<p style="text-align: left;" align="center"><b><span style="text-decoration: underline;">1. INTRODUCTION:</span></b></p>
Despite the fact I think that in my opinion the Forex market is currently a bit of a chop fest and that it seems to just want to squeeze extremes and exert as much pain as possible to traders, I had from a personal viewpoint my best trading week this year. This week over +500 pips profit again. My absolute $$$ return has me well ahead of my trading plan objective. To place the week in context, most of the pips were generated from related to CAD related trades in one day.

I do not want to promote “doom and gloom” but I see a period of chop fest intensifying as we move forward and in these situations sometimes your best trade is NOT to trade. I will debate the current market conditions later in this blog.

The big news items during the past week regarding the PMi’s in China and Europe plus the FOMC meeting minutes didn’t really move the major pairs out of their trading channels and largely they remained range bound. The big number in the market to trigger moves across the board appears to be the EUR/USD support at 1.3680. If this gives way, and on the day it breaks, we end the day below this level, I believe this will be the catalyst for some bold moves across many currency pairs.

&nbsp;

<b><span style="text-decoration: underline;">2. TRADING SUMMARY:</span></b>
<p align="center"><b><span style="text-decoration: underline;">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>
<p align="center"><b><span style="text-decoration: underline;">FEBRUARY 2014 and YEAR to date:</span></b></p>
Below I show the up to date performances for my various trading styles. Full excel spreadsheets area also in the subscriber area of the PREMIUM SERVICE.<b style="line-height: 1.5em;"><span style="text-decoration: underline;"> </span></b>

<b><span style="text-decoration: underline;">RADAR TRADES – FEBRUARY 2014:</span></b>
<p align="center"><b><span style="text-decoration: underline;"><a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-1-22.02.2014.png"><img class="aligncenter size-full wp-image-3262" alt="RADAR 1 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-1-22.02.2014.png" width="543" height="462" /></a></span></b><b></b></p>
<p align="center"><a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-2-22.02.2014.png"><img class="aligncenter size-full wp-image-3263" alt="RADAR 2 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-2-22.02.2014.png" width="543" height="477" /></a></p>
<p align="center"><b><span style="text-decoration: underline;">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>
<p align="center">1 x MICRO-LOT:
11 trades at $0.10 cents each = $1.10 risk for $14.80 profit.</p>
<p align="center">1 x MINI-LOT:
11 trades at $1.00 each = $11.00 risk for $148.00 profit.</p>
<p align="center">1 x STANDARD LOT:
11 trades at $10.00 each = $110.00 risk for $1,480.00 profit.</p>
<b><span style="text-decoration: underline;">FLASH TRADES – FEBRUARY 2014:</span></b>

&nbsp;
<p style="text-align: center;"> <a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-1-22.02.2014.png"><img class="aligncenter size-full wp-image-3264" alt="FLASH 1 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-1-22.02.2014.png" width="477" height="481" /></a></p>
<p align="center"><a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-2-22.02.2014.png"><img class="aligncenter size-full wp-image-3265" alt="FLASH 2 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-2-22.02.2014.png" width="497" height="488" /></a></p>
<p align="center"><b><span style="text-decoration: underline;">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>
<p align="center">1 x MICRO-LOT:
24 trades at $0.10 cents each = $2.40 cents risk for $59.90 profit.</p>
<p align="center">1 x MINI-LOT:
24 trades at $1.00 each = $24.00 risk for $599.00 profit.</p>
<p align="center">1 x STANDARD LOT:
24 trades at $10.00 each = $240.00 risk for $5,990.00 profit.</p>
<b><span style="text-decoration: underline;">FUNDAMENTAL TRADES – FEBRUARY 2014:</span></b>
<p align="center"><a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FUNDAMENTAL-22.02.2014.png"><img class="aligncenter size-full wp-image-3266" alt="FUNDAMENTAL 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FUNDAMENTAL-22.02.2014.png" width="507" height="519" /></a></p>
<p align="center"><b><span style="text-decoration: underline;">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>
<p align="center">1 x MICRO-LOT:
13 trades at $0.10 cents each = $1.30 cents risk for $16.10 loss.</p>
<p align="center">1 x MINI-LOT:
13 trades at $1.00 each = $13.00 risk for $161.00 loss.</p>
<p align="center">1 x STANDARD LOT:
13 trades at $10.00 each = $130.00 risk for $1,610.00 loss</p>
<p align="center"><b><span style="text-decoration: underline;">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>
<p align="center"><b><span style="text-decoration: underline;">FEBRUARY 2014…SO FAR:</span></b></p>
<p align="center">TRADING MICRO-LOTS:
48 trades at $0.10 cents each = $4.80 risk for $58.60 profit.</p>
<p align="center">TRADING MINI-LOTS:
48 trades at $1.00 each = $48.00 risk for $586.00 profit.</p>
<p align="center">TRADING STANDARD LOTS:
48 trades at $10.00 each = $480.00 risk for $5,860.00 profit.</p>
<p align="center"></p>
<p align="center"></p>
<p align="center"><b><span style="text-decoration: underline;">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE
</span></b><b><span style="text-decoration: underline;">TOTAL:  2014…SO FAR:</span></b></p>
<p align="center">TRADING MICRO-LOTS:
92 trades at $0.10 cents each = $9.20 risk for $137.10 profit.</p>
<p align="center">TRADING MINI-LOTS:
92 trades at $1.00 each = $92.00 risk for $1,371.00 profit.</p>
<p align="center">TRADING STANDARD LOTS:
92 trades at $10.00 each = $920.00 risk for $13,710.00 profit.</p>
The above examples are for illustration purposes only:

The profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.

Just to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.

The above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.

&nbsp;

<b><span style="text-decoration: underline;">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b><b style="line-height: 1.5em;"> </b>
<p align="center"><b>THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:</b><b style="line-height: 1.5em;"> </b></p>
The market is what it is.

As traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader.

The market is frustrating at the present time, and we seem to be operating in channels that are difficult to trade in. Usually, channel trading is quite straightforward.

Over the past few years we have lived with and traded currencies within an upward trending equity market scenario. At the end of last year, the FED changed its monetary policy by introducing tapering.

This is in itself bound to have an effect.

Initially, when tapering was talked about it was generally believed that the USD would strengthen hard across the board and equities would fall. To date, this has not happened. Instead, the markets have continued to grind higher and although there are plenty of inter-market correlations that are no longer in sync the predicted USD strength still has not emerged along the lines thought of at the outset of tapering. Market dis-connects continue.

In the short to medium term I do believe that a major news event will be the trigger to get the ball moving but until that happens I think we ‘Chop”

Bit by bit the long term effects of Quantitative Easing will be tapered out of the markets and we will spend most of 2014 unwinding. Standing back it makes sense that conditions will be choppy as the Fed monetary policy changes take hold. I think because we live in a “now” society we expect the markets to react instantaneously; but we have to be patient.

Trader survival is therefore paramount in a “Chop Fest” environment. What are the survival rules to consider?
<ol>
	<li>Risk Management is now even more important than ever. One way to help in this area is to keep your risk tolerance the same but do it by taking smaller positions and widening your stops so that the overall risk is the same but you just have more trading space to deal with volatility.</li>
	<li>
If you trade Standard lots maybe consider trading Mini lots instead. You can still build up profitable trades by adding multi lots. It also allows you greater flexibility to react to live trades by adding to positions or conversely taking partial position sizes off the table. Obviously, if you trade Mini lots you could consider Micro lots as an option.The bottom line though is smaller positions sizes makes sense in this type of market condition.

You can always revert back when the market changes to more trending market.</li>
	<li>To give you an edge when entering trades. The best discipline that I have found is to use a “PULLBACK STRATEGY”. This basically involves waiting for a currency pair to pullback from the direction in which it is trading for maybe 15-30 minutes and then as it resumes it direction again you enter your trade back in the direction of the trend.I use this strategy for about 80% of my FLASH TRADES that are given to subscribers in the PREMIUM SERVICE.

Every trade is a risk. The key is doing everything you can to minimise the risk parameters you have. The “PULLBACK STRATEGY” does this and once you get proficient in adopting it as a trading style it can be used 24 x 7 x 365.</li>
	<li>If you are a very Conservative trader and you do not like the “Chop Fest” - Stop trading…. and stand aside and keep your broker account in $$$. This is a great trading option if you are uncomfortable with present conditions. When I first started trading I was once told sometimes your best trade is the trade you don't take.You are not chicken. Your trading style and your TRADING PLAN objectives (This is the discussion topic in TRADER TOPIC’s this week later in the blog), are your own.

Capital preservation is paramount to success. Without capital you simply cannot trade. The market is cyclical, sometimes just need to be patient and wait to get on board again.</li>
	<li>Basic trading guidelines often go out of the window through trader frustration particularly when, conditions are difficult to read and trends are virtually non-existent.Go back to basics; Remember you sell into strength and you buy into weakness. Buy low and sell high. Review your interpretation of Fibonacci charts and how to use pivot points.</li>
</ol>
&nbsp;

The above are just some very basic thoughts that if adopted should keep your broker accounts with a trading balance.

I wrote last week about FEAR and GREED and how “twitchy” the markets have become. My comments are still very much relevant this week.

Good luck with your trading and take care.

&nbsp;

<b><span style="text-decoration: underline;">4. TRADER TOPICS:</span></b>

As promised several weeks ago, this week the subject of this section is TRADING PLANS. This will be a three-part TRADER TOPIC subject, covering TRADING PLANS as comprehensively as I can.
<p align="center"><b><span style="text-decoration: underline;">CREATING A TRADING PLAN</span></b></p>
I will be honest; when I started trading I did not have a TRADING PLAN. I really did not see the need for one…I was wrong.

Trading Forex will be more successful for you as a trader if you have a proper plan in place. The classic quote that is often used when referring to not having a TRADING PLAN is “Failing to plan is planning to fail”

Trading plans are really a lot like insurance. You don’t usually want it until you’ve faced a catastrophe. But after that catastrophe, which maybe was a huge loss on a single trade, or worse, a margin call from one really bad trade, as a trader you probably recognize that something needs to be done.

Regardless of how you get there, just the fact that you actually arrive at the destination of realizing that a TRADING PLAN is not just a “nice to have”, but sometimes a necessity, is generally a positive development in the journey / career of a Forex trader.

The bottom line is a TRADING PLAN is a must.

Here is one very basic reason for having a plan: New traders sometimes barely even have the actual reasons for entering a trade. Imagine, that you were planning to loan money to a new business as an investment. Could you picture yourself lending money to a person without a business plan when they said that they were going to start their business based on “their gut?” Obviously no one should ever start a business by relying on his or her gut alone. However, plenty of new traders start trading in exactly that manner.

So, what should you include in your TRADING PLAN?

A very simple approach is to look at it in four sections: WHAT, HOW, WHEN and WHY. My first TRADING PLAN was along these lines and was short and to the point. As time has elapsed since I started trading my own plan has now reached a staggering 21 pages including all inserts on profitability, plus how I trade with my various brokers and then finally my Marketing Plan.

<b><span style="text-decoration: underline;">WHAT:</span></b><b>  (What type of trader are you?)</b>

I think that the initial question that you should ask yourself is “What type of trader am I?’ If you are a new trader, you may not know yet, bear in mind the TRADING PLAN is a fluid document for many things. As you develop as a trader your style will become apparent and you can update your plan accordingly.

The benefit from knowing what type of trader you are is quite straightforward. Defining what you are gives you a comfort zone. If you take a trade that is outside your definition and it loses money it serves as a reminder to you that you were not trading within your comfort zone.

The following is a very simple chart of trader types:

TRADER TYPE:                    CHARACTERISTICS OF THE TYPE / STYLE:

SCALPER                             Holds trades for a few minutes to maybe a few hours.

DAY-TRADER                       Holds trades for less than a day (A bit longer than scalpers).
SWING-TRADER                 Holds trades from a few hours to a few days.

INTERMEDIATE and

LONG-TERM TRADERS    Holds trades for at least a day and, possibly months / years.

POSITION TRADER            Holds trades as long as needed to build &amp; work a position.

&nbsp;

<b><span style="text-decoration: underline;">HOW:</span></b> (<b>How to manage positions / enter and exit trades?)</b>

This is a very important part of your TRADING PLAN. Without a definition of “how” the plan is really both useless and pointless.

In this section of your TRADING PLAN you should specify how many lots you are going to trade on whatever types of trade that you are going to enter. Additionally, you specify what your risk is per trade. This will obviously be in relation to your account size. The rough rule of thumb in this area is not to risk more than either 0.50%-0.75% of your overall account balance on any one trade. By doing this it tells you basically whether you should be trading Micro, Mini or Standard lots.

This section should also contain whether or not you will trade news events and what your risk will be around such events.

This area can be as complex or as straightforward as you want it to be. You can use SMA or EMA, Bollinger Bands, Fibonacci Levels or Pivot points, whatever you like, whatever is comfortable with your trading style to describe entry / exit parameters to your trading.

The benefit of detail in this section, allows you the opportunity to troubleshoot losing trades. More definition definitely means more discipline.

A very important point here is that the strategy must be your own, what you are comfortable with and not lifted / copied from another source. There is little point me providing a PDF of my TRADING PLAN because each of us is a different type / style of trader.

The above TRADER TYPES (In the “What” section) should help you in connection with outlining your “HOW”. The bottom line is to be comfortable as a trader. There is enough stress around trading without you trying to pigeon hole yourself into a type / style of trader that you are not.

In my own TRADING PLAN, I highlight definitions of RADAR, FLASH and FUNDAMENTAL trades. I add to this when each style of trade is appropriate and what my entry lot sizes are for each type of trade. I also include when I will add to positions, how I will use the ATR and Hedging on trades.

<b><span style="text-decoration: underline;">WHEN:</span></b> <b>(When will you trade?)</b>

This is the forgotten item in most TRADING PLANS.

There is so much flexibility as a Forex trader. The markets are open from 5.00pm Eastern (USA) on a Sunday night and close the following Friday at 5.00pm Eastern (USA). The Forex market moves 24x7

Having said that, the one thing that the Forex market thrives on is liquidity, without liquidity driving the market there is either no movement or extreme lack of liquidity movements, which personally drive me crazy.

There are principally, three trading sessions: -

THE ASIAN SESSION: - The Asian session is more often than not a lot quieter than the London and US sessions. It tends to take its lead from what happened previously in the US session.

THE LONDON (EUROPEAN) SESSION: - Liquidity definitely improves as the European markets open. The overlap from the Asian into European sessions is sometimes the most volatile and there are often very fast, very active, very volatile moves that can define momentum moves with currency pairs. As the Asian markets close the European session settles down

THE U.S. (AMERICAS) SESSION: - as the US comes on stream the volatility increases once more as the overlap between the European and U.S. traders take hold. I think it is safe to say that from 8.00am to 11.30am Eastern the Forex markets are at their most liquid period of the 24-day.

(If I had to choose a place to live to be a professional Forex trader…it has to Europe. It is as good as a 12-hour day!!)

When you trade can have a huge influence on your results. It should also define your trading strategy. High volume equals higher risk.

<b><span style="text-decoration: underline;">WHY:</span></b> <b>(This is where you write out your goals and objectives)</b>

This is the final segment and probably the most important of all of them when you look at your TRADING PLAN. Why do you want to be a Forex trader?

More time with the family

or

Financial freedom

Trading is NOT easy. It can be very difficult, and tough, and costly and most of all totally 100% frustrating at times.

Common sense does NOT always apply. The markets are what they are, not what you want them to be, or think they should be. Set your financial objectives conservatively. I was told that a target of 1% - 2% of your account balance per day is good (Personally, I target 1% per day). Maximum trade size should not see you risk more than 0.50%-0.75% of your account balance.

Break down your income objectives to daily targets and build up to weekly and monthly goals. Create an excel spreadsheet that you can follow and use to check performance. You must journal <b><span style="text-decoration: underline;">ALL</span></b> your trades (Entry, Exit, was it a Market order, or a Limit order, time of day trade placed or triggered, position size etc.).

I created a mini marketing document this year with detailed goals and objectives. I set out at the beginning of 2014 certain thoughts and views on how the markets would perform. This is part of my FUNDAMENTAL overview contained in my TRADING PLAN. This year for me it is a substantial document.

A TRADING PLAN is NOT something you do and then file away, it should be referred to regularly to check and test your strategies and objectives; in essence a “fluid” working document.

There are great opportunities in trading currencies. You just have to be realistic and set your financial goals to be achievable bearing in mind how you trade, when you trade and how much capital you are risking.

The “WHY” serves as a reminder as to why you are prepared to go through the pain when times get difficult? The WHY helps put things in perspective relative to the bigger picture?

If you find it totally frustrating trying to achieve the goals that you set yourself personally and financially you have to re-evaluate.

Are you goals realistic?

Are you following your plan?

Looking at your results versus your plan allows a complete diagnosis of your performance.

Either you inject some self-discipline and move forward, or, you quit trading. In my opinion and this is the hardest lesson that I have had to learn, there are three things when trading that you must use everyday: -

1. DISCIPLINE
2. DISCIPLINE
<span style="line-height: 1.5em;">3. DISCIPLINE</span>

&nbsp;

<b><span style="text-decoration: underline;">5. MY CURRENT LIVE TRADES:</span></b>
<p style="text-align: center;"><b><span style="text-decoration: underline;">FLASH TRADES:</span></b></p>
<p style="text-align: center;"> FT37
EUR/USD
Short
Cost Average: 1.3712
Stop Loss: 1.3962
Limit / Target: 1.2760
My Position Size: 20%
Closing Weekly Position: 1.3738
<span style="line-height: 1.5em;">My present Profit/Loss position:  - 26pips</span></p>
I have changed my perspective on this trade. I took profits off the table on Thursday morning last week and having re-evaluated this trade I have now decided that this is in real terms a FUNDAMENTAL trade.

Basically, I believe that the EUROZONE is another accident away from a crisis. I think that Janet Yellen is more Hawkish than Dovish and I do believe that the ECB through Draghi has to accommodate more and the possibility of negative deposit rates is only a matter of when not if. Plus full-blown QE is NOT off the table.

With this in my mind I am bullish the USD and bearish the EUR in the longer term.

The Monthly chart below shows the long-term wedge that the EUR/USD is trading in. I do think that in two / three months we will be trading much lower so ergo  I am in this trade.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-22.02.2014.png"><img class="aligncenter size-large wp-image-3253" alt="EURUSD MONTHLY 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-22.02.2014-1024x522.png" width="1024" height="522" /></a>

<b><span style="text-decoration: underline;"> </span></b>
<p style="text-align: center;"><b><span style="text-decoration: underline;">RADAR TRADES: </span></b></p>
<p style="text-align: center;">RT39
EUR/GBP
Short
Cost Average: 0.8224
Stop Loss: 0.8308
Limit / Target: 0.8000
My Position Size: 20%
Closing Weekly Position: 0.8268
<span style="line-height: 1.5em;">My present Profit/Loss position:  - 34pips</span></p>
<p style="text-align: center;">For the same reasons as the EUR/USD above I am happy to stay short this pair.</p>
<p style="text-align: center;"><b><span style="text-decoration: underline;">FUNDAMENTAL TRADES:</span></b></p>
<p style="text-align: center;">I have no “LIVE” FUNDAMENTAL trades at this time.<b></b></p>
<p style="text-align: center;"><b><span style="text-decoration: underline;"> </span></b></p>
<b><span style="text-decoration: underline;">6. TRADES THAT ARE ON MY RADAR:</span></b>

I have the following RADAR trade in position with my brokers.
<p style="text-align: center;">USD/CHF
Long
Entry Level: 0.8000
Stop Loss: 0.8750
Limit / Target: 0.9250</p>
<p style="text-align: left;"> The following RADAR trades are not yet placed with brokers. It is my intention to do this either at the market open (Sunday evening) or Monday morning after the European session. I will advise when they are placed via Twitter.</p>
<p style="text-align: center;">AUD/USD
Short
Entry Level: 0.9010
Stop Loss: 0.9085
Limit / Target: 0.8500</p>
<p style="text-align: center;">USD/SEK
Long
Entry Level: 6.6000
Stop Loss: 6.4500
Limit / Target: 6.8000</p>
<p style="text-align: center;">USD/CAD
Long
Entry Level 1.1080
Stop Loss 1.1040
Limit / Target 1.1250</p>
FUNDAMENTAL TRADES ON MY RADAR

The Cross rate commodity pairs that I love to trade are basically breaking out and I need pullbacks to give me entry set-ups. I am not going to list out the stops and targets this week but basic entry levels, with comments that MAY get me looking to enter long. I have also included monthly charts with Fibonacci levels and key levels where applicable.

Please bear in mind these trades are MICRO LOTS to start with and only upon taking shape with momentum in my direction will I add further lots to increase my position size. These currency pairs are wild and volatile. If you cannot cope with extreme volatility and moves that do not make sense at times I suggest that you ignore these trades.

EUR/AUD:
The risk with this currency pair is still 1.5000. In fact I believe if you were going to take this trade long, the risk is a pullback to 1.4900. Entry levels need to be with a deep pullback from existing levels, maybe 1.5200.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURAUD-MONTHLY-22.02.2014.png"><img class="aligncenter size-large wp-image-3254" alt="EURAUD MONTHLY 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURAUD-MONTHLY-22.02.2014-1024x522.png" width="1024" height="522" /></a>

&nbsp;

GBP/AUD:
I think the risk level with this pair should be 1.8200. GBP is very bullish and I think that the 61.8% Fibonacci is calling at 1.9215.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPAUD-MONTHLY-22.02.2014.png"><img class="aligncenter size-large wp-image-3256" alt="GBPAUD MONTHLY 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPAUD-MONTHLY-22.02.2014-1024x522.png" width="1024" height="522" /></a>

EUR/NZD:

The break out level at 1.6800 beckons all traders. This pair really moves and I think if you were really taking a longer-term view the monthly ATR is about 800 pips and so the risk at 1.6000, makes this a very costly trade if you are not in profit almost immediately. Swap rates are high. I would be looking at a risk / stop loss of about 1.6400 from present levels. That level of 1.64000 would make a great entry level with 1.6000 as the stop loss, if we can get the pullback.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURNZD-MONTHLY-22.02.2014.png"><img class="aligncenter size-large wp-image-3257" alt="EURNZD MONTHLY 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURNZD-MONTHLY-22.02.2014-1024x522.png" width="1024" height="522" /></a>

&nbsp;

GBP/NZD:

This pair has broken out above 2.0000. There are great opportunities with this pair to the upside. 1.9700-1.9800 represents the stop loss area and the upside could be anything from 500 pips to 5,000 pips.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPNZD-MONTHLY-22.02.2014.png"><img class="aligncenter size-large wp-image-3258" alt="GBPNZD MONTHLY 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPNZD-MONTHLY-22.02.2014-1024x522.png" width="1024" height="522" /></a>

EUR/CAD:

An extremely bullish pair; entry can only really be on a pullback. Levels do not really apply as we are in a breakout above the 52 week high. 1.5150 looks good (this was the pullback level earlier last week after the 1.5200 break higher) to me as an entry, with a stop below 1.5000 (only dealing in round numbers)

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURCAD-MONTHLY-22.02.2014.png"><img class="aligncenter size-large wp-image-3259" alt="EURCAD MONTHLY 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURCAD-MONTHLY-22.02.2014-1024x522.png" width="1024" height="522" /></a>

GBP/CAD:

With the GBP being quite well supported and CAD being weak, this pair can run! Entries around 1.8400 look good with stops at 1.7980 (this was previous sticking level)

&nbsp;

<b><span style="text-decoration: underline;"><a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPCAD-MONTHLY-22.02.2014.png"><img class="aligncenter size-large wp-image-3260" alt="GBPCAD MONTHLY 22.02.2014" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPCAD-MONTHLY-22.02.2014-1024x522.png" width="1024" height="522" /></a></span></b>

<b><span style="text-decoration: underline;">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>

<b>EUR/USD: Closing Price 1.3738.</b>  All eyes are on 1.3680 as the bull / bear line in the sand for the EUR/USD. To be honest the break of this support level is probably a lot to do with the way the Forex markets are operating at the moment. It is obviously very well supported.  I am looking at the range being 1.3680 to 1.3800.

<b>GBP/USD: Closing Price 1.6614.  </b>The cable (GBP/USD) is now under pressure after breaking out last week. It was refused entry above 1.6800 and was dumped down. Some mixed data from the UK has forced it even lower during the week taking the cross rate pairs with it as well. Personally, below 1.6600 I see a re-test of 1.6250 and resistance is really set now at 1.6650 and then 1.6700.

<b>AUD/USD: Closing Price 0.8978</b>.  The AUD I thought was going to put up the white flag earlier in the week but with equities continuing to grind higher it has remained reasonably well supported. It is not where it should be price wise given that the S &amp; P is hovering around all-time highs but nevertheless it has NOT collapsed. The range that interests me is 0.8950 to 0.9075.

<b>NZD/USD: Closing Price 0.8274</b>.  A very similar story with the NZD as it is with the AUD. Support is big at 0.8250 and resistance is excellent at 0.8320.

<b>USD/CAD: Closing Price 1.1107.</b>  Some stellar moves in the CAD and its cross rates during the week and today we pulled back almost 100 pips off the highs. Around this level is a place to establish a long position. The range is 1.1080 to 1.1230.

<b>USD/CHF: Closing Price 0.8879</b>.  I see absolutely no point whatsoever trading this pair. Boring, boring, boring. Wake me up at 0.8800.

<b>USD/JPY: Closing Price 102.48.  </b>We are still in exactly the same range as last week.  No change in my opinion. I think it’s going lower towards 99.50 before we hit 110.00. The range is 101.50 to 102.80.

&nbsp;

<b><span style="text-decoration: underline;">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>

SUNDAY: N/A

MONDAY: N/A

TUESDAY: N/A

WEDNESDAY: N/

THURSDAY: N/A

FRIDAY: EUR – CPi.

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

<b><span style="text-decoration: underline;">9. FINAL THOUGHTS:</span></b>

Not much in news events that interest me this week.

I am expecting the “Chop Fest” to continue and with no major published news that really interests me due to published I think that the forex markets will be in the hands of the equity markets for direction and also “God help us all” the “numpty” politicians claiming their 30 seconds of TV fame with sound- bytes.

With that in mind, always remember that there is a market everyday. You do not need to trade everyday to make your financial goals. If it’s too choppy stand aside and in any event take smaller position sizes.

Good luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.

PLAN YOUR TRADES and TRADE YOUR PLAN.

Scott Pickering
The Pip Accumulator
Saturday February 22nd 2014

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

&nbsp;