdrivethru.com

&nbsp;
<ol start="3">
	<li>PREMIUM SERVICE – BONUS WEEKS PROMOTION:</li>
</ol>
Once the LIVE trading account is confirmed and funded, I will extended

PREMIUM SERVICE subscription periods as follows after you have advised me what you have done via email at <a href="mailto:premiumservice@weeklyfxdrivethru.com">premiumservice@weeklyfxdrivethru.com</a> : -

10-week subscriptions will receive a bonus of 5 weeks (15 weeks total)
Your subscription would be equivalent to $13.33 per week.

20-week subscriptions will receive a bonus of 10 weeks (30 weeks total)
Your subscription would be equivalent to $11.66 per week.

40-week subscriptions will receive a bonus of 20 weeks (60 weeks total)
Your subscription would be equivalent to $8.33 per week.

This promotion represents the best offer that I have participated in and has an unbelievable value. It is simply the best that I have ever promoted and is a great way to start trading in 2015.

It would hopefully be the start of a very profitable relationship together.
<ol start="4">
	<li>PLEASE NOTE: - THE FOLLOWING CONDITIONS TO THE PROMOTION:</li>
</ol>
Only broker accounts opened via the banner on my website www.weeklyfxdrivethru.com are accepted for the PREMIUM SERVICE BONUS WEEKS PROMOTION.

For the “BONUS WEEKS PROMOTION” in subscription weeks to the

PREMIUM SERVICE to remain intact you must meet the AvaTrade, Blackwell Global, FXCM or CWMFX requirements for operating your broker account. Should your account with AvaTrade, Blackwell Global, FXCM or CWMFX cease to be valid and close the “BONUS WEEKS” segment of the PREMIUM SERVICE promotion will also be withdrawn.

This PREMIUM SERVICE “BONUS WEEKS PROMOTION” is only available with this offer and is 100% linked to the AvaTrade, Blackwell Global, FXCM or CWMFX LIVE accounts being opened via the banners on the welcome page of my website www.weeklyfxdrivethru.com

&nbsp;
<ol start="3">
	<li><strong><span style="text-decoration: underline;"> WHAT’S ON MY MIND: -
THE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>
</ol>
<p style="text-align: center;"><em>
</em><strong>WHAT A F****D UP MARKET FOREX IS
</strong><strong>PART TWO…
</strong><strong>THE ECB STARTS OFF THE PANTOMIME SEASON EARLY
</strong>(Above was my “comment title” from my previous WEEKLY FX DRIVE THRU posted on the 6<sup>th</sup> December 2014)<strong> </strong></p>
<p style="text-align: center;"><strong>THIS ARTICLE MAY AS WELL BE PART THREE…</strong></p>
<p style="text-align: center;"><strong> </strong><strong>THE EUROZONE PANTOMIME CONTINUES BEYOND THE END OF THE PANTO SEASON
</strong><strong>
EUR/USD – SELL THE RUMOUR / BUY THE NEWS?
</strong><strong>(If only it was that simple)</strong></p>
<strong> </strong>

Holy Mother of God…

Talk about the same old bollocks over and over again.

Here are just a few of the headlines that caught my eyes over the past 24-48 hours, believe me there were lots more….
<p style="text-align: center;"><strong>ECB considering dual approach to QE</strong>
<strong>ECB set to announce QE program of €300-€320 billion</strong>
<strong>ECB may announce sovereign QE in January but postpone details until March</strong>
<strong>Germany not yet ready to commit to QE</strong>
<strong>The Bundesbank rejects full-blown QE option</strong>
<strong>Draghi is at odds and is struggling </strong>
<strong><span style="line-height: 1.5;">ECB set to deliver on €500 billion QE program
</span><span style="line-height: 1.5;">ECB set to deliver a monthly limited QE program without limits
</span>ECB needs to buy €500-€750 billion in sovereign bonds minimum for 2016 target</strong>
<strong><span style="line-height: 1.5;">ECB looking at a program of €200-€250 billion</span></strong></p>
Am I just not drinking enough…?

I thought that given all the debates since the May 2014 ECB Press Conference, when the EUR/USD was at it’s recent highs of 1.3992, and, then all the subsequent can kicking that has gone on, that we would finally see a definitive well-thought out agreed by all parties, EUROZONE / ECB QE program. A launched program that would be large enough to satisfy the markets and start to put the EUROZONE problems behind.
<ul>
	<li>How long have these numpties had to provide a fully researched well thought out response? Germany took the wrong route via Austerity in 2008. The EUROZONE has paid and will continue to pay the price for this monumental f**k up.</li>
</ul>
<ul>
	<li>Have they not learned anything about loose-tongued sound bytes to the media?</li>
</ul>
<ul>
	<li>Do they not understand what a half-assed response would do to the EUROZONE economically?</li>
</ul>
<ul>
	<li>Is the ECB actually committed to fixing the issues in the EUROZONE that face them?</li>
</ul>
We all know and understand that Germany has the power, the money, the control and basically the final say. But the EUROZONE does not deserve yet another German botched job. All I can see is that we will get nothing but poorly worded sound bytes including numbers to see how does the media and markets react.

The continued indecisions are basically what has the EUROZONE in its current mess. From 2008 the EUROZONE has limped from catastrophe to catastrophe, nothing appears to have been learned.

I think that the market is looking for €1,000 billion almost to infinity to get it right.

This is the German approach, as cheap as possible to limit political fallout back home. As in the past … on the cheap… too little too late… Draghi will be the fall guy.

Remember, when politicians are in control… they DO NOT fix… they are only able to point blame. Draghi is going to be the fall guy here.

Moving on…

If the ECB announces QE on January 22<sup>nd</sup>, (which, in fact they already announced last May) and does not however, implement it until March 2015 - is that what the markets are expecting?

I have read that the sovereign bond-buying program may be like a common bond. Several countries do not like this option, as the credit risk will lie with National Banks and not the ECB - is this what the markets would view as credible?

If the ECB does not, as some organizations have reported, intend to announce an amount of intended purchases – is that what the markets are expecting?

Reuters has reported that there will be a dual approach of buying the government bonds. The ECB will buy some but National Central Banks will also buy at their own risk. The total of around €500 billion will be split between the ECB and Central banks – is this what the markets are looking for, sounds like a messy option to me?

I can stand on my soapbox ranting here about what the markets want, but I know precisely what they DON'T want and that is uncertainty. That is exactly what the ECB has delivered in the past - this is what they are masters at.

The markets are expecting a substantial QE program, with a wide scope covering sovereign bonds not corporate bonds. Size is important… the bigger the better. €500 billion is widely quoted now. It was initially reported that €1,000 billion would be the number great enough to satisfy ALL requirements. Timing should be to infinity and beyond.

Lets face facts… history is on my side when I write this.

“The ECB 2015 QE program will be a f***ing fudged up / screwed up disaster”.

The Bundesbank and most of the German public are anti QE and Merkel is a politician who thrives on the popular vote. Should she (Merkel) go 110% into QE it would be a like a turkey voting for Christmas. Hence the “fudge” approach on the cheap.

Right now from a Forex perspective with regards to the EUR/USD QE is priced in to large extent, we are buying the rumour, if we are short EUR/USD.

The simple fact of the matter is, that if Draghi does NOT deliver on the 22<sup>nd</sup> January, the EUR/USD will bounce like crazy. In fact, this is what I want to happen. I think that a bounce back to 1.2100 would be a great area to re-enter short.

I think that Germany will as usual f**k up the first time and over a period of can kicking eventually they will (whether being dragged screaming or voluntarily) realize that QE is the only answer to calm the markets, bring stability and finally give most EUROZONE members a chance to build from lets face it DEFLATION.

There is always the chance that Draghi will deliver, but I strongly doubt it… The Bundesbank, Merkel… Germany is against him. The ECB mandate was carefully written by Germany at the outset of the EUROZONE. Draghi is a mere puppet of Germany.

I think as Forex traders we should be ready to buy the news with the EUR/USD. If the QE program is delayed, complicated, small in size, split between the ECB and Central Banks and limited on time…. buy, buy, buy, buy the EUR.

Until the 22nd of January, I can only imagine that the rumour-mill regarding the ECB intentions for QE will get worse and worse with the media in a feeding frenzy to get the edge over their competitors. We know from history that the ECB and EUROZONE policy makers have loose lips and love their time on TV, so be very careful.

Looking at longer-term charts 1.1630 appears to be the lowest I think that the EUR/USD will fall to before reaching some credible support, that is, if we can sell off to that level.

We did not break 1.1900 on the back of the mixed NFP data. Without doubt I can only say that I see increased EUR/USD volatility up to the 22<sup>nd</sup> January and do not forget the Greek elections a couple of days following.

The 1.1885 level may offer some resistance and maybe 1.1750 to 1.1885 is the immediate range. Outside of this range we may look at 1.1630 to 1.2000 (GAP FILL from 4<sup>th</sup> January 2015).

I will trade the EUR/USD in the interim, I think; but my position sizes will be smaller to compensate for the increased volatility that I am expecting.

If you are a conservative trader and want to limit your risk prior to the ECB Press Conference, may I suggest that you just leave the EUR/USD alone.

&nbsp;
<ol start="4">
	<li><strong><span style="text-decoration: underline;"> PREMIUM SERVICE EXCLUSIVE CONTENT:</span></strong></li>
</ol>
(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)

<span style="text-decoration: underline;">4.1 EDUCATION:
</span>

<span style="text-decoration: underline;">4.2 THE PREMIUM SERVICE - CURRENT LIVE TRADES:</span>

<span style="text-decoration: underline;">4.3 THE PREMIUM SERVICE - TRADES THAT ARE ON MY RADAR:</span>

<span style="text-decoration: underline;">4.4 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>

<span style="text-decoration: underline;">4.5 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style="text-decoration: underline;">:</span></strong>

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&nbsp;
<ol start="5">
	<li><strong><span style="text-decoration: underline;"> THE WEEK AHEAD: -
WHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>
</ol>
<span style="text-decoration: underline;">5.1 SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>

If you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -

Go to my website: - <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>

On the right hand side of the welcome page under my bio “about me” there is a blue box titled SUBSCRIBE TO FREE NEWSLETTER, click on profile and add your email address. It is as simple and straightforward as that.

I do NOT sell your email data to anyone…do not worry.

&nbsp;

<span style="text-decoration: underline;">5.2 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>

SUNDAY: N/A.

MONDAY: N/A.

TUESDAY: GBP – CPi.

WEDNESDAY: USD – Core Retail Sales.
WEDNESDAY: AUD – Unemployment Rate.

THURSDAY: N/A.

FRIDAY: USD – Core CPi.

&nbsp;

<span style="text-decoration: underline;">5.3 FINAL THOUGHTS / CLOSING COMMENTS:</span>

This week is light on news. However, I think that our guard needs to remain high given the high profile news events that are not too far away.

The following news events and items need to be focused on as we move into this week’s trading:
<p style="text-align: center;"><strong>The ECB Press Conference</strong>
<strong> The Greek Elections</strong>
<strong> GOLD and USD divergence</strong>
<strong> OIL prices</strong>
<strong> Central Bank Divergences</strong></p>
This list is large enough to contend with. We are watching many Forex pairs and the USD index (DXY) reacting after having reached extreme levels. We should see a period of consolidation before resuming the moves in the longer-term directions. At the same time though we have some large fundamental news items that we must also consider. At the moment, I would actually say the markets are being driven by fundamentals, but it is slowly yielding back to technicals leading given the pricing levels recently seen.

This can be a dangerous time as moves can be sudden and without a solid reason as the fundamentals have NOT altered.

All we can be is ready and trade accordingly.

Good luck this week and as always manage your risk.

&nbsp;

Scott Pickering
The Pip Accumulator
Sunday January 11<sup>th</sup> 2015

EMAIL / FOLLOW ME AT:
drivethru@weeklyfxdrivethru.com
Twitter: @pipaccumulator
<span style="line-height: 1.5;">Google+/scottpickering
</span>Tumblr: thepipaccumulator

<strong><span style="text-decoration: underline;">DISCLAIMER &amp; OTHER DATA:</span></strong>

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<span style="text-decoration: underline;">TRADING &amp; PERFORMANCES DISCLAIMER:</span>

FLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.