(10490,1,'2017-12-02 13:02:40','2017-12-02 18:02:40','&nbsp;\r\n<ol>\r\n 	<li><strong>THE FIRST FEW SHOTS:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nWhenever I type December I am already thinking about Christmas, New Year and not being too anal but next year’s trading plans.\r\n\r\nWith regards to my FX trading next year and my plans with the PREMIUM SERVICE, I will announce them on a “drip feed” basis in the “DRIVE THRU” blogs between now and the final one of 2017 due out on 17th December.\r\n\r\nSo, with my own version of the countdown just two more “DRIVE THRU’s” until Christmas after this one!!\r\n\r\nI have had feedback to the recent changes with the DRIVE THRU blog format. I would like to thank those who commented about the changes, there were some positives and some negatives to the new structure.\r\n<ul>\r\n 	<li>Some miss “THE SOAPBOX” - some don\'t because it’s NOT directly currency related.</li>\r\n 	<li>Some want more charts. These are reserved for PREMIUM SERVICE subscribers throughout the trading week, sorry.</li>\r\n 	<li>Some want both - more charts and more SOAPBOX!!</li>\r\n 	<li>How to trade the week favourably received</li>\r\n</ul>\r\nThe blog takes me about 6-8 hours in total to write, compile and post. My wife, spell checks, grammar checks and signs off that I am NOT being too extreme. Then it has to be broken into the different formats for the various social media releases, update and post the WordPress versions and post the manual versions onto various Social Media formats. My goal is to reduce the time spent on production but have it just as focused but at the same time away from the usual FX reviews. I am a strong believer in differentiation.\r\n\r\nMoving on…\r\n\r\nPlease keep the feedback coming I love it and if you picked the DRIVE THRU blog up via TWITTER and you like my style and/or approach please feel free to re-tweet it!\r\n\r\nRemember you can always subscribe to the PREMIUM SERVICE to get more of my approach on a daily basis and at the same time get some help on making pips. My target for 2018 is 10,000 net pips…. I dare you!!\r\n\r\nNext…\r\n\r\nI enter December with 19 x LIVE TRADES and 14 x LIMIT ORDERS in position raring to go. Normally I would say, as we approach the end of the year it is time to slowly pullback and reduce RISK into the year end…. yeah right!\r\n\r\nAs soon as I plan something like this, opportunities come leaping out at me. It’s all about life choices and the FUNDAMENTALS, so for PREMIUM SERVICE subscribers please note it is very highly likely circa. 99.9% that there will be trading through the Christmas holidays, I just cannot see how it will not happen at this precise moment in time. So; get prepared for, paper hats on, turkey drumstick in hand and Jack Daniels by the side of the keyboard trading coming to a screen near you!\r\n\r\nEnough of that…\r\n\r\nMy sampling of my competition continues. Here is the best from this week’s experiences.\r\n\r\nHow to start this is difficult. I was trying to keep an open mind but pick me up off the floor!!\r\n\r\nI do despair sometimes. I know that I am NOT perfect and sometimes I can be off the wall son occasion with trades, but FFS, I have heard it all now.\r\n\r\nPlanets in alignment to move markets.\r\n\r\nIt’s not a question of Venus and Saturn, there has to be joke in here about Uranus.\r\n\r\nHMOG, you may as well place biscuits over potential trade set ups on paper, place them on the floor and let my Labrador boy, Ozzy eat them. The trade under the biscuit he picks first is the set up to trade!\r\n\r\nTalk about bollocks.\r\n\r\nMoving on…\r\n\r\nTHE PREMIUM SERVICE had another great month in November, and it is now only 272 pips behind last year’s record total at this stage of the year.\r\n\r\nNOVEMBER 2017 net TOTAL: 2,381 net pips\r\n2017 YEAR TO DATE: 12,783 net pips\r\n\r\nI do have a few trades hanging around with losses that I have carried forward into December. Most notable is a HEDGED 700 pip USD/CAD 3 separate trades position. The rest are small fry. So that contingent liability will have to be taken into consideration. The bottom line is however that I should remain (all things being equal) above my 10,000 pips per annum objective.\r\n\r\nMore details of the November performance can be found under the HISTORY &amp; PERFORMANCE tab on my welcome page.\r\n\r\nStaying in sales mode; now is a great time to join the PREMIUM SERVICE and be familiar and ready to go with the 2018 launch!!\r\n\r\nFinally, …\r\n\r\nIs anyone as sick of pigging BITCOIN as I am, my SPAM folders are full of it, for the remainder of 2017 there will be no mentions of fecking BITCOIN or crypto currencies in this blog. I don’t trade it, I am at the moment not interested in it, it is just a distraction to look at the charts and whilst I am sure it will remain around for some time, at the moment, I only have two words to say about BITCOIN… me arse!\r\n\r\nI did find this gem on twitter this week however…\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017.png\"><img class=\"aligncenter size-large wp-image-10473\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017-1024x466.png\" alt=\"\" width=\"1024\" height=\"466\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong>THE FX MARKET PLACE THIS WEE</strong></li>\r\n</ol>\r\n<u>\r\nTHIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017.png\"><img class=\"aligncenter size-large wp-image-10478\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017-1024x989.png\" alt=\"\" width=\"1024\" height=\"989\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThere is swoop of data this week. It will be challenging to say the least. There is a great deal of Tier one data that should influence FX moves through to the year end.\r\n\r\nI think we have a pretty good understanding that the FED will raise come hell or high water, in fact “Hell” could freeze over but I still think Yellen will raise rates regardless.\r\n\r\nIn addition, of course we will continue to watch and listen to the fallout from the ex. TRUMP advisor Mike Flynn news that he will testify against the President of The United States. Having said that the “BUY THE FECKIN’ DIP” mentality even stands true when a possible impeachment case is on the horizon. After the Flynn revelations settled in and the Kushner links also came through, the markets then pared losses. No matter what the news, BUY THE DIP seems to always be the strategy in the U.S.\r\n\r\nIn no particular order: -\r\n\r\n<strong><u>AUD:</u></strong><u> CURRENT ACCOUNT, RETAIL SALES, RBA, GDP &amp; TRADE BALANCE</u>.\r\n\r\nJM&amp;J, this is what you call a “Clatter” of data. It’s all good stuff and highly directional.\r\n\r\nThe AUD has been under pressure to the downside of late. RBA policy via Governor Philip Lowe has been “Status Quo” policy neutral. The housing situation in Sydney causes huge concerns and Philip Lowe has made it clear he is no rush to raise rates but he has stated recently that the next direction of AUD rates will be higher.\r\n\r\nI rate Philip Lowe, I think he’s a thinker. I do NOT think he will want to rock any boats this week even if he has insider knowledge of any of the data numbers due to be released.\r\n\r\nRetail Sales will be a biggie. Last time around it was a 0%. If it does not post a positive number in the run up to Christmas, it never will. This is a key release in my opinion. The Current Account and Trade Balance are important but maybe not as relevant into the year-end. Like many things in December its pushed into the next Calendar year.\r\n\r\nGDP is as important as Retail Sales albeit it\'s a backward-looking number. Last quarter it was 0.8%, a minimum of a beat will be required.\r\n\r\nTrading the AUD will be awkward this week, with so much data. I enter with a lot of AUD short and long trades… so the PREMIUM SERVICE is HEDGED!!\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> JOBS DATA.</u>\r\n\r\nRecently there has been no correlation between the private sector and public-sector jobs data. So, DO NOT trust that the ADP numbers will be an indication of NFP due Friday this week.\r\n\r\nThese numbers are always watched and noted, but in relation to FED policy and the FOMC interest rate decision due later this month, they are not as important in my eyes. I WILL NOT be trading NFP. I will watch and be a trading voyeur but as I have stated many, many times you more often than not have more luck with a national lottery than you do with trading FX on NFP day.\r\n\r\nAs for the numbers, as long as the 6 month averages are maintained I cannot see how the markets could be disappointed. There should be a chunk of part-time given the time of the year and this will create chaos and disorder for the initial knee-jerk reactions but when it’s all said and done its all about wage growth to show inflation. So, the Average Hourly Earnings with the NFP data on Friday will be key.\r\n\r\nI may have to hide my keyboard or take either Ozzy or Aoife for a walk as a distraction as I DO NOT want to trade NFP…. See you Friday then!\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> TRADE BALANCE &amp; BOC.</u>\r\n\r\nI have two wives at the moment. My physical one and the other one is the USD/CAD. At times, I feel like I am married to three HEDGED TRADES as well. My losses are fixed at 700 pips while I wait to enter my “HEDGE OUT” trades to trigger.\r\n\r\nThe GDP and Jobs Data last Friday was a real pain in the arse, a nice little pre-data spike could have triggered my short trades. I am now I think probably waiting on this week’s data to hopefully get my entry price!\r\n\r\nWith regards to the data.\r\n\r\nThe TRADE BALANCE must move back towards positive and below CAD$3 Billion. It was April when it was last below CAD$2 Billion. It has a history of failing to meet forecasts.\r\n\r\nStephen Poloz has been a downbeat gloomy little fecker of late and it’s about time he had a spiked egg nog to cheer him up.\r\n\r\nWith the FED raising in December, there will be some pressure to follow suit. I just cannot see it this week. However, Poloz likes to surprise. One cannot rule it out. I would personally be astonished and would expect the next hike in Q1 2018.\r\n\r\nI do however think he will be a little more upbeat on the CAD economy, he should be with last week’s data and also with the run up to the year end and the Christmas holidays.\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS with BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\"><img class=\"aligncenter size-full wp-image-10479\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\" alt=\"\" width=\"1016\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nNot much of a change in my thoughts or the chart that sits below. I think that I may have changed the colours of the lines that\'s about it!\r\n\r\nGREEN LINE = support at 1.1817\r\nPURPLE LINE = my bull / bear line at 1.1880\r\nDARK RED = resistance at 1.1960\r\nBLUE LINE = recent highs at 1.2090\r\n\r\nThe upward channel remains pretty much intact. We have been in a range of 1.1817 to 1.1960 in the past week.\r\n\r\nWe need to obviously break above or below to get this pair moving along. I have this feeling that now we are in December it will take either NFP this week or the ECB the week following to get things moving and give us a direction to follow.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10482\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nI had been writing all week about the 1.3450 level being broken and creating a short squeeze.\r\n\r\nThe chart below, shows a possible “CUP &amp; HANDLE” pattern being formed with a measured move to 1.3900.\r\n\r\nWe must always temper the enthusiasm vis-à-vis the cable as it is always a news release away from a BREXIT announcement that can send it 100 pips lower or 100 pips higher. At the moment, there is a huge belief and more importantly a commitment to see serious progress acknowledged prior to the end of the year. This has me leaning more to the long side.\r\n\r\nThe 76.4% Fibonacci level that sits at 1.3508 is a key level. This pair was obviously spooked on the Flynn news last Friday. A break above this level should see the pair move towards a possible 1.4000 target beyond the CUP &amp; HANDLE pattern, at the golden Fib. level of 161.8%.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10483\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nThe down channel remains intact albeit it was temporarily broken on the Flynn news. I am still bearish this pair and see 1.7640 as a great level to short from but even with the Flynn revelations this level failed to be achieved.\r\n\r\nWe are in a tight trading range between the PURPLE lines on the chart 0.7530 to 0.7640.\r\n\r\nThe RBA meets this week. I am not expecting any change in policy and I expect Philip Lowe to release a statement that is once again neutral.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10481\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:\r\n</u></strong>\r\nWe have a bullish engulfing candle from last Friday. This usually means that a move higher should continue to be seen. Of late, these candles have NOT produced the follow through that is usually seen.\r\n\r\nWe are range bound between the two PURPLE lines of 0.6780 and 0.6980.\r\n\r\nTechnically, I think that this move higher just gives us a better price to short from as politically New Zealand has issues to overcome and whilst this uncertainty remains in place the pressure to the downside will always prevail.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10484\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong><strong>\r\n</strong>\r\nBugger…\r\n\r\nI really wanted to be short this pair, but I was looking for a level closer to the 200 DAY SMA and the 61.8% Fibonacci retracement level.\r\n\r\nThat is a “helluva” BIG RED candle on the chart. Usually BIG RED candles are followed by further BIG RED candles.\r\n\r\nThe trading range is 1.2660 to 1.2915.\r\n\r\nWe have the BOC this week, I just can’t see Poloz being dovish. I see him more positive than of late and this may send the USD/CAD lower. Ideally from my point of view I want him to dismiss last Friday’s data as “Mickey Mouse:” and send the USD/CAD back to 1.3000. I just can’t envisage that happening.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong><strong>\r\n</strong>\r\nI am still dreaming of bull flags and pennants with this pair. The measured move is to 1.0350, which by interest is a previous level of resistance from last year.\r\n\r\nIf 0.9700 gives way on the back of the flight to safety move which has affected this pair following the “FLYNN” revelations, we could see a move back to the recent lows around 0.9400.\r\n\r\nBe ready for a snap back move with this pair its correlation with its inverse relationship with the EUR/USD is out of sync. But make no mistake, on uncertainty the flight to buy GOLD also affects the CHF.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong><u>\r\n</u>\r\nThis pair was hit hard with the “FLYNN” news.\r\n\r\n&nbsp;\r\n\r\nOn Friday that is almost a 160-pip candle from 111.40 to 113.00. Quite a move for this pair. I think that the trading range to work with is 110.80 to 113.00.  This pair will be affected the most as equities and bonds fly around on the news headlines as they are released.\r\n\r\n&nbsp;\r\n\r\nIt goes without saying, do not get too heavy in a position size as when the market is headline driven moves can whip around very quickly.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n(INSERT USD/JPY CHART)\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nWe are now in December. This is historically, a strange month, Christmas parties, sexual harassment claims, lawyers will be on 24x7 call outs, and from a trading perspective volatility tends to thin out as the market becomes less liquid.\r\n\r\n&nbsp;\r\n\r\nWe do have a few interesting snippets however to keep traders at their desks. The GREED factor will certainly come into play with the institutions and for us, the poor retail traders we have to be savvy and selective.\r\n\r\n&nbsp;\r\n\r\nNews items that are driving the markets have been based around the US TAX BILL, BREXIT and on Friday last week ex. TRUMP National Security advisor, Mike Flynn announced that he will testify against the President. BREXIT will play on for the next two years, but this month it is crucial for UK Prime Minister, Theresa May to see acknowledged progress has been made. My focus this week is GBP related.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n(INSERT GBP MONTHLY CHART)\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nYou can see from the above Monthly GBP/USD chart that we are breaking out above a multi-year trend line (from August 2104).\r\n\r\nThis is big news if the push higher can be maintained and it should have a knock-on effect through all cable related pairs.\r\n\r\n&nbsp;\r\n\r\nOne other fact to note from the GBP/USD chart is to take a look at the November monthly candle. It is very, very bullish. In fact, when you look at the moves from the August 2016 lows the monthly candle pattern is trending nicely higher.\r\n\r\n&nbsp;\r\n\r\nThe PREMIUM SERVICE is currently trading EUR/GBP, GBP/AUD and GBP/JPY. I am as I have stated several times of late not 100% happy trading the USD at the moment and my focus is more away from the majors into the cross rates.\r\n\r\n&nbsp;\r\n\r\nCable will be my main focus this week along with the CAD (to initiate my “HEDGE OUT” trades).\r\n\r\n&nbsp;\r\n\r\nWe must note that the FED report via the FOMC on December 13th, with the ECB and BOE both on the following day 14th December. I believe Friday 15th December will be the last day with anything near normal trading volumes.\r\n\r\n&nbsp;\r\n\r\nAs you know I would usually write here to look at cross rate pairs as an option. My GBP trades are POSITION style trades for the long haul and my trading activity with cross rate currency pairs that already have limited liquidity will; be severely curtailed from now on given the reduced volumes ahead. The RISK of getting stuck with an increased volatile pair with reduced trading volumes is just not worth it in my opinion, no matter how much of a volatility junkie you may be.\r\n\r\n&nbsp;\r\n\r\nFinally, as we enter a period, when the USD should be demonstrating increased strength through the passing of the TAX BILL, but more importantly Central Bank divergence, as Yellen will probably raise U.S. interest rates on December 13th,\r\n\r\nWould it not seem common sense to maybe hold an emerging market cross? Maybe take a look at USD/ZAR, USD/TRY or USD/MXN.\r\n\r\n&nbsp;\r\n\r\nThe bottom line is to try to be cute. It is you versus the big banks.\r\n\r\n&nbsp;\r\n\r\nFLYNN: It is a RISK OFF event in my opinion. I need to see reaction on Monday this week to get a better picture. On Friday, last week when the news broke it was like watching headless chickens running around a farmyard. Kushner was linked which may have helped the markets steady. But who knows? The DXY was slammed on Friday following the news breaking, but like the markets pared back after a while (see below).\r\n\r\n&nbsp;\r\n\r\n(INSERT DAILY DXY CHART)\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\n&nbsp;\r\n\r\nPIPS TOTAL NOVEMBER 2017:  = +2,381 pips\r\n\r\nYEAR TO DATE:                              = +12,783 pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u> </u>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<strong> </strong>\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\nWell November was the second-best pip performing month in 2017. I am carrying forward about 600 pips of negative trades plus an additional negative 700 pips of USD/CAD HEDGED trades into December. Therefore, the chances of a 2016 beat vis-à-vis pip performance looks unlikely.\r\n\r\n&nbsp;\r\n\r\nThe net pip total for November was 2,381 pips\r\n\r\nYear to date = 12,783 pips\r\n\r\n&nbsp;\r\n\r\nRatios of profit / loss trades are above 75% / 25% remaining in line, but my income this year will be lower than last year and lower than 2015.\r\n\r\n&nbsp;\r\n\r\nI have had to change my style and approach to trading to accommodate the market swings which have virtually made trading in 2017 unrecognizable from 2015.\r\n\r\n&nbsp;\r\n\r\nThe increasing reliance on automated trades via algorithms has brought a new dynamic to FX. Some of these algorithms are “STOP HUNTERS” and this creates a different type of trading environment in which to operate. In my opinion, to achieve a trading longevity in these markets we must trade smaller with wider stops and accept that maybe earnings will be a little lower. I really think that the days of looking for 50 pips of profit on a trade with a 30-pip stop are well behind us now. In fact, I think 50 pip stops are pointless most of the time.  I am still of the opinion that Fibonacci levels, pivot points and previous interest levels are the paramount key in conjunction with some chart patterns.\r\n\r\n&nbsp;\r\n\r\nAt the end of the day though, it’s still all about RISK MANAGEMENT. Whichever way you slice it, you still need to trade position sizes in line with your broker account balance.\r\n\r\n&nbsp;\r\n\r\nFollowing on from comments last week, I am revising my POSITION SIZING chart and introducing a new trade style called MOMENTUM TRADES.\r\n\r\n&nbsp;\r\n\r\nOne aspect of trading smaller positions with wider stops that cannot be ignored is that drawdowns can be larger especially with my POSITION trades which, can be based off MONTHLY ATR levels.\r\n\r\n&nbsp;\r\n\r\nMOMENTUM trades will be a little riskier as they are based off MOMENTUM moves that are NOT confirmed. They will however have tighter stops which will reduce drawdown levels. With almost 50% of my trades (47.5%) now being POSITION trades it’s time to review and adjust again.\r\n\r\n&nbsp;\r\n\r\nI have almost completed a revision of my TRADE STYLE DEFINITIONS and redefined existing styles to increase clarity for next year. This should be on the website soon, along with the new POSITION SIZING spreadsheet. I will email copies as well.\r\n\r\n&nbsp;\r\n\r\nI am undecided on the re-introduction of the weekly webinar. I cannot find a suitable vehicle that is iMac compatible. I will keep looking.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\nLast Friday was a strange day, there was the US TAX BILL shenanigans, BREXIT confusion and mis-quotes coming back and forth from North Korea. The DAILY candles were strange based upon what one would have thought to have seen via continuation moves off the close of the November monthly candles.\r\n\r\n&nbsp;\r\n\r\nSentiment however was disrupted last Friday on the back of the Michael Flynn news. Prior to the bombshell breaking I was in the camp that USD should remain positive moving towards the year end based off the FED rate hike due on the 13th December. Initially we saw a massive drop in the DXY, but then we had the usual “BUY THE DIP” mentality set in.\r\n\r\n&nbsp;\r\n\r\nMoving forward, my thoughts are based around long GBP trades. I spent a good few hours putting together potential GBP related ARMAGEDDON trades. These look redundant now. I will NOT be rushing in to participate in this market, I want to see the dust settle on the Flynn fallout.\r\n\r\n&nbsp;\r\n\r\nI will be running down trades and RISK EXPOSURE into the holidays and as mentioned already, the last day of reasonable volume I expect to be on Friday 15th December after the FOMC, ECB and BOE are out of the way. Of course, I am ignoring BREXIT and other geopolitical news events that could happen.\r\n\r\n&nbsp;\r\n\r\nLooking at the sentiment chart, sentiment is still mixed.\r\n\r\n&nbsp;\r\n\r\n(INSERT MARKET SENTIMENT CHART)\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\n&nbsp;\r\n\r\nMy action plan for the week is: -\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>USD sentiment is still all over the place. Flynn revelations have not helped. I think it should be treated as RISK OFF but I need to wait, see and evaluate. Therefore, I will stay away as much as possible from the majors.</li>\r\n 	<li>Plan GBP long trades. There are some nice pullbacks from Friday last week that should offer some nice levels. Again, I need to evaluate, digest and absorb the Flynn fallout.</li>\r\n 	<li>CAD HEDGES. I am looking for my entry at 1.2980 to trigger. I just can’t see that this week, anything close to 1.2900 I will see as a gift. I am annoyed via hindsight that I did not short at 1.2910. I need to see what Poloz says this Wednesday and then decide. I will have an either/or plan in place prior to the BOC.</li>\r\n</ol>\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD, AUD and NZD currencies. I am now bullish cable!\r\n\r\n&nbsp;\r\n\r\nThe Flynn revelations turned the markets upside down last Friday and the uncertainties that this brings with it need to be absorbed and digested.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE CAD:</u></strong>\r\nCurrently, I am live the following: -\r\n\r\n&nbsp;\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\n&nbsp;\r\n\r\n<u>MY PLAN:</u>  - My belief is still that the USD/CAD is a short trade. I am waiting for 1.2910-1.2980 to establish 3 x “OUT” trades for my HEDGED trades.  I have my “OUT” trade LIMIT ORDERS in place at 1.2980. Be prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\n&nbsp;\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n<strong><u> </u></strong>\r\n\r\n<strong><u> </u></strong>\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\n&nbsp;\r\n\r\nCurrently I have 4 x live long AUD/NZD trades, and a NZD/USD short trade in play.\r\n\r\n&nbsp;\r\n\r\nPlus: - I have 4 more AUD/NZD long trades in position, plus, a NZD/JPY and a further NZD/USD short trades as LIMIT ORDERS in position.\r\n\r\n&nbsp;\r\n\r\n<u>MY PLAN:</u> - I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing. After the Flynn fallout is rationalized.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\n<strong><u> </u></strong>\r\n\r\nCurrently live I have an AUD/USD short and GBP/AUD long trade in position.\r\n\r\n&nbsp;\r\n\r\nPlus: - I have an additional AUD/USD short LIMIT ORDER.\r\n\r\n&nbsp;\r\n\r\n<u>MY PLAN:</u> - To add back trades across the board at the start of this coming week that I removed at the end of last week.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE GBP:</u></strong>\r\n\r\n<strong><u> </u></strong>\r\n\r\nCurrently I have a EUR/GBP short and GBP/AUD and GBP/JPY long trades in play.\r\n\r\n<strong><u> </u></strong>\r\n\r\n<u>MY PLAN</u>: - Is to add additional cable cross rate pairs, GBP/NZD and staged “Buy Stop” entries across several pairs.\r\n\r\n&nbsp;\r\n\r\nI do want to see the dust settle first after the volatility of last Friday first. I am NOT in any rush to participate.\r\n\r\n<strong><u> </u></strong>\r\n\r\n<strong><u> </u></strong>\r\n\r\n<u> </u>\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nCURRENT LIVE TRADES:\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n&nbsp;\r\n\r\nYou may have seen examples similar to these (see below) over the past few weeks.\r\n\r\n&nbsp;\r\n\r\nSo, the brokers intentions are clear. BONUS $$$ and FREE WEBINARS. Be very careful on the offers there are NO free lunches in FX.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n(INSERT HANTEC MARKETS &amp; AVA TRADE ADVERTS)\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINAL SHOTS:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\n<strong> </strong>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\n<u> </u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\n&nbsp;\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n&nbsp;\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<u> </u>\r\n\r\n<u>CLOSING THOUGHTS:</u>\r\n\r\n<strong> </strong>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\n&nbsp;\r\n\r\nAs usual…\r\n\r\n&nbsp;\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\n\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #157 PREMIUM SERVICE\r\n3rd December 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','NO MATTER WHAT… U.S. TRADERS BUY THE DIP','','inherit','closed','closed','','10488-revision-v1','','','2017-12-02 13:02:40','2017-12-02 18:02:40','',10488,'https://weeklyfxdrivethru.com/10488-revision-v1/',0,'revision','',0),(10843,1,'2018-01-20 07:38:40','2018-01-20 12:38:40','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LIMIT-ORDERS-20012018.png\"><img class=\"aligncenter size-large wp-image-10818\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/LIMIT-ORDERS-20012018-1024x960.png\" alt=\"\" width=\"1024\" height=\"960\" /></a>','Limit Orders','','inherit','closed','closed','','9399-revision-v1','','','2018-01-20 07:38:40','2018-01-20 12:38:40','',9399,'https://weeklyfxdrivethru.com/9399-revision-v1/',0,'revision','',0),(10492,1,'2017-12-02 17:03:56','2017-12-02 22:03:56','&nbsp;\r\n<ol>\r\n 	<li><strong>THE FIRST FEW SHOTS:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nWhenever I type December I am already thinking about Christmas, New Year and not being too anal but next year’s trading plans.\r\n\r\nWith regards to my FX trading next year and my plans with the PREMIUM SERVICE, I will announce them on a “drip feed” basis in the “DRIVE THRU” blogs between now and the final one of 2017 due out on 17th December.\r\n\r\nSo, with my own version of the countdown just two more “DRIVE THRU’s” until Christmas after this one!!\r\n\r\nI have had feedback to the recent changes with the DRIVE THRU blog format. I would like to thank those who commented about the changes, there were some positives and some negatives to the new structure.\r\n<ul>\r\n 	<li>Some miss “THE SOAPBOX” - some don\'t because it’s NOT directly currency related.</li>\r\n 	<li>Some want more charts. These are reserved for PREMIUM SERVICE subscribers throughout the trading week, sorry.</li>\r\n 	<li>Some want both - more charts and more SOAPBOX!!</li>\r\n 	<li>How to trade the week favourably received</li>\r\n</ul>\r\nThe blog takes me about 6-8 hours in total to write, compile and post. My wife, spell checks, grammar checks and signs off that I am NOT being too extreme. Then it has to be broken into the different formats for the various social media releases, update and post the WordPress versions and post the manual versions onto various Social Media formats. My goal is to reduce the time spent on production but have it just as focused but at the same time away from the usual FX reviews. I am a strong believer in differentiation.\r\n\r\nMoving on…\r\n\r\nPlease keep the feedback coming I love it and if you picked the DRIVE THRU blog up via TWITTER and you like my style and/or approach please feel free to re-tweet it!\r\n\r\nRemember you can always subscribe to the PREMIUM SERVICE to get more of my approach on a daily basis and at the same time get some help on making pips. My target for 2018 is 10,000 net pips…. I dare you!!\r\n\r\nNext…\r\n\r\nI enter December with 19 x LIVE TRADES and 14 x LIMIT ORDERS in position raring to go. Normally I would say, as we approach the end of the year it is time to slowly pullback and reduce RISK into the year end…. yeah right!\r\n\r\nAs soon as I plan something like this, opportunities come leaping out at me. It’s all about life choices and the FUNDAMENTALS, so for PREMIUM SERVICE subscribers please note it is very highly likely circa. 99.9% that there will be trading through the Christmas holidays, I just cannot see how it will not happen at this precise moment in time. So; get prepared for, paper hats on, turkey drumstick in hand and Jack Daniels by the side of the keyboard trading coming to a screen near you!\r\n\r\nEnough of that…\r\n\r\nMy sampling of my competition continues. Here is the best from this week’s experiences.\r\n\r\nHow to start this is difficult. I was trying to keep an open mind but pick me up off the floor!!\r\n\r\nI do despair sometimes. I know that I am NOT perfect and sometimes I can be off the wall son occasion with trades, but FFS, I have heard it all now.\r\n\r\nPlanets in alignment to move markets.\r\n\r\nIt’s not a question of Venus and Saturn, there has to be joke in here about Uranus.\r\n\r\nHMOG, you may as well place biscuits over potential trade set ups on paper, place them on the floor and let my Labrador boy, Ozzy eat them. The trade under the biscuit he picks first is the set up to trade!\r\n\r\nTalk about bollocks.\r\n\r\nMoving on…\r\n\r\nTHE PREMIUM SERVICE had another great month in November, and it is now only 272 pips behind last year’s record total at this stage of the year.\r\n\r\nNOVEMBER 2017 net TOTAL: 2,381 net pips\r\n2017 YEAR TO DATE: 12,783 net pips\r\n\r\nI do have a few trades hanging around with losses that I have carried forward into December. Most notable is a HEDGED 700 pip USD/CAD 3 separate trades position. The rest are small fry. So that contingent liability will have to be taken into consideration. The bottom line is however that I should remain (all things being equal) above my 10,000 pips per annum objective.\r\n\r\nMore details of the November performance can be found under the HISTORY &amp; PERFORMANCE tab on my welcome page.\r\n\r\nStaying in sales mode; now is a great time to join the PREMIUM SERVICE and be familiar and ready to go with the 2018 launch!!\r\n\r\nFinally, …\r\n\r\nIs anyone as sick of pigging BITCOIN as I am, my SPAM folders are full of it, for the remainder of 2017 there will be no mentions of fecking BITCOIN or crypto currencies in this blog. I don’t trade it, I am at the moment not interested in it, it is just a distraction to look at the charts and whilst I am sure it will remain around for some time, at the moment, I only have two words to say about BITCOIN… me arse!\r\n\r\nI did find this gem on twitter this week however…\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017.png\"><img class=\"aligncenter size-large wp-image-10473\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017-1024x466.png\" alt=\"\" width=\"1024\" height=\"466\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong>THE FX MARKET PLACE THIS WEE</strong></li>\r\n</ol>\r\n<u>\r\nTHIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017.png\"><img class=\"aligncenter size-large wp-image-10478\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017-1024x989.png\" alt=\"\" width=\"1024\" height=\"989\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThere is swoop of data this week. It will be challenging to say the least. There is a great deal of Tier one data that should influence FX moves through to the year end.\r\n\r\nI think we have a pretty good understanding that the FED will raise come hell or high water, in fact “Hell” could freeze over but I still think Yellen will raise rates regardless.\r\n\r\nIn addition, of course we will continue to watch and listen to the fallout from the ex. TRUMP advisor Mike Flynn news that he will testify against the President of The United States. Having said that the “BUY THE FECKIN’ DIP” mentality even stands true when a possible impeachment case is on the horizon. After the Flynn revelations settled in and the Kushner links also came through, the markets then pared losses. No matter what the news, BUY THE DIP seems to always be the strategy in the U.S.\r\n\r\nIn no particular order: -\r\n\r\n<strong><u>AUD:</u></strong><u> CURRENT ACCOUNT, RETAIL SALES, RBA, GDP &amp; TRADE BALANCE</u>.\r\n\r\nJM&amp;J, this is what you call a “Clatter” of data. It’s all good stuff and highly directional.\r\n\r\nThe AUD has been under pressure to the downside of late. RBA policy via Governor Philip Lowe has been “Status Quo” policy neutral. The housing situation in Sydney causes huge concerns and Philip Lowe has made it clear he is no rush to raise rates but he has stated recently that the next direction of AUD rates will be higher.\r\n\r\nI rate Philip Lowe, I think he’s a thinker. I do NOT think he will want to rock any boats this week even if he has insider knowledge of any of the data numbers due to be released.\r\n\r\nRetail Sales will be a biggie. Last time around it was a 0%. If it does not post a positive number in the run up to Christmas, it never will. This is a key release in my opinion. The Current Account and Trade Balance are important but maybe not as relevant into the year-end. Like many things in December its pushed into the next Calendar year.\r\n\r\nGDP is as important as Retail Sales albeit it\'s a backward-looking number. Last quarter it was 0.8%, a minimum of a beat will be required.\r\n\r\nTrading the AUD will be awkward this week, with so much data. I enter with a lot of AUD short and long trades… so the PREMIUM SERVICE is HEDGED!!\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> JOBS DATA.</u>\r\n\r\nRecently there has been no correlation between the private sector and public-sector jobs data. So, DO NOT trust that the ADP numbers will be an indication of NFP due Friday this week.\r\n\r\nThese numbers are always watched and noted, but in relation to FED policy and the FOMC interest rate decision due later this month, they are not as important in my eyes. I WILL NOT be trading NFP. I will watch and be a trading voyeur but as I have stated many, many times you more often than not have more luck with a national lottery than you do with trading FX on NFP day.\r\n\r\nAs for the numbers, as long as the 6 month averages are maintained I cannot see how the markets could be disappointed. There should be a chunk of part-time given the time of the year and this will create chaos and disorder for the initial knee-jerk reactions but when it’s all said and done its all about wage growth to show inflation. So, the Average Hourly Earnings with the NFP data on Friday will be key.\r\n\r\nI may have to hide my keyboard or take either Ozzy or Aoife for a walk as a distraction as I DO NOT want to trade NFP…. See you Friday then!\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> TRADE BALANCE &amp; BOC.</u>\r\n\r\nI have two wives at the moment. My physical one and the other one is the USD/CAD. At times, I feel like I am married to three HEDGED TRADES as well. My losses are fixed at 700 pips while I wait to enter my “HEDGE OUT” trades to trigger.\r\n\r\nThe GDP and Jobs Data last Friday was a real pain in the arse, a nice little pre-data spike could have triggered my short trades. I am now I think probably waiting on this week’s data to hopefully get my entry price!\r\n\r\nWith regards to the data.\r\n\r\nThe TRADE BALANCE must move back towards positive and below CAD$3 Billion. It was April when it was last below CAD$2 Billion. It has a history of failing to meet forecasts.\r\n\r\nStephen Poloz has been a downbeat gloomy little fecker of late and it’s about time he had a spiked egg nog to cheer him up.\r\n\r\nWith the FED raising in December, there will be some pressure to follow suit. I just cannot see it this week. However, Poloz likes to surprise. One cannot rule it out. I would personally be astonished and would expect the next hike in Q1 2018.\r\n\r\nI do however think he will be a little more upbeat on the CAD economy, he should be with last week’s data and also with the run up to the year end and the Christmas holidays.\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS with BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\"><img class=\"aligncenter size-full wp-image-10479\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\" alt=\"\" width=\"1016\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nNot much of a change in my thoughts or the chart that sits below. I think that I may have changed the colours of the lines that\'s about it!\r\n\r\nGREEN LINE = support at 1.1817\r\nPURPLE LINE = my bull / bear line at 1.1880\r\nDARK RED = resistance at 1.1960\r\nBLUE LINE = recent highs at 1.2090\r\n\r\nThe upward channel remains pretty much intact. We have been in a range of 1.1817 to 1.1960 in the past week.\r\n\r\nWe need to obviously break above or below to get this pair moving along. I have this feeling that now we are in December it will take either NFP this week or the ECB the week following to get things moving and give us a direction to follow.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10482\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nI had been writing all week about the 1.3450 level being broken and creating a short squeeze.\r\n\r\nThe chart below, shows a possible “CUP &amp; HANDLE” pattern being formed with a measured move to 1.3900.\r\n\r\nWe must always temper the enthusiasm vis-à-vis the cable as it is always a news release away from a BREXIT announcement that can send it 100 pips lower or 100 pips higher. At the moment, there is a huge belief and more importantly a commitment to see serious progress acknowledged prior to the end of the year. This has me leaning more to the long side.\r\n\r\nThe 76.4% Fibonacci level that sits at 1.3508 is a key level. This pair was obviously spooked on the Flynn news last Friday. A break above this level should see the pair move towards a possible 1.4000 target beyond the CUP &amp; HANDLE pattern, at the golden Fib. level of 161.8%.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10483\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nThe down channel remains intact albeit it was temporarily broken on the Flynn news. I am still bearish this pair and see 1.7640 as a great level to short from but even with the Flynn revelations this level failed to be achieved.\r\n\r\nWe are in a tight trading range between the PURPLE lines on the chart 0.7530 to 0.7640.\r\n\r\nThe RBA meets this week. I am not expecting any change in policy and I expect Philip Lowe to release a statement that is once again neutral.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10481\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:\r\n</u></strong>\r\nWe have a bullish engulfing candle from last Friday. This usually means that a move higher should continue to be seen. Of late, these candles have NOT produced the follow through that is usually seen.\r\n\r\nWe are range bound between the two PURPLE lines of 0.6780 and 0.6980.\r\n\r\nTechnically, I think that this move higher just gives us a better price to short from as politically New Zealand has issues to overcome and whilst this uncertainty remains in place the pressure to the downside will always prevail.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10484\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong><strong>\r\n</strong>\r\nBugger…\r\n\r\nI really wanted to be short this pair, but I was looking for a level closer to the 200 DAY SMA and the 61.8% Fibonacci retracement level.\r\n\r\nThat is a “helluva” BIG RED candle on the chart. Usually BIG RED candles are followed by further BIG RED candles.\r\n\r\nThe trading range is 1.2660 to 1.2915.\r\n\r\nWe have the BOC this week, I just can’t see Poloz being dovish. I see him more positive than of late and this may send the USD/CAD lower. Ideally from my point of view I want him to dismiss last Friday’s data as “Mickey Mouse:” and send the USD/CAD back to 1.3000. I just can’t envisage that happening.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong><strong>\r\n</strong>\r\nI am still dreaming of bull flags and pennants with this pair. The measured move is to 1.0350, which by interest is a previous level of resistance from last year.\r\n\r\nIf 0.9700 gives way on the back of the flight to safety move which has affected this pair following the “FLYNN” revelations, we could see a move back to the recent lows around 0.9400.\r\n\r\nBe ready for a snap back move with this pair its correlation with its inverse relationship with the EUR/USD is out of sync. But make no mistake, on uncertainty the flight to buy GOLD also affects the CHF.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-03122017.png\"><img class=\"aligncenter size-large wp-image-10486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong><u>\r\n</u>\r\nThis pair was hit hard with the “FLYNN” news.\r\n\r\nOn Friday that is almost a 160-pip candle from 111.40 to 113.00. Quite a move for this pair. I think that the trading range to work with is 110.80 to 113.00.  This pair will be affected the most as equities and bonds fly around on the news headlines as they are released.\r\n\r\nIt goes without saying, do not get too heavy in a position size as when the market is headline driven moves can whip around very quickly.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u>\r\n\r\nWe are now in December. This is historically, a strange month, Christmas parties, sexual harassment claims, lawyers will be on 24x7 call outs, and from a trading perspective volatility tends to thin out as the market becomes less liquid.\r\n\r\nWe do have a few interesting snippets however to keep traders at their desks. The GREED factor will certainly come into play with the institutions and for us, the poor retail traders we have to be savvy and selective.\r\n\r\nNews items that are driving the markets have been based around the US TAX BILL, BREXIT and on Friday last week ex. TRUMP National Security advisor, Mike Flynn announced that he will testify against the President. BREXIT will play on for the next two years, but this month it is crucial for UK Prime Minister, Theresa May to see acknowledged progress has been made. My focus this week is GBP related.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-MONTHLY-03122017.png\"><img class=\"aligncenter size-large wp-image-10480\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-MONTHLY-03122017-1024x398.png\" alt=\"\" width=\"1024\" height=\"398\" /></a>\r\n\r\n&nbsp;\r\n\r\nYou can see from the above Monthly GBP/USD chart that we are breaking out above a multi-year trend line (from August 2104).\r\n\r\nThis is big news if the push higher can be maintained and it should have a knock-on effect through all cable related pairs.\r\n\r\nOne other fact to note from the GBP/USD chart is to take a look at the November monthly candle. It is very, very bullish. In fact, when you look at the moves from the August 2016 lows the monthly candle pattern is trending nicely higher.\r\n\r\nThe PREMIUM SERVICE is currently trading EUR/GBP, GBP/AUD and GBP/JPY. I am as I have stated several times of late not 100% happy trading the USD at the moment and my focus is more away from the majors into the cross rates.\r\n\r\nCable will be my main focus this week along with the CAD (to initiate my “HEDGE OUT” trades).\r\n\r\nWe must note that the FED report via the FOMC on December 13th, with the ECB and BOE both on the following day 14th December. I believe Friday 15th December will be the last day with anything near normal trading volumes.\r\n\r\nAs you know I would usually write here to look at cross rate pairs as an option. My GBP trades are POSITION style trades for the long haul and my trading activity with cross rate currency pairs that already have limited liquidity will; be severely curtailed from now on given the reduced volumes ahead. The RISK of getting stuck with an increased volatile pair with reduced trading volumes is just not worth it in my opinion, no matter how much of a volatility junkie you may be.\r\n\r\nFinally, as we enter a period, when the USD should be demonstrating increased strength through the passing of the TAX BILL, but more importantly Central Bank divergence, as Yellen will probably raise U.S. interest rates on December 13th,\r\n\r\nWould it not seem common sense to maybe hold an emerging market cross? Maybe take a look at USD/ZAR, USD/TRY or USD/MXN.\r\n\r\nThe bottom line is to try to be cute. It is you versus the big banks.\r\n\r\nFLYNN: It is a RISK OFF event in my opinion. I need to see reaction on Monday this week to get a better picture. On Friday, last week when the news broke it was like watching headless chickens running around a farmyard. Kushner was linked which may have helped the markets steady. But who knows? The DXY was slammed on Friday following the news breaking, but like the markets pared back after a while (see below).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DXY-03122017.png\"><img class=\"aligncenter size-large wp-image-10474\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DXY-03122017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS TOTAL NOVEMBER 2017:     = +2,381 pips\r\nYEAR TO DATE:                              = +12,783 pips\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\nWell November was the second-best pip performing month in 2017. I am carrying forward about 600 pips of negative trades plus an additional negative 700 pips of USD/CAD HEDGED trades into December. Therefore, the chances of a 2016 beat vis-à-vis pip performance looks unlikely.\r\n\r\nThe net pip total for November was 2,381 pips\r\nYear to date = 12,783 pips\r\n\r\nRatios of profit / loss trades are above 75% / 25% remaining in line, but my income this year will be lower than last year and lower than 2015.\r\n\r\nI have had to change my style and approach to trading to accommodate the market swings which have virtually made trading in 2017 unrecognizable from 2015.\r\n\r\nThe increasing reliance on automated trades via algorithms has brought a new dynamic to FX. Some of these algorithms are “STOP HUNTERS” and this creates a different type of trading environment in which to operate. In my opinion, to achieve a trading longevity in these markets we must trade smaller with wider stops and accept that maybe earnings will be a little lower. I really think that the days of looking for 50 pips of profit on a trade with a 30-pip stop are well behind us now. In fact, I think 50 pip stops are pointless most of the time.  I am still of the opinion that Fibonacci levels, pivot points and previous interest levels are the paramount key in conjunction with some chart patterns.\r\n\r\nAt the end of the day though, it’s still all about RISK MANAGEMENT. Whichever way you slice it, you still need to trade position sizes in line with your broker account balance.\r\n\r\nFollowing on from comments last week, I am revising my POSITION SIZING chart and introducing a new trade style called MOMENTUM TRADES.\r\n\r\nOne aspect of trading smaller positions with wider stops that cannot be ignored is that drawdowns can be larger especially with my POSITION trades which, can be based off MONTHLY ATR levels.\r\n\r\nMOMENTUM trades will be a little riskier as they are based off MOMENTUM moves that are NOT confirmed. They will however have tighter stops which will reduce drawdown levels. With almost 50% of my trades (47.5%) now being POSITION trades it’s time to review and adjust again.\r\n\r\nI have almost completed a revision of my TRADE STYLE DEFINITIONS and redefined existing styles to increase clarity for next year. This should be on the website soon, along with the new POSITION SIZING spreadsheet. I will email copies as well.\r\n\r\nI am undecided on the re-introduction of the weekly webinar. I cannot find a suitable vehicle that is iMac compatible. I will keep looking.\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\nLast Friday was a strange day, there was the US TAX BILL shenanigans, BREXIT confusion and mis-quotes coming back and forth from North Korea. The DAILY candles were strange based upon what one would have thought to have seen via continuation moves off the close of the November monthly candles.\r\n\r\nSentiment however was disrupted last Friday on the back of the Michael Flynn news. Prior to the bombshell breaking I was in the camp that USD should remain positive moving towards the year end based off the FED rate hike due on the 13th December. Initially we saw a massive drop in the DXY, but then we had the usual “BUY THE DIP” mentality set in.\r\n\r\nMoving forward, my thoughts are based around long GBP trades. I spent a good few hours putting together potential GBP related ARMAGEDDON trades. These look redundant now. I will NOT be rushing in to participate in this market, I want to see the dust settle on the Flynn fallout.\r\n\r\nI will be running down trades and RISK EXPOSURE into the holidays and as mentioned already, the last day of reasonable volume I expect to be on Friday 15th December after the FOMC, ECB and BOE are out of the way. Of course, I am ignoring BREXIT and other geopolitical news events that could happen.\r\n\r\nLooking at the sentiment chart, sentiment is still mixed.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/SENTIMENT-03122017.png\"><img class=\"aligncenter size-large wp-image-10477\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/SENTIMENT-03122017-775x1024.png\" alt=\"\" width=\"775\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>USD sentiment is still all over the place. Flynn revelations have not helped. I think it should be treated as RISK OFF but I need to wait, see and evaluate. Therefore, I will stay away as much as possible from the majors.</li>\r\n 	<li>Plan GBP long trades. There are some nice pullbacks from Friday last week that should offer some nice levels. Again, I need to evaluate, digest and absorb the Flynn fallout.</li>\r\n 	<li>CAD HEDGES. I am looking for my entry at 1.2980 to trigger. I just can’t see that this week, anything close to 1.2900 I will see as a gift. I am annoyed via hindsight that I did not short at 1.2910. I need to see what Poloz says this Wednesday and then decide. I will have an either/or plan in place prior to the BOC.</li>\r\n</ol>\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD, AUD and NZD currencies. I am now bullish cable!\r\n\r\nThe Flynn revelations turned the markets upside down last Friday and the uncertainties that this brings with it need to be absorbed and digested.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\n<u>MY PLAN:</u>  - My belief is still that the USD/CAD is a short trade. I am waiting for 1.2910-1.2980 to establish 3 x “OUT” trades for my HEDGED trades.  I have my “OUT” trade LIMIT ORDERS in place at 1.2980. Be prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 4 x live long AUD/NZD trades, and a NZD/USD short trade in play.\r\n\r\nPlus: - I have 4 more AUD/NZD long trades in position, plus, a NZD/JPY and a further NZD/USD short trades as LIMIT ORDERS in position.\r\n\r\n<u>MY PLAN:</u> - I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing. After the Flynn fallout is rationalized.\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\nCurrently live I have an AUD/USD short and GBP/AUD long trade in position.\r\n\r\nPlus: - I have an additional AUD/USD short LIMIT ORDER.\r\n\r\n<u>MY PLAN:</u> - To add back trades across the board at the start of this coming week that I removed at the end of last week.\r\n\r\n<strong><u>THE GBP:</u></strong>\r\n\r\nCurrently I have a EUR/GBP short and GBP/AUD and GBP/JPY long trades in play.\r\n\r\n<u>MY PLAN</u>: - Is to add additional cable cross rate pairs, GBP/NZD and staged “Buy Stop” entries across several pairs.\r\n\r\nI do want to see the dust settle first after the volatility of last Friday first. I am NOT in any rush to participate.\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\nCURRENT LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-TRADES-03122017.png\"><img class=\"aligncenter size-large wp-image-10476\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-TRADES-03122017-888x1024.png\" alt=\"\" width=\"888\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-ORDERS-03122017.png\"><img class=\"aligncenter size-large wp-image-10475\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-ORDERS-03122017-946x1024.png\" alt=\"\" width=\"946\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nYou may have seen examples similar to these (see below) over the past few weeks.\r\n\r\nSo, the brokers intentions are clear. BONUS $$$ and FREE WEBINARS. Be very careful on the offers there are NO free lunches in FX.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/HANTEC-MARKETS.png\"><img class=\"aligncenter size-large wp-image-10470\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/HANTEC-MARKETS-1024x510.png\" alt=\"\" width=\"1024\" height=\"510\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AVA-TRADE.png\"><img class=\"aligncenter size-large wp-image-10471\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AVA-TRADE-1024x829.png\" alt=\"\" width=\"1024\" height=\"829\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINAL SHOTS:</strong></li>\r\n</ol>\r\n<u>WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #157 PREMIUM SERVICE\r\n3rd December 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','NO MATTER WHAT… U.S. TRADERS BUY THE DIP','','inherit','closed','closed','','10488-revision-v1','','','2017-12-02 17:03:56','2017-12-02 22:03:56','',10488,'https://weeklyfxdrivethru.com/10488-revision-v1/',0,'revision','',0),(10495,1,'2017-12-02 17:25:55','2017-12-02 22:25:55','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>THE FIRST FEW SHOTS:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nWhenever I type December I am already thinking about Christmas, New Year and not being too anal but next year’s trading plans.\r\n\r\nWith regards to my FX trading next year and my plans with the PREMIUM SERVICE, I will announce them on a “drip feed” basis in the “DRIVE THRU” blogs between now and the final one of 2017 due out on 17th December.\r\n\r\nSo, with my own version of the countdown just two more “DRIVE THRU’s” until Christmas after this one!!\r\n\r\nI have had feedback to the recent changes with the DRIVE THRU blog format. I would like to thank those who commented about the changes, there were some positives and some negatives to the new structure.\r\n<ul>\r\n 	<li>Some miss “THE SOAPBOX” - some don\'t because it’s NOT directly currency related.</li>\r\n 	<li>Some want more charts. These are reserved for PREMIUM SERVICE subscribers throughout the trading week, sorry.</li>\r\n 	<li>Some want both - more charts and more SOAPBOX!!</li>\r\n 	<li>How to trade the week favourably received.</li>\r\n</ul>\r\nThe blog takes me about 6-8 hours in total to write, compile and post. My wife, spell checks, grammar checks and signs off that I am NOT being too extreme. Then it has to be broken into the different formats for the various social media releases, update and post the WordPress versions and post the manual versions onto various Social Media formats. My goal is to reduce the time spent on production but have it just as focused but at the same time away from the usual FX reviews. I am a strong believer in differentiation.\r\n\r\nMoving on…\r\n\r\nPlease keep the feedback coming I love it and if you picked the DRIVE THRU blog up via TWITTER and you like my style and/or approach please feel free to re-tweet it!\r\n\r\nRemember you can always subscribe to the PREMIUM SERVICE to get more of my approach on a daily basis and at the same time get some help on making pips. My target for 2018 is 10,000 net pips…. I dare you!!\r\n\r\nNext…\r\n\r\nI enter December with 19 x LIVE TRADES and 14 x LIMIT ORDERS in position raring to go. Normally I would say, as we approach the end of the year it is time to slowly pullback and reduce RISK into the year end…. yeah right!\r\n\r\nAs soon as I plan something like this, opportunities come leaping out at me. It’s all about life choices and the FUNDAMENTALS, so for PREMIUM SERVICE subscribers please note it is very highly likely circa. 99.9% that there will be trading through the Christmas holidays, I just cannot see how it will not happen at this precise moment in time. So; get prepared for, paper hats on, turkey drumstick in hand and Jack Daniels by the side of the keyboard trading coming to a screen near you!\r\n\r\nEnough of that...\r\n\r\nMy sampling of my competition continues. Here is the best from this week’s experiences.\r\n\r\nHow to start this is difficult. I was trying to keep an open mind but pick me up off the floor!!\r\n\r\nI do despair sometimes. I know that I am NOT perfect and sometimes I can be off the wall son occasion with trades, but FFS, I have heard it all now.\r\n\r\nPlanets in alignment to move markets.\r\n\r\nIt’s not a question of Venus and Saturn, there has to be joke in here about Uranus.\r\n\r\nHMOG, you may as well place biscuits over potential trade set ups on paper, place them on the floor and let my Labrador boy, Ozzy eat them. The trade under the biscuit he picks first is the set up to trade!\r\n\r\nTalk about bollocks.\r\n\r\nMoving on…\r\n\r\nTHE PREMIUM SERVICE had another great month in November, and it is now only 272 pips behind last year’s record total at this stage of the year.\r\n\r\nNOVEMBER 2017 net TOTAL: 2,381 net pips\r\n2017 YEAR TO DATE: 12,783 net pips\r\n\r\nI do have a few trades hanging around with losses that I have carried forward into December. Most notable is a HEDGED 700 pip USD/CAD 3 separate trades position. The rest are small fry. So that contingent liability will have to be taken into consideration. The bottom line is however that I should remain (all things being equal) above my 10,000 pips per annum objective.\r\n\r\nMore details of the November performance can be found under the HISTORY &amp; PERFORMANCE tab on my welcome page.\r\n\r\nStaying in sales mode; now is a great time to join the PREMIUM SERVICE and be familiar and ready to go with the 2018 launch!!\r\n\r\nFinally, …\r\n\r\nIs anyone as sick of pigging BITCOIN as I am, my SPAM folders are full of it, for the remainder of 2017 there will be no mentions of fecking BITCOIN or crypto currencies in this blog. I don’t trade it, I am at the moment not interested in it, it is just a distraction to look at the charts and whilst I am sure it will remain around for some time, at the moment, I only have two words to say about BITCOIN… me arse!\r\n\r\nI did find this gem on twitter this week however…\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017.png\"><img class=\"aligncenter size-large wp-image-10473\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017-1024x466.png\" alt=\"\" width=\"1024\" height=\"466\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong>THE FX MARKET PLACE THIS WEEK:</strong></li>\r\n</ol>\r\n<u>\r\nTHIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017.png\"><img class=\"aligncenter size-large wp-image-10478\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017-1024x989.png\" alt=\"\" width=\"1024\" height=\"989\" /></a>\r\n\r\n<u>MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThere is swoop of data this week. It will be challenging to say the least. There is a great deal of Tier one data that should influence FX moves through to the year end.\r\n\r\nI think we have a pretty good understanding that the FED will raise come hell or high water, in fact “Hell” could freeze over but I still think Yellen will raise rates regardless.\r\n\r\nIn addition, of course we will continue to watch and listen to the fallout from the ex. TRUMP advisor Mike Flynn news that he will testify against the President of The United States. Having said that the “BUY THE FECKIN’ DIP” mentality even stands true when a possible impeachment case is on the horizon. After the Flynn revelations settled in and the Kushner links also came through, the markets then pared losses. No matter what the news, BUY THE DIP seems to always be the strategy in the U.S.\r\n\r\nIn no particular order: -\r\n\r\n<strong><u>AUD:</u></strong><u> CURRENT ACCOUNT, RETAIL SALES, RBA, GDP &amp; TRADE BALANCE</u>.\r\n\r\nJM&amp;J, this is what you call a “Clatter” of data. It’s all good stuff and highly directional.\r\n\r\nThe AUD has been under pressure to the downside of late. RBA policy via Governor Philip Lowe has been “Status Quo” policy neutral. The housing situation in Sydney causes huge concerns and Philip Lowe has made it clear he is no rush to raise rates but he has stated recently that the next direction of AUD rates will be higher.\r\n\r\nI rate Philip Lowe, I think he’s a thinker. I do NOT think he will want to rock any boats this week even if he has insider knowledge of any of the data numbers due to be released.\r\n\r\nRetail Sales will be a biggie. Last time around it was a 0%. If it does not post a positive number in the run up to Christmas, it never will. This is a key release in my opinion. The Current Account and Trade Balance are important but maybe not as relevant into the year-end. Like many things in December its pushed into the next Calendar year.\r\n\r\nGDP is as important as Retail Sales albeit it\'s a backward-looking number. Last quarter it was 0.8%, a minimum of a beat will be required.\r\n\r\nTrading the AUD will be awkward this week, with so much data. I enter with a lot of AUD short and long trades… so the PREMIUM SERVICE is HEDGED!!\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> JOBS DATA.</u>\r\n\r\nRecently there has been no correlation between the private sector and public-sector jobs data. So, DO NOT trust that the ADP numbers will be an indication of NFP due Friday this week.\r\n\r\nThese numbers are always watched and noted, but in relation to FED policy and the FOMC interest rate decision due later this month, they are not as important in my eyes. I WILL NOT be trading NFP. I will watch and be a trading voyeur but as I have stated many, many times you more often than not have more luck with a national lottery than you do with trading FX on NFP day.\r\n\r\nAs for the numbers, as long as the 6 month averages are maintained I cannot see how the markets could be disappointed. There should be a chunk of part-time given the time of the year and this will create chaos and disorder for the initial knee-jerk reactions but when it’s all said and done its all about wage growth to show inflation. So, the Average Hourly Earnings with the NFP data on Friday will be key.\r\n\r\nI may have to hide my keyboard or take either Ozzy or Aoife for a walk as a distraction as I DO NOT want to trade NFP…. See you Friday then!\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> TRADE BALANCE &amp; BOC.</u>\r\n\r\nI have two wives at the moment. My physical one and the other one is the USD/CAD. At times, I feel like I am married to three HEDGED TRADES as well. My losses are fixed at 700 pips while I wait to enter my “HEDGE OUT” trades to trigger.\r\n\r\nThe GDP and Jobs Data last Friday was a real pain in the arse, a nice little pre-data spike could have triggered my short trades. I am now I think probably waiting on this week’s data to hopefully get my entry price!\r\n\r\nWith regards to the data.\r\n\r\nThe TRADE BALANCE must move back towards positive and below CAD$3 Billion. It was April when it was last below CAD$2 Billion. It has a history of failing to meet forecasts.\r\n\r\nStephen Poloz has been a downbeat gloomy little fecker of late and it’s about time he had a spiked egg nog to cheer him up.\r\n\r\nWith the FED raising in December, there will be some pressure to follow suit. I just cannot see it this week. However, Poloz likes to surprise. One cannot rule it out. I would personally be astonished and would expect the next hike in Q1 2018.\r\n\r\nI do however think he will be a little more upbeat on the CAD economy, he should be with last week’s data and also with the run up to the year end and the Christmas holidays.\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS with BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\"><img class=\"aligncenter size-full wp-image-10479\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\" alt=\"\" width=\"1016\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nNot much of a change in my thoughts or the chart that sits below. I think that I may have changed the colours of the lines that\'s about it!\r\n\r\nGREEN LINE = support at 1.1817\r\nPURPLE LINE = my bull / bear line at 1.1880\r\nDARK RED = resistance at 1.1960\r\nBLUE LINE = recent highs at 1.2090\r\n\r\nThe upward channel remains pretty much intact. We have been in a range of 1.1817 to 1.1960 in the past week.\r\n\r\nWe need to obviously break above or below to get this pair moving along. I have this feeling that now we are in December it will take either NFP this week or the ECB the week following to get things moving and give us a direction to follow.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10482\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nI had been writing all week about the 1.3450 level being broken and creating a short squeeze.\r\n\r\nThe chart below, shows a possible “CUP &amp; HANDLE” pattern being formed with a measured move to 1.3900.\r\n\r\nWe must always temper the enthusiasm vis-à-vis the cable as it is always a news release away from a BREXIT announcement that can send it 100 pips lower or 100 pips higher. At the moment, there is a huge belief and more importantly a commitment to see serious progress acknowledged prior to the end of the year. This has me leaning more to the long side.\r\n\r\nThe 76.4% Fibonacci level that sits at 1.3508 is a key level. This pair was obviously spooked on the Flynn news last Friday. A break above this level should see the pair move towards a possible 1.4000 target beyond the CUP &amp; HANDLE pattern, at the golden Fib. level of 161.8%.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10483\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nThe down channel remains intact albeit it was temporarily broken on the Flynn news. I am still bearish this pair and see 1.7640 as a great level to short from but even with the Flynn revelations this level failed to be achieved.\r\n\r\nWe are in a tight trading range between the PURPLE lines on the chart 0.7530 to 0.7640.\r\n\r\nThe RBA meets this week. I am not expecting any change in policy and I expect Philip Lowe to release a statement that is once again neutral.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10481\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:\r\n</u></strong>\r\nWe have a bullish engulfing candle from last Friday. This usually means that a move higher should continue to be seen. Of late, these candles have NOT produced the follow through that is usually seen.\r\n\r\nWe are range bound between the two PURPLE lines of 0.6780 and 0.6980.\r\n\r\nTechnically, I think that this move higher just gives us a better price to short from as politically New Zealand has issues to overcome and whilst this uncertainty remains in place the pressure to the downside will always prevail.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10484\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong><strong>\r\n</strong>\r\nBugger…\r\n\r\nI really wanted to be short this pair, but I was looking for a level closer to the 200 DAY SMA and the 61.8% Fibonacci retracement level.\r\n\r\nThat is a “helluva” BIG RED candle on the chart. Usually BIG RED candles are followed by further BIG RED candles.\r\n\r\nThe trading range is 1.2660 to 1.2915.\r\n\r\nWe have the BOC this week, I just can’t see Poloz being dovish. I see him more positive than of late and this may send the USD/CAD lower. Ideally from my point of view I want him to dismiss last Friday’s data as “Mickey Mouse:” and send the USD/CAD back to 1.3000. I just can’t envisage that happening.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong><strong>\r\n</strong>\r\nI am still dreaming of bull flags and pennants with this pair. The measured move is to 1.0350, which by interest is a previous level of resistance from last year.\r\n\r\nIf 0.9700 gives way on the back of the flight to safety move which has affected this pair following the “FLYNN” revelations, we could see a move back to the recent lows around 0.9400.\r\n\r\nBe ready for a snap back move with this pair its correlation with its inverse relationship with the EUR/USD is out of sync. But make no mistake, on uncertainty the flight to buy GOLD also affects the CHF.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-03122017.png\"><img class=\"aligncenter size-large wp-image-10486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" />\r\n</a>\r\n\r\n<strong><u>USD/JPY:</u></strong><u>\r\n</u>\r\nThis pair was hit hard with the “FLYNN” news.\r\n\r\nOn Friday that is almost a 160-pip candle from 111.40 to 113.00. Quite a move for this pair. I think that the trading range to work with is 110.80 to 113.00.  This pair will be affected the most as equities and bonds fly around on the news headlines as they are released.\r\n\r\nIt goes without saying, do not get too heavy in a position size as when the market is headline driven moves can whip around very quickly.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u>\r\n\r\nWe are now in December. This is historically, a strange month, Christmas parties, sexual harassment claims, lawyers will be on 24x7 call outs, and from a trading perspective volatility tends to thin out as the market becomes less liquid.\r\n\r\nWe do have a few interesting snippets however to keep traders at their desks. The GREED factor will certainly come into play with the institutions and for us, the poor retail traders we have to be savvy and selective.\r\n\r\nNews items that are driving the markets have been based around the US TAX BILL, BREXIT and on Friday last week ex. TRUMP National Security advisor, Mike Flynn announced that he will testify against the President. BREXIT will play on for the next two years, but this month it is crucial for UK Prime Minister, Theresa May to see acknowledged progress has been made. My focus this week is GBP related.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-MONTHLY-03122017.png\"><img class=\"aligncenter size-large wp-image-10480\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-MONTHLY-03122017-1024x398.png\" alt=\"\" width=\"1024\" height=\"398\" /></a>\r\n\r\n&nbsp;\r\n\r\nYou can see from the above Monthly GBP/USD chart that we are breaking out above a multi-year trend line (from August 2104).\r\n\r\nThis is big news if the push higher can be maintained and it should have a knock-on effect through all cable related pairs.\r\n\r\nOne other fact to note from the GBP/USD chart is to take a look at the November monthly candle. It is very, very bullish. In fact, when you look at the moves from the August 2016 lows the monthly candle pattern is trending nicely higher.\r\n\r\nThe PREMIUM SERVICE is currently trading EUR/GBP, GBP/AUD and GBP/JPY. I am as I have stated several times of late not 100% happy trading the USD at the moment and my focus is more away from the majors into the cross rates.\r\n\r\nCable will be my main focus this week along with the CAD (to initiate my “HEDGE OUT” trades).\r\n\r\nWe must note that the FED report via the FOMC on December 13th, with the ECB and BOE both on the following day 14th December. I believe Friday 15th December will be the last day with anything near normal trading volumes.\r\n\r\nAs you know I would usually write here to look at cross rate pairs as an option. My GBP trades are POSITION style trades for the long haul and my trading activity with cross rate currency pairs that already have limited liquidity will; be severely curtailed from now on given the reduced volumes ahead. The RISK of getting stuck with an increased volatile pair with reduced trading volumes is just not worth it in my opinion, no matter how much of a volatility junkie you may be.\r\n\r\nFinally, as we enter a period, when the USD should be demonstrating increased strength through the passing of the TAX BILL, but more importantly Central Bank divergence, as Yellen will probably raise U.S. interest rates on December 13th,\r\n\r\nWould it not seem common sense to maybe hold an emerging market cross? Maybe take a look at USD/ZAR, USD/TRY or USD/MXN.\r\n\r\nThe bottom line is to try to be cute. It is you versus the big banks.\r\n\r\nFLYNN: It is a RISK OFF event in my opinion. I need to see reaction on Monday this week to get a better picture. On Friday, last week when the news broke it was like watching headless chickens running around a farmyard. Kushner was linked which may have helped the markets steady. But who knows? The DXY was slammed on Friday following the news breaking, but like the markets pared back after a while (see below).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DXY-03122017.png\"><img class=\"aligncenter size-large wp-image-10474\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DXY-03122017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS TOTAL NOVEMBER 2017:  = +2,381 pips\r\nYEAR TO DATE:                              = +12,783 pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:\r\n\r\n</u><u> </u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINAL SHOTS:</strong></li>\r\n</ol>\r\n<u>WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #261 FREE NEWSLETTER\r\n3rd December 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','NO MATTER WHAT… BUY THE DIP REMAINS THE STRATEGY','','inherit','closed','closed','','10494-revision-v1','','','2017-12-02 17:25:55','2017-12-02 22:25:55','',10494,'https://weeklyfxdrivethru.com/10494-revision-v1/',0,'revision','',0),(10496,1,'2017-12-02 17:26:16','2017-12-02 22:26:16','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>THE FIRST FEW SHOTS:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nWhenever I type December I am already thinking about Christmas, New Year and not being too anal but next year’s trading plans.\r\n\r\nWith regards to my FX trading next year and my plans with the PREMIUM SERVICE, I will announce them on a “drip feed” basis in the “DRIVE THRU” blogs between now and the final one of 2017 due out on 17th December.\r\n\r\nSo, with my own version of the countdown just two more “DRIVE THRU’s” until Christmas after this one!!\r\n\r\nI have had feedback to the recent changes with the DRIVE THRU blog format. I would like to thank those who commented about the changes, there were some positives and some negatives to the new structure.\r\n<ul>\r\n 	<li>Some miss “THE SOAPBOX” - some don\'t because it’s NOT directly currency related.</li>\r\n 	<li>Some want more charts. These are reserved for PREMIUM SERVICE subscribers throughout the trading week, sorry.</li>\r\n 	<li>Some want both - more charts and more SOAPBOX!!</li>\r\n 	<li>How to trade the week favourably received.</li>\r\n</ul>\r\nThe blog takes me about 6-8 hours in total to write, compile and post. My wife, spell checks, grammar checks and signs off that I am NOT being too extreme. Then it has to be broken into the different formats for the various social media releases, update and post the WordPress versions and post the manual versions onto various Social Media formats. My goal is to reduce the time spent on production but have it just as focused but at the same time away from the usual FX reviews. I am a strong believer in differentiation.\r\n\r\nMoving on…\r\n\r\nPlease keep the feedback coming I love it and if you picked the DRIVE THRU blog up via TWITTER and you like my style and/or approach please feel free to re-tweet it!\r\n\r\nRemember you can always subscribe to the PREMIUM SERVICE to get more of my approach on a daily basis and at the same time get some help on making pips. My target for 2018 is 10,000 net pips…. I dare you!!\r\n\r\nNext…\r\n\r\nI enter December with 19 x LIVE TRADES and 14 x LIMIT ORDERS in position raring to go. Normally I would say, as we approach the end of the year it is time to slowly pullback and reduce RISK into the year end…. yeah right!\r\n\r\nAs soon as I plan something like this, opportunities come leaping out at me. It’s all about life choices and the FUNDAMENTALS, so for PREMIUM SERVICE subscribers please note it is very highly likely circa. 99.9% that there will be trading through the Christmas holidays, I just cannot see how it will not happen at this precise moment in time. So; get prepared for, paper hats on, turkey drumstick in hand and Jack Daniels by the side of the keyboard trading coming to a screen near you!\r\n\r\nEnough of that...\r\n\r\nMy sampling of my competition continues. Here is the best from this week’s experiences.\r\n\r\nHow to start this is difficult. I was trying to keep an open mind but pick me up off the floor!!\r\n\r\nI do despair sometimes. I know that I am NOT perfect and sometimes I can be off the wall son occasion with trades, but FFS, I have heard it all now.\r\n\r\nPlanets in alignment to move markets.\r\n\r\nIt’s not a question of Venus and Saturn, there has to be joke in here about Uranus.\r\n\r\nHMOG, you may as well place biscuits over potential trade set ups on paper, place them on the floor and let my Labrador boy, Ozzy eat them. The trade under the biscuit he picks first is the set up to trade!\r\n\r\nTalk about bollocks.\r\n\r\nMoving on…\r\n\r\nTHE PREMIUM SERVICE had another great month in November, and it is now only 272 pips behind last year’s record total at this stage of the year.\r\n\r\nNOVEMBER 2017 net TOTAL: 2,381 net pips\r\n2017 YEAR TO DATE: 12,783 net pips\r\n\r\nI do have a few trades hanging around with losses that I have carried forward into December. Most notable is a HEDGED 700 pip USD/CAD 3 separate trades position. The rest are small fry. So that contingent liability will have to be taken into consideration. The bottom line is however that I should remain (all things being equal) above my 10,000 pips per annum objective.\r\n\r\nMore details of the November performance can be found under the HISTORY &amp; PERFORMANCE tab on my welcome page.\r\n\r\nStaying in sales mode; now is a great time to join the PREMIUM SERVICE and be familiar and ready to go with the 2018 launch!!\r\n\r\nFinally, …\r\n\r\nIs anyone as sick of pigging BITCOIN as I am, my SPAM folders are full of it, for the remainder of 2017 there will be no mentions of fecking BITCOIN or crypto currencies in this blog. I don’t trade it, I am at the moment not interested in it, it is just a distraction to look at the charts and whilst I am sure it will remain around for some time, at the moment, I only have two words to say about BITCOIN… me arse!\r\n\r\nI did find this gem on twitter this week however…\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017.png\"><img class=\"aligncenter size-large wp-image-10473\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BITCOIN-TWEET-03122017-1024x466.png\" alt=\"\" width=\"1024\" height=\"466\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong>THE FX MARKET PLACE THIS WEEK:</strong></li>\r\n</ol>\r\n<u>\r\nTHIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017.png\"><img class=\"aligncenter size-large wp-image-10478\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-03122017-1024x989.png\" alt=\"\" width=\"1024\" height=\"989\" /></a>\r\n\r\n<u>MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThere is swoop of data this week. It will be challenging to say the least. There is a great deal of Tier one data that should influence FX moves through to the year end.\r\n\r\nI think we have a pretty good understanding that the FED will raise come hell or high water, in fact “Hell” could freeze over but I still think Yellen will raise rates regardless.\r\n\r\nIn addition, of course we will continue to watch and listen to the fallout from the ex. TRUMP advisor Mike Flynn news that he will testify against the President of The United States. Having said that the “BUY THE FECKIN’ DIP” mentality even stands true when a possible impeachment case is on the horizon. After the Flynn revelations settled in and the Kushner links also came through, the markets then pared losses. No matter what the news, BUY THE DIP seems to always be the strategy in the U.S.\r\n\r\nIn no particular order: -\r\n\r\n<strong><u>AUD:</u></strong><u> CURRENT ACCOUNT, RETAIL SALES, RBA, GDP &amp; TRADE BALANCE</u>.\r\n\r\nJM&amp;J, this is what you call a “Clatter” of data. It’s all good stuff and highly directional.\r\n\r\nThe AUD has been under pressure to the downside of late. RBA policy via Governor Philip Lowe has been “Status Quo” policy neutral. The housing situation in Sydney causes huge concerns and Philip Lowe has made it clear he is no rush to raise rates but he has stated recently that the next direction of AUD rates will be higher.\r\n\r\nI rate Philip Lowe, I think he’s a thinker. I do NOT think he will want to rock any boats this week even if he has insider knowledge of any of the data numbers due to be released.\r\n\r\nRetail Sales will be a biggie. Last time around it was a 0%. If it does not post a positive number in the run up to Christmas, it never will. This is a key release in my opinion. The Current Account and Trade Balance are important but maybe not as relevant into the year-end. Like many things in December its pushed into the next Calendar year.\r\n\r\nGDP is as important as Retail Sales albeit it\'s a backward-looking number. Last quarter it was 0.8%, a minimum of a beat will be required.\r\n\r\nTrading the AUD will be awkward this week, with so much data. I enter with a lot of AUD short and long trades… so the PREMIUM SERVICE is HEDGED!!\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> JOBS DATA.</u>\r\n\r\nRecently there has been no correlation between the private sector and public-sector jobs data. So, DO NOT trust that the ADP numbers will be an indication of NFP due Friday this week.\r\n\r\nThese numbers are always watched and noted, but in relation to FED policy and the FOMC interest rate decision due later this month, they are not as important in my eyes. I WILL NOT be trading NFP. I will watch and be a trading voyeur but as I have stated many, many times you more often than not have more luck with a national lottery than you do with trading FX on NFP day.\r\n\r\nAs for the numbers, as long as the 6 month averages are maintained I cannot see how the markets could be disappointed. There should be a chunk of part-time given the time of the year and this will create chaos and disorder for the initial knee-jerk reactions but when it’s all said and done its all about wage growth to show inflation. So, the Average Hourly Earnings with the NFP data on Friday will be key.\r\n\r\nI may have to hide my keyboard or take either Ozzy or Aoife for a walk as a distraction as I DO NOT want to trade NFP…. See you Friday then!\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> TRADE BALANCE &amp; BOC.</u>\r\n\r\nI have two wives at the moment. My physical one and the other one is the USD/CAD. At times, I feel like I am married to three HEDGED TRADES as well. My losses are fixed at 700 pips while I wait to enter my “HEDGE OUT” trades to trigger.\r\n\r\nThe GDP and Jobs Data last Friday was a real pain in the arse, a nice little pre-data spike could have triggered my short trades. I am now I think probably waiting on this week’s data to hopefully get my entry price!\r\n\r\nWith regards to the data.\r\n\r\nThe TRADE BALANCE must move back towards positive and below CAD$3 Billion. It was April when it was last below CAD$2 Billion. It has a history of failing to meet forecasts.\r\n\r\nStephen Poloz has been a downbeat gloomy little fecker of late and it’s about time he had a spiked egg nog to cheer him up.\r\n\r\nWith the FED raising in December, there will be some pressure to follow suit. I just cannot see it this week. However, Poloz likes to surprise. One cannot rule it out. I would personally be astonished and would expect the next hike in Q1 2018.\r\n\r\nI do however think he will be a little more upbeat on the CAD economy, he should be with last week’s data and also with the run up to the year end and the Christmas holidays.\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS with BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\"><img class=\"aligncenter size-full wp-image-10479\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-03122017.png\" alt=\"\" width=\"1016\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nNot much of a change in my thoughts or the chart that sits below. I think that I may have changed the colours of the lines that\'s about it!\r\n\r\nGREEN LINE = support at 1.1817\r\nPURPLE LINE = my bull / bear line at 1.1880\r\nDARK RED = resistance at 1.1960\r\nBLUE LINE = recent highs at 1.2090\r\n\r\nThe upward channel remains pretty much intact. We have been in a range of 1.1817 to 1.1960 in the past week.\r\n\r\nWe need to obviously break above or below to get this pair moving along. I have this feeling that now we are in December it will take either NFP this week or the ECB the week following to get things moving and give us a direction to follow.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10482\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nI had been writing all week about the 1.3450 level being broken and creating a short squeeze.\r\n\r\nThe chart below, shows a possible “CUP &amp; HANDLE” pattern being formed with a measured move to 1.3900.\r\n\r\nWe must always temper the enthusiasm vis-à-vis the cable as it is always a news release away from a BREXIT announcement that can send it 100 pips lower or 100 pips higher. At the moment, there is a huge belief and more importantly a commitment to see serious progress acknowledged prior to the end of the year. This has me leaning more to the long side.\r\n\r\nThe 76.4% Fibonacci level that sits at 1.3508 is a key level. This pair was obviously spooked on the Flynn news last Friday. A break above this level should see the pair move towards a possible 1.4000 target beyond the CUP &amp; HANDLE pattern, at the golden Fib. level of 161.8%.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10483\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nThe down channel remains intact albeit it was temporarily broken on the Flynn news. I am still bearish this pair and see 1.7640 as a great level to short from but even with the Flynn revelations this level failed to be achieved.\r\n\r\nWe are in a tight trading range between the PURPLE lines on the chart 0.7530 to 0.7640.\r\n\r\nThe RBA meets this week. I am not expecting any change in policy and I expect Philip Lowe to release a statement that is once again neutral.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10481\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:\r\n</u></strong>\r\nWe have a bullish engulfing candle from last Friday. This usually means that a move higher should continue to be seen. Of late, these candles have NOT produced the follow through that is usually seen.\r\n\r\nWe are range bound between the two PURPLE lines of 0.6780 and 0.6980.\r\n\r\nTechnically, I think that this move higher just gives us a better price to short from as politically New Zealand has issues to overcome and whilst this uncertainty remains in place the pressure to the downside will always prevail.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10484\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong><strong>\r\n</strong>\r\nBugger…\r\n\r\nI really wanted to be short this pair, but I was looking for a level closer to the 200 DAY SMA and the 61.8% Fibonacci retracement level.\r\n\r\nThat is a “helluva” BIG RED candle on the chart. Usually BIG RED candles are followed by further BIG RED candles.\r\n\r\nThe trading range is 1.2660 to 1.2915.\r\n\r\nWe have the BOC this week, I just can’t see Poloz being dovish. I see him more positive than of late and this may send the USD/CAD lower. Ideally from my point of view I want him to dismiss last Friday’s data as “Mickey Mouse:” and send the USD/CAD back to 1.3000. I just can’t envisage that happening.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong><strong>\r\n</strong>\r\nI am still dreaming of bull flags and pennants with this pair. The measured move is to 1.0350, which by interest is a previous level of resistance from last year.\r\n\r\nIf 0.9700 gives way on the back of the flight to safety move which has affected this pair following the “FLYNN” revelations, we could see a move back to the recent lows around 0.9400.\r\n\r\nBe ready for a snap back move with this pair its correlation with its inverse relationship with the EUR/USD is out of sync. But make no mistake, on uncertainty the flight to buy GOLD also affects the CHF.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-03122017.png\"><img class=\"aligncenter size-large wp-image-10486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" />\r\n</a>\r\n\r\n<strong><u>USD/JPY:</u></strong><u>\r\n</u>\r\nThis pair was hit hard with the “FLYNN” news.\r\n\r\nOn Friday that is almost a 160-pip candle from 111.40 to 113.00. Quite a move for this pair. I think that the trading range to work with is 110.80 to 113.00.  This pair will be affected the most as equities and bonds fly around on the news headlines as they are released.\r\n\r\nIt goes without saying, do not get too heavy in a position size as when the market is headline driven moves can whip around very quickly.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-03122017.png\"><img class=\"aligncenter size-large wp-image-10487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-03122017-1024x410.png\" alt=\"\" width=\"1024\" height=\"410\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u>\r\n\r\nWe are now in December. This is historically, a strange month, Christmas parties, sexual harassment claims, lawyers will be on 24x7 call outs, and from a trading perspective volatility tends to thin out as the market becomes less liquid.\r\n\r\nWe do have a few interesting snippets however to keep traders at their desks. The GREED factor will certainly come into play with the institutions and for us, the poor retail traders we have to be savvy and selective.\r\n\r\nNews items that are driving the markets have been based around the US TAX BILL, BREXIT and on Friday last week ex. TRUMP National Security advisor, Mike Flynn announced that he will testify against the President. BREXIT will play on for the next two years, but this month it is crucial for UK Prime Minister, Theresa May to see acknowledged progress has been made. My focus this week is GBP related.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-MONTHLY-03122017.png\"><img class=\"aligncenter size-large wp-image-10480\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-MONTHLY-03122017-1024x398.png\" alt=\"\" width=\"1024\" height=\"398\" /></a>\r\n\r\n&nbsp;\r\n\r\nYou can see from the above Monthly GBP/USD chart that we are breaking out above a multi-year trend line (from August 2104).\r\n\r\nThis is big news if the push higher can be maintained and it should have a knock-on effect through all cable related pairs.\r\n\r\nOne other fact to note from the GBP/USD chart is to take a look at the November monthly candle. It is very, very bullish. In fact, when you look at the moves from the August 2016 lows the monthly candle pattern is trending nicely higher.\r\n\r\nThe PREMIUM SERVICE is currently trading EUR/GBP, GBP/AUD and GBP/JPY. I am as I have stated several times of late not 100% happy trading the USD at the moment and my focus is more away from the majors into the cross rates.\r\n\r\nCable will be my main focus this week along with the CAD (to initiate my “HEDGE OUT” trades).\r\n\r\nWe must note that the FED report via the FOMC on December 13th, with the ECB and BOE both on the following day 14th December. I believe Friday 15th December will be the last day with anything near normal trading volumes.\r\n\r\nAs you know I would usually write here to look at cross rate pairs as an option. My GBP trades are POSITION style trades for the long haul and my trading activity with cross rate currency pairs that already have limited liquidity will; be severely curtailed from now on given the reduced volumes ahead. The RISK of getting stuck with an increased volatile pair with reduced trading volumes is just not worth it in my opinion, no matter how much of a volatility junkie you may be.\r\n\r\nFinally, as we enter a period, when the USD should be demonstrating increased strength through the passing of the TAX BILL, but more importantly Central Bank divergence, as Yellen will probably raise U.S. interest rates on December 13th,\r\n\r\nWould it not seem common sense to maybe hold an emerging market cross? Maybe take a look at USD/ZAR, USD/TRY or USD/MXN.\r\n\r\nThe bottom line is to try to be cute. It is you versus the big banks.\r\n\r\nFLYNN: It is a RISK OFF event in my opinion. I need to see reaction on Monday this week to get a better picture. On Friday, last week when the news broke it was like watching headless chickens running around a farmyard. Kushner was linked which may have helped the markets steady. But who knows? The DXY was slammed on Friday following the news breaking, but like the markets pared back after a while (see below).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DXY-03122017.png\"><img class=\"aligncenter size-large wp-image-10474\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DXY-03122017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS TOTAL NOVEMBER 2017:  = +2,381 pips\r\nYEAR TO DATE:                              = +12,783 pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\n\r\n<u> </u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINAL SHOTS:</strong></li>\r\n</ol>\r\n<u>WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #261 FREE NEWSLETTER\r\n3rd December 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','NO MATTER WHAT… BUY THE DIP REMAINS THE STRATEGY','','inherit','closed','closed','','10494-revision-v1','','','2017-12-02 17:26:16','2017-12-02 22:26:16','',10494,'https://weeklyfxdrivethru.com/10494-revision-v1/',0,'revision','',0),(10499,1,'2017-12-03 06:14:35','2017-12-03 11:14:35','','PS PROFITS (NET) 2016 COMPLETE','','inherit','open','closed','','ps-profits-net-2016-complete','','','2017-12-03 06:15:11','2017-12-03 11:15:11','',3012,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-PROFITS-NET-2016-COMPLETE.png',0,'attachment','image/png',0),(10930,1,'2018-02-03 09:20:13','2018-02-03 14:20:13','&nbsp;\r\n<ol>\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FIRST SHOT:</strong></span></li>\r\n</ol>\r\nFor most of January, I was very critical of the price action in the sense that it was not providing two-way action allowing for pullbacks, for traders to try to get value entries.\r\n\r\nIt was a little surprising to a lot of people that given the criticism that was leveled at the FX market that at the end of January the PREMIUM SERVICE pip total was 1,478 pips of profit. My second-best January so far only beaten by that achieved in 2015.\r\n\r\nHow did this pip performance come about?\r\n\r\nBasically, I tried my best whenever possible to avoid the USD. I tried with limited success to trade JPY cross rates, but most of the time they promised a lot but gave nothing but disappointment in the end. It was the EUR and GBP cross rates that despite liquidity issues at times gave a greater consistency. As simple as that.\r\n\r\nIt gives a springboard for the year.\r\n\r\nThe only negatives that I have taken from the month was that the profit to loss trade ratio was 69% / 31% which is a little below my 75% / 25% objective and that my new trade style, MOMENTUM TRADES recorded a pip loss in the month of 202 pips, which was a little frustrating. It all went pear shaped in the last 48 hours of the month.\r\n\r\nThis month two days old and the total pips for two days stands at 530 pips.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong> MARKET OVERVIEW – MY THOUGHTS:</strong><strong> </strong></span></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\"><strong>ONE WAY MARKETS and LOW LIQUIDITY </strong></span></p>\r\nWhen I was deciding what to write about this week, I thought that most of the economic reports, newspaper columns and social networks would be filled with articles and commentaries about the U.S. Equity sell off and the movement in U.S. Bond yields.\r\n\r\nI decided to run with something that I wanted to use basically from the start of December when all of the following really started to resonate with me.\r\n\r\nIntroduction complete…\r\n\r\nThis coming week, we have an action-packed diary of “FRONT PAGE” economic data releases. Sure, last week had NFP, I tried a couple of trades last week, but I rarely trade NFP anymore, I think it\'s a mug’s game, just my opinion. It’s all hype, a big fuss and at times the moves exaggerated so much should you fall foul of a false move or knee jerk reaction by the markets, all it does is ruin your weekend.\r\n\r\nIt’s totally not my style to trade in anyway aggressively on a Friday, but more often than not after the LONDON FIX after NFP, most times we see a directional market that will hangover into Asian trading at the start of the following week. Whether the moves run through the first weekly trading session in Europe is debatable, as more often than not the European traders love to reverse the direction of the initial Asian session.\r\n\r\nHowever, should you live in Asia or Australia, New Zealand…Happy Days!\r\n\r\nMoving on…\r\n\r\nThe caveat I would add at the moment is that we have a sell the dollar one-way market at the moment and the lower liquidity issues in Asia are exacerbating the matter.\r\n\r\nThe best times to trade Forex is when the European session overlaps with the North American session. To be really focused 8AM to 11:30AM EST.\r\n\r\nThis means that out of the 24 x 5 selling feature of trading the FX markets the hours of real liquidity are 3.5 hours a day.\r\n\r\nTo put it another way: -\r\n<ul>\r\n 	<li>5 days x 24 hours = 120 hours.</li>\r\n 	<li>5 days x 3.5 hours = 17.5 hours</li>\r\n 	<li>14.5% of the total market open time per week.</li>\r\n</ul>\r\nNow, there are exceptions, when high beta data is being released in Asia, the UK or Australia and New Zealand one can tag on the odd hour here and there but generally speaking at the moment in my opinion no more than 15% of the time available can actually be viewed as good trading conditions, with reasonable two-way price action\r\n\r\nNow, if I were to say, I do not even think that we have achieved this 14.5% good trading conditions of late, why am I still trading and what am I doing and how am, I doing it to keep my head above water?\r\n\r\nI have heard many traders using the words untradeable, impossible, unpredictable and basically tough. They are NOT wrong.\r\n\r\nThe FX market is no longer the USD 3-4 Billion a day market that many FX Brokers will have you believe. On good days it may reach USD 3 Billion, but the real numbers which are a pain in the arse to try to establish are I am being advised closer to USD 2.5 Billion per day and the truth probably lies between USD2 &amp; USD2.5 Billion.\r\n\r\nIt makes sense, many of the big banks have lost fortunes trading FX despite their positions of influence. As the big banks pull out or reduce active operations the liquidity lowers.\r\n\r\nWhere would this lower liquidity be felt more. Obviously Asia, which has always had liquidity issues ever since I started trading FX back in 2007.\r\n\r\nEurope and the Americas are not excused from this reduction but as there are more market participants the effects are not as visible.\r\n\r\nSo, what am I doing, what have I changed?\r\n\r\nI have tried to adapt once again. My TRADE PLAN has generally remained unaltered from 2010, following the GFC. Fundamentally nothing much has changed. What has changed though is my approach to shorter timespan trades.\r\n\r\nThe EUR/CHF peg removal was a watershed day in FX. Brokers lost money, clients lost money, I myself lost over USD$10,000. Every time I look at a GBP/CHF chart I swear at the little fecker! “THE PEG” day, January 15th, 2015, was a wake-up call. It hardened me as a trader. My trading improved as a result. It was “SCOTT versus THE WORLD” as far as I was concerned. I tightened up my trading parameters. I had a great pips tally in January 2015 despite the PEG removal, it was my record January since starting the PREMIUM SERVICE.\r\n\r\nI have subscribers dotted all over the globe. I trade at different times, all zones, but my focus is as written already when Europe and the Americas trade side by side. It has to be.\r\n\r\nTo facilitate better adaptability to trading and to achieve longevity in trading, should be every traders goal. The preservation of capital is paramount.\r\n\r\nTo cope with increased volatility, I introduced very successfully POSITION trades. Two years in, they are still NOT perfect. They make pips, good pips but I am Not able to let them run as far as I want them to because of the type of markets we are trading inside.\r\n\r\nI re-defined RADAR and FLASH trades, this is a work in progress.\r\n\r\nThis year I added MOMENTUM trades, which, I hope will be welcomed by Asian, Australian and New Zealand traders as these are intended to be mostly focused on opportunist trades around the daily closing candles. Again, this is work in progress, I have only just completed the first 30 days of this trade style. It has been a bumpy start and I have been more liberal than maybe I should have been with limits and stops. I am hoping that these trades will operate in the Asian sessions even with lower liquidity levels on the basis that I am hoping that MOMENTUM will help produce my desired results. Time will tell.\r\n\r\nSo, to compete with one-way markets and lower liquidity, you have to be a bit savvier. In my opinion, both trading times and your trading style approaches need to be reviewed.\r\n\r\nThis however, does NOT give answers on how to trade in a news driven environment.\r\n\r\nA couple of weeks ago the economic calendar was really thin. We were left at the mercy of TRUMP and his TWITTER FEED. TRUMP controlled the message, Fibonacci levels, chart patterns, candlestick formations and Pivot Points meant nothing. In this type of market environment, it was completely one-way, no pullbacks, I was mostly sidelined. If you were in a trade, you could run with it, but as soon as you took profits it was a risk getting back in as the markets were over stretched and it felt that a snap back was on the cards. I am still waiting for the snapback to happen!\r\n\r\nI talked about FOMO in FX last week. (Fear of Missing out)\r\n\r\nPersonally, I feel that we are slowly but surely moving towards a FX/Equities/Bonds crisis with each passing day. It’s all about what will be the catalyst to set the ball rolling, what will be the start of the DOMINO EFFECT.\r\n\r\nCorrelations are off, and correlations do matter. Last week I mentioned the JPY and I still believe that the JPY will be front and centre when the move starts. Whether it be yields, stocks or the DXY. Bonds, Yields and equities all usually correlated with the USD/JPY. They are NOT at the moment.\r\n\r\nWe have watched the start of a sell-off in equities last week; last Friday we saw, all three U.S. markets lower.\r\n<ul>\r\n 	<li>DOW:             - 2.57%</li>\r\n 	<li>S&amp;P:               - 2.15%</li>\r\n 	<li>NASDAQ:      - 1.96%</li>\r\n</ul>\r\nThese moves were on the back of some smaller negative moves earlier in the week. A sell off may gather a pace this week, it may not. If, we see a market capitulation, it will be drastic as we have been so one-sided for so long.\r\n\r\nWe really have to be careful at the moment. The FOMO approach could lead to a broker account being limited out, if you are not managing your RISK properly.\r\n\r\nIn my view, without sounding like a DRAMA QUEEN, jumping on board with trades without a plan or strategic entry is just gambling.\r\n\r\nIt has been a pure one-way market for so long, and with experience I know that the snap back could happen at any time and when it does it will be vicious, screen time has taught me this lesson. One requires patience.\r\n\r\nSomething has got to give…\r\n\r\nThis market is very much FEAR and GREED driven at the moment.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>USD SUPPORT and RESISTANCE with my BIAS:</strong></span></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/T-CHART-03022018.png\"><img class=\"aligncenter size-full wp-image-10922\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/T-CHART-03022018.png\" alt=\"\" width=\"1022\" height=\"886\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE PREMIUM SERVICE TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>4.1. PREMIUM SERVICE PERFORMANCE YEAR TO DATE:\r\n</u>(Incorporating the last 5 PREMIUM SERVICE TRADES)\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PREM-SERV-STATUS-03022017.png\"><img class=\"aligncenter size-large wp-image-10920\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PREM-SERV-STATUS-03022017-1024x863.png\" alt=\"\" width=\"1024\" height=\"863\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.2. PREMIUM SERVICE PERFORMANCE: - JANUARY 2018</u>\r\n\r\nThe spreadsheet below shows the income that was generated from single lot trades.\r\n\r\nAs you can see subscribers who have paid for either a 6 or 12 month subscription who trade either single MINI or STANDARD lots have had their subscription costs covered already.\r\n\r\nIf you cannot afford the initial outlay of CAD$800 or CAD$1,250 the MONTHLY ROLLOVER subscription option of CAD$150.00 per month offers real more affordable subscription option. It has a low risk start in the sense that the first 10 days cost just CAD$10.00.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PREM-SERV-JAN2018-NET-PERF.png\"><img class=\"aligncenter size-large wp-image-10921\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PREM-SERV-JAN2018-NET-PERF-931x1024.png\" alt=\"\" width=\"931\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>PREMIUM SERVICE SUBSCRIBERS:\r\n</strong></span>(This section is for PREMIUM SUBSCRIBERS ONLY)</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>5.1. TRADING REVIEW:</u>\r\n\r\nThe final pip tally for January 2018 = <strong><u>1,478 pips.\r\n</u></strong>\r\n\r\nThis was the best PREMIUM SERVICE January performance since 2015… the year of the PEG!\r\n\r\nMOMENTUM TRADES losing 202 pips and profit / loss ratios below 75% / 25% require some additional focus but apart from these things given how awkward the months was, I am pleased with the return for obvious reasons. I now have to build on this moving forward.\r\n\r\nWe seem to be in a market of half moves. Pairs give all the signs of a failure and then they snap back as if the move that had progressed so far did not exist, like it never happened. This type of scenario is typical of a market at extremes and it does not take a rocket scientist to see we are in an extreme market. False moves lower and higher are common place, we have certainly seen them over the past few days alone (AUD/USD and NZD/USD).\r\n\r\nThe big move is on the way…\r\n\r\nI know I keep writing patience is required, last week with NFP I traded USD/JPY and EUR/JPY. I did this because the NFP numbers were good across the board. I wondered whether or not the market makers would start believing that 3 FED interest rate hikes were starting to look like a definite possibility. In addition, maybe a fourth was an option to normalize at a faster rate when things are so good in the U.S. economy. Would this trigger an equity sell-off?\r\n\r\nI still see the USD/JPY as an integral part of any correction in the DXY. Take a look at the DXY chart below.\r\n\r\nIn my opinion, we have no reason to be aggressive buyers of the USD unless we break above the GREEN TRENDLINE. We have a base formed.\r\n\r\nThe move higher in the DXY to get me in anyway a USD bull again has to see the 61.8% Fibonacci retracement level of 91.00 being hit.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/DXY-D-03022018.png\"><img class=\"aligncenter size-large wp-image-10926\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/DXY-D-03022018-1024x559.png\" alt=\"\" width=\"1024\" height=\"559\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe domino effect, or the big move catalyst is so connected.\r\n\r\nPersistent USD selling (weakness)\r\nU.S. Bond Yields\r\nPrecious Metals\r\nOil\r\nCentral Bank Monetary Policy\r\nEquity Prices\r\n\r\nInter-Market correlations (S&amp;P-AUD/JPY), (VIX-USD/CAD), (OIL-USD), (GOLD-USD), (USD/JPY-U.S. Bonds/Yields)\r\n\r\nThe USD/JPY has NOT correlated with Bond Yields / Equities, so I am assuming that when, and they will at some time, change direction the USD/JPY is going to have a “BAD DAY” at the office. If Sentiment and Fundamentals really change the USD/JPY back at 100.00 is NOT out of the question in my opinion.\r\n\r\n<u>\r\n\r\n</u>\r\n\r\n<u>5.2. SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n\r\n</u>\r\n\r\nCarrying on the theme from last week, not much has altered in my opinion other than the big move, which I believe is going to happen is edging closer.\r\n\r\nThe only FUNDAMENTAL change in my strategy is that for now I want to see the CAD short traders cleaned out of the market. The CAD currency is too heavily weighted to the CAD buyers. We need a good old fashioned short squeeze to eliminate these from the market and enable a short USD/CAD trade from around 1.2650-1.2700 if possible.\r\n\r\nI am still short the NZD. I am edging into long EUR and GBP trades as well.\r\n\r\nThere is no rush.\r\n\r\nWe have another round of BREXIT negotiations on the way this week and at the moment I have enough GBP exposure.\r\n\r\nHere is something that has been plaguing me for a few weeks now.\r\n\r\nThe transition from accommodation to normalization, on the basis that it has never been done before on such a grand scale was bound to have uncertainties and confusion attached.\r\n\r\nWe have certainly been witnesses to this over recent weeks, many would argue since TRUMP took office, although I think it’s safe to say his approach is “different” … “special” …\r\n\r\nIt makes sense that highly leveraged markets are going to flex, struggle, adjust and battle their way as monies shift from one market to another as market makers and institutions fight to gather yields.\r\n\r\nForex is caught in the middle to some degree. Central Banks are to a large extent unable to do anything to avoid changes unless of course they stop the normalization move in its tracks, which of course they DO NOT want to do. Therefore, they are voyeurs to a large extent.\r\n\r\nAs a Forex trader, my predominant route, over-whelming rule is to look for the less riskier option. MINIMISE RISK is all over my TRADING PLAN.\r\n\r\nMoving on…\r\n\r\nMarket sentiment is always something that I look at and consider when placing trades. The old school approach of the TREND IS YOUR FRIEND still applies and is as relevant today as it has always been.\r\n\r\nA couple of years ago, I wrote a blog titled “IT’S ALL ABOUT COMMODITIES” and for weeks around this blog post, I kept referring to commodity prices for one specific reason, they tend to reflect a true market, especially in an inflation cycle which I believe we are entering now. They are NOT heavily manipulated like the currency markets.\r\n\r\nI am not saying that we should rush out and trade futures or CFD’s depending on your location, but I am saying we should focus more on commodity linked currencies than the non-commodity based currencies.  To a large extent, I have been doing this via NZD and AUD trades. Moving forward, the NOK, MXN and CAD should also play a greater part in my trade set ups.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/SENTIMENT-03022018.png\"><img class=\"aligncenter size-large wp-image-10928\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/SENTIMENT-03022018-784x1024.png\" alt=\"\" width=\"784\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>5.3. THE WEEK AHEAD:</u>\r\n\r\n<u>5.3.1. ECONOMIC DATA RELEASES THAT INTEREST ME:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/ECON-DATA-03022018.png\"><img class=\"aligncenter size-large wp-image-10927\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/ECON-DATA-03022018-1024x893.png\" alt=\"\" width=\"1024\" height=\"893\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>5.3.2. MY KEY EVENTS ON THIS WEEK’S CALENDAR:</u>\r\n\r\nIn no particular order: -.\r\n\r\n<u>AUD – RETAIL SALES, TRADE BALANCE, RBA RATE STATEMENT, PHILIP LOWE (RBA) Governor speaks and RBA MONETARY POLICY STATEMENT:</u>\r\n\r\nBy any stretch this is a full week of good frontline Aussie data.\r\n\r\nI am hedged; being long AUD/NZD, GBP/AUD and short AUD/USD. I would rather know which way the AUD is going to move than be both ways, so to speak, however being hedged is not a bad plan to start off with.\r\n\r\nThis is a big week. Technically the AUD/USD has dropped out of a rising wedge/channel, which is a bearish event.\r\n\r\nWe have seen recent poor Aussie data (CPi), this soft data gave the markets the view of no inflation in the Australian market and therefore no immediate change in RBA policy. Well this week the proof of the pudding will be in the eating.\r\n\r\n&nbsp;\r\n\r\n<u>NZD – JOBS DATA, RBNZ RATE STATEMENT, POLICY STATEMENT &amp; PRESS CONFERENCE:</u>\r\n\r\nThe chaps are out again. This really is a wet fish event. However, it is important to me as I am MACRO / FUNDAMENTAL short the NZD. I still have a FLASH CRASH objective based on a victory when “pulling a (chicken) wish bone”. My objective is the John Key low of 0.6500!\r\n\r\nI know… what can you say?\r\n\r\nI have read so much about the RBNZ I am dizzy. Yer man, Adrian Orr picks up the reigns, I think from the next meeting, so for this one we have Grant “call me Frank” Spencer. He is about as convincing and as useful as a chocolate teapot. Nevertheless, we will have to sit through his pandering. A word to note; almost everything he claimed at his last press conference was re-buffed, questioned, clarified and corrected by the government Finance Minister or the deputy.\r\n\r\nThe jobs data Spencer cannot screw up.\r\n\r\n\r\n<u>GBP – SERVICES PMi, MANUFACTURING PRODUCTION, BOE INFLATION REPORT, MPC VOTE and MONETARY POLICY SUMMARY:</u>\r\n\r\nAdd to the above list the start of another round of BREXIT NEGOTRIATIONS and we should have a fun GBP week in store.\r\n\r\nThis week should give us the direction for the next couple of weeks.\r\n\r\n&nbsp;\r\n\r\n<u>CAD – JOBS DATA:</u>\r\n\r\nI have pulled out of my CAD trades for now. I want something concrete upon which to hang my hat. Stephen Poloz has claimed on a few occasions now that the BOC interest rate hiking policy is data dependent.\r\n\r\nFor me therefore, this will help me with a bit more data on where to set my short trades.\r\n\r\nI had a review session last week and CAD trades came up. The question was, why not just short the CAD now, put in a MONTHLY ATR stop, close your eyes and open them up in November to claim your profits. FUNDAMENTALLY it has merits, but we have NAFTA to consider as well. We could see +1.3000 before we see a sub 1.2000 print. It is all about the amount of RISK that would be involved.\r\n\r\n&nbsp;\r\n\r\n<u>5.3.3. HOW I WILL APPROACH and TRADE THE MARKET THIS WEEK:</u>\r\n\r\nWe have a hell of a week for prime data this week.\r\n\r\nI removed some RISK after NFP. As soon as possible I want to add back long EUR cross rates (EUR/AUD and EUR/NZD). Apart from these trades, I think this coming week may one of consolidation.\r\n\r\nI am not comfortable predicting the outcome of the economic news events and so I will be reacting to the data when possible rather than predicting.\r\n\r\nThe markets in my opinion are all about commodities. Therefore, moving through this week most trades and set ups will be based around the commodity currencies.\r\n\r\nThe one failure from my NFP action plan was to trigger a long EUR/USD trade. Apart from commodity pairs, I will be looking to add EUR/USD and maybe a USD/JPY trade.\r\n\r\n<u>\r\n</u><u>5.3.4. MY “MACRO” TRADING PLAN FOR THE WEEK AHEAD:</u>\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>Add back NZD POSITION TRADE set ups that were removed after NFP, after the RBNZ.</li>\r\n 	<li>Establish a medium-term TRADE PLAN with the AUD following the data this week.</li>\r\n 	<li>Formulate a strategy re EUR long and JPY short trades.</li>\r\n 	<li>After the CAD Jobs Data this Friday. Establish ideas for CAD POSITION TRADES.</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>5.4 SUMMARY - LONG TERM CORE TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LT-POS-TRADES-03022019.png\"><img class=\"aligncenter size-large wp-image-10925\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LT-POS-TRADES-03022019-1024x826.png\" alt=\"\" width=\"1024\" height=\"826\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>5.5. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>5.5.1. CURRENT LIVE TRADES:\r\n\r\n</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LIVE-TRADES-03022018.png\"><img class=\"aligncenter size-large wp-image-10924\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LIVE-TRADES-03022018-1024x991.png\" alt=\"\" width=\"1024\" height=\"991\" /></a>\r\n\r\n<u>5.5.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LIMIT-ORDERS-03022018.png\"><img class=\"aligncenter size-large wp-image-10923\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/LIMIT-ORDERS-03022018-1024x779.png\" alt=\"\" width=\"1024\" height=\"779\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>5.6. FX BROKER NEWS and MARKET FEEDBACK:</u>\r\n\r\nComplete silence. I reached out to a couple of broker contacts. Nothing has come back.\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #164 PREMIUM SERVICE\r\nDATE: 3rd February 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','ONE WAY MARKETS and LOW LIQUIDITY','','inherit','closed','closed','','10929-revision-v1','','','2018-02-03 09:20:13','2018-02-03 14:20:13','',10929,'https://weeklyfxdrivethru.com/10929-revision-v1/',0,'revision','',0),(10502,1,'2017-12-24 10:21:05','2017-12-24 15:21:05','<pre></pre>\n<p style=\"text-align: left;\"><span style=\"font-size: 12pt;\"><span style=\"font-family: arial, helvetica, sans-serif;\">Hello,</span></span></p>\nFrom time to time I will offer PROMOTIONS to join the PREMIUM SERVICE.\n\nBelow are the details of the BUY ONE GET FROM FREE promotion that is currently running until 31st January 2018 at 5PM EST.\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO.png\"><img class=\"aligncenter wp-image-10505\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO-1024x395.png\" alt=\"\" width=\"578\" height=\"223\" /></a>\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 20pt;\">“BUY ONE…GET ONE FREE”</span></strong></p>\nPROMOTION BASICS:\nPROMOTION PERIOD:         Until 5PM EST 31st January 2018.\nAPPLICABLE PRODUCTS:    6 and 12 month subscriptions.\n\nPROMOTION DETAILS:\n<ol>\n 	<li>Purchase a 6 or 12 month subscription and your PREMIUM SERVICE subscription period will be extended FREE OF CHARGE by the term of your subscription purchase.</li>\n 	<li>Buy a 6-month subscription for CAD$800.00, you will be confirmed as 12 months.</li>\n 	<li>Buy a 12-month subscription for CAD$1,250.00, you will be confirmed as 24 months (2 Years).</li>\n 	<li>ALL subscriptions paid for regardless of date between now and January 8th will not have their subscription period started until January 13th, 2018, which is the date of the first “DRIVE THRU” blog next year.Whilst I cannot guarantee much trading between now and early January any trading that does take place you will be a part of and, obviously in this interim period you will have full access to the website to familiarize yourself the location of the content and the content itself.</li>\n 	<li>All subscription periods etc. will be confirmed in the PREMIUM SERVICE welcome pack which will be emailed to you soon after your subscription is confirmed.</li>\n</ol>\nThe PREMIUM SERVICE has beaten its 10,000 net pip objective each year since inception.\n\nYou can find more information about how the PREMIUM SERVICE works by selecting the HISTORY TAB on my home page\n\nBelow, I provide the trading summaries year by year since 2014  for this year at the moment it is correct up until the 30th November 2017. These excel spread sheets show you net profit positions after allowing for costs including the annual subscription to the PREMIUM SERVICE.\n\nI hope that you find this information useful to making your decision. There has NEVER been a better time to subscribe and get support for your trading. If you want to join and  want to keep the PREMIUM SERVICE trades separate from your own, may I suggest clicking the link on the banner of one of my recommended brokers, VANTAGE FX or HANTEC MARKETS. By joining from my website you will be part of the growing PREMIUM SERVICE / DRIVE THRU team.\n\n&nbsp;\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-NET-PROFITS-2017-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-10723\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-NET-PROFITS-2017-COMPLETE-972x1024.png\" alt=\"\" width=\"972\" height=\"1024\" /></a>\n\n&nbsp;\n\n&nbsp;\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NET-PS-2016.png\"><img class=\"aligncenter size-large wp-image-10636\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NET-PS-2016-968x1024.png\" alt=\"\" width=\"968\" height=\"1024\" /></a>\n\n&nbsp;\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NET-PS-2015.png\"><img class=\"aligncenter size-large wp-image-10635\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NET-PS-2015-1024x1008.png\" alt=\"\" width=\"1024\" height=\"1008\" /></a>\n\n&nbsp;\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NET-PS-2014.png\"><img class=\"aligncenter size-large wp-image-10634\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NET-PS-2014-1024x1013.png\" alt=\"\" width=\"1024\" height=\"1013\" /></a>\n\n&nbsp;\n\nI hope that you find this promotion to be exactly what you are looking for, for your trading in 2018 and beyond.\n\nTo join the PREMIUM SERVICE, simply visit the SUBSCRIBE HERE TAB on my home page. All you need is a valid credit card, everything will be confirmed in your WELCOME PACK.\n\nScott Pickering\nThe Pip Accumulator\n24th December 2017.\n<h4></h4>','Promotions','','inherit','closed','closed','','4984-autosave-v1','','','2017-12-24 10:21:05','2017-12-24 15:21:05','',4984,'https://weeklyfxdrivethru.com/4984-autosave-v1/',0,'revision','',0),(10643,1,'2017-12-16 08:19:29','2017-12-16 13:19:29','','ECON DATA 17122017','','inherit','open','closed','','econ-data-17122017','','','2017-12-16 14:20:16','2017-12-16 19:20:16','',10680,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-17122017.png',0,'attachment','image/png',0),(10644,1,'2017-12-16 08:19:34','2017-12-16 13:19:34','','TCHART 17122017','','inherit','open','closed','','tchart-17122017','','','2017-12-16 14:21:49','2017-12-16 19:21:49','',10680,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-17122017.png',0,'attachment','image/png',0),(10919,1,'2018-01-31 18:47:41','2018-01-31 23:47:41','&nbsp;\r\n\r\n<span style=\"font-size: 16pt;\"><strong>AN INTRODUCTION TO THE PREMIUM SERVICE - WEBINAR:</strong></span>\r\n<p style=\"text-align: left;\">Clicking the link below will take you to my webinar presentation, which tells you all about how the PREMIUM SERVICE evolved and what it can do for you as a subscriber.</p>\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\n<strong>\r\n<span style=\"font-size: 16pt;\">PRESENTATIONS and SEMINARS:</span></strong>\r\n\r\nNothing scheduled. When plans are being formulated details will appear here.\r\n\r\n<strong>\r\n<span style=\"font-size: 16pt;\">LIVE WEBINARS:</span></strong>\r\n\r\nThese have been shelved for the timebeing.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n31st January 2018','UPCOMING LIVE EVENTS (WEBINARS / PRESENTATIONS and SEMINARS)','','inherit','closed','closed','','4239-revision-v1','','','2018-01-31 18:47:41','2018-01-31 23:47:41','',4239,'https://weeklyfxdrivethru.com/4239-revision-v1/',0,'revision','',0),(10641,1,'2017-12-15 12:02:14','2017-12-15 17:02:14','&nbsp;\r\n\r\n<span style=\"font-size: 16pt;\"><strong>AN INTRODUCTION TO THE PREMIUM SERVICE - WEBINAR:</strong></span>\r\n<p style=\"text-align: left;\">Clicking the link below will take you to my webinar presentation, which tells you all about how the PREMIUM SERVICE evolved and what it can do for you as a subscriber.</p>\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\n<strong>\r\n<span style=\"font-size: 16pt;\">PRESENTATIONS and SEMINARS:</span></strong>\r\n\r\nNothing scheduled. When plans are being formulated details will appear here.\r\n\r\n<strong>\r\n<span style=\"font-size: 16pt;\">LIVE WEBINARS:</span></strong>\r\n\r\nIt was my plan to re-launch these in the autumn / fall of 2017. I have decided to leave this to one side for now as I am planning a re-vamp for 2018 of my website, the PREMIUM SERVICE  and my format of the WEEKLY FX DRIVE THRU blog.\r\n\r\nMy thoughts are to bring all four revised items (WEBINAR, THE PREMIUM SERVICE, the DRIVE THRU BLOG and WEBSITE) to the market at the same time early 2018.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n1st October 2017','UPCOMING LIVE EVENTS (WEBINARS / PRESENTATIONS and SEMINARS)','','inherit','closed','closed','','4239-revision-v1','','','2017-12-15 12:02:14','2017-12-15 17:02:14','',4239,'https://weeklyfxdrivethru.com/4239-revision-v1/',0,'revision','',0),(10508,1,'2017-12-08 17:31:02','2017-12-08 22:31:02','','ECON DATA 10122017','','inherit','open','closed','','econ-data-10122017','','','2017-12-09 08:15:52','2017-12-09 13:15:52','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017.png',0,'attachment','image/png',0),(10509,1,'2017-12-08 17:31:08','2017-12-08 22:31:08','','TCHART 10122017','','inherit','open','closed','','tchart-10122017','','','2017-12-09 08:17:06','2017-12-09 13:17:06','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017.png',0,'attachment','image/png',0),(10510,1,'2017-12-08 17:31:23','2017-12-08 22:31:23','','LIMIT 10122017','','inherit','open','closed','','limit-10122017','','','2017-12-09 08:22:39','2017-12-09 13:22:39','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-10122017.png',0,'attachment','image/png',0),(10511,1,'2017-12-08 17:31:26','2017-12-08 22:31:26','','LIVE 10122017','','inherit','open','closed','','live-10122017','','','2017-12-09 08:22:29','2017-12-09 13:22:29','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-10122017.png',0,'attachment','image/png',0),(10512,1,'2017-12-08 17:31:30','2017-12-08 22:31:30','','MKT SENTIMENT 10122017','','inherit','open','closed','','mkt-sentiment-10122017','','','2017-12-09 08:21:33','2017-12-09 13:21:33','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/MKT-SENTIMENT-10122017.png',0,'attachment','image/png',0),(10513,1,'2017-12-08 17:31:33','2017-12-08 22:31:33','','FLASH 10122017','','inherit','open','closed','','flash-10122017','','','2017-12-09 08:29:54','2017-12-09 13:29:54','',2711,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/FLASH-10122017.png',0,'attachment','image/png',0),(10514,1,'2017-12-08 17:31:35','2017-12-08 22:31:35','','RADAR 10122017','','inherit','open','closed','','radar-10122017','','','2017-12-09 08:30:40','2017-12-09 13:30:40','',2524,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/RADAR-10122017.png',0,'attachment','image/png',0),(10515,1,'2017-12-08 17:31:38','2017-12-08 22:31:38','','FUN 10122017','','inherit','open','closed','','fun-10122017','','','2017-12-09 08:31:18','2017-12-09 13:31:18','',3106,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/FUN-10122017.png',0,'attachment','image/png',0),(10516,1,'2017-12-08 17:31:43','2017-12-08 22:31:43','','POS1 10122017','','inherit','open','closed','','pos1-10122017','','','2017-12-09 08:32:09','2017-12-09 13:32:09','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/POS1-10122017.png',0,'attachment','image/png',0),(10517,1,'2017-12-08 17:31:46','2017-12-08 22:31:46','','POS2 10122017','','inherit','open','closed','','pos2-10122017','','','2017-12-09 08:32:16','2017-12-09 13:32:16','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/POS2-10122017.png',0,'attachment','image/png',0),(10518,1,'2017-12-08 17:34:05','2017-12-08 22:34:05','','AUDUSD D 10122017','','inherit','open','closed','','audusd-d-10122017','','','2017-12-09 08:18:42','2017-12-09 13:18:42','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017.png',0,'attachment','image/png',0),(10519,1,'2017-12-08 17:34:09','2017-12-08 22:34:09','','EURUSD D 10122017','','inherit','open','closed','','eurusd-d-10122017','','','2017-12-09 08:17:37','2017-12-09 13:17:37','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017.png',0,'attachment','image/png',0),(10520,1,'2017-12-08 17:34:12','2017-12-08 22:34:12','','GBPUSD D 10122017','','inherit','open','closed','','gbpusd-d-10122017','','','2017-12-09 08:18:13','2017-12-09 13:18:13','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017.png',0,'attachment','image/png',0),(10521,1,'2017-12-08 17:34:15','2017-12-08 22:34:15','','NZDUSD D 11122017','','inherit','open','closed','','nzdusd-d-11122017','','','2017-12-09 08:19:10','2017-12-09 13:19:10','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017.png',0,'attachment','image/png',0),(10522,1,'2017-12-08 17:34:17','2017-12-08 22:34:17','','USDCAD D 10122017','','inherit','open','closed','','usdcad-d-10122017','','','2017-12-09 08:19:38','2017-12-09 13:19:38','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017.png',0,'attachment','image/png',0),(10523,1,'2017-12-08 17:34:20','2017-12-08 22:34:20','','USDCHF D 10122017','','inherit','open','closed','','usdchf-d-10122017','','','2017-12-09 08:20:00','2017-12-09 13:20:00','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017.png',0,'attachment','image/png',0),(10524,1,'2017-12-08 17:34:26','2017-12-08 22:34:26','','USDJPY D 10122017','','inherit','open','closed','','usdjpy-d-10122017','','','2017-12-09 08:20:27','2017-12-09 13:20:27','',10526,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017.png',0,'attachment','image/png',0),(10526,1,'2017-12-09 08:26:54','2017-12-09 13:26:54','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>THE FIRST FEW SHOTS:</strong></li>\r\n</ol>\r\nI think that it’s fair to say that economic data has a back seat at the moment. It’s all about geopolitical news and the effect of these news items that are driving the markets at the moment. When I say driving, I really mean pushing one way then the other most times without reason.\r\n\r\nThe markets are not as liquid now as they were 12 months ago, and, this is evidenced as we enter periods like now, where it is largely historically recognized that many large institutions are preparing to run down their books into the year-end ready for the start of next year.\r\n\r\nTRUMP and BREXIT headlines have dominated all week. It seems really strange to write that when the past week included U.S. Non-Farm Payrolls.\r\n\r\nTRUMP goes from controversy to controversy, investigation to investigation and the great negotiator is still without a single campaign promise delivered. The latest from the great negotiator was that we had an 11th hour deal to fund the government for two weeks to prevent a shutdown, as once again the debt ceiling was reached. Not out of the woods yet, a permanent solution is required by December 22nd to enable the government to function moving forward.\r\n\r\nYou could not make this up. It is a reality TV program played out in front of the world with the oval office as the studio.\r\n\r\nWith regards to BREXIT, last Friday we had an agreement from Juncker and Barnier that enough progress had been made on phase one of the negotiations that the UK and the EU negotiators could now move to phase two.\r\n\r\nAt what cost?\r\n<p style=\"text-align: center;\"><strong>RED LINES &amp; DEADLINES = CAN KICKED DOWN THE ROAD</strong><strong> </strong></p>\r\nThe ECB needs success as much as Theresa May with the RED LINES and DEADLINES set by both teams ahead of the EU 27 member states 2017 Christmas party aka December Council Meeting.\r\n\r\nThe ECB therefore did what they are master of… FUDGING, to you and me it’s also known as KICKIN’THE CAN DOWN THE ROAD.\r\n\r\nIt looks like the Irish border issue has been kicked down the road. We were provided with very little detail and this was the stumbling block. All parties, Theresa May (UK PM…by a thread), Michel Barnier (EU Chief Negotiator), Jean Claude Junker (President of the EU Commission), Leo Varadkar (IRISH PM) and Arlene Foster (DUP) placed a positive spin on the fact enough progress had been made but very light on specifics.\r\n\r\nThe fact that both Barnier and Juncker had broad smiles in the press conferences that followed the announcement, makes me think that the UK was screwed. This will no doubt roll on and there will be fallout, I think that’s a given.\r\n\r\nFrom an FX perspective, the trading around the BREXIT agreement was no more than a buy the rumour sell the news event. Cable basically nosedived. After all was said and done it moved over 140 pips lower from the highs at one point.\r\n\r\n<strong><u>NOTE:</u></strong>  With regards to cables move lower, this was more than severe profit taking in my opinion.\r\n\r\nFinally, …\r\n\r\nI picked this up out of my twitter feed last week…. made me giggle.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017.png\"><img class=\"aligncenter size-large wp-image-10507\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017-1024x929.png\" alt=\"\" width=\"1024\" height=\"929\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong>MY (THE PREMIUM SERIVICE) TRADING LAST WEEK:</strong></li>\r\n</ol>\r\nI spent most of last week writing to PREMIUM SERVICE subscribers about how I wanted to reduce RISK ahead of NFP. I am pleased to say, I cut out lots of trades before the monthly lottery day aka NFP! I was very successful in reducing what I call circumstantial RISK prior to the NFP data release. I just had to manage my longer-term positions of AUD/NZD and USD/CAD.\r\n\r\nI did not as I indicated to PREMIUM SERVICE subscribers trade NFP. I find that I only get annoyed and frustrated with NFP moves which linger into and hover over the weekends. This may be more of thing of the past but I just hate the knee-jerk moves and then two/ three hours of a chop fest that follows. It just does not suit my style at all.\r\n\r\nTrading this month so far has been a little strange. I am conscious that I want to reduce RISK heading into the Christmas holidays. This coming week is, in my opinion, the last week of this year with decent liquidity and I do not want to be carrying multiple trades forward or having to manage a huge quantity over the Christmas holidays.\r\n\r\nEconomic and Central Bank data this week makes it a huge week of importance as well. At the same time, I realise that most of my core positions of the USD/CAD and AUD/NZD will be probably be carried forward into 2018. I have a few USD/CAD trades that I will unload next week. I expect my pip net profit for 2017 to lie a little lower than current levels once I cull!\r\n\r\n<u>PERFORMANCE 2017 TO DATE:</u>\r\n\r\nDecember 2017 net TOTAL:     +536 net pips\r\n2017 YEAR TO DATE:                +13,319 net pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong>THE FX MARKET PLACE THIS WEEK:</strong></li>\r\n</ol>\r\n<u>\r\n3:1. THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017.png\"><img class=\"aligncenter size-large wp-image-10508\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017-1024x985.png\" alt=\"\" width=\"1024\" height=\"985\" /></a>\r\n\r\n<u>\r\n3:2. MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThis week I would say is probably one of if not the most important weeks for trading FX in 2017. We should get more than a feeling for direction into early 2018 given the information that should be provided.\r\n\r\nWe have Central Bank interest rate decisions and market commentaries from the FED, ECB, BOE and SNB.\r\n\r\nWe also have, Consumer Prices from the U.S. and the UK, Jobs Data from Australia, Average Earnings Data in the UK plus Producer Prices and Retail Sales data from the U.S. It is without doubt a packed week.\r\n\r\nThe most important part from my perspective however is to hear about any changes in Central Bank monetary policies moving into 2018.\r\n\r\nIn no particular order: -\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS, RETAIL SALES &amp; THE BOE</u>.\r\n\r\nI do not for a minute believe that Mark Carney or any members of the MPC will be looking to amend interest rates, however, when the BOE announces on Thursday, I do expect that by that time we should have a pretty good idea about the state of the UK economy.\r\n\r\nThere is still inflation in the UK and CPI on Tuesday will give us the nod on whether it has topped out or not. The last reading was 3.0%.\r\n\r\nAverage Earnings is one that will be watched very, very closely. With inflation at 3.0% last time around earnings were lagging at 2.2%. For it to be a HAPPY CHRISTMAS the BOE and the government will at least want the numbers to match or be very close.\r\n\r\nRetail Sales should be positive and a beat. If a country cannot have a good retail sales number leading up to Christmas, it never will.\r\n\r\nInterest rates should remain at 0.50% and the MPC vote at 7-2. Any deviations from these numbers and the cable will be off running around like a headless chicken.\r\n\r\nGiven the “low on details” BREXIT phase one deal completed last Friday, I am once again having mixed views on the GBP.\r\n\r\nThis week’s data is therefore crucial to me moving forward.\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> CPi, PPi, RETAIL SALES and the FOMC.</u>\r\n\r\nI am just not sure what to make of the USD at the moment. My brain tells me one thing and my gut another. I have read a lot of analyst reports for 2018 and there are institutions expecting 3 possibly even 4 further interest rate increases on top of the one due this week, which would take the U.S. FED Funds Rate to 1.50%.\r\n\r\nThis time next year it could be ready to move to 2.50%.\r\n\r\nWhat is at the back of my mind is that there is NO INFLATION around. Last week’s Average Hourlies released at the same time as the NFP data was once again missing signs of inflation.\r\n\r\nThis week CPi needs to beat 0.1% to show that there is some life in the economy vis-à-vis inflation. Producer prices and Retail Sales need to show growth as well. This has been lacking more or less of late. With this as a backdrop I just cannot see multiple rate hikes on the horizon. This must be a fear for the FED moving forward. All this talk of transitory stands for nothing it would appear.\r\n\r\nSo, Janet Yellen has her final Press Conference this week and she will announce a 0.25% rate increase. If the FED does not raise there will be blood!\r\n\r\n&nbsp;\r\n\r\n<strong><u>EUR:</u></strong><u> INTEREST RATE ANNOUNCEMENT and PRESS CONFERENCE.</u>\r\n\r\nThe final Central Bank announcement of the week is Mario Draghi at the ECB. Fair play to Mario Draghi of late, at all speeches he has watched his “p’s and q’s” very closely.\r\n\r\nIt looks from a trading perceptive that to keep a lid on the single currencies strength below 1.2000 is key objective, both he and the ECB council members will be happy that recent policy initiatives have worked out very well putting a cap on EURO strength.\r\n\r\nI suspect that Draghi will be popping the Dom Perignon should the FED raise rates next Wednesday and the USD strengthen across the board, ahead of his press conference the following day.\r\n\r\nI am expecting a boring press conference and speech from Draghi. Happy Christmas, thanks for coming there are mince pies for everyone at the back of the room type of stuff. But… you just never know with the ECB. There is a history of council members breaking ranks and noting their dissent to undermine Mario Draghi. For this reason, this week, this event cannot be missed.\r\n\r\n&nbsp;\r\n\r\n<u>3:3. USD MAJORS – SUPPORT &amp; RESISTANCE with BIAS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017.png\"><img class=\"aligncenter size-large wp-image-10509\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017-1024x889.png\" alt=\"\" width=\"1024\" height=\"889\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3:4. USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\nCANDLE ANALYSIS: I have now added my thoughts based on the closing daily candle to the weeks trading.\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nDAILY CLOSING CANDLE: BULLISH\r\n\r\nThe single currency has been in sell mode this past week, with USD strength returning to the markets ahead of the anticipated rate increase from the FOMC this coming Wednesday.\r\n\r\nSupport at 61.8% Fibonacci level of 1.1701 looks to be acting like a “Star Trek” tractor beam sucking the pair lower. I see no reason why this trend lower should stop in the run up to the FOMC. Below 1.1701, the horizontal support / resistance level around 1.1650-60 is next up. This could be a great level ahead from which a reversal could start.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: VERY BEARISH\r\n\r\nRight now… I am not sure that whatever pattern or measured move, pivot point, Fibonacci level etc. you think about or can see on a chart means too much for the next few days. This pair will be driven by political news rather than economic news or technical data.\r\n\r\nLooking at the chart below, 1.3340 looks to have been an area where buyers and sellers have come together in the past to compete over directional control.\r\n\r\nRecently, I had been long this pair and quite bullish looking forward. After the BREXIT phase one deal (of sorts) I think there are so many questions unanswered that it is hard to remain bullish. The uncertainties surrounding the BREXIT to a large extent still remain, and frankly when you consider arriving at stage one “the easy way” has been like drawing blood from a stone… The next phase includes trade agreements so it can only be harder in my opinion.\r\n\r\nWe have a bull flag on the chart but I just cannot take it seriously at the moment.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10520\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH\r\n\r\nWe have a double top pattern in play.\r\n\r\nFundamentally some comments from the RBA make me think that the bottom may have been in around the 0.7500 level. But last week on great data the AUD/USD was rejected at 0.7640 and now following USD strength we have slipped below the 0.7520 level, and broken back to re-test.\r\n\r\nThis means in usual trading conditions that the double top measured move should be in play down to 0.7420.\r\n\r\nPersonally, in my opinion the markets are twitchy at the moment, at times brutal and commodity currencies have been acting independently of the EUR/USD so I am not convinced that this move will happen.\r\n\r\nObviously, a break back above 0.7520-40 places the move in doubt.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10518\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (INVERTED HAMMER)<strong><u>\r\n</u></strong>\r\nIf you like to play “ping pong” you must love this pair at the moment. My thoughts are that we are heading to the John Key low of 0.6600. It just seems to be taking an eternity.\r\n\r\nLast week some words from Grant aka “Frank (Some Central Banks do have them)” Spencer, stopped the Kiwi’s move lower.\r\n\r\nFor now we are range bound 0.6780 to 0.6960.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017.png\"><img class=\"aligncenter size-large wp-image-10521\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: INDECISION (SPINNING TOP)\r\n\r\nBugger…\r\n\r\nI am HEDGED this pair and short some more!!  Sooner rather than later I am going to have to make the TRADE DECISION. I still have capacity before I reach my RISK TOLERANCE limit so I will wait for now, but it annoys me every time I open up the broker account that trades are inside. Maybe its best not to open that broker account!!\r\n\r\nIt looked to me originally that a confluence of Fibonacci levels would have held this pair at 1.2800. Next was 1.2840 and now my thoughts are 1.12910 the recent highs although my fears are that 1.3000 looms overhead….\r\n\r\nBelow 1.2800 gives the bears some optimism moving forward, 1.2750 is definitely greater comfort but around 1.2850 I can only see higher…argh!!\r\n\r\nThe chart below shows the QUAD TOP measured move. That has not yet played out!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (SHOOTING STAR)<strong>\r\n</strong>\r\nThe BULL FLAG from last week is still in play. However, it’s a nasty closing candle, which indicates a direction change.\r\n\r\nOne has to be cautious here, we are still inside the pennant but the candle indicates a bearish move.\r\n\r\nSUPPORT at 0.9740\r\n\r\nRESISTANCE at 1.0000\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10523\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BULLISH<u>\r\n</u>\r\nWith so many investigations surrounding TRUMP and the geopolitical tension with which he is associated, unless you are short this pair I do not think it would be prudent to trade it, no matter how bullish it looks to the long side.\r\n\r\nThe BEAR FLAG is probably too long vis-à-vis the flag pole length and should NOT be taken seriously. I put it there just to show how powerful upward moves can be at a time of so much confusion regarding the U.S. policies at home and internationally.\r\n\r\nBelow 110.80 obviously get bears well in control but that is a long way away now. We have retraced more than the 61.8% off the last high to low move.\r\n\r\nI would leave well alone but for the addicted top pickers the 76.4% Fibonacci at 113.80 may offer a try with an entry short with a tight stop.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10524\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>3:5. MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u>\r\n\r\nThis week is loaded.\r\n\r\nI am probably going to focus more on exiting existing trades than entering new ones. I am not saying that my work for 2017 is complete but with the FED, ECB, BOE and SNB all on the floor this week plus a plethora of inflation data from the UK and U.S. one has to be lighter than usual with trades.\r\n\r\nPLUS: - This week liquidity will be starting to dry up.\r\n\r\nIf I look at the USD, despite all my rumblings earlier in this blog we have the greatest trading directional sentiment alignment of the majors for a long, long time. That said, personally for the most part, I am going to stay away from USD related pairs.\r\n\r\nTrading cross rates with lower liquidity also brings with it greater RISK even if you still reduce your position sizes.\r\n\r\nI expect that there will be more fallout from BREXIT and TRUMPS antics will obviously continue, why would his character change?\r\n\r\nIt sounds like I am closing the doors on 2017. Monday after the first Asian and European sessions of the week, I will review charts but not until then.\r\n\r\nSunday evening when the trading week starts its bound to be BITCOIN this and BITCOIN that as the focus as the futures exchange in the crypto comes on line. I expect things to get very “crunchy” as shorting comes into play.\r\n\r\nPushed on pairs to look at, I would say EUR/JPY, EUR/GBP, EUR/CHF and maybe AUD related pairs.\r\n\r\nJust remember we are in December, you cannot expect as much as if you were trading in say April or May. Trading expectations need to be wound back.\r\n\r\nAs a junkie on BREXIT news I will probably find myself reading lots of Sunday / weekend reviews and reports on what’s next!\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)<strong> </strong>\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\nOK; you guys may or may not agree with this statement but of late this market is most of the time just brutal.\r\n\r\nAs we enter a silly week of lots of major news items and events, we also start the wind down of liquidity and market participants.\r\n\r\nThe week was dominated by the BREXIT news trails, with most of my pips being generated via GBP related pairs.\r\n\r\nThe most frustrating time of the week was….\r\n\r\nI was ready on NFP day at 1.2804 to cut 6 x USD/CAD shorts and I hesitated believing that I would get another chance on a second push, which never materialized…. argh!!\r\n\r\nNothing much really to say this week, lots of hours in front of screens waiting, watching, waiting some more, it was painful at times. There were no set ups that were within striking distance of the market pricing so I put out lots of set ups based upon a future “hopeful” market move that just did not happen. You get these periods from time to time. The most frustrating aspect is that it is happening ahead of a period well known for thin trading conditions.\r\n\r\n&nbsp;\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\nIn the period, up to NFP and after the data was released, the feature in the FX market was USD strength, the exception up until Friday was the cable.\r\n\r\nThe DAILY, WEEKLY &amp; MONTHLY charts across the majors are the best aligned they have been for weeks, not perfect by a long way, yet I have to admit trading never gave me that impression last week. I found direction and sentiment very mixed.\r\n\r\nThis week we hear from the FED, ECB, BOE and SNB. These are the weeks that I like so I can absorb as much as possible about what the key people themselves think rather than the “hangers on”, which is more often the case.\r\n\r\nMy thoughts around Central Bank divergence remains with me and maybe after this week I will be able to flavour trade set ups with this in mind. The problem is I am just NOT convinced that long the USD is the trade moving forward.\r\n\r\nPart of trading that is not often discussed is MIND MANAGEMENT, I may have a blockage that needs sorting out. Hopefully this week I will be convinced with my macro thoughts or bullied into a change of thoughts process!\r\n\r\nLooking at the sentiment chart, since I re-introduced this a few weeks ago this is the most directional it has been. It is NOT perfect symmetry but it\'s the closest for weeks!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/MKT-SENTIMENT-10122017.png\"><img class=\"aligncenter size-large wp-image-10512\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/MKT-SENTIMENT-10122017-789x1024.png\" alt=\"\" width=\"789\" height=\"1024\" /></a><u>\r\n</u>\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>Monday morning after the European session, review charts for U.S. / European joint session for FLASH TRADES.</li>\r\n 	<li>Look to structure an exit of USD/CAD individual and HEDGED trades.</li>\r\n 	<li>Digest Central Bank monetary policy statements and add to action plan for Q1 2018.</li>\r\n 	<li>Plan CHF, possibly AUD &amp; GBP trades for Q1 2018, or earlier following Central Bank data this week.</li>\r\n</ol>\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am still bearish the NZD. I am “possibly” in short-term denial vis-à-vis the CAD and the jury’s out regarding my future positioning regarding the AUD and GBP. I am seeking confirmation.\r\n\r\nEverything tends to go on hold to let the effects of NFP work its way through the markets. The challenge at the moment is by the time the effects of NFP gravitate down through pricing we are then entering a “silly season” for trading Forex.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\n<u>EXISTING LIVE TRADES</u>: - 6 x live short USD/CAD trades, plus the 6 trades (3 x short / 3 x long) additional trades that form the HEDGE.\r\n\r\n<u>LIMIT ORDERS</u>: - 1 x CAD/JPY long trade.\r\n\r\n<u>MY PLAN:</u>  - To exit the HEDGE profitably.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\n<u>EXISTING LIVE TRADES</u>: - Currently I have 5 x live long AUD/NZD trades, and a NZD/JPY short trade in play.\r\n\r\n<u>LIMIT ORDERS</u>: -  I have 4 more AUD/NZD long trades in position, plus a further short NZD/JPY trade.\r\n\r\n<u>MY PLAN:</u> - I want to consolidate this position into the year end. However, I will be looking if it is possible to remove some RISK.\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u><u>\r\n</u>\r\n\r\nCURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-10122017.png\"><img class=\"aligncenter size-large wp-image-10511\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-10122017-831x1024.png\" alt=\"\" width=\"831\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-10122017.png\"><img class=\"aligncenter size-large wp-image-10510\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-10122017-1024x993.png\" alt=\"\" width=\"1024\" height=\"993\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nNothing really new to report for this section other than the competition for new business is intensifying.\r\n\r\nOne thing to note is that I am receiving a lot of spam about BITCOIN and I know some brokers are now offering BITCOIN to trade. Personally, I have NOT even touched a BITCOIN chart.\r\n\r\nFrom an FX perspective brokers appear to be fumbling over what can they do to add value. The differentiation approach appears lost!\r\n\r\nThis is because when times were good they did not try to retain clients. Then lots of millionaires set up their own white label brokers which diluted the client base. What was a great idea to add “FREE &amp; CLEAR” to the bottom line has to a large extent back-fired.\r\n\r\nM and A activity will be what happens in Europe next year in my opinion as the competition for new clients is fierce.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\n<u>5:1. CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS TOTAL DECEMBER TO DATE  2017:       = +536 pips\r\nYEAR TO DATE:                                                      = +13,319 pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong>\r\n\r\n<u>5:2. HOW TO SUBSCRIBE TO THE PREMIUM SERVICE:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> THE FINAL SHOTS:</strong><strong> </strong></li>\r\n</ol>\r\n<u>6:1. WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>6:2. CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #158 PREMIUM SERVICE\r\n10th December 2017\r\n\r\n&nbsp;','RED LINES & DEADLINES =  CAN KICKED DOWN THE ROAD','','publish','open','closed','','red-lines-deadlines-can-kicked-road','','','2018-01-18 13:57:30','2018-01-18 18:57:30','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10526',0,'member_posts','',0),(10527,1,'2017-12-09 08:23:51','2017-12-09 13:23:51','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>THE FIRST FEW SHOTS:</strong></li>\r\n</ol>\r\nI think that it’s fair to say that economic data has a back seat at the moment. It’s all about geopolitical news and the effect of these news items that are driving the markets at the moment. When I say driving, I really mean pushing one way then the other most times without reason.\r\n\r\nThe markets are not as liquid now as they were 12 months ago, and, this is evidenced as we enter periods like now, where it is largely historically recognized that many large institutions are preparing to run down their books into the year-end ready for the start of next year.\r\n\r\nTRUMP and BREXIT headlines have dominated all week. It seems really strange to write that when the past week included U.S. Non-Farm Payrolls.\r\n\r\nTRUMP goes from controversy to controversy, investigation to investigation and the great negotiator is still without a single campaign promise delivered. The latest from the great negotiator was that we had an 11th hour deal to fund the government for two weeks to prevent a shutdown, as once again the debt ceiling was reached. Not out of the woods yet, a permanent solution is required by December 22nd to enable the government to function moving forward.\r\n\r\nYou could not make this up. It is a reality TV program played out in front of the world with the oval office as the studio.\r\n\r\nWith regards to BREXIT, last Friday we had an agreement from Juncker and Barnier that enough progress had been made on phase one of the negotiations that the UK and the EU negotiators could now move to phase two.\r\n\r\nAt what cost?\r\n<p style=\"text-align: center;\"><strong>RED LINES &amp; DEADLINES = CAN KICKED DOWN THE ROAD</strong><strong> </strong></p>\r\nThe ECB needs success as much as Theresa May with the RED LINES and DEADLINES set by both teams ahead of the EU 27 member states 2017 Christmas party aka December Council Meeting.\r\n\r\nThe ECB therefore did what they are master of… FUDGING, to you and me it’s also known as KICKIN’THE CAN DOWN THE ROAD.\r\n\r\nIt looks like the Irish border issue has been kicked down the road. We were provided with very little detail and this was the stumbling block. All parties, Theresa May (UK PM…by a thread), Michel Barnier (EU Chief Negotiator), Jean Claude Junker (President of the EU Commission), Leo Varadkar (IRISH PM) and Arlene Foster (DUP) placed a positive spin on the fact enough progress had been made but very light on specifics.\r\n\r\nThe fact that both Barnier and Juncker had broad smiles in the press conferences that followed the announcement, makes me think that the UK was screwed. This will no doubt roll on and there will be fallout, I think that’s a given.\r\n\r\nFrom an FX perspective, the trading around the BREXIT agreement was no more than a buy the rumour sell the news event. Cable basically nosedived. After all was said and done it moved over 140 pips lower from the highs at one point.\r\n\r\n<strong><u>NOTE:</u></strong>  With regards to cables move lower, this was more than severe profit taking in my opinion.\r\n\r\nFinally, …\r\n\r\nI picked this up out of my twitter feed last week…. made me giggle.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017.png\"><img class=\"aligncenter size-large wp-image-10507\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017-1024x929.png\" alt=\"\" width=\"1024\" height=\"929\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong>MY (THE PREMIUM SERIVICE) TRADING LAST WEEK:</strong></li>\r\n</ol>\r\nI spent most of last week writing to PREMIUM SERVICE subscribers about how I wanted to reduce RISK ahead of NFP. I am pleased to say, I cut out lots of trades before the monthly lottery day aka NFP! I was very successful in reducing what I call circumstantial RISK prior to the NFP data release. I just had to manage my longer-term positions of AUD/NZD and USD/CAD.\r\n\r\nI did not as I indicated to PREMIUM SERVICE subscribers trade NFP. I find that I only get annoyed and frustrated with NFP moves which linger into and hover over the weekends. This may be more of thing of the past but I just hate the knee-jerk moves and then two/ three hours of a chop fest that follows. It just does not suit my style at all.\r\n\r\nTrading this month so far has been a little strange. I am conscious that I want to reduce RISK heading into the Christmas holidays. This coming week is, in my opinion, the last week of this year with decent liquidity and I do not want to be carrying multiple trades forward or having to manage a huge quantity over the Christmas holidays.\r\n\r\nEconomic and Central Bank data this week makes it a huge week of importance as well. At the same time, I realise that most of my core positions of the USD/CAD and AUD/NZD will be probably be carried forward into 2018. I have a few USD/CAD trades that I will unload next week. I expect my pip net profit for 2017 to lie a little lower than current levels once I cull!\r\n\r\n<u>PERFORMANCE 2017 TO DATE:</u>\r\n\r\nDecember 2017 net TOTAL:     +536 net pips\r\n2017 YEAR TO DATE:                +13,319 net pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong>THE FX MARKET PLACE THIS WEEK:</strong></li>\r\n</ol>\r\n<u>\r\n3:1. THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017.png\"><img class=\"aligncenter size-large wp-image-10508\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017-1024x985.png\" alt=\"\" width=\"1024\" height=\"985\" /></a>\r\n\r\n<u>\r\n3:2. MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThis week I would say is probably one of if not the most important weeks for trading FX in 2017. We should get more than a feeling for direction into early 2018 given the information that should be provided.\r\n\r\nWe have Central Bank interest rate decisions and market commentaries from the FED, ECB, BOE and SNB.\r\n\r\nWe also have, Consumer Prices from the U.S. and the UK, Jobs Data from Australia, Average Earnings Data in the UK plus Producer Prices and Retail Sales data from the U.S. It is without doubt a packed week.\r\n\r\nThe most important part from my perspective however is to hear about any changes in Central Bank monetary policies moving into 2018.\r\n\r\nIn no particular order: -\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS, RETAIL SALES &amp; THE BOE</u>.\r\n\r\nI do not for a minute believe that Mark Carney or any members of the MPC will be looking to amend interest rates, however, when the BOE announces on Thursday, I do expect that by that time we should have a pretty good idea about the state of the UK economy.\r\n\r\nThere is still inflation in the UK and CPI on Tuesday will give us the nod on whether it has topped out or not. The last reading was 3.0%.\r\n\r\nAverage Earnings is one that will be watched very, very closely. With inflation at 3.0% last time around earnings were lagging at 2.2%. For it to be a HAPPY CHRISTMAS the BOE and the government will at least want the numbers to match or be very close.\r\n\r\nRetail Sales should be positive and a beat. If a country cannot have a good retail sales number leading up to Christmas, it never will.\r\n\r\nInterest rates should remain at 0.50% and the MPC vote at 7-2. Any deviations from these numbers and the cable will be off running around like a headless chicken.\r\n\r\nGiven the “low on details” BREXIT phase one deal completed last Friday, I am once again having mixed views on the GBP.\r\n\r\nThis week’s data is therefore crucial to me moving forward.\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> CPi, PPi, RETAIL SALES and the FOMC.</u>\r\n\r\nI am just not sure what to make of the USD at the moment. My brain tells me one thing and my gut another. I have read a lot of analyst reports for 2018 and there are institutions expecting 3 possibly even 4 further interest rate increases on top of the one due this week, which would take the U.S. FED Funds Rate to 1.50%.\r\n\r\nThis time next year it could be ready to move to 2.50%.\r\n\r\nWhat is at the back of my mind is that there is NO INFLATION around. Last week’s Average Hourlies released at the same time as the NFP data was once again missing signs of inflation.\r\n\r\nThis week CPi needs to beat 0.1% to show that there is some life in the economy vis-à-vis inflation. Producer prices and Retail Sales need to show growth as well. This has been lacking more or less of late. With this as a backdrop I just cannot see multiple rate hikes on the horizon. This must be a fear for the FED moving forward. All this talk of transitory stands for nothing it would appear.\r\n\r\nSo, Janet Yellen has her final Press Conference this week and she will announce a 0.25% rate increase. If the FED does not raise there will be blood!\r\n\r\n&nbsp;\r\n\r\n<strong><u>EUR:</u></strong><u> INTEREST RATE ANNOUNCEMENT and PRESS CONFERENCE.</u>\r\n\r\nThe final Central Bank announcement of the week is Mario Draghi at the ECB. Fair play to Mario Draghi of late, at all speeches he has watched his “p’s and q’s” very closely.\r\n\r\nIt looks from a trading perceptive that to keep a lid on the single currencies strength below 1.2000 is key objective, both he and the ECB council members will be happy that recent policy initiatives have worked out very well putting a cap on EURO strength.\r\n\r\nI suspect that Draghi will be popping the Dom Perignon should the FED raise rates next Wednesday and the USD strengthen across the board, ahead of his press conference the following day.\r\n\r\nI am expecting a boring press conference and speech from Draghi. Happy Christmas, thanks for coming there are mince pies for everyone at the back of the room type of stuff. But… you just never know with the ECB. There is a history of council members breaking ranks and noting their dissent to undermine Mario Draghi. For this reason, this week, this event cannot be missed.\r\n\r\n&nbsp;\r\n\r\n<u>3:3. USD MAJORS – SUPPORT &amp; RESISTANCE with BIAS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017.png\"><img class=\"aligncenter size-large wp-image-10509\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017-1024x889.png\" alt=\"\" width=\"1024\" height=\"889\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3:4. USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\nCANDLE ANALYSIS: I have now added my thoughts based on the closing daily candle to the weeks trading.\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nDAILY CLOSING CANDLE: BULLISH\r\n\r\nThe single currency has been in sell mode this past week, with USD strength returning to the markets ahead of the anticipated rate increase from the FOMC this coming Wednesday.\r\n\r\nSupport at 61.8% Fibonacci level of 1.1701 looks to be acting like a “Star Trek” tractor beam sucking the pair lower. I see no reason why this trend lower should stop in the run up to the FOMC. Below 1.1701, the horizontal support / resistance level around 1.1650-60 is next up. This could be a great level ahead from which a reversal could start.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: VERY BEARISH\r\n\r\nRight now… I am not sure that whatever pattern or measured move, pivot point, Fibonacci level etc. you think about or can see on a chart means too much for the next few days. This pair will be driven by political news rather than economic news or technical data.\r\n\r\nLooking at the chart below, 1.3340 looks to have been an area where buyers and sellers have come together in the past to compete over directional control.\r\n\r\nRecently, I had been long this pair and quite bullish looking forward. After the BREXIT phase one deal (of sorts) I think there are so many questions unanswered that it is hard to remain bullish. The uncertainties surrounding the BREXIT to a large extent still remain, and frankly when you consider arriving at stage one “the easy way” has been like drawing blood from a stone… The next phase includes trade agreements so it can only be harder in my opinion.\r\n\r\nWe have a bull flag on the chart but I just cannot take it seriously at the moment.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10520\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH\r\n\r\nWe have a double top pattern in play.\r\n\r\nFundamentally some comments from the RBA make me think that the bottom may have been in around the 0.7500 level. But last week on great data the AUD/USD was rejected at 0.7640 and now following USD strength we have slipped below the 0.7520 level, and broken back to re-test.\r\n\r\nThis means in usual trading conditions that the double top measured move should be in play down to 0.7420.\r\n\r\nPersonally, in my opinion the markets are twitchy at the moment, at times brutal and commodity currencies have been acting independently of the EUR/USD so I am not convinced that this move will happen.\r\n\r\nObviously, a break back above 0.7520-40 places the move in doubt.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10518\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (INVERTED HAMMER)<strong><u>\r\n</u></strong>\r\nIf you like to play “ping pong” you must love this pair at the moment. My thoughts are that we are heading to the John Key low of 0.6600. It just seems to be taking an eternity.\r\n\r\nLast week some words from Grant aka “Frank (Some Central Banks do have them)” Spencer, stopped the Kiwi’s move lower.\r\n\r\nFor now we are range bound 0.6780 to 0.6960.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017.png\"><img class=\"aligncenter size-large wp-image-10521\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong><strong>\r\n\r\n</strong>\r\n\r\nDAILY CLOSING CANDLE: INDECISION (SPINNING TOP)\r\n\r\nBugger…\r\n\r\nI am HEDGED this pair and short some more!!  Sooner rather than later I am going to have to make the TRADE DECISION. I still have capacity before I reach my RISK TOLERANCE limit so I will wait for now, but it annoys me every time I open up the broker account that trades are inside. Maybe its best not to open that broker account!!\r\n\r\nIt looked to me originally that a confluence of Fibonacci levels would have held this pair at 1.2800. Next was 1.2840 and now my thoughts are 1.12910 the recent highs although my fears are that 1.3000 looms overhead….\r\n\r\nBelow 1.2800 gives the bears some optimism moving forward, 1.2750 is definitely greater comfort but around 1.2850 I can only see higher…argh!!\r\n\r\nThe chart below shows the QUAD TOP measured move. That has not yet played out!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (SHOOTING STAR)<strong>\r\n</strong>\r\nThe BULL FLAG from last week is still in play. However, it’s a nasty closing candle, which indicates a direction change.\r\n\r\nOne has to be cautious here, we are still inside the pennant but the candle indicates a bearish move.\r\n\r\nSUPPORT at 0.9740\r\n\r\nRESISTANCE at 1.0000\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10523\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BULLISH<u>\r\n</u>\r\nWith so many investigations surrounding TRUMP and the geopolitical tension with which he is associated, unless you are short this pair I do not think it would be prudent to trade it, no matter how bullish it looks to the long side.\r\n\r\nThe BEAR FLAG is probably too long vis-à-vis the flag pole length and should NOT be taken seriously. I put it there just to show how powerful upward moves can be at a time of so much confusion regarding the U.S. policies at home and internationally.\r\n\r\nBelow 110.80 obviously get bears well in control but that is a long way away now. We have retraced more than the 61.8% off the last high to low move.\r\n\r\nI would leave well alone but for the addicted top pickers the 76.4% Fibonacci at 113.80 may offer a try with an entry short with a tight stop.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10524\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>3:5. MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u>\r\n\r\nThis week is loaded.\r\n\r\nI am probably going to focus more on exiting existing trades than entering new ones. I am not saying that my work for 2017 is complete but with the FED, ECB, BOE and SNB all on the floor this week plus a plethora of inflation data from the UK and U.S. one has to be lighter than usual with trades.\r\n\r\nPLUS: - This week liquidity will be starting to dry up.\r\n\r\nIf I look at the USD, despite all my rumblings earlier in this blog we have the greatest trading directional sentiment alignment of the majors for a long, long time. That said, personally for the most part, I am going to stay away from USD related pairs.\r\n\r\nTrading cross rates with lower liquidity also brings with it greater RISK even if you still reduce your position sizes.\r\n\r\nI expect that there will be more fallout from BREXIT and TRUMPS antics will obviously continue, why would his character change?\r\n\r\nIt sounds like I am closing the doors on 2017. Monday after the first Asian and European sessions of the week, I will review charts but not until then.\r\n\r\nSunday evening when the trading week starts its bound to be BITCOIN this and BITCOIN that as the focus as the futures exchange in the crypto comes on line. I expect things to get very “crunchy” as shorting comes into play.\r\n\r\nPushed on pairs to look at, I would say EUR/JPY, EUR/GBP, EUR/CHF and maybe AUD related pairs.\r\n\r\nJust remember we are in December, you cannot expect as much as if you were trading in say April or May. Trading expectations need to be wound back.\r\n\r\nAs a junkie on BREXIT news I will probably find myself reading lots of Sunday / weekend reviews and reports on what’s next!\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)<strong> </strong>\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\nOK; you guys may or may not agree with this statement but of late this market is most of the time just brutal.\r\n\r\nAs we enter a silly week of lots of major news items and events, we also start the wind down of liquidity and market participants.\r\n\r\nThe week was dominated by the BREXIT news trails, with most of my pips being generated via GBP related pairs.\r\n\r\nThe most frustrating time of the week was….\r\n\r\nI was ready on NFP day at 1.2804 to cut 6 x USD/CAD shorts and I hesitated believing that I would get another chance on a second push, which never materialized…. argh!!\r\n\r\nNothing much really to say this week, lots of hours in front of screens waiting, watching, waiting some more, it was painful at times. There were no set ups that were within striking distance of the market pricing so I put out lots of set ups based upon a future “hopeful” market move that just did not happen. You get these periods from time to time. The most frustrating aspect is that it is happening ahead of a period well known for thin trading conditions.\r\n\r\n&nbsp;\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n\r\n</u>\r\n\r\nIn the period, up to NFP and after the data was released, the feature in the FX market was USD strength, the exception up until Friday was the cable.\r\n\r\nThe DAILY, WEEKLY &amp; MONTHLY charts across the majors are the best aligned they have been for weeks, not perfect by a long way, yet I have to admit trading never gave me that impression last week. I found direction and sentiment very mixed.\r\n\r\nThis week we hear from the FED, ECB, BOE and SNB. These are the weeks that I like so I can absorb as much as possible about what the key people themselves think rather than the “hangers on”, which is more often the case.\r\n\r\nMy thoughts around Central Bank divergence remains with me and maybe after this week I will be able to flavour trade set ups with this in mind. The problem is I am just NOT convinced that long the USD is the trade moving forward.\r\n\r\nPart of trading that is not often discussed is MIND MANAGEMENT, I may have a blockage that needs sorting out. Hopefully this week I will be convinced with my macro thoughts or bullied into a change of thoughts process!\r\n\r\nLooking at the sentiment chart, since I re-introduced this a few weeks ago this is the most directional it has been. It is NOT perfect symmetry but it\'s the closest for weeks!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/MKT-SENTIMENT-10122017.png\"><img class=\"aligncenter size-large wp-image-10512\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/MKT-SENTIMENT-10122017-789x1024.png\" alt=\"\" width=\"789\" height=\"1024\" /></a><u>\r\n</u>\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>Monday morning after the European session, review charts for U.S. / European joint session for FLASH TRADES.</li>\r\n 	<li>Look to structure an exit of USD/CAD individual and HEDGED trades.</li>\r\n 	<li>Digest Central Bank monetary policy statements and add to action plan for Q1 2018.</li>\r\n 	<li>Plan CHF, possibly AUD &amp; GBP trades for Q1 2018, or earlier following Central Bank data this week.</li>\r\n</ol>\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am still bearish the NZD. I am “possibly” in short-term denial vis-à-vis the CAD and the jury’s out regarding my future positioning regarding the AUD and GBP. I am seeking confirmation.\r\n\r\nEverything tends to go on hold to let the effects of NFP work its way through the markets. The challenge at the moment is by the time the effects of NFP gravitate down through pricing we are then entering a “silly season” for trading Forex.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n<u>EXISTING LIVE TRADES</u>: - 6 x live short USD/CAD trades, plus the 6 trades (3 x short / 3 x long) additional trades that form the HEDGE.\r\n\r\n<u>LIMIT ORDERS</u>: - 1 x CAD/JPY long trade.\r\n\r\n<u>MY PLAN:</u>  - To exit the HEDGE profitably.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\n<u>EXISTING LIVE TRADES</u>: - Currently I have 5 x live long AUD/NZD trades, and a NZD/JPY short trade in play.\r\n\r\n<u>LIMIT ORDERS</u>: -  I have 4 more AUD/NZD long trades in position, plus a further short NZD/JPY trade.\r\n\r\n<u>MY PLAN:</u> - I want to consolidate this position into the year end. However, I will be looking if it is possible to remove some RISK.\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u><u>\r\n</u>\r\n\r\nCURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-10122017.png\"><img class=\"aligncenter size-large wp-image-10511\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-10122017-831x1024.png\" alt=\"\" width=\"831\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-10122017.png\"><img class=\"aligncenter size-large wp-image-10510\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-10122017-1024x993.png\" alt=\"\" width=\"1024\" height=\"993\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nNothing really new to report for this section other than the competition for new business is intensifying.\r\n\r\nOne thing to note is that I am receiving a lot of spam about BITCOIN and I know some brokers are now offering BITCOIN to trade. Personally, I have NOT even touched a BITCOIN chart.\r\n\r\nFrom an FX perspective brokers appear to be fumbling over what can they do to add value. The differentiation approach appears lost!\r\n\r\nThis is because when times were good they did not try to retain clients. Then lots of millionaires set up their own white label brokers which diluted the client base. What was a great idea to add “FREE &amp; CLEAR” to the bottom line has to a large extent back-fired.\r\n\r\nM and A activity will be what happens in Europe next year in my opinion as the competition for new clients is fierce.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\n<u>5:1. CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS TOTAL DECEMBER TO DATE  2017:       = +536 pips\r\nYEAR TO DATE:                                                      = +13,319 pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong>\r\n\r\n<u>5:2. HOW TO SUBSCRIBE TO THE PREMIUM SERVICE:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> THE FINAL SHOTS:</strong><strong> </strong></li>\r\n</ol>\r\n<u>6:1. WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>6:2. CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #158 PREMIUM SERVICE\r\n10th December 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','RED LINES & DEADLINES =  CAN KICKED DOWN THE ROAD','','inherit','closed','closed','','10526-revision-v1','','','2017-12-09 08:23:51','2017-12-09 13:23:51','',10526,'https://weeklyfxdrivethru.com/10526-revision-v1/',0,'revision','',0),(10528,1,'2017-12-09 08:26:27','2017-12-09 13:26:27','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>THE FIRST FEW SHOTS:</strong></li>\r\n</ol>\r\nI think that it’s fair to say that economic data has a back seat at the moment. It’s all about geopolitical news and the effect of these news items that are driving the markets at the moment. When I say driving, I really mean pushing one way then the other most times without reason.\r\n\r\nThe markets are not as liquid now as they were 12 months ago, and, this is evidenced as we enter periods like now, where it is largely historically recognized that many large institutions are preparing to run down their books into the year-end ready for the start of next year.\r\n\r\nTRUMP and BREXIT headlines have dominated all week. It seems really strange to write that when the past week included U.S. Non-Farm Payrolls.\r\n\r\nTRUMP goes from controversy to controversy, investigation to investigation and the great negotiator is still without a single campaign promise delivered. The latest from the great negotiator was that we had an 11th hour deal to fund the government for two weeks to prevent a shutdown, as once again the debt ceiling was reached. Not out of the woods yet, a permanent solution is required by December 22nd to enable the government to function moving forward.\r\n\r\nYou could not make this up. It is a reality TV program played out in front of the world with the oval office as the studio.\r\n\r\nWith regards to BREXIT, last Friday we had an agreement from Juncker and Barnier that enough progress had been made on phase one of the negotiations that the UK and the EU negotiators could now move to phase two.\r\n\r\nAt what cost?\r\n<p style=\"text-align: center;\"><strong>RED LINES &amp; DEADLINES = CAN KICKED DOWN THE ROAD</strong><strong> </strong></p>\r\nThe ECB needs success as much as Theresa May with the RED LINES and DEADLINES set by both teams ahead of the EU 27 member states 2017 Christmas party aka December Council Meeting.\r\n\r\nThe ECB therefore did what they are master of… FUDGING, to you and me it’s also known as KICKIN’THE CAN DOWN THE ROAD.\r\n\r\nIt looks like the Irish border issue has been kicked down the road. We were provided with very little detail and this was the stumbling block. All parties, Theresa May (UK PM…by a thread), Michel Barnier (EU Chief Negotiator), Jean Claude Junker (President of the EU Commission), Leo Varadkar (IRISH PM) and Arlene Foster (DUP) placed a positive spin on the fact enough progress had been made but very light on specifics.\r\n\r\nThe fact that both Barnier and Juncker had broad smiles in the press conferences that followed the announcement, makes me think that the UK was screwed. This will no doubt roll on and there will be fallout, I think that’s a given.\r\n\r\nFrom an FX perspective, the trading around the BREXIT agreement was no more than a buy the rumour sell the news event. Cable basically nosedived. After all was said and done it moved over 140 pips lower from the highs at one point.\r\n\r\n<strong><u>NOTE:</u></strong>  With regards to cables move lower, this was more than severe profit taking in my opinion.\r\n\r\nFinally, …\r\n\r\nI picked this up out of my twitter feed last week…. made me giggle.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017.png\"><img class=\"aligncenter size-large wp-image-10507\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017-1024x929.png\" alt=\"\" width=\"1024\" height=\"929\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong>MY (THE PREMIUM SERIVICE) TRADING LAST WEEK:</strong></li>\r\n</ol>\r\nI spent most of last week writing to PREMIUM SERVICE subscribers about how I wanted to reduce RISK ahead of NFP. I am pleased to say, I cut out lots of trades before the monthly lottery day aka NFP! I was very successful in reducing what I call circumstantial RISK prior to the NFP data release. I just had to manage my longer-term positions of AUD/NZD and USD/CAD.\r\n\r\nI did not as I indicated to PREMIUM SERVICE subscribers trade NFP. I find that I only get annoyed and frustrated with NFP moves which linger into and hover over the weekends. This may be more of thing of the past but I just hate the knee-jerk moves and then two/ three hours of a chop fest that follows. It just does not suit my style at all.\r\n\r\nTrading this month so far has been a little strange. I am conscious that I want to reduce RISK heading into the Christmas holidays. This coming week is, in my opinion, the last week of this year with decent liquidity and I do not want to be carrying multiple trades forward or having to manage a huge quantity over the Christmas holidays.\r\n\r\nEconomic and Central Bank data this week makes it a huge week of importance as well. At the same time, I realise that most of my core positions of the USD/CAD and AUD/NZD will be probably be carried forward into 2018. I have a few USD/CAD trades that I will unload next week. I expect my pip net profit for 2017 to lie a little lower than current levels once I cull!\r\n\r\n<u>PERFORMANCE 2017 TO DATE:</u>\r\n\r\nDecember 2017 net TOTAL:     +536 net pips\r\n2017 YEAR TO DATE:                +13,319 net pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong>THE FX MARKET PLACE THIS WEEK:</strong></li>\r\n</ol>\r\n<u>\r\n3:1. THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017.png\"><img class=\"aligncenter size-large wp-image-10508\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017-1024x985.png\" alt=\"\" width=\"1024\" height=\"985\" /></a>\r\n\r\n<u>\r\n3:2. MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThis week I would say is probably one of if not the most important weeks for trading FX in 2017. We should get more than a feeling for direction into early 2018 given the information that should be provided.\r\n\r\nWe have Central Bank interest rate decisions and market commentaries from the FED, ECB, BOE and SNB.\r\n\r\nWe also have, Consumer Prices from the U.S. and the UK, Jobs Data from Australia, Average Earnings Data in the UK plus Producer Prices and Retail Sales data from the U.S. It is without doubt a packed week.\r\n\r\nThe most important part from my perspective however is to hear about any changes in Central Bank monetary policies moving into 2018.\r\n\r\nIn no particular order: -\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS, RETAIL SALES &amp; THE BOE</u>.\r\n\r\nI do not for a minute believe that Mark Carney or any members of the MPC will be looking to amend interest rates, however, when the BOE announces on Thursday, I do expect that by that time we should have a pretty good idea about the state of the UK economy.\r\n\r\nThere is still inflation in the UK and CPI on Tuesday will give us the nod on whether it has topped out or not. The last reading was 3.0%.\r\n\r\nAverage Earnings is one that will be watched very, very closely. With inflation at 3.0% last time around earnings were lagging at 2.2%. For it to be a HAPPY CHRISTMAS the BOE and the government will at least want the numbers to match or be very close.\r\n\r\nRetail Sales should be positive and a beat. If a country cannot have a good retail sales number leading up to Christmas, it never will.\r\n\r\nInterest rates should remain at 0.50% and the MPC vote at 7-2. Any deviations from these numbers and the cable will be off running around like a headless chicken.\r\n\r\nGiven the “low on details” BREXIT phase one deal completed last Friday, I am once again having mixed views on the GBP.\r\n\r\nThis week’s data is therefore crucial to me moving forward.\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> CPi, PPi, RETAIL SALES and the FOMC.</u>\r\n\r\nI am just not sure what to make of the USD at the moment. My brain tells me one thing and my gut another. I have read a lot of analyst reports for 2018 and there are institutions expecting 3 possibly even 4 further interest rate increases on top of the one due this week, which would take the U.S. FED Funds Rate to 1.50%.\r\n\r\nThis time next year it could be ready to move to 2.50%.\r\n\r\nWhat is at the back of my mind is that there is NO INFLATION around. Last week’s Average Hourlies released at the same time as the NFP data was once again missing signs of inflation.\r\n\r\nThis week CPi needs to beat 0.1% to show that there is some life in the economy vis-à-vis inflation. Producer prices and Retail Sales need to show growth as well. This has been lacking more or less of late. With this as a backdrop I just cannot see multiple rate hikes on the horizon. This must be a fear for the FED moving forward. All this talk of transitory stands for nothing it would appear.\r\n\r\nSo, Janet Yellen has her final Press Conference this week and she will announce a 0.25% rate increase. If the FED does not raise there will be blood!\r\n\r\n&nbsp;\r\n\r\n<strong><u>EUR:</u></strong><u> INTEREST RATE ANNOUNCEMENT and PRESS CONFERENCE.</u>\r\n\r\nThe final Central Bank announcement of the week is Mario Draghi at the ECB. Fair play to Mario Draghi of late, at all speeches he has watched his “p’s and q’s” very closely.\r\n\r\nIt looks from a trading perceptive that to keep a lid on the single currencies strength below 1.2000 is key objective, both he and the ECB council members will be happy that recent policy initiatives have worked out very well putting a cap on EURO strength.\r\n\r\nI suspect that Draghi will be popping the Dom Perignon should the FED raise rates next Wednesday and the USD strengthen across the board, ahead of his press conference the following day.\r\n\r\nI am expecting a boring press conference and speech from Draghi. Happy Christmas, thanks for coming there are mince pies for everyone at the back of the room type of stuff. But… you just never know with the ECB. There is a history of council members breaking ranks and noting their dissent to undermine Mario Draghi. For this reason, this week, this event cannot be missed.\r\n\r\n&nbsp;\r\n\r\n<u>3:3. USD MAJORS – SUPPORT &amp; RESISTANCE with BIAS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017.png\"><img class=\"aligncenter size-large wp-image-10509\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017-1024x889.png\" alt=\"\" width=\"1024\" height=\"889\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3:4. USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\nCANDLE ANALYSIS: I have now added my thoughts based on the closing daily candle to the weeks trading.\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nDAILY CLOSING CANDLE: BULLISH\r\n\r\nThe single currency has been in sell mode this past week, with USD strength returning to the markets ahead of the anticipated rate increase from the FOMC this coming Wednesday.\r\n\r\nSupport at 61.8% Fibonacci level of 1.1701 looks to be acting like a “Star Trek” tractor beam sucking the pair lower. I see no reason why this trend lower should stop in the run up to the FOMC. Below 1.1701, the horizontal support / resistance level around 1.1650-60 is next up. This could be a great level ahead from which a reversal could start.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: VERY BEARISH\r\n\r\nRight now… I am not sure that whatever pattern or measured move, pivot point, Fibonacci level etc. you think about or can see on a chart means too much for the next few days. This pair will be driven by political news rather than economic news or technical data.\r\n\r\nLooking at the chart below, 1.3340 looks to have been an area where buyers and sellers have come together in the past to compete over directional control.\r\n\r\nRecently, I had been long this pair and quite bullish looking forward. After the BREXIT phase one deal (of sorts) I think there are so many questions unanswered that it is hard to remain bullish. The uncertainties surrounding the BREXIT to a large extent still remain, and frankly when you consider arriving at stage one “the easy way” has been like drawing blood from a stone… The next phase includes trade agreements so it can only be harder in my opinion.\r\n\r\nWe have a bull flag on the chart but I just cannot take it seriously at the moment.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10520\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH\r\n\r\nWe have a double top pattern in play.\r\n\r\nFundamentally some comments from the RBA make me think that the bottom may have been in around the 0.7500 level. But last week on great data the AUD/USD was rejected at 0.7640 and now following USD strength we have slipped below the 0.7520 level, and broken back to re-test.\r\n\r\nThis means in usual trading conditions that the double top measured move should be in play down to 0.7420.\r\n\r\nPersonally, in my opinion the markets are twitchy at the moment, at times brutal and commodity currencies have been acting independently of the EUR/USD so I am not convinced that this move will happen.\r\n\r\nObviously, a break back above 0.7520-40 places the move in doubt.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10518\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (INVERTED HAMMER)<strong><u>\r\n</u></strong>\r\nIf you like to play “ping pong” you must love this pair at the moment. My thoughts are that we are heading to the John Key low of 0.6600. It just seems to be taking an eternity.\r\n\r\nLast week some words from Grant aka “Frank (Some Central Banks do have them)” Spencer, stopped the Kiwi’s move lower.\r\n\r\nFor now we are range bound 0.6780 to 0.6960.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017.png\"><img class=\"aligncenter size-large wp-image-10521\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: INDECISION (SPINNING TOP)\r\n\r\nBugger…\r\n\r\nI am HEDGED this pair and short some more!!  Sooner rather than later I am going to have to make the TRADE DECISION. I still have capacity before I reach my RISK TOLERANCE limit so I will wait for now, but it annoys me every time I open up the broker account that trades are inside. Maybe its best not to open that broker account!!\r\n\r\nIt looked to me originally that a confluence of Fibonacci levels would have held this pair at 1.2800. Next was 1.2840 and now my thoughts are 1.12910 the recent highs although my fears are that 1.3000 looms overhead….\r\n\r\nBelow 1.2800 gives the bears some optimism moving forward, 1.2750 is definitely greater comfort but around 1.2850 I can only see higher…argh!!\r\n\r\nThe chart below shows the QUAD TOP measured move. That has not yet played out!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (SHOOTING STAR)<strong>\r\n</strong>\r\nThe BULL FLAG from last week is still in play. However, it’s a nasty closing candle, which indicates a direction change.\r\n\r\nOne has to be cautious here, we are still inside the pennant but the candle indicates a bearish move.\r\n\r\nSUPPORT at 0.9740\r\n\r\nRESISTANCE at 1.0000\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10523\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BULLISH<u>\r\n</u>\r\nWith so many investigations surrounding TRUMP and the geopolitical tension with which he is associated, unless you are short this pair I do not think it would be prudent to trade it, no matter how bullish it looks to the long side.\r\n\r\nThe BEAR FLAG is probably too long vis-à-vis the flag pole length and should NOT be taken seriously. I put it there just to show how powerful upward moves can be at a time of so much confusion regarding the U.S. policies at home and internationally.\r\n\r\nBelow 110.80 obviously get bears well in control but that is a long way away now. We have retraced more than the 61.8% off the last high to low move.\r\n\r\nI would leave well alone but for the addicted top pickers the 76.4% Fibonacci at 113.80 may offer a try with an entry short with a tight stop.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10524\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>3:5. MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u>\r\n\r\nThis week is loaded.\r\n\r\nI am probably going to focus more on exiting existing trades than entering new ones. I am not saying that my work for 2017 is complete but with the FED, ECB, BOE and SNB all on the floor this week plus a plethora of inflation data from the UK and U.S. one has to be lighter than usual with trades.\r\n\r\nPLUS: - This week liquidity will be starting to dry up.\r\n\r\nIf I look at the USD, despite all my rumblings earlier in this blog we have the greatest trading directional sentiment alignment of the majors for a long, long time. That said, personally for the most part, I am going to stay away from USD related pairs.\r\n\r\nTrading cross rates with lower liquidity also brings with it greater RISK even if you still reduce your position sizes.\r\n\r\nI expect that there will be more fallout from BREXIT and TRUMPS antics will obviously continue, why would his character change?\r\n\r\nIt sounds like I am closing the doors on 2017. Monday after the first Asian and European sessions of the week, I will review charts but not until then.\r\n\r\nSunday evening when the trading week starts its bound to be BITCOIN this and BITCOIN that as the focus as the futures exchange in the crypto comes on line. I expect things to get very “crunchy” as shorting comes into play.\r\n\r\nPushed on pairs to look at, I would say EUR/JPY, EUR/GBP, EUR/CHF and maybe AUD related pairs.\r\n\r\nJust remember we are in December, you cannot expect as much as if you were trading in say April or May. Trading expectations need to be wound back.\r\n\r\nAs a junkie on BREXIT news I will probably find myself reading lots of Sunday / weekend reviews and reports on what’s next!\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)<strong> </strong>\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\nOK; you guys may or may not agree with this statement but of late this market is most of the time just brutal.\r\n\r\nAs we enter a silly week of lots of major news items and events, we also start the wind down of liquidity and market participants.\r\n\r\nThe week was dominated by the BREXIT news trails, with most of my pips being generated via GBP related pairs.\r\n\r\nThe most frustrating time of the week was….\r\n\r\nI was ready on NFP day at 1.2804 to cut 6 x USD/CAD shorts and I hesitated believing that I would get another chance on a second push, which never materialized…. argh!!\r\n\r\nNothing much really to say this week, lots of hours in front of screens waiting, watching, waiting some more, it was painful at times. There were no set ups that were within striking distance of the market pricing so I put out lots of set ups based upon a future “hopeful” market move that just did not happen. You get these periods from time to time. The most frustrating aspect is that it is happening ahead of a period well known for thin trading conditions.\r\n\r\n&nbsp;\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\nIn the period, up to NFP and after the data was released, the feature in the FX market was USD strength, the exception up until Friday was the cable.\r\n\r\nThe DAILY, WEEKLY &amp; MONTHLY charts across the majors are the best aligned they have been for weeks, not perfect by a long way, yet I have to admit trading never gave me that impression last week. I found direction and sentiment very mixed.\r\n\r\nThis week we hear from the FED, ECB, BOE and SNB. These are the weeks that I like so I can absorb as much as possible about what the key people themselves think rather than the “hangers on”, which is more often the case.\r\n\r\nMy thoughts around Central Bank divergence remains with me and maybe after this week I will be able to flavour trade set ups with this in mind. The problem is I am just NOT convinced that long the USD is the trade moving forward.\r\n\r\nPart of trading that is not often discussed is MIND MANAGEMENT, I may have a blockage that needs sorting out. Hopefully this week I will be convinced with my macro thoughts or bullied into a change of thoughts process!\r\n\r\nLooking at the sentiment chart, since I re-introduced this a few weeks ago this is the most directional it has been. It is NOT perfect symmetry but it\'s the closest for weeks!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/MKT-SENTIMENT-10122017.png\"><img class=\"aligncenter size-large wp-image-10512\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/MKT-SENTIMENT-10122017-789x1024.png\" alt=\"\" width=\"789\" height=\"1024\" /></a><u>\r\n</u>\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>Monday morning after the European session, review charts for U.S. / European joint session for FLASH TRADES.</li>\r\n 	<li>Look to structure an exit of USD/CAD individual and HEDGED trades.</li>\r\n 	<li>Digest Central Bank monetary policy statements and add to action plan for Q1 2018.</li>\r\n 	<li>Plan CHF, possibly AUD &amp; GBP trades for Q1 2018, or earlier following Central Bank data this week.</li>\r\n</ol>\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am still bearish the NZD. I am “possibly” in short-term denial vis-à-vis the CAD and the jury’s out regarding my future positioning regarding the AUD and GBP. I am seeking confirmation.\r\n\r\nEverything tends to go on hold to let the effects of NFP work its way through the markets. The challenge at the moment is by the time the effects of NFP gravitate down through pricing we are then entering a “silly season” for trading Forex.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\n<u>EXISTING LIVE TRADES</u>: - 6 x live short USD/CAD trades, plus the 6 trades (3 x short / 3 x long) additional trades that form the HEDGE.\r\n\r\n<u>LIMIT ORDERS</u>: - 1 x CAD/JPY long trade.\r\n\r\n<u>MY PLAN:</u>  - To exit the HEDGE profitably.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\n<u>EXISTING LIVE TRADES</u>: - Currently I have 5 x live long AUD/NZD trades, and a NZD/JPY short trade in play.\r\n\r\n<u>LIMIT ORDERS</u>: -  I have 4 more AUD/NZD long trades in position, plus a further short NZD/JPY trade.\r\n\r\n<u>MY PLAN:</u> - I want to consolidate this position into the year end. However, I will be looking if it is possible to remove some RISK.\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u><u>\r\n</u>\r\n\r\nCURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-10122017.png\"><img class=\"aligncenter size-large wp-image-10511\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIVE-10122017-831x1024.png\" alt=\"\" width=\"831\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-10122017.png\"><img class=\"aligncenter size-large wp-image-10510\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/LIMIT-10122017-1024x993.png\" alt=\"\" width=\"1024\" height=\"993\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nNothing really new to report for this section other than the competition for new business is intensifying.\r\n\r\nOne thing to note is that I am receiving a lot of spam about BITCOIN and I know some brokers are now offering BITCOIN to trade. Personally, I have NOT even touched a BITCOIN chart.\r\n\r\nFrom an FX perspective brokers appear to be fumbling over what can they do to add value. The differentiation approach appears lost!\r\n\r\nThis is because when times were good they did not try to retain clients. Then lots of millionaires set up their own white label brokers which diluted the client base. What was a great idea to add “FREE &amp; CLEAR” to the bottom line has to a large extent back-fired.\r\n\r\nM and A activity will be what happens in Europe next year in my opinion as the competition for new clients is fierce.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\n<u>5:1. CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS TOTAL DECEMBER TO DATE  2017:       = +536 pips\r\nYEAR TO DATE:                                                      = +13,319 pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong>\r\n\r\n<u>5:2. HOW TO SUBSCRIBE TO THE PREMIUM SERVICE:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> THE FINAL SHOTS:</strong><strong> </strong></li>\r\n</ol>\r\n<u>6:1. WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>6:2. CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #158 PREMIUM SERVICE\r\n10th December 2017\r\n\r\n&nbsp;','RED LINES & DEADLINES =  CAN KICKED DOWN THE ROAD','','inherit','closed','closed','','10526-revision-v1','','','2017-12-09 08:26:27','2017-12-09 13:26:27','',10526,'https://weeklyfxdrivethru.com/10526-revision-v1/',0,'revision','',0),(10536,1,'2017-12-09 08:56:42','2017-12-09 13:56:42','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><span style=\"font-size: 16pt;\"><strong>THE FIRST FEW SHOTS:</strong></span></li>\r\n</ol>\r\nI think that it’s fair to say that economic data has a back seat at the moment. It’s all about geopolitical news and the effect of these news items that are driving the markets at the moment. When I say driving, I really mean pushing one way then the other most times without reason.\r\n\r\nThe markets are not as liquid now as they were 12 months ago, and, this is evidenced as we enter periods like now, where it is largely historically recognized that many large institutions are preparing to run down their books into the year-end ready for the start of next year.\r\n\r\nTRUMP and BREXIT headlines have dominated all week. It seems really strange to write that when the past week included U.S. Non-Farm Payrolls.\r\n\r\nTRUMP goes from controversy to controversy, investigation to investigation and the great negotiator is still without a single campaign promise delivered. The latest from the great negotiator was that we had an 11th hour deal to fund the government for two weeks to prevent a shutdown, as once again the debt ceiling was reached. Not out of the woods yet, a permanent solution is required by December 22nd to enable the government to function moving forward.\r\n\r\nYou could not make this up. It is a reality TV program played out in front of the world with the oval office as the studio.\r\n\r\nWith regards to BREXIT, last Friday we had an agreement from Juncker and Barnier that enough progress had been made on phase one of the negotiations that the UK and the EU negotiators could now move to phase two.\r\n\r\nAt what cost?\r\n<p style=\"text-align: center;\"><strong>RED LINES &amp; DEADLINES = CAN KICKED DOWN THE ROAD</strong></p>\r\nThe ECB needs success as much as Theresa May with the RED LINES and DEADLINES set by both teams ahead of the EU 27 member states 2017 Christmas party aka December Council Meeting.\r\n\r\nThe ECB therefore did what they are master of… FUDGING, to you and me it’s also known as KICKIN’THE CAN DOWN THE ROAD.\r\n\r\nIt looks like the Irish border issue has been kicked down the road. We were provided with very little detail and this was the stumbling block. All parties, Theresa May (UK PM…by a thread), Michel Barnier (EU Chief Negotiator), Jean Claude Junker (President of the EU Commission), Leo Varadkar (IRISH PM) and Arlene Foster (DUP) placed a positive spin on the fact enough progress had been made but very light on specifics.\r\n\r\nThe fact that both Barnier and Juncker had broad smiles in the press conferences that followed the announcement, makes me think that the UK was screwed. This will no doubt roll on and there will be fallout, I think that’s a given.\r\n\r\nFrom an FX perspective, the trading around the BREXIT agreement was no more than a buy the rumour sell the news event. Cable basically nosedived. After all was said and done it moved over 140 pips lower from the highs at one point.\r\n\r\n<strong><u>NOTE:</u></strong>  With regards to cables move lower, this was more than severe profit taking in my opinion.\r\n\r\nFinally, …\r\n\r\nI picked this up out of my twitter feed last week…. made me giggle.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017.png\"><img class=\"aligncenter size-large wp-image-10507\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017-1024x929.png\" alt=\"\" width=\"1024\" height=\"929\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 16pt;\"><strong>MY (THE PREMIUM SERIVICE) TRADING LAST WEEK:</strong></span></li>\r\n</ol>\r\nI spent most of last week writing to PREMIUM SERVICE subscribers about how I wanted to reduce RISK ahead of NFP. I am pleased to say, I cut out lots of trades before the monthly lottery day aka NFP! I was very successful in reducing what I call circumstantial RISK prior to the NFP data release. I just had to manage my longer-term positions of AUD/NZD and USD/CAD.\r\n\r\nI did not as I indicated to PREMIUM SERVICE subscribers trade NFP. I find that I only get annoyed and frustrated with NFP moves which linger into and hover over the weekends. This may be more of thing of the past but I just hate the knee-jerk moves and then two/ three hours of a chop fest that follows. It just does not suit my style at all.\r\n\r\nTrading this month so far has been a little strange. I am conscious that I want to reduce RISK heading into the Christmas holidays. This coming week is, in my opinion, the last week of this year with decent liquidity and I do not want to be carrying multiple trades forward or having to manage a huge quantity over the Christmas holidays.\r\n\r\nEconomic and Central Bank data this week makes it a huge week of importance as well. At the same time, I realise that most of my core positions of the USD/CAD and AUD/NZD will be probably be carried forward into 2018. I have a few USD/CAD trades that I will unload next week. I expect my pip net profit for 2017 to lie a little lower than current levels once I cull!\r\n\r\n<u>PERFORMANCE 2017 TO DATE:</u>\r\n\r\nDecember 2017 net TOTAL:     +536 net pips\r\n2017 YEAR TO DATE:                +13,319 net pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><span style=\"font-size: 16pt;\"><strong>THE FX MARKET PLACE THIS WEEK:</strong></span></li>\r\n</ol>\r\n<u>\r\n<span style=\"font-size: 14pt;\">3:1. THIS WEEK’S ECONOMIC DATA RELEASES:</span></u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017.png\"><img class=\"aligncenter size-large wp-image-10508\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017-1024x985.png\" alt=\"\" width=\"1024\" height=\"985\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3:2. MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThis week I would say is probably one of if not the most important weeks for trading FX in 2017. We should get more than a feeling for direction into early 2018 given the information that should be provided.\r\n\r\nWe have Central Bank interest rate decisions and market commentaries from the FED, ECB, BOE and SNB.\r\n\r\nWe also have, Consumer Prices from the U.S. and the UK, Jobs Data from Australia, Average Earnings Data in the UK plus Producer Prices and Retail Sales data from the U.S. It is without doubt a packed week.\r\n\r\nThe most important part from my perspective however is to hear about any changes in Central Bank monetary policies moving into 2018.\r\n\r\nIn no particular order: -\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS, RETAIL SALES &amp; THE BOE</u>.\r\n\r\nI do not for a minute believe that Mark Carney or any members of the MPC will be looking to amend interest rates, however, when the BOE announces on Thursday, I do expect that by that time we should have a pretty good idea about the state of the UK economy.\r\n\r\nThere is still inflation in the UK and CPI on Tuesday will give us the nod on whether it has topped out or not. The last reading was 3.0%.\r\n\r\nAverage Earnings is one that will be watched very, very closely. With inflation at 3.0% last time around earnings were lagging at 2.2%. For it to be a HAPPY CHRISTMAS the BOE and the government will at least want the numbers to match or be very close.\r\n\r\nRetail Sales should be positive and a beat. If a country cannot have a good retail sales number leading up to Christmas, it never will.\r\n\r\nInterest rates should remain at 0.50% and the MPC vote at 7-2. Any deviations from these numbers and the cable will be off running around like a headless chicken.\r\n\r\nGiven the “low on details” BREXIT phase one deal completed last Friday, I am once again having mixed views on the GBP.\r\n\r\nThis week’s data is therefore crucial to me moving forward.\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> CPi, PPi, RETAIL SALES and the FOMC.</u>\r\n\r\nI am just not sure what to make of the USD at the moment. My brain tells me one thing and my gut another. I have read a lot of analyst reports for 2018 and there are institutions expecting 3 possibly even 4 further interest rate increases on top of the one due this week, which would take the U.S. FED Funds Rate to 1.50%.\r\n\r\nThis time next year it could be ready to move to 2.50%.\r\n\r\nWhat is at the back of my mind is that there is NO INFLATION around. Last week’s Average Hourlies released at the same time as the NFP data was once again missing signs of inflation.\r\n\r\nThis week CPi needs to beat 0.1% to show that there is some life in the economy vis-à-vis inflation. Producer prices and Retail Sales need to show growth as well. This has been lacking more or less of late. With this as a backdrop I just cannot see multiple rate hikes on the horizon. This must be a fear for the FED moving forward. All this talk of transitory stands for nothing it would appear.\r\n\r\nSo, Janet Yellen has her final Press Conference this week and she will announce a 0.25% rate increase. If the FED does not raise there will be blood!\r\n\r\n&nbsp;\r\n\r\n<strong><u>EUR:</u></strong><u> INTEREST RATE ANNOUNCEMENT and PRESS CONFERENCE.</u>\r\n\r\nThe final Central Bank announcement of the week is Mario Draghi at the ECB. Fair play to Mario Draghi of late, at all speeches he has watched his “p’s and q’s” very closely.\r\n\r\nIt looks from a trading perceptive that to keep a lid on the single currencies strength below 1.2000 is key objective, both he and the ECB council members will be happy that recent policy initiatives have worked out very well putting a cap on EURO strength.\r\n\r\nI suspect that Draghi will be popping the Dom Perignon should the FED raise rates next Wednesday and the USD strengthen across the board, ahead of his press conference the following day.\r\n\r\nI am expecting a boring press conference and speech from Draghi. Happy Christmas, thanks for coming there are mince pies for everyone at the back of the room type of stuff. But… you just never know with the ECB. There is a history of council members breaking ranks and noting their dissent to undermine Mario Draghi. For this reason, this week, this event cannot be missed.\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><u>3:3. USD MAJORS – SUPPORT &amp; RESISTANCE with BIAS:</u></span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017.png\"><img class=\"aligncenter size-large wp-image-10509\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017-1024x889.png\" alt=\"\" width=\"1024\" height=\"889\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><u>3:4. USD – TRADING CHARTS: </u></span>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\nCANDLE ANALYSIS: I have now added my thoughts based on the closing daily candle to the weeks trading.\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nDAILY CLOSING CANDLE: BULLISH\r\n\r\nThe single currency has been in sell mode this past week, with USD strength returning to the markets ahead of the anticipated rate increase from the FOMC this coming Wednesday.\r\n\r\nSupport at 61.8% Fibonacci level of 1.1701 looks to be acting like a “Star Trek” tractor beam sucking the pair lower. I see no reason why this trend lower should stop in the run up to the FOMC. Below 1.1701, the horizontal support / resistance level around 1.1650-60 is next up. This could be a great level ahead from which a reversal could start.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: VERY BEARISH\r\n\r\nRight now… I am not sure that whatever pattern or measured move, pivot point, Fibonacci level etc. you think about or can see on a chart means too much for the next few days. This pair will be driven by political news rather than economic news or technical data.\r\n\r\nLooking at the chart below, 1.3340 looks to have been an area where buyers and sellers have come together in the past to compete over directional control.\r\n\r\nRecently, I had been long this pair and quite bullish looking forward. After the BREXIT phase one deal (of sorts) I think there are so many questions unanswered that it is hard to remain bullish. The uncertainties surrounding the BREXIT to a large extent still remain, and frankly when you consider arriving at stage one “the easy way” has been like drawing blood from a stone… The next phase includes trade agreements so it can only be harder in my opinion.\r\n\r\nWe have a bull flag on the chart but I just cannot take it seriously at the moment.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10520\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH\r\n\r\nWe have a double top pattern in play.\r\n\r\nFundamentally some comments from the RBA make me think that the bottom may have been in around the 0.7500 level. But last week on great data the AUD/USD was rejected at 0.7640 and now following USD strength we have slipped below the 0.7520 level, and broken back to re-test.\r\n\r\nThis means in usual trading conditions that the double top measured move should be in play down to 0.7420.\r\n\r\nPersonally, in my opinion the markets are twitchy at the moment, at times brutal and commodity currencies have been acting independently of the EUR/USD so I am not convinced that this move will happen.\r\n\r\nObviously, a break back above 0.7520-40 places the move in doubt.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10518\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (INVERTED HAMMER)<strong><u>\r\n</u></strong>\r\nIf you like to play “ping pong” you must love this pair at the moment. My thoughts are that we are heading to the John Key low of 0.6600. It just seems to be taking an eternity.\r\n\r\nLast week some words from Grant aka “Frank (Some Central Banks do have them)” Spencer, stopped the Kiwi’s move lower.\r\n\r\nFor now we are range bound 0.6780 to 0.6960.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017.png\"><img class=\"aligncenter size-large wp-image-10521\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong><strong>\r\n\r\n</strong>DAILY CLOSING CANDLE: INDECISION (SPINNING TOP)\r\n\r\nBugger…\r\n\r\nI am HEDGED this pair and short some more!!  Sooner rather than later I am going to have to make the TRADE DECISION. I still have capacity before I reach my RISK TOLERANCE limit so I will wait for now, but it annoys me every time I open up the broker account that trades are inside. Maybe its best not to open that broker account!!\r\n\r\nIt looked to me originally that a confluence of Fibonacci levels would have held this pair at 1.2800. Next was 1.2840 and now my thoughts are 1.12910 the recent highs although my fears are that 1.3000 looms overhead….\r\n\r\nBelow 1.2800 gives the bears some optimism moving forward, 1.2750 is definitely greater comfort but around 1.2850 I can only see higher…argh!!\r\n\r\nThe chart below shows the QUAD TOP measured move. That has not yet played out!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (SHOOTING STAR)<strong>\r\n</strong>\r\nThe BULL FLAG from last week is still in play. However, it’s a nasty closing candle, which indicates a direction change.\r\n\r\nOne has to be cautious here, we are still inside the pennant but the candle indicates a bearish move.\r\n\r\nSUPPORT at 0.9740\r\n\r\nRESISTANCE at 1.0000\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10523\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BULLISH<u>\r\n</u>\r\nWith so many investigations surrounding TRUMP and the geopolitical tension with which he is associated, unless you are short this pair I do not think it would be prudent to trade it, no matter how bullish it looks to the long side.\r\n\r\nThe BEAR FLAG is probably too long vis-à-vis the flag pole length and should NOT be taken seriously. I put it there just to show how powerful upward moves can be at a time of so much confusion regarding the U.S. policies at home and internationally.\r\n\r\nBelow 110.80 obviously get bears well in control but that is a long way away now. We have retraced more than the 61.8% off the last high to low move.\r\n\r\nI would leave well alone but for the addicted top pickers the 76.4% Fibonacci at 113.80 may offer a try with an entry short with a tight stop.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10524\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><u>3:5. MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u></span>\r\n\r\nThis week is loaded.\r\n\r\nI am probably going to focus more on exiting existing trades than entering new ones. I am not saying that my work for 2017 is complete but with the FED, ECB, BOE and SNB all on the floor this week plus a plethora of inflation data from the UK and U.S. one has to be lighter than usual with trades.\r\n\r\nPLUS: - This week liquidity will be starting to dry up.\r\n\r\nIf I look at the USD, despite all my rumblings earlier in this blog we have the greatest trading directional sentiment alignment of the majors for a long, long time. That said, personally for the most part, I am going to stay away from USD related pairs.\r\n\r\nTrading cross rates with lower liquidity also brings with it greater RISK even if you still reduce your position sizes.\r\n\r\nI expect that there will be more fallout from BREXIT and TRUMPS antics will obviously continue, why would his character change?\r\n\r\nIt sounds like I am closing the doors on 2017. Monday after the first Asian and European sessions of the week, I will review charts but not until then.\r\n\r\nSunday evening when the trading week starts its bound to be BITCOIN this and BITCOIN that as the focus as the futures exchange in the crypto comes on line. I expect things to get very “crunchy” as shorting comes into play.\r\n\r\nPushed on pairs to look at, I would say EUR/JPY, EUR/GBP, EUR/CHF and maybe AUD related pairs.\r\n\r\nJust remember we are in December, you cannot expect as much as if you were trading in say April or May. Trading expectations need to be wound back.\r\n\r\nAs a junkie on BREXIT news I will probably find myself reading lots of Sunday / weekend reviews and reports on what’s next!\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 16pt;\"><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></span></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:1. TRADING REVIEW:</u></span>\r\n<u>\r\n</u><span style=\"font-size: 14pt;\"><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u></span>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:3. TRADING PLANS:</u></span>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u></span><u> </u>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES)</u></span>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u></span>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u></span>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 16pt;\"><strong> THE PREMIUM SERVICE:</strong></span></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\n<span style=\"font-size: 14pt;\"><u>5:1. CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u></span>\r\n\r\nPIPS TOTAL DECEMBER TO DATE  2017:       = +536 pips\r\nYEAR TO DATE:                                                      = +13,319 pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"font-size: 14pt;\"><u>5:2. HOW TO SUBSCRIBE TO THE PREMIUM SERVICE:</u></span>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong><span style=\"font-size: 16pt;\"> THE FINAL SHOTS</span>:</strong></span></li>\r\n</ol>\r\n<span style=\"font-size: 14pt;\"><u>6:1. WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u></span>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><u>6:2. CLOSING THOUGHTS:</u></span>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #262 FREE NEWSLETTER\r\n10th December 2017\r\n\r\n&nbsp;','RED LINES & DEADLINES =  CAN KICKED DOWN THE ROAD','','inherit','closed','closed','','10535-revision-v1','','','2017-12-09 08:56:42','2017-12-09 13:56:42','',10535,'https://weeklyfxdrivethru.com/10535-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (10537,1,'2017-12-09 08:57:11','2017-12-09 13:57:11','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><span style=\"font-size: 16pt;\"><strong>THE FIRST FEW SHOTS:</strong></span></li>\r\n</ol>\r\nI think that it’s fair to say that economic data has a back seat at the moment. It’s all about geopolitical news and the effect of these news items that are driving the markets at the moment. When I say driving, I really mean pushing one way then the other most times without reason.\r\n\r\nThe markets are not as liquid now as they were 12 months ago, and, this is evidenced as we enter periods like now, where it is largely historically recognized that many large institutions are preparing to run down their books into the year-end ready for the start of next year.\r\n\r\nTRUMP and BREXIT headlines have dominated all week. It seems really strange to write that when the past week included U.S. Non-Farm Payrolls.\r\n\r\nTRUMP goes from controversy to controversy, investigation to investigation and the great negotiator is still without a single campaign promise delivered. The latest from the great negotiator was that we had an 11th hour deal to fund the government for two weeks to prevent a shutdown, as once again the debt ceiling was reached. Not out of the woods yet, a permanent solution is required by December 22nd to enable the government to function moving forward.\r\n\r\nYou could not make this up. It is a reality TV program played out in front of the world with the oval office as the studio.\r\n\r\nWith regards to BREXIT, last Friday we had an agreement from Juncker and Barnier that enough progress had been made on phase one of the negotiations that the UK and the EU negotiators could now move to phase two.\r\n\r\nAt what cost?\r\n<p style=\"text-align: center;\"><strong>RED LINES &amp; DEADLINES = CAN KICKED DOWN THE ROAD</strong></p>\r\nThe ECB needs success as much as Theresa May with the RED LINES and DEADLINES set by both teams ahead of the EU 27 member states 2017 Christmas party aka December Council Meeting.\r\n\r\nThe ECB therefore did what they are master of… FUDGING, to you and me it’s also known as KICKIN’THE CAN DOWN THE ROAD.\r\n\r\nIt looks like the Irish border issue has been kicked down the road. We were provided with very little detail and this was the stumbling block. All parties, Theresa May (UK PM…by a thread), Michel Barnier (EU Chief Negotiator), Jean Claude Junker (President of the EU Commission), Leo Varadkar (IRISH PM) and Arlene Foster (DUP) placed a positive spin on the fact enough progress had been made but very light on specifics.\r\n\r\nThe fact that both Barnier and Juncker had broad smiles in the press conferences that followed the announcement, makes me think that the UK was screwed. This will no doubt roll on and there will be fallout, I think that’s a given.\r\n\r\nFrom an FX perspective, the trading around the BREXIT agreement was no more than a buy the rumour sell the news event. Cable basically nosedived. After all was said and done it moved over 140 pips lower from the highs at one point.\r\n\r\n<strong><u>NOTE:</u></strong>  With regards to cables move lower, this was more than severe profit taking in my opinion.\r\n\r\nFinally, …\r\n\r\nI picked this up out of my twitter feed last week…. made me giggle.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017.png\"><img class=\"aligncenter size-large wp-image-10507\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TWITTER-NOTE-10122017-1024x929.png\" alt=\"\" width=\"1024\" height=\"929\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 16pt;\"><strong>MY (THE PREMIUM SERIVICE) TRADING LAST WEEK:</strong></span></li>\r\n</ol>\r\nI spent most of last week writing to PREMIUM SERVICE subscribers about how I wanted to reduce RISK ahead of NFP. I am pleased to say, I cut out lots of trades before the monthly lottery day aka NFP! I was very successful in reducing what I call circumstantial RISK prior to the NFP data release. I just had to manage my longer-term positions of AUD/NZD and USD/CAD.\r\n\r\nI did not as I indicated to PREMIUM SERVICE subscribers trade NFP. I find that I only get annoyed and frustrated with NFP moves which linger into and hover over the weekends. This may be more of thing of the past but I just hate the knee-jerk moves and then two/ three hours of a chop fest that follows. It just does not suit my style at all.\r\n\r\nTrading this month so far has been a little strange. I am conscious that I want to reduce RISK heading into the Christmas holidays. This coming week is, in my opinion, the last week of this year with decent liquidity and I do not want to be carrying multiple trades forward or having to manage a huge quantity over the Christmas holidays.\r\n\r\nEconomic and Central Bank data this week makes it a huge week of importance as well. At the same time, I realise that most of my core positions of the USD/CAD and AUD/NZD will be probably be carried forward into 2018. I have a few USD/CAD trades that I will unload next week. I expect my pip net profit for 2017 to lie a little lower than current levels once I cull!\r\n\r\n<u>PERFORMANCE 2017 TO DATE:</u>\r\n\r\nDecember 2017 net TOTAL:     +536 net pips\r\n2017 YEAR TO DATE:                +13,319 net pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><span style=\"font-size: 16pt;\"><strong>THE FX MARKET PLACE THIS WEEK:</strong></span></li>\r\n</ol>\r\n<u>\r\n<span style=\"font-size: 14pt;\">3:1. THIS WEEK’S ECONOMIC DATA RELEASES:</span></u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017.png\"><img class=\"aligncenter size-large wp-image-10508\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/ECON-DATA-10122017-1024x985.png\" alt=\"\" width=\"1024\" height=\"985\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><u>3:2. MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u></span>\r\n\r\nThis week I would say is probably one of if not the most important weeks for trading FX in 2017. We should get more than a feeling for direction into early 2018 given the information that should be provided.\r\n\r\nWe have Central Bank interest rate decisions and market commentaries from the FED, ECB, BOE and SNB.\r\n\r\nWe also have, Consumer Prices from the U.S. and the UK, Jobs Data from Australia, Average Earnings Data in the UK plus Producer Prices and Retail Sales data from the U.S. It is without doubt a packed week.\r\n\r\nThe most important part from my perspective however is to hear about any changes in Central Bank monetary policies moving into 2018.\r\n\r\nIn no particular order: -\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS, RETAIL SALES &amp; THE BOE</u>.\r\n\r\nI do not for a minute believe that Mark Carney or any members of the MPC will be looking to amend interest rates, however, when the BOE announces on Thursday, I do expect that by that time we should have a pretty good idea about the state of the UK economy.\r\n\r\nThere is still inflation in the UK and CPI on Tuesday will give us the nod on whether it has topped out or not. The last reading was 3.0%.\r\n\r\nAverage Earnings is one that will be watched very, very closely. With inflation at 3.0% last time around earnings were lagging at 2.2%. For it to be a HAPPY CHRISTMAS the BOE and the government will at least want the numbers to match or be very close.\r\n\r\nRetail Sales should be positive and a beat. If a country cannot have a good retail sales number leading up to Christmas, it never will.\r\n\r\nInterest rates should remain at 0.50% and the MPC vote at 7-2. Any deviations from these numbers and the cable will be off running around like a headless chicken.\r\n\r\nGiven the “low on details” BREXIT phase one deal completed last Friday, I am once again having mixed views on the GBP.\r\n\r\nThis week’s data is therefore crucial to me moving forward.\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> CPi, PPi, RETAIL SALES and the FOMC.</u>\r\n\r\nI am just not sure what to make of the USD at the moment. My brain tells me one thing and my gut another. I have read a lot of analyst reports for 2018 and there are institutions expecting 3 possibly even 4 further interest rate increases on top of the one due this week, which would take the U.S. FED Funds Rate to 1.50%.\r\n\r\nThis time next year it could be ready to move to 2.50%.\r\n\r\nWhat is at the back of my mind is that there is NO INFLATION around. Last week’s Average Hourlies released at the same time as the NFP data was once again missing signs of inflation.\r\n\r\nThis week CPi needs to beat 0.1% to show that there is some life in the economy vis-à-vis inflation. Producer prices and Retail Sales need to show growth as well. This has been lacking more or less of late. With this as a backdrop I just cannot see multiple rate hikes on the horizon. This must be a fear for the FED moving forward. All this talk of transitory stands for nothing it would appear.\r\n\r\nSo, Janet Yellen has her final Press Conference this week and she will announce a 0.25% rate increase. If the FED does not raise there will be blood!\r\n\r\n&nbsp;\r\n\r\n<strong><u>EUR:</u></strong><u> INTEREST RATE ANNOUNCEMENT and PRESS CONFERENCE.</u>\r\n\r\nThe final Central Bank announcement of the week is Mario Draghi at the ECB. Fair play to Mario Draghi of late, at all speeches he has watched his “p’s and q’s” very closely.\r\n\r\nIt looks from a trading perceptive that to keep a lid on the single currencies strength below 1.2000 is key objective, both he and the ECB council members will be happy that recent policy initiatives have worked out very well putting a cap on EURO strength.\r\n\r\nI suspect that Draghi will be popping the Dom Perignon should the FED raise rates next Wednesday and the USD strengthen across the board, ahead of his press conference the following day.\r\n\r\nI am expecting a boring press conference and speech from Draghi. Happy Christmas, thanks for coming there are mince pies for everyone at the back of the room type of stuff. But… you just never know with the ECB. There is a history of council members breaking ranks and noting their dissent to undermine Mario Draghi. For this reason, this week, this event cannot be missed.\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><u>3:3. USD MAJORS – SUPPORT &amp; RESISTANCE with BIAS:</u></span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017.png\"><img class=\"aligncenter size-large wp-image-10509\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TCHART-10122017-1024x889.png\" alt=\"\" width=\"1024\" height=\"889\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><u>3:4. USD – TRADING CHARTS: </u></span>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\nCANDLE ANALYSIS: I have now added my thoughts based on the closing daily candle to the weeks trading.\r\n\r\n<strong>\r\n<u>EUR/USD:</u>\r\n</strong>\r\nDAILY CLOSING CANDLE: BULLISH\r\n\r\nThe single currency has been in sell mode this past week, with USD strength returning to the markets ahead of the anticipated rate increase from the FOMC this coming Wednesday.\r\n\r\nSupport at 61.8% Fibonacci level of 1.1701 looks to be acting like a “Star Trek” tractor beam sucking the pair lower. I see no reason why this trend lower should stop in the run up to the FOMC. Below 1.1701, the horizontal support / resistance level around 1.1650-60 is next up. This could be a great level ahead from which a reversal could start.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/EURUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: VERY BEARISH\r\n\r\nRight now… I am not sure that whatever pattern or measured move, pivot point, Fibonacci level etc. you think about or can see on a chart means too much for the next few days. This pair will be driven by political news rather than economic news or technical data.\r\n\r\nLooking at the chart below, 1.3340 looks to have been an area where buyers and sellers have come together in the past to compete over directional control.\r\n\r\nRecently, I had been long this pair and quite bullish looking forward. After the BREXIT phase one deal (of sorts) I think there are so many questions unanswered that it is hard to remain bullish. The uncertainties surrounding the BREXIT to a large extent still remain, and frankly when you consider arriving at stage one “the easy way” has been like drawing blood from a stone… The next phase includes trade agreements so it can only be harder in my opinion.\r\n\r\nWe have a bull flag on the chart but I just cannot take it seriously at the moment.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10520\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/GBPUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH\r\n\r\nWe have a double top pattern in play.\r\n\r\nFundamentally some comments from the RBA make me think that the bottom may have been in around the 0.7500 level. But last week on great data the AUD/USD was rejected at 0.7640 and now following USD strength we have slipped below the 0.7520 level, and broken back to re-test.\r\n\r\nThis means in usual trading conditions that the double top measured move should be in play down to 0.7420.\r\n\r\nPersonally, in my opinion the markets are twitchy at the moment, at times brutal and commodity currencies have been acting independently of the EUR/USD so I am not convinced that this move will happen.\r\n\r\nObviously, a break back above 0.7520-40 places the move in doubt.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10518\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/AUDUSD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD/USD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (INVERTED HAMMER)<strong><u>\r\n</u></strong>\r\nIf you like to play “ping pong” you must love this pair at the moment. My thoughts are that we are heading to the John Key low of 0.6600. It just seems to be taking an eternity.\r\n\r\nLast week some words from Grant aka “Frank (Some Central Banks do have them)” Spencer, stopped the Kiwi’s move lower.\r\n\r\nFor now we are range bound 0.6780 to 0.6960.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017.png\"><img class=\"aligncenter size-large wp-image-10521\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/NZDUSD-D-11122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: INDECISION (SPINNING TOP)\r\n\r\nBugger…\r\n\r\nI am HEDGED this pair and short some more!!  Sooner rather than later I am going to have to make the TRADE DECISION. I still have capacity before I reach my RISK TOLERANCE limit so I will wait for now, but it annoys me every time I open up the broker account that trades are inside. Maybe its best not to open that broker account!!\r\n\r\nIt looked to me originally that a confluence of Fibonacci levels would have held this pair at 1.2800. Next was 1.2840 and now my thoughts are 1.12910 the recent highs although my fears are that 1.3000 looms overhead….\r\n\r\nBelow 1.2800 gives the bears some optimism moving forward, 1.2750 is definitely greater comfort but around 1.2850 I can only see higher…argh!!\r\n\r\nThe chart below shows the QUAD TOP measured move. That has not yet played out!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCAD-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BEARISH (SHOOTING STAR)<strong>\r\n</strong>\r\nThe BULL FLAG from last week is still in play. However, it’s a nasty closing candle, which indicates a direction change.\r\n\r\nOne has to be cautious here, we are still inside the pennant but the candle indicates a bearish move.\r\n\r\nSUPPORT at 0.9740\r\n\r\nRESISTANCE at 1.0000\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10523\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDCHF-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong>\r\n\r\nDAILY CLOSING CANDLE: BULLISH<u>\r\n</u>\r\nWith so many investigations surrounding TRUMP and the geopolitical tension with which he is associated, unless you are short this pair I do not think it would be prudent to trade it, no matter how bullish it looks to the long side.\r\n\r\nThe BEAR FLAG is probably too long vis-à-vis the flag pole length and should NOT be taken seriously. I put it there just to show how powerful upward moves can be at a time of so much confusion regarding the U.S. policies at home and internationally.\r\n\r\nBelow 110.80 obviously get bears well in control but that is a long way away now. We have retraced more than the 61.8% off the last high to low move.\r\n\r\nI would leave well alone but for the addicted top pickers the 76.4% Fibonacci at 113.80 may offer a try with an entry short with a tight stop.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017.png\"><img class=\"aligncenter size-large wp-image-10524\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/USDJPY-D-10122017-1024x534.png\" alt=\"\" width=\"1024\" height=\"534\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><u>3:5. MY THOUGHTS ON HOW TO PLAY FX THIS WEEK:</u></span>\r\n\r\nThis week is loaded.\r\n\r\nI am probably going to focus more on exiting existing trades than entering new ones. I am not saying that my work for 2017 is complete but with the FED, ECB, BOE and SNB all on the floor this week plus a plethora of inflation data from the UK and U.S. one has to be lighter than usual with trades.\r\n\r\nPLUS: - This week liquidity will be starting to dry up.\r\n\r\nIf I look at the USD, despite all my rumblings earlier in this blog we have the greatest trading directional sentiment alignment of the majors for a long, long time. That said, personally for the most part, I am going to stay away from USD related pairs.\r\n\r\nTrading cross rates with lower liquidity also brings with it greater RISK even if you still reduce your position sizes.\r\n\r\nI expect that there will be more fallout from BREXIT and TRUMPS antics will obviously continue, why would his character change?\r\n\r\nIt sounds like I am closing the doors on 2017. Monday after the first Asian and European sessions of the week, I will review charts but not until then.\r\n\r\nSunday evening when the trading week starts its bound to be BITCOIN this and BITCOIN that as the focus as the futures exchange in the crypto comes on line. I expect things to get very “crunchy” as shorting comes into play.\r\n\r\nPushed on pairs to look at, I would say EUR/JPY, EUR/GBP, EUR/CHF and maybe AUD related pairs.\r\n\r\nJust remember we are in December, you cannot expect as much as if you were trading in say April or May. Trading expectations need to be wound back.\r\n\r\nAs a junkie on BREXIT news I will probably find myself reading lots of Sunday / weekend reviews and reports on what’s next!\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 16pt;\"><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></span></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:1. TRADING REVIEW:</u></span>\r\n<u>\r\n</u><span style=\"font-size: 14pt;\"><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u></span>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:3. TRADING PLANS:</u></span>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u></span><u> </u>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES)</u></span>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u></span>\r\n\r\n<span style=\"font-size: 14pt;\"><u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u></span>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 16pt;\"><strong> THE PREMIUM SERVICE:</strong></span></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\n<span style=\"font-size: 14pt;\"><u>5:1. CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u></span>\r\n\r\nPIPS TOTAL DECEMBER TO DATE  2017:       = +536 pips\r\nYEAR TO DATE:                                                      = +13,319 pips\r\n\r\nIn sales mode; I am now planning for 2018. I will have live trades through the Christmas and New Year holidays so I will be on twitter and probably email.\r\n\r\nIn 2018, the PREMIUM SERVICE will return with a new TRADE STYLE option for subscribers to consider and the SUBSCRIBER SECTION of the “DRIVE THRU” will be larger with greater emphasis on sentiment and market direction. Therefore, now is a great time to join the PREMIUM SERVICE get familiar and ready to go with the 2018 launch!!\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"font-size: 14pt;\"><u>5:2. HOW TO SUBSCRIBE TO THE PREMIUM SERVICE:</u></span>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong><span style=\"font-size: 16pt;\"> THE FINAL SHOTS</span>:</strong></span></li>\r\n</ol>\r\n<span style=\"font-size: 14pt;\"><u>6:1. WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u></span>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><u>6:2. CLOSING THOUGHTS:</u></span>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #262 FREE NEWSLETTER\r\n10th December 2017\r\n\r\n&nbsp;','RED LINES & DEADLINES =  CAN KICKED DOWN THE ROAD','','inherit','closed','closed','','10535-revision-v1','','','2017-12-09 08:57:11','2017-12-09 13:57:11','',10535,'https://weeklyfxdrivethru.com/10535-revision-v1/',0,'revision','',0),(10540,16,'2017-12-12 10:04:54','2017-12-12 15:04:54','<div class=\"one-half first\">\r\n<h2>This Month<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/03/MOMENTUM-03032018.png\"><img class=\"aligncenter size-large wp-image-11074\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/03/MOMENTUM-03032018-791x1024.png\" alt=\"\" width=\"791\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n<h2><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/MOMENTUM-28022018.png\"><img class=\"aligncenter size-large wp-image-11038\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/MOMENTUM-28022018-790x1024.png\" alt=\"\" width=\"790\" height=\"1024\" /></a></h2>\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>Year to date<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/MOMENTUM-YTDFEB2018.png\"><img class=\"aligncenter size-large wp-image-11039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/MOMENTUM-YTDFEB2018-755x1024.png\" alt=\"\" width=\"755\" height=\"1024\" /></a></h2>\r\n<h2>PREVIOUS YEARS</h2>\r\n</div>','Momentum Trades','','publish','closed','closed','','momentum-trades','','','2018-03-03 06:59:03','2018-03-03 11:59:03','',0,'https://weeklyfxdrivethru.com/?page_id=10540',0,'page','',0),(10852,1,'2018-01-20 08:01:51','2018-01-20 13:01:51','<strong> </strong>\r\n<ol>\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE OPENING SHOT:</strong><strong> </strong></span></li>\r\n</ol>\r\nWhat a week that was.\r\n\r\nHoly Mother of God, trading this week for me was hard with my trading style. There was movement, mostly one way, call it reactionary, impulsive or fear of missing out trading (FOMO), call it whatever you want it was nonstop selling of the USD. I cannot recall too many times over the past 10 years that I have seen so much nonstop one-way traffic. I spent a great deal of the time sidelined watching what went on, there were no, what I call usual market pullbacks to meet my TRADE PLAN guidelines to enter.\r\n\r\nChart indicators meant little, similar could be said of many Fibonacci levels. During last week, we had several market squeezes, a Dovish hike with a Hawkish outcome and more “chop action” than a family butcher would get through in a month; we as FX traders had it all in just 5 days.\r\n\r\nThe week was light on economic data to consider. From my perspective all the market moving economic data events were last Wednesday, the BOC interest rate decision and Press Conference, AUD employment data and Chinese GDP. The rest of the week we were at the mercy of equities.\r\n\r\nThe swings in US equities, especially the Dow Jones index, which had around a 1,000 point move up and down in 48 hours were nothing more than just extreme, it was basically just mental price activity.\r\n\r\nCable squeezed like feck, it has 1.4000 in mind. The markets are gunning to take stops above this figure but on Friday last week following poor Retail Sales figures the pair fell back from achieving 1.3945.\r\n\r\nAlso, the JPY had its moments. I had several JPY trades which in a flash turned from strength to weakness as the USD/JPY squeezed higher above 111.00.\r\n\r\nThe EUR/USD leapt up as well, it obviously wants to take stops above 1.2300. Despite severe jawboning from the ECB and other EU figures, the single currencies move higher was relentless during the week.\r\n\r\nThe commodity currencies AUD and NZD slowly kept grinding higher with small pullbacks then off again taking new highs as they moved.\r\n\r\nIn a normal market, one would expect some sort of price test to verify the break out or break down levels. I placed three what I called “no brainer” limit orders to do just that. They all triggered and then swiftly reversed stopping me out of all three trades. Bugger that for a game of soldiers as one might say!\r\n\r\nMoving on…\r\n\r\nI had placed a huge amount of faith in the BOC news. It was a dovish hike but a sort of hawkish “at times” press conference all the USD/CAD gains, were given back and then a huge spike to end the day. We ended the day with a very long wicked “Doji” candle the highs at 1.2540 and lows at 1.2350. The price movements during the day were just mad. The CAD lived up to it’s nickname “Loonie”\r\n\r\nIf all this was not enough…\r\n\r\nEnter TRUMP talking his usual bollocks over NAFTA, escalating the chatter with China and in so doing pushing a potential trade war closer and then the escalating chatter surrounding yet another US government shutdown. This just fueled the already crazy price action and volatility.\r\n\r\nI just cannot wait to see TRUMP in Davos this week. He will no doubt overshadow the whole proceedings and bring increased security issues along with him. Never mind the headlines that will emanate from his reasons to visit.\r\n\r\nBasically, to sum up last week, there was little point measuring moves, most of the time trading was tantamount to gambling. I am sure many traders will disagree with that statement but how anyone could plot a trade under those circumstances was using luck more than skill. Only the true 1 and 5-minute scalper traders with all that experience and nerve could have survived, it was at times a bloodbath. Even my “Pressure charts” which are great on directional behavior were all over the place on low minute charts. I was sidelined.\r\n\r\nLast week and looking forward the USD was on the “Highway to Hell”. From time-to-time but for really short periods it demonstrated some signs of a recovery, but these were very short lived. Basically, sellers of the USD were lining up as soon as spikes were seen. Selling the “RIPS” was the order of the week. Even last Friday as the latest D.C. shutdown approached the USD strengthened a little but my overall thought process remains; it’s going down.\r\n\r\nNow look, I do expect a pullback, as I have said in many of my blogs. Remember, the FX market likes to check / validate prices. However, I am viewing these validation levels as opportunities, but they are all so far away from current pricing at the moment, it will take some patience to sit out the wait.\r\n\r\nWill the pullback happen this week?\r\n\r\nOne would like to think so, however, but to be honest with TRUMP let loose in Davos anything could happen.\r\n\r\nBeing patient is a trading skill. It’s sounds absolutely crazy and bizarre to say that staying sidelined is a trading skill, but it is. Knowing when to RISK your capital is precious.\r\n\r\nThe DXY chart below shows the declining USD from TRUMP’S inauguration day last January 2017 until now.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/DXY-W-INDEX-20012018.png\"><img class=\"aligncenter size-large wp-image-10814\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/DXY-W-INDEX-20012018-1024x586.png\" alt=\"\" width=\"1024\" height=\"586\" /></a>\r\n\r\n&nbsp;\r\n\r\nTo be frank, I just cannot for the life of me understand at this point in time, why anyone would want to hold the USD. It really is one-way traffic. I never thought that I would ever write something like that for a currency where the Central bank is taking the lead to normalization. My brain is telling me USD strength. Central Bank divergence rules. Other Central banks are shifting policy, but the FED is well down the road of normalization, nearly all of the other G10 countries are talking about it and getting the markets ready but have done nada so far. It’s all quite bizarre.\r\n\r\nConnect to iTunes and play AC/DC “Highway to Hell” and look at the above DXY chart one more time!\r\n\r\nTo complete this section, this week…\r\n\r\nEnding soon…\r\n\r\n“BUY ONE GET ONE FREE”\r\n\r\nWith a new trading year just starting, there is another target of 10,000 pips for me to beat in 2018. I have launched a PREMIUM SERVICE promotion called, “BUY ONE GET ONE FREE” which is available until January 31st, 2018.\r\n\r\nThe details of the “BUY ONE GET ONE FREE” promotion can be found on my home page under the TAB “PROMOTIONS”.\r\n\r\nI would point out that with the PROMOTION for CAD$800.00 you will have a one years complete subscription and hopefully be part of the 10,000 pips haul this year.\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE PREMIUM SERVICE TRADING LAST WEEK:</strong></span></li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\">PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/POS-SUMMARY-20012018.png\"><img class=\"aligncenter size-large wp-image-10817\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/POS-SUMMARY-20012018-1024x878.png\" alt=\"\" width=\"1024\" height=\"878\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong> THIS WEEK’S OVERVIEW and OPPORTUNITIES:</strong></span></li>\r\n</ol>\r\n<u>\r\n3:1. THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/ECON-DATA-20012018.png\"><img class=\"aligncenter size-large wp-image-10816\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/ECON-DATA-20012018-1024x821.png\" alt=\"\" width=\"1024\" height=\"821\" /></a>\r\n\r\n<u>3:2. FX NEWS ITEM – “PICK OF THE WEEK”:</u>\r\n\r\nThe prime piece of data on the agenda this week that has caught my eye, from a MUST TRADE perspective:\r\n\r\n<u>EUR: ECB RATE DECISION and PRESS CONFERENCE:</u>\r\n\r\nGod love Mario Draghi.\r\n\r\nPersonally, I can see that he has basically won, with one or two minor exceptions his long hard fight to get fellow governing council members of the ECB to tow the line and unite on the ECB policy decisions. Over the past few years council members, in particular, Jens Wiedmann (President of Deutsche Bank), Ewald Nowotny (President of the National Bank of Austria) and Wolfgang Schauble (Ex. Governing Council Member, ex. German Finance Minister and now President of the Bundestag), would say and do whatever they thought undermining Draghi and the alleged combined efforts of the ECB for the EUROZONE greater good.\r\n\r\nDraghi attempted several ways to bring these people in line. Some outspoken speeches, such as “Whatever it takes….”. Eventually the lines were drawn and most of the time they are adhered to.\r\n\r\nThis past week or so rhetoric from all over the EU and ECB has been united in trying to keep a lid on EUR strength. Late last year much time was spent by the ECB talking down tapering and interest rate normalization. This worked but recently more to do with USD weakness the single currency has strengthened across the board.\r\n\r\nThe EUR/USD is fast approaching 1.2300 and the ECB are pissing conkers over this. They do NOT want an exchange rate at this level. They have been jawboning, but to little effect as the USD selling has been vicious. Therefore, this week’s press conference will be fascinating to follow.\r\n\r\n&nbsp;\r\n\r\n<u>3:3. MY THOUGHTS ON TRADING THIS WEEK:</u>\r\n\r\nIf you did not know I am more of a Fundamental trader.\r\n\r\nTiming is everything and the following may start to bear fruit this week, it may take a week or two.\r\n\r\nLast week I talked about JPY strength. I am not going to go into great trade set up by set up ideas in this area of the blog, that is reserved for PREMIUM SERVICE subscribers, however, let me elaborate a little more based on the recent price action with what could happen in my opinion.\r\n\r\nWe have extremes, I have been using the word stretched a lot of late. Let me throw out a few observations:\r\n<ul>\r\n 	<li>Equities are squeezing higher</li>\r\n 	<li>S. Treasury Yields are also moving higher</li>\r\n 	<li>S. 10-year Bonds are dumping</li>\r\n 	<li>Oil has been on a tear higher</li>\r\n 	<li>USD (DXY) has dumped.</li>\r\n</ul>\r\nShould the extreme moves stop, and reverse will the USD benefit?\r\n\r\nU.S. Yields are going up but the relationship with the USD/JPY is broken. This pair is not rising.\r\n\r\nEquities are at all-time highs. The USD/JPY is not following. The correlation is not there.\r\n\r\nLook at the USD/JPY chart below. As mentioned recently there is a big move brewing and as I have said with the BOJ looking to move on its long term monetary policy of accommodation to maybe being a little more leaning towards normalization the path lower would be my thoughts on the matter.\r\n\r\nThe USD/JPY is in a triangle pattern. Long term, but in the apex. 110.00 as you can imagine is huge trend line support and the implications of a move lower beyond that level would be huge.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDJPY-W-20012018.png\"><img class=\"aligncenter size-large wp-image-10815\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDJPY-W-20012018-1024x591.png\" alt=\"\" width=\"1024\" height=\"591\" /></a>\r\n\r\n&nbsp;\r\n\r\nI see, as I have stated before the JPY as the bonus trade in 2018. This is as a direct result of the BOJ changing policy.\r\n\r\nObviously, with a BOJ move this affects not just USD/JPY but it also implications for most if not all of the JPY crosses.\r\n\r\nI would also look at the NZD. New Prime Minister, Jacinda Ardern has announced that she is pregnant and will be taking maternity leave. The role of PM in New Zealand would therefore pass to Winston Peters. By all accounts populist and an unknown quantity. This should place the NZD negative moving forward.\r\n\r\nWe have seen so many stretched moves over the past 10 days, I am ready and waiting for the pullbacks to re-enter in the direction of the Weekly and Monthly trends. I expect lots of bull and bear flag patterns on the 240M, 480M, 720M and daily charts coming through.\r\n\r\nIn addition, the closing candles will be heavily scrutinized by the banks and large institutions this week as they set up their books for the week ahead.\r\n\r\nThere’s more…\r\n\r\nNAFTA talks start up again in my old home town of Montreal. It will according to twitter (so it must be 100% accurate!) be a 9-day affair. Most of the clever people feel that if “LITTLE HANDS” rips up the agreement, whilst we have a six-month hiatus period, the currency that will suffer the most would be the MXN. Let’s see about that one!\r\n\r\nEven more…\r\n\r\nCross rates of late are broadly speaking wound up very tight. There is an explosive move on the cards, be very, very careful. Make sure that your position sizes vis-à-vis cross rates are about 25% of your usual trading size or less!\r\n\r\nFinally,\r\n\r\nTherefore, here’s a tip. If you are trading, trade only the following times when liquidity will be at its highest: 8.00AM EST to NOON EST. This may not always be possible, but it is without doubt the best time to trade.\r\n\r\nIn addition, be extremely careful with cross rates as they will be the first to suffer from the lower liquidity periods in the market.\r\n\r\n&nbsp;\r\n\r\n<u>3:3. USD MAJORS – SUPPORT &amp; RESISTANCE with MY BIAS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/TCHART-20012018.png\"><img class=\"aligncenter size-large wp-image-10828\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/TCHART-20012018-1024x874.png\" alt=\"\" width=\"1024\" height=\"874\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3:4. USD – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis. My commentary and thoughts for each trading pair are above the charts.\r\n\r\n<strong>\r\n<u>EUR/USD:</u></strong>\r\n\r\n&nbsp;\r\n\r\nLooks bullish to me with a nice bull flag pattern developing.\r\n\r\nThe issue I have is that I would prefer a re-test of the breakout price of 1.2092. I would like to see a break lower to that level or at least 1.2165 to validate the move higher.\r\n\r\nI am firmly in the camp of this pair moving higher through 2018 and I have my H1 target of 1.2668 in my mind and on my trading charts. That level BTW would be a great shorting level. It is the 61.8% retracement level of the 2014 high to the 2017 low.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/EURUSD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/EURUSD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP/USD:</u></strong>\r\n\r\nPoor Retail Sales data last Friday in my opinion scuppered any test of 1.4000. It is a huge psychological number that will be taken out and then what’s next, that is the question.\r\n\r\nI like the idea of a nice pullback to 1.3612. Dream on, if that were to happen a choir of heavenly angels would be singing in close harmony over my desk! 1.3650 (61.8% Fibonacci retracement) would be good enough.\r\n\r\nI have a feeling the 38% Fibonacci level may be “all we get” at 1.3760 and even that may be very difficult.\r\n\r\nIt is nevertheless a “BUY THE DIP” pair to take back to 1.4000 in my opinion.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/GBPUSD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/GBPUSD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD/USD:</u></strong>\r\nWe are in an upward sloping channel pattern. A few weeks ago, I was certain that this pair was going to break higher and test the 0.8120 level. Recent price action, when the AUD has basically crawled higher, retraced, albeit shallow, then spiked up again makes me wonder just a bit will it hit the lofty heights around 0,.8120.\r\n\r\nWhy?\r\n\r\nLong wicks show no price confirmations and a basic lack of follow through. Therefore, I question the conviction of the move. There have been some long green candles as well, so I am somewhat caught between a rock and a hard place vis-à-vis this pair.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/AUDUSD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/AUDUSD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n<strong><u>NZD/USD:</u></strong>\r\n\r\nLast week I had this drawn more like an ascending wedge, having re-visited my charts, I see it similar to the AUD/USD in the sense that it is an upward sloping channel.\r\n\r\nThe overhead is playing its part however with this pair and with the political concerns in New Zealand about to become reality, the upward move could very soon be over. Pleases me no end. I am in a CORE SHORT position with this currency.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/NZDUSD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/NZDUSD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CAD:</u></strong><strong>\r\n</strong>\r\nWe have a BEAR FLAG pattern on the daily chart below. Ideally a move to just below 1.2600 to short would be just brilliant.\r\n\r\nWith NAFTA talks looming one cannot guarantee anything with this pair as it certainly lives up to its nickname of the “Loonie” if recent price action is anything to go by.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCAD-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCAD-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/CHF:</u></strong>\r\n\r\nLast week, I mentioned this pair dropping to 0.9450. It could still happen and more if the ECB projects the EUR/USD higher this week during the ECB Monetary Policy statement and the following Press Conference.\r\n\r\nAs you can see from the chart it spiked below trend line support on Friday last week and quickly gathered itself. This is NOT over.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCHF-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10834\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCHF-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD/JPY:</u></strong><u>\r\n</u>\r\nI need to get myself focused on this currency this coming week. It is in my action plan to do so.\r\n\r\nI am now looking at a HEAD AND SHOULDERS pattern playing out a measured move to 107.40. We have had an almost perfect test of the neckline break.\r\n\r\nBelow 110.00 is an important level to cut through in my opinion.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDJPY-D-20012018.png\"><img class=\"aligncenter size-large wp-image-10835\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDJPY-D-20012018-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></span></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:</u><u>\r\n</u>\r\n\r\n<u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4:3. TRADING PLANS and LONGER-TERM TRADE SUMMARIES:</u>\r\n\r\n<u>4:3.1. MY TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\n<u>4:3.2. LONG TERM CORE TRADES SUMMARIES:</u>\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4:5. FX BROKER NEWS and MARKET FEEDBACK:</u>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong> THE FINAL SHOTS:</strong></span></li>\r\n</ol>\r\n<u>\r\n5:1. WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>\r\n5:2. CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\n\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #266 FREE NEWSLETTER\r\nDATE: 20th January 2018','USD IS ON THE “HIGHWAY TO HELL”','','publish','open','closed','','usd-highway-hell','','','2018-01-21 08:15:12','2018-01-21 13:15:12','',0,'https://weeklyfxdrivethru.com/?p=10852',0,'post','',0),(10543,16,'2017-12-12 10:11:58','2017-12-12 15:11:58','','Momentum Trades (MOM)','','publish','closed','closed','','momentum-trades-mom','','','2017-12-13 13:38:49','2017-12-13 18:38:49','',0,'https://weeklyfxdrivethru.com/?p=10543',14,'nav_menu_item','',0),(10544,16,'2017-12-12 10:20:38','2017-12-12 15:20:38','<p style=\"text-align: center;\"><strong><span style=\"font-size: 16pt;\">\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO.png\"><img class=\"aligncenter  wp-image-10505\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO-1024x395.png\" alt=\"\" width=\"635\" height=\"245\" /></a></span></strong></p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 16pt;\">PLATINUM SUBSCRIBER</span></strong></p>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\">OPTIONAL / ADDITIONAL</span>\r\n<span style=\"font-size: 14pt;\"> PREMIUM SERVICE BENEFITS</span></p>\r\nThe PLATINUM subscription level is the level that annual subscribers are immediately entered at within the PREMIUM SERVICE.\r\n\r\nThere are two main features and benefits of the PLATINUM subscription level\r\n<ol>\r\n 	<li>ALL PLATINUM subscribers are eligible for either Monthly or Quarterly review meetings. These take place by either SKYPE or FaceTime.Over time as the feature has evolved current reviews include: - Thoughts on specific trading pairs, Fundamental market overview and Macro discussion and general chats about the current market and trading conditions. Trading is a lonely business and just to talk and bounce ideas benefits all concerned.This feature however is optional, as a PLATINUM subscriber you do NOT have to partake</li>\r\n 	<li>ALL PLATINUM subscribers who renew at the annual level (40 weeks) receive a 20% reduction on the Annual subscription fee at the time of their renewal.This feature is also optional!!</li>\r\n</ol>\r\nIf you would like to register for “REVIEW MEETINGS” please email me at <a href=\"mailto:scott@thepremiumservice.com\">scott@thepremiumservice.com</a> and we can set them up.','Platinum Benefits','','publish','closed','closed','','platinum-benefits','','','2017-12-14 12:10:34','2017-12-14 17:10:34','',0,'https://weeklyfxdrivethru.com/?page_id=10544',0,'page','',0),(10545,16,'2017-12-12 10:20:38','2017-12-12 15:20:38','','Platinum Benefits','','inherit','closed','closed','','10544-revision-v1','','','2017-12-12 10:20:38','2017-12-12 15:20:38','',10544,'https://weeklyfxdrivethru.com/10544-revision-v1/',0,'revision','',0),(10546,16,'2017-12-12 10:31:16','2017-12-12 15:31:16',' ','','','publish','closed','closed','','10546','','','2017-12-13 13:38:49','2017-12-13 18:38:49','',0,'https://weeklyfxdrivethru.com/?p=10546',7,'nav_menu_item','',0),(10548,16,'2017-12-13 10:10:41','2017-12-13 15:10:41','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/RISK-MGMT-POS-SIZING-JAN2018.png\"><img class=\"aligncenter size-large wp-image-10626\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/RISK-MGMT-POS-SIZING-JAN2018-1019x1024.png\" alt=\"\" width=\"1019\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO.png\"><img class=\"aligncenter  wp-image-10505\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO-1024x395.png\" alt=\"\" width=\"521\" height=\"201\" /></a>\r\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 16pt;\">RISK MANAGEMENT:</span></strong>\r\n<span style=\"font-size: 14pt;\">MY POSITION SIZING from TRADE SET UPS</span>\r\n(This document refers to the excel spreadsheet titled RISK MANAGEMENT)</p>\r\n&nbsp;\r\n\r\nAn explanation….\r\n\r\nFirstly, this is NOT an instruction.\r\n\r\nRISK TOLERANCE is a very personal thing when it comes to trading. My RISK TOLERANCE could be larger or smaller than yours.\r\n\r\nWe all have different Financial situations and our Broker Accounts are all different vis-à-vis our trading balances.\r\n\r\nTherefore, please DO NOT treat this as something in tablets of stone. You MUST adapt this to your trading style and most importantly your RISK.\r\n\r\nThis year (2018), I have introduced another trading style (MOMENTUM TRADES) to try to keep my trading adaptive and fresh to the marketplace and also meet the needs of my subscribers.\r\n\r\nThe POSITION SIZING TABLE (excel spreadsheet) emanated from the fact that some subscribers wanting to know roughly what RISK I was applying to trades back in 2016.\r\n\r\nIt is simply my RISK per trade taken based upon which one of my trading accounts the trade emanates from and related to the TRADE STYLE taken.\r\n\r\nIt is broken down by trading pairs; it shows you what I would usually trade in position size (LOTS) for a 100% trade; and then breaks it down by the percentages that I quote on twitter via @ThePremService and through the email excel trade sheets that follow the tweet.\r\n\r\nIt is based only on LOT SIZING per trade.\r\n\r\nWhen I post say 25% this is my entry size.\r\n\r\nIf I add to that trade with a second trade again at 25% and have two trades running I will be at 50%. i.e. EUR/USD two at 25% trades = 5 x MINI + 5 x MINI = 10 x MINI LOTS = 1 STANDARD lot.\r\n\r\nThe percentage RISK per trade is something else and is taken into considering by the position of the STOP LOSS. i.e. 3% risk per trade on a $100,000 account = $3,000 maximum RISK.\r\n\r\nREMEMBER &amp; NOTE: As everyone trades with different sizes of accounts you need to, if you were matching my trades, trade with the amount of lots you can afford to meet my STOP LOSS and be inside your own RISK TOLERANCE levels. As stated mine is 3%.\r\n\r\nI have subscribers that trade with bigger accounts that I do and many trade micro lots and mini lots only.\r\n\r\nI can only indicate what RISK that I am applying based upon my account sizes. You must relate this to your own personal circumstances.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nJanuary 1st 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;','Risk Management','','publish','closed','closed','','risk-management','','','2017-12-14 12:14:36','2017-12-14 17:14:36','',0,'https://weeklyfxdrivethru.com/?page_id=10548',0,'page','',0),(10549,16,'2017-12-13 10:10:41','2017-12-13 15:10:41','','Risk Management','','inherit','closed','closed','','10548-revision-v1','','','2017-12-13 10:10:41','2017-12-13 15:10:41','',10548,'https://weeklyfxdrivethru.com/10548-revision-v1/',0,'revision','',0),(10551,16,'2017-12-13 10:12:46','2017-12-13 15:12:46','','Risk (Position Sizing)','','publish','closed','closed','','risk-management-position-sizing','','','2017-12-13 13:38:49','2017-12-13 18:38:49','',0,'https://weeklyfxdrivethru.com/?p=10551',8,'nav_menu_item','',0),(10616,16,'2017-12-13 13:38:49','2017-12-13 18:38:49',' ','','','publish','closed','closed','','10616','','','2017-12-13 13:38:49','2017-12-13 18:38:49','',2267,'https://weeklyfxdrivethru.com/?p=10616',24,'nav_menu_item','',0),(10617,16,'2017-12-13 13:38:49','2017-12-13 18:38:49','','Mentoring / Coaching','','publish','closed','closed','','mentoring-coaching','','','2017-12-13 13:38:49','2017-12-13 18:38:49','',0,'https://weeklyfxdrivethru.com/?p=10617',25,'nav_menu_item','',0),(10603,1,'2017-12-13 13:20:16','2017-12-13 18:20:16','<a class=\"twitter-timeline\" data-width=\"500\" data-height=\"750\" data-dnt=\"true\" href=\"https://twitter.com/pipaccumulator?ref_src=twsrc%5Etfw\">Tweets by pipaccumulator</a><script async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"></script>','','','publish','closed','closed','','0308dafad8b32fd8467d0ae23f5c4d8f','','','2017-12-13 13:20:16','2017-12-13 18:20:16','',0,'https://weeklyfxdrivethru.com/0308dafad8b32fd8467d0ae23f5c4d8f/',0,'oembed_cache','',0),(10604,1,'2017-12-13 13:20:17','2017-12-13 18:20:17','{{unknown}}','','','publish','closed','closed','','6ba73cb8e3106b2cf5ae2a2ee4e573c5','','','2017-12-13 13:20:17','2017-12-13 18:20:17','',0,'https://weeklyfxdrivethru.com/6ba73cb8e3106b2cf5ae2a2ee4e573c5/',0,'oembed_cache','',0),(10605,1,'2017-12-13 13:20:17','2017-12-13 18:20:17','{{unknown}}','','','publish','closed','closed','','b00878367aaac18fbf40f0b3192dfc95','','','2017-12-13 13:20:17','2017-12-13 18:20:17','',0,'https://weeklyfxdrivethru.com/b00878367aaac18fbf40f0b3192dfc95/',0,'oembed_cache','',0),(10606,1,'2017-12-13 13:20:17','2017-12-13 18:20:17','{{unknown}}','','','publish','closed','closed','','ae02c0aa8c25404345d91b1a9d3a1b1b','','','2017-12-13 13:20:17','2017-12-13 18:20:17','',0,'https://weeklyfxdrivethru.com/ae02c0aa8c25404345d91b1a9d3a1b1b/',0,'oembed_cache','',0),(10607,1,'2017-12-13 13:20:18','2017-12-13 18:20:18','{{unknown}}','','','publish','closed','closed','','eee65a5c645ebd7d74a4b17b83dac1ba','','','2017-12-13 13:20:18','2017-12-13 18:20:18','',0,'https://weeklyfxdrivethru.com/eee65a5c645ebd7d74a4b17b83dac1ba/',0,'oembed_cache','',0),(10608,16,'2017-12-13 13:23:45','2017-12-13 18:23:45','','TRADING SUPPORT','','publish','closed','closed','','trading-support','','','2017-12-13 13:38:49','2017-12-13 18:38:49','',0,'https://weeklyfxdrivethru.com/?p=10608',6,'nav_menu_item','',0),(10609,1,'2017-12-13 13:20:39','2017-12-13 18:20:39','<blockquote class=\"wp-embedded-content\" data-secret=\"FoMrXvK2AE\"><a href=\"https://weeklyfxdrivethru.com/disclaimer/\">Disclaimer</a></blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" src=\"https://weeklyfxdrivethru.com/disclaimer/embed/#?secret=FoMrXvK2AE\" data-secret=\"FoMrXvK2AE\" width=\"500\" height=\"282\" title=\"&#8220;Disclaimer&#8221; &#8212; Weekly FX Drive-Thru\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe>','','','publish','closed','closed','','15646e83a2cfa948b1a63bde6a914ce2','','','2017-12-13 13:20:39','2017-12-13 18:20:39','',0,'https://weeklyfxdrivethru.com/15646e83a2cfa948b1a63bde6a914ce2/',0,'oembed_cache','',0),(10610,1,'2017-12-13 13:20:59','2017-12-13 18:20:59','<blockquote class=\"wp-embedded-content\" data-secret=\"k2yIbeyCLJ\"><a href=\"https://weeklyfxdrivethru.com/disclaimer/\">Disclaimer</a></blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" src=\"https://weeklyfxdrivethru.com/disclaimer/embed/#?secret=k2yIbeyCLJ\" data-secret=\"k2yIbeyCLJ\" width=\"500\" height=\"282\" title=\"&#8220;Disclaimer&#8221; 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