(7569,1,'2016-04-02 14:27:43','2016-04-02 19:27:43','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAm I the only trader who feels like he is on a roller coaster ride?\r\n\r\nI must be, all my twitter feeds seem to show everyone is making heaps of $$$, getting in at the top and getting out pretty much at the bottom. How do they do this? Not wanting to sound like Donald Trump but are they all lyin’ Ted’s!\r\n\r\nYou are not alone if you are on the same roller coaster as me. It is real and it’s all about adjusting and surviving!\r\n\r\nI am trading exactly the way that I have been doing for the past 5 years out of my 8 years of trading and I feel like I am being beaten up virtually every time I enter a trade, well at least it feels that way.\r\n\r\nAt the end of last month (February) all my 2016 pip gains were wiped out, following a combination of BREXIT fears and ice-storms that gave huge power outages in the area that I live in, 36 hours plus of connection issues. No power, no ISP’s, generators iced up and no cell phone coverage apart from emergency calls to 911.\r\n\r\nThis year’s month-by-month pips are below and they are cumulative:\r\n<p style=\"text-align: center;\">+1,399 pips on the 31<sup>st</sup> January 2016\r\nto\r\n-132 pips on the 29<sup>th</sup> February 2016\r\nand now to\r\n+1,710 pips on the 31<sup>st</sup> March 2016</p>\r\nIt sounds great but I feel that I am struggling. I am making pips but Holy Mother of God it’s just trying to keep your head above the water at times.\r\n\r\nI am more of a POSITION style trader than anything else and examining my trades, my longer-term PART-TIME TRADER trades are doing great. My RADAR trades are OK, but my FLASH trades are struggling. These are trades directly linked to the market chop!\r\n\r\nFUNDAMENTAL trades were the ones that suffered in February and in March I recovered more than 25% of the pain suffered in February, so I am happy about this fact.\r\n\r\nIt is the market chop that is eating me up and quite frankly I do not believe the lyin’ Ted’s on twitter are not affected.\r\n\r\nWhat do I do?\r\n\r\nOnly trade my trades with a longer-term perspective, would seem a reasonable suggestion.\r\n\r\nI am trying to give profitable trades air to breathe. I am probably guilty of not cutting out the loss making trades fast enough, although when I have cut them they spike up within minutes, and my losses taken could have in fact been profits. I am cutting position sizes, moving stops to ensure that my RISK EXPOSURE is maintained within my TRADING PLAN limits. I am still selling into strength buying pullbacks and the chop has been killing me.\r\n\r\nI hear you saying several things.\r\n<ul>\r\n	<li>Do not move your stops.</li>\r\n	<li>Just take 20-30 pips here and there and forget about measured moves</li>\r\n	<li>Forget about Fibonacci targets and levels.</li>\r\n	<li>Forget about Pivot Points.</li>\r\n</ul>\r\nThey all sound creditable in their own way to some extent.\r\n\r\nAction, clarification and ideas bouncing was required so I decided to arrange an emergency SKYPE call with my peer group.\r\n\r\nI have known these guys/gal for a few years now and usually once a month we have a conference call about all matters Forex. The group consists of an “Elliot Wave Trader” (I still don\'t get it), an ex. Bank long-term trader (longer than my perspective), a female “Swinger” (Swing Trader) and myself (The Scoucer).\r\n\r\nSetting the meeting, I was in control. My arse I was… within 10 seconds of establishing that all parties could hear each other, all I could hear was bitching about how bloody awful the market was and that when trying to establish positions it was basically a chop fest.\r\n\r\nYep…. Other traders, traders I know tell the truth, traders who have been around for a while, like me lost it all, got it back, suffered like hell and then experienced a hallelujah moment, these guys tell it as it is.\r\n\r\nSo… twitter is full of sh*t. For the past four / five months I have hardly been on twitter with @pipaccumulator, because frankly I was sick to the back teeth of hearing how fecking wonderful it was in the Forex markets. Granted, there will be a few who have great trades, I have had great trades but my core FLASH “bread and butter” trades have been suffering in the chop!!\r\n\r\nIn summary…\r\n\r\nI now know that I have NOT been losing my mind and, in addition, my thoughts about twitter are confirmed. There are some real numpties out there that have allegedly never lost money on trades. I keep deleting these from my following lists but somehow more appear, WTF. More importantly, my sanity remains intact.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nAlmost finally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/upcoming-live-events-seminars-training/tour-dates-2016/\" rel=\"attachment wp-att-7522\"><img class=\"aligncenter size-full wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"624\" height=\"397\" /></a><strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n\r\nPREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks.\r\n\r\nPREMIUM SERVICE (GOLD):\r\n\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +1,710\r\nNET PIPS THIS YEAR SO FAR:                +1,578</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>PREMIUM SERVICE – PART TIME TRADERS:</u>\r\n\r\nThe article below has just been updated on my website. I placed the initial article on my website at the end of 2015 to launch PART-TIME TRADER trades, which from April 4<sup>th</sup> 2016 will now be called POSITION trades.\r\n\r\nThe piece is self explanatory, basically, after completing Q1 2016, I wanted to review progress with this style of trade against the projection I published at the launch.\r\n\r\nThe full version of the history of PART-TIME TRADER trades (now POSITION TRADES) can be found by clicking on my website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn my landing page at the top there is tab titled PART-TIME FOREX (POSITION) TRADERS, if you select this the complete article is there. Below is just the Q1 addition to the original piece.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>ARE YOU A PART-TIME FOREX TRADER\r\nor\r\nWOULD YOU LIKE TO ADD ANOTHER INCOME STREAM TO YOUR\r\nHOUSEHOLD INCOME?</strong></p>\r\nWe are almost three months into 2016 trading and I thought that it would be a great idea to review the performance of my new trading category, that was launched in January this year; PART-TIME TRADER TRADES.\r\n\r\nBefore getting into the “nitty gritty” of projected numbers versus actual performance, I thought I should offer an overview to date.\r\n\r\nThis year trading has not been as clear-cut as I had hoped for. The divergent trade, which frankly launched this idea of the new trade set-up category, has not been as visible as I had hoped. In fact, there have been clear examples of central bank policy direction being ignored (BOJ and ECB). Coupled with some major geopolitical uncertainties, I have not had the confidence to let trades run as I had originally intended and I have cut trades short, mostly at the time they were profitable to bank $$$.\r\n\r\nMoving forward, I do see the divergent trade re-appearing because frankly, nothing has fundamentally changed. The FED is still progressing with monetary policy, that is, raising rates when the two other large central banks the ECB and BOJ are still easing with monetary policy through a long term quantitative easing program. From this perspective nothing has changed.\r\n\r\nHowever, one thing that I do want to change is the name given to these suggested trade set-ups moving forward. From April 4<sup>th</sup> 2016 they will be renamed as POSITION TRADES and no longer PART-TIME TRADER TRADES. They will now carry the prefix POS as suggested set-ups are posted to subscribers of the PREMIUM SERVICE.\r\n\r\nBelow is the PROJECTED PERFORMANCE versus the ACTUAL for Q1 2016. I have added a short commentary / summary on the chart and in the few short comments at the foot of the excel sheet.\r\n\r\nI am really pleased with this category of trade set-up. It has been by far my most successful trading style this year so far. This does make some sense in the fact that for most of this year I have been talking in my blogs and writing <strong>on </strong>Twitter about how choppy the markets have been and because of geopolitical uncertainties it has on many occasions been quite difficult to trade.\r\n\r\nThe actual performance for Q1 is in BLUE and the original projection is in BLACK. I have made no amendments to the original data.\r\n\r\nRoll on Q2 if it is half as good as Q1 there will be both pips and $$$$!!\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/part-time-forex-traders/position-trades-q1v2016-31032016/\" rel=\"attachment wp-att-7519\"><img class=\"aligncenter wp-image-7519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/POSITION-TRADES-Q1v2016-31032016.png\" alt=\"POSITION TRADES Q1v2016 31032016\" width=\"767\" height=\"587\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nSo often when Non Farm Payrolls feature in the economic data releases for a week everything else pales into insignificance.\r\n\r\nAs far as I am concerned, this was the point last week with one exception. After the Easter holiday break on Tuesday, Janet Yellen spoke.\r\n\r\nIt was a turning point. Yellen delivered a DOVISH speech and the USD was whacked and it was continually whacked up to NFP data release.\r\n\r\nPersonally, I think just like the FED missed the moment in 2015 by raising in December, primarily so as not to lose face, they should have done it in July or September and December in my opinion.\r\n\r\nLast week Yellen, basically ruled out April, although the NFP data is good enough to hike. She has probably ruled out June because of the BREXIT fears in the UK.\r\n\r\nI show the weekly USD index (DXY) chart below. As you can see there is a bearish engulfing weekly candle. This could spell some more USD weakness at the start of this week, but the USD is well oversold at this point and we should at least be prepared for a possible bounce as we approach key support. If that support gives way at 93.15 all hell will break loose.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/dxy-weekly-chart-02042016/\" rel=\"attachment wp-att-7553\"><img class=\"aligncenter size-large wp-image-7553\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/DXY-WEEKLY-CHART-02042016-1024x481.png\" alt=\"DXY WEEKLY CHART 02042016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\nReferring back to my peer group from the introduction, my ex Banker chappie, is quite adamant that what he calls “Value Buyers” should emerge before that level buying up a reverse move towards 96.00 and beyond.\r\n<p style=\"text-align: center;\">So in recap…</p>\r\n<p style=\"text-align: center;\">Yellen was DOVISH…</p>\r\n<p style=\"text-align: center;\">The USD got whacked…Tony Soprano style\r\nand, by the way\r\nNFP delivered great numbers\r\nChange was 215,000 versus expectations of 206,000\r\nAverage Hourly Rates up 0.3% expectations 0.2%\r\nUnemployment Rate ticked up from 4.9% to 5.0%\r\nplus\r\nISM Manufacturing PMi beat 50.8 expectations at 51.8%</p>\r\nI still refer back to my blog from weeks ago, with the U.S. being the biggest economy in the world where we are constantly being told is in great shape, strong and resilient making excellent progress can’t stomach a 0.25% rate rise?\r\n\r\nGo figure that, because I think it’s mental.\r\n\r\nA 0.25% rise will not affect Main Street in my opinion, just Wall Street and therein lies the issue…\r\n\r\nThe market makers want zirp (0% for infinity). Janet Yellen must be scared shi*less if she cannot push through 0.25% now because it will be autumn (fall) before the next window comes around given the BREXIT situation and its potential effect on de-stabilizing the financial markets given London’s position.\r\n\r\nShe needs more than 0.25% behind the clock in case of a potential recession ahead. I think at least 1.00% by the end of 2016 is a minimum. I just cannot see that happening.\r\n\r\nWhat a fragile economy the U.S. must be, or is it driven by pressure groups and lobbyists at the highest level?\r\n\r\nAt least that was a month and quarter end out of the way, that\'s one way to view last week.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>MOVE OVER MARIO and HARUHIDO… JANET HAS THE BALLS!</strong></p>\r\nIf Janet Yellen was a bloke she would have really big balls. The last woman who would have had balls of steel was Margaret Thatcher.\r\n\r\nDon’t get me wrong Janet Yellen is not in that league (yet) but she does pack a powerful punch.\r\n\r\nThe ECB and BOJ failed recently to intervene in the markets and drive prices they way they want. With regards to Draghi had he not said “and that’s it” things may have been different but essentially it is what it is, or rather it was what it was. Both central bank presidents failed to get the buy in from the financial markets to their changes in monetary policy.\r\n\r\nLooking at Janet Yellen, she essentially gave Wall Street a rate cut without changing macro level monetary FED policy. That demonstrates without any contradiction the power of a central bank. In fact, most of us traders have grown up with this belief implanted into our brains.\r\n\r\nFair play Janet Yellen stood there; she knew exactly the effect her words would have. She gave Wall Street what it wanted.\r\n\r\nBut did she?\r\n\r\nThe constant stream of guests on BLOOMBERG and CNBC still rabbit on about uncertainty, dots, four rates hikes, two rate hikes, three rate hikes, no rate hikes…. Stop… give me time to draw breath and think.\r\n\r\nI wrote a few weeks ago about the FED’s dot plots on graphs being great to assure markets of continued support, but when trying to normalize it’s way too rigid. The FED is held to ransom over dots placed on bits of paper that can be months old.\r\n\r\nI just don’t get it; the Fed wants to normalize and yet the dithering is unbelievable for just 0.25%.\r\n\r\nForget about emerging markets; forget about the rest of the world. They all know interest rates in the US are going up, end of story. The Forex market is a future pricing mechanism, most of it is priced in, all that Janet Yellen does by dithering is create uncertainty. Markets do NOT like uncertainty.\r\n\r\nI always come back to the same position having gone around and around.\r\n<ul>\r\n	<li>Everyone knows the FED has changed its monetary policy position.</li>\r\n	<li>The world is expecting interest rate increases.</li>\r\n	<li>Data is relatively good.</li>\r\n	<li>The average hourlies from NFP will show that there is some inflation in the works.</li>\r\n	<li>Why are interest rate increases not happening?</li>\r\n	<li>What does the FED see that we do not?</li>\r\n	<li>Why the dithering?</li>\r\n	<li>We are only talking about 0.25% and that will not affect Main Street.</li>\r\n</ul>\r\nI can assume Wall Street pressure is influencing the supposedly impartial FED; am I right?\r\n\r\nWhat is Wall Street frightened of…. hard work?\r\n\r\nJanet Yellen just gave Wall Street by being so DOVISH, more uncertainty. Sure they grabbed the speech content made a few $$$ but are they any the wiser?\r\n\r\nAs mentioned, we now have increased uncertainty about interest rate hikes on our TV screens.\r\n\r\nFrankly, I am finding all of this rather strange.\r\n\r\nWe have BREXIT fears, a circus of a presidential election campaign, with a bunch of candidates I wouldn’t hire, a FED chair that dithers and bunch of Central bank governors/presidents dotted about the globe, who right now are about as useful as a chocolate teapot in establishing monetary policy\r\n\r\nThe FED can still control and direct the market based upon commentary; but is it effective?\r\n\r\nOnly time will tell. Janet Yellen certainly packs a punch, for now at least, but I do think that she is missing another moment.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: AUD – Building Approvals &amp; Retail Sales.\r\n\r\nMONDAY: AUD – Trade Balance.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: CAD – Trade Balance.\r\nTUESDAY: NZD – GDT Prices.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB) gives us words of wisdom.\r\nTHURSDAY: USD – Janet Yellen (FED) gives us words of wisdom.\r\n\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/eurusd-daily-02042016/\" rel=\"attachment wp-att-7557\"><img class=\"aligncenter size-large wp-image-7557\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-DAILY-02042016-1024x509.png\" alt=\"EURUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4225\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/gbpusd-daily-02042016/\" rel=\"attachment wp-att-7558\"><img class=\"aligncenter size-large wp-image-7558\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-DAILY-02042016-1024x509.png\" alt=\"GBPUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7680\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/audusd-daily-02042016/\" rel=\"attachment wp-att-7556\"><img class=\"aligncenter size-large wp-image-7556\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-DAILY-02042016-1024x509.png\" alt=\"AUDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6899\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/nzdusd-daily-02042016/\" rel=\"attachment wp-att-7559\"><img class=\"aligncenter size-large wp-image-7559\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-DAILY-02042016-1024x509.png\" alt=\"NZDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3010\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/usdcad-daily-02042016/\" rel=\"attachment wp-att-7560\"><img class=\"aligncenter size-large wp-image-7560\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-DAILY-02042016-1024x509.png\" alt=\"USDCAD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9574\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/usdchf-daily-02042016/\" rel=\"attachment wp-att-7561\"><img class=\"aligncenter size-large wp-image-7561\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-DAILY-02042016-1024x509.png\" alt=\"USDCHF DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.60\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/usdjpy-daily-02042016/\" rel=\"attachment wp-att-7562\"><img class=\"aligncenter size-large wp-image-7562\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-DAILY-02042016-1024x509.png\" alt=\"USDJPY DAILY 02042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week we appear to be “down under” as we say for most of the big data. The Aussies have it this week; the RBA, Retail Sales, Building Approvals and Trade Balance numbers.\r\n\r\nDraghi and Yellen speak on Thursday; God only knows what they are going to add now?\r\n\r\nThe Canadian data, Jobs and Trade balance will be interesting to follow as the boy’s (Trudeau’s) recent budget passed off as bit of a whimper at the end of the day. I can see Stephen Poloz (BOC) finally being forced to grab the issue and bolster the Canadian economy sooner rather than later. Now that the snow is clearing away (finally), I think that the BOC will act. So this data, this week, will be interesting to digest.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 2<sup>nd</sup> April 2016\r\nBLOG REFERENCE: #195 FREE NEWSLETTER\r\n\r\n&nbsp;','MOVE OVER MARIO and HARUHIDO…  JANET HAS THE BALLS!','','inherit','closed','closed','','7568-revision-v1','','','2016-04-02 14:27:43','2016-04-02 19:27:43','',7568,'https://weeklyfxdrivethru.com/7568-revision-v1/',0,'revision','',0),(7570,1,'2016-04-02 14:29:22','2016-04-02 19:29:22','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAm I the only trader who feels like he is on a roller coaster ride?\r\n\r\nI must be, all my twitter feeds seem to show everyone is making heaps of $$$, getting in at the top and getting out pretty much at the bottom. How do they do this? Not wanting to sound like Donald Trump but are they all lyin’ Ted’s!\r\n\r\nYou are not alone if you are on the same roller coaster as me. It is real and it’s all about adjusting and surviving!\r\n\r\nI am trading exactly the way that I have been doing for the past 5 years out of my 8 years of trading and I feel like I am being beaten up virtually every time I enter a trade, well at least it feels that way.\r\n\r\nAt the end of last month (February) all my 2016 pip gains were wiped out, following a combination of BREXIT fears and ice-storms that gave huge power outages in the area that I live in, 36 hours plus of connection issues. No power, no ISP’s, generators iced up and no cell phone coverage apart from emergency calls to 911.\r\n\r\nThis year’s month-by-month pips are below and they are cumulative:\r\n<p style=\"text-align: center;\">+1,399 pips on the 31<sup>st</sup> January 2016\r\nto\r\n-132 pips on the 29<sup>th</sup> February 2016\r\nand now to\r\n+1,710 pips on the 31<sup>st</sup> March 2016</p>\r\nIt sounds great but I feel that I am struggling. I am making pips but Holy Mother of God it’s just trying to keep your head above the water at times.\r\n\r\nI am more of a POSITION style trader than anything else and examining my trades, my longer-term PART-TIME TRADER trades are doing great. My RADAR trades are OK, but my FLASH trades are struggling. These are trades directly linked to the market chop!\r\n\r\nFUNDAMENTAL trades were the ones that suffered in February and in March I recovered more than 25% of the pain suffered in February, so I am happy about this fact.\r\n\r\nIt is the market chop that is eating me up and quite frankly I do not believe the lyin’ Ted’s on twitter are not affected.\r\n\r\nWhat do I do?\r\n\r\nOnly trade my trades with a longer-term perspective, would seem a reasonable suggestion.\r\n\r\nI am trying to give profitable trades air to breathe. I am probably guilty of not cutting out the loss making trades fast enough, although when I have cut them they spike up within minutes, and my losses taken could have in fact been profits. I am cutting position sizes, moving stops to ensure that my RISK EXPOSURE is maintained within my TRADING PLAN limits. I am still selling into strength buying pullbacks and the chop has been killing me.\r\n\r\nI hear you saying several things.\r\n<ul>\r\n	<li>Do not move your stops.</li>\r\n	<li>Just take 20-30 pips here and there and forget about measured moves</li>\r\n	<li>Forget about Fibonacci targets and levels.</li>\r\n	<li>Forget about Pivot Points.</li>\r\n</ul>\r\nThey all sound creditable in their own way to some extent.\r\n\r\nAction, clarification and ideas bouncing was required so I decided to arrange an emergency SKYPE call with my peer group.\r\n\r\nI have known these guys/gal for a few years now and usually once a month we have a conference call about all matters Forex. The group consists of an “Elliot Wave Trader” (I still don\'t get it), an ex. Bank long-term trader (longer than my perspective), a female “Swinger” (Swing Trader) and myself (The Scoucer).\r\n\r\nSetting the meeting, I was in control. My arse I was… within 10 seconds of establishing that all parties could hear each other, all I could hear was bitching about how bloody awful the market was and that when trying to establish positions it was basically a chop fest.\r\n\r\nYep…. Other traders, traders I know tell the truth, traders who have been around for a while, like me lost it all, got it back, suffered like hell and then experienced a hallelujah moment, these guys tell it as it is.\r\n\r\nSo… twitter is full of sh*t. For the past four / five months I have hardly been on twitter with @pipaccumulator, because frankly I was sick to the back teeth of hearing how fecking wonderful it was in the Forex markets. Granted, there will be a few who have great trades, I have had great trades but my core FLASH “bread and butter” trades have been suffering in the chop!!\r\n\r\nIn summary…\r\n\r\nI now know that I have NOT been losing my mind and, in addition, my thoughts about twitter are confirmed. There are some real numpties out there that have allegedly never lost money on trades. I keep deleting these from my following lists but somehow more appear, WTF. More importantly, my sanity remains intact.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nAlmost finally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/upcoming-live-events-seminars-training/tour-dates-2016/\" rel=\"attachment wp-att-7522\"><img class=\"aligncenter size-full wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"624\" height=\"397\" /></a><strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the drop down tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n\r\nPREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks.\r\n\r\nPREMIUM SERVICE (GOLD):\r\n\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +1,710\r\nNET PIPS THIS YEAR SO FAR:                +1,578</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>PREMIUM SERVICE – PART TIME TRADERS:</u>\r\n\r\nThe article below has just been updated on my website. I placed the initial article on my website at the end of 2015 to launch PART-TIME TRADER trades, which from April 4<sup>th</sup> 2016 will now be called POSITION trades.\r\n\r\nThe piece is self explanatory, basically, after completing Q1 2016, I wanted to review progress with this style of trade against the projection I published at the launch.\r\n\r\nThe full version of the history of PART-TIME TRADER trades (now POSITION TRADES) can be found by clicking on my website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn my landing page at the top there is tab titled PART-TIME FOREX (POSITION) TRADERS, if you select this the complete article is there. Below is just the Q1 addition to the original piece.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>ARE YOU A PART-TIME FOREX TRADER\r\nor\r\nWOULD YOU LIKE TO ADD ANOTHER INCOME STREAM TO YOUR\r\nHOUSEHOLD INCOME?</strong></p>\r\nWe are almost three months into 2016 trading and I thought that it would be a great idea to review the performance of my new trading category, that was launched in January this year; PART-TIME TRADER TRADES.\r\n\r\nBefore getting into the “nitty gritty” of projected numbers versus actual performance, I thought I should offer an overview to date.\r\n\r\nThis year trading has not been as clear-cut as I had hoped for. The divergent trade, which frankly launched this idea of the new trade set-up category, has not been as visible as I had hoped. In fact, there have been clear examples of central bank policy direction being ignored (BOJ and ECB). Coupled with some major geopolitical uncertainties, I have not had the confidence to let trades run as I had originally intended and I have cut trades short, mostly at the time they were profitable to bank $$$.\r\n\r\nMoving forward, I do see the divergent trade re-appearing because frankly, nothing has fundamentally changed. The FED is still progressing with monetary policy, that is, raising rates when the two other large central banks the ECB and BOJ are still easing with monetary policy through a long term quantitative easing program. From this perspective nothing has changed.\r\n\r\nHowever, one thing that I do want to change is the name given to these suggested trade set-ups moving forward. From April 4<sup>th</sup> 2016 they will be renamed as POSITION TRADES and no longer PART-TIME TRADER TRADES. They will now carry the prefix POS as suggested set-ups are posted to subscribers of the PREMIUM SERVICE.\r\n\r\nBelow is the PROJECTED PERFORMANCE versus the ACTUAL for Q1 2016. I have added a short commentary / summary on the chart and in the few short comments at the foot of the excel sheet.\r\n\r\nI am really pleased with this category of trade set-up. It has been by far my most successful trading style this year so far. This does make some sense in the fact that for most of this year I have been talking in my blogs and writing <strong>on </strong>Twitter about how choppy the markets have been and because of geopolitical uncertainties it has on many occasions been quite difficult to trade.\r\n\r\nThe actual performance for Q1 is in BLUE and the original projection is in BLACK. I have made no amendments to the original data.\r\n\r\nRoll on Q2 if it is half as good as Q1 there will be both pips and $$$$!!\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/part-time-forex-traders/position-trades-q1v2016-31032016/\" rel=\"attachment wp-att-7519\"><img class=\"aligncenter wp-image-7519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/POSITION-TRADES-Q1v2016-31032016.png\" alt=\"POSITION TRADES Q1v2016 31032016\" width=\"767\" height=\"587\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nSo often when Non Farm Payrolls feature in the economic data releases for a week everything else pales into insignificance.\r\n\r\nAs far as I am concerned, this was the point last week with one exception. After the Easter holiday break on Tuesday, Janet Yellen spoke.\r\n\r\nIt was a turning point. Yellen delivered a DOVISH speech and the USD was whacked and it was continually whacked up to NFP data release.\r\n\r\nPersonally, I think just like the FED missed the moment in 2015 by raising in December, primarily so as not to lose face, they should have done it in July or September and December in my opinion.\r\n\r\nLast week Yellen, basically ruled out April, although the NFP data is good enough to hike. She has probably ruled out June because of the BREXIT fears in the UK.\r\n\r\nI show the weekly USD index (DXY) chart below. As you can see there is a bearish engulfing weekly candle. This could spell some more USD weakness at the start of this week, but the USD is well oversold at this point and we should at least be prepared for a possible bounce as we approach key support. If that support gives way at 93.15 all hell will break loose.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/dxy-weekly-chart-02042016/\" rel=\"attachment wp-att-7553\"><img class=\"aligncenter size-large wp-image-7553\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/DXY-WEEKLY-CHART-02042016-1024x481.png\" alt=\"DXY WEEKLY CHART 02042016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\nReferring back to my peer group from the introduction, my ex Banker chappie, is quite adamant that what he calls “Value Buyers” should emerge before that level buying up a reverse move towards 96.00 and beyond.\r\n<p style=\"text-align: center;\">So in recap…</p>\r\n<p style=\"text-align: center;\">Yellen was DOVISH…</p>\r\n<p style=\"text-align: center;\">The USD got whacked…Tony Soprano style\r\nand, by the way\r\nNFP delivered great numbers\r\nChange was 215,000 versus expectations of 206,000\r\nAverage Hourly Rates up 0.3% expectations 0.2%\r\nUnemployment Rate ticked up from 4.9% to 5.0%\r\nplus\r\nISM Manufacturing PMi beat 50.8 expectations at 51.8%</p>\r\nI still refer back to my blog from weeks ago, with the U.S. being the biggest economy in the world where we are constantly being told is in great shape, strong and resilient making excellent progress can’t stomach a 0.25% rate rise?\r\n\r\nGo figure that, because I think it’s mental.\r\n\r\nA 0.25% rise will not affect Main Street in my opinion, just Wall Street and therein lies the issue…\r\n\r\nThe market makers want zirp (0% for infinity). Janet Yellen must be scared shi*less if she cannot push through 0.25% now because it will be autumn (fall) before the next window comes around given the BREXIT situation and its potential effect on de-stabilizing the financial markets given London’s position.\r\n\r\nShe needs more than 0.25% behind the clock in case of a potential recession ahead. I think at least 1.00% by the end of 2016 is a minimum. I just cannot see that happening.\r\n\r\nWhat a fragile economy the U.S. must be, or is it driven by pressure groups and lobbyists at the highest level?\r\n\r\nAt least that was a month and quarter end out of the way, that\'s one way to view last week.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>MOVE OVER MARIO and HARUHIDO… JANET HAS THE BALLS!</strong></p>\r\nIf Janet Yellen was a bloke she would have really big balls. The last woman who would have had balls of steel was Margaret Thatcher.\r\n\r\nDon’t get me wrong Janet Yellen is not in that league (yet) but she does pack a powerful punch.\r\n\r\nThe ECB and BOJ failed recently to intervene in the markets and drive prices they way they want. With regards to Draghi had he not said “and that’s it” things may have been different but essentially it is what it is, or rather it was what it was. Both central bank presidents failed to get the buy in from the financial markets to their changes in monetary policy.\r\n\r\nLooking at Janet Yellen, she essentially gave Wall Street a rate cut without changing macro level monetary FED policy. That demonstrates without any contradiction the power of a central bank. In fact, most of us traders have grown up with this belief implanted into our brains.\r\n\r\nFair play Janet Yellen stood there; she knew exactly the effect her words would have. She gave Wall Street what it wanted.\r\n\r\nBut did she?\r\n\r\nThe constant stream of guests on BLOOMBERG and CNBC still rabbit on about uncertainty, dots, four rates hikes, two rate hikes, three rate hikes, no rate hikes…. Stop… give me time to draw breath and think.\r\n\r\nI wrote a few weeks ago about the FED’s dot plots on graphs being great to assure markets of continued support, but when trying to normalize it’s way too rigid. The FED is held to ransom over dots placed on bits of paper that can be months old.\r\n\r\nI just don’t get it; the Fed wants to normalize and yet the dithering is unbelievable for just 0.25%.\r\n\r\nForget about emerging markets; forget about the rest of the world. They all know interest rates in the US are going up, end of story. The Forex market is a future pricing mechanism, most of it is priced in, all that Janet Yellen does by dithering is create uncertainty. Markets do NOT like uncertainty.\r\n\r\nI always come back to the same position having gone around and around.\r\n<ul>\r\n	<li>Everyone knows the FED has changed its monetary policy position.</li>\r\n	<li>The world is expecting interest rate increases.</li>\r\n	<li>Data is relatively good.</li>\r\n	<li>The average hourlies from NFP will show that there is some inflation in the works.</li>\r\n	<li>Why are interest rate increases not happening?</li>\r\n	<li>What does the FED see that we do not?</li>\r\n	<li>Why the dithering?</li>\r\n	<li>We are only talking about 0.25% and that will not affect Main Street.</li>\r\n</ul>\r\nI can assume Wall Street pressure is influencing the supposedly impartial FED; am I right?\r\n\r\nWhat is Wall Street frightened of…. hard work?\r\n\r\nJanet Yellen just gave Wall Street by being so DOVISH, more uncertainty. Sure they grabbed the speech content made a few $$$ but are they any the wiser?\r\n\r\nAs mentioned, we now have increased uncertainty about interest rate hikes on our TV screens.\r\n\r\nFrankly, I am finding all of this rather strange.\r\n\r\nWe have BREXIT fears, a circus of a presidential election campaign, with a bunch of candidates I wouldn’t hire, a FED chair that dithers and bunch of Central bank governors/presidents dotted about the globe, who right now are about as useful as a chocolate teapot in establishing monetary policy\r\n\r\nThe FED can still control and direct the market based upon commentary; but is it effective?\r\n\r\nOnly time will tell. Janet Yellen certainly packs a punch, for now at least, but I do think that she is missing another moment.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: AUD – Building Approvals &amp; Retail Sales.\r\n\r\nMONDAY: AUD – Trade Balance.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: CAD – Trade Balance.\r\nTUESDAY: NZD – GDT Prices.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB) gives us words of wisdom.\r\nTHURSDAY: USD – Janet Yellen (FED) gives us words of wisdom.\r\n\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/eurusd-daily-02042016/\" rel=\"attachment wp-att-7557\"><img class=\"aligncenter size-large wp-image-7557\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-DAILY-02042016-1024x509.png\" alt=\"EURUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4225\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/gbpusd-daily-02042016/\" rel=\"attachment wp-att-7558\"><img class=\"aligncenter size-large wp-image-7558\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-DAILY-02042016-1024x509.png\" alt=\"GBPUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7680\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/audusd-daily-02042016/\" rel=\"attachment wp-att-7556\"><img class=\"aligncenter size-large wp-image-7556\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-DAILY-02042016-1024x509.png\" alt=\"AUDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6899\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/nzdusd-daily-02042016/\" rel=\"attachment wp-att-7559\"><img class=\"aligncenter size-large wp-image-7559\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-DAILY-02042016-1024x509.png\" alt=\"NZDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3010\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/usdcad-daily-02042016/\" rel=\"attachment wp-att-7560\"><img class=\"aligncenter size-large wp-image-7560\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-DAILY-02042016-1024x509.png\" alt=\"USDCAD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9574\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/usdchf-daily-02042016/\" rel=\"attachment wp-att-7561\"><img class=\"aligncenter size-large wp-image-7561\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-DAILY-02042016-1024x509.png\" alt=\"USDCHF DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.60\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/usdjpy-daily-02042016/\" rel=\"attachment wp-att-7562\"><img class=\"aligncenter size-large wp-image-7562\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-DAILY-02042016-1024x509.png\" alt=\"USDJPY DAILY 02042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week we appear to be “down under” as we say for most of the big data. The Aussies have it this week; the RBA, Retail Sales, Building Approvals and Trade Balance numbers.\r\n\r\nDraghi and Yellen speak on Thursday; God only knows what they are going to add now?\r\n\r\nThe Canadian data, Jobs and Trade balance will be interesting to follow as the boy’s (Trudeau’s) recent budget passed off as bit of a whimper at the end of the day. I can see Stephen Poloz (BOC) finally being forced to grab the issue and bolster the Canadian economy sooner rather than later. Now that the snow is clearing away (finally), I think that the BOC will act. So this data, this week, will be interesting to digest.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 2<sup>nd</sup> April 2016\r\nBLOG REFERENCE: #195 FREE NEWSLETTER\r\n\r\n&nbsp;','MOVE OVER MARIO and HARUHIDO…  JANET HAS THE BALLS!','','inherit','closed','closed','','7568-revision-v1','','','2016-04-02 14:29:22','2016-04-02 19:29:22','',7568,'https://weeklyfxdrivethru.com/7568-revision-v1/',0,'revision','',0),(7573,16,'2016-04-04 13:07:24','2016-04-04 18:07:24','<section class=\"one-sixth first\">\n<h4>PIP PERFORMANCE YEAR BY YEAR Archives:</h4>\n</section><section class=\"five-sixths\">\n<div class=\"one-half first\">\n<h2>2016 v 2015\n<a href=\"https://weeklyfxdrivethru.com/premium-service-2/pip-comparison-march2016/\" rel=\"attachment wp-att-7539\"><img class=\"aligncenter  wp-image-7539\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PIP-COMPARISON-MARCH2016.png\" alt=\"PIP COMPARISON MARCH2016\" width=\"1029\" height=\"594\" /></a></h2>\n&nbsp;\n\n&nbsp;\n\n</div>\n<div class=\"one-half\">\n<h2>2015 v 2014\n<a href=\"https://weeklyfxdrivethru.com/pip-comp-2015-v-2014-comp/\" rel=\"attachment wp-att-6992\"><img class=\"aligncenter  wp-image-6992\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PIP-COMP-2015-v-2014-COMP.png\" alt=\"PIP COMP 2015 v 2014 COMP\" width=\"1059\"  /></a></h2>\n\n&nbsp;\n\n&nbsp;\n\n</div>\n</section>','PIP PERFORMANCE YEAR by YEAR COMPARISONS','','inherit','closed','closed','','6869-autosave-v1','','','2016-04-04 13:07:24','2016-04-04 18:07:24','',6869,'https://weeklyfxdrivethru.com/6869-autosave-v1/',0,'revision','',0),(7649,1,'2016-04-22 22:45:14','2016-04-23 03:45:14','','PS PROFITS1 23042016','','inherit','open','closed','','ps-profits1-23042016','','','2016-04-23 10:42:14','2016-04-23 15:42:14','',5000,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-PROFITS1-23042016.png',0,'attachment','image/png',0),(7576,1,'2016-04-04 13:30:22','2016-04-04 18:30:22','<section class=\"members\">\r\n<div style=\"text-decoration: underline;\"><a title=\"Flash Trades\" href=\"./flash-trades-2/\">Flash Trades</a><a title=\"Radar Trades\" href=\"./radar-trades/\">Radar Trades</a><a title=\"Fundamental Trades\" href=\"./fundamental-trades/\">Fundamental Trades</a><a href=\"./part-time-trader-trades/\">PositionTrades</a><a title=\"Combined Trades Profit Summary\" href=\"./combined-trades-profit/\">Combined Trades Profit Summary</a><a title=\"Completed Trades Profit/Loss Ratios\" href=\"./completed-trades-profit-loss-ratios/\"> Completed Trades Profit/Loss Ratios</a><a title=\"Completed Trades Risk/Reward Analysis\" href=\"./completed-trades-risk-reward-analysis/\"> Completed Trades Risk/Reward Analysis</a><a title=\"PIP PERFORMANCE YEAR by YEAR COMPARISONS\" href=\"./6869-2/\">Pip Performance Year by Year Comparisons</a></div>\r\n</section>','TRADING SUMMARIES','','inherit','closed','closed','','4203-revision-v1','','','2016-04-04 13:30:22','2016-04-04 18:30:22','',4203,'https://weeklyfxdrivethru.com/4203-revision-v1/',0,'revision','',0),(7577,1,'2016-04-04 13:30:40','2016-04-04 18:30:40','<section class=\"members\">\r\n<div style=\"text-decoration: underline;\"><a title=\"Flash Trades\" href=\"./flash-trades-2/\">Flash Trades</a><a title=\"Radar Trades\" href=\"./radar-trades/\">Radar Trades</a><a title=\"Fundamental Trades\" href=\"./fundamental-trades/\">Fundamental Trades</a><a href=\"./part-time-trader-trades/\">Position Trades</a><a title=\"Combined Trades Profit Summary\" href=\"./combined-trades-profit/\">Combined Trades Profit Summary</a><a title=\"Completed Trades Profit/Loss Ratios\" href=\"./completed-trades-profit-loss-ratios/\"> Completed Trades Profit/Loss Ratios</a><a title=\"Completed Trades Risk/Reward Analysis\" href=\"./completed-trades-risk-reward-analysis/\"> Completed Trades Risk/Reward Analysis</a><a title=\"PIP PERFORMANCE YEAR by YEAR COMPARISONS\" href=\"./6869-2/\">Pip Performance Year by Year Comparisons</a></div>\r\n</section>','TRADING SUMMARIES','','inherit','closed','closed','','4203-revision-v1','','','2016-04-04 13:30:40','2016-04-04 18:30:40','',4203,'https://weeklyfxdrivethru.com/4203-revision-v1/',0,'revision','',0),(7578,16,'2016-04-04 13:40:22','2016-04-04 18:40:22','<div class=\"clearfix\">\r\n<div class=\"one-third first\">\r\n<h3 style=\"margin-bottom:40px;margin-top:70px;\">INVESTORS EUROPE</h3>\r\n<p><a href=\"https://secure.investors-europe.com/open-live-account?ib=2089617643\" title=\"Investors Europe banner\" target=\"_blank\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/IEbanner3.png\" alt=\"Investors Europe banner\"/></a></p><p><a href=\"http://www.investors-europe.com/fx-drive/\" target=\"_blank\" class=\"button\">www.investors-europe.com</a></p>\r\n</div>\r\n\r\n<div class=\"one-third\">\r\n<h3 style=\"margin-bottom:40px;margin-top:70px;\">BLACKWELL GLOBAL</h3>\r\n<p><a href=\"https://infinitum.blackwellglobal.com/ib_link.action?ct=IB&amp;iaid=12634007&amp;id=3\" target=\"_blank\">\r\n<img src=\"https://infinitum.blackwellglobal.com/mimages/Banner5white.jpg?ct=IB&amp;iaid=12634007&amp;id=3\" alt=\"\" width=\"120\"  border=\"0\" />\r\n</a></p>\r\n\r\n<div class=\"pdf-links\">\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/FOREX-MADE-EASY-BLACKWELL-GLOBAL.pdf\">FOREX MADE EASY - BLACKWELL GLOBAL</a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/FOREX-ANALYSING-MADE-EASY-BLACKWELL-GLOBALeasy.pdf\">FOREX ANALYSING MADE EASY - BLACKWELL GLOBALeasy</a>\r\n</div>\r\n\r\n</div>\r\n<div class=\"one-third\">\r\n<h3 style=\"margin-bottom:40px;margin-top:70px;\">AVATRADE </h3>\r\n<p><a href=\"http://www.avatrade.com/rewards-benefits/new-accounts-promotion?tag=52729&tag2=~profile_default\" title=\"AVA Trade Banner\" target=\"_blank\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/120x600_A_6.gif\" alt=\"Ava Trade Banner\"/></a>\r\n</p>\r\n</div>\r\n</div>\r\n\r\n<div class=\"clearfix\">\r\n<div class=\"one-third first\">\r\n<h3 style=\"margin-bottom:40px;margin-top:70px;\">FX PRO</h3>\r\n<p><a href=\"https://direct.fxpro.com/ib/en/usd/1044511/real\" title=\"FX Pro banner\" target=\"_blank\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/120x600_FxPro_banner_v1.gif\" alt=\"FX Pro banner\"/></a>\r\n</p>\r\n\r\n</div>\r\n<div class=\"one-third\">\r\n<h3 style=\"margin-bottom:40px;margin-top:70px;\">VANTAGE FX</h3>\r\n<p><a href=\"https://www.vantagefx.com/get-trading/open-live-forex-account/?affid=1702\" title=\"VANTAGE FX\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/Banner_120x600.jpg\" alt=\"Vantage FX\"/></a>\r\n</p>\r\n</div>\r\n<div class=\"one-third\"><h3 style=\"margin-bottom:40px;margin-top:70px;\">HANTEC MARKETS</h3><p><a href=\"http://go.pardot.com/l/68492/2016-04-01/41mtb1\" target=\"_blank\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/Hantec.jpg\" alt=\"Hantec Markets\"/></a></p></div>\r\n</div>\r\n\r\n\r\n<div class=\"clearfix\">\r\n<div class=\"one-third first\">\r\n<h3 style=\"margin-bottom:40px;color: #00bfff;text-transform: uppercase; \">Trading Computers Supplier</h3>\r\n<h3 style=\"margin-bottom:40px;margin-top:20px;\">EZ TRADING COMPUTERS</h3>\r\n<div class=\"one-half first\"><a title=\"Download buyers guide for trading computers\" href=\"https://mt128.isrefer.com/go/weeklyfx-g/weeklyfx/\" target=\"_blank\"><img src=\"http://tradingcomputersnow.com/wp-content/uploads/2014/04/EZTC-skypescrapper.png\" alt=\"trading computers buyers guide\" /></a></div>\r\n<div class=\"btn\" style=\"clear:both\"><a title=\"Product page: \" href=\"https://mt128.isrefer.com/go/weeklyfx-p/weeklyfx/\" target=\"_blank\">Product page: </a></div>\r\n<div class=\"btn\"><a title=\"Download Guide: \" href=\"https://mt128.isrefer.com/go/weeklyfx-g/weeklyfx/\" target=\"_blank\">Download Guide: </a></div>\r\n</div>\r\n\r\n</div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n','FX Brokers','','inherit','closed','closed','','2704-revision-v1','','','2016-04-04 13:40:22','2016-04-04 18:40:22','',2704,'https://weeklyfxdrivethru.com/2704-revision-v1/',0,'revision','',0),(7582,16,'2016-04-05 08:49:24','2016-04-05 13:49:24','<h3></h3>\r\n<h3></h3>\r\n<h3></h3>\r\n<h3></h3>\r\n<h3><strong>RADAR TRADES (RT):</strong><u>\r\n</u></h3>\r\n<u>\r\n</u>These are pre-meditated LIMIT ORDER entry trades set from either Fibonacci levels, pivot points or previous support and resistance levels based off a combination of horizontal or trend line support or resistance. In addition, sometimes chart patterns will help provide either a reason for or support for a trade set up being posted.\r\n\r\nThe goal; if market conditions apply allow the trade to gather traction and develop into a swing or even a longer-term POSITION trade.\r\n\r\nTARGET AUDIENCE: - RADAR TRADES are realistically designed and more suitable to day traders, or traders with a shorter time framed horizon with open trades. In my opinion traders need to be active to participate in these trade set-ups.\r\n\r\n<u> </u>\r\n<h3><strong>FLASH TRADES (FT):</strong><u>\r\n</u></h3>\r\nMainly simply put, these are opportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry, maybe caused by a breaking news event.\r\n\r\nThe goal is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\n\r\nTARGET AUDIENCE: - FLASH TRADES are realistically for traders with very short-term trading horizons. They are called FLASH because I see these as quick momentum trades, although, should the momentum keep moving these trades will remain in play. You will however notice that I will move stops to maintain profits and protect profits. It is rare that I hold onto these trades for more than a day. The usual life span is minutes rather than hours. In my opinion, traders need to be very active to participate with these trade set-ups.\r\n\r\n<u> </u>\r\n<h3><strong>POSITION TRADES (POS):</strong></h3>\r\nThese trade set-ups are intended to have a longer-term trading perspective.\r\n\r\nThey are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nThese trades are initiated via LIMIT ORDERS, when on a stop or limit basis.\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n\r\nMy goal is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest to take some profits as the trade matures, but hopefully at the same time letting trades run as far as possible.\r\n\r\nTARGET AUDIENCE: - POSITION TRADES, these trades were initially launched for those traders who like to hold positions for weeks, even months, and for traders who do NOT want to sit in front of their screens 24 x 7. These trades suit the PART-TIME trader who can only check their trades on twitter alerts two or three times a day or are only able to look at their computer screens only a few times a day.\r\n\r\n<u> </u>\r\n<h3><strong>FUNDAMENTAL TRADES (FUN):</strong></h3>\r\nThese are LIMIT ORDER entry trades using either buy/sell stop/limit entries to enter the trade. The best way to describe these trades is that they are longer-term perspective trades than RADAR TRADES but not with as longer a term horizon as a POSITION trade.\r\n\r\nThey are trades however, that are based off my longer-term FUNDAMENTAL views on a currency. Stops are based upon resistance/ support levels, using chart patterns and Fibonacci levels to determine both entry and exit levels. They can be multiple position trades, although POSITION trades are my primary trade style for this approach.\r\n\r\nTARGET AUDIENCE: - FUNDAMENTAL TRADES are realistically targeted for traders with a longer-term trading horizon. These trades would also suit traders who have a limited access to check the status of their trades during the day.','Trade Style Definitions','','publish','closed','closed','','trade-style-definitions','','','2016-12-16 12:02:18','2016-12-16 17:02:18','',0,'https://weeklyfxdrivethru.com/?page_id=7582',0,'page','',0),(7584,16,'2016-04-05 08:52:03','2016-04-05 13:52:03',' ','','','publish','closed','closed','','7584','','','2017-01-09 11:02:06','2017-01-09 16:02:06','',0,'https://weeklyfxdrivethru.com/?p=7584',14,'nav_menu_item','',0),(8841,1,'2016-12-16 17:06:47','2016-12-16 22:06:47','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>WHAT AN END TO 2016:</strong></li>\r\n</ol>\r\nI had stopped trading for my end of year break with THE PREMIUM SERVICE when the FED rate hike was announced. So, I was more of an observer rather than a trader with the follow through. I did scalp the odd trade here and there but for most of the time my hands were well away from my keyboards.\r\n\r\nTo say that the moves were explosive would be an understatement. The EUR/USD on the previous weeks ECB Press Conference peaked at around 1.0860 and within 18 hours of the FED rate hike it was printing below 1.0400, not seen since 2002. Big moves with the USD/CAD, USD/CHF and USD/JPY followed the FED rate hike as well. The USD/SEK hit 9.3800, a level not seen since 2002.\r\n\r\nAs I say to all new traders I meet, there is a market every day when trading forex, some days the market moves are just more exaggerated. I must work on new phraseology for this statement moving forward!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> (A BRIEF) “PREMIUM SERVICE” REVIEW OF 2016:</strong></li>\r\n</ol>\r\nThe third year of the PREMIUM SERVICE is now officially concluded. I am now most definitely on a trading vacation until 8<sup>th</sup> January 2017.\r\n\r\nAs usual, when reporting on the closing annual PREMIUM SERVICE statistics I will also take this opportunity to quickly overview the year from a very, very, high macro level and take a brief look into the next 12 months.\r\n\r\nLooking back, 2016 was a strange year for trading the currency market. I started the year with a new trade style PART-TIME TRADER TRADES, now renamed POSITION TRADES, to take advantage of what I thought would be a year when Central Bank Monetary Policy Divergence would be a trading factor for most of the year.\r\n\r\nWell… I got that wrong…. sensationally wrong!!\r\n\r\nI quickly established a change in my trading behavior and style to compensate for what was not there in the way currencies were behaving; happy days, I thought.\r\n\r\nWham… here in Montreal we were hit with the mother of all ice-storms from the frozen north. This took down power lines, trees, equipment posts… you name it. Home generators froze… nothing worked we were without power for 2.5 days. When the power came back the ISP lines went off for a day or so, as their systems were malfunctioning. For almost a week, I had no trading capabilities, even using a mobile / cell phone was impossible as they were on emergency numbers only!\r\n\r\nThis disaster of course coincided with the Boris Johnson announcement that he was going to vote for a BREXIT. The cable crash and the knock-on effect in the FX market cleared all my pips of profit for the year so far, and, the PREMIUM SERVICE was basically at zero to start the year again in March 2016.\r\n\r\nThen, as if to really test the patience of traders we entered, apart from the GBP which did its own thing, range trading, that just went on and on. Between range trading and the constant, will the FED hike or wont the FED hike… week after week it was pure boring repetition. Amongst this I worked out a way to focus off longer-term trading to avoid the smaller minute charts trading noise. The false breakouts and breakdowns that are associated with range trading really hit hard at times and screwed many traders who were just chasing moves one way then the other.\r\n\r\nIt was very obvious to me. Stand back, widen stops, reduce position sizes, manage risk, change your trade plan and then TRADE IT. Very logical. I had teething problems, it was NOT 100% plain sailing, it never is with FX trading and at times it was both frustrating and annoying taking a longer-term view to let trades develop. At the end of the day however, it worked and POSITION trades are now firmly a part of my on-going trading style options.\r\n\r\nAfter all the year’s nonsense, the PREMIUM SERVICE ended 2016 with a total of new net pips added 13,575 pips… the highest total in a year since inception in 2014.\r\n\r\nTo say that I am delighted would be an understatement. I did trade for a large part of August which I would normally take as vacation to re-charge batteries, however, as the first two months of the year were a trading non-event for me, I traded for a few weeks in summer doldrums to try to meet my “pips” target of 10,000.\r\n\r\nOther highlights were: -\r\n\r\n77% of all trades were profitable.\r\n2016 beat the 2015 performance by 2,889 pips.\r\n\r\nI move into 2017, with just a few small POSITION sized trades primarily in my core AUD/NZD long trade which is still working out it’s inverted head and shoulders pattern.\r\n\r\nMoving on…\r\n\r\nBelow I show the NET PROFITABILITY sheet showing the performance based upon trading just one micro, mini or standard lot, less the costs to trade including an annual PREMIUM SERVICE subscription.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/2016-PREM-SERVICE-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-8831\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/2016-PREM-SERVICE-COMPLETE-976x1024.png\" alt=\"\" width=\"976\" height=\"1024\" /></a>\r\n\r\nThe net income is based off single lot trading: -\r\n$0.10 for micro lot trades\r\n$1.00 for mini lot trades and\r\n$10.00 for standard lot trades.\r\n\r\nMy goal each year from the 40 weeks minimum that I guarantee to trade is 10,000 pips.\r\n\r\nI have achieved this in 2014, 2015 and now 2016. There is nothing to indicate at the moment, that I will not achieve over 10,000 pips in 2017.\r\n\r\nBelow, I have added two excel spreadsheets, firstly, what I call my CONSOLIDATED PERFORMANCE ANALYSIS for the year and secondly, my PIP COMPARISON analysis broken down month by month comparing the results to 2015 (Next year, I must think of more catchy names for these documents).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/CONS-PERF-DEC2016-YTD.png\"><img class=\"aligncenter size-large wp-image-8815\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/CONS-PERF-DEC2016-YTD-852x1024.png\" alt=\"\" width=\"852\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PIP-COMPARISON-2016-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-8816\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PIP-COMPARISON-2016-COMPLETE-1024x615.png\" alt=\"\" width=\"1024\" height=\"615\" /></a> </strong>\r\n\r\nFinally, in 2016 I launched POSITION TRADES as a new trade style.\r\n\r\nIn January 2016, I posted to the PART-TIME FOREX TRADERS section of my landing page menu bar, a cashflow projection for a trading account based on my projected performance trading POSITION TRADES in 2016. Each quarter I updated the performance versus the projection.\r\n\r\nI am pleased to say that the PREMIUM SERVICE beat the projection. A complete review can be found in the PART-TIME FOREX TRADERS section of my landing page at www.weeklyfxdrivethru.com. I do however show below the final excel sheet containing the final numbers.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-TRADES-ACTUAL-V-PROJ-2016.png\"><img class=\"aligncenter size-large wp-image-8818\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-TRADES-ACTUAL-V-PROJ-2016-997x1024.png\" alt=\"\" width=\"997\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> PREMIUM SERVICE: ARE THERE ANY CHANGES PLANNED FOR 2017?</strong></li>\r\n</ol>\r\nThe simple answer is yes.\r\n\r\nNotable changes next year are: -\r\n\r\nThe 4-week subscription is going to disappear. Whilst there are some genuine traders who look at the 4-week option as a trial, the clear majority of 4 week subscriptions are from gamblers rather than traders. There are sadly only a few exceptions. The gamblers expect multiple trade set ups a day. The concept of RISK MANAGEMENT, POSITION SIZING and waiting for the trade to come to your price is lost.\r\n\r\nDealing with constant emails demanding more and more trades was both time consuming and at times deflating. Moving forward, I only want committed and serious traders who are in FX trading for the long haul.\r\n\r\nTherefore, managing my time better moving forward = no 4-week subscription option. I will focus my energy on Serious and Committed Traders.\r\n\r\nSecondly, I want to increase my “VALUE ADD”. In 2016, I launched a Platinum level of subscription, whereby annual subscribers received a discounted subscription price upon renewal. When I launched this subscription level I added that I wanted to offer other FREE but optional benefits. This fell by the wayside in 2016 due to time limitations (somewhat caused by dealing with 4-week subscribers).\r\n\r\nThe first optional benefit is a 20-30 minute personal REVIEW MEETING via SKYPE. This can take the form of basically what the individual subscriber wants. It will be structured and reviewed monthly and documented (As every trader is different in RISK TOLERANCE, experiences and trading styles, I do not want a rigid structure but a more personalized option). This option will be open only to Platinum (Annual) subscribers.\r\n\r\nThirdly, I will be starting weekly PERISCOPE broadcasts. This will be open for all to begin with. Over the next couple of weeks, I will be testing out the technology to see how easy or difficult it’s going to be.\r\n\r\nFourthly, several changes to the speed about my website will take place, so if the site is down it should only be a short time. We apparently have two options so tests will take place. In addition, I will be renaming some of my reporting documents to streamline my administration time and whilst this will affect PREMIUM SERVICE subscribers mostly, subscribers to this FREE NEWSLETTER will see only a few subtle changes.\r\n\r\nIn addition, THE WEEKLY FX DRIVE THRU will change once again, but this will only be 100% completed by the end of Q1 2017.\r\n\r\nThere are a few additional minor changes that I need to tinker with. I am hoping these are quick fixes. If 2016 remains true to form, the quick fixes are usually very painful and time delayed and those changes that I deem awkward and slow usually sail though in record time.\r\n\r\nFinally, as usual I have revised subscriptions prices not just to keep pace with the market, but to also reflect the trading consistencies of the PREMIUM SERVICE and my value adds over and above what other providers offer. These increases will take place in the first week of 2017. There is no fixed date, it will be in effect as soon as my website developer implement it after the holidays.\r\n\r\nTherefore, to ensure “this years” prices for “next years” performance you need to subscribe in 2016.\r\n\r\nFROM JANUARY 1st 2017: -\r\n4 week subscriptions – will cease first week of January 2017.\r\n10 week subscriptions -  will increase to CAD $1,000.00 (CAD$100.00 per week).\r\n20 week subscriptions – will increase to CAD $1,500.00 (CAD$75.00 per week).\r\n40 week subscriptions – will increase to CAD $2,500.00 (CAD$62.50 per week).\r\n\r\n40 week subscriptions are classified as PLATINUM MEMBERSHIP and renewals for PLATINUM MEMBERS will be CAD $2,000.00 (CAD$50.00 per week).\r\n\r\nAs mentioned before I only want to work with committed traders. Based upon the 2016 performance this brings up my fees in 2017 to just under 6.5% of the income generated by just 3 x mini lot trades (based upon an annual subscription). This still represents excellent value despite the increase.\r\n\r\nTherefore, to reiterate, if YOU want a piece of a potential 10,000 pip annual performance and want to beat the price rise go to my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and subscribe before the end of 2016 to make sure that you obtain the current year prices.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> TRADING PREDICTIONS for 2017:</strong></li>\r\n</ol>\r\nGiven that my thoughts around this time of the year in 2015 about 2016 were a little off point, and, having studied most of the big banks Forex predictions, no one got it correct, I am good company…. or should that be bad company?\r\n\r\nRegular subscribers will know that I am NOT backward in coming forward about issues in the EUROZONE. Without doubt, I think that we have many big issues to address and trade through next year in addition to the continuing woes in the EUROZONE.\r\n\r\nBelow I have listed 8 factors / events that I believe will be in focus for most if not all next year.\r\n<ol>\r\n 	<li>THE EUROZONE</li>\r\n 	<li>CENTRAL BANK MONETARY POLICY DIVERGENCE</li>\r\n 	<li>THE DONALD TRUMP EFFECT</li>\r\n 	<li>BREXIT THE ARTICLE 50 TRIGGER</li>\r\n 	<li>THE GROWTH OF POPULARISM</li>\r\n 	<li>OPEC and OIL PRICES</li>\r\n 	<li>THE USD &amp; EMERGING MARKETS</li>\r\n 	<li>THE FED EFFECT ON THE YEN</li>\r\n</ol>\r\nThere are others items, but this list is enough to keep me very interested in 2017.\r\n\r\nI am not going to predict currency moves one way or the other, but what I will say is that the USD should strengthen, and, if DONALD TRUMP’S policies are enacted upon, the FED could be raising rates twice, maybe three times a year for the next couple of years.\r\n\r\nWhilst most of the attention is focused on THE DONALD, I believe that Central Bank monetary policy divergence will be the big news next year. The FED has helped the ECB and BOJ by raising rates. Whilst I can see the ECB tapering by the year end of 2017, I cannot see the BOJ following, given what has been said so far. Hence, why the divergence and the behavior with the JPY will be interesting to follow. The EUR/JPY and CHF/JPY could be the trades of the year.\r\n\r\nThese 8 points listed above, I will come back to in my first blog of next year.\r\n\r\nI move into 2017 with a few CORE TRADING POSITIONS already in place with THE PREMIUM SERVICE, ready to capitalize, on what I believe will happen based upon my longer-term FUNDAMENTAL views.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here 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\nThe WEEKLY FX DRIVE THRU blog returns January 8<sup>th</sup> 2017.\r\n\r\nTake care, have a Happy Christmas / Happy Holidays whatever and here’s to another great trading year in 2017.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #225 FREE NEWSLETTER\r\nDATE: 17<sup>th</sup> December 2016.\r\n\r\n<strong>\r\n</strong>','2016 PREMIUM SERVICE RESULTS & A PEEK INTO 2017','','publish','open','closed','','2016-premium-service-results-peek-2017','','','2016-12-16 17:06:47','2016-12-16 22:06:47','',0,'http://weeklyfxdrivethru.com/?p=8841',0,'post','',0),(7586,1,'2016-04-08 16:16:02','2016-04-08 21:16:02','','AUDUSD D 09042016','','inherit','open','closed','','audusd-d-09042016','','','2016-04-09 12:03:12','2016-04-09 17:03:12','',7605,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016.png',0,'attachment','image/png',0),(7587,1,'2016-04-08 16:16:08','2016-04-08 21:16:08','','EURUSD D 09042016','','inherit','open','closed','','eurusd-d-09042016','','','2016-04-09 12:01:29','2016-04-09 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17:19:43','',2711,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/FLASH-09042016.png',0,'attachment','image/png',0),(7600,1,'2016-04-08 16:21:45','2016-04-08 21:21:45','','FUN 09042016','','inherit','open','closed','','fun-09042016','','','2016-04-09 12:22:00','2016-04-09 17:22:00','',3106,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/FUN-09042016.png',0,'attachment','image/png',0),(7601,1,'2016-04-08 16:21:57','2016-04-08 21:21:57','','POSITION 09042016','','inherit','open','closed','','position-09042016','','','2016-04-09 12:23:10','2016-04-09 17:23:10','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/POSITION-09042016.png',0,'attachment','image/png',0),(7602,1,'2016-04-08 16:22:03','2016-04-08 21:22:03','','PS LIVE TRADES 09042016','','inherit','open','closed','','ps-live-trades-09042016','','','2016-04-09 11:58:15','2016-04-09 16:58:15','',7605,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-09042016.png',0,'attachment','image/png',0),(7603,1,'2016-04-08 16:22:09','2016-04-08 21:22:09','','PS RADAR TRADES 09042016','','inherit','open','closed','','ps-radar-trades-09042016','','','2016-04-09 11:58:26','2016-04-09 16:58:26','',7605,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-RADAR-TRADES-09042016.png',0,'attachment','image/png',0),(7605,1,'2016-04-09 14:33:45','2016-04-09 19:33:45','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAnother week and another ride at “Six Flags”, “Alton Towers” or “Universal Studios” whatever theme park you choose.\r\n\r\nI am finding this market exceptionally frustrating. We are seriously range bound almost everywhere except with the JPY pairs which are bearish.\r\n\r\nI had a little chuckle to myself earlier. I hate trading the GBP, in addition, I had a really bad experience with the JPY a couple of years back so I am not a fan…. still. Now the NZD is what can only be described as a pain in the ass. Pretty soon I will not be able to trade anything!!\r\n\r\nArt Cashin one of the CNBC contributors has a quote that he often uses, “The market’s goal is to make most people miserable”. Goal achieved… great success.\r\n\r\nWe are range bound, the market does NOT know which way to turn and there is no leadership, hence the annoyance and frustration. I am looking at RED numbers and minuses most of the time at the moment and every time they go green or positive I should just take a few pips and $$$ an run for the hills…. but I don’t as I am seeing big, grand moves in the making. Most long time traders will completely get this following statement, “If I were to take the few pips and $$ when I get some, as soon as I do that the big move I am expecting will happen”. Is this FEAR &amp; GREED at work?\r\n\r\nI am banking $$$ and pips but it is hard work given the hours that are being spent at the screens.\r\n\r\nMost of my profitable trades emanate from POSITION style (longer-term) trading at the moment. The shorter-term trades are just lost in the chop; it is very frustrating and annoying.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nI thought that it would be fun to show a typo that I made on a trade set-up that was posted out this past week. It was on an AUD/CHF trade that was cancelled, as the engulfing pattern did not carry over. Instead of the set-up being titled FUNDAMENTAL TRADE it was titled DEMENTAL… this may just be my humour but given the week MENTAL it was.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" rel=\"attachment wp-att-7596\"><img class=\"aligncenter size-full wp-image-7596\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" alt=\"TWEET 09042016\" width=\"279\" height=\"362\" /></a>\r\n\r\n&nbsp;\r\n\r\nMoving forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" rel=\"attachment wp-att-7597\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong>\r\nUSD$100.00 every 4 weeks</p>\r\n<p style=\"text-align: center;\">(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD) will be introduced to replace it.\r\nUpgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong>\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</strong></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +263\r\nNET PIPS THIS YEAR SO FAR:                +1,841</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nRemember Meghan Trainor’s song, “It’s all about the base” one of the worst songs I think I have ever heard. Well if she was singing last week it would have been…\r\n\r\n“It’s all about the YEN”.\r\n\r\nWhat a fall, about 600 pips in a week, HMOG (Holy Mother of God). I do not like trading JPY pairs, I had a really bad experience a few years ago so most of the time I am just a voyeur trader, watching and tracking the relationships to see if the correlations remain intact, as correlations in Forex is a big thing for me as it gives confirmation.\r\n\r\nWhen 110.00 broke I thought here comes the MOF/BOJ…nada. Then at 109.00 I thought here we go… nada. Then at 108.00 as it seemed initially well supported at that level nada again. It posted a low of 107.66 according to the mean average of my brokers and then recovered.\r\n\r\nWhat are fantastic to follow, are the levels, at which the market experts expect the BOJ to intervene. Over the past 24-30 hours since the 107.66 was touched, I have read lots of articles where 110.00 was believed to be a crucial psychological number, then the same people now say 105.00 or 100.00. Technically from the charts, 106.50 is the 38% Fib from the 2011 to 2015 rally, maybe this is the level but somehow I do not think that BOJ look at Fibonacci levels. Maybe they do, who knows. I think big round numbers work; having said that I thought 110.00 and was wrong, so do not ask me where I think the BOJ will intervene.\r\n\r\nDid the YEN strengthen because of the FED dithering on interest rate hikes? So is the YEN strength purely attributed to USD weakness? Certainly US bond yields have tightened and there is a very, very strong JPY relationship in place there.\r\n\r\nThe FED policy move certainly did no favours to the BOJ or the ECB.\r\n\r\nAt the end of the day, trying to get to the bottom of this is way above my pay grade, so if you can work it out great, if not, do not worry, because as I say as a trader it is what it is - just get on with it.\r\n\r\nLast week we also had the RBA interest rate announcement and statement. A very cautious affair indeed no jawboning, however, in a way Glenn Stevens (RBA Governor) kind of had a dig at the FED when referring to “International situations”. There was only the line “The rise in AUD could complicate the adjustment underway in the economy” that made any sort of reference to the exchange rate position.\r\n\r\nThe FOMC meeting minutes were hawkish of sorts, in my opinion, but the market reaction was once again pure chop, chop, and chop once again.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE CHAOS STARTING TO BUILD</strong></p>\r\nEuropean news is never far away from the headlines. Granted there are many reasons for this but one has to remember that the fact that there are 27 countries grouped under the EU member status, it is hardly surprising that at least one is always making the news for one reason or another. Some current issues are:\r\n<ul>\r\n	<li>The ISIS issue in Belgium and France.</li>\r\n	<li>The debt crisis that never really goes away in Greece.</li>\r\n	<li>Political corruptness in Italy and Spain.</li>\r\n	<li>BREXIT fears.</li>\r\n	<li>Refugee crisis in Greece.</li>\r\n</ul>\r\nOne would never think that the Dutch would be next.\r\n\r\nLast week however, the Dutch people had the opportunity to vote on the “Association agreement with Ukraine”. The result was not binding in anyway, as the Dutch parliament and the other 27 EU members had already ratified the agreement.\r\n\r\nThose of you who are sticklers for democracy should note that in Europe when the single-currency “the Euro” was introduced, despite claims of losing sovereignty most EU countries included the vote to accept the Euro as part and parcel of another vote that would have been crazy to say no to, so it was a underhand acceptance vote to lose ones currency of years and accept the Euro.\r\n\r\nSo for governments to ratify on behalf of the people on big issues and then offer a vote that would appear at firsthand to be pointless is nothing new in Europe. This Dutch vote was one of these, but given the timing with what is going in in the European Union it actually carried more weight than one might think.\r\n\r\nBasically 61% voted NO to the agreement.\r\n\r\nWhat happens now? Nothing really, although the vote was to be noted by the Dutch coalition government it means nothing.\r\n\r\nHang on I can hear you say. Yes exactly, means nothing my arse.\r\n\r\nThis is a yet another example of the European Union and/or EUROZONE acting way beyond what the voters actually want. The pot smoking liberal Dutch society may appear a soft touch to outsiders but like every country in the EUROZONE they have their own culture, their own beliefs, there own standards and their own way of accepting change.\r\n\r\nThese facts are lost on Brussels, which is manned at the centre by a gang of desk sucking, paper swatting, jotter blotters.\r\n\r\nThis is a no confidence vote by the Dutch people.\r\n\r\nIt will be grabbed by the “BREXIT Brits” as another example of interference by Brussels that simply does not have the ability to see beyond the end of its nose.\r\n\r\nThe Dutch seeing that Associated agreements are already in place with Georgia and Moldova do not want Putin and his interference in Ukraine on their doorstep. A point that was lost by Brussels completely, or rather probably wasn\'t lost but the 27 member countries went ahead anyhow.\r\n\r\nEurope is full of political extremes. Just as the way the U.S. presidential circus has Donald Trump as the protest vote candidate, inside every country in Europe the fringe parties are waking up to the fact that there is unrest. Established politicians are only interested in themselves and close to elections they will try to buy votes.\r\n\r\nBack in the day in 2005, the Dutch rejected the European Constitutional Treaty, then the French also rejected it and it had to be re-written. From that came the Lisbon Treaty, but no lessons were learned. The EUROZONE does NOT learn from errors or mistakes it kicks cans down the road and plunders on from one catastrophe to the next.\r\n\r\nWhat this Dutch no vote has done is give the doubters inside the EUROZONE further ammunition to latch onto regarding the abilities within the EUROZONE collectively.\r\n\r\nWhether there is a BREXIT or not, whether the Dutch coalition government fails through this NO vote being seen as a no confidence vote is food for today and for the next couple of months. Whilst all this has been debated, the refugee crisis leads into new areas of problems, plus the ISIS on-going investigation in Brussels and Paris continues. The problems in the so-called “UNION” just keep amassing.\r\n\r\nThe protest vote political parties have their feet in the doors across the EUROZONE. Every time they receive their sound bytes on TV the existing governments are too stupid to understand why their opinions are being not just listened to but are being taken seriously by growing numbers of the population.\r\n\r\nThe political disconnect is worldwide, not just in Europe and America but all over the world and whether this is just because we are better educated or informed, I am not sure. I do know that we now live in an instant gratification, social media world and if we are not happy we can let everyone know pretty quickly.\r\n\r\nIn Dutch law, I think its just 300,000 signatures that can force a referendum. With social media this is an easy target in today’s world. I can imagine the Dutch parliament trying to change that law sooner rather than later. Right now they have egg on their faces and they need to do a patch job or jump ship.\r\n\r\nHowever the facts are the people are NOT happy. And this is another brick in the wall as far as I am concerned that is going to place the EUROZONE front and centre once again very soon.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nNo real change in circumstances from last week.\r\n\r\nI am caught between the devil and the deep blue sea. I have my trades set up (with the vast majority of them negative). They swing within their ranges and I could take some pips and $$$ off the table from time to time, but I don\'t because I can see a move coming. Fundamentally, I maintain very little has changed. Just when I expect a break, it’s all stop once again. Then I look at my screens, and its just chop, chop, chop and back inside the ranges again just consolidating. It is so annoying for me and probably for you as well.\r\n\r\nI have about 20 live trades going. That\'s enough to manage in my book, even though some are multi-trade positions within the same currency pair.\r\n\r\nUsing my W, X and Y as my account balance approach; the chop fest means I go to sleep with a balance of $X. When I sit down early in the morning at my screens $X has reduced in Europe to become $W and I see profit opportunities that I have not been taking. Then, the North American session starts and $W becomes $X again and then $X becomes $Y (a bit worse) then we get back to $X by the end of the day. No real balance change, maybe 5-10% swing all day. It is so frustrating.\r\n\r\nHaving said that, POSITION TRADES are to some extent working, at least I can tick over both pips and $$$ via those trades. They are excluded from the chop and whilst I have not let them run too far based upon my January projections, they are performing slightly better than my initial targets so for this I am pleased.\r\n\r\nI have spoken with 3 or 4 of you this past week about markets and performance. All I can say is that FUNDAMENTALLY I am happy with the trades in place. They are in the main in my opinion, at good entry levels but they are just stuck in consolidation mode. You are frustrated and I am equally frustrated. I do not like chop fests. It would be easy to close off the existing trades and start again, but they are going nowhere at the moment so what is the point of that. Overnight fees are high on the NZD pairs in comparison to others but that is not a valid reason for me to change approach at the moment.\r\n\r\nMy FUNDAMENTAL views are what they are and we are stuck in a range. Trading in the opposite direction would not make money unless you were a 10 minutes or less scalper, and I am not that type of trader. I think apart from the JPY in the past week or so most trades would be lost in the chop.\r\n\r\nI keep talking about being patient and that is what I am trying to be, but this current chop fest would even test the patience of a Saint!.\r\n\r\n<strong>\r\nTRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-09042016.png\" rel=\"attachment wp-att-7602\"><img class=\"aligncenter size-full wp-image-7602\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-09042016.png\" alt=\"PS LIVE TRADES 09042016\" width=\"903\" height=\"588\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-RADAR-TRADES-09042016.png\" rel=\"attachment wp-att-7603\"><img class=\"aligncenter size-full wp-image-7603\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-RADAR-TRADES-09042016.png\" alt=\"PS RADAR TRADES 09042016\" width=\"684\" height=\"463\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: USD – Retail Sales &amp; Core Retail Sales.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: BOE – Bank Rate and MPC Summary.\r\nTHURSDAY: USD – CPi and Core CPi.\r\nTHURSDAY: CNY – GDP.\r\n\r\nFRIDAY: CAD – Manufacturing Sales.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016.png\" rel=\"attachment wp-att-7587\"><img class=\"aligncenter size-large wp-image-7587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016-1024x509.png\" alt=\"EURUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4121\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016.png\" rel=\"attachment wp-att-7588\"><img class=\"aligncenter size-large wp-image-7588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016-1024x509.png\" alt=\"GBPUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7549\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016.png\" rel=\"attachment wp-att-7586\"><img class=\"aligncenter size-large wp-image-7586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016-1024x509.png\" alt=\"AUDUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6801\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016.png\" rel=\"attachment wp-att-7589\"><img class=\"aligncenter size-large wp-image-7589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016-1024x509.png\" alt=\"NZDUSD 240M 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2987\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016.png\" rel=\"attachment wp-att-7590\"><img class=\"aligncenter size-large wp-image-7590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016-1024x509.png\" alt=\"USDCAD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9532\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016.png\" rel=\"attachment wp-att-7591\"><img class=\"aligncenter size-large wp-image-7591\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016-1024x509.png\" alt=\"USDCHF D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.05\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016.png\" rel=\"attachment wp-att-7592\"><img class=\"aligncenter size-large wp-image-7592\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016-1024x509.png\" alt=\"USDJPY D 09042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nAfter a plethora of Aussie news last week, that, in reality didn’t do much at all in my opinion, we move on.\r\n\r\nThis week my home country’s currency, the CAD comes into play. Stephen Poloz (BOC Bank Governor) has a policy statement and a press conference to deal with.\r\n\r\nWhat do I think?, there will not be any change in my opinion, as we are still too close to Justin Trudeau’s first budget release, which was late March around the 20<sup>th</sup>.\r\n\r\nI would be surprised to see a cut, although I do think that one, maybe two are on the way. The CAD had blow out job numbers last Friday as well, and given the backdrop of all the negative news about oil this was a bonus.\r\n\r\nMoving on…\r\n\r\nNo matter what, we are still in the chop fest. So be careful trading. I am stuck in several trades that are just consolidating. I am, what you would call, just sitting. Would I prefer to be in cash observing instead? Yes…. but what would I get up early for each and every day? Right now it’s boring, but that does not mean that you let down your guard. It will change and when it does it will be with a splash.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> April 2016\r\nBLOG REFERENCE: #97 PREMIUM SERVICE\r\n\r\n&nbsp;','EUROZONE CHAOS STARTING TO BUILD','','publish','open','closed','','eurozone-chaos-starting-build','','','2016-04-09 14:33:45','2016-04-09 19:33:45','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7605',0,'member_posts','',0),(7606,1,'2016-04-09 12:07:52','2016-04-09 17:07:52','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAnother week and another ride at “Six Flags”, “Alton Towers” or “Universal Studios” whatever theme park you choose.\r\n\r\nI am finding this market exceptionally frustrating. We are seriously range bound almost everywhere except with the JPY pairs which are bearish.\r\n\r\nI had a little chuckle to myself earlier. I hate trading the GBP, in addition, I had a really bad experience with the JPY a couple of years back so I am not a fan…. still. Now the NZD is what can only be described as a pain in the ass. Pretty soon I will not be able to trade anything!!\r\n\r\nArt Cashin one of the CNBC contributors has a quote that he often uses, “The market’s goal is to make most people miserable”. Goal achieved… great success.\r\n\r\nWe are range bound, the market does NOT know which way to turn and there is no leadership, hence the annoyance and frustration. I am looking at RED numbers and minuses most of the time at the moment and every time they go green or positive I should just take a few pips and $$$ an run for the hills…. but I don’t as I am seeing big, grand moves in the making. Most long time traders will completely get this following statement, “If I were to take the few pips and $$ when I get some, as soon as I do that the big move I am expecting will happen”. Is this FEAR &amp; GREED at work?\r\n\r\nI am banking $$$ and pips but it is hard work given the hours that are being spent at the screens.\r\n\r\nMost of my profitable trades emanate from POSITION style (longer-term) trading at the moment. The shorter-term trades are just lost in the chop; it is very frustrating and annoying.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nI thought that it would be fun to show a typo that I made on a trade set-up that was posted out this past week. It was on an AUD/CHF trade that was cancelled, as the engulfing pattern did not carry over. Instead of the set-up being titled FUNDAMENTAL TRADE it was titled DEMENTAL… this may just be my humour but given the week MENTAL it was.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" rel=\"attachment wp-att-7596\"><img class=\"aligncenter size-full wp-image-7596\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" alt=\"TWEET 09042016\" width=\"279\" height=\"362\" /></a>\r\n\r\n&nbsp;\r\n\r\nMoving forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" rel=\"attachment wp-att-7597\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks</p>\r\n<p style=\"text-align: center;\">(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD) will be introduced to replace it.\r\nUpgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)</p>\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +263\r\nNET PIPS THIS YEAR SO FAR:                +1,841</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nRemember Meghan Trainor’s song, “It’s all about the base” one of the worst songs I think I have ever heard. Well if she was singing last week it would have been…\r\n\r\n“It’s all about the YEN”.\r\n\r\nWhat a fall, about 600 pips in a week, HMOG (Holy Mother of God). I do not like trading JPY pairs, I had a really bad experience a few years ago so most of the time I am just a voyeur trader, watching and tracking the relationships to see if the correlations remain intact, as correlations in Forex is a big thing for me as it gives confirmation.\r\n\r\nWhen 110.00 broke I thought here comes the MOF/BOJ…nada. Then at 109.00 I thought here we go… nada. Then at 108.00 as it seemed initially well supported at that level nada again. It posted a low of 107.66 according to the mean average of my brokers and then recovered.\r\n\r\nWhat are fantastic to follow, are the levels, at which the market experts expect the BOJ to intervene. Over the past 24-30 hours since the 107.66 was touched, I have read lots of articles where 110.00 was believed to be a crucial psychological number, then the same people now say 105.00 or 100.00. Technically from the charts, 106.50 is the 38% Fib from the 2011 to 2015 rally, maybe this is the level but somehow I do not think that BOJ look at Fibonacci levels. Maybe they do, who knows. I think big round numbers work; having said that I thought 110.00 and was wrong, so do not ask me where I think the BOJ will intervene.\r\n\r\nDid the YEN strengthen because of the FED dithering on interest rate hikes? So is the YEN strength purely attributed to USD weakness? Certainly US bond yields have tightened and there is a very, very strong JPY relationship in place there.\r\n\r\nThe FED policy move certainly did no favours to the BOJ or the ECB.\r\n\r\nAt the end of the day, trying to get to the bottom of this is way above my pay grade, so if you can work it out great, if not, do not worry, because as I say as a trader it is what it is - just get on with it.\r\n\r\nLast week we also had the RBA interest rate announcement and statement. A very cautious affair indeed no jawboning, however, in a way Glenn Stevens (RBA Governor) kind of had a dig at the FED when referring to “International situations”. There was only the line “The rise in AUD could complicate the adjustment underway in the economy” that made any sort of reference to the exchange rate position.\r\n\r\nThe FOMC meeting minutes were hawkish of sorts, in my opinion, but the market reaction was once again pure chop, chop, and chop once again.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE CHAOS STARTING TO BUILD</strong></p>\r\nEuropean news is never far away from the headlines. Granted there are many reasons for this but one has to remember that the fact that there are 27 countries grouped under the EU member status, it is hardly surprising that at least one is always making the news for one reason or another. Some current issues are:\r\n<ul>\r\n	<li>The ISIS issue in Belgium and France.</li>\r\n	<li>The debt crisis that never really goes away in Greece.</li>\r\n	<li>Political corruptness in Italy and Spain.</li>\r\n	<li>BREXIT fears.</li>\r\n	<li>Refugee crisis in Greece.</li>\r\n</ul>\r\nOne would never think that the Dutch would be next.\r\n\r\nLast week however, the Dutch people had the opportunity to vote on the “Association agreement with Ukraine”. The result was not binding in anyway, as the Dutch parliament and the other 27 EU members had already ratified the agreement.\r\n\r\nThose of you who are sticklers for democracy should note that in Europe when the single-currency “the Euro” was introduced, despite claims of losing sovereignty most EU countries included the vote to accept the Euro as part and parcel of another vote that would have been crazy to say no to, so it was a underhand acceptance vote to lose ones currency of years and accept the Euro.\r\n\r\nSo for governments to ratify on behalf of the people on big issues and then offer a vote that would appear at firsthand to be pointless is nothing new in Europe. This Dutch vote was one of these, but given the timing with what is going in in the European Union it actually carried more weight than one might think.\r\n\r\nBasically 61% voted NO to the agreement.\r\n\r\nWhat happens now? Nothing really, although the vote was to be noted by the Dutch coalition government it means nothing.\r\n\r\nHang on I can hear you say. Yes exactly, means nothing my arse.\r\n\r\nThis is a yet another example of the European Union and/or EUROZONE acting way beyond what the voters actually want. The pot smoking liberal Dutch society may appear a soft touch to outsiders but like every country in the EUROZONE they have their own culture, their own beliefs, there own standards and their own way of accepting change.\r\n\r\nThese facts are lost on Brussels, which is manned at the centre by a gang of desk sucking, paper swatting, jotter blotters.\r\n\r\nThis is a no confidence vote by the Dutch people.\r\n\r\nIt will be grabbed by the “BREXIT Brits” as another example of interference by Brussels that simply does not have the ability to see beyond the end of its nose.\r\n\r\nThe Dutch seeing that Associated agreements are already in place with Georgia and Moldova do not want Putin and his interference in Ukraine on their doorstep. A point that was lost by Brussels completely, or rather probably wasn\'t lost but the 27 member countries went ahead anyhow.\r\n\r\nEurope is full of political extremes. Just as the way the U.S. presidential circus has Donald Trump as the protest vote candidate, inside every country in Europe the fringe parties are waking up to the fact that there is unrest. Established politicians are only interested in themselves and close to elections they will try to buy votes.\r\n\r\nBack in the day in 2005, the Dutch rejected the European Constitutional Treaty, then the French also rejected it and it had to be re-written. From that came the Lisbon Treaty, but no lessons were learned. The EUROZONE does NOT learn from errors or mistakes it kicks cans down the road and plunders on from one catastrophe to the next.\r\n\r\nWhat this Dutch no vote has done is give the doubters inside the EUROZONE further ammunition to latch onto regarding the abilities within the EUROZONE collectively.\r\n\r\nWhether there is a BREXIT or not, whether the Dutch coalition government fails through this NO vote being seen as a no confidence vote is food for today and for the next couple of months. Whilst all this has been debated, the refugee crisis leas into new areas of problems, plus the ISIS on-going investigation in Brussels and Paris continues. The problems in the so-called “UNION” just keep amassing.\r\n\r\nThe protest vote political parties have their feet in the doors across the EUROZONE. Every time they receive their sound bytes on TV the existing governments are too stupid to understand why their opinions are being not just listened to but are being taken seriously by growing numbers of the population.\r\n\r\nThe political disconnect is worldwide, not just in Europe and America but all over the world and whether this is just because we are better educated or informed, I am not sure. I do know that we now live in an instant gratification, social media world and if we are not happy we can let everyone know pretty quickly.\r\n\r\nIn Dutch law, I think its just 300,000 signatures that can force a referendum. With social media this is an easy target in today’s world. I can imagine the Dutch parliament trying to change that law sooner rather than later. Right now they have egg on their faces and they need to do a patch job or jump ship.\r\n\r\nHowever the facts are the people are NOT happy. And this is another brick in the wall as far as I am concerned that is going to place the EUROZONE front and centre once again very soon.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nNo real change in circumstances from last week.\r\n\r\nI am caught between the devil and the deep blue sea. I have my trades set up (with the vast majority of them negative). They swing within their ranges and I could take some pips and $$$ off the table from time to time, but I don\'t because I can see a move coming. Fundamentally, I maintain very little has changed. Just when I expect a break, it’s all stop once again. Then I look at my screens, and its just chop, chop, chop and back inside the ranges again just consolidating. It is so annoying for me and probably for you as well.\r\n\r\nI have about 20 live trades going. That\'s enough to manage in my book, even though some are multi-trade positions within the same currency pair.\r\n\r\nUsing my W, X and Y as my account balance approach; the chop fest means I go to sleep with a balance of $X. When I sit down early in the morning at my screens $X has reduced in Europe to become $W and I see profit opportunities that I have not been taking. Then, the North American session starts and $W becomes $X again and then $X becomes $Y (a bit worse) then we get back to $X by the end of the day. No real balance change, maybe 5-10% swing all day. It is so frustrating.\r\n\r\nHaving said that, POSITION TRADES are to some extent working, at least I can tick over both pips and $$$ via those trades. They are excluded from the chop and whilst I have not let them run too far based upon my January projections, they are performing slightly better than my initial targets so for this I am pleased.\r\n\r\nI have spoken with 3 or 4 of you this past week about markets and performance. All I can say is that FUNDAMENTALLY I am happy with the trades in place. They are in the main in my opinion, at good entry levels but they are just stuck in consolidation mode. You are frustrated and I am equally frustrated. I do not like chop fests. It would be easy to close off the existing trades and start again, but they are going nowhere at the moment so what is the point of that. Overnight fees are high on the NZD pairs in comparison to others but that is not a valid reason for me to change approach at the moment.\r\n\r\nMy FUNDAMENTAL views are what they are and we are stuck in a range. Trading in the opposite direction would not make money unless you were a 10 minutes or less scalper, and I am not that type of trader. I think apart from the JPY in the past week or so most trades would be lost in the chop.\r\n\r\nI keep talking about being patient and that is what I am trying to be, but this current chop fest would even test the patience of a Saint!.\r\n\r\n<strong>\r\nTRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-09042016.png\" rel=\"attachment wp-att-7602\"><img class=\"aligncenter size-full wp-image-7602\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-09042016.png\" alt=\"PS LIVE TRADES 09042016\" width=\"903\" height=\"588\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-RADAR-TRADES-09042016.png\" rel=\"attachment wp-att-7603\"><img class=\"aligncenter size-full wp-image-7603\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-RADAR-TRADES-09042016.png\" alt=\"PS RADAR TRADES 09042016\" width=\"684\" height=\"463\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: USD – Retail Sales &amp; Core Retail Sales.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: BOE – Bank Rate and MPC Summary.\r\nTHURSDAY: USD – CPi and Core CPi.\r\nTHURSADY: CNY – GDP.\r\n\r\nFRIDAY: CAD – Manufacturing Sales.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016.png\" rel=\"attachment wp-att-7587\"><img class=\"aligncenter size-large wp-image-7587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016-1024x509.png\" alt=\"EURUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4121\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016.png\" rel=\"attachment wp-att-7588\"><img class=\"aligncenter size-large wp-image-7588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016-1024x509.png\" alt=\"GBPUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7549\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016.png\" rel=\"attachment wp-att-7586\"><img class=\"aligncenter size-large wp-image-7586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016-1024x509.png\" alt=\"AUDUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6801\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016.png\" rel=\"attachment wp-att-7589\"><img class=\"aligncenter size-large wp-image-7589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016-1024x509.png\" alt=\"NZDUSD 240M 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2987\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016.png\" rel=\"attachment wp-att-7590\"><img class=\"aligncenter size-large wp-image-7590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016-1024x509.png\" alt=\"USDCAD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9532\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016.png\" rel=\"attachment wp-att-7591\"><img class=\"aligncenter size-large wp-image-7591\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016-1024x509.png\" alt=\"USDCHF D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.05\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016.png\" rel=\"attachment wp-att-7592\"><img class=\"aligncenter size-large wp-image-7592\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016-1024x509.png\" alt=\"USDJPY D 09042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nAfter a plethora of Aussie news last week, that, in reality didn’t do much at all in my opinion, we move on.\r\n\r\nThis week my home country’s currency, the CAD comes into play. Stephen Poloz (BOC Bank Governor) has a policy statement and a press conference to deal with.\r\n\r\nWhat do I think?, there will not be any change in my opinion, as we are still too close to Justin Trudeau’s first budget release, which was late March around the 20<sup>th</sup>.\r\n\r\nI would be surprised to see a cut, although I do think that one, maybe two are on the way. The CAD had blow out job numbers last Friday as well, and given the backdrop of all the negative news about oil this was a bonus.\r\n\r\nMoving on…\r\n\r\nNo matter what, we are still in the chop fest. So be careful trading. I am stuck in several trades that are just consolidating. I am, what you would call, just sitting. Would I prefer to be in cash observing instead? Yes…. but what would I get up early for each and every day? Right now it’s boring, but that does not mean that you let down your guard. It will change and when it does it will be with a splash.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> April 2016\r\nBLOG REFERENCE: #97 PREMIUM SERVICE\r\n\r\n&nbsp;','EUROZONE CHAOS STARTING TO BUILD','','inherit','closed','closed','','7605-revision-v1','','','2016-04-09 12:07:52','2016-04-09 17:07:52','',7605,'https://weeklyfxdrivethru.com/7605-revision-v1/',0,'revision','',0);
INSERT INTO `vp_backup_wp_posts` VALUES (7607,1,'2016-04-09 12:10:23','2016-04-09 17:10:23','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAnother week and another ride at “Six Flags”, “Alton Towers” or “Universal Studios” whatever theme park you choose.\r\n\r\nI am finding this market exceptionally frustrating. We are seriously range bound almost everywhere except with the JPY pairs which are bearish.\r\n\r\nI had a little chuckle to myself earlier. I hate trading the GBP, in addition, I had a really bad experience with the JPY a couple of years back so I am not a fan…. still. Now the NZD is what can only be described as a pain in the ass. Pretty soon I will not be able to trade anything!!\r\n\r\nArt Cashin one of the CNBC contributors has a quote that he often uses, “The market’s goal is to make most people miserable”. Goal achieved… great success.\r\n\r\nWe are range bound, the market does NOT know which way to turn and there is no leadership, hence the annoyance and frustration. I am looking at RED numbers and minuses most of the time at the moment and every time they go green or positive I should just take a few pips and $$$ an run for the hills…. but I don’t as I am seeing big, grand moves in the making. Most long time traders will completely get this following statement, “If I were to take the few pips and $$ when I get some, as soon as I do that the big move I am expecting will happen”. Is this FEAR &amp; GREED at work?\r\n\r\nI am banking $$$ and pips but it is hard work given the hours that are being spent at the screens.\r\n\r\nMost of my profitable trades emanate from POSITION style (longer-term) trading at the moment. The shorter-term trades are just lost in the chop; it is very frustrating and annoying.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nI thought that it would be fun to show a typo that I made on a trade set-up that was posted out this past week. It was on an AUD/CHF trade that was cancelled, as the engulfing pattern did not carry over. Instead of the set-up being titled FUNDAMENTAL TRADE it was titled DEMENTAL… this may just be my humour but given the week MENTAL it was.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" rel=\"attachment wp-att-7596\"><img class=\"aligncenter size-full wp-image-7596\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" alt=\"TWEET 09042016\" width=\"279\" height=\"362\" /></a>\r\n\r\n&nbsp;\r\n\r\nMoving forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" rel=\"attachment wp-att-7597\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks</p>\r\n<p style=\"text-align: center;\">(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD) will be introduced to replace it.\r\nUpgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +263\r\nNET PIPS THIS YEAR SO FAR:                +1,841</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nRemember Meghan Trainor’s song, “It’s all about the base” one of the worst songs I think I have ever heard. Well if she was singing last week it would have been…\r\n\r\n“It’s all about the YEN”.\r\n\r\nWhat a fall, about 600 pips in a week, HMOG (Holy Mother of God). I do not like trading JPY pairs, I had a really bad experience a few years ago so most of the time I am just a voyeur trader, watching and tracking the relationships to see if the correlations remain intact, as correlations in Forex is a big thing for me as it gives confirmation.\r\n\r\nWhen 110.00 broke I thought here comes the MOF/BOJ…nada. Then at 109.00 I thought here we go… nada. Then at 108.00 as it seemed initially well supported at that level nada again. It posted a low of 107.66 according to the mean average of my brokers and then recovered.\r\n\r\nWhat are fantastic to follow, are the levels, at which the market experts expect the BOJ to intervene. Over the past 24-30 hours since the 107.66 was touched, I have read lots of articles where 110.00 was believed to be a crucial psychological number, then the same people now say 105.00 or 100.00. Technically from the charts, 106.50 is the 38% Fib from the 2011 to 2015 rally, maybe this is the level but somehow I do not think that BOJ look at Fibonacci levels. Maybe they do, who knows. I think big round numbers work; having said that I thought 110.00 and was wrong, so do not ask me where I think the BOJ will intervene.\r\n\r\nDid the YEN strengthen because of the FED dithering on interest rate hikes? So is the YEN strength purely attributed to USD weakness? Certainly US bond yields have tightened and there is a very, very strong JPY relationship in place there.\r\n\r\nThe FED policy move certainly did no favours to the BOJ or the ECB.\r\n\r\nAt the end of the day, trying to get to the bottom of this is way above my pay grade, so if you can work it out great, if not, do not worry, because as I say as a trader it is what it is - just get on with it.\r\n\r\nLast week we also had the RBA interest rate announcement and statement. A very cautious affair indeed no jawboning, however, in a way Glenn Stevens (RBA Governor) kind of had a dig at the FED when referring to “International situations”. There was only the line “The rise in AUD could complicate the adjustment underway in the economy” that made any sort of reference to the exchange rate position.\r\n\r\nThe FOMC meeting minutes were hawkish of sorts, in my opinion, but the market reaction was once again pure chop, chop, and chop once again.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE CHAOS STARTING TO BUILD</strong></p>\r\nEuropean news is never far away from the headlines. Granted there are many reasons for this but one has to remember that the fact that there are 27 countries grouped under the EU member status, it is hardly surprising that at least one is always making the news for one reason or another. Some current issues are:\r\n<ul>\r\n	<li>The ISIS issue in Belgium and France.</li>\r\n	<li>The debt crisis that never really goes away in Greece.</li>\r\n	<li>Political corruptness in Italy and Spain.</li>\r\n	<li>BREXIT fears.</li>\r\n	<li>Refugee crisis in Greece.</li>\r\n</ul>\r\nOne would never think that the Dutch would be next.\r\n\r\nLast week however, the Dutch people had the opportunity to vote on the “Association agreement with Ukraine”. The result was not binding in anyway, as the Dutch parliament and the other 27 EU members had already ratified the agreement.\r\n\r\nThose of you who are sticklers for democracy should note that in Europe when the single-currency “the Euro” was introduced, despite claims of losing sovereignty most EU countries included the vote to accept the Euro as part and parcel of another vote that would have been crazy to say no to, so it was a underhand acceptance vote to lose ones currency of years and accept the Euro.\r\n\r\nSo for governments to ratify on behalf of the people on big issues and then offer a vote that would appear at firsthand to be pointless is nothing new in Europe. This Dutch vote was one of these, but given the timing with what is going in in the European Union it actually carried more weight than one might think.\r\n\r\nBasically 61% voted NO to the agreement.\r\n\r\nWhat happens now? Nothing really, although the vote was to be noted by the Dutch coalition government it means nothing.\r\n\r\nHang on I can hear you say. Yes exactly, means nothing my arse.\r\n\r\nThis is a yet another example of the European Union and/or EUROZONE acting way beyond what the voters actually want. The pot smoking liberal Dutch society may appear a soft touch to outsiders but like every country in the EUROZONE they have their own culture, their own beliefs, there own standards and their own way of accepting change.\r\n\r\nThese facts are lost on Brussels, which is manned at the centre by a gang of desk sucking, paper swatting, jotter blotters.\r\n\r\nThis is a no confidence vote by the Dutch people.\r\n\r\nIt will be grabbed by the “BREXIT Brits” as another example of interference by Brussels that simply does not have the ability to see beyond the end of its nose.\r\n\r\nThe Dutch seeing that Associated agreements are already in place with Georgia and Moldova do not want Putin and his interference in Ukraine on their doorstep. A point that was lost by Brussels completely, or rather probably wasn\'t lost but the 27 member countries went ahead anyhow.\r\n\r\nEurope is full of political extremes. Just as the way the U.S. presidential circus has Donald Trump as the protest vote candidate, inside every country in Europe the fringe parties are waking up to the fact that there is unrest. Established politicians are only interested in themselves and close to elections they will try to buy votes.\r\n\r\nBack in the day in 2005, the Dutch rejected the European Constitutional Treaty, then the French also rejected it and it had to be re-written. From that came the Lisbon Treaty, but no lessons were learned. The EUROZONE does NOT learn from errors or mistakes it kicks cans down the road and plunders on from one catastrophe to the next.\r\n\r\nWhat this Dutch no vote has done is give the doubters inside the EUROZONE further ammunition to latch onto regarding the abilities within the EUROZONE collectively.\r\n\r\nWhether there is a BREXIT or not, whether the Dutch coalition government fails through this NO vote being seen as a no confidence vote is food for today and for the next couple of months. Whilst all this has been debated, the refugee crisis leads into new areas of problems, plus the ISIS on-going investigation in Brussels and Paris continues. The problems in the so-called “UNION” just keep amassing.\r\n\r\nThe protest vote political parties have their feet in the doors across the EUROZONE. Every time they receive their sound bytes on TV the existing governments are too stupid to understand why their opinions are being not just listened to but are being taken seriously by growing numbers of the population.\r\n\r\nThe political disconnect is worldwide, not just in Europe and America but all over the world and whether this is just because we are better educated or informed, I am not sure. I do know that we now live in an instant gratification, social media world and if we are not happy we can let everyone know pretty quickly.\r\n\r\nIn Dutch law, I think its just 300,000 signatures that can force a referendum. With social media this is an easy target in today’s world. I can imagine the Dutch parliament trying to change that law sooner rather than later. Right now they have egg on their faces and they need to do a patch job or jump ship.\r\n\r\nHowever the facts are the people are NOT happy. And this is another brick in the wall as far as I am concerned that is going to place the EUROZONE front and centre once again very soon.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nNo real change in circumstances from last week.\r\n\r\nI am caught between the devil and the deep blue sea. I have my trades set up (with the vast majority of them negative). They swing within their ranges and I could take some pips and $$$ off the table from time to time, but I don\'t because I can see a move coming. Fundamentally, I maintain very little has changed. Just when I expect a break, it’s all stop once again. Then I look at my screens, and its just chop, chop, chop and back inside the ranges again just consolidating. It is so annoying for me and probably for you as well.\r\n\r\nI have about 20 live trades going. That\'s enough to manage in my book, even though some are multi-trade positions within the same currency pair.\r\n\r\nUsing my W, X and Y as my account balance approach; the chop fest means I go to sleep with a balance of $X. When I sit down early in the morning at my screens $X has reduced in Europe to become $W and I see profit opportunities that I have not been taking. Then, the North American session starts and $W becomes $X again and then $X becomes $Y (a bit worse) then we get back to $X by the end of the day. No real balance change, maybe 5-10% swing all day. It is so frustrating.\r\n\r\nHaving said that, POSITION TRADES are to some extent working, at least I can tick over both pips and $$$ via those trades. They are excluded from the chop and whilst I have not let them run too far based upon my January projections, they are performing slightly better than my initial targets so for this I am pleased.\r\n\r\nI have spoken with 3 or 4 of you this past week about markets and performance. All I can say is that FUNDAMENTALLY I am happy with the trades in place. They are in the main in my opinion, at good entry levels but they are just stuck in consolidation mode. You are frustrated and I am equally frustrated. I do not like chop fests. It would be easy to close off the existing trades and start again, but they are going nowhere at the moment so what is the point of that. Overnight fees are high on the NZD pairs in comparison to others but that is not a valid reason for me to change approach at the moment.\r\n\r\nMy FUNDAMENTAL views are what they are and we are stuck in a range. Trading in the opposite direction would not make money unless you were a 10 minutes or less scalper, and I am not that type of trader. I think apart from the JPY in the past week or so most trades would be lost in the chop.\r\n\r\nI keep talking about being patient and that is what I am trying to be, but this current chop fest would even test the patience of a Saint!.\r\n\r\n<strong>\r\nTRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-09042016.png\" rel=\"attachment wp-att-7602\"><img class=\"aligncenter size-full wp-image-7602\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-09042016.png\" alt=\"PS LIVE TRADES 09042016\" width=\"903\" height=\"588\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-RADAR-TRADES-09042016.png\" rel=\"attachment wp-att-7603\"><img class=\"aligncenter size-full wp-image-7603\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-RADAR-TRADES-09042016.png\" alt=\"PS RADAR TRADES 09042016\" width=\"684\" height=\"463\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: USD – Retail Sales &amp; Core Retail Sales.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: BOE – Bank Rate and MPC Summary.\r\nTHURSDAY: USD – CPi and Core CPi.\r\nTHURSDAY: CNY – GDP.\r\n\r\nFRIDAY: CAD – Manufacturing Sales.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016.png\" rel=\"attachment wp-att-7587\"><img class=\"aligncenter size-large wp-image-7587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016-1024x509.png\" alt=\"EURUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4121\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016.png\" rel=\"attachment wp-att-7588\"><img class=\"aligncenter size-large wp-image-7588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016-1024x509.png\" alt=\"GBPUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7549\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016.png\" rel=\"attachment wp-att-7586\"><img class=\"aligncenter size-large wp-image-7586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016-1024x509.png\" alt=\"AUDUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6801\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016.png\" rel=\"attachment wp-att-7589\"><img class=\"aligncenter size-large wp-image-7589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016-1024x509.png\" alt=\"NZDUSD 240M 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2987\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016.png\" rel=\"attachment wp-att-7590\"><img class=\"aligncenter size-large wp-image-7590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016-1024x509.png\" alt=\"USDCAD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9532\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016.png\" rel=\"attachment wp-att-7591\"><img class=\"aligncenter size-large wp-image-7591\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016-1024x509.png\" alt=\"USDCHF D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.05\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016.png\" rel=\"attachment wp-att-7592\"><img class=\"aligncenter size-large wp-image-7592\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016-1024x509.png\" alt=\"USDJPY D 09042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nAfter a plethora of Aussie news last week, that, in reality didn’t do much at all in my opinion, we move on.\r\n\r\nThis week my home country’s currency, the CAD comes into play. Stephen Poloz (BOC Bank Governor) has a policy statement and a press conference to deal with.\r\n\r\nWhat do I think?, there will not be any change in my opinion, as we are still too close to Justin Trudeau’s first budget release, which was late March around the 20<sup>th</sup>.\r\n\r\nI would be surprised to see a cut, although I do think that one, maybe two are on the way. The CAD had blow out job numbers last Friday as well, and given the backdrop of all the negative news about oil this was a bonus.\r\n\r\nMoving on…\r\n\r\nNo matter what, we are still in the chop fest. So be careful trading. I am stuck in several trades that are just consolidating. I am, what you would call, just sitting. Would I prefer to be in cash observing instead? Yes…. but what would I get up early for each and every day? Right now it’s boring, but that does not mean that you let down your guard. It will change and when it does it will be with a splash.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> April 2016\r\nBLOG REFERENCE: #97 PREMIUM SERVICE\r\n\r\n&nbsp;','EUROZONE CHAOS STARTING TO BUILD','','inherit','closed','closed','','7605-revision-v1','','','2016-04-09 12:10:23','2016-04-09 17:10:23','',7605,'https://weeklyfxdrivethru.com/7605-revision-v1/',0,'revision','',0),(7613,1,'2016-04-09 14:40:30','2016-04-09 19:40:30','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAnother week and another ride at “Six Flags”, “Alton Towers” or “Universal Studios” whatever theme park you choose.\r\n\r\nI am finding this market exceptionally frustrating. We are seriously range bound almost everywhere except with the JPY pairs which are bearish.\r\n\r\nI had a little chuckle to myself earlier. I hate trading the GBP, in addition, I had a really bad experience with the JPY a couple of years back so I am not a fan…. still. Now the NZD is what can only be described as a pain in the ass. Pretty soon I will not be able to trade anything!!\r\n\r\nArt Cashin one of the CNBC contributors has a quote “The market’s goal is to make most people miserable”. Goal achieved… great success.\r\n\r\nWe are range bound, the market does NOT know which way to turn and there is no leadership, hence the annoyance and frustration. I am looking at RED numbers and minuses most of the time at the moment and every time they go green or positive I should just take a few pips and $$$ an run for the hills…. but I don’t as I am seeing big, grand moves in the making. Most long time traders will completely get this following statement, “If I were to take the few pips and $$ when I get some, as soon as I do that the big move I am expecting will happen”. Is this FEAR &amp; GREED at work?\r\n\r\nI am banking $$$ and pips but it is hard work given the hours that are being spent at the screens.\r\n\r\nMost of my profitable trades emanate from POSITION style (longer-term) trading at the moment. The shorter-term trades are just lost in the chop; it is very frustrating and annoying.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nI thought that it would be fun to show a typo that I made on a trade set-up that was posted out this past week. It was on an AUD/CHF trade that was cancelled, as the engulfing pattern did not carry over. Instead of the set-up being titled FUNDAMENTAL TRADE it was titled DEMENTAL… this may just be my humour but given the week MENTAL it was.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" rel=\"attachment wp-att-7596\"><img class=\"aligncenter size-full wp-image-7596\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" alt=\"TWEET 09042016\" width=\"279\" height=\"362\" /></a>\r\n\r\n&nbsp;\r\n\r\nMoving forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" rel=\"attachment wp-att-7597\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong></p>\r\n<p style=\"text-align: center;\">USD$100.00 every 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed and\r\na new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong></p>\r\n<p style=\"text-align: center;\">USD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based\r\non 40 published blogs of the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around\r\ntweeting and managing existing LIVE trades.</p>\r\n<u> </u>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:<u>\r\n</u></strong>\r\nNET PIPS THIS MONTH SO FAR:            +263\r\nNET PIPS THIS YEAR SO FAR:                +1,841</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nRemember Meghan Trainor’s song, “It’s all about the base” one of the worst songs I think I have ever heard. Well if she was singing last week it would have been…\r\n\r\n“It’s all about the YEN”.\r\n\r\nWhat a fall, about 600 pips in a week, HMOG (Holy Mother of God). I do not like trading JPY pairs, I had a really bad experience a few years ago so most of the time I am just a voyeur trader, watching and tracking the relationships to see if the correlations remain intact, as correlations in Forex is a big thing for me as it gives confirmation.\r\n\r\nWhen 110.00 broke I thought here comes the MOF/BOJ…nada. Then at 109.00 I thought here we go… nada. Then at 108.00 as it seemed initially well supported at that level nada again. It posted a low of 107.66 according to the mean average of my brokers and then recovered.\r\n\r\nWhat are fantastic to follow, are the levels, at which the market experts expect the BOJ to intervene. Over the past 24-30 hours since the 107.66 was touched, I have read lots of articles where 110.00 was believed to be a crucial psychological number, then the same people now say 105.00 or 100.00. Technically from the charts, 106.50 is the 38% Fib from the 2011 to 2015 rally, maybe this is the level but somehow I do not think that BOJ look at Fibonacci levels. Maybe they do, who knows. I think big round numbers work; having said that I thought 110.00 and was wrong, so do not ask me where I think the BOJ will intervene.\r\n\r\nDid the YEN strengthen because of the FED dithering on interest rate hikes? So is the YEN strength purely attributed to USD weakness? Certainly US bond yields have tightened and there is a very, very strong JPY relationship in place there.\r\n\r\nThe FED policy move certainly did no favours to the BOJ or the ECB.\r\n\r\nAt the end of the day, trying to get to the bottom of this is way above my pay grade, so if you can work it out great, if not, do not worry, because as I say as a trader it is what it is - just get on with it.\r\n\r\nLast week we also had the RBA interest rate announcement and statement. A very cautious affair indeed no jawboning, however, in a way Glenn Stevens (RBA Governor) kind of had a dig at the FED when referring to “International situations”. There was only the line “The rise in AUD could complicate the adjustment underway in the economy” that made any sort of reference to the exchange rate position.\r\n\r\nThe FOMC meeting minutes were hawkish of sorts, in my opinion, but the market reaction was once again pure chop, chop, and chop once again.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE CHAOS STARTING TO BUILD</strong></p>\r\nEuropean news is never far away from the headlines. Granted there are many reasons for this but one has to remember that the fact that there are 27 countries grouped under the EU member status, it is hardly surprising that at least one is always making the news for one reason or another. Some current issues are:\r\n<ul>\r\n	<li>The ISIS issue in Belgium and France.</li>\r\n	<li>The debt crisis that never really goes away in Greece.</li>\r\n	<li>Political corruptness in Italy and Spain.</li>\r\n	<li>BREXIT fears.</li>\r\n	<li>Refugee crisis in Greece.</li>\r\n</ul>\r\nOne would never think that the Dutch would be next.\r\n\r\nLast week however, the Dutch people had the opportunity to vote on the “Association agreement with Ukraine”. The result was not binding in anyway, as the Dutch parliament and the other 27 EU members had already ratified the agreement.\r\n\r\nThose of you who are sticklers for democracy should note that in Europe when the single-currency “the Euro” was introduced, despite claims of losing sovereignty most EU countries included the vote to accept the Euro as part and parcel of another vote that would have been crazy to say no to, so it was a underhand acceptance vote to lose ones currency of years and accept the Euro.\r\n\r\nSo for governments to ratify on behalf of the people on big issues and then offer a vote that would appear at firsthand to be pointless is nothing new in Europe. This Dutch vote was one of these, but given the timing with what is going in in the European Union it actually carried more weight than one might think.\r\n\r\nBasically 61% voted NO to the agreement.\r\n\r\nWhat happens now? Nothing really, although the vote was to be noted by the Dutch coalition government it means nothing.\r\n\r\nHang on I can hear you say. Yes exactly, means nothing my arse.\r\n\r\nThis is a yet another example of the European Union and/or EUROZONE acting way beyond what the voters actually want. The pot smoking liberal Dutch society may appear a soft touch to outsiders but like every country in the EUROZONE they have their own culture, their own beliefs, there own standards and their own way of accepting change.\r\n\r\nThese facts are lost on Brussels, which is manned at the centre by a gang of desk sucking, paper swatting, jotter blotters.\r\n\r\nThis is a no confidence vote by the Dutch people.\r\n\r\nIt will be grabbed by the “BREXIT Brits” as another example of interference by Brussels that simply does not have the ability to see beyond the end of its nose.\r\n\r\nThe Dutch seeing that Associated agreements are already in place with Georgia and Moldova do not want Putin and his interference in Ukraine on their doorstep. A point that was lost by Brussels completely, or rather probably wasn\'t lost but the 27 member countries went ahead anyhow.\r\n\r\nEurope is full of political extremes. Just as the way the U.S. presidential circus has Donald Trump as the protest vote candidate, inside every country in Europe the fringe parties are waking up to the fact that there is unrest. Established politicians are only interested in themselves and close to elections they will try to buy votes.\r\n\r\nBack in the day in 2005, the Dutch rejected the European Constitutional Treaty, then the French also rejected it and it had to be re-written. From that came the Lisbon Treaty, but no lessons were learned. The EUROZONE does NOT learn from errors or mistakes it kicks cans down the road and plunders on from one catastrophe to the next.\r\n\r\nWhat this Dutch no vote has done is give the doubters inside the EUROZONE further ammunition to latch onto regarding the abilities within the EUROZONE collectively.\r\n\r\nWhether there is a BREXIT or not, whether the Dutch coalition government fails through this NO vote being seen as a no confidence vote is food for today and for the next couple of months. Whilst all this has been debated, the refugee crisis leads into new areas of problems, plus the ISIS on-going investigation in Brussels and Paris continues. The problems in the so-called “UNION” just keep amassing.\r\n\r\nThe protest vote political parties have their feet in the doors across the EUROZONE. Every time they receive their sound bytes on TV the existing governments are too stupid to understand why their opinions are being not just listened to but are being taken seriously by growing numbers of the population.\r\n\r\nThe political disconnect is worldwide, not just in Europe and America but all over the world and whether this is just because we are better educated or informed, I am not sure. I do know that we now live in an instant gratification, social media world and if we are not happy we can let everyone know pretty quickly.\r\n\r\nIn Dutch law, I think its just 300,000 signatures that can force a referendum. With social media this is an easy target in today’s world. I can imagine the Dutch parliament trying to change that law sooner rather than later. Right now they have egg on their faces and they need to do a patch job or jump ship.\r\n\r\nHowever the facts are the people are NOT happy. And this is another brick in the wall as far as I am concerned that is going to place the EUROZONE front and centre once again very soon.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: USD – Retail Sales &amp; Core Retail Sales.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: BOE – Bank Rate and MPC Summary.\r\nTHURSDAY: USD – CPi and Core CPi.\r\nTHURSDAY: CNY – GDP.\r\n\r\nFRIDAY: CAD – Manufacturing Sales.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016.png\" rel=\"attachment wp-att-7587\"><img class=\"aligncenter size-large wp-image-7587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016-1024x509.png\" alt=\"EURUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4121\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016.png\" rel=\"attachment wp-att-7588\"><img class=\"aligncenter size-large wp-image-7588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016-1024x509.png\" alt=\"GBPUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7549\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016.png\" rel=\"attachment wp-att-7586\"><img class=\"aligncenter size-large wp-image-7586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016-1024x509.png\" alt=\"AUDUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6801\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016.png\" rel=\"attachment wp-att-7589\"><img class=\"aligncenter size-large wp-image-7589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016-1024x509.png\" alt=\"NZDUSD 240M 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2987\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016.png\" rel=\"attachment wp-att-7590\"><img class=\"aligncenter size-large wp-image-7590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016-1024x509.png\" alt=\"USDCAD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9532\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016.png\" rel=\"attachment wp-att-7591\"><img class=\"aligncenter size-large wp-image-7591\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016-1024x509.png\" alt=\"USDCHF D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.05\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016.png\" rel=\"attachment wp-att-7592\"><img class=\"aligncenter size-large wp-image-7592\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016-1024x509.png\" alt=\"USDJPY D 09042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nAfter a plethora of Aussie news last week, that, in reality didn’t do much at all in my opinion, we move on.\r\n\r\nThis week my home country’s currency, the CAD comes into play. Stephen Poloz (BOC Bank Governor) has a policy statement and a press conference to deal with.\r\n\r\nWhat do I think?, there will not be any change in my opinion, as we are still too close to Justin Trudeau’s first budget release, which was late March around the 20<sup>th</sup>.\r\n\r\nI would be surprised to see a cut, although I do think that one, maybe two are on the way. The CAD had blow out job numbers last Friday as well, and given the backdrop of all the negative news about oil this was a bonus.\r\n\r\nMoving on…\r\n\r\nNo matter what, we are still in the chop fest. So be careful trading. I am stuck in several trades that are just consolidating. I am, what you would call, just sitting. Would I prefer to be in cash observing instead? Yes…. but what would I get up early for each and every day? Right now it’s boring, but that does not mean that you let down your guard. It will change and when it does it will be with a splash.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> April 2016\r\nBLOG REFERENCE: #196 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','EUROZONE CHAOS STARTING TO BUILD','','publish','open','closed','','eurozone-chaos-starting-build','','','2016-04-09 14:40:30','2016-04-09 19:40:30','',0,'https://weeklyfxdrivethru.com/?p=7613',0,'post','',0),(7614,1,'2016-04-09 12:38:30','2016-04-09 17:38:30','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAnother week and another ride at “Six Flags”, “Alton Towers” or “Universal Studios” whatever theme park you choose.\r\n\r\nI am finding this market exceptionally frustrating. We are seriously range bound almost everywhere except with the JPY pairs which are bearish.\r\n\r\nI had a little chuckle to myself earlier. I hate trading the GBP, in addition, I had a really bad experience with the JPY a couple of years back so I am not a fan…. still. Now the NZD is what can only be described as a pain in the ass. Pretty soon I will not be able to trade anything!!\r\n\r\nArt Cashin one of the CNBC contributors has a quote “The market’s goal is to make most people miserable”. Goal achieved… great success.\r\n\r\nWe are range bound, the market does NOT know which way to turn and there is no leadership, hence the annoyance and frustration. I am looking at RED numbers and minuses most of the time at the moment and every time they go green or positive I should just take a few pips and $$$ an run for the hills…. but I don’t as I am seeing big, grand moves in the making. Most long time traders will completely get this following statement, “If I were to take the few pips and $$ when I get some, as soon as I do that the big move I am expecting will happen”. Is this FEAR &amp; GREED at work?\r\n\r\nI am banking $$$ and pips but it is hard work given the hours that are being spent at the screens.\r\n\r\nMost of my profitable trades emanate from POSITION style (longer-term) trading at the moment. The shorter-term trades are just lost in the chop; it is very frustrating and annoying.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nI thought that it would be fun to show a typo that I made on a trade set-up that was posted out this past week. It was on an AUD/CHF trade that was cancelled, as the engulfing pattern did not carry over. Instead of the set-up being titled FUNDAMENTAL TRADE it was titled DEMENTAL… this may just be my humour but given the week MENTAL it was.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" rel=\"attachment wp-att-7596\"><img class=\"aligncenter size-full wp-image-7596\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" alt=\"TWEET 09042016\" width=\"279\" height=\"362\" /></a>\r\n\r\n&nbsp;\r\n\r\nMoving forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" rel=\"attachment wp-att-7597\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong>\r\n\r\nUSD$100.00 every 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed and\r\na new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong></p>\r\n<p style=\"text-align: center;\">USD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based\r\non 40 published blogs of the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around\r\ntweeting and managing existing LIVE trades.</p>\r\n<u> </u>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:<u>\r\n</u></strong>\r\nNET PIPS THIS MONTH SO FAR:            +263\r\nNET PIPS THIS YEAR SO FAR:                +1,841</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nRemember Meghan Trainor’s song, “It’s all about the base” one of the worst songs I think I have ever heard. Well if she was singing last week it would have been…\r\n\r\n“It’s all about the YEN”.\r\n\r\nWhat a fall, about 600 pips in a week, HMOG (Holy Mother of God). I do not like trading JPY pairs, I had a really bad experience a few years ago so most of the time I am just a voyeur trader, watching and tracking the relationships to see if the correlations remain intact, as correlations in Forex is a big thing for me as it gives confirmation.\r\n\r\nWhen 110.00 broke I thought here comes the MOF/BOJ…nada. Then at 109.00 I thought here we go… nada. Then at 108.00 as it seemed initially well supported at that level nada again. It posted a low of 107.66 according to the mean average of my brokers and then recovered.\r\n\r\nWhat are fantastic to follow, are the levels, at which the market experts expect the BOJ to intervene. Over the past 24-30 hours since the 107.66 was touched, I have read lots of articles where 110.00 was believed to be a crucial psychological number, then the same people now say 105.00 or 100.00. Technically from the charts, 106.50 is the 38% Fib from the 2011 to 2015 rally, maybe this is the level but somehow I do not think that BOJ look at Fibonacci levels. Maybe they do, who knows. I think big round numbers work; having said that I thought 110.00 and was wrong, so do not ask me where I think the BOJ will intervene.\r\n\r\nDid the YEN strengthen because of the FED dithering on interest rate hikes? So is the YEN strength purely attributed to USD weakness? Certainly US bond yields have tightened and there is a very, very strong JPY relationship in place there.\r\n\r\nThe FED policy move certainly did no favours to the BOJ or the ECB.\r\n\r\nAt the end of the day, trying to get to the bottom of this is way above my pay grade, so if you can work it out great, if not, do not worry, because as I say as a trader it is what it is - just get on with it.\r\n\r\nLast week we also had the RBA interest rate announcement and statement. A very cautious affair indeed no jawboning, however, in a way Glenn Stevens (RBA Governor) kind of had a dig at the FED when referring to “International situations”. There was only the line “The rise in AUD could complicate the adjustment underway in the economy” that made any sort of reference to the exchange rate position.\r\n\r\nThe FOMC meeting minutes were hawkish of sorts, in my opinion, but the market reaction was once again pure chop, chop, and chop once again.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE CHAOS STARTING TO BUILD</strong></p>\r\nEuropean news is never far away from the headlines. Granted there are many reasons for this but one has to remember that the fact that there are 27 countries grouped under the EU member status, it is hardly surprising that at least one is always making the news for one reason or another. Some current issues are:\r\n<ul>\r\n	<li>The ISIS issue in Belgium and France.</li>\r\n	<li>The debt crisis that never really goes away in Greece.</li>\r\n	<li>Political corruptness in Italy and Spain.</li>\r\n	<li>BREXIT fears.</li>\r\n	<li>Refugee crisis in Greece.</li>\r\n</ul>\r\nOne would never think that the Dutch would be next.\r\n\r\nLast week however, the Dutch people had the opportunity to vote on the “Association agreement with Ukraine”. The result was not binding in anyway, as the Dutch parliament and the other 27 EU members had already ratified the agreement.\r\n\r\nThose of you who are sticklers for democracy should note that in Europe when the single-currency “the Euro” was introduced, despite claims of losing sovereignty most EU countries included the vote to accept the Euro as part and parcel of another vote that would have been crazy to say no to, so it was a underhand acceptance vote to lose ones currency of years and accept the Euro.\r\n\r\nSo for governments to ratify on behalf of the people on big issues and then offer a vote that would appear at firsthand to be pointless is nothing new in Europe. This Dutch vote was one of these, but given the timing with what is going in in the European Union it actually carried more weight than one might think.\r\n\r\nBasically 61% voted NO to the agreement.\r\n\r\nWhat happens now? Nothing really, although the vote was to be noted by the Dutch coalition government it means nothing.\r\n\r\nHang on I can hear you say. Yes exactly, means nothing my arse.\r\n\r\nThis is a yet another example of the European Union and/or EUROZONE acting way beyond what the voters actually want. The pot smoking liberal Dutch society may appear a soft touch to outsiders but like every country in the EUROZONE they have their own culture, their own beliefs, there own standards and their own way of accepting change.\r\n\r\nThese facts are lost on Brussels, which is manned at the centre by a gang of desk sucking, paper swatting, jotter blotters.\r\n\r\nThis is a no confidence vote by the Dutch people.\r\n\r\nIt will be grabbed by the “BREXIT Brits” as another example of interference by Brussels that simply does not have the ability to see beyond the end of its nose.\r\n\r\nThe Dutch seeing that Associated agreements are already in place with Georgia and Moldova do not want Putin and his interference in Ukraine on their doorstep. A point that was lost by Brussels completely, or rather probably wasn\'t lost but the 27 member countries went ahead anyhow.\r\n\r\nEurope is full of political extremes. Just as the way the U.S. presidential circus has Donald Trump as the protest vote candidate, inside every country in Europe the fringe parties are waking up to the fact that there is unrest. Established politicians are only interested in themselves and close to elections they will try to buy votes.\r\n\r\nBack in the day in 2005, the Dutch rejected the European Constitutional Treaty, then the French also rejected it and it had to be re-written. From that came the Lisbon Treaty, but no lessons were learned. The EUROZONE does NOT learn from errors or mistakes it kicks cans down the road and plunders on from one catastrophe to the next.\r\n\r\nWhat this Dutch no vote has done is give the doubters inside the EUROZONE further ammunition to latch onto regarding the abilities within the EUROZONE collectively.\r\n\r\nWhether there is a BREXIT or not, whether the Dutch coalition government fails through this NO vote being seen as a no confidence vote is food for today and for the next couple of months. Whilst all this has been debated, the refugee crisis leads into new areas of problems, plus the ISIS on-going investigation in Brussels and Paris continues. The problems in the so-called “UNION” just keep amassing.\r\n\r\nThe protest vote political parties have their feet in the doors across the EUROZONE. Every time they receive their sound bytes on TV the existing governments are too stupid to understand why their opinions are being not just listened to but are being taken seriously by growing numbers of the population.\r\n\r\nThe political disconnect is worldwide, not just in Europe and America but all over the world and whether this is just because we are better educated or informed, I am not sure. I do know that we now live in an instant gratification, social media world and if we are not happy we can let everyone know pretty quickly.\r\n\r\nIn Dutch law, I think its just 300,000 signatures that can force a referendum. With social media this is an easy target in today’s world. I can imagine the Dutch parliament trying to change that law sooner rather than later. Right now they have egg on their faces and they need to do a patch job or jump ship.\r\n\r\nHowever the facts are the people are NOT happy. And this is another brick in the wall as far as I am concerned that is going to place the EUROZONE front and centre once again very soon.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: USD – Retail Sales &amp; Core Retail Sales.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: BOE – Bank Rate and MPC Summary.\r\nTHURSDAY: USD – CPi and Core CPi.\r\nTHURSDAY: CNY – GDP.\r\n\r\nFRIDAY: CAD – Manufacturing Sales.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016.png\" rel=\"attachment wp-att-7587\"><img class=\"aligncenter size-large wp-image-7587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016-1024x509.png\" alt=\"EURUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4121\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016.png\" rel=\"attachment wp-att-7588\"><img class=\"aligncenter size-large wp-image-7588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016-1024x509.png\" alt=\"GBPUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7549\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016.png\" rel=\"attachment wp-att-7586\"><img class=\"aligncenter size-large wp-image-7586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016-1024x509.png\" alt=\"AUDUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6801\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016.png\" rel=\"attachment wp-att-7589\"><img class=\"aligncenter size-large wp-image-7589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016-1024x509.png\" alt=\"NZDUSD 240M 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2987\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016.png\" rel=\"attachment wp-att-7590\"><img class=\"aligncenter size-large wp-image-7590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016-1024x509.png\" alt=\"USDCAD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9532\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016.png\" rel=\"attachment wp-att-7591\"><img class=\"aligncenter size-large wp-image-7591\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016-1024x509.png\" alt=\"USDCHF D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.05\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016.png\" rel=\"attachment wp-att-7592\"><img class=\"aligncenter size-large wp-image-7592\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016-1024x509.png\" alt=\"USDJPY D 09042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nAfter a plethora of Aussie news last week, that, in reality didn’t do much at all in my opinion, we move on.\r\n\r\nThis week my home country’s currency, the CAD comes into play. Stephen Poloz (BOC Bank Governor) has a policy statement and a press conference to deal with.\r\n\r\nWhat do I think?, there will not be any change in my opinion, as we are still too close to Justin Trudeau’s first budget release, which was late March around the 20<sup>th</sup>.\r\n\r\nI would be surprised to see a cut, although I do think that one, maybe two are on the way. The CAD had blow out job numbers last Friday as well, and given the backdrop of all the negative news about oil this was a bonus.\r\n\r\nMoving on…\r\n\r\nNo matter what, we are still in the chop fest. So be careful trading. I am stuck in several trades that are just consolidating. I am, what you would call, just sitting. Would I prefer to be in cash observing instead? Yes…. but what would I get up early for each and every day? Right now it’s boring, but that does not mean that you let down your guard. It will change and when it does it will be with a splash.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> April 2016\r\nBLOG REFERENCE: #196 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','EUROZONE CHAOS STARTING TO BUILD','','inherit','closed','closed','','7613-revision-v1','','','2016-04-09 12:38:30','2016-04-09 17:38:30','',7613,'https://weeklyfxdrivethru.com/7613-revision-v1/',0,'revision','',0),(7615,1,'2016-04-09 12:38:51','2016-04-09 17:38:51','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAnother week and another ride at “Six Flags”, “Alton Towers” or “Universal Studios” whatever theme park you choose.\r\n\r\nI am finding this market exceptionally frustrating. We are seriously range bound almost everywhere except with the JPY pairs which are bearish.\r\n\r\nI had a little chuckle to myself earlier. I hate trading the GBP, in addition, I had a really bad experience with the JPY a couple of years back so I am not a fan…. still. Now the NZD is what can only be described as a pain in the ass. Pretty soon I will not be able to trade anything!!\r\n\r\nArt Cashin one of the CNBC contributors has a quote “The market’s goal is to make most people miserable”. Goal achieved… great success.\r\n\r\nWe are range bound, the market does NOT know which way to turn and there is no leadership, hence the annoyance and frustration. I am looking at RED numbers and minuses most of the time at the moment and every time they go green or positive I should just take a few pips and $$$ an run for the hills…. but I don’t as I am seeing big, grand moves in the making. Most long time traders will completely get this following statement, “If I were to take the few pips and $$ when I get some, as soon as I do that the big move I am expecting will happen”. Is this FEAR &amp; GREED at work?\r\n\r\nI am banking $$$ and pips but it is hard work given the hours that are being spent at the screens.\r\n\r\nMost of my profitable trades emanate from POSITION style (longer-term) trading at the moment. The shorter-term trades are just lost in the chop; it is very frustrating and annoying.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nI thought that it would be fun to show a typo that I made on a trade set-up that was posted out this past week. It was on an AUD/CHF trade that was cancelled, as the engulfing pattern did not carry over. Instead of the set-up being titled FUNDAMENTAL TRADE it was titled DEMENTAL… this may just be my humour but given the week MENTAL it was.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" rel=\"attachment wp-att-7596\"><img class=\"aligncenter size-full wp-image-7596\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" alt=\"TWEET 09042016\" width=\"279\" height=\"362\" /></a>\r\n\r\n&nbsp;\r\n\r\nMoving forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" rel=\"attachment wp-att-7597\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong></p>\r\n<p style=\"text-align: center;\">USD$100.00 every 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed and\r\na new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong></p>\r\n<p style=\"text-align: center;\">USD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based\r\non 40 published blogs of the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around\r\ntweeting and managing existing LIVE trades.</p>\r\n<u> </u>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:<u>\r\n</u></strong>\r\nNET PIPS THIS MONTH SO FAR:            +263\r\nNET PIPS THIS YEAR SO FAR:                +1,841</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nRemember Meghan Trainor’s song, “It’s all about the base” one of the worst songs I think I have ever heard. Well if she was singing last week it would have been…\r\n\r\n“It’s all about the YEN”.\r\n\r\nWhat a fall, about 600 pips in a week, HMOG (Holy Mother of God). I do not like trading JPY pairs, I had a really bad experience a few years ago so most of the time I am just a voyeur trader, watching and tracking the relationships to see if the correlations remain intact, as correlations in Forex is a big thing for me as it gives confirmation.\r\n\r\nWhen 110.00 broke I thought here comes the MOF/BOJ…nada. Then at 109.00 I thought here we go… nada. Then at 108.00 as it seemed initially well supported at that level nada again. It posted a low of 107.66 according to the mean average of my brokers and then recovered.\r\n\r\nWhat are fantastic to follow, are the levels, at which the market experts expect the BOJ to intervene. Over the past 24-30 hours since the 107.66 was touched, I have read lots of articles where 110.00 was believed to be a crucial psychological number, then the same people now say 105.00 or 100.00. Technically from the charts, 106.50 is the 38% Fib from the 2011 to 2015 rally, maybe this is the level but somehow I do not think that BOJ look at Fibonacci levels. Maybe they do, who knows. I think big round numbers work; having said that I thought 110.00 and was wrong, so do not ask me where I think the BOJ will intervene.\r\n\r\nDid the YEN strengthen because of the FED dithering on interest rate hikes? So is the YEN strength purely attributed to USD weakness? Certainly US bond yields have tightened and there is a very, very strong JPY relationship in place there.\r\n\r\nThe FED policy move certainly did no favours to the BOJ or the ECB.\r\n\r\nAt the end of the day, trying to get to the bottom of this is way above my pay grade, so if you can work it out great, if not, do not worry, because as I say as a trader it is what it is - just get on with it.\r\n\r\nLast week we also had the RBA interest rate announcement and statement. A very cautious affair indeed no jawboning, however, in a way Glenn Stevens (RBA Governor) kind of had a dig at the FED when referring to “International situations”. There was only the line “The rise in AUD could complicate the adjustment underway in the economy” that made any sort of reference to the exchange rate position.\r\n\r\nThe FOMC meeting minutes were hawkish of sorts, in my opinion, but the market reaction was once again pure chop, chop, and chop once again.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE CHAOS STARTING TO BUILD</strong></p>\r\nEuropean news is never far away from the headlines. Granted there are many reasons for this but one has to remember that the fact that there are 27 countries grouped under the EU member status, it is hardly surprising that at least one is always making the news for one reason or another. Some current issues are:\r\n<ul>\r\n	<li>The ISIS issue in Belgium and France.</li>\r\n	<li>The debt crisis that never really goes away in Greece.</li>\r\n	<li>Political corruptness in Italy and Spain.</li>\r\n	<li>BREXIT fears.</li>\r\n	<li>Refugee crisis in Greece.</li>\r\n</ul>\r\nOne would never think that the Dutch would be next.\r\n\r\nLast week however, the Dutch people had the opportunity to vote on the “Association agreement with Ukraine”. The result was not binding in anyway, as the Dutch parliament and the other 27 EU members had already ratified the agreement.\r\n\r\nThose of you who are sticklers for democracy should note that in Europe when the single-currency “the Euro” was introduced, despite claims of losing sovereignty most EU countries included the vote to accept the Euro as part and parcel of another vote that would have been crazy to say no to, so it was a underhand acceptance vote to lose ones currency of years and accept the Euro.\r\n\r\nSo for governments to ratify on behalf of the people on big issues and then offer a vote that would appear at firsthand to be pointless is nothing new in Europe. This Dutch vote was one of these, but given the timing with what is going in in the European Union it actually carried more weight than one might think.\r\n\r\nBasically 61% voted NO to the agreement.\r\n\r\nWhat happens now? Nothing really, although the vote was to be noted by the Dutch coalition government it means nothing.\r\n\r\nHang on I can hear you say. Yes exactly, means nothing my arse.\r\n\r\nThis is a yet another example of the European Union and/or EUROZONE acting way beyond what the voters actually want. The pot smoking liberal Dutch society may appear a soft touch to outsiders but like every country in the EUROZONE they have their own culture, their own beliefs, there own standards and their own way of accepting change.\r\n\r\nThese facts are lost on Brussels, which is manned at the centre by a gang of desk sucking, paper swatting, jotter blotters.\r\n\r\nThis is a no confidence vote by the Dutch people.\r\n\r\nIt will be grabbed by the “BREXIT Brits” as another example of interference by Brussels that simply does not have the ability to see beyond the end of its nose.\r\n\r\nThe Dutch seeing that Associated agreements are already in place with Georgia and Moldova do not want Putin and his interference in Ukraine on their doorstep. A point that was lost by Brussels completely, or rather probably wasn\'t lost but the 27 member countries went ahead anyhow.\r\n\r\nEurope is full of political extremes. Just as the way the U.S. presidential circus has Donald Trump as the protest vote candidate, inside every country in Europe the fringe parties are waking up to the fact that there is unrest. Established politicians are only interested in themselves and close to elections they will try to buy votes.\r\n\r\nBack in the day in 2005, the Dutch rejected the European Constitutional Treaty, then the French also rejected it and it had to be re-written. From that came the Lisbon Treaty, but no lessons were learned. The EUROZONE does NOT learn from errors or mistakes it kicks cans down the road and plunders on from one catastrophe to the next.\r\n\r\nWhat this Dutch no vote has done is give the doubters inside the EUROZONE further ammunition to latch onto regarding the abilities within the EUROZONE collectively.\r\n\r\nWhether there is a BREXIT or not, whether the Dutch coalition government fails through this NO vote being seen as a no confidence vote is food for today and for the next couple of months. Whilst all this has been debated, the refugee crisis leads into new areas of problems, plus the ISIS on-going investigation in Brussels and Paris continues. The problems in the so-called “UNION” just keep amassing.\r\n\r\nThe protest vote political parties have their feet in the doors across the EUROZONE. Every time they receive their sound bytes on TV the existing governments are too stupid to understand why their opinions are being not just listened to but are being taken seriously by growing numbers of the population.\r\n\r\nThe political disconnect is worldwide, not just in Europe and America but all over the world and whether this is just because we are better educated or informed, I am not sure. I do know that we now live in an instant gratification, social media world and if we are not happy we can let everyone know pretty quickly.\r\n\r\nIn Dutch law, I think its just 300,000 signatures that can force a referendum. With social media this is an easy target in today’s world. I can imagine the Dutch parliament trying to change that law sooner rather than later. Right now they have egg on their faces and they need to do a patch job or jump ship.\r\n\r\nHowever the facts are the people are NOT happy. And this is another brick in the wall as far as I am concerned that is going to place the EUROZONE front and centre once again very soon.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: USD – Retail Sales &amp; Core Retail Sales.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: BOE – Bank Rate and MPC Summary.\r\nTHURSDAY: USD – CPi and Core CPi.\r\nTHURSDAY: CNY – GDP.\r\n\r\nFRIDAY: CAD – Manufacturing Sales.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016.png\" rel=\"attachment wp-att-7587\"><img class=\"aligncenter size-large wp-image-7587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016-1024x509.png\" alt=\"EURUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4121\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016.png\" rel=\"attachment wp-att-7588\"><img class=\"aligncenter size-large wp-image-7588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016-1024x509.png\" alt=\"GBPUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7549\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016.png\" rel=\"attachment wp-att-7586\"><img class=\"aligncenter size-large wp-image-7586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016-1024x509.png\" alt=\"AUDUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6801\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016.png\" rel=\"attachment wp-att-7589\"><img class=\"aligncenter size-large wp-image-7589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016-1024x509.png\" alt=\"NZDUSD 240M 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2987\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016.png\" rel=\"attachment wp-att-7590\"><img class=\"aligncenter size-large wp-image-7590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016-1024x509.png\" alt=\"USDCAD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9532\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016.png\" rel=\"attachment wp-att-7591\"><img class=\"aligncenter size-large wp-image-7591\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016-1024x509.png\" alt=\"USDCHF D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.05\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016.png\" rel=\"attachment wp-att-7592\"><img class=\"aligncenter size-large wp-image-7592\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016-1024x509.png\" alt=\"USDJPY D 09042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nAfter a plethora of Aussie news last week, that, in reality didn’t do much at all in my opinion, we move on.\r\n\r\nThis week my home country’s currency, the CAD comes into play. Stephen Poloz (BOC Bank Governor) has a policy statement and a press conference to deal with.\r\n\r\nWhat do I think?, there will not be any change in my opinion, as we are still too close to Justin Trudeau’s first budget release, which was late March around the 20<sup>th</sup>.\r\n\r\nI would be surprised to see a cut, although I do think that one, maybe two are on the way. The CAD had blow out job numbers last Friday as well, and given the backdrop of all the negative news about oil this was a bonus.\r\n\r\nMoving on…\r\n\r\nNo matter what, we are still in the chop fest. So be careful trading. I am stuck in several trades that are just consolidating. I am, what you would call, just sitting. Would I prefer to be in cash observing instead? Yes…. but what would I get up early for each and every day? Right now it’s boring, but that does not mean that you let down your guard. It will change and when it does it will be with a splash.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> April 2016\r\nBLOG REFERENCE: #196 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','EUROZONE CHAOS STARTING TO BUILD','','inherit','closed','closed','','7613-revision-v1','','','2016-04-09 12:38:51','2016-04-09 17:38:51','',7613,'https://weeklyfxdrivethru.com/7613-revision-v1/',0,'revision','',0),(7616,1,'2016-04-09 14:33:26','2016-04-09 19:33:26','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAnother week and another ride at “Six Flags”, “Alton Towers” or “Universal Studios” whatever theme park you choose.\r\n\r\nI am finding this market exceptionally frustrating. We are seriously range bound almost everywhere except with the JPY pairs which are bearish.\r\n\r\nI had a little chuckle to myself earlier. I hate trading the GBP, in addition, I had a really bad experience with the JPY a couple of years back so I am not a fan…. still. Now the NZD is what can only be described as a pain in the ass. Pretty soon I will not be able to trade anything!!\r\n\r\nArt Cashin one of the CNBC contributors has a quote that he often uses, “The market’s goal is to make most people miserable”. Goal achieved… great success.\r\n\r\nWe are range bound, the market does NOT know which way to turn and there is no leadership, hence the annoyance and frustration. I am looking at RED numbers and minuses most of the time at the moment and every time they go green or positive I should just take a few pips and $$$ an run for the hills…. but I don’t as I am seeing big, grand moves in the making. Most long time traders will completely get this following statement, “If I were to take the few pips and $$ when I get some, as soon as I do that the big move I am expecting will happen”. Is this FEAR &amp; GREED at work?\r\n\r\nI am banking $$$ and pips but it is hard work given the hours that are being spent at the screens.\r\n\r\nMost of my profitable trades emanate from POSITION style (longer-term) trading at the moment. The shorter-term trades are just lost in the chop; it is very frustrating and annoying.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nI thought that it would be fun to show a typo that I made on a trade set-up that was posted out this past week. It was on an AUD/CHF trade that was cancelled, as the engulfing pattern did not carry over. Instead of the set-up being titled FUNDAMENTAL TRADE it was titled DEMENTAL… this may just be my humour but given the week MENTAL it was.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" rel=\"attachment wp-att-7596\"><img class=\"aligncenter size-full wp-image-7596\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TWEET-09042016.png\" alt=\"TWEET 09042016\" width=\"279\" height=\"362\" /></a>\r\n\r\n&nbsp;\r\n\r\nMoving forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" rel=\"attachment wp-att-7597\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong>\r\nUSD$100.00 every 4 weeks</p>\r\n<p style=\"text-align: center;\">(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD) will be introduced to replace it.\r\nUpgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong>\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</strong></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +263\r\nNET PIPS THIS YEAR SO FAR:                +1,841</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nRemember Meghan Trainor’s song, “It’s all about the base” one of the worst songs I think I have ever heard. Well if she was singing last week it would have been…\r\n\r\n“It’s all about the YEN”.\r\n\r\nWhat a fall, about 600 pips in a week, HMOG (Holy Mother of God). I do not like trading JPY pairs, I had a really bad experience a few years ago so most of the time I am just a voyeur trader, watching and tracking the relationships to see if the correlations remain intact, as correlations in Forex is a big thing for me as it gives confirmation.\r\n\r\nWhen 110.00 broke I thought here comes the MOF/BOJ…nada. Then at 109.00 I thought here we go… nada. Then at 108.00 as it seemed initially well supported at that level nada again. It posted a low of 107.66 according to the mean average of my brokers and then recovered.\r\n\r\nWhat are fantastic to follow, are the levels, at which the market experts expect the BOJ to intervene. Over the past 24-30 hours since the 107.66 was touched, I have read lots of articles where 110.00 was believed to be a crucial psychological number, then the same people now say 105.00 or 100.00. Technically from the charts, 106.50 is the 38% Fib from the 2011 to 2015 rally, maybe this is the level but somehow I do not think that BOJ look at Fibonacci levels. Maybe they do, who knows. I think big round numbers work; having said that I thought 110.00 and was wrong, so do not ask me where I think the BOJ will intervene.\r\n\r\nDid the YEN strengthen because of the FED dithering on interest rate hikes? So is the YEN strength purely attributed to USD weakness? Certainly US bond yields have tightened and there is a very, very strong JPY relationship in place there.\r\n\r\nThe FED policy move certainly did no favours to the BOJ or the ECB.\r\n\r\nAt the end of the day, trying to get to the bottom of this is way above my pay grade, so if you can work it out great, if not, do not worry, because as I say as a trader it is what it is - just get on with it.\r\n\r\nLast week we also had the RBA interest rate announcement and statement. A very cautious affair indeed no jawboning, however, in a way Glenn Stevens (RBA Governor) kind of had a dig at the FED when referring to “International situations”. There was only the line “The rise in AUD could complicate the adjustment underway in the economy” that made any sort of reference to the exchange rate position.\r\n\r\nThe FOMC meeting minutes were hawkish of sorts, in my opinion, but the market reaction was once again pure chop, chop, and chop once again.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE CHAOS STARTING TO BUILD</strong></p>\r\nEuropean news is never far away from the headlines. Granted there are many reasons for this but one has to remember that the fact that there are 27 countries grouped under the EU member status, it is hardly surprising that at least one is always making the news for one reason or another. Some current issues are:\r\n<ul>\r\n	<li>The ISIS issue in Belgium and France.</li>\r\n	<li>The debt crisis that never really goes away in Greece.</li>\r\n	<li>Political corruptness in Italy and Spain.</li>\r\n	<li>BREXIT fears.</li>\r\n	<li>Refugee crisis in Greece.</li>\r\n</ul>\r\nOne would never think that the Dutch would be next.\r\n\r\nLast week however, the Dutch people had the opportunity to vote on the “Association agreement with Ukraine”. The result was not binding in anyway, as the Dutch parliament and the other 27 EU members had already ratified the agreement.\r\n\r\nThose of you who are sticklers for democracy should note that in Europe when the single-currency “the Euro” was introduced, despite claims of losing sovereignty most EU countries included the vote to accept the Euro as part and parcel of another vote that would have been crazy to say no to, so it was a underhand acceptance vote to lose ones currency of years and accept the Euro.\r\n\r\nSo for governments to ratify on behalf of the people on big issues and then offer a vote that would appear at firsthand to be pointless is nothing new in Europe. This Dutch vote was one of these, but given the timing with what is going in in the European Union it actually carried more weight than one might think.\r\n\r\nBasically 61% voted NO to the agreement.\r\n\r\nWhat happens now? Nothing really, although the vote was to be noted by the Dutch coalition government it means nothing.\r\n\r\nHang on I can hear you say. Yes exactly, means nothing my arse.\r\n\r\nThis is a yet another example of the European Union and/or EUROZONE acting way beyond what the voters actually want. The pot smoking liberal Dutch society may appear a soft touch to outsiders but like every country in the EUROZONE they have their own culture, their own beliefs, there own standards and their own way of accepting change.\r\n\r\nThese facts are lost on Brussels, which is manned at the centre by a gang of desk sucking, paper swatting, jotter blotters.\r\n\r\nThis is a no confidence vote by the Dutch people.\r\n\r\nIt will be grabbed by the “BREXIT Brits” as another example of interference by Brussels that simply does not have the ability to see beyond the end of its nose.\r\n\r\nThe Dutch seeing that Associated agreements are already in place with Georgia and Moldova do not want Putin and his interference in Ukraine on their doorstep. A point that was lost by Brussels completely, or rather probably wasn\'t lost but the 27 member countries went ahead anyhow.\r\n\r\nEurope is full of political extremes. Just as the way the U.S. presidential circus has Donald Trump as the protest vote candidate, inside every country in Europe the fringe parties are waking up to the fact that there is unrest. Established politicians are only interested in themselves and close to elections they will try to buy votes.\r\n\r\nBack in the day in 2005, the Dutch rejected the European Constitutional Treaty, then the French also rejected it and it had to be re-written. From that came the Lisbon Treaty, but no lessons were learned. The EUROZONE does NOT learn from errors or mistakes it kicks cans down the road and plunders on from one catastrophe to the next.\r\n\r\nWhat this Dutch no vote has done is give the doubters inside the EUROZONE further ammunition to latch onto regarding the abilities within the EUROZONE collectively.\r\n\r\nWhether there is a BREXIT or not, whether the Dutch coalition government fails through this NO vote being seen as a no confidence vote is food for today and for the next couple of months. Whilst all this has been debated, the refugee crisis leads into new areas of problems, plus the ISIS on-going investigation in Brussels and Paris continues. The problems in the so-called “UNION” just keep amassing.\r\n\r\nThe protest vote political parties have their feet in the doors across the EUROZONE. Every time they receive their sound bytes on TV the existing governments are too stupid to understand why their opinions are being not just listened to but are being taken seriously by growing numbers of the population.\r\n\r\nThe political disconnect is worldwide, not just in Europe and America but all over the world and whether this is just because we are better educated or informed, I am not sure. I do know that we now live in an instant gratification, social media world and if we are not happy we can let everyone know pretty quickly.\r\n\r\nIn Dutch law, I think its just 300,000 signatures that can force a referendum. With social media this is an easy target in today’s world. I can imagine the Dutch parliament trying to change that law sooner rather than later. Right now they have egg on their faces and they need to do a patch job or jump ship.\r\n\r\nHowever the facts are the people are NOT happy. And this is another brick in the wall as far as I am concerned that is going to place the EUROZONE front and centre once again very soon.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nNo real change in circumstances from last week.\r\n\r\nI am caught between the devil and the deep blue sea. I have my trades set up (with the vast majority of them negative). They swing within their ranges and I could take some pips and $$$ off the table from time to time, but I don\'t because I can see a move coming. Fundamentally, I maintain very little has changed. Just when I expect a break, it’s all stop once again. Then I look at my screens, and its just chop, chop, chop and back inside the ranges again just consolidating. It is so annoying for me and probably for you as well.\r\n\r\nI have about 20 live trades going. That\'s enough to manage in my book, even though some are multi-trade positions within the same currency pair.\r\n\r\nUsing my W, X and Y as my account balance approach; the chop fest means I go to sleep with a balance of $X. When I sit down early in the morning at my screens $X has reduced in Europe to become $W and I see profit opportunities that I have not been taking. Then, the North American session starts and $W becomes $X again and then $X becomes $Y (a bit worse) then we get back to $X by the end of the day. No real balance change, maybe 5-10% swing all day. It is so frustrating.\r\n\r\nHaving said that, POSITION TRADES are to some extent working, at least I can tick over both pips and $$$ via those trades. They are excluded from the chop and whilst I have not let them run too far based upon my January projections, they are performing slightly better than my initial targets so for this I am pleased.\r\n\r\nI have spoken with 3 or 4 of you this past week about markets and performance. All I can say is that FUNDAMENTALLY I am happy with the trades in place. They are in the main in my opinion, at good entry levels but they are just stuck in consolidation mode. You are frustrated and I am equally frustrated. I do not like chop fests. It would be easy to close off the existing trades and start again, but they are going nowhere at the moment so what is the point of that. Overnight fees are high on the NZD pairs in comparison to others but that is not a valid reason for me to change approach at the moment.\r\n\r\nMy FUNDAMENTAL views are what they are and we are stuck in a range. Trading in the opposite direction would not make money unless you were a 10 minutes or less scalper, and I am not that type of trader. I think apart from the JPY in the past week or so most trades would be lost in the chop.\r\n\r\nI keep talking about being patient and that is what I am trying to be, but this current chop fest would even test the patience of a Saint!.\r\n\r\n<strong>\r\nTRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-09042016.png\" rel=\"attachment wp-att-7602\"><img class=\"aligncenter size-full wp-image-7602\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-09042016.png\" alt=\"PS LIVE TRADES 09042016\" width=\"903\" height=\"588\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-RADAR-TRADES-09042016.png\" rel=\"attachment wp-att-7603\"><img class=\"aligncenter size-full wp-image-7603\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-RADAR-TRADES-09042016.png\" alt=\"PS RADAR TRADES 09042016\" width=\"684\" height=\"463\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: USD – Retail Sales &amp; Core Retail Sales.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: BOE – Bank Rate and MPC Summary.\r\nTHURSDAY: USD – CPi and Core CPi.\r\nTHURSDAY: CNY – GDP.\r\n\r\nFRIDAY: CAD – Manufacturing Sales.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016.png\" rel=\"attachment wp-att-7587\"><img class=\"aligncenter size-large wp-image-7587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-09042016-1024x509.png\" alt=\"EURUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4121\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016.png\" rel=\"attachment wp-att-7588\"><img class=\"aligncenter size-large wp-image-7588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-09042016-1024x509.png\" alt=\"GBPUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7549\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016.png\" rel=\"attachment wp-att-7586\"><img class=\"aligncenter size-large wp-image-7586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-09042016-1024x509.png\" alt=\"AUDUSD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6801\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016.png\" rel=\"attachment wp-att-7589\"><img class=\"aligncenter size-large wp-image-7589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-240M-09042016-1024x509.png\" alt=\"NZDUSD 240M 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2987\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016.png\" rel=\"attachment wp-att-7590\"><img class=\"aligncenter size-large wp-image-7590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-09042016-1024x509.png\" alt=\"USDCAD D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9532\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016.png\" rel=\"attachment wp-att-7591\"><img class=\"aligncenter size-large wp-image-7591\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-09042016-1024x509.png\" alt=\"USDCHF D 09042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.05\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016.png\" rel=\"attachment wp-att-7592\"><img class=\"aligncenter size-large wp-image-7592\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-09042016-1024x509.png\" alt=\"USDJPY D 09042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nAfter a plethora of Aussie news last week, that, in reality didn’t do much at all in my opinion, we move on.\r\n\r\nThis week my home country’s currency, the CAD comes into play. Stephen Poloz (BOC Bank Governor) has a policy statement and a press conference to deal with.\r\n\r\nWhat do I think?, there will not be any change in my opinion, as we are still too close to Justin Trudeau’s first budget release, which was late March around the 20<sup>th</sup>.\r\n\r\nI would be surprised to see a cut, although I do think that one, maybe two are on the way. The CAD had blow out job numbers last Friday as well, and given the backdrop of all the negative news about oil this was a bonus.\r\n\r\nMoving on…\r\n\r\nNo matter what, we are still in the chop fest. So be careful trading. I am stuck in several trades that are just consolidating. I am, what you would call, just sitting. Would I prefer to be in cash observing instead? Yes…. but what would I get up early for each and every day? Right now it’s boring, but that does not mean that you let down your guard. It will change and when it does it will be with a splash.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> April 2016\r\nBLOG REFERENCE: #97 PREMIUM SERVICE\r\n\r\n&nbsp;','EUROZONE CHAOS STARTING TO BUILD','','inherit','closed','closed','','7605-revision-v1','','','2016-04-09 14:33:26','2016-04-09 19:33:26','',7605,'https://weeklyfxdrivethru.com/7605-revision-v1/',0,'revision','',0),(7622,1,'2016-04-15 14:52:35','2016-04-15 19:52:35','','PS PROFITS1 16042016','','inherit','open','closed','','ps-profits1-16042016','','','2016-04-16 07:53:57','2016-04-16 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12:25:21','',7637,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-16042016.png',0,'attachment','image/png',0),(7629,1,'2016-04-15 14:53:10','2016-04-15 19:53:10','','PS LIVE TRADES 16042016','','inherit','open','closed','','ps-live-trades-16042016','','','2016-04-16 07:25:06','2016-04-16 12:25:06','',7637,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-16042016.png',0,'attachment','image/png',0),(7630,1,'2016-04-16 07:15:10','2016-04-16 12:15:10','','AUDUSD D 16042016','','inherit','open','closed','','audusd-d-16042016','','','2016-04-16 07:26:14','2016-04-16 12:26:14','',7637,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016.png',0,'attachment','image/png',0),(7631,1,'2016-04-16 07:15:12','2016-04-16 12:15:12','','EURUSD D 16042016','','inherit','open','closed','','eurusd-d-16042016','','','2016-04-16 07:25:53','2016-04-16 12:25:53','',7637,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016.png',0,'attachment','image/png',0),(7632,1,'2016-04-16 07:15:15','2016-04-16 12:15:15','','GBPUSD D 16042016','','inherit','open','closed','','gbpusd-d-16042016','','','2016-04-16 07:26:06','2016-04-16 12:26:06','',7637,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016.png',0,'attachment','image/png',0),(7633,1,'2016-04-16 07:15:17','2016-04-16 12:15:17','','NZDUSD D 16042016','','inherit','open','closed','','nzdusd-d-16042016','','','2016-04-16 07:26:25','2016-04-16 12:26:25','',7637,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016.png',0,'attachment','image/png',0),(7634,1,'2016-04-16 07:15:20','2016-04-16 12:15:20','','USDCAD D 16042016','','inherit','open','closed','','usdcad-d-16042016','','','2016-04-16 07:26:37','2016-04-16 12:26:37','',7637,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016.png',0,'attachment','image/png',0),(7635,1,'2016-04-16 07:15:22','2016-04-16 12:15:22','','USDCHF D 16042016','','inherit','open','closed','','usdchf-d-16042016','','','2016-04-16 07:26:46','2016-04-16 12:26:46','',7637,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016.png',0,'attachment','image/png',0),(7636,1,'2016-04-16 07:15:25','2016-04-16 12:15:25','','USDJPY D 16042016','','inherit','open','closed','','usdjpy-d-16042016','','','2016-04-16 07:27:02','2016-04-16 12:27:02','',7637,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016.png',0,'attachment','image/png',0),(7637,1,'2016-04-16 07:29:41','2016-04-16 12:29:41','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week was quite an amusing week. Looking back, the main events were: the dentist for me; the vet for my dogs, the snow has finally cleared away and we have had a couple of BBQ’s again. With regards to Forex, it\'s the same old crap. It is still a chop fest and now I am becoming increasingly certain that the only way to trade todays current FX market is either to be in and out in 15 minutes maximum, or, to take the longer-term view and ride out the chop fest with clear directional trading based on both FUNDAMENTALS and TECHNICALS.\r\n\r\nIf you constantly have to click entries and exits, take small losses followed by small gains, or vice-versa, the only winner is your broker. I would say right now and for the past couple of months they have been rubbing their hands together at the end of each week shouting “suckers” from the rooftops. The more trades you do the more your broker benefits!\r\n\r\nMy trading results are really strong on my POSITION TRADES and whilst my LIMIT/STOP order entry trade styles RADAR and FUNDAMENTAL are also good, I am closing some trades too early as the range extremes become too silly. My FLASH trades are positive and making money but I am really finding pullback trading a little harder to be trusted in the chop.\r\n\r\nThis week I have add just under 500 pips to the monthly and annual totals. It would have been more but a couple of losses pegged the increase back a little, although I am not be complaining. The great thing is with all charts / excel spreadsheets / reports and trade management, I can see what is and much more importantly what is NOT working.\r\n\r\nAt the end of the day, I was speaking to one my subscribers last week, and trying to get across that in my opinion, Forex Trading is really in its simplest format… “Selling spikes and buying dips” as most of the time we are in a range of one sort or another. I know that that statement can be an over-simplification but add in Fibonacci levels and an awareness of central bank monetary policy and you are well over half of the way there… no matter where it is!!\r\n\r\nTaking a leap forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a><strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nFrom 1<sup>st</sup> May 2016, I will be reviewing all 2016 subscription prices. I will probably be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nThere will be increases to keep pace with competitors and some subscription modifications as well.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it soon.\r\n\r\nNo dithering here at the DRIVE THRU regarding hikes, in stark comparison to Janet Yellen and the FED!\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong></p>\r\n<p style=\"text-align: center;\">USD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed and\r\na new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong></p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based on\r\n40 published blogs of the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<u> </u>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +738\r\nNET PIPS THIS YEAR SO FAR:                +2,316</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months (40 weeks) a year.\r\nI do not trade from mid July through early September or mid December through early January).</p>\r\n&nbsp;\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI must be getting older… I have to keep looking back to remember what happened last week!\r\n\r\nThe standouts were weak. US data early in the week (Retail Sales and PPi) then blow out Aussie jobs data; in the middle, and a rather benign BOC performance. At the end of the week, good data from China that supported and, at the same time probably relieved the Aussie and Kiwi markets. The China data certainly kept the AUD and NZD well bid.\r\n\r\nThe latter part of the week had OIL that dominating proceedings, with the DOHA Oil summit due Sunday 17<sup>th</sup> April. I am currently long USD/CAD in a POSITION TRADE and I will be holding this through the weekend of the summit. I had considered closing this trade, and I had mentioned this to subscribers but having thought more about it, my thoughts are OPEC and, in fact all OIL producing countries have in the past demonstrated even less of a union than the EUROZONE… enough said. Unless there is a major geopolitical news event I just cannot see a “nose-bleed” style of announcement emanating from this gathering. One should also bear in mind these guys and gal are only meeting for 60-90 minutes. I for one would be amazed, if we had freezes in production, cuts in production or anything substantial at all. However, I wait to be amazed bring it on!\r\n\r\nBasically, last week was more of the same as in prior weeks, chop, chop and more chop.\r\n\r\nI keep trying to explain that we have uncertainty. I blame the FED. They are too diverse with their comments about policy. Yet, like little puppies they are towing the line when Yellen commands. Allowing these fecking numpties to have their own opinions outside of the FOMC when they are obviously full of fear to speak up is a bad thing. I hate to say this but the ECB has more discipline at the moment and for me not only to think this but also write it is huge statement.\r\n\r\nBasically, the Fed needs to come down off the damn fence and raise rates. 0.25% is NOT going to effect Main Street, alas maybe Wall Street will have to think a little differently, and here lies the problem<strong>.</strong> Wall Street is too influential in the U.S.\r\n\r\nInstead of an enabler to move the U.S. economy forward Wall Street and all that goers with it is a BLOCKAGE. Wall Street needs a bloody good enema to clear out the sh*t. Then maybe the U.S. can move forward. I keep hearing the U.S. is the biggest and best at everything. As I have said before if the biggest and the best, most resilient economy in the world cannot stomach another poultry 0.25%, after 8 years of a ZIRP (Zero interest Rate Policy) ….. give me a break!.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\">ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?</p>\r\nWhere do I get these questions from and do I know the answers before I write them down? The answer is I have no idea and no!\r\n\r\nIn trying to put on paper some thoughts that may stimulate the grey matter, I have to contain myself to be concise here.\r\n\r\nThere is 100% no doubt in my mind that this year 2016, is NOT going the way that I thought it would have, based on my knowledge of matters and fundamental views at the end of 2015.\r\n\r\nThe FED has stalled.\r\n\r\nYellen has in my opinion created uncertainty. This is the very thing her key job specification role and responsibility says that she is NOT to do. We can all sit around a table with a few bottles of RED and debate this with a plethora of opinions but the bottom line is that the FED has stalled.\r\n\r\nThe U.S. economy is either as good as Obama says or it’s down crapper as the Donald says… which is it?\r\n\r\nI have kind of given away my thoughts on this earlier by saying its NOT down to Yellen and the FOMC. They probably have to wait for the all clear from Goldman Sachs before doing anything with interest rates.\r\n\r\nCurrency markets are so range bound it is quite incredible. Yes, we have had a JPY move and a RBNZ move of late but apart from these two bigger moves, feck all has happened. The EUR/USD has been stuck in a 200-pip range that has now tightened for the past week or so to just 100 pips.\r\n\r\nThe larger directional trades based around DIVERGENCE just have not been there to call. Yes, I know my POSITION trades are making great profits but not from the pairs I was predicting late 2015! The USD has basically struggled this year, its down about 6.5% year to date, this was NOT part of my TRADE PLAN for 2016.\r\n\r\nBREXIT has created issues for the cable, but the BREXIT fears have not weakened the single currency. The EUR has remained in a tight range really, if anything this year the EUR/USD had strengthened rather than weakened. The BRITS are no way near raising rates. If Mark Carney ever talks about raising rates again and the markets believe him, well God help us all. Carney’s job spec has in it “must mislead markets and frustrate the crap out of traders”. If he ever suggests raising rates, somebody needs to give him a kick in the gonads/ samosas and tell him to try again with his speech. If anything, I think the BRITS will be doing more easing, never mind raising rates.\r\n\r\nKuroda and Abe are so far up their own asses in crap neither of them can hear what the other one is saying. Forget about Japan raising rates. I think I will be dead and buried and pushing up daisies long before Japan raises rates. Not in my lifetime!\r\n\r\nMario Draghi is putting on his blue tie again this week as well as his tin foil hat as he enters the “Shark Tank / Dragon’s Den” once again. Given his screw up last time about saying to the press “And that\'s all folks”, I think he may choose his words a little more carefully. Whilst the EUROZONE is showing signs of life, lets get this in some perspective. When you were up to your waist in sh*t and now you are up to your thighs in sh*t you are still deep in sh*t its just different proportions. The EUROZONE will be easing through 2016 and 2017 and beyond. There are so many negatives, sh*t farming will soon be claimed back through the “Common Agricultural Policy”.\r\n\r\nBy the way, I am expecting a surprise from Draghi to send the EUR/USD back to 1.0800 and below. Am I serious…. definitely not! I am expecting a boring press conference. It would be great though if Mario delivered a BAZOOKA that actually worked the way it is intended to work. We live in hope, but that\'s about all.\r\n\r\nGlenn Stevens basically said it all without saying anything to blame the FED for the external pressures on the Australian Economy. Geographical restrictions and commodity prices will keep a lid on the RBA raising rates.\r\n\r\nThe RBNZ is the central bank that has basically told the markets that they are deep in sh*t and that they WILL BE cutting rates again at least once this year (Lets hope the next time, the decision isn’t leaked like the last one).\r\n\r\nStephen Poloz at the BOC is sitting pretty at the moment with economic data turning in his favour. By the year-end I predict at least two cuts and easing policy in place. The Canadian economy is NOT wholly reliant on oil but there is a housing bubble about to burst in Vancouver and Toronto and when this is added to the oil industry job cuts directly and indirectly associated, the head in the sand management by Poloz will be seen to be grossly behind the curve and exceptional measures will be introduced. So… no rate rises in Canada either.\r\n\r\nWithout touching emerging markets and ignoring the likes of Turkey and Brazil that both have issues, from the major central banks I have not yet mentioned the SNB.\r\n\r\nThe SNB, will I would say be bracing themselves for a flight to safety trade around the BREXIT vote. I would not rule out man of the year 2015 Thomas Jordan stuffing the negative deposit rate a little higher. Do not rule anything out. The EUR/CHF is back below 1.1000 and I am certain that the SNB would prefer the EUR/CHF back at 1.2000. This looks highly unlikely without a geopolitical event and then a fresh floor being introduced, but I am certain that at least 1.1300 to 1.1500 must be the level they now have their eyes on. Never rule out action from the SNB.\r\n\r\nSo, having gone full circle nothing has FUNDAMENTALLY changed apart from the number of potential interest rate hikes from the FED.\r\n\r\nThose pundits looking for a “one and done” for 2016 are in cuckoo land as far as I am concerned. If things are as bad as Trump says, we are heading for a recession and the FED has nothing “behind the clock” for a rainy day.\r\n\r\nI stick by my guns that the goal must be 1.00% by year-end.\r\n\r\nBack to my original question, are we are in a divergent monetary policy situation? Yes we are, however, the markets are being encouraged not to believe it through FED dithering which manifests as great uncertainty.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nThis past week almost 500 pips were added to the totals. I am obviously pleased with this but want you all to know, I am not here to lose money nor I am here to churn out 5/6 trades a day. I only place trades that I want to place, that I believe will generate a return, because in my opinion they are high probability trades.\r\n\r\nThis market is about SELECTION and not VOLUME.\r\n\r\nUntil I can see a change in trading conditions, that is out of this current range bound environment I have to be more selective with trades moving forward.\r\n\r\nOther points to raise: -\r\n\r\nNext month (I hope software permitting), I will be switching the PREMIUM SERVICE into CAD$ away from USD$ for payments.\r\n\r\nA couple of you will be grabbing a beer with me on TOUR 2016. I am looking forward to that.\r\n\r\nNot much more to say this week.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-16042016.png\"><img class=\"aligncenter size-full wp-image-7629\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-16042016.png\" alt=\"PS LIVE TRADES 16042016\" width=\"797\" height=\"585\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-16042016.png\"><img class=\"aligncenter size-full wp-image-7628\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-16042016.png\" alt=\"PS LIMIT ORDERS 16042016\" width=\"678\" height=\"458\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: NZD - CPi.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: AUD – RBA Glenn Stevens speaks.\r\nTUESDAY: GBP – BOE Mark Carney speaks.\r\nTUESDAY: CAD – BOC Stephen Poloz speaks.\r\nTUESDAY: NZD – GDT prices. (Dairy Auction prices)\r\n\r\nWEDNESDAY: GBP – Jobs data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: EUR – ECB Interest Rates and Press Conference.\r\n\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1283\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016-1024x477.png\" alt=\"EURUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4197\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016-1024x477.png\" alt=\"GBPUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7720\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016-1024x477.png\" alt=\"AUDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6915\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016-1024x477.png\" alt=\"NZDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2814\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016-1024x477.png\" alt=\"USDCAD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9675\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016-1024x477.png\" alt=\"USDCHF D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.74\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016-1024x477.png\" alt=\"USDJPY D 16042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nQuite a bit of central bakers speaking this week. The catering industry will be on RED alert, a few posh lunches washed down with some good vintage port and a selection of nicely put together aged cheeses…yummo.\r\n\r\nAfter the central bakers it’s really the ECB. I cannot in all honesty expect a Draghi BAZOOKA at all. However as Peter Sellers used to say to Kato in the Pink Panther movies, “Always expect the unexpected”, so we live in hope.\r\n\r\nNo matter what, we are still in a tighter range bound market and the chop fest. So be careful trading. I am still stuck in several trades that are just consolidating. I am, what you would call, just sitting.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 16<sup>th</sup> April 2016\r\nBLOG REFERENCE: #98 PREMIUM SERVICE','ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?','','publish','open','closed','','still-divergent-monetary-policy-environment','','','2016-04-16 07:29:41','2016-04-16 12:29:41','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7637',0,'member_posts','',0),(7638,1,'2016-04-16 07:27:25','2016-04-16 12:27:25','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week was quite an amusing week. Looking back, the main events were: the dentist for me; the vet for my dogs, the snow has finally cleared away and we have had a couple of BBQ’s again. With regards to Forex, it\'s the same old crap. It is still a chop fest and now I am becoming increasingly certain that the only way to trade todays current FX market is either to be in and out in 15 minutes maximum, or, to take the longer-term view and ride out the chop fest with clear directional trading based on both FUNDAMENTALS and TECHNICALS.\r\n\r\nIf you constantly have to click entries and exits, take small losses followed by small gains, or vice-versa, the only winner is your broker. I would say right now and for the past couple of months they have been rubbing their hands together at the end of each week shouting “suckers” from the rooftops. The more trades you do the more your broker benefits!\r\n\r\nMy trading results are really strong on my POSITION TRADES and whilst my LIMIT/STOP order entry trade styles RADAR and FUNDAMENTAL are also good, I am closing some trades too early as the range extremes become too silly. My FLASH trades are positive and making money but I am really finding pullback trading a little harder to be trusted in the chop.\r\n\r\nThis week I have add just under 500 pips to the monthly and annual totals. It would have been more but a couple of losses pegged the increase back a little, although I am not be complaining. The great thing is with all charts / excel spreadsheets / reports and trade management, I can see what is and much more importantly what is NOT working.\r\n\r\nAt the end of the day, I was speaking to one my subscribers last week, and trying to get across that in my opinion, Forex Trading is really in its simplest format… “Selling spikes and buying dips” as most of the time we are in a range of one sort or another. I know that that statement can be an over-simplification but add in Fibonacci levels and an awareness of central bank monetary policy and you are well over half of the way there… no matter where it is!!\r\n\r\nTaking a leap forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a><strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nFrom 1<sup>st</sup> May 2016, I will be reviewing all 2016 subscription prices. I will probably be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nThere will be increases to keep pace with competitors and some subscription modifications as well.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it soon.\r\n\r\nNo dithering here at the DRIVE THRU regarding hikes, in stark comparison to Janet Yellen and the FED!\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong>\r\n\r\nUSD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed and\r\na new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong></p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based on\r\n40 published blogs of the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<u> </u>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +738\r\nNET PIPS THIS YEAR SO FAR:                +2,316</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months (40 weeks) a year.\r\nI do not trade from mid July through early September or mid December through early January).</p>\r\n&nbsp;\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI must be getting older… I have to keep looking back to remember what happened last week!\r\n\r\nThe standouts were weak. US data early in the week (Retail Sales and PPi) then blow out Aussie jobs data; in the middle, and a rather benign BOC performance. At the end of the week, good data from China that supported and, at the same time probably relieved the Aussie and Kiwi markets. The China data certainly kept the AUD and NZD well bid.\r\n\r\nThe latter part of the week had OIL that dominating proceedings, with the DOHA Oil summit due Sunday 17<sup>th</sup> April. I am currently long USD/CAD in a POSITION TRADE and I will be holding this through the weekend of the summit. I had considered closing this trade, and I had mentioned this to subscribers but having thought more about it, my thoughts are OPEC and, in fact all OIL producing countries have in the past demonstrated even less of a union than the EUROZONE… enough said. Unless there is a major geopolitical news event I just cannot see a “nose-bleed” style of announcement emanating from this gathering. One should also bear in mind these guys and gal are only meeting for 60-90 minutes. I for one would be amazed, if we had freezes in production, cuts in production or anything substantial at all. However, I wait to be amazed bring it on!\r\n\r\nBasically, last week was more of the same as in prior weeks, chop, chop and more chop.\r\n\r\nI keep trying to explain that we have uncertainty. I blame the FED. They are too diverse with their comments about policy. Yet, like little puppies they are towing the line when Yellen commands. Allowing these fecking numpties to have their own opinions outside of the FOMC when they are obviously full of fear to speak up is a bad thing. I hate to say this but the ECB has more discipline at the moment and for me not only to think this but also write it is huge statement.\r\n\r\nBasically, the Fed needs to come down off the damn fence and raise rates. 0.25% is NOT going to effect Main Street, alas maybe Wall Street will have to think a little differently, and here lies the problem<strong>.</strong> Wall Street is too influential in the U.S.\r\n\r\nInstead of an enabler to move the U.S. economy forward Wall Street and all that goers with it is a BLOCKAGE. Wall Street needs a bloody good enema to clear out the sh*t. Then maybe the U.S. can move forward. I keep hearing the U.S. is the biggest and best at everything. As I have said before if the biggest and the best, most resilient economy in the world cannot stomach another poultry 0.25%, after 8 years of a ZIRP (Zero interest Rate Policy) ….. give me a break!.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\">ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?</p>\r\nWhere do I get these questions from and do I know the answers before I write them down? The answer is I have no idea and no!\r\n\r\nIn trying to put on paper some thoughts that may stimulate the grey matter, I have to contain myself to be concise here.\r\n\r\nThere is 100% no doubt in my mind that this year 2016, is NOT going the way that I thought it would have, based on my knowledge of matters and fundamental views at the end of 2015.\r\n\r\nThe FED has stalled.\r\n\r\nYellen has in my opinion created uncertainty. This is the very thing her key job specification role and responsibility says that she is NOT to do. We can all sit around a table with a few bottles of RED and debate this with a plethora of opinions but the bottom line is that the FED has stalled.\r\n\r\nThe U.S. economy is either as good as Obama says or it’s down crapper as the Donald says… which is it?\r\n\r\nI have kind of given away my thoughts on this earlier by saying its NOT down to Yellen and the FOMC. They probably have to wait for the all clear from Goldman Sachs before doing anything with interest rates.\r\n\r\nCurrency markets are so range bound it is quite incredible. Yes, we have had a JPY move and a RBNZ move of late but apart from these two bigger moves, feck all has happened. The EUR/USD has been stuck in a 200-pip range that has now tightened for the past week or so to just 100 pips.\r\n\r\nThe larger directional trades based around DIVERGENCE just have not been there to call. Yes, I know my POSITION trades are making great profits but not from the pairs I was predicting late 2015! The USD has basically struggled this year, its down about 6.5% year to date, this was NOT part of my TRADE PLAN for 2016.\r\n\r\nBREXIT has created issues for the cable, but the BREXIT fears have not weakened the single currency. The EUR has remained in a tight range really, if anything this year the EUR/USD had strengthened rather than weakened. The BRITS are no way near raising rates. If Mark Carney ever talks about raising rates again and the markets believe him, well God help us all. Carney’s job spec has in it “must mislead markets and frustrate the crap out of traders”. If he ever suggests raising rates, somebody needs to give him a kick in the gonads/ samosas and tell him to try again with his speech. If anything, I think the BRITS will be doing more easing, never mind raising rates.\r\n\r\nKuroda and Abe are so far up their own asses in crap neither of them can hear what the other one is saying. Forget about Japan raising rates. I think I will be dead and buried and pushing up daisies long before Japan raises rates. Not in my lifetime!\r\n\r\nMario Draghi is putting on his blue tie again this week as well as his tin foil hat as he enters the “Shark Tank / Dragon’s Den” once again. Given his screw up last time about saying to the press “And that\'s all folks”, I think he may choose his words a little more carefully. Whilst the EUROZONE is showing signs of life, lets get this in some perspective. When you were up to your waist in sh*t and now you are up to your thighs in sh*t you are still deep in sh*t its just different proportions. The EUROZONE will be easing through 2016 and 2017 and beyond. There are so many negatives, sh*t farming will soon be claimed back through the “Common Agricultural Policy”.\r\n\r\nBy the way, I am expecting a surprise from Draghi to send the EUR/USD back to 1.0800 and below. Am I serious…. definitely not! I am expecting a boring press conference. It would be great though if Mario delivered a BAZOOKA that actually worked the way it is intended to work. We live in hope, but that\'s about all.\r\n\r\nGlenn Stevens basically said it all without saying anything to blame the FED for the external pressures on the Australian Economy. Geographical restrictions and commodity prices will keep a lid on the RBA raising rates.\r\n\r\nThe RBNZ is the central bank that has basically told the markets that they are deep in sh*t and that they WILL BE cutting rates again at least once this year (Lets hope the next time, the decision isn’t leaked like the last one).\r\n\r\nStephen Poloz at the BOC is sitting pretty at the moment with economic data turning in his favour. By the year-end I predict at least two cuts and easing policy in place. The Canadian economy is NOT wholly reliant on oil but there is a housing bubble about to burst in Vancouver and Toronto and when this is added to the oil industry job cuts directly and indirectly associated, the head in the sand management by Poloz will be seen to be grossly behind the curve and exceptional measures will be introduced. So… no rate rises in Canada either.\r\n\r\nWithout touching emerging markets and ignoring the likes of Turkey and Brazil that both have issues, from the major central banks I have not yet mentioned the SNB.\r\n\r\nThe SNB, will I would say be bracing themselves for a flight to safety trade around the BREXIT vote. I would not rule out man of the year 2015 Thomas Jordan stuffing the negative deposit rate a little higher. Do not rule anything out. The EUR/CHF is back below 1.1000 and I am certain that the SNB would prefer the EUR/CHF back at 1.2000. This looks highly unlikely without a geopolitical event and then a fresh floor being introduced, but I am certain that at least 1.1300 to 1.1500 must be the level they now have their eyes on. Never rule out action from the SNB.\r\n\r\nSo, having gone full circle nothing has FUNDAMENTALLY changed apart from the number of potential interest rate hikes from the FED.\r\n\r\nThose pundits looking for a “one and done” for 2016 are in cuckoo land as far as I am concerned. If things are as bad as Trump says, we are heading for a recession and the FED has nothing “behind the clock” for a rainy day.\r\n\r\nI stick by my guns that the goal must be 1.00% by year-end.\r\n\r\nBack to my original question, are we are in a divergent monetary policy situation? Yes we are, however, the markets are being encouraged not to believe it through FED dithering which manifests as great uncertainty.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nThis past week almost 500 pips were added to the totals. I am obviously pleased with this but want you all to know, I am not here to lose money nor I am here to churn out 5/6 trades a day. I only place trades that I want to place, that I believe will generate a return, because in my opinion they are high probability trades.\r\n\r\nThis market is about SELECTION and not VOLUME.\r\n\r\nUntil I can see a change in trading conditions, that is out of this current range bound environment I have to be more selective with trades moving forward.\r\n\r\nOther points to raise: -\r\n\r\nNext month (I hope software permitting), I will be switching the PREMIUM SERVICE into CAD$ away from USD$ for payments.\r\n\r\nA couple of you will be grabbing a beer with me on TOUR 2016. I am looking forward to that.\r\n\r\nNot much more to say this week.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-16042016.png\"><img class=\"aligncenter size-full wp-image-7629\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-16042016.png\" alt=\"PS LIVE TRADES 16042016\" width=\"797\" height=\"585\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-16042016.png\"><img class=\"aligncenter size-full wp-image-7628\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-16042016.png\" alt=\"PS LIMIT ORDERS 16042016\" width=\"678\" height=\"458\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: NZD - CPi.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: AUD – RBA Glenn Stevens speaks.\r\nTUESDAY: GBP – BOE Mark Carney speaks.\r\nTUESDAY: CAD – BOC Stephen Poloz speaks.\r\nTUESDAY: NZD – GDT prices. (Dairy Auction prices)\r\n\r\nWEDNESDAY: GBP – Jobs data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: EUR – ECB Interest Rates and Press Conference.\r\n\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1283\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016-1024x477.png\" alt=\"EURUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4197\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016-1024x477.png\" alt=\"GBPUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7720\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016-1024x477.png\" alt=\"AUDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6915\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016-1024x477.png\" alt=\"NZDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2814\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016-1024x477.png\" alt=\"USDCAD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9675\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016-1024x477.png\" alt=\"USDCHF D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.74\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016-1024x477.png\" alt=\"USDJPY D 16042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nQuite a bit of central bakers speaking this week. The catering industry will be on RED alert, a few posh lunches washed down with some good vintage port and a selection of nicely put together aged cheeses…yummo.\r\n\r\nAfter the central bakers it’s really the ECB. I cannot in all honesty expect a Draghi BAZOOOKA at all. However as Peter Sellers used to say to Kato in the Pink Panther movies, “Always expect the unexpected”, so we live in hope.\r\n\r\nNo matter what, we are still in a tighter range bound market and the chop fest. So be careful trading. I am still stuck in several trades that are just consolidating. I am, what you would call, just sitting.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 16<sup>th</sup> April 2016\r\nBLOG REFERENCE: #98 PREMIUM SERVICE\r\n\r\n&nbsp;','ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?','','inherit','closed','closed','','7637-revision-v1','','','2016-04-16 07:27:25','2016-04-16 12:27:25','',7637,'https://weeklyfxdrivethru.com/7637-revision-v1/',0,'revision','',0),(7639,1,'2016-04-16 07:29:05','2016-04-16 12:29:05','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week was quite an amusing week. Looking back, the main events were: the dentist for me; the vet for my dogs, the snow has finally cleared away and we have had a couple of BBQ’s again. With regards to Forex, it\'s the same old crap. It is still a chop fest and now I am becoming increasingly certain that the only way to trade todays current FX market is either to be in and out in 15 minutes maximum, or, to take the longer-term view and ride out the chop fest with clear directional trading based on both FUNDAMENTALS and TECHNICALS.\r\n\r\nIf you constantly have to click entries and exits, take small losses followed by small gains, or vice-versa, the only winner is your broker. I would say right now and for the past couple of months they have been rubbing their hands together at the end of each week shouting “suckers” from the rooftops. The more trades you do the more your broker benefits!\r\n\r\nMy trading results are really strong on my POSITION TRADES and whilst my LIMIT/STOP order entry trade styles RADAR and FUNDAMENTAL are also good, I am closing some trades too early as the range extremes become too silly. My FLASH trades are positive and making money but I am really finding pullback trading a little harder to be trusted in the chop.\r\n\r\nThis week I have add just under 500 pips to the monthly and annual totals. It would have been more but a couple of losses pegged the increase back a little, although I am not be complaining. The great thing is with all charts / excel spreadsheets / reports and trade management, I can see what is and much more importantly what is NOT working.\r\n\r\nAt the end of the day, I was speaking to one my subscribers last week, and trying to get across that in my opinion, Forex Trading is really in its simplest format… “Selling spikes and buying dips” as most of the time we are in a range of one sort or another. I know that that statement can be an over-simplification but add in Fibonacci levels and an awareness of central bank monetary policy and you are well over half of the way there… no matter where it is!!\r\n\r\nTaking a leap forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a><strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nFrom 1<sup>st</sup> May 2016, I will be reviewing all 2016 subscription prices. I will probably be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nThere will be increases to keep pace with competitors and some subscription modifications as well.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it soon.\r\n\r\nNo dithering here at the DRIVE THRU regarding hikes, in stark comparison to Janet Yellen and the FED!\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong></p>\r\n<p style=\"text-align: center;\">USD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed and\r\na new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong></p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based on\r\n40 published blogs of the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<u> </u>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +738\r\nNET PIPS THIS YEAR SO FAR:                +2,316</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months (40 weeks) a year.\r\nI do not trade from mid July through early September or mid December through early January).</p>\r\n&nbsp;\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI must be getting older… I have to keep looking back to remember what happened last week!\r\n\r\nThe standouts were weak. US data early in the week (Retail Sales and PPi) then blow out Aussie jobs data; in the middle, and a rather benign BOC performance. At the end of the week, good data from China that supported and, at the same time probably relieved the Aussie and Kiwi markets. The China data certainly kept the AUD and NZD well bid.\r\n\r\nThe latter part of the week had OIL that dominating proceedings, with the DOHA Oil summit due Sunday 17<sup>th</sup> April. I am currently long USD/CAD in a POSITION TRADE and I will be holding this through the weekend of the summit. I had considered closing this trade, and I had mentioned this to subscribers but having thought more about it, my thoughts are OPEC and, in fact all OIL producing countries have in the past demonstrated even less of a union than the EUROZONE… enough said. Unless there is a major geopolitical news event I just cannot see a “nose-bleed” style of announcement emanating from this gathering. One should also bear in mind these guys and gal are only meeting for 60-90 minutes. I for one would be amazed, if we had freezes in production, cuts in production or anything substantial at all. However, I wait to be amazed bring it on!\r\n\r\nBasically, last week was more of the same as in prior weeks, chop, chop and more chop.\r\n\r\nI keep trying to explain that we have uncertainty. I blame the FED. They are too diverse with their comments about policy. Yet, like little puppies they are towing the line when Yellen commands. Allowing these fecking numpties to have their own opinions outside of the FOMC when they are obviously full of fear to speak up is a bad thing. I hate to say this but the ECB has more discipline at the moment and for me not only to think this but also write it is huge statement.\r\n\r\nBasically, the Fed needs to come down off the damn fence and raise rates. 0.25% is NOT going to effect Main Street, alas maybe Wall Street will have to think a little differently, and here lies the problem<strong>.</strong> Wall Street is too influential in the U.S.\r\n\r\nInstead of an enabler to move the U.S. economy forward Wall Street and all that goers with it is a BLOCKAGE. Wall Street needs a bloody good enema to clear out the sh*t. Then maybe the U.S. can move forward. I keep hearing the U.S. is the biggest and best at everything. As I have said before if the biggest and the best, most resilient economy in the world cannot stomach another poultry 0.25%, after 8 years of a ZIRP (Zero interest Rate Policy) ….. give me a break!.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\">ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?</p>\r\nWhere do I get these questions from and do I know the answers before I write them down? The answer is I have no idea and no!\r\n\r\nIn trying to put on paper some thoughts that may stimulate the grey matter, I have to contain myself to be concise here.\r\n\r\nThere is 100% no doubt in my mind that this year 2016, is NOT going the way that I thought it would have, based on my knowledge of matters and fundamental views at the end of 2015.\r\n\r\nThe FED has stalled.\r\n\r\nYellen has in my opinion created uncertainty. This is the very thing her key job specification role and responsibility says that she is NOT to do. We can all sit around a table with a few bottles of RED and debate this with a plethora of opinions but the bottom line is that the FED has stalled.\r\n\r\nThe U.S. economy is either as good as Obama says or it’s down crapper as the Donald says… which is it?\r\n\r\nI have kind of given away my thoughts on this earlier by saying its NOT down to Yellen and the FOMC. They probably have to wait for the all clear from Goldman Sachs before doing anything with interest rates.\r\n\r\nCurrency markets are so range bound it is quite incredible. Yes, we have had a JPY move and a RBNZ move of late but apart from these two bigger moves, feck all has happened. The EUR/USD has been stuck in a 200-pip range that has now tightened for the past week or so to just 100 pips.\r\n\r\nThe larger directional trades based around DIVERGENCE just have not been there to call. Yes, I know my POSITION trades are making great profits but not from the pairs I was predicting late 2015! The USD has basically struggled this year, its down about 6.5% year to date, this was NOT part of my TRADE PLAN for 2016.\r\n\r\nBREXIT has created issues for the cable, but the BREXIT fears have not weakened the single currency. The EUR has remained in a tight range really, if anything this year the EUR/USD had strengthened rather than weakened. The BRITS are no way near raising rates. If Mark Carney ever talks about raising rates again and the markets believe him, well God help us all. Carney’s job spec has in it “must mislead markets and frustrate the crap out of traders”. If he ever suggests raising rates, somebody needs to give him a kick in the gonads/ samosas and tell him to try again with his speech. If anything, I think the BRITS will be doing more easing, never mind raising rates.\r\n\r\nKuroda and Abe are so far up their own asses in crap neither of them can hear what the other one is saying. Forget about Japan raising rates. I think I will be dead and buried and pushing up daisies long before Japan raises rates. Not in my lifetime!\r\n\r\nMario Draghi is putting on his blue tie again this week as well as his tin foil hat as he enters the “Shark Tank / Dragon’s Den” once again. Given his screw up last time about saying to the press “And that\'s all folks”, I think he may choose his words a little more carefully. Whilst the EUROZONE is showing signs of life, lets get this in some perspective. When you were up to your waist in sh*t and now you are up to your thighs in sh*t you are still deep in sh*t its just different proportions. The EUROZONE will be easing through 2016 and 2017 and beyond. There are so many negatives, sh*t farming will soon be claimed back through the “Common Agricultural Policy”.\r\n\r\nBy the way, I am expecting a surprise from Draghi to send the EUR/USD back to 1.0800 and below. Am I serious…. definitely not! I am expecting a boring press conference. It would be great though if Mario delivered a BAZOOKA that actually worked the way it is intended to work. We live in hope, but that\'s about all.\r\n\r\nGlenn Stevens basically said it all without saying anything to blame the FED for the external pressures on the Australian Economy. Geographical restrictions and commodity prices will keep a lid on the RBA raising rates.\r\n\r\nThe RBNZ is the central bank that has basically told the markets that they are deep in sh*t and that they WILL BE cutting rates again at least once this year (Lets hope the next time, the decision isn’t leaked like the last one).\r\n\r\nStephen Poloz at the BOC is sitting pretty at the moment with economic data turning in his favour. By the year-end I predict at least two cuts and easing policy in place. The Canadian economy is NOT wholly reliant on oil but there is a housing bubble about to burst in Vancouver and Toronto and when this is added to the oil industry job cuts directly and indirectly associated, the head in the sand management by Poloz will be seen to be grossly behind the curve and exceptional measures will be introduced. So… no rate rises in Canada either.\r\n\r\nWithout touching emerging markets and ignoring the likes of Turkey and Brazil that both have issues, from the major central banks I have not yet mentioned the SNB.\r\n\r\nThe SNB, will I would say be bracing themselves for a flight to safety trade around the BREXIT vote. I would not rule out man of the year 2015 Thomas Jordan stuffing the negative deposit rate a little higher. Do not rule anything out. The EUR/CHF is back below 1.1000 and I am certain that the SNB would prefer the EUR/CHF back at 1.2000. This looks highly unlikely without a geopolitical event and then a fresh floor being introduced, but I am certain that at least 1.1300 to 1.1500 must be the level they now have their eyes on. Never rule out action from the SNB.\r\n\r\nSo, having gone full circle nothing has FUNDAMENTALLY changed apart from the number of potential interest rate hikes from the FED.\r\n\r\nThose pundits looking for a “one and done” for 2016 are in cuckoo land as far as I am concerned. If things are as bad as Trump says, we are heading for a recession and the FED has nothing “behind the clock” for a rainy day.\r\n\r\nI stick by my guns that the goal must be 1.00% by year-end.\r\n\r\nBack to my original question, are we are in a divergent monetary policy situation? Yes we are, however, the markets are being encouraged not to believe it through FED dithering which manifests as great uncertainty.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nThis past week almost 500 pips were added to the totals. I am obviously pleased with this but want you all to know, I am not here to lose money nor I am here to churn out 5/6 trades a day. I only place trades that I want to place, that I believe will generate a return, because in my opinion they are high probability trades.\r\n\r\nThis market is about SELECTION and not VOLUME.\r\n\r\nUntil I can see a change in trading conditions, that is out of this current range bound environment I have to be more selective with trades moving forward.\r\n\r\nOther points to raise: -\r\n\r\nNext month (I hope software permitting), I will be switching the PREMIUM SERVICE into CAD$ away from USD$ for payments.\r\n\r\nA couple of you will be grabbing a beer with me on TOUR 2016. I am looking forward to that.\r\n\r\nNot much more to say this week.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-16042016.png\"><img class=\"aligncenter size-full wp-image-7629\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-16042016.png\" alt=\"PS LIVE TRADES 16042016\" width=\"797\" height=\"585\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-16042016.png\"><img class=\"aligncenter size-full wp-image-7628\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-16042016.png\" alt=\"PS LIMIT ORDERS 16042016\" width=\"678\" height=\"458\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: NZD - CPi.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: AUD – RBA Glenn Stevens speaks.\r\nTUESDAY: GBP – BOE Mark Carney speaks.\r\nTUESDAY: CAD – BOC Stephen Poloz speaks.\r\nTUESDAY: NZD – GDT prices. (Dairy Auction prices)\r\n\r\nWEDNESDAY: GBP – Jobs data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: EUR – ECB Interest Rates and Press Conference.\r\n\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1283\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016-1024x477.png\" alt=\"EURUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4197\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016-1024x477.png\" alt=\"GBPUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7720\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016-1024x477.png\" alt=\"AUDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6915\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016-1024x477.png\" alt=\"NZDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2814\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016-1024x477.png\" alt=\"USDCAD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9675\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016-1024x477.png\" alt=\"USDCHF D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.74\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016-1024x477.png\" alt=\"USDJPY D 16042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nQuite a bit of central bakers speaking this week. The catering industry will be on RED alert, a few posh lunches washed down with some good vintage port and a selection of nicely put together aged cheeses…yummo.\r\n\r\nAfter the central bakers it’s really the ECB. I cannot in all honesty expect a Draghi BAZOOKA at all. However as Peter Sellers used to say to Kato in the Pink Panther movies, “Always expect the unexpected”, so we live in hope.\r\n\r\nNo matter what, we are still in a tighter range bound market and the chop fest. So be careful trading. I am still stuck in several trades that are just consolidating. I am, what you would call, just sitting.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 16<sup>th</sup> April 2016\r\nBLOG REFERENCE: #98 PREMIUM SERVICE','ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?','','inherit','closed','closed','','7637-revision-v1','','','2016-04-16 07:29:05','2016-04-16 12:29:05','',7637,'https://weeklyfxdrivethru.com/7637-revision-v1/',0,'revision','',0),(7645,1,'2016-04-16 08:15:55','2016-04-16 13:15:55','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week was quite an amusing week. Looking back, the main events were: the dentist for me; the vet for my dogs, the snow has finally cleared away and we have had a couple of BBQ’s again. With regards to Forex, it\'s the same old crap. It is still a chop fest and now I am becoming increasingly certain that the only way to trade todays current FX market is either to be in and out in 15 minutes maximum, or, to take the longer-term view and ride out the chop fest with clear directional trading based on both FUNDAMENTALS and TECHNICALS.\r\n\r\nIf you constantly have to click entries and exits, take small losses followed by small gains, or vice-versa, the only winner is your broker. I would say right now and for the past couple of months they have been rubbing their hands together at the end of each week shouting “suckers” from the rooftops. The more trades you do the more your broker benefits!\r\n\r\nMy trading results are really strong on my POSITION TRADES and whilst my LIMIT/STOP order entry trade styles RADAR and FUNDAMENTAL are also good, I am closing some trades too early as the range extremes become too silly. My FLASH trades are positive and making money but I am really finding pullback trading a little harder to be trusted in the chop.\r\n\r\nThis week I have add just under 500 pips to the monthly and annual totals. It would have been more but a couple of losses pegged the increase back a little, although I am not be complaining. The great thing is with all charts / excel spreadsheets / reports and trade management, I can see what is and much more importantly what is NOT working.\r\n\r\nAt the end of the day, I was speaking to one my subscribers last week, and trying to get across that in my opinion, Forex Trading is really in its simplest format… “Selling spikes and buying dips” as most of the time we are in a range of one sort or another. I know that that statement can be an over-simplification but add in Fibonacci levels and an awareness of central bank monetary policy and you are well over half of the way there… no matter where it is!!\r\n\r\nTaking a leap forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nFrom 1<sup>st</sup> May 2016, I will be reviewing all 2016 subscription prices. I will probably be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nThere will be increases to keep pace with competitors and some subscription modifications as well.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it soon.\r\n\r\nNo dithering here at the DRIVE THRU regarding hikes, in stark comparison to Janet Yellen and the FED!\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong></p>\r\n<p style=\"text-align: center;\">USD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong></p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription\r\nis based on 40 published blogs of the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year,\r\nI am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</strong></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +738\r\nNET PIPS THIS YEAR SO FAR:                +2,316</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade\r\nfrom mid July through early September or mid December through early January).</p>\r\n&nbsp;\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI must be getting older… I have to keep looking back to remember what happened last week!\r\n\r\nThe standouts were weak. US data early in the week (Retail Sales and PPi) then blow out Aussie jobs data; in the middle, and a rather benign BOC performance. At the end of the week, good data from China that supported and, at the same time probably relieved the Aussie and Kiwi markets. The China data certainly kept the AUD and NZD well bid.\r\n\r\nThe latter part of the week had OIL that dominating proceedings, with the DOHA Oil summit due Sunday 17<sup>th</sup> April. I am currently long USD/CAD in a POSITION TRADE and I will be holding this through the weekend of the summit. I had considered closing this trade, and I had mentioned this to subscribers but having thought more about it, my thoughts are OPEC and, in fact all OIL producing countries have in the past demonstrated even less of a union than the EUROZONE… enough said. Unless there is a major geopolitical news event I just cannot see a “nose-bleed” style of announcement emanating from this gathering. One should also bear in mind these guys and gal are only meeting for 60-90 minutes. I for one would be amazed, if we had freezes in production, cuts in production or anything substantial at all. However, I wait to be amazed bring it on!\r\n\r\nBasically, last week was more of the same as in prior weeks, chop, chop and more chop.\r\n\r\nI keep trying to explain that we have uncertainty. I blame the FED. They are too diverse with their comments about policy. Yet, like little puppies they are towing the line when Yellen commands. Allowing these fecking numpties to have their own opinions outside of the FOMC when they are obviously full of fear to speak up is a bad thing. I hate to say this but the ECB has more discipline at the moment and for me not only to think this but also write it is huge statement.\r\n\r\nBasically, the Fed needs to come down off the damn fence and raise rates. 0.25% is NOT going to effect Main Street, alas maybe Wall Street will have to think a little differently, and here lies the problem<strong>.</strong> Wall Street is too influential in the U.S.\r\n\r\nInstead of an enabler to move the U.S. economy forward Wall Street and all that goers with it is a BLOCKAGE. Wall Street needs a bloody good enema to clear out the sh*t. Then maybe the U.S. can move forward. I keep hearing the U.S. is the biggest and best at everything. As I have said before if the biggest and the best, most resilient economy in the world cannot stomach another poultry 0.25%, after 8 years of a ZIRP (Zero interest Rate Policy) ….. give me a break!\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?</strong></p>\r\nWhere do I get these questions from and do I know the answers before I write them down? The answer is I have no idea and no!\r\n\r\nIn trying to put on paper some thoughts that may stimulate the grey matter, I have to contain myself to be concise here.\r\n\r\nThere is 100% no doubt in my mind that this year 2016, is NOT going the way that I thought it would have, based on my knowledge of matters and fundamental views at the end of 2015.\r\n\r\nThe FED has stalled.\r\n\r\nYellen has in my opinion created uncertainty. This is the very thing her key job specification role and responsibility says that she is NOT to do. We can all sit around a table with a few bottles of RED and debate this with a plethora of opinions but the bottom line is that the FED has stalled.\r\n\r\nThe U.S. economy is either as good as Obama says or it’s down crapper as the Donald says… which is it?\r\n\r\nI have kind of given away my thoughts on this earlier by saying its NOT down to Yellen and the FOMC. They probably have to wait for the all clear from Goldman Sachs before doing anything with interest rates.\r\n\r\nCurrency markets are so range bound it is quite incredible. Yes, we have had a JPY move and a RBNZ move of late but apart from these two bigger moves, feck all has happened. The EUR/USD has been stuck in a 200-pip range that has now tightened for the past week or so to just 100 pips.\r\n\r\nThe larger directional trades based around DIVERGENCE just have not been there to call. Yes, I know my POSITION trades are making great profits but not from the pairs I was predicting late 2015! The USD has basically struggled this year, its down about 6.5% year to date, this was NOT part of my TRADE PLAN for 2016.\r\n\r\nBREXIT has created issues for the cable, but the BREXIT fears have not weakened the single currency. The EUR has remained in a tight range really, if anything this year the EUR/USD had strengthened rather than weakened. The BRITS are no way near raising rates. If Mark Carney ever talks about raising rates again and the markets believe him, well God help us all. Carney’s job spec has in it “must mislead markets and frustrate the crap out of traders”. If he ever suggests raising rates, somebody needs to give him a kick in the gonads/ samosas and tell him to try again with his speech. If anything, I think the BRITS will be doing more easing, never mind raising rates.\r\n\r\nKuroda and Abe are so far up their own asses in crap neither of them can hear what the other one is saying. Forget about Japan raising rates. I think I will be dead and buried and pushing up daisies long before Japan raises rates. Not in my lifetime!\r\n\r\nMario Draghi is putting on his blue tie again this week as well as his tin foil hat as he enters the “Shark Tank / Dragon’s Den” once again. Given his screw up last time about saying to the press “And that\'s all folks”, I think he may choose his words a little more carefully. Whilst the EUROZONE is showing signs of life, lets get this in some perspective. When you were up to your waist in sh*t and now you are up to your thighs in sh*t you are still deep in sh*t its just different proportions. The EUROZONE will be easing through 2016 and 2017 and beyond. There are so many negatives, sh*t farming will soon be claimed back through the “Common Agricultural Policy”.\r\n\r\nBy the way, I am expecting a surprise from Draghi to send the EUR/USD back to 1.0800 and below. Am I serious…. definitely not! I am expecting a boring press conference. It would be great though if Mario delivered a BAZOOKA that actually worked the way it is intended to work. We live in hope, but that\'s about all.\r\n\r\nGlenn Stevens basically said it all without saying anything to blame the FED for the external pressures on the Australian Economy. Geographical restrictions and commodity prices will keep a lid on the RBA raising rates.\r\n\r\nThe RBNZ is the central bank that has basically told the markets that they are deep in sh*t and that they WILL BE cutting rates again at least once this year (Lets hope the next time, the decision isn’t leaked like the last one).\r\n\r\nStephen Poloz at the BOC is sitting pretty at the moment with economic data turning in his favour. By the year-end I predict at least two cuts and easing policy in place. The Canadian economy is NOT wholly reliant on oil but there is a housing bubble about to burst in Vancouver and Toronto and when this is added to the oil industry job cuts directly and indirectly associated, the head in the sand management by Poloz will be seen to be grossly behind the curve and exceptional measures will be introduced. So… no rate rises in Canada either.\r\n\r\nWithout touching emerging markets and ignoring the likes of Turkey and Brazil that both have issues, from the major central banks I have not yet mentioned the SNB.\r\n\r\nThe SNB, will I would say be bracing themselves for a flight to safety trade around the BREXIT vote. I would not rule out man of the year 2015 Thomas Jordan stuffing the negative deposit rate a little higher. Do not rule anything out. The EUR/CHF is back below 1.1000 and I am certain that the SNB would prefer the EUR/CHF back at 1.2000. This looks highly unlikely without a geopolitical event and then a fresh floor being introduced, but I am certain that at least 1.1300 to 1.1500 must be the level they now have their eyes on. Never rule out action from the SNB.\r\n\r\nSo, having gone full circle nothing has FUNDAMENTALLY changed apart from the number of potential interest rate hikes from the FED.\r\n\r\nThose pundits looking for a “one and done” for 2016 are in cuckoo land as far as I am concerned. If things are as bad as Trump says, we are heading for a recession and the FED has nothing “behind the clock” for a rainy day.\r\n\r\nI stick by my guns that the goal must be 1.00% by year-end.\r\n\r\nBack to my original question, are we are in a divergent monetary policy situation? Yes we are, however, the markets are being encouraged not to believe it through FED dithering which manifests as great uncertainty.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: NZD - CPi.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: AUD – RBA Glenn Stevens speaks.\r\nTUESDAY: GBP – BOE Mark Carney speaks.\r\nTUESDAY: CAD – BOC Stephen Poloz speaks.\r\nTUESDAY: NZD – GDT prices. (Dairy Auction prices)\r\n\r\nWEDNESDAY: GBP – Jobs data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: EUR – ECB Interest Rates and Press Conference.\r\n\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1283\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016-1024x477.png\" alt=\"EURUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4197\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016-1024x477.png\" alt=\"GBPUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7720\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016-1024x477.png\" alt=\"AUDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6915\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016-1024x477.png\" alt=\"NZDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2814\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016-1024x477.png\" alt=\"USDCAD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9675\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016-1024x477.png\" alt=\"USDCHF D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.74\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016-1024x477.png\" alt=\"USDJPY D 16042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nQuite a bit of central bakers speaking this week. The catering industry will be on RED alert, a few posh lunches washed down with some good vintage port and a selection of nicely put together aged cheeses…yummo.\r\n\r\nAfter the central bakers it’s really the ECB. I cannot in all honesty expect a Draghi BAZOOKA at all. However as Peter Sellers used to say to Kato in the Pink Panther movies, “Always expect the unexpected”, so we live in hope.\r\n\r\nNo matter what, we are still in a tighter range bound market and the chop fest. So be careful trading. I am still stuck in several trades that are just consolidating. I am, what you would call, just sitting.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 16<sup>th</sup> April 2016\r\nBLOG REFERENCE: #197 FREE NEWSLETTER\r\n\r\n&nbsp;','ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?','','publish','open','closed','','still-divergent-monetary-policy-environment','','','2016-04-16 08:15:55','2016-04-16 13:15:55','',0,'https://weeklyfxdrivethru.com/?p=7645',0,'post','',0),(7646,1,'2016-04-16 08:14:14','2016-04-16 13:14:14','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week was quite an amusing week. Looking back, the main events were: the dentist for me; the vet for my dogs, the snow has finally cleared away and we have had a couple of BBQ’s again. With regards to Forex, it\'s the same old crap. It is still a chop fest and now I am becoming increasingly certain that the only way to trade todays current FX market is either to be in and out in 15 minutes maximum, or, to take the longer-term view and ride out the chop fest with clear directional trading based on both FUNDAMENTALS and TECHNICALS.\r\n\r\nIf you constantly have to click entries and exits, take small losses followed by small gains, or vice-versa, the only winner is your broker. I would say right now and for the past couple of months they have been rubbing their hands together at the end of each week shouting “suckers” from the rooftops. The more trades you do the more your broker benefits!\r\n\r\nMy trading results are really strong on my POSITION TRADES and whilst my LIMIT/STOP order entry trade styles RADAR and FUNDAMENTAL are also good, I am closing some trades too early as the range extremes become too silly. My FLASH trades are positive and making money but I am really finding pullback trading a little harder to be trusted in the chop.\r\n\r\nThis week I have add just under 500 pips to the monthly and annual totals. It would have been more but a couple of losses pegged the increase back a little, although I am not be complaining. The great thing is with all charts / excel spreadsheets / reports and trade management, I can see what is and much more importantly what is NOT working.\r\n\r\nAt the end of the day, I was speaking to one my subscribers last week, and trying to get across that in my opinion, Forex Trading is really in its simplest format… “Selling spikes and buying dips” as most of the time we are in a range of one sort or another. I know that that statement can be an over-simplification but add in Fibonacci levels and an awareness of central bank monetary policy and you are well over half of the way there… no matter where it is!!\r\n\r\nTaking a leap forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nFrom 1<sup>st</sup> May 2016, I will be reviewing all 2016 subscription prices. I will probably be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nThere will be increases to keep pace with competitors and some subscription modifications as well.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it soon.\r\n\r\nNo dithering here at the DRIVE THRU regarding hikes, in stark comparison to Janet Yellen and the FED!\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong>\r\n\r\nUSD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong></p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription\r\nis based on 40 published blogs of the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year,\r\nI am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</strong>\r\n\r\nNET PIPS THIS MONTH SO FAR:            +738\r\nNET PIPS THIS YEAR SO FAR:                +2,316</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade\r\nfrom mid July through early September or mid December through early January).</p>\r\n&nbsp;\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI must be getting older… I have to keep looking back to remember what happened last week!\r\n\r\nThe standouts were weak. US data early in the week (Retail Sales and PPi) then blow out Aussie jobs data; in the middle, and a rather benign BOC performance. At the end of the week, good data from China that supported and, at the same time probably relieved the Aussie and Kiwi markets. The China data certainly kept the AUD and NZD well bid.\r\n\r\nThe latter part of the week had OIL that dominating proceedings, with the DOHA Oil summit due Sunday 17<sup>th</sup> April. I am currently long USD/CAD in a POSITION TRADE and I will be holding this through the weekend of the summit. I had considered closing this trade, and I had mentioned this to subscribers but having thought more about it, my thoughts are OPEC and, in fact all OIL producing countries have in the past demonstrated even less of a union than the EUROZONE… enough said. Unless there is a major geopolitical news event I just cannot see a “nose-bleed” style of announcement emanating from this gathering. One should also bear in mind these guys and gal are only meeting for 60-90 minutes. I for one would be amazed, if we had freezes in production, cuts in production or anything substantial at all. However, I wait to be amazed bring it on!\r\n\r\nBasically, last week was more of the same as in prior weeks, chop, chop and more chop.\r\n\r\nI keep trying to explain that we have uncertainty. I blame the FED. They are too diverse with their comments about policy. Yet, like little puppies they are towing the line when Yellen commands. Allowing these fecking numpties to have their own opinions outside of the FOMC when they are obviously full of fear to speak up is a bad thing. I hate to say this but the ECB has more discipline at the moment and for me not only to think this but also write it is huge statement.\r\n\r\nBasically, the Fed needs to come down off the damn fence and raise rates. 0.25% is NOT going to effect Main Street, alas maybe Wall Street will have to think a little differently, and here lies the problem<strong>.</strong> Wall Street is too influential in the U.S.\r\n\r\nInstead of an enabler to move the U.S. economy forward Wall Street and all that goers with it is a BLOCKAGE. Wall Street needs a bloody good enema to clear out the sh*t. Then maybe the U.S. can move forward. I keep hearing the U.S. is the biggest and best at everything. As I have said before if the biggest and the best, most resilient economy in the world cannot stomach another poultry 0.25%, after 8 years of a ZIRP (Zero interest Rate Policy) ….. give me a break!\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?</strong></p>\r\nWhere do I get these questions from and do I know the answers before I write them down? The answer is I have no idea and no!\r\n\r\nIn trying to put on paper some thoughts that may stimulate the grey matter, I have to contain myself to be concise here.\r\n\r\nThere is 100% no doubt in my mind that this year 2016, is NOT going the way that I thought it would have, based on my knowledge of matters and fundamental views at the end of 2015.\r\n\r\nThe FED has stalled.\r\n\r\nYellen has in my opinion created uncertainty. This is the very thing her key job specification role and responsibility says that she is NOT to do. We can all sit around a table with a few bottles of RED and debate this with a plethora of opinions but the bottom line is that the FED has stalled.\r\n\r\nThe U.S. economy is either as good as Obama says or it’s down crapper as the Donald says… which is it?\r\n\r\nI have kind of given away my thoughts on this earlier by saying its NOT down to Yellen and the FOMC. They probably have to wait for the all clear from Goldman Sachs before doing anything with interest rates.\r\n\r\nCurrency markets are so range bound it is quite incredible. Yes, we have had a JPY move and a RBNZ move of late but apart from these two bigger moves, feck all has happened. The EUR/USD has been stuck in a 200-pip range that has now tightened for the past week or so to just 100 pips.\r\n\r\nThe larger directional trades based around DIVERGENCE just have not been there to call. Yes, I know my POSITION trades are making great profits but not from the pairs I was predicting late 2015! The USD has basically struggled this year, its down about 6.5% year to date, this was NOT part of my TRADE PLAN for 2016.\r\n\r\nBREXIT has created issues for the cable, but the BREXIT fears have not weakened the single currency. The EUR has remained in a tight range really, if anything this year the EUR/USD had strengthened rather than weakened. The BRITS are no way near raising rates. If Mark Carney ever talks about raising rates again and the markets believe him, well God help us all. Carney’s job spec has in it “must mislead markets and frustrate the crap out of traders”. If he ever suggests raising rates, somebody needs to give him a kick in the gonads/ samosas and tell him to try again with his speech. If anything, I think the BRITS will be doing more easing, never mind raising rates.\r\n\r\nKuroda and Abe are so far up their own asses in crap neither of them can hear what the other one is saying. Forget about Japan raising rates. I think I will be dead and buried and pushing up daisies long before Japan raises rates. Not in my lifetime!\r\n\r\nMario Draghi is putting on his blue tie again this week as well as his tin foil hat as he enters the “Shark Tank / Dragon’s Den” once again. Given his screw up last time about saying to the press “And that\'s all folks”, I think he may choose his words a little more carefully. Whilst the EUROZONE is showing signs of life, lets get this in some perspective. When you were up to your waist in sh*t and now you are up to your thighs in sh*t you are still deep in sh*t its just different proportions. The EUROZONE will be easing through 2016 and 2017 and beyond. There are so many negatives, sh*t farming will soon be claimed back through the “Common Agricultural Policy”.\r\n\r\nBy the way, I am expecting a surprise from Draghi to send the EUR/USD back to 1.0800 and below. Am I serious…. definitely not! I am expecting a boring press conference. It would be great though if Mario delivered a BAZOOKA that actually worked the way it is intended to work. We live in hope, but that\'s about all.\r\n\r\nGlenn Stevens basically said it all without saying anything to blame the FED for the external pressures on the Australian Economy. Geographical restrictions and commodity prices will keep a lid on the RBA raising rates.\r\n\r\nThe RBNZ is the central bank that has basically told the markets that they are deep in sh*t and that they WILL BE cutting rates again at least once this year (Lets hope the next time, the decision isn’t leaked like the last one).\r\n\r\nStephen Poloz at the BOC is sitting pretty at the moment with economic data turning in his favour. By the year-end I predict at least two cuts and easing policy in place. The Canadian economy is NOT wholly reliant on oil but there is a housing bubble about to burst in Vancouver and Toronto and when this is added to the oil industry job cuts directly and indirectly associated, the head in the sand management by Poloz will be seen to be grossly behind the curve and exceptional measures will be introduced. So… no rate rises in Canada either.\r\n\r\nWithout touching emerging markets and ignoring the likes of Turkey and Brazil that both have issues, from the major central banks I have not yet mentioned the SNB.\r\n\r\nThe SNB, will I would say be bracing themselves for a flight to safety trade around the BREXIT vote. I would not rule out man of the year 2015 Thomas Jordan stuffing the negative deposit rate a little higher. Do not rule anything out. The EUR/CHF is back below 1.1000 and I am certain that the SNB would prefer the EUR/CHF back at 1.2000. This looks highly unlikely without a geopolitical event and then a fresh floor being introduced, but I am certain that at least 1.1300 to 1.1500 must be the level they now have their eyes on. Never rule out action from the SNB.\r\n\r\nSo, having gone full circle nothing has FUNDAMENTALLY changed apart from the number of potential interest rate hikes from the FED.\r\n\r\nThose pundits looking for a “one and done” for 2016 are in cuckoo land as far as I am concerned. If things are as bad as Trump says, we are heading for a recession and the FED has nothing “behind the clock” for a rainy day.\r\n\r\nI stick by my guns that the goal must be 1.00% by year-end.\r\n\r\nBack to my original question, are we are in a divergent monetary policy situation? Yes we are, however, the markets are being encouraged not to believe it through FED dithering which manifests as great uncertainty.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: NZD - CPi.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: AUD – RBA Glenn Stevens speaks.\r\nTUESDAY: GBP – BOE Mark Carney speaks.\r\nTUESDAY: CAD – BOC Stephen Poloz speaks.\r\nTUESDAY: NZD – GDT prices. (Dairy Auction prices)\r\n\r\nWEDNESDAY: GBP – Jobs data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: EUR – ECB Interest Rates and Press Conference.\r\n\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1283\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016-1024x477.png\" alt=\"EURUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4197\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016-1024x477.png\" alt=\"GBPUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7720\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016-1024x477.png\" alt=\"AUDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6915\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016-1024x477.png\" alt=\"NZDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2814\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016-1024x477.png\" alt=\"USDCAD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9675\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016-1024x477.png\" alt=\"USDCHF D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.74\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016-1024x477.png\" alt=\"USDJPY D 16042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nQuite a bit of central bakers speaking this week. The catering industry will be on RED alert, a few posh lunches washed down with some good vintage port and a selection of nicely put together aged cheeses…yummo.\r\n\r\nAfter the central bakers it’s really the ECB. I cannot in all honesty expect a Draghi BAZOOOKA at all. However as Peter Sellers used to say to Kato in the Pink Panther movies, “Always expect the unexpected”, so we live in hope.\r\n\r\nNo matter what, we are still in a tighter range bound market and the chop fest. So be careful trading. I am still stuck in several trades that are just consolidating. I am, what you would call, just sitting.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 16<sup>th</sup> April 2016\r\nBLOG REFERENCE: #197 FREE NEWSLETTER\r\n\r\n&nbsp;','ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?','','inherit','closed','closed','','7645-revision-v1','','','2016-04-16 08:14:14','2016-04-16 13:14:14','',7645,'https://weeklyfxdrivethru.com/7645-revision-v1/',0,'revision','',0),(7647,1,'2016-04-16 08:15:31','2016-04-16 13:15:31','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week was quite an amusing week. Looking back, the main events were: the dentist for me; the vet for my dogs, the snow has finally cleared away and we have had a couple of BBQ’s again. With regards to Forex, it\'s the same old crap. It is still a chop fest and now I am becoming increasingly certain that the only way to trade todays current FX market is either to be in and out in 15 minutes maximum, or, to take the longer-term view and ride out the chop fest with clear directional trading based on both FUNDAMENTALS and TECHNICALS.\r\n\r\nIf you constantly have to click entries and exits, take small losses followed by small gains, or vice-versa, the only winner is your broker. I would say right now and for the past couple of months they have been rubbing their hands together at the end of each week shouting “suckers” from the rooftops. The more trades you do the more your broker benefits!\r\n\r\nMy trading results are really strong on my POSITION TRADES and whilst my LIMIT/STOP order entry trade styles RADAR and FUNDAMENTAL are also good, I am closing some trades too early as the range extremes become too silly. My FLASH trades are positive and making money but I am really finding pullback trading a little harder to be trusted in the chop.\r\n\r\nThis week I have add just under 500 pips to the monthly and annual totals. It would have been more but a couple of losses pegged the increase back a little, although I am not be complaining. The great thing is with all charts / excel spreadsheets / reports and trade management, I can see what is and much more importantly what is NOT working.\r\n\r\nAt the end of the day, I was speaking to one my subscribers last week, and trying to get across that in my opinion, Forex Trading is really in its simplest format… “Selling spikes and buying dips” as most of the time we are in a range of one sort or another. I know that that statement can be an over-simplification but add in Fibonacci levels and an awareness of central bank monetary policy and you are well over half of the way there… no matter where it is!!\r\n\r\nTaking a leap forward…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nFrom 1<sup>st</sup> May 2016, I will be reviewing all 2016 subscription prices. I will probably be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nThere will be increases to keep pace with competitors and some subscription modifications as well.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it soon.\r\n\r\nNo dithering here at the DRIVE THRU regarding hikes, in stark comparison to Janet Yellen and the FED!\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong></p>\r\n<p style=\"text-align: center;\">USD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong></p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription\r\nis based on 40 published blogs of the WEEKLY FX DRIVE THRU.\r\nFor the remaining 12 weeks in the year,\r\nI am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</strong></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +738\r\nNET PIPS THIS YEAR SO FAR:                +2,316</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade\r\nfrom mid July through early September or mid December through early January).</p>\r\n&nbsp;\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI must be getting older… I have to keep looking back to remember what happened last week!\r\n\r\nThe standouts were weak. US data early in the week (Retail Sales and PPi) then blow out Aussie jobs data; in the middle, and a rather benign BOC performance. At the end of the week, good data from China that supported and, at the same time probably relieved the Aussie and Kiwi markets. The China data certainly kept the AUD and NZD well bid.\r\n\r\nThe latter part of the week had OIL that dominating proceedings, with the DOHA Oil summit due Sunday 17<sup>th</sup> April. I am currently long USD/CAD in a POSITION TRADE and I will be holding this through the weekend of the summit. I had considered closing this trade, and I had mentioned this to subscribers but having thought more about it, my thoughts are OPEC and, in fact all OIL producing countries have in the past demonstrated even less of a union than the EUROZONE… enough said. Unless there is a major geopolitical news event I just cannot see a “nose-bleed” style of announcement emanating from this gathering. One should also bear in mind these guys and gal are only meeting for 60-90 minutes. I for one would be amazed, if we had freezes in production, cuts in production or anything substantial at all. However, I wait to be amazed bring it on!\r\n\r\nBasically, last week was more of the same as in prior weeks, chop, chop and more chop.\r\n\r\nI keep trying to explain that we have uncertainty. I blame the FED. They are too diverse with their comments about policy. Yet, like little puppies they are towing the line when Yellen commands. Allowing these fecking numpties to have their own opinions outside of the FOMC when they are obviously full of fear to speak up is a bad thing. I hate to say this but the ECB has more discipline at the moment and for me not only to think this but also write it is huge statement.\r\n\r\nBasically, the Fed needs to come down off the damn fence and raise rates. 0.25% is NOT going to effect Main Street, alas maybe Wall Street will have to think a little differently, and here lies the problem<strong>.</strong> Wall Street is too influential in the U.S.\r\n\r\nInstead of an enabler to move the U.S. economy forward Wall Street and all that goers with it is a BLOCKAGE. Wall Street needs a bloody good enema to clear out the sh*t. Then maybe the U.S. can move forward. I keep hearing the U.S. is the biggest and best at everything. As I have said before if the biggest and the best, most resilient economy in the world cannot stomach another poultry 0.25%, after 8 years of a ZIRP (Zero interest Rate Policy) ….. give me a break!\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?</strong></p>\r\nWhere do I get these questions from and do I know the answers before I write them down? The answer is I have no idea and no!\r\n\r\nIn trying to put on paper some thoughts that may stimulate the grey matter, I have to contain myself to be concise here.\r\n\r\nThere is 100% no doubt in my mind that this year 2016, is NOT going the way that I thought it would have, based on my knowledge of matters and fundamental views at the end of 2015.\r\n\r\nThe FED has stalled.\r\n\r\nYellen has in my opinion created uncertainty. This is the very thing her key job specification role and responsibility says that she is NOT to do. We can all sit around a table with a few bottles of RED and debate this with a plethora of opinions but the bottom line is that the FED has stalled.\r\n\r\nThe U.S. economy is either as good as Obama says or it’s down crapper as the Donald says… which is it?\r\n\r\nI have kind of given away my thoughts on this earlier by saying its NOT down to Yellen and the FOMC. They probably have to wait for the all clear from Goldman Sachs before doing anything with interest rates.\r\n\r\nCurrency markets are so range bound it is quite incredible. Yes, we have had a JPY move and a RBNZ move of late but apart from these two bigger moves, feck all has happened. The EUR/USD has been stuck in a 200-pip range that has now tightened for the past week or so to just 100 pips.\r\n\r\nThe larger directional trades based around DIVERGENCE just have not been there to call. Yes, I know my POSITION trades are making great profits but not from the pairs I was predicting late 2015! The USD has basically struggled this year, its down about 6.5% year to date, this was NOT part of my TRADE PLAN for 2016.\r\n\r\nBREXIT has created issues for the cable, but the BREXIT fears have not weakened the single currency. The EUR has remained in a tight range really, if anything this year the EUR/USD had strengthened rather than weakened. The BRITS are no way near raising rates. If Mark Carney ever talks about raising rates again and the markets believe him, well God help us all. Carney’s job spec has in it “must mislead markets and frustrate the crap out of traders”. If he ever suggests raising rates, somebody needs to give him a kick in the gonads/ samosas and tell him to try again with his speech. If anything, I think the BRITS will be doing more easing, never mind raising rates.\r\n\r\nKuroda and Abe are so far up their own asses in crap neither of them can hear what the other one is saying. Forget about Japan raising rates. I think I will be dead and buried and pushing up daisies long before Japan raises rates. Not in my lifetime!\r\n\r\nMario Draghi is putting on his blue tie again this week as well as his tin foil hat as he enters the “Shark Tank / Dragon’s Den” once again. Given his screw up last time about saying to the press “And that\'s all folks”, I think he may choose his words a little more carefully. Whilst the EUROZONE is showing signs of life, lets get this in some perspective. When you were up to your waist in sh*t and now you are up to your thighs in sh*t you are still deep in sh*t its just different proportions. The EUROZONE will be easing through 2016 and 2017 and beyond. There are so many negatives, sh*t farming will soon be claimed back through the “Common Agricultural Policy”.\r\n\r\nBy the way, I am expecting a surprise from Draghi to send the EUR/USD back to 1.0800 and below. Am I serious…. definitely not! I am expecting a boring press conference. It would be great though if Mario delivered a BAZOOKA that actually worked the way it is intended to work. We live in hope, but that\'s about all.\r\n\r\nGlenn Stevens basically said it all without saying anything to blame the FED for the external pressures on the Australian Economy. Geographical restrictions and commodity prices will keep a lid on the RBA raising rates.\r\n\r\nThe RBNZ is the central bank that has basically told the markets that they are deep in sh*t and that they WILL BE cutting rates again at least once this year (Lets hope the next time, the decision isn’t leaked like the last one).\r\n\r\nStephen Poloz at the BOC is sitting pretty at the moment with economic data turning in his favour. By the year-end I predict at least two cuts and easing policy in place. The Canadian economy is NOT wholly reliant on oil but there is a housing bubble about to burst in Vancouver and Toronto and when this is added to the oil industry job cuts directly and indirectly associated, the head in the sand management by Poloz will be seen to be grossly behind the curve and exceptional measures will be introduced. So… no rate rises in Canada either.\r\n\r\nWithout touching emerging markets and ignoring the likes of Turkey and Brazil that both have issues, from the major central banks I have not yet mentioned the SNB.\r\n\r\nThe SNB, will I would say be bracing themselves for a flight to safety trade around the BREXIT vote. I would not rule out man of the year 2015 Thomas Jordan stuffing the negative deposit rate a little higher. Do not rule anything out. The EUR/CHF is back below 1.1000 and I am certain that the SNB would prefer the EUR/CHF back at 1.2000. This looks highly unlikely without a geopolitical event and then a fresh floor being introduced, but I am certain that at least 1.1300 to 1.1500 must be the level they now have their eyes on. Never rule out action from the SNB.\r\n\r\nSo, having gone full circle nothing has FUNDAMENTALLY changed apart from the number of potential interest rate hikes from the FED.\r\n\r\nThose pundits looking for a “one and done” for 2016 are in cuckoo land as far as I am concerned. If things are as bad as Trump says, we are heading for a recession and the FED has nothing “behind the clock” for a rainy day.\r\n\r\nI stick by my guns that the goal must be 1.00% by year-end.\r\n\r\nBack to my original question, are we are in a divergent monetary policy situation? Yes we are, however, the markets are being encouraged not to believe it through FED dithering which manifests as great uncertainty.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: NZD - CPi.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: AUD – RBA Glenn Stevens speaks.\r\nTUESDAY: GBP – BOE Mark Carney speaks.\r\nTUESDAY: CAD – BOC Stephen Poloz speaks.\r\nTUESDAY: NZD – GDT prices. (Dairy Auction prices)\r\n\r\nWEDNESDAY: GBP – Jobs data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: EUR – ECB Interest Rates and Press Conference.\r\n\r\nFRIDAY: CAD – Retail Sales and Core Retail Sales.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1283\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7631\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-16042016-1024x477.png\" alt=\"EURUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4197\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7632\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-16042016-1024x477.png\" alt=\"GBPUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7720\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7630\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-16042016-1024x477.png\" alt=\"AUDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6915\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7633\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-16042016-1024x477.png\" alt=\"NZDUSD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2814\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-16042016-1024x477.png\" alt=\"USDCAD D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9675\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-16042016-1024x477.png\" alt=\"USDCHF D 16042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.74\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016.png\"><img class=\"aligncenter size-large wp-image-7636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-16042016-1024x477.png\" alt=\"USDJPY D 16042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nQuite a bit of central bakers speaking this week. The catering industry will be on RED alert, a few posh lunches washed down with some good vintage port and a selection of nicely put together aged cheeses…yummo.\r\n\r\nAfter the central bakers it’s really the ECB. I cannot in all honesty expect a Draghi BAZOOKA at all. However as Peter Sellers used to say to Kato in the Pink Panther movies, “Always expect the unexpected”, so we live in hope.\r\n\r\nNo matter what, we are still in a tighter range bound market and the chop fest. So be careful trading. I am still stuck in several trades that are just consolidating. I am, what you would call, just sitting.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 16<sup>th</sup> April 2016\r\nBLOG REFERENCE: #197 FREE NEWSLETTER\r\n\r\n&nbsp;','ARE WE STILL IN A DIVERGENT MONETARY POLICY ENVIRONMENT?','','inherit','closed','closed','','7645-revision-v1','','','2016-04-16 08:15:31','2016-04-16 13:15:31','',7645,'https://weeklyfxdrivethru.com/7645-revision-v1/',0,'revision','',0),(7651,1,'2016-04-22 22:45:27','2016-04-23 03:45:27','','RADAR 23042016','','inherit','open','closed','','radar-23042016','','','2016-04-23 10:37:46','2016-04-23 15:37:46','',2524,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RADAR-23042016.png',0,'attachment','image/png',0),(7652,1,'2016-04-22 22:45:32','2016-04-23 03:45:32','','FLASH 23042016','','inherit','open','closed','','flash-23042016','','','2016-04-23 10:36:32','2016-04-23 15:36:32','',2711,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/FLASH-23042016.png',0,'attachment','image/png',0),(7653,1,'2016-04-22 22:45:37','2016-04-23 03:45:37','','FUN1 23042016','','inherit','open','closed','','fun1-23042016','','','2016-04-23 10:38:53','2016-04-23 15:38:53','',3106,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/FUN1-23042016.png',0,'attachment','image/png',0),(7654,1,'2016-04-22 22:45:41','2016-04-23 03:45:41','','FUN2 23042016','','inherit','open','closed','','fun2-23042016','','','2016-04-23 10:39:08','2016-04-23 15:39:08','',3106,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/FUN2-23042016.png',0,'attachment','image/png',0),(7655,1,'2016-04-22 22:45:46','2016-04-23 03:45:46','','POSITION1 23042016','','inherit','open','closed','','position1-23042016','','','2016-04-23 10:40:36','2016-04-23 15:40:36','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/POSITION1-23042016.png',0,'attachment','image/png',0),(7656,1,'2016-04-22 22:45:51','2016-04-23 03:45:51','','POSITION2 23042016','','inherit','open','closed','','position2-23042016','','','2016-04-23 10:40:49','2016-04-23 15:40:49','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/POSITION2-23042016.png',0,'attachment','image/png',0),(7657,1,'2016-04-22 22:45:57','2016-04-23 03:45:57','','PS LIMIT ORDERS 23042016','','inherit','open','closed','','ps-limit-orders-23042016','','','2016-04-23 10:12:37','2016-04-23 15:12:37','',7667,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-23042016.png',0,'attachment','image/png',0),(7658,1,'2016-04-22 22:46:03','2016-04-23 03:46:03','','PS LIVE TRADES 23042016','','inherit','open','closed','','ps-live-trades-23042016','','','2016-04-23 10:12:21','2016-04-23 15:12:21','',7667,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-23042016.png',0,'attachment','image/png',0),(7659,1,'2016-04-22 22:46:08','2016-04-23 03:46:08','','RISK - 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RADAR, FLASH, FUNDAMENTAL and POSITION trades.\r\n\r\nAllowing for only a part month in January, in my mind, I should be at about 3,700-4,000 pips profit for the year with the PREMIUM SERVICE.\r\n\r\nAt the end of February after the events listed above the PREMIUM SERVICE pip total for 2016 was: -132 pips.\r\n\r\nToday it is at: - +3,719 pips.\r\n\r\nLast week over 1,400 pips were added and the week before over 500 pips, almost two months objectives in pips in two weeks!! The PREMIUM SERVICE has clawed back over 3 months worth of pip gains (versus target) inside of 2 months.\r\n\r\nYes, there are trades still LIVE with RISK attached that could turn into a loss, but that is FX trading and as a trader you live with this every day as you trade.\r\n\r\nWhat I am saying is that trading with a TRADE PLAN and DISCIPLINE does work. However, at the same time you require patience and it goes without saying nerves of steel at times.\r\n\r\nHowever, none of this would be possible without the common sense to trade smaller positions sizes allowing greater stop loss flexibility. The markets are a chop fest and have been range bound giving false moves higher and lower for many weeks’ even months. I have been taking smaller position sizes with wider stops to manage my RISK accordingly. This has allowed me to move stops and flex with the market.\r\n\r\nAs I have written on many occasions. You have to be savvy when trading Forex it is not a get rich scheme as many spam emails would have you believe. Robots do not work, if they did everyone of them would have been bought up by a big bank and used by the bank making all their analysts redundant. Robots no matter how sophisticated they appear, have a basic fundamental flaw. They cannot react to major geopolitical news events, or extreme data, in fact to central bank monetary policy decisions.\r\n\r\nTechnical analysis in conjunction with macro level market fundamentals still work, but they have to flex with the overall market conditions.\r\n\r\nForex trading is like everything in life, it is how you manage the day-to-day issues that give you your end result. There is still a little way to go to be back in line with my personal pip objectives for subscribers’ year to date but we are getting there.\r\n\r\nI had been quite serious of late over the markets and performance generally, as the markets really gave very little by way of moves and to a large extent like many traders I was trapped. If you are a 15-minute scalper trader, you will have absolutely no idea what I am talking about. However, if your trading time horizon is a little wider, I am sure that some of this resonates with you.\r\n\r\nI thought now was the right time to state that core principles to Forex Trading still work.\r\n\r\nTaking a leap in another direction…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nOver the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nWhen my new on-line payments gateway and prices in CAD$ are launched, PREMIUM SERVICE (SILVER) will no longer be an option. An entry level GOLD subscription will replace it.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (SILVER):\r\nUSD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):\r\nUSD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year,\r\nI am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,141\r\nNET PIPS THIS YEAR SO FAR:                +3,719</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September\r\nor mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nThere were only two news items that stuck out in my mind last week from the Forex Market.\r\n<ol>\r\n 	<li>Mario Draghi with the ECB Press Conference.</li>\r\n 	<li>Canadian Retail Sales numbers.</li>\r\n</ol>\r\nPoor Mario Draghi must have been rehearsing his choice of words very carefully in preparation of being asked the awkward questions. I would say without fear of contradiction, that he had a team of people practicing responses praying to the almighty that he didn’t f*ck up like he did the last time around.\r\n\r\nIn fairness to Draghi, he came to this press conference with bugger all to add above and beyond all the incentives he threw at the markets last time around. He did a sound job in my opinion and for most of the time the EUR/USD hardly moved. However after a spike to 114.00 that I missed after a comment about increasing loans hitting the market, he stated that QE (Quantitative Easing) would be around until after the fall / autumn 2017 and that interest rates would basically remain low for well beyond that date and the cherry on top of the pie “INFLATION COULD TURN NEGATIVE AGAIN”… HMOG. This sent the EUR/USD below sub 113.00.\r\n\r\nSo in addition to the BOJ getting a handle on inflation (from last week’s blog), last week Mario Draghi announced ZIRP for an extended period, so with regards to the ECB and BOJ, there are now two central banks whose date to revert to a normalization of interest rates is probably something I wont see in my lifetime!!\r\n\r\nIn Canada, I am very critical of Stephen Poloz the BOC governor. I believe that he is playing a dangerous game and has in my eyes been behind the curve. His head is so far up his ass he cannot hear some of the crap he talks about at times at his press conferences.\r\n\r\nFriday saw blow out Canadian economic data: -\r\n<ul>\r\n 	<li>Core CPI 0.7% versus consensus 0.4%</li>\r\n 	<li>Core Retail Sales 0.2% versus consensus -0.8%</li>\r\n</ul>\r\nMake no mistake these are incredible numbers, however, they do give Poloz a problem. Very recently, the BOC was talking in terms of QE and negative interest rates to tackle the sluggish economy. How will he balance this view with these numbers?\r\n\r\nThere are some fun times ahead for the BOC, wouldn\'t it be great to be a fly on the wall in those meetings?\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>IMMINENT TROUBLE AHEAD FOR THE EUROZONE</strong></p>\r\nI love EUROZONE bashing and I just can’t help it. My reasons are so straightforward, the politicians and elected officials operate on a mindset that is alien to actually fixing the issues.\r\n\r\nI know, its easy to criticize, but give me a break, 8 years after the Financial Crash the EUROZONE has still NOT fixed some of the fundamental issues that it has faced for years and years. It’s so long ago now it almost warrants the story telling to begin with ….”Fadó Fadó”.\r\n\r\nLets look at the EUROZONE from a macro level with issues I believe it has never attempted to rectify, and bear in mind some of these can apply to many countries around the world. It is just that the EUROZONE is completely different in one sense in that is a 27 country collective…allegedly!\r\n<ul>\r\n 	<li>You have a collection of politicians more interested in popularity rather than results.</li>\r\n 	<li>You have politicians who are only interested in blaming someone to gain political advantage rather than actually solving problems.</li>\r\n 	<li>You have politicians taking swipes at elected officials from the bureaucratic centre showing the whole world that there is common desire / belief moving forward.</li>\r\n 	<li>You have political influences being brought to the forefront in a central non-political function.</li>\r\n 	<li>You have a collection of countries with diverse beliefs / methodologies and cultures.</li>\r\n</ul>\r\nAdd all the above together and you get a picture of what the EUROZONE represents. Is it any wonder it’s a huge fu*k up; a disaster waiting to happen?\r\n\r\nLeading on from the pleasantries….\r\n\r\nLast week Draghi stated that the EUROZONE inflation could turn negative once again. Jesus, Mary and Joseph, for fecks sake can no one grab this one issue hold a fecking meeting, expense a few more vats of wine, order in the cheese and pate and resolve this.\r\n\r\nThe EUROZONE leaders have sat back believing that Mario Draghi and the ECB can solve DEFLATION. For crying out loud, Japan has suffered with DEFLATION for years and the BOJ has no cure, in fact, no central bank can cure DEFLATION.\r\n\r\nThe EUROZONE leaders cannot agree on a Pouilly-Fume or a Cabernet Sauvignon with lunch, what chance is there of them solving DEFLATION?\r\n\r\nThey require a Mario Draghi presentation of the measures taken by the ECB and why they have failed. Central bank monetary policy cannot solve DEFLATION, the BOJ have proved this. It requires economic reforms, deep economic reforms that incentivize and reward, but they can only be done locally, not centrally.\r\n\r\nThis leads me into one of my favourite chestnuts…\r\n<ul>\r\n 	<li>Do the 27 member countries within the EUROZONE have the political will or the ability to tackle DEFLATION?</li>\r\n 	<li>Does every country need to apply the same policies?</li>\r\n</ul>\r\nProbably not, but given that to solve DEFLATION is a medium to longer-term strategy could you see short time-lined politicians hooked on popularity entering into any policy that they may not be in power for when the benefits come through into the local economy?\r\n\r\nI know that I can’t. In addition, the countries that require help are in the main the same ones that cannot afford to do anything and they have been hoping and praying the ECB might be able to magic a rabbit out of the hat on their behalf.\r\n\r\nTo solve DEFLATION in the EUROZONE requires leadership, commitment, desire and policy change as well as a united front to fight it.\r\n\r\nSo it will never happen. Not one of the words in blue above in my mind goes hand in glove with the EUROZONE.\r\n\r\nNext…\r\n\r\nThe BREXIT is another issue that from my perspective has been “kicked down the road” by the EUROZONE. A UK exit from the EUROPEAN UNION affects the EUROZONE as much as it will affect the UK. The UK is a net contributor to the EU. The EU needs as much money as possible to fund its problems. If the UK leaves the EU there a gaping hole to fill…\r\n\r\nIf the UK does BREXIT, make no mistake there WILL BE A CONTAGION EFFECT.\r\n\r\nNext…\r\n\r\nGREECE is back in the news. Look this is so simple. Without going over old ground covered so many times in so many blogs over the past two/three years, we are still at the same place we were three/ four / five years ago.\r\n\r\nGREECE has a loan; it cannot afford to pay it back no matter what reforms it makes. The EUROZONE and IMF are in cloud cuckoo land believing that it will be repaid. If the EUROZONE goal was to inflict as much pain as possible on GREECE and the Greek people because of fiscal irresponsibility they have been paid ten/twenty fold. The bottom line is that the core problem like everything in the EUROZONE is never tackled. GREECE cannot repay, no matter what it does to try to satisfy GERMANY in particular, and EUROZONE Finance Ministers under the leadership of Jeroen Dijsselbloem.\r\n\r\nGREECE is now once again at another set of crossroads. These are the obstacles that I think that GREECE has to generate €€€€€ to meet debt repayments moving forward: -\r\n<ul>\r\n 	<li>GREECE has no hidden cash reserves from which to call upon to meet debt payments.</li>\r\n 	<li>Who can they borrow from to meet debt repayments?</li>\r\n 	<li>Is there room for further domestic austerity to bring in €€€€?</li>\r\n 	<li>Does GREECE have capacity to drive growth in the economy?</li>\r\n 	<li>GREECE could just default.</li>\r\n</ul>\r\nThere is so much debt in GREECE to manage. There is only one obvious solution and there has only ever been one obvious solution and that is, debt forgiveness.\r\n\r\nGERMANY is not keen on this route because other bailout countries like IRELAND may want a refund on costs that they had from the EUROZONE. Why should they pay when GREECE gets away with it?\r\n\r\nAt the end of the day the GREEK cash shortage to meet liabilities is real, and I think that it will be hard for the EUROZONE “can kickers” to “kick” again. For Tsipras it would be political suicide to bend over and pull his trousers down once again. The hard liners will be telling him in no uncertain terms to tell Merkel and Dijsselbloem to feck off if they ask for more reforms.\r\n\r\nThe Greek citizens, I think must be close to breaking point as well. They have suffered through a series of severe austerity programmes, with still no light at the end of the tunnel. Youth and long-term unemployment are still at record high levels and alarmingly after all the austerity the debt to GDP ratio is higher now than what it was when austerity started. GREECE is in recession. It needs fixing properly.\r\n\r\nI know that I sound very negative but I just cannot see the EUROZONE fixing this and GREECE may have to default to control matters better themselves and I know that sentence sounds bloody ridiculous.\r\n\r\nSo as traders maybe the EUR/USD sub 1.0500 trade towards parity is back on. Only time will tell.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nTRADING REVIEW:\r\n\r\nOver 1400 pips last week and over 500 pips the week before. At last I can hear you saying at last. Patience finally wins out.\r\n\r\nLooking ahead. I want to establish core trades from which to springboard off with AUD/NZD (although, I think that 1.1300-1.1350 could be awkward), USD/CHF, EUR/CHF (possibly) and EUR/USD.\r\n\r\nI have stayed away from AUD, CAD and NZD commodity crosses apart from GBP/NZD of late; it’s about time I took another look at those.\r\n\r\nWe have the FOMC and RBNZ this week and I will be quiet until these data releases have taken place unless there are pullbacks or spikes to give good entry levels for core positions.\r\n\r\nIn the run up to BREXIT, I don’t want to be managing more than 10 LIVE trades. Even with the covering of many trades at the end of last week, there are still 10 live trades in play. This is one of my areas of focus moving forward.\r\n\r\nNothing to report from the brokers, deadly silence… is that a good or bad thing, you be the judge?\r\n\r\nMy tour preparations are will under way and I am now playing with the POWERPOINT presentation. I just hope that with all the costs of promotion etc and getting there that I can fill bums on seats. If you have people who are interested in attending, please get them to register at <a href=\"mailto:events@thepremiumservice.com\">events@thepremiumservice.com</a>\r\n\r\n&nbsp;\r\n\r\nPOSITION SIZING:\r\n\r\nDuring the week I had a couple of conversations with subscribers over position sizing and when I send an email alert in which it says 10% or 50% start position sizes what does that actually mean in relation to type of currency pair traded. This is a difficult area to document as everyone trades different sized broker accounts and some of you operate with just one or two brokers.\r\n\r\nI promised that I would give some thoughts to this matter and whilst I cannot guarantee that this document should be treated as a tablet of stone brought down from Sinai along with the 10 commandments, at least it is a starting point that may promote further discussion, which I am open to.\r\n\r\nHere we go…\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-POSITION-SIZES-23042016.png\"><img class=\"aligncenter size-full wp-image-7659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-POSITION-SIZES-23042016.png\" alt=\"RISK - POSITION SIZES 23042016\" width=\"507\" height=\"382\" /></a>\r\n\r\nBasically I trade with four / five brokers with live accounts at any one time. RISK is crucial to trading success and managing risk through position sizing is vital for trading longevity.\r\n\r\nFrom the chart above you will see basically 6 sets of currency pairs grouped together. Beneath each group you can see from the chart what my entry-level trade would be. Say in the EUR/USD it would be 3 x Mini lots and an entry at 50% would be 2 x Standard Lots. You can compare this to say the GBP/NZD, when my entry level trade would be just 5 x micro lots in comparison and a trade at 50% position size would be 3 x Mini lots.\r\n\r\nI have grouped the currency pairs into groups that I feel have a similar risk. At the moment it would be very fair to say that rarely am I trading more than a 66% position size. I cannot remember the last full-size trading position that I held.\r\n\r\nAs you should be aware I trade to an account risk limit of 3-3.5% at any one time. I will reduce position sizes if required to keep me in line with my TRADE PLAN.\r\n\r\nFrom left to right looking at the chart it should be very easy to follow that GROUPS 1 and 2 (headed by EUR/USD and GBP/USD) to the left operate from a broker account with a much larger balance than GROUPS 5 and 6 (headed by GBP/AUD and EUR/NZD) on the far right.\r\n\r\nRISK is crucial and these GROUPS of currency pairs are also linked together by ATR (Average True Ranges).\r\n\r\nRight now, trading within my own tough 3-3.5% RISK TOLERANCE level this is what is giving me the edge on flexibility.\r\n\r\nMoving forward, the issue I need to try to address is to let you know more frequently when I am adding and when I am reducing position sizes. Because the 3–3.5% level is a core to my TRADING PLAN along with the monthly ATR levels for longer-term trades, I sometimes include (on the excel spreadsheet that accompanies an email trade alert) the levels at which I will be looking to add to a trade. To constantly tweet amendments will just jam your twitter feeds and maybe\r\n\r\nadjusting position sizes is really something that you should be handling and managing.\r\n\r\nOn entering trades, I know that many of you enter at roughly the same % as me, and leave this alone for the trades’ duration based upon your own RISK TOLERANCE. This is a sound way to trade in my opinion.\r\n\r\nIf you have questions emanating from the chart above, or any of my comments on this, let me know. I hope that this helps and does NOT cause confusion.\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nFinally, on a touchy subject; subscriptions levels will change (software changes permitting) sometime next week, as my new payment gateway is ready to launch. I cannot be specific as it is dependent on testing. As soon as testing is complete the switch will be made. I will be switching to CAD$ away from USD$ and PREMIUM SERVICE (SILVER) will be removed to be replaced by an entry level GOLD option.\r\n\r\nTruth be told, most subscribers go GOLD and the additional administration involved with SILVER was counter productive. The new entry level GOLD subscription will replace SILVER.\r\n\r\nIn addition annual subscribers re-subscribing for another 12 months will get a whopping discount off the published prices. All will be revealed when Claudia (my website Guru) can confirm that the new gateway is ready to rock and roll. In addition a website speed update will also be taking place at the same time… whoopee! I can hear you saying. Being honest, I never notice a change in speed at all; I think these people work in fractions of a second.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-23042016.png\"><img class=\"aligncenter size-full wp-image-7658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-23042016.png\" alt=\"PS LIVE TRADES 23042016\" width=\"798\" height=\"586\" /></a> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-23042016.png\"><img class=\"aligncenter size-full wp-image-7657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-23042016.png\" alt=\"PS LIMIT ORDERS 23042016\" width=\"677\" height=\"455\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY:\r\n\r\nMONDAY:\r\n\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\nWEDNESDAY: JPY – BOJ Rate Statement &amp; Press Conference.\r\n\r\nTHURSDAY: USD – GDP.\r\n\r\nFRIDAY: CAD – GDP.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1224\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016-1024x477.png\" alt=\"EURUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4401\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016-1024x477.png\" alt=\"GBPUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7710\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016-1024x477.png\" alt=\"AUDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6851\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016-1024x477.png\" alt=\"NZDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2663\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016-1024x477.png\" alt=\"USDCAD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9783\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016-1024x477.png\" alt=\"USDCHF D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.78\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016-1024x477.png\" alt=\"USDJPY D 23042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nCentral banks dominate again this week. The FED, RBNZ and BOJ will all be biggies and the volatility surrounding these meetings will be high.\r\n\r\nThe USD has been showing signs of life of late, bouncing off critical support. Given the improving numbers out of the U.S. maybe Janet Yellen will not be as DOVISH as in the past. If so be prepared, I doubt that she can be anything other than DOVISH but lets give her a chance. If she is HAWKISH the DXY will rocket higher. However, bear in mind, no matter what, we are still in a tighter range bound market and a chop fest. So be careful trading.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 23rd April 2016\r\nBLOG REFERENCE: #99 PREMIUM SERVICE VERSION','IMMINENT TROUBLE AHEAD FOR THE EUROZONE','','publish','open','closed','','imminent-trouble-ahead-eurozone','','','2016-04-23 10:18:26','2016-04-23 15:18:26','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7667',0,'member_posts','',0),(7668,1,'2016-04-23 10:14:54','2016-04-23 15:14:54','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBefore starting this weeks blog and getting into overdrive, I have to say that I have been heeding my own advice over the past three / four weeks.\r\n\r\nI have been: -\r\n<ul>\r\n 	<li>PATIENT</li>\r\n 	<li>ADHERED TO MY TRADE PLAN</li>\r\n 	<li>NOT OVER-TRADED only ADDED TRADES STRICTLY IN LINE WITH TRADE PLAN GUIDELINES</li>\r\n 	<li>REDUCED RISK CALMLY as markets moved.</li>\r\n</ul>\r\nAll my issues started on the overreaction to BREXIT (via Boris Johnson) exacerbated at the same time with ice-storm power outages and multiple ISP failures over 3 days, I took severe pip losses, in fact all my 2016 pip profits and some more were eradicated.\r\n\r\nMy goal is a minimum of 1,000 pips per month across my various trade styles: - RADAR, FLASH, FUNDAMENTAL and POSITION trades.\r\n\r\nAllowing for only a part month in January, in my mind, I should be at about 3,700-4,000 pips profit for the year with the PREMIUM SERVICE.\r\n\r\nAt the end of February after the events listed above the PREMIUM SERVICE pip total for 2016 was: -132 pips.\r\n\r\nToday it is at: - +3,719 pips.\r\n\r\nLast week over 1,400 pips were added and the week before over 500 pips, almost two months objectives in pips in two weeks!! The PREMIUM SERVICE has clawed back over 3 months worth of pip gains (versus target) inside of 2 months.\r\n\r\nYes, there are trades still LIVE with RISK attached that could turn into a loss, but that is FX trading and as a trader you live with this every day as you trade.\r\n\r\nWhat I am saying is that trading with a TRADE PLAN and DISCIPLINE does work. However, at the same time you require patience and it goes without saying nerves of steel at times.\r\n\r\nHowever, none of this would be possible without the common sense to trade smaller positions sizes allowing greater stop loss flexibility. The markets are a chop fest and have been range bound giving false moves higher and lower for many weeks’ even months. I have been taking smaller position sizes with wider stops to manage my RISK accordingly. This has allowed me to move stops and flex with the market.\r\n\r\nAs I have written on many occasions. You have to be savvy when trading Forex it is not a get rich scheme as many spam emails would have you believe. Robots do not work, if they did everyone of them would have been bought up by a big bank and used by the bank making all their analysts redundant. Robots no matter how sophisticated they appear, have a basic fundamental flaw. They cannot react to major geopolitical news events, or extreme data, in fact to central bank monetary policy decisions.\r\n\r\nTechnical analysis in conjunction with macro level market fundamentals still work, but they have to flex with the overall market conditions.\r\n\r\nForex trading is like everything in life, it is how you manage the day-to-day issues that give you your end result. There is still a little way to go to be back in line with my personal pip objectives for subscribers’ year to date but we are getting there.\r\n\r\nI had been quite serious of late over the markets and performance generally, as the markets really gave very little by way of moves and to a large extent like many traders I was trapped. If you are a 15-minute scalper trader, you will have absolutely no idea what I am talking about. However, if your trading time horizon is a little wider, I am sure that some of this resonates with you.\r\n\r\nI thought now was the right time to state that core principles to Forex Trading still work.\r\n\r\nTaking a leap in another direction…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nOver the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nWhen my new on-line payments gateway and prices in CAD$ are launched, PREMIUM SERVICE (SILVER) will no longer be an option. An entry level GOLD subscription will replace it.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (SILVER):\r\nUSD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):\r\nUSD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year,\r\nI am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +2,141\r\nNET PIPS THIS YEAR SO FAR:                +3,719</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September\r\nor mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nThere were only two news items that stuck out in my mind last week from the Forex Market.\r\n<ol>\r\n 	<li>Mario Draghi with the ECB Press Conference.</li>\r\n 	<li>Canadian Retail Sales numbers.</li>\r\n</ol>\r\nPoor Mario Draghi must have been rehearsing his choice of words very carefully in preparation of being asked the awkward questions. I would say without fear of contradiction, that he had a team of people practicing responses praying to the almighty that he didn’t f*ck up like he did the last time around.\r\n\r\nIn fairness to Draghi, he came to this press conference with bugger all to add above and beyond all the incentives he threw at the markets last time around. He did a sound job in my opinion and for most of the time the EUR/USD hardly moved. However after a spike to 114.00 that I missed after a comment about increasing loans hitting the market, he stated that QE (Quantitative Easing) would be around until after the fall / autumn 2017 and that interest rates would basically remain low for well beyond that date and the cherry on top of the pie “INFLATION COULD TURN NEGATIVE AGAIN”… HMOG. This sent the EUR/USD below sub 113.00.\r\n\r\nSo in addition to the BOJ getting a handle on inflation (from last week’s blog), last week Mario Draghi announced ZIRP for an extended period, so with regards to the ECB and BOJ, there are now two central banks whose date to revert to a normalization of interest rates is probably something I wont see in my lifetime!!\r\n\r\nIn Canada, I am very critical of Stephen Poloz the BOC governor. I believe that he is playing a dangerous game and has in my eyes been behind the curve. His head is so far up his ass he cannot hear some of the crap he talks about at times at his press conferences.\r\n\r\nFriday saw blow out Canadian economic data: -\r\n<ul>\r\n 	<li>Core CPI 0.7% versus consensus 0.4%</li>\r\n 	<li>Core Retail Sales 0.2% versus consensus -0.8%</li>\r\n</ul>\r\nMake no mistake these are incredible numbers, however, they do give Poloz a problem. Very recently, the BOC was talking in terms of QE and negative interest rates to tackle the sluggish economy. How will he balance this view with these numbers?\r\n\r\nThere are some fun times ahead for the BOC, wouldn\'t it be great to be a fly on the wall in those meetings?\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>IMMINENT TROUBLE AHEAD FOR THE EUROZONE</strong></p>\r\nI love EUROZONE bashing and I just can’t help it. My reasons are so straightforward, the politicians and elected officials operate on a mindset that is alien to actually fixing the issues.\r\n\r\nI know, its easy to criticize, but give me a break, 8 years after the Financial Crash the EUROZONE has still NOT fixed some of the fundamental issues that it has faced for years and years. It’s so long ago now it almost warrants the story telling to begin with ….”Fadó Fadó”.\r\n\r\nLets look at the EUROZONE from a macro level with issues I believe it has never attempted to rectify, and bear in mind some of these can apply to many countries around the world. It is just that the EUROZONE is completely different in one sense in that is a 27 country collective…allegedly!\r\n<ul>\r\n 	<li>You have a collection of politicians more interested in popularity rather than results.</li>\r\n 	<li>You have politicians who are only interested in blaming someone to gain political advantage rather than actually solving problems.</li>\r\n 	<li>You have politicians taking swipes at elected officials from the bureaucratic centre showing the whole world that there is common desire / belief moving forward.</li>\r\n 	<li>You have political influences being brought to the forefront in a central non-political function.</li>\r\n 	<li>You have a collection of countries with diverse beliefs / methodologies and cultures.</li>\r\n</ul>\r\nAdd all the above together and you get a picture of what the EUROZONE represents. Is it any wonder it’s a huge fu*k up; a disaster waiting to happen?\r\n\r\nLeading on from the pleasantries….\r\n\r\nLast week Draghi stated that the EUROZONE inflation could turn negative once again. Jesus, Mary and Joseph, for feck sake can no one grab this one issue hold a fecking meeting, expense a few more vats of wine, order in the cheese and pate and resolve this.\r\n\r\nThe EUROZONE leaders have sat back believing that Mario Draghi and the ECB can solve DEFLATION. For crying out loud, Japan has suffered with DEFLATION for years and the BOJ has no cure, in fact, no central bank can cure DEFLATION.\r\n\r\nThe EUROZONE leaders cannot agree on a Pouilly-Fume or a Cabernet Sauvignon with lunch, what chance is there of them solving DEFLATION?\r\n\r\nThey require a Mario Draghi presentation of the measures taken by the ECB and why they have failed. Central bank monetary policy cannot solve DEFLATION, the BOJ have proved this. It requires economic reforms, deep economic reforms that incentivize and reward, but they can only be done locally, not centrally.\r\n\r\nThis leads me into one of my favourite chestnuts…\r\n<ul>\r\n 	<li>Do the 27 member countries within the EUROZONE have the political will or the ability to tackle DEFLATION?</li>\r\n 	<li>Does every country need to apply the same policies?</li>\r\n</ul>\r\nProbably not, but given that to solve DEFLATION is a medium to longer-term strategy could you see short time-lined politicians hooked on popularity entering into any policy that they may not be in power for when the benefits come through into the local economy?\r\n\r\nI know that I can’t. In addition, the countries that require help are in the main the same ones that cannot afford to do anything and they have been hoping and praying the ECB might be able to magic a rabbit out of the hat on their behalf.\r\n\r\nTo solve DEFLATION in the EUROZONE requires leadership, commitment, desire and policy change as well as a united front to fight it.\r\n\r\nSo it will never happen. Not one of the words in blue above in my mind goes hand in glove with the EUROZONE.\r\n\r\nNext…\r\n\r\nThe BREXIT is another issue that from my perspective has been “kicked down the road” by the EUROZONE. A UK exit from the EUROPEAN UNION affects the EUROZONE as much as it will affect the UK. The UK is a net contributor to the EU. The EU needs as much money as possible to fund its problems. If the UK leaves the EU there a gaping hole to fill…\r\n\r\nIf the UK does BREXIT, make no mistake there WILL BE A CONTAGION EFFECT.\r\n\r\nNext…\r\n\r\nGREECE is back in the news. Look this is so simple. Without going over old ground covered so many times in so many blogs over the past two/three years, we are still at the same place we were three/ four / five years ago.\r\n\r\nGREECE has a loan; it cannot afford to pay it back no matter what reforms it makes. The EUROZONE and IMF are in cloud cuckoo land believing that it will be repaid. If the EUROZONE goal was to inflict as much pain as possible on GREECE and the Greek people because of fiscal irresponsibility they have been paid ten/twenty fold. The bottom line is that the core problem like everything in the EUROZONE is never tackled. GREECE cannot repay, no matter what it does to try to satisfy GERMANY in particular, and EUROZONE Finance Ministers under the leadership of Jeroen Dijsselbloem.\r\n\r\nGREECE is now once again at another set of crossroads. These are the obstacles that I think that GREECE has to generate €€€€€ to meet debt repayments moving forward: -\r\n<ul>\r\n 	<li>GREECE has no hidden cash reserves from which to call upon to meet debt payments.</li>\r\n 	<li>Who can they borrow from to meet debt repayments?</li>\r\n 	<li>Is there room for further domestic austerity to bring in €€€€?</li>\r\n 	<li>Does GREECE have capacity to drive growth in the economy?</li>\r\n 	<li>GREECE could just default.</li>\r\n</ul>\r\nThere is so much debt in GREECE to manage. There is only one obvious solution and there has only ever been one obvious solution and that is, debt forgiveness.\r\n\r\nGERMANY is not keen on this route because other bailout countries like IRELAND may want a refund on costs that they had from the EUROZONE. Why should they pay when GREECE gets away with it?\r\n\r\nAt the end of the day the GREEK cash shortage to meet liabilities is real, and I think that it will be hard for the EUROZONE “can kickers” to “kick” again. For Tsipras it would be political suicide to bend over and pull his trousers down once again. The hard liners will be telling him in no uncertain terms to tell Merkel and Dijsselbloem to feck off if they ask for more reforms.\r\n\r\nThe Greek citizens, I think must be close to breaking point as well. They have suffered through a series of severe austerity programmes, with still no light at the end of the tunnel. Youth and long-term unemployment are still at record high levels and alarmingly after all the austerity the debt to GDP ratio is higher now than what it was when austerity started. GREECE is in recession. It needs fixing properly.\r\n\r\nI know that I sound very negative but I just cannot see the EUROZONE fixing this and GREECE may have to default to control matters better themselves and I know that sentence sounds bloody ridiculous.\r\n\r\nSo as traders maybe the EUR/USD sub 1.0500 trade towards parity is back on. Only time will tell.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nTRADING REVIEW:\r\n\r\nOver 1400 pips last week and over 500 pips the week before. At last I can hear you saying at last. Patience finally wins out.\r\n\r\nLooking ahead. I want to establish core trades from which to springboard off with AUD/NZD (although, I think that 1.1300-1.1350 could be awkward), USD/CHF, EUR/CHF (possibly) and EUR/USD.\r\n\r\nI have stayed away from AUD, CAD and NZD commodity crosses apart from GBP/NZD of late; it’s about time I took another look at those.\r\n\r\nWe have the FOMC and RBNZ this week and I will be quiet until these data releases have taken place unless there are pullbacks or spikes to give good entry levels for core positions.\r\n\r\nIn the run up to BREXIT, I don’t want to be managing more than 10 LIVE trades. Even with the covering of many trades at the end of last week, there are still 10 live trades in play. This is one of my areas of focus moving forward.\r\n\r\nNothing to report from the brokers, deadly silence… is that a good or bad thing, you be the judge?\r\n\r\nMy tour preparations are will under way and I am now playing with the POWERPOINT presentation. I just hope that with all the costs of promotion etc and getting there that I can fill bums on seats. If you have people who are interested in attending, please get them to register at <a href=\"mailto:events@thepremiumservice.com\">events@thepremiumservice.com</a>\r\n\r\n&nbsp;\r\n\r\nPOSITION SIZING:\r\n\r\nDuring the week I had a couple of conversations with subscribers over position sizing and when I send an email alert in which it says 10% or 50% start position sizes what does that actually mean in relation to type of currency pair traded. This is a difficult area to document as everyone trades different sized broker accounts and some of you operate with just one or two brokers.\r\n\r\nI promised that I would give some thoughts to this matter and whilst I cannot guarantee that this document should be treated as a tablet of stone brought down from Sinai along with the 10 commandments, at least it is a starting point that may promote further discussion, which I am open to.\r\n\r\nHere we go…\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-POSITION-SIZES-23042016.png\"><img class=\"aligncenter size-full wp-image-7659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-POSITION-SIZES-23042016.png\" alt=\"RISK - POSITION SIZES 23042016\" width=\"507\" height=\"382\" /></a>\r\n\r\nBasically I trade with four / five brokers with live accounts at any one time. RISK is crucial to trading success and managing risk through position sizing is vital for trading longevity.\r\n\r\nFrom the chart above you will see basically 6 sets of currency pairs grouped together. Beneath each group you can see from the chart what my entry-level trade would be. Say in the EUR/USD it would be 3 x Mini lots and an entry at 50% would be 2 x Standard Lots. You can compare this to say the GBP/NZD, when my entry level trade would be just 5 x micro lots in comparison and a trade at 50% position size would be 3 x Mini lots.\r\n\r\nI have grouped the currency pairs into groups that I feel have a similar risk. At the moment it would be very fair to say that rarely am I trading more than a 66% position size. I cannot remember the last full-size trading position that I held.\r\n\r\nAs you should be aware I trade to an account risk limit of 3-3.5% at any one time. I will reduce position sizes if required to keep me in line with my TRADE PLAN.\r\n\r\nFrom left to right looking at the chart it should be very easy to follow that GROUPS 1 and 2 (headed by EUR/USD and GBP/USD) to the left operate from a broker account with a much larger balance than GROUPS 5 and 6 (headed by GBP/AUD and EUR/NZD) on the far right.\r\n\r\nRISK is crucial and these GROUPS of currency pairs are also linked together by ATR (Average True Ranges).\r\n\r\nRight now, trading within my own tough 3-3.5% RISK TOLERANCE level this is what is giving me the edge on flexibility.\r\n\r\nMoving forward, the issue I need to try to address is to let you know more frequently when I am adding and when I am reducing position sizes. Because the 3–3.5% level is a core to my TRADING PLAN along with the monthly ATR levels for longer-term trades, I sometimes include (on the excel spreadsheet that accompanies an email trade alert) the levels at which I will be looking to add to a trade. To constantly tweet amendments will just jam your twitter feeds and maybe\r\n\r\nadjusting position sizes is really something that you should be handling and managing.\r\n\r\nOn entering trades, I know that many of you enter at roughly the same % as me, and leave this alone for the trades’ duration based upon your own RISK TOLERANCE. This is a sound way to trade in my opinion.\r\n\r\nIf you have questions emanating from the chart above, or any of my comments on this, let me know. I hope that this helps and does NOT cause confusion.\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nFinally, on a touchy subject; subscriptions levels will change (software changes permitting) sometime next week, as my new payment gateway is ready to launch. I cannot be specific as it is dependent on testing. As soon as testing is complete the switch will be made. I will be switching to CAD$ away from USD$ and PREMIUM SERVICE (SILVER) will be removed to be replaced by an entry level GOLD option.\r\n\r\nTruth be told, most subscribers go GOLD and the additional administration involved with SILVER was counter productive. The new entry level GOLD subscription will replace SILVER.\r\n\r\nIn addition annual subscribers re-subscribing for another 12 months will get a whopping discount off the published prices. All will be revealed when Claudia (my website Guru) can confirm that the new gateway is ready to rock and roll. In addition a website speed update will also be taking place at the same time… whoopee! I can hear you saying. Being honest, I never notice a change in speed at all; I think these people work in fractions of a second.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-23042016.png\"><img class=\"aligncenter size-full wp-image-7658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-23042016.png\" alt=\"PS LIVE TRADES 23042016\" width=\"798\" height=\"586\" /></a> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-23042016.png\"><img class=\"aligncenter size-full wp-image-7657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-23042016.png\" alt=\"PS LIMIT ORDERS 23042016\" width=\"677\" height=\"455\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY:\r\n\r\nMONDAY:\r\n\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\nWEDNESDAY: JPY – BOJ Rate Statement &amp; Press Conference.\r\n\r\nTHURSDAY: USD – GDP.\r\n\r\nFRIDAY: CAD – GDP.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1224\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016-1024x477.png\" alt=\"EURUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4401\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016-1024x477.png\" alt=\"GBPUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7710\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016-1024x477.png\" alt=\"AUDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6851\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016-1024x477.png\" alt=\"NZDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2663\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016-1024x477.png\" alt=\"USDCAD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9783\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016-1024x477.png\" alt=\"USDCHF D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.78\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016-1024x477.png\" alt=\"USDJPY D 23042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nCentral banks dominate again this week. The FED, RBNZ and BOJ will all be biggies and the volatility surrounding these meetings will be high.\r\n\r\nThe USD has been showing signs of life of late, bouncing off critical support. Given the improving numbers out of the U.S. maybe Janet Yellen will not be as DOVISH as in the past. If so be prepared, I doubt that she can be anything other than DOVISH but lets give her a chance. If she is HAWKISH the DXY will rocket higher. However, bear in mind, no matter what, we are still in a tighter range bound market and a chop fest. So be careful trading.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 23rd April 2016\r\nBLOG REFERENCE: #99 PREMIUM SERVICE VERSION','IMMINENT TROUBLE AHEAD FOR THE EUROZONE','','inherit','closed','closed','','7667-revision-v1','','','2016-04-23 10:14:54','2016-04-23 15:14:54','',7667,'https://weeklyfxdrivethru.com/7667-revision-v1/',0,'revision','',0),(7669,1,'2016-04-23 10:15:40','2016-04-23 15:15:40','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBefore starting this weeks blog and getting into overdrive, I have to say that I have been heeding my own advice over the past three / four weeks.\r\n\r\nI have been: -\r\n<ul>\r\n 	<li>PATIENT</li>\r\n 	<li>ADHERED TO MY TRADE PLAN</li>\r\n 	<li>NOT OVER-TRADED only ADDED TRADES STRICTLY IN LINE WITH TRADE PLAN GUIDELINES</li>\r\n 	<li>REDUCED RISK CALMLY as markets moved.</li>\r\n</ul>\r\nAll my issues started on the overreaction to BREXIT (via Boris Johnson) exacerbated at the same time with ice-storm power outages and multiple ISP failures over 3 days, I took severe pip losses, in fact all my 2016 pip profits and some more were eradicated.\r\n\r\nMy goal is a minimum of 1,000 pips per month across my various trade styles: - RADAR, FLASH, FUNDAMENTAL and POSITION trades.\r\n\r\nAllowing for only a part month in January, in my mind, I should be at about 3,700-4,000 pips profit for the year with the PREMIUM SERVICE.\r\n\r\nAt the end of February after the events listed above the PREMIUM SERVICE pip total for 2016 was: -132 pips.\r\n\r\nToday it is at: - +3,719 pips.\r\n\r\nLast week over 1,400 pips were added and the week before over 500 pips, almost two months objectives in pips in two weeks!! The PREMIUM SERVICE has clawed back over 3 months worth of pip gains (versus target) inside of 2 months.\r\n\r\nYes, there are trades still LIVE with RISK attached that could turn into a loss, but that is FX trading and as a trader you live with this every day as you trade.\r\n\r\nWhat I am saying is that trading with a TRADE PLAN and DISCIPLINE does work. However, at the same time you require patience and it goes without saying nerves of steel at times.\r\n\r\nHowever, none of this would be possible without the common sense to trade smaller positions sizes allowing greater stop loss flexibility. The markets are a chop fest and have been range bound giving false moves higher and lower for many weeks’ even months. I have been taking smaller position sizes with wider stops to manage my RISK accordingly. This has allowed me to move stops and flex with the market.\r\n\r\nAs I have written on many occasions. You have to be savvy when trading Forex it is not a get rich scheme as many spam emails would have you believe. Robots do not work, if they did everyone of them would have been bought up by a big bank and used by the bank making all their analysts redundant. Robots no matter how sophisticated they appear, have a basic fundamental flaw. They cannot react to major geopolitical news events, or extreme data, in fact to central bank monetary policy decisions.\r\n\r\nTechnical analysis in conjunction with macro level market fundamentals still work, but they have to flex with the overall market conditions.\r\n\r\nForex trading is like everything in life, it is how you manage the day-to-day issues that give you your end result. There is still a little way to go to be back in line with my personal pip objectives for subscribers’ year to date but we are getting there.\r\n\r\nI had been quite serious of late over the markets and performance generally, as the markets really gave very little by way of moves and to a large extent like many traders I was trapped. If you are a 15-minute scalper trader, you will have absolutely no idea what I am talking about. However, if your trading time horizon is a little wider, I am sure that some of this resonates with you.\r\n\r\nI thought now was the right time to state that core principles to Forex Trading still work.\r\n\r\nTaking a leap in another direction…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nOver the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nWhen my new on-line payments gateway and prices in CAD$ are launched, PREMIUM SERVICE (SILVER) will no longer be an option. An entry level GOLD subscription will replace it.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (SILVER):\r\nUSD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):\r\nUSD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year,\r\nI am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,141\r\nNET PIPS THIS YEAR SO FAR:                +3,719</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September\r\nor mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nThere were only two news items that stuck out in my mind last week from the Forex Market.\r\n<ol>\r\n 	<li>Mario Draghi with the ECB Press Conference.</li>\r\n 	<li>Canadian Retail Sales numbers.</li>\r\n</ol>\r\nPoor Mario Draghi must have been rehearsing his choice of words very carefully in preparation of being asked the awkward questions. I would say without fear of contradiction, that he had a team of people practicing responses praying to the almighty that he didn’t f*ck up like he did the last time around.\r\n\r\nIn fairness to Draghi, he came to this press conference with bugger all to add above and beyond all the incentives he threw at the markets last time around. He did a sound job in my opinion and for most of the time the EUR/USD hardly moved. However after a spike to 114.00 that I missed after a comment about increasing loans hitting the market, he stated that QE (Quantitative Easing) would be around until after the fall / autumn 2017 and that interest rates would basically remain low for well beyond that date and the cherry on top of the pie “INFLATION COULD TURN NEGATIVE AGAIN”… HMOG. This sent the EUR/USD below sub 113.00.\r\n\r\nSo in addition to the BOJ getting a handle on inflation (from last week’s blog), last week Mario Draghi announced ZIRP for an extended period, so with regards to the ECB and BOJ, there are now two central banks whose date to revert to a normalization of interest rates is probably something I wont see in my lifetime!!\r\n\r\nIn Canada, I am very critical of Stephen Poloz the BOC governor. I believe that he is playing a dangerous game and has in my eyes been behind the curve. His head is so far up his ass he cannot hear some of the crap he talks about at times at his press conferences.\r\n\r\nFriday saw blow out Canadian economic data: -\r\n<ul>\r\n 	<li>Core CPI 0.7% versus consensus 0.4%</li>\r\n 	<li>Core Retail Sales 0.2% versus consensus -0.8%</li>\r\n</ul>\r\nMake no mistake these are incredible numbers, however, they do give Poloz a problem. Very recently, the BOC was talking in terms of QE and negative interest rates to tackle the sluggish economy. How will he balance this view with these numbers?\r\n\r\nThere are some fun times ahead for the BOC, wouldn\'t it be great to be a fly on the wall in those meetings?\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>IMMINENT TROUBLE AHEAD FOR THE EUROZONE</strong></p>\r\nI love EUROZONE bashing and I just can’t help it. My reasons are so straightforward, the politicians and elected officials operate on a mindset that is alien to actually fixing the issues.\r\n\r\nI know, its easy to criticize, but give me a break, 8 years after the Financial Crash the EUROZONE has still NOT fixed some of the fundamental issues that it has faced for years and years. It’s so long ago now it almost warrants the story telling to begin with ….”Fadó Fadó”.\r\n\r\nLets look at the EUROZONE from a macro level with issues I believe it has never attempted to rectify, and bear in mind some of these can apply to many countries around the world. It is just that the EUROZONE is completely different in one sense in that is a 27 country collective…allegedly!\r\n<ul>\r\n 	<li>You have a collection of politicians more interested in popularity rather than results.</li>\r\n 	<li>You have politicians who are only interested in blaming someone to gain political advantage rather than actually solving problems.</li>\r\n 	<li>You have politicians taking swipes at elected officials from the bureaucratic centre showing the whole world that there is common desire / belief moving forward.</li>\r\n 	<li>You have political influences being brought to the forefront in a central non-political function.</li>\r\n 	<li>You have a collection of countries with diverse beliefs / methodologies and cultures.</li>\r\n</ul>\r\nAdd all the above together and you get a picture of what the EUROZONE represents. Is it any wonder it’s a huge fu*k up; a disaster waiting to happen?\r\n\r\nLeading on from the pleasantries….\r\n\r\nLast week Draghi stated that the EUROZONE inflation could turn negative once again. Jesus, Mary and Joseph, for feck sake can no one grab this one issue hold a fecking meeting, expense a few more vats of wine, order in the cheese and pate and resolve this.\r\n\r\nThe EUROZONE leaders have sat back believing that Mario Draghi and the ECB can solve DEFLATION. For crying out loud, Japan has suffered with DEFLATION for years and the BOJ has no cure, in fact, no central bank can cure DEFLATION.\r\n\r\nThe EUROZONE leaders cannot agree on a Pouilly-Fume or a Cabernet Sauvignon with lunch, what chance is there of them solving DEFLATION?\r\n\r\nThey require a Mario Draghi presentation of the measures taken by the ECB and why they have failed. Central bank monetary policy cannot solve DEFLATION, the BOJ have proved this. It requires economic reforms, deep economic reforms that incentivize and reward, but they can only be done locally, not centrally.\r\n\r\nThis leads me into one of my favourite chestnuts…\r\n<ul>\r\n 	<li>Do the 27 member countries within the EUROZONE have the political will or the ability to tackle DEFLATION?</li>\r\n 	<li>Does every country need to apply the same policies?</li>\r\n</ul>\r\nProbably not, but given that to solve DEFLATION is a medium to longer-term strategy could you see short time-lined politicians hooked on popularity entering into any policy that they may not be in power for when the benefits come through into the local economy?\r\n\r\nI know that I can’t. In addition, the countries that require help are in the main the same ones that cannot afford to do anything and they have been hoping and praying the ECB might be able to magic a rabbit out of the hat on their behalf.\r\n\r\nTo solve DEFLATION in the EUROZONE requires leadership, commitment, desire and policy change as well as a united front to fight it.\r\n\r\nSo it will never happen. Not one of the words in blue above in my mind goes hand in glove with the EUROZONE.\r\n\r\nNext…\r\n\r\nThe BREXIT is another issue that from my perspective has been “kicked down the road” by the EUROZONE. A UK exit from the EUROPEAN UNION affects the EUROZONE as much as it will affect the UK. The UK is a net contributor to the EU. The EU needs as much money as possible to fund its problems. If the UK leaves the EU there a gaping hole to fill…\r\n\r\nIf the UK does BREXIT, make no mistake there WILL BE A CONTAGION EFFECT.\r\n\r\nNext…\r\n\r\nGREECE is back in the news. Look this is so simple. Without going over old ground covered so many times in so many blogs over the past two/three years, we are still at the same place we were three/ four / five years ago.\r\n\r\nGREECE has a loan; it cannot afford to pay it back no matter what reforms it makes. The EUROZONE and IMF are in cloud cuckoo land believing that it will be repaid. If the EUROZONE goal was to inflict as much pain as possible on GREECE and the Greek people because of fiscal irresponsibility they have been paid ten/twenty fold. The bottom line is that the core problem like everything in the EUROZONE is never tackled. GREECE cannot repay, no matter what it does to try to satisfy GERMANY in particular, and EUROZONE Finance Ministers under the leadership of Jeroen Dijsselbloem.\r\n\r\nGREECE is now once again at another set of crossroads. These are the obstacles that I think that GREECE has to generate €€€€€ to meet debt repayments moving forward: -\r\n<ul>\r\n 	<li>GREECE has no hidden cash reserves from which to call upon to meet debt payments.</li>\r\n 	<li>Who can they borrow from to meet debt repayments?</li>\r\n 	<li>Is there room for further domestic austerity to bring in €€€€?</li>\r\n 	<li>Does GREECE have capacity to drive growth in the economy?</li>\r\n 	<li>GREECE could just default.</li>\r\n</ul>\r\nThere is so much debt in GREECE to manage. There is only one obvious solution and there has only ever been one obvious solution and that is, debt forgiveness.\r\n\r\nGERMANY is not keen on this route because other bailout countries like IRELAND may want a refund on costs that they had from the EUROZONE. Why should they pay when GREECE gets away with it?\r\n\r\nAt the end of the day the GREEK cash shortage to meet liabilities is real, and I think that it will be hard for the EUROZONE “can kickers” to “kick” again. For Tsipras it would be political suicide to bend over and pull his trousers down once again. The hard liners will be telling him in no uncertain terms to tell Merkel and Dijsselbloem to feck off if they ask for more reforms.\r\n\r\nThe Greek citizens, I think must be close to breaking point as well. They have suffered through a series of severe austerity programmes, with still no light at the end of the tunnel. Youth and long-term unemployment are still at record high levels and alarmingly after all the austerity the debt to GDP ratio is higher now than what it was when austerity started. GREECE is in recession. It needs fixing properly.\r\n\r\nI know that I sound very negative but I just cannot see the EUROZONE fixing this and GREECE may have to default to control matters better themselves and I know that sentence sounds bloody ridiculous.\r\n\r\nSo as traders maybe the EUR/USD sub 1.0500 trade towards parity is back on. Only time will tell.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nTRADING REVIEW:\r\n\r\nOver 1400 pips last week and over 500 pips the week before. At last I can hear you saying at last. Patience finally wins out.\r\n\r\nLooking ahead. I want to establish core trades from which to springboard off with AUD/NZD (although, I think that 1.1300-1.1350 could be awkward), USD/CHF, EUR/CHF (possibly) and EUR/USD.\r\n\r\nI have stayed away from AUD, CAD and NZD commodity crosses apart from GBP/NZD of late; it’s about time I took another look at those.\r\n\r\nWe have the FOMC and RBNZ this week and I will be quiet until these data releases have taken place unless there are pullbacks or spikes to give good entry levels for core positions.\r\n\r\nIn the run up to BREXIT, I don’t want to be managing more than 10 LIVE trades. Even with the covering of many trades at the end of last week, there are still 10 live trades in play. This is one of my areas of focus moving forward.\r\n\r\nNothing to report from the brokers, deadly silence… is that a good or bad thing, you be the judge?\r\n\r\nMy tour preparations are will under way and I am now playing with the POWERPOINT presentation. I just hope that with all the costs of promotion etc and getting there that I can fill bums on seats. If you have people who are interested in attending, please get them to register at <a href=\"mailto:events@thepremiumservice.com\">events@thepremiumservice.com</a>\r\n\r\n&nbsp;\r\n\r\nPOSITION SIZING:\r\n\r\nDuring the week I had a couple of conversations with subscribers over position sizing and when I send an email alert in which it says 10% or 50% start position sizes what does that actually mean in relation to type of currency pair traded. This is a difficult area to document as everyone trades different sized broker accounts and some of you operate with just one or two brokers.\r\n\r\nI promised that I would give some thoughts to this matter and whilst I cannot guarantee that this document should be treated as a tablet of stone brought down from Sinai along with the 10 commandments, at least it is a starting point that may promote further discussion, which I am open to.\r\n\r\nHere we go…\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-POSITION-SIZES-23042016.png\"><img class=\"aligncenter size-full wp-image-7659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-POSITION-SIZES-23042016.png\" alt=\"RISK - POSITION SIZES 23042016\" width=\"507\" height=\"382\" /></a>\r\n\r\nBasically I trade with four / five brokers with live accounts at any one time. RISK is crucial to trading success and managing risk through position sizing is vital for trading longevity.\r\n\r\nFrom the chart above you will see basically 6 sets of currency pairs grouped together. Beneath each group you can see from the chart what my entry-level trade would be. Say in the EUR/USD it would be 3 x Mini lots and an entry at 50% would be 2 x Standard Lots. You can compare this to say the GBP/NZD, when my entry level trade would be just 5 x micro lots in comparison and a trade at 50% position size would be 3 x Mini lots.\r\n\r\nI have grouped the currency pairs into groups that I feel have a similar risk. At the moment it would be very fair to say that rarely am I trading more than a 66% position size. I cannot remember the last full-size trading position that I held.\r\n\r\nAs you should be aware I trade to an account risk limit of 3-3.5% at any one time. I will reduce position sizes if required to keep me in line with my TRADE PLAN.\r\n\r\nFrom left to right looking at the chart it should be very easy to follow that GROUPS 1 and 2 (headed by EUR/USD and GBP/USD) to the left operate from a broker account with a much larger balance than GROUPS 5 and 6 (headed by GBP/AUD and EUR/NZD) on the far right.\r\n\r\nRISK is crucial and these GROUPS of currency pairs are also linked together by ATR (Average True Ranges).\r\n\r\nRight now, trading within my own tough 3-3.5% RISK TOLERANCE level this is what is giving me the edge on flexibility.\r\n\r\nMoving forward, the issue I need to try to address is to let you know more frequently when I am adding and when I am reducing position sizes. Because the 3–3.5% level is a core to my TRADING PLAN along with the monthly ATR levels for longer-term trades, I sometimes include (on the excel spreadsheet that accompanies an email trade alert) the levels at which I will be looking to add to a trade. To constantly tweet amendments will just jam your twitter feeds and maybe\r\n\r\nadjusting position sizes is really something that you should be handling and managing.\r\n\r\nOn entering trades, I know that many of you enter at roughly the same % as me, and leave this alone for the trades’ duration based upon your own RISK TOLERANCE. This is a sound way to trade in my opinion.\r\n\r\nIf you have questions emanating from the chart above, or any of my comments on this, let me know. I hope that this helps and does NOT cause confusion.\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nFinally, on a touchy subject; subscriptions levels will change (software changes permitting) sometime next week, as my new payment gateway is ready to launch. I cannot be specific as it is dependent on testing. As soon as testing is complete the switch will be made. I will be switching to CAD$ away from USD$ and PREMIUM SERVICE (SILVER) will be removed to be replaced by an entry level GOLD option.\r\n\r\nTruth be told, most subscribers go GOLD and the additional administration involved with SILVER was counter productive. The new entry level GOLD subscription will replace SILVER.\r\n\r\nIn addition annual subscribers re-subscribing for another 12 months will get a whopping discount off the published prices. All will be revealed when Claudia (my website Guru) can confirm that the new gateway is ready to rock and roll. In addition a website speed update will also be taking place at the same time… whoopee! I can hear you saying. Being honest, I never notice a change in speed at all; I think these people work in fractions of a second.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-23042016.png\"><img class=\"aligncenter size-full wp-image-7658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-23042016.png\" alt=\"PS LIVE TRADES 23042016\" width=\"798\" height=\"586\" /></a> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-23042016.png\"><img class=\"aligncenter size-full wp-image-7657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-23042016.png\" alt=\"PS LIMIT ORDERS 23042016\" width=\"677\" height=\"455\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY:\r\n\r\nMONDAY:\r\n\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\nWEDNESDAY: JPY – BOJ Rate Statement &amp; Press Conference.\r\n\r\nTHURSDAY: USD – GDP.\r\n\r\nFRIDAY: CAD – GDP.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1224\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016-1024x477.png\" alt=\"EURUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4401\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016-1024x477.png\" alt=\"GBPUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7710\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016-1024x477.png\" alt=\"AUDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6851\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016-1024x477.png\" alt=\"NZDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2663\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016-1024x477.png\" alt=\"USDCAD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9783\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016-1024x477.png\" alt=\"USDCHF D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.78\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016-1024x477.png\" alt=\"USDJPY D 23042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nCentral banks dominate again this week. The FED, RBNZ and BOJ will all be biggies and the volatility surrounding these meetings will be high.\r\n\r\nThe USD has been showing signs of life of late, bouncing off critical support. Given the improving numbers out of the U.S. maybe Janet Yellen will not be as DOVISH as in the past. If so be prepared, I doubt that she can be anything other than DOVISH but lets give her a chance. If she is HAWKISH the DXY will rocket higher. However, bear in mind, no matter what, we are still in a tighter range bound market and a chop fest. So be careful trading.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 23rd April 2016\r\nBLOG REFERENCE: #99 PREMIUM SERVICE VERSION','IMMINENT TROUBLE AHEAD FOR THE EUROZONE','','inherit','closed','closed','','7667-revision-v1','','','2016-04-23 10:15:40','2016-04-23 15:15:40','',7667,'https://weeklyfxdrivethru.com/7667-revision-v1/',0,'revision','',0),(7670,1,'2016-04-23 10:18:26','2016-04-23 15:18:26','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBefore starting this weeks blog and getting into overdrive, I have to say that I have been heeding my own advice over the past three / four weeks.\r\n\r\nI have been: -\r\n<ul>\r\n 	<li>PATIENT</li>\r\n 	<li>ADHERED TO MY TRADE PLAN</li>\r\n 	<li>NOT OVER-TRADED only ADDED TRADES STRICTLY IN LINE WITH TRADE PLAN GUIDELINES</li>\r\n 	<li>REDUCED RISK CALMLY as markets moved.</li>\r\n</ul>\r\nAll my issues started on the overreaction to BREXIT (via Boris Johnson) exacerbated at the same time with ice-storm power outages and multiple ISP failures over 3 days, I took severe pip losses, in fact all my 2016 pip profits and some more were eradicated.\r\n\r\nMy goal is a minimum of 1,000 pips per month across my various trade styles: - RADAR, FLASH, FUNDAMENTAL and POSITION trades.\r\n\r\nAllowing for only a part month in January, in my mind, I should be at about 3,700-4,000 pips profit for the year with the PREMIUM SERVICE.\r\n\r\nAt the end of February after the events listed above the PREMIUM SERVICE pip total for 2016 was: -132 pips.\r\n\r\nToday it is at: - +3,719 pips.\r\n\r\nLast week over 1,400 pips were added and the week before over 500 pips, almost two months objectives in pips in two weeks!! The PREMIUM SERVICE has clawed back over 3 months worth of pip gains (versus target) inside of 2 months.\r\n\r\nYes, there are trades still LIVE with RISK attached that could turn into a loss, but that is FX trading and as a trader you live with this every day as you trade.\r\n\r\nWhat I am saying is that trading with a TRADE PLAN and DISCIPLINE does work. However, at the same time you require patience and it goes without saying nerves of steel at times.\r\n\r\nHowever, none of this would be possible without the common sense to trade smaller positions sizes allowing greater stop loss flexibility. The markets are a chop fest and have been range bound giving false moves higher and lower for many weeks’ even months. I have been taking smaller position sizes with wider stops to manage my RISK accordingly. This has allowed me to move stops and flex with the market.\r\n\r\nAs I have written on many occasions. You have to be savvy when trading Forex it is not a get rich scheme as many spam emails would have you believe. Robots do not work, if they did everyone of them would have been bought up by a big bank and used by the bank making all their analysts redundant. Robots no matter how sophisticated they appear, have a basic fundamental flaw. They cannot react to major geopolitical news events, or extreme data, in fact to central bank monetary policy decisions.\r\n\r\nTechnical analysis in conjunction with macro level market fundamentals still work, but they have to flex with the overall market conditions.\r\n\r\nForex trading is like everything in life, it is how you manage the day-to-day issues that give you your end result. There is still a little way to go to be back in line with my personal pip objectives for subscribers’ year to date but we are getting there.\r\n\r\nI had been quite serious of late over the markets and performance generally, as the markets really gave very little by way of moves and to a large extent like many traders I was trapped. If you are a 15-minute scalper trader, you will have absolutely no idea what I am talking about. However, if your trading time horizon is a little wider, I am sure that some of this resonates with you.\r\n\r\nI thought now was the right time to state that core principles to Forex Trading still work.\r\n\r\nTaking a leap in another direction…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus 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\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nOver the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nWhen my new on-line payments gateway and prices in CAD$ are launched, PREMIUM SERVICE (SILVER) will no longer be an option. An entry level GOLD subscription will replace it.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (SILVER):\r\nUSD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):\r\nUSD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year,\r\nI am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,141\r\nNET PIPS THIS YEAR SO FAR:                +3,719</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September\r\nor mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nThere were only two news items that stuck out in my mind last week from the Forex Market.\r\n<ol>\r\n 	<li>Mario Draghi with the ECB Press Conference.</li>\r\n 	<li>Canadian Retail Sales numbers.</li>\r\n</ol>\r\nPoor Mario Draghi must have been rehearsing his choice of words very carefully in preparation of being asked the awkward questions. I would say without fear of contradiction, that he had a team of people practicing responses praying to the almighty that he didn’t f*ck up like he did the last time around.\r\n\r\nIn fairness to Draghi, he came to this press conference with bugger all to add above and beyond all the incentives he threw at the markets last time around. He did a sound job in my opinion and for most of the time the EUR/USD hardly moved. However after a spike to 114.00 that I missed after a comment about increasing loans hitting the market, he stated that QE (Quantitative Easing) would be around until after the fall / autumn 2017 and that interest rates would basically remain low for well beyond that date and the cherry on top of the pie “INFLATION COULD TURN NEGATIVE AGAIN”… HMOG. This sent the EUR/USD below sub 113.00.\r\n\r\nSo in addition to the BOJ getting a handle on inflation (from last week’s blog), last week Mario Draghi announced ZIRP for an extended period, so with regards to the ECB and BOJ, there are now two central banks whose date to revert to a normalization of interest rates is probably something I wont see in my lifetime!!\r\n\r\nIn Canada, I am very critical of Stephen Poloz the BOC governor. I believe that he is playing a dangerous game and has in my eyes been behind the curve. His head is so far up his ass he cannot hear some of the crap he talks about at times at his press conferences.\r\n\r\nFriday saw blow out Canadian economic data: -\r\n<ul>\r\n 	<li>Core CPI 0.7% versus consensus 0.4%</li>\r\n 	<li>Core Retail Sales 0.2% versus consensus -0.8%</li>\r\n</ul>\r\nMake no mistake these are incredible numbers, however, they do give Poloz a problem. Very recently, the BOC was talking in terms of QE and negative interest rates to tackle the sluggish economy. How will he balance this view with these numbers?\r\n\r\nThere are some fun times ahead for the BOC, wouldn\'t it be great to be a fly on the wall in those meetings?\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>IMMINENT TROUBLE AHEAD FOR THE EUROZONE</strong></p>\r\nI love EUROZONE bashing and I just can’t help it. My reasons are so straightforward, the politicians and elected officials operate on a mindset that is alien to actually fixing the issues.\r\n\r\nI know, its easy to criticize, but give me a break, 8 years after the Financial Crash the EUROZONE has still NOT fixed some of the fundamental issues that it has faced for years and years. It’s so long ago now it almost warrants the story telling to begin with ….”Fadó Fadó”.\r\n\r\nLets look at the EUROZONE from a macro level with issues I believe it has never attempted to rectify, and bear in mind some of these can apply to many countries around the world. It is just that the EUROZONE is completely different in one sense in that is a 27 country collective…allegedly!\r\n<ul>\r\n 	<li>You have a collection of politicians more interested in popularity rather than results.</li>\r\n 	<li>You have politicians who are only interested in blaming someone to gain political advantage rather than actually solving problems.</li>\r\n 	<li>You have politicians taking swipes at elected officials from the bureaucratic centre showing the whole world that there is common desire / belief moving forward.</li>\r\n 	<li>You have political influences being brought to the forefront in a central non-political function.</li>\r\n 	<li>You have a collection of countries with diverse beliefs / methodologies and cultures.</li>\r\n</ul>\r\nAdd all the above together and you get a picture of what the EUROZONE represents. Is it any wonder it’s a huge fu*k up; a disaster waiting to happen?\r\n\r\nLeading on from the pleasantries….\r\n\r\nLast week Draghi stated that the EUROZONE inflation could turn negative once again. Jesus, Mary and Joseph, for fecks sake can no one grab this one issue hold a fecking meeting, expense a few more vats of wine, order in the cheese and pate and resolve this.\r\n\r\nThe EUROZONE leaders have sat back believing that Mario Draghi and the ECB can solve DEFLATION. For crying out loud, Japan has suffered with DEFLATION for years and the BOJ has no cure, in fact, no central bank can cure DEFLATION.\r\n\r\nThe EUROZONE leaders cannot agree on a Pouilly-Fume or a Cabernet Sauvignon with lunch, what chance is there of them solving DEFLATION?\r\n\r\nThey require a Mario Draghi presentation of the measures taken by the ECB and why they have failed. Central bank monetary policy cannot solve DEFLATION, the BOJ have proved this. It requires economic reforms, deep economic reforms that incentivize and reward, but they can only be done locally, not centrally.\r\n\r\nThis leads me into one of my favourite chestnuts…\r\n<ul>\r\n 	<li>Do the 27 member countries within the EUROZONE have the political will or the ability to tackle DEFLATION?</li>\r\n 	<li>Does every country need to apply the same policies?</li>\r\n</ul>\r\nProbably not, but given that to solve DEFLATION is a medium to longer-term strategy could you see short time-lined politicians hooked on popularity entering into any policy that they may not be in power for when the benefits come through into the local economy?\r\n\r\nI know that I can’t. In addition, the countries that require help are in the main the same ones that cannot afford to do anything and they have been hoping and praying the ECB might be able to magic a rabbit out of the hat on their behalf.\r\n\r\nTo solve DEFLATION in the EUROZONE requires leadership, commitment, desire and policy change as well as a united front to fight it.\r\n\r\nSo it will never happen. Not one of the words in blue above in my mind goes hand in glove with the EUROZONE.\r\n\r\nNext…\r\n\r\nThe BREXIT is another issue that from my perspective has been “kicked down the road” by the EUROZONE. A UK exit from the EUROPEAN UNION affects the EUROZONE as much as it will affect the UK. The UK is a net contributor to the EU. The EU needs as much money as possible to fund its problems. If the UK leaves the EU there a gaping hole to fill…\r\n\r\nIf the UK does BREXIT, make no mistake there WILL BE A CONTAGION EFFECT.\r\n\r\nNext…\r\n\r\nGREECE is back in the news. Look this is so simple. Without going over old ground covered so many times in so many blogs over the past two/three years, we are still at the same place we were three/ four / five years ago.\r\n\r\nGREECE has a loan; it cannot afford to pay it back no matter what reforms it makes. The EUROZONE and IMF are in cloud cuckoo land believing that it will be repaid. If the EUROZONE goal was to inflict as much pain as possible on GREECE and the Greek people because of fiscal irresponsibility they have been paid ten/twenty fold. The bottom line is that the core problem like everything in the EUROZONE is never tackled. GREECE cannot repay, no matter what it does to try to satisfy GERMANY in particular, and EUROZONE Finance Ministers under the leadership of Jeroen Dijsselbloem.\r\n\r\nGREECE is now once again at another set of crossroads. These are the obstacles that I think that GREECE has to generate €€€€€ to meet debt repayments moving forward: -\r\n<ul>\r\n 	<li>GREECE has no hidden cash reserves from which to call upon to meet debt payments.</li>\r\n 	<li>Who can they borrow from to meet debt repayments?</li>\r\n 	<li>Is there room for further domestic austerity to bring in €€€€?</li>\r\n 	<li>Does GREECE have capacity to drive growth in the economy?</li>\r\n 	<li>GREECE could just default.</li>\r\n</ul>\r\nThere is so much debt in GREECE to manage. There is only one obvious solution and there has only ever been one obvious solution and that is, debt forgiveness.\r\n\r\nGERMANY is not keen on this route because other bailout countries like IRELAND may want a refund on costs that they had from the EUROZONE. Why should they pay when GREECE gets away with it?\r\n\r\nAt the end of the day the GREEK cash shortage to meet liabilities is real, and I think that it will be hard for the EUROZONE “can kickers” to “kick” again. For Tsipras it would be political suicide to bend over and pull his trousers down once again. The hard liners will be telling him in no uncertain terms to tell Merkel and Dijsselbloem to feck off if they ask for more reforms.\r\n\r\nThe Greek citizens, I think must be close to breaking point as well. They have suffered through a series of severe austerity programmes, with still no light at the end of the tunnel. Youth and long-term unemployment are still at record high levels and alarmingly after all the austerity the debt to GDP ratio is higher now than what it was when austerity started. GREECE is in recession. It needs fixing properly.\r\n\r\nI know that I sound very negative but I just cannot see the EUROZONE fixing this and GREECE may have to default to control matters better themselves and I know that sentence sounds bloody ridiculous.\r\n\r\nSo as traders maybe the EUR/USD sub 1.0500 trade towards parity is back on. Only time will tell.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nTRADING REVIEW:\r\n\r\nOver 1400 pips last week and over 500 pips the week before. At last I can hear you saying at last. Patience finally wins out.\r\n\r\nLooking ahead. I want to establish core trades from which to springboard off with AUD/NZD (although, I think that 1.1300-1.1350 could be awkward), USD/CHF, EUR/CHF (possibly) and EUR/USD.\r\n\r\nI have stayed away from AUD, CAD and NZD commodity crosses apart from GBP/NZD of late; it’s about time I took another look at those.\r\n\r\nWe have the FOMC and RBNZ this week and I will be quiet until these data releases have taken place unless there are pullbacks or spikes to give good entry levels for core positions.\r\n\r\nIn the run up to BREXIT, I don’t want to be managing more than 10 LIVE trades. Even with the covering of many trades at the end of last week, there are still 10 live trades in play. This is one of my areas of focus moving forward.\r\n\r\nNothing to report from the brokers, deadly silence… is that a good or bad thing, you be the judge?\r\n\r\nMy tour preparations are will under way and I am now playing with the POWERPOINT presentation. I just hope that with all the costs of promotion etc and getting there that I can fill bums on seats. If you have people who are interested in attending, please get them to register at <a href=\"mailto:events@thepremiumservice.com\">events@thepremiumservice.com</a>\r\n\r\n&nbsp;\r\n\r\nPOSITION SIZING:\r\n\r\nDuring the week I had a couple of conversations with subscribers over position sizing and when I send an email alert in which it says 10% or 50% start position sizes what does that actually mean in relation to type of currency pair traded. This is a difficult area to document as everyone trades different sized broker accounts and some of you operate with just one or two brokers.\r\n\r\nI promised that I would give some thoughts to this matter and whilst I cannot guarantee that this document should be treated as a tablet of stone brought down from Sinai along with the 10 commandments, at least it is a starting point that may promote further discussion, which I am open to.\r\n\r\nHere we go…\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-POSITION-SIZES-23042016.png\"><img class=\"aligncenter size-full wp-image-7659\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-POSITION-SIZES-23042016.png\" alt=\"RISK - POSITION SIZES 23042016\" width=\"507\" height=\"382\" /></a>\r\n\r\nBasically I trade with four / five brokers with live accounts at any one time. RISK is crucial to trading success and managing risk through position sizing is vital for trading longevity.\r\n\r\nFrom the chart above you will see basically 6 sets of currency pairs grouped together. Beneath each group you can see from the chart what my entry-level trade would be. Say in the EUR/USD it would be 3 x Mini lots and an entry at 50% would be 2 x Standard Lots. You can compare this to say the GBP/NZD, when my entry level trade would be just 5 x micro lots in comparison and a trade at 50% position size would be 3 x Mini lots.\r\n\r\nI have grouped the currency pairs into groups that I feel have a similar risk. At the moment it would be very fair to say that rarely am I trading more than a 66% position size. I cannot remember the last full-size trading position that I held.\r\n\r\nAs you should be aware I trade to an account risk limit of 3-3.5% at any one time. I will reduce position sizes if required to keep me in line with my TRADE PLAN.\r\n\r\nFrom left to right looking at the chart it should be very easy to follow that GROUPS 1 and 2 (headed by EUR/USD and GBP/USD) to the left operate from a broker account with a much larger balance than GROUPS 5 and 6 (headed by GBP/AUD and EUR/NZD) on the far right.\r\n\r\nRISK is crucial and these GROUPS of currency pairs are also linked together by ATR (Average True Ranges).\r\n\r\nRight now, trading within my own tough 3-3.5% RISK TOLERANCE level this is what is giving me the edge on flexibility.\r\n\r\nMoving forward, the issue I need to try to address is to let you know more frequently when I am adding and when I am reducing position sizes. Because the 3–3.5% level is a core to my TRADING PLAN along with the monthly ATR levels for longer-term trades, I sometimes include (on the excel spreadsheet that accompanies an email trade alert) the levels at which I will be looking to add to a trade. To constantly tweet amendments will just jam your twitter feeds and maybe\r\n\r\nadjusting position sizes is really something that you should be handling and managing.\r\n\r\nOn entering trades, I know that many of you enter at roughly the same % as me, and leave this alone for the trades’ duration based upon your own RISK TOLERANCE. This is a sound way to trade in my opinion.\r\n\r\nIf you have questions emanating from the chart above, or any of my comments on this, let me know. I hope that this helps and does NOT cause confusion.\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nFinally, on a touchy subject; subscriptions levels will change (software changes permitting) sometime next week, as my new payment gateway is ready to launch. I cannot be specific as it is dependent on testing. As soon as testing is complete the switch will be made. I will be switching to CAD$ away from USD$ and PREMIUM SERVICE (SILVER) will be removed to be replaced by an entry level GOLD option.\r\n\r\nTruth be told, most subscribers go GOLD and the additional administration involved with SILVER was counter productive. The new entry level GOLD subscription will replace SILVER.\r\n\r\nIn addition annual subscribers re-subscribing for another 12 months will get a whopping discount off the published prices. All will be revealed when Claudia (my website Guru) can confirm that the new gateway is ready to rock and roll. In addition a website speed update will also be taking place at the same time… whoopee! I can hear you saying. Being honest, I never notice a change in speed at all; I think these people work in fractions of a second.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-23042016.png\"><img class=\"aligncenter size-full wp-image-7658\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-23042016.png\" alt=\"PS LIVE TRADES 23042016\" width=\"798\" height=\"586\" /></a> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-23042016.png\"><img class=\"aligncenter size-full wp-image-7657\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-23042016.png\" alt=\"PS LIMIT ORDERS 23042016\" width=\"677\" height=\"455\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY:\r\n\r\nMONDAY:\r\n\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\nWEDNESDAY: JPY – BOJ Rate Statement &amp; Press Conference.\r\n\r\nTHURSDAY: USD – GDP.\r\n\r\nFRIDAY: CAD – GDP.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1224\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016-1024x477.png\" alt=\"EURUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4401\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016-1024x477.png\" alt=\"GBPUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7710\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016-1024x477.png\" alt=\"AUDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6851\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016-1024x477.png\" alt=\"NZDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2663\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016-1024x477.png\" alt=\"USDCAD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9783\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016-1024x477.png\" alt=\"USDCHF D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.78\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016-1024x477.png\" alt=\"USDJPY D 23042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nCentral banks dominate again this week. The FED, RBNZ and BOJ will all be biggies and the volatility surrounding these meetings will be high.\r\n\r\nThe USD has been showing signs of life of late, bouncing off critical support. Given the improving numbers out of the U.S. maybe Janet Yellen will not be as DOVISH as in the past. If so be prepared, I doubt that she can be anything other than DOVISH but lets give her a chance. If she is HAWKISH the DXY will rocket higher. However, bear in mind, no matter what, we are still in a tighter range bound market and a chop fest. So be careful trading.\r\n\r\nAs always, be savvy…\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,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 23rd April 2016\r\nBLOG REFERENCE: #99 PREMIUM SERVICE VERSION','IMMINENT TROUBLE AHEAD FOR THE EUROZONE','','inherit','closed','closed','','7667-revision-v1','','','2016-04-23 10:18:26','2016-04-23 15:18:26','',7667,'https://weeklyfxdrivethru.com/7667-revision-v1/',0,'revision','',0),