(7676,1,'2016-04-23 10:54:29','2016-04-23 15:54:29','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBefore starting this weeks blog and getting into overdrive, I have to say that I have been heeding my own advice over the past three / four weeks.\r\n\r\nI have been: -\r\n<ul>\r\n 	<li>PATIENT</li>\r\n 	<li>ADHERED TO MY TRADE PLAN</li>\r\n 	<li>NOT OVER-TRADED only ADDED TRADES STRICTLY IN LINE WITH TRADE PLAN GUIDELINES</li>\r\n 	<li>REDUCED RISK CALMLY as markets moved.</li>\r\n</ul>\r\nAll my issues started on the overreaction to BREXIT (via Boris Johnson) exacerbated at the same time with ice-storm power outages and multiple ISP failures over 3 days, I took severe pip losses, in fact all my 2016 pip profits and some more were eradicated.\r\n\r\nMy goal is a minimum of 1,000 pips per month across my various trade styles: - RADAR, FLASH, FUNDAMENTAL and POSITION trades.\r\n\r\nAllowing for only a part month in January, in my mind, I should be at about 3,700-4,000 pips profit for the year with the PREMIUM SERVICE.\r\n\r\nAt the end of February after the events listed above the PREMIUM SERVICE pip total for 2016 was: -132 pips.\r\n\r\nToday it is at: - +3,719 pips.\r\n\r\nLast week over 1,400 pips were added and the week before over 500 pips, almost two months objectives in pips in two weeks!! The PREMIUM SERVICE has clawed back over 3 months worth of pip gains (versus target) inside of 2 months.\r\n\r\nYes, there are trades still LIVE with RISK attached that could turn into a loss, but that is FX trading and as a trader you live with this every day as you trade.\r\n\r\nWhat I am saying is that trading with a TRADE PLAN and DISCIPLINE does work. However, at the same time you require patience and it goes without saying nerves of steel at times.\r\n\r\nHowever, none of this would be possible without the common sense to trade smaller positions sizes allowing greater stop loss flexibility. The markets are a chop fest and have been range bound giving false moves higher and lower for many weeks’ even months. I have been taking smaller position sizes with wider stops to manage my RISK accordingly. This has allowed me to move stops and flex with the market.\r\n\r\nAs I have written on many occasions. You have to be savvy when trading Forex it is not a get rich scheme as many spam emails would have you believe. Robots do not work, if they did everyone of them would have been bought up by a big bank and used by the bank making all their analysts redundant. Robots no matter how sophisticated they appear, have a basic fundamental flaw. They cannot react to major geopolitical news events, or extreme data, in fact to central bank monetary policy decisions.\r\n\r\nTechnical analysis in conjunction with macro level market fundamentals still work, but they have to flex with the overall market conditions.\r\n\r\nForex trading is like everything in life, it is how you manage the day-to-day issues that give you your end result. There is still a little way to go to be back in line with my personal pip objectives for subscribers’ year to date but we are getting there.\r\n\r\nI had been quite serious of late over the markets and performance generally, as the markets really gave very little by way of moves and to a large extent like many traders I was trapped. If you are a 15-minute scalper trader, you will have absolutely no idea what I am talking about. However, if your trading time horizon is a little wider, I am sure that some of this resonates with you.\r\n\r\nI thought now was the right time to state that core principles to Forex Trading still work.\r\n\r\nTaking a leap in another direction…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nOver the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nWhen my new on-line payments gateway and prices in CAD$ are launched, PREMIUM SERVICE (SILVER) will no longer be an option. An entry level GOLD subscription will replace it.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (SILVER):\r\nUSD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):</p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually\r\naround tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u> </u></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,141\r\nNET PIPS THIS YEAR SO FAR:                +3,719</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through\r\nearly September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nThere were only two news items that stuck out in my mind last week from the Forex Market.\r\n<ol>\r\n 	<li>Mario Draghi with the ECB Press Conference.</li>\r\n 	<li>Canadian Retail Sales numbers.</li>\r\n</ol>\r\nPoor Mario Draghi must have been rehearsing his choice of words very carefully in preparation of being asked the awkward questions. I would say without fear of contradiction, that he had a team of people practicing responses praying to the almighty that he didn’t f*ck up like he did the last time around.\r\n\r\nIn fairness to Draghi, he came to this press conference with bugger all to add above and beyond all the incentives he threw at the markets last time around. He did a sound job in my opinion and for most of the time the EUR/USD hardly moved. However after a spike to 114.00 that I missed after a comment about increasing loans hitting the market, he stated that QE (Quantitative Easing) would be around until after the fall / autumn 2017 and that interest rates would basically remain low for well beyond that date and the cherry on top of the pie “INFLATION COULD TURN NEGATIVE AGAIN”… HMOG. This sent the EUR/USD below sub 113.00.\r\n\r\nSo in addition to the BOJ getting a handle on inflation (from last week’s blog), last week Mario Draghi announced ZIRP for an extended period, so with regards to the ECB and BOJ, there are now two central banks whose date to revert to a normalization of interest rates is probably something I wont see in my lifetime!!\r\n\r\nIn Canada, I am very critical of Stephen Poloz the BOC governor. I believe that he is playing a dangerous game and has in my eyes been behind the curve. His head is so far up his ass he cannot hear some of the crap he talks about at times at his press conferences.\r\n\r\nFriday saw blow out Canadian economic data: -\r\n<ul>\r\n 	<li>Core CPI 0.7% versus consensus 0.4%</li>\r\n 	<li>Core Retail Sales 0.2% versus consensus -0.8%</li>\r\n</ul>\r\nMake no mistake these are incredible numbers, however, they do give Poloz a problem. Very recently, the BOC was talking in terms of QE and negative interest rates to tackle the sluggish economy. How will he balance this view with these numbers?\r\n\r\nThere are some fun times ahead for the BOC, wouldn\'t it be great to be a fly on the wall in those meetings?\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>IMMINENT TROUBLE AHEAD FOR THE EUROZONE</strong></p>\r\nI love EUROZONE bashing and I just can’t help it. My reasons are so straightforward, the politicians and elected officials operate on a mindset that is alien to actually fixing the issues.\r\n\r\nI know, its easy to criticize, but give me a break, 8 years after the Financial Crash the EUROZONE has still NOT fixed some of the fundamental issues that it has faced for years and years. It’s so long ago now it almost warrants the story telling to begin with ….”Fadó Fadó”.\r\n\r\nLets look at the EUROZONE from a macro level with issues I believe it has never attempted to rectify, and bear in mind some of these can apply to many countries around the world. It is just that the EUROZONE is completely different in one sense in that is a 27 country collective…allegedly!\r\n<ul>\r\n 	<li>You have a collection of politicians more interested in popularity rather than results.</li>\r\n 	<li>You have politicians who are only interested in blaming someone to gain political advantage rather than actually solving problems.</li>\r\n 	<li>You have politicians taking swipes at elected officials from the bureaucratic centre showing the whole world that there is common desire / belief moving forward.</li>\r\n 	<li>You have political influences being brought to the forefront in a central non-political function.</li>\r\n 	<li>You have a collection of countries with diverse beliefs / methodologies and cultures.</li>\r\n</ul>\r\nAdd all the above together and you get a picture of what the EUROZONE represents. Is it any wonder it’s a huge fu*k up; a disaster waiting to happen?\r\n\r\nLeading on from the pleasantries….\r\n\r\nLast week Draghi stated that the EUROZONE inflation could turn negative once again. Jesus, Mary and Joseph, for feck sake can no one grab this one issue hold a fecking meeting, expense a few more vats of wine, order in the cheese and pate and resolve this.\r\n\r\nThe EUROZONE leaders have sat back believing that Mario Draghi and the ECB can solve DEFLATION. For crying out loud, Japan has suffered with DEFLATION for years and the BOJ has no cure, in fact, no central bank can cure DEFLATION.\r\n\r\nThe EUROZONE leaders cannot agree on a Pouilly-Fume or a Cabernet Sauvignon with lunch, what chance is there of them solving DEFLATION?\r\n\r\nThey require a Mario Draghi presentation of the measures taken by the ECB and why they have failed. Central bank monetary policy cannot solve DEFLATION, the BOJ have proved this. It requires economic reforms, deep economic reforms that incentivize and reward, but they can only be done locally, not centrally.\r\n\r\nThis leads me into one of my favourite chestnuts…\r\n<ul>\r\n 	<li>Do the 27 member countries within the EUROZONE have the political will or the ability to tackle DEFLATION?</li>\r\n 	<li>Does every country need to apply the same policies?</li>\r\n</ul>\r\nProbably not, but given that to solve DEFLATION is a medium to longer-term strategy could you see short time-lined politicians hooked on popularity entering into any policy that they may not be in power for when the benefits come through into the local economy?\r\n\r\nI know that I can’t. In addition, the countries that require help are in the main the same ones that cannot afford to do anything and they have been hoping and praying the ECB might be able to magic a rabbit out of the hat on their behalf.\r\n\r\nTo solve DEFLATION in the EUROZONE requires leadership, commitment, desire and policy change as well as a united front to fight it.\r\n\r\nSo it will never happen. Not one of the words in blue above in my mind goes hand in glove with the EUROZONE.\r\n\r\nNext…\r\n\r\nThe BREXIT is another issue that from my perspective has been “kicked down the road” by the EUROZONE. A UK exit from the EUROPEAN UNION affects the EUROZONE as much as it will affect the UK. The UK is a net contributor to the EU. The EU needs as much money as possible to fund its problems. If the UK leaves the EU there a gaping hole to fill…\r\n\r\nIf the UK does BREXIT, make no mistake there WILL BE A CONTAGION EFFECT.\r\n\r\nNext…\r\n\r\nGREECE is back in the news. Look this is so simple. Without going over old ground covered so many times in so many blogs over the past two/three years, we are still at the same place we were three/ four / five years ago.\r\n\r\nGREECE has a loan; it cannot afford to pay it back no matter what reforms it makes. The EUROZONE and IMF are in cloud cuckoo land believing that it will be repaid. If the EUROZONE goal was to inflict as much pain as possible on GREECE and the Greek people because of fiscal irresponsibility they have been paid ten/twenty fold. The bottom line is that the core problem like everything in the EUROZONE is never tackled. GREECE cannot repay, no matter what it does to try to satisfy GERMANY in particular, and EUROZONE Finance Ministers under the leadership of Jeroen Dijsselbloem.\r\n\r\nGREECE is now once again at another set of crossroads. These are the obstacles that I think that GREECE has to generate €€€€€ to meet debt repayments moving forward: -\r\n<ul>\r\n 	<li>GREECE has no hidden cash reserves from which to call upon to meet debt payments.</li>\r\n 	<li>Who can they borrow from to meet debt repayments?</li>\r\n 	<li>Is there room for further domestic austerity to bring in €€€€?</li>\r\n 	<li>Does GREECE have capacity to drive growth in the economy?</li>\r\n 	<li>GREECE could just default.</li>\r\n</ul>\r\nThere is so much debt in GREECE to manage. There is only one obvious solution and there has only ever been one obvious solution and that is, debt forgiveness.\r\n\r\nGERMANY is not keen on this route because other bailout countries like IRELAND may want a refund on costs that they had from the EUROZONE. Why should they pay when GREECE gets away with it?\r\n\r\nAt the end of the day the GREEK cash shortage to meet liabilities is real, and I think that it will be hard for the EUROZONE “can kickers” to “kick” again. For Tsipras it would be political suicide to bend over and pull his trousers down once again. The hard liners will be telling him in no uncertain terms to tell Merkel and Dijsselbloem to feck off if they ask for more reforms.\r\n\r\nThe Greek citizens, I think must be close to breaking point as well. They have suffered through a series of severe austerity programmes, with still no light at the end of the tunnel. Youth and long-term unemployment are still at record high levels and alarmingly after all the austerity the debt to GDP ratio is higher now than what it was when austerity started. GREECE is in recession. It needs fixing properly.\r\n\r\nI know that I sound very negative but I just cannot see the EUROZONE fixing this and GREECE may have to default to control matters better themselves and I know that sentence sounds bloody ridiculous.\r\n\r\nSo as traders maybe the EUR/USD sub 1.0500 trade towards parity is back on. Only time will tell.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY:\r\n\r\nMONDAY:\r\n\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\nWEDNESDAY: JPY – BOJ Rate Statement &amp; Press Conference.\r\n\r\nTHURSDAY: USD – GDP.\r\n\r\nFRIDAY: CAD – GDP.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1224\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016-1024x477.png\" alt=\"EURUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4401\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016-1024x477.png\" alt=\"GBPUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7710\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016-1024x477.png\" alt=\"AUDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6851\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016-1024x477.png\" alt=\"NZDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2663\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016-1024x477.png\" alt=\"USDCAD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9783\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016-1024x477.png\" alt=\"USDCHF D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.78\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016-1024x477.png\" alt=\"USDJPY D 23042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nCentral banks dominate again this week. The FED, RBNZ and BOJ will all be biggies and the volatility surrounding these meetings will be high.\r\n\r\nThe USD has been showing signs of life of late, bouncing off critical support. Given the improving numbers out of the U.S. maybe Janet Yellen will not be as DOVISH as in the past. If so be prepared, I doubt that she can be anything other than DOVISH but lets give her a chance. If she is HAWKISH the DXY will rocket higher. However, bear in mind, no matter what, we are still in a tighter range bound market and a chop fest. So be careful trading.\r\n\r\nAs always, be savvy…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\nhttp://www.weeklyfxdrivethru.com/disclaimer/\r\n\r\nDATE: 23rd April 2016\r\nBLOG REFERENCE: #198 FREE NEWSLETTER','IMMINENT TROUBLE AHEAD FOR THE EUROZONE','','publish','open','closed','','imminent-trouble-ahead-eurozone','','','2016-04-23 10:54:29','2016-04-23 15:54:29','',0,'https://weeklyfxdrivethru.com/?p=7676',0,'post','',0),(7677,1,'2016-04-23 10:52:18','2016-04-23 15:52:18','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBefore starting this weeks blog and getting into overdrive, I have to say that I have been heeding my own advice over the past three / four weeks.\r\n\r\nI have been: -\r\n<ul>\r\n 	<li>PATIENT</li>\r\n 	<li>ADHERED TO MY TRADE PLAN</li>\r\n 	<li>NOT OVER-TRADED only ADDED TRADES STRICTLY IN LINE WITH TRADE PLAN GUIDELINES</li>\r\n 	<li>REDUCED RISK CALMLY as markets moved.</li>\r\n</ul>\r\nAll my issues started on the overreaction to BREXIT (via Boris Johnson) exacerbated at the same time with ice-storm power outages and multiple ISP failures over 3 days, I took severe pip losses, in fact all my 2016 pip profits and some more were eradicated.\r\n\r\nMy goal is a minimum of 1,000 pips per month across my various trade styles: - RADAR, FLASH, FUNDAMENTAL and POSITION trades.\r\n\r\nAllowing for only a part month in January, in my mind, I should be at about 3,700-4,000 pips profit for the year with the PREMIUM SERVICE.\r\n\r\nAt the end of February after the events listed above the PREMIUM SERVICE pip total for 2016 was: -132 pips.\r\n\r\nToday it is at: - +3,719 pips.\r\n\r\nLast week over 1,400 pips were added and the week before over 500 pips, almost two months objectives in pips in two weeks!! The PREMIUM SERVICE has clawed back over 3 months worth of pip gains (versus target) inside of 2 months.\r\n\r\nYes, there are trades still LIVE with RISK attached that could turn into a loss, but that is FX trading and as a trader you live with this every day as you trade.\r\n\r\nWhat I am saying is that trading with a TRADE PLAN and DISCIPLINE does work. However, at the same time you require patience and it goes without saying nerves of steel at times.\r\n\r\nHowever, none of this would be possible without the common sense to trade smaller positions sizes allowing greater stop loss flexibility. The markets are a chop fest and have been range bound giving false moves higher and lower for many weeks’ even months. I have been taking smaller position sizes with wider stops to manage my RISK accordingly. This has allowed me to move stops and flex with the market.\r\n\r\nAs I have written on many occasions. You have to be savvy when trading Forex it is not a get rich scheme as many spam emails would have you believe. Robots do not work, if they did everyone of them would have been bought up by a big bank and used by the bank making all their analysts redundant. Robots no matter how sophisticated they appear, have a basic fundamental flaw. They cannot react to major geopolitical news events, or extreme data, in fact to central bank monetary policy decisions.\r\n\r\nTechnical analysis in conjunction with macro level market fundamentals still work, but they have to flex with the overall market conditions.\r\n\r\nForex trading is like everything in life, it is how you manage the day-to-day issues that give you your end result. There is still a little way to go to be back in line with my personal pip objectives for subscribers’ year to date but we are getting there.\r\n\r\nI had been quite serious of late over the markets and performance generally, as the markets really gave very little by way of moves and to a large extent like many traders I was trapped. If you are a 15-minute scalper trader, you will have absolutely no idea what I am talking about. However, if your trading time horizon is a little wider, I am sure that some of this resonates with you.\r\n\r\nI thought now was the right time to state that core principles to Forex Trading still work.\r\n\r\nTaking a leap in another direction…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nOver the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nWhen my new on-line payments gateway and prices in CAD$ are launched, PREMIUM SERVICE (SILVER) will no longer be an option. An entry level GOLD subscription will replace it.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (SILVER):\r\nUSD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):</p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually\r\naround tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u> </u></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS THIS MONTH SO FAR:            +2,141\r\nNET PIPS THIS YEAR SO FAR:                +3,719</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through\r\nearly September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nThere were only two news items that stuck out in my mind last week from the Forex Market.\r\n<ol>\r\n 	<li>Mario Draghi with the ECB Press Conference.</li>\r\n 	<li>Canadian Retail Sales numbers.</li>\r\n</ol>\r\nPoor Mario Draghi must have been rehearsing his choice of words very carefully in preparation of being asked the awkward questions. I would say without fear of contradiction, that he had a team of people practicing responses praying to the almighty that he didn’t f*ck up like he did the last time around.\r\n\r\nIn fairness to Draghi, he came to this press conference with bugger all to add above and beyond all the incentives he threw at the markets last time around. He did a sound job in my opinion and for most of the time the EUR/USD hardly moved. However after a spike to 114.00 that I missed after a comment about increasing loans hitting the market, he stated that QE (Quantitative Easing) would be around until after the fall / autumn 2017 and that interest rates would basically remain low for well beyond that date and the cherry on top of the pie “INFLATION COULD TURN NEGATIVE AGAIN”… HMOG. This sent the EUR/USD below sub 113.00.\r\n\r\nSo in addition to the BOJ getting a handle on inflation (from last week’s blog), last week Mario Draghi announced ZIRP for an extended period, so with regards to the ECB and BOJ, there are now two central banks whose date to revert to a normalization of interest rates is probably something I wont see in my lifetime!!\r\n\r\nIn Canada, I am very critical of Stephen Poloz the BOC governor. I believe that he is playing a dangerous game and has in my eyes been behind the curve. His head is so far up his ass he cannot hear some of the crap he talks about at times at his press conferences.\r\n\r\nFriday saw blow out Canadian economic data: -\r\n<ul>\r\n 	<li>Core CPI 0.7% versus consensus 0.4%</li>\r\n 	<li>Core Retail Sales 0.2% versus consensus -0.8%</li>\r\n</ul>\r\nMake no mistake these are incredible numbers, however, they do give Poloz a problem. Very recently, the BOC was talking in terms of QE and negative interest rates to tackle the sluggish economy. How will he balance this view with these numbers?\r\n\r\nThere are some fun times ahead for the BOC, wouldn\'t it be great to be a fly on the wall in those meetings?\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>IMMINENT TROUBLE AHEAD FOR THE EUROZONE</strong></p>\r\nI love EUROZONE bashing and I just can’t help it. My reasons are so straightforward, the politicians and elected officials operate on a mindset that is alien to actually fixing the issues.\r\n\r\nI know, its easy to criticize, but give me a break, 8 years after the Financial Crash the EUROZONE has still NOT fixed some of the fundamental issues that it has faced for years and years. It’s so long ago now it almost warrants the story telling to begin with ….”Fadó Fadó”.\r\n\r\nLets look at the EUROZONE from a macro level with issues I believe it has never attempted to rectify, and bear in mind some of these can apply to many countries around the world. It is just that the EUROZONE is completely different in one sense in that is a 27 country collective…allegedly!\r\n<ul>\r\n 	<li>You have a collection of politicians more interested in popularity rather than results.</li>\r\n 	<li>You have politicians who are only interested in blaming someone to gain political advantage rather than actually solving problems.</li>\r\n 	<li>You have politicians taking swipes at elected officials from the bureaucratic centre showing the whole world that there is common desire / belief moving forward.</li>\r\n 	<li>You have political influences being brought to the forefront in a central non-political function.</li>\r\n 	<li>You have a collection of countries with diverse beliefs / methodologies and cultures.</li>\r\n</ul>\r\nAdd all the above together and you get a picture of what the EUROZONE represents. Is it any wonder it’s a huge fu*k up; a disaster waiting to happen?\r\n\r\nLeading on from the pleasantries….\r\n\r\nLast week Draghi stated that the EUROZONE inflation could turn negative once again. Jesus, Mary and Joseph, for feck sake can no one grab this one issue hold a fecking meeting, expense a few more vats of wine, order in the cheese and pate and resolve this.\r\n\r\nThe EUROZONE leaders have sat back believing that Mario Draghi and the ECB can solve DEFLATION. For crying out loud, Japan has suffered with DEFLATION for years and the BOJ has no cure, in fact, no central bank can cure DEFLATION.\r\n\r\nThe EUROZONE leaders cannot agree on a Pouilly-Fume or a Cabernet Sauvignon with lunch, what chance is there of them solving DEFLATION?\r\n\r\nThey require a Mario Draghi presentation of the measures taken by the ECB and why they have failed. Central bank monetary policy cannot solve DEFLATION, the BOJ have proved this. It requires economic reforms, deep economic reforms that incentivize and reward, but they can only be done locally, not centrally.\r\n\r\nThis leads me into one of my favourite chestnuts…\r\n<ul>\r\n 	<li>Do the 27 member countries within the EUROZONE have the political will or the ability to tackle DEFLATION?</li>\r\n 	<li>Does every country need to apply the same policies?</li>\r\n</ul>\r\nProbably not, but given that to solve DEFLATION is a medium to longer-term strategy could you see short time-lined politicians hooked on popularity entering into any policy that they may not be in power for when the benefits come through into the local economy?\r\n\r\nI know that I can’t. In addition, the countries that require help are in the main the same ones that cannot afford to do anything and they have been hoping and praying the ECB might be able to magic a rabbit out of the hat on their behalf.\r\n\r\nTo solve DEFLATION in the EUROZONE requires leadership, commitment, desire and policy change as well as a united front to fight it.\r\n\r\nSo it will never happen. Not one of the words in blue above in my mind goes hand in glove with the EUROZONE.\r\n\r\nNext…\r\n\r\nThe BREXIT is another issue that from my perspective has been “kicked down the road” by the EUROZONE. A UK exit from the EUROPEAN UNION affects the EUROZONE as much as it will affect the UK. The UK is a net contributor to the EU. The EU needs as much money as possible to fund its problems. If the UK leaves the EU there a gaping hole to fill…\r\n\r\nIf the UK does BREXIT, make no mistake there WILL BE A CONTAGION EFFECT.\r\n\r\nNext…\r\n\r\nGREECE is back in the news. Look this is so simple. Without going over old ground covered so many times in so many blogs over the past two/three years, we are still at the same place we were three/ four / five years ago.\r\n\r\nGREECE has a loan; it cannot afford to pay it back no matter what reforms it makes. The EUROZONE and IMF are in cloud cuckoo land believing that it will be repaid. If the EUROZONE goal was to inflict as much pain as possible on GREECE and the Greek people because of fiscal irresponsibility they have been paid ten/twenty fold. The bottom line is that the core problem like everything in the EUROZONE is never tackled. GREECE cannot repay, no matter what it does to try to satisfy GERMANY in particular, and EUROZONE Finance Ministers under the leadership of Jeroen Dijsselbloem.\r\n\r\nGREECE is now once again at another set of crossroads. These are the obstacles that I think that GREECE has to generate €€€€€ to meet debt repayments moving forward: -\r\n<ul>\r\n 	<li>GREECE has no hidden cash reserves from which to call upon to meet debt payments.</li>\r\n 	<li>Who can they borrow from to meet debt repayments?</li>\r\n 	<li>Is there room for further domestic austerity to bring in €€€€?</li>\r\n 	<li>Does GREECE have capacity to drive growth in the economy?</li>\r\n 	<li>GREECE could just default.</li>\r\n</ul>\r\nThere is so much debt in GREECE to manage. There is only one obvious solution and there has only ever been one obvious solution and that is, debt forgiveness.\r\n\r\nGERMANY is not keen on this route because other bailout countries like IRELAND may want a refund on costs that they had from the EUROZONE. Why should they pay when GREECE gets away with it?\r\n\r\nAt the end of the day the GREEK cash shortage to meet liabilities is real, and I think that it will be hard for the EUROZONE “can kickers” to “kick” again. For Tsipras it would be political suicide to bend over and pull his trousers down once again. The hard liners will be telling him in no uncertain terms to tell Merkel and Dijsselbloem to feck off if they ask for more reforms.\r\n\r\nThe Greek citizens, I think must be close to breaking point as well. They have suffered through a series of severe austerity programmes, with still no light at the end of the tunnel. Youth and long-term unemployment are still at record high levels and alarmingly after all the austerity the debt to GDP ratio is higher now than what it was when austerity started. GREECE is in recession. It needs fixing properly.\r\n\r\nI know that I sound very negative but I just cannot see the EUROZONE fixing this and GREECE may have to default to control matters better themselves and I know that sentence sounds bloody ridiculous.\r\n\r\nSo as traders maybe the EUR/USD sub 1.0500 trade towards parity is back on. Only time will tell.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY:\r\n\r\nMONDAY:\r\n\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\nWEDNESDAY: JPY – BOJ Rate Statement &amp; Press Conference.\r\n\r\nTHURSDAY: USD – GDP.\r\n\r\nFRIDAY: CAD – GDP.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1224\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016-1024x477.png\" alt=\"EURUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4401\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016-1024x477.png\" alt=\"GBPUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7710\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016-1024x477.png\" alt=\"AUDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6851\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016-1024x477.png\" alt=\"NZDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2663\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016-1024x477.png\" alt=\"USDCAD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9783\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016-1024x477.png\" alt=\"USDCHF D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.78\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016-1024x477.png\" alt=\"USDJPY D 23042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nCentral banks dominate again this week. The FED, RBNZ and BOJ will all be biggies and the volatility surrounding these meetings will be high.\r\n\r\nThe USD has been showing signs of life of late, bouncing off critical support. Given the improving numbers out of the U.S. maybe Janet Yellen will not be as DOVISH as in the past. If so be prepared, I doubt that she can be anything other than DOVISH but lets give her a chance. If she is HAWKISH the DXY will rocket higher. However, bear in mind, no matter what, we are still in a tighter range bound market and a chop fest. So be careful trading.\r\n\r\nAs always, be savvy…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\nhttps://weeklyfxdrivethru.com/disclaimer/\r\n\r\nDATE: 23rd April 2016\r\nBLOG REFERENCE: #198 FREE NEWSLETTER','IMMINENT TROUBLE AHEAD FOR THE EUROZONE','','inherit','closed','closed','','7676-revision-v1','','','2016-04-23 10:52:18','2016-04-23 15:52:18','',7676,'https://weeklyfxdrivethru.com/7676-revision-v1/',0,'revision','',0),(7678,1,'2016-04-23 10:54:29','2016-04-23 15:54:29','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBefore starting this weeks blog and getting into overdrive, I have to say that I have been heeding my own advice over the past three / four weeks.\r\n\r\nI have been: -\r\n<ul>\r\n 	<li>PATIENT</li>\r\n 	<li>ADHERED TO MY TRADE PLAN</li>\r\n 	<li>NOT OVER-TRADED only ADDED TRADES STRICTLY IN LINE WITH TRADE PLAN GUIDELINES</li>\r\n 	<li>REDUCED RISK CALMLY as markets moved.</li>\r\n</ul>\r\nAll my issues started on the overreaction to BREXIT (via Boris Johnson) exacerbated at the same time with ice-storm power outages and multiple ISP failures over 3 days, I took severe pip losses, in fact all my 2016 pip profits and some more were eradicated.\r\n\r\nMy goal is a minimum of 1,000 pips per month across my various trade styles: - RADAR, FLASH, FUNDAMENTAL and POSITION trades.\r\n\r\nAllowing for only a part month in January, in my mind, I should be at about 3,700-4,000 pips profit for the year with the PREMIUM SERVICE.\r\n\r\nAt the end of February after the events listed above the PREMIUM SERVICE pip total for 2016 was: -132 pips.\r\n\r\nToday it is at: - +3,719 pips.\r\n\r\nLast week over 1,400 pips were added and the week before over 500 pips, almost two months objectives in pips in two weeks!! The PREMIUM SERVICE has clawed back over 3 months worth of pip gains (versus target) inside of 2 months.\r\n\r\nYes, there are trades still LIVE with RISK attached that could turn into a loss, but that is FX trading and as a trader you live with this every day as you trade.\r\n\r\nWhat I am saying is that trading with a TRADE PLAN and DISCIPLINE does work. However, at the same time you require patience and it goes without saying nerves of steel at times.\r\n\r\nHowever, none of this would be possible without the common sense to trade smaller positions sizes allowing greater stop loss flexibility. The markets are a chop fest and have been range bound giving false moves higher and lower for many weeks’ even months. I have been taking smaller position sizes with wider stops to manage my RISK accordingly. This has allowed me to move stops and flex with the market.\r\n\r\nAs I have written on many occasions. You have to be savvy when trading Forex it is not a get rich scheme as many spam emails would have you believe. Robots do not work, if they did everyone of them would have been bought up by a big bank and used by the bank making all their analysts redundant. Robots no matter how sophisticated they appear, have a basic fundamental flaw. They cannot react to major geopolitical news events, or extreme data, in fact to central bank monetary policy decisions.\r\n\r\nTechnical analysis in conjunction with macro level market fundamentals still work, but they have to flex with the overall market conditions.\r\n\r\nForex trading is like everything in life, it is how you manage the day-to-day issues that give you your end result. There is still a little way to go to be back in line with my personal pip objectives for subscribers’ year to date but we are getting there.\r\n\r\nI had been quite serious of late over the markets and performance generally, as the markets really gave very little by way of moves and to a large extent like many traders I was trapped. If you are a 15-minute scalper trader, you will have absolutely no idea what I am talking about. However, if your trading time horizon is a little wider, I am sure that some of this resonates with you.\r\n\r\nI thought now was the right time to state that core principles to Forex Trading still work.\r\n\r\nTaking a leap in another direction…\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nOver the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nWhen my new on-line payments gateway and prices in CAD$ are launched, PREMIUM SERVICE (SILVER) will no longer be an option. An entry level GOLD subscription will replace it.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (SILVER):\r\nUSD$100.00 - 4 weeks\r\n(Please note soon PREMIUM SERVICE (SILVER) will be removed\r\nand a new low priced introduction to PREMIUM SERVICE (GOLD)\r\nwill be introduced to replace it. Upgrades will be given if your subscription overlaps)</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):</p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually\r\naround tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u> </u></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,141\r\nNET PIPS THIS YEAR SO FAR:                +3,719</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through\r\nearly September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nThere were only two news items that stuck out in my mind last week from the Forex Market.\r\n<ol>\r\n 	<li>Mario Draghi with the ECB Press Conference.</li>\r\n 	<li>Canadian Retail Sales numbers.</li>\r\n</ol>\r\nPoor Mario Draghi must have been rehearsing his choice of words very carefully in preparation of being asked the awkward questions. I would say without fear of contradiction, that he had a team of people practicing responses praying to the almighty that he didn’t f*ck up like he did the last time around.\r\n\r\nIn fairness to Draghi, he came to this press conference with bugger all to add above and beyond all the incentives he threw at the markets last time around. He did a sound job in my opinion and for most of the time the EUR/USD hardly moved. However after a spike to 114.00 that I missed after a comment about increasing loans hitting the market, he stated that QE (Quantitative Easing) would be around until after the fall / autumn 2017 and that interest rates would basically remain low for well beyond that date and the cherry on top of the pie “INFLATION COULD TURN NEGATIVE AGAIN”… HMOG. This sent the EUR/USD below sub 113.00.\r\n\r\nSo in addition to the BOJ getting a handle on inflation (from last week’s blog), last week Mario Draghi announced ZIRP for an extended period, so with regards to the ECB and BOJ, there are now two central banks whose date to revert to a normalization of interest rates is probably something I wont see in my lifetime!!\r\n\r\nIn Canada, I am very critical of Stephen Poloz the BOC governor. I believe that he is playing a dangerous game and has in my eyes been behind the curve. His head is so far up his ass he cannot hear some of the crap he talks about at times at his press conferences.\r\n\r\nFriday saw blow out Canadian economic data: -\r\n<ul>\r\n 	<li>Core CPI 0.7% versus consensus 0.4%</li>\r\n 	<li>Core Retail Sales 0.2% versus consensus -0.8%</li>\r\n</ul>\r\nMake no mistake these are incredible numbers, however, they do give Poloz a problem. Very recently, the BOC was talking in terms of QE and negative interest rates to tackle the sluggish economy. How will he balance this view with these numbers?\r\n\r\nThere are some fun times ahead for the BOC, wouldn\'t it be great to be a fly on the wall in those meetings?\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>IMMINENT TROUBLE AHEAD FOR THE EUROZONE</strong></p>\r\nI love EUROZONE bashing and I just can’t help it. My reasons are so straightforward, the politicians and elected officials operate on a mindset that is alien to actually fixing the issues.\r\n\r\nI know, its easy to criticize, but give me a break, 8 years after the Financial Crash the EUROZONE has still NOT fixed some of the fundamental issues that it has faced for years and years. It’s so long ago now it almost warrants the story telling to begin with ….”Fadó Fadó”.\r\n\r\nLets look at the EUROZONE from a macro level with issues I believe it has never attempted to rectify, and bear in mind some of these can apply to many countries around the world. It is just that the EUROZONE is completely different in one sense in that is a 27 country collective…allegedly!\r\n<ul>\r\n 	<li>You have a collection of politicians more interested in popularity rather than results.</li>\r\n 	<li>You have politicians who are only interested in blaming someone to gain political advantage rather than actually solving problems.</li>\r\n 	<li>You have politicians taking swipes at elected officials from the bureaucratic centre showing the whole world that there is common desire / belief moving forward.</li>\r\n 	<li>You have political influences being brought to the forefront in a central non-political function.</li>\r\n 	<li>You have a collection of countries with diverse beliefs / methodologies and cultures.</li>\r\n</ul>\r\nAdd all the above together and you get a picture of what the EUROZONE represents. Is it any wonder it’s a huge fu*k up; a disaster waiting to happen?\r\n\r\nLeading on from the pleasantries….\r\n\r\nLast week Draghi stated that the EUROZONE inflation could turn negative once again. Jesus, Mary and Joseph, for feck sake can no one grab this one issue hold a fecking meeting, expense a few more vats of wine, order in the cheese and pate and resolve this.\r\n\r\nThe EUROZONE leaders have sat back believing that Mario Draghi and the ECB can solve DEFLATION. For crying out loud, Japan has suffered with DEFLATION for years and the BOJ has no cure, in fact, no central bank can cure DEFLATION.\r\n\r\nThe EUROZONE leaders cannot agree on a Pouilly-Fume or a Cabernet Sauvignon with lunch, what chance is there of them solving DEFLATION?\r\n\r\nThey require a Mario Draghi presentation of the measures taken by the ECB and why they have failed. Central bank monetary policy cannot solve DEFLATION, the BOJ have proved this. It requires economic reforms, deep economic reforms that incentivize and reward, but they can only be done locally, not centrally.\r\n\r\nThis leads me into one of my favourite chestnuts…\r\n<ul>\r\n 	<li>Do the 27 member countries within the EUROZONE have the political will or the ability to tackle DEFLATION?</li>\r\n 	<li>Does every country need to apply the same policies?</li>\r\n</ul>\r\nProbably not, but given that to solve DEFLATION is a medium to longer-term strategy could you see short time-lined politicians hooked on popularity entering into any policy that they may not be in power for when the benefits come through into the local economy?\r\n\r\nI know that I can’t. In addition, the countries that require help are in the main the same ones that cannot afford to do anything and they have been hoping and praying the ECB might be able to magic a rabbit out of the hat on their behalf.\r\n\r\nTo solve DEFLATION in the EUROZONE requires leadership, commitment, desire and policy change as well as a united front to fight it.\r\n\r\nSo it will never happen. Not one of the words in blue above in my mind goes hand in glove with the EUROZONE.\r\n\r\nNext…\r\n\r\nThe BREXIT is another issue that from my perspective has been “kicked down the road” by the EUROZONE. A UK exit from the EUROPEAN UNION affects the EUROZONE as much as it will affect the UK. The UK is a net contributor to the EU. The EU needs as much money as possible to fund its problems. If the UK leaves the EU there a gaping hole to fill…\r\n\r\nIf the UK does BREXIT, make no mistake there WILL BE A CONTAGION EFFECT.\r\n\r\nNext…\r\n\r\nGREECE is back in the news. Look this is so simple. Without going over old ground covered so many times in so many blogs over the past two/three years, we are still at the same place we were three/ four / five years ago.\r\n\r\nGREECE has a loan; it cannot afford to pay it back no matter what reforms it makes. The EUROZONE and IMF are in cloud cuckoo land believing that it will be repaid. If the EUROZONE goal was to inflict as much pain as possible on GREECE and the Greek people because of fiscal irresponsibility they have been paid ten/twenty fold. The bottom line is that the core problem like everything in the EUROZONE is never tackled. GREECE cannot repay, no matter what it does to try to satisfy GERMANY in particular, and EUROZONE Finance Ministers under the leadership of Jeroen Dijsselbloem.\r\n\r\nGREECE is now once again at another set of crossroads. These are the obstacles that I think that GREECE has to generate €€€€€ to meet debt repayments moving forward: -\r\n<ul>\r\n 	<li>GREECE has no hidden cash reserves from which to call upon to meet debt payments.</li>\r\n 	<li>Who can they borrow from to meet debt repayments?</li>\r\n 	<li>Is there room for further domestic austerity to bring in €€€€?</li>\r\n 	<li>Does GREECE have capacity to drive growth in the economy?</li>\r\n 	<li>GREECE could just default.</li>\r\n</ul>\r\nThere is so much debt in GREECE to manage. There is only one obvious solution and there has only ever been one obvious solution and that is, debt forgiveness.\r\n\r\nGERMANY is not keen on this route because other bailout countries like IRELAND may want a refund on costs that they had from the EUROZONE. Why should they pay when GREECE gets away with it?\r\n\r\nAt the end of the day the GREEK cash shortage to meet liabilities is real, and I think that it will be hard for the EUROZONE “can kickers” to “kick” again. For Tsipras it would be political suicide to bend over and pull his trousers down once again. The hard liners will be telling him in no uncertain terms to tell Merkel and Dijsselbloem to feck off if they ask for more reforms.\r\n\r\nThe Greek citizens, I think must be close to breaking point as well. They have suffered through a series of severe austerity programmes, with still no light at the end of the tunnel. Youth and long-term unemployment are still at record high levels and alarmingly after all the austerity the debt to GDP ratio is higher now than what it was when austerity started. GREECE is in recession. It needs fixing properly.\r\n\r\nI know that I sound very negative but I just cannot see the EUROZONE fixing this and GREECE may have to default to control matters better themselves and I know that sentence sounds bloody ridiculous.\r\n\r\nSo as traders maybe the EUR/USD sub 1.0500 trade towards parity is back on. Only time will tell.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY:\r\n\r\nMONDAY:\r\n\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: NZD – RBNZ Rate Statement.\r\nWEDNESDAY: JPY – BOJ Rate Statement &amp; Press Conference.\r\n\r\nTHURSDAY: USD – GDP.\r\n\r\nFRIDAY: CAD – GDP.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1224\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7661\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-23042016-1024x477.png\" alt=\"EURUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4401\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7662\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-23042016-1024x477.png\" alt=\"GBPUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7710\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7660\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-23042016-1024x477.png\" alt=\"AUDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6851\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7663\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-23042016-1024x477.png\" alt=\"NZDUSD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2663\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7664\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-23042016-1024x477.png\" alt=\"USDCAD D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9783\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7665\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-23042016-1024x477.png\" alt=\"USDCHF D 23042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.78\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016.png\"><img class=\"aligncenter size-large wp-image-7666\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-23042016-1024x477.png\" alt=\"USDJPY D 23042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nCentral banks dominate again this week. The FED, RBNZ and BOJ will all be biggies and the volatility surrounding these meetings will be high.\r\n\r\nThe USD has been showing signs of life of late, bouncing off critical support. Given the improving numbers out of the U.S. maybe Janet Yellen will not be as DOVISH as in the past. If so be prepared, I doubt that she can be anything other than DOVISH but lets give her a chance. If she is HAWKISH the DXY will rocket higher. However, bear in mind, no matter what, we are still in a tighter range bound market and a chop fest. So be careful trading.\r\n\r\nAs always, be savvy…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\nhttp://www.weeklyfxdrivethru.com/disclaimer/\r\n\r\nDATE: 23rd April 2016\r\nBLOG REFERENCE: #198 FREE NEWSLETTER','IMMINENT TROUBLE AHEAD FOR THE EUROZONE','','inherit','closed','closed','','7676-revision-v1','','','2016-04-23 10:54:29','2016-04-23 15:54:29','',7676,'https://weeklyfxdrivethru.com/7676-revision-v1/',0,'revision','',0),(7690,1,'2016-04-30 05:53:40','2016-04-30 10:53:40','','PS PROFITS1 30042016','','inherit','open','closed','','ps-profits1-30042016','','','2016-04-30 06:21:36','2016-04-30 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11:17:24','',3106,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/FUN-YTD-APRIL2016.png',0,'attachment','image/png',0),(7700,1,'2016-04-30 05:54:23','2016-04-30 10:54:23','','POS1 30042016','','inherit','open','closed','','pos1-30042016','','','2016-04-30 06:18:59','2016-04-30 11:18:59','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/POS1-30042016.png',0,'attachment','image/png',0),(7701,1,'2016-04-30 05:54:26','2016-04-30 10:54:26','','POS2 30042016','','inherit','open','closed','','pos2-30042016','','','2016-04-30 06:19:11','2016-04-30 11:19:11','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/POS2-30042016.png',0,'attachment','image/png',0),(7702,1,'2016-04-30 05:54:30','2016-04-30 10:54:30','','POS3 30042016','','inherit','open','closed','','pos3-30042016','','','2016-04-30 06:19:22','2016-04-30 11:19:22','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/POS3-30042016.png',0,'attachment','image/png',0),(7703,1,'2016-04-30 05:54:34','2016-04-30 10:54:34','','POSITION YTD APRIL2016','','inherit','open','closed','','position-ytd-april2016','','','2016-04-30 06:19:42','2016-04-30 11:19:42','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/POSITION-YTD-APRIL2016.png',0,'attachment','image/png',0),(7704,1,'2016-04-30 05:54:38','2016-04-30 10:54:38','','LIMIT ORDERS 30042016','','inherit','open','closed','','limit-orders-30042016','','','2016-05-01 01:22:54','2016-05-01 06:22:54','',7731,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIMIT-ORDERS-30042016.png',0,'attachment','image/png',0),(7705,1,'2016-04-30 05:54:42','2016-04-30 10:54:42','','LIVE TRADES 30042016','','inherit','open','closed','','live-trades-30042016','','','2016-05-01 01:22:41','2016-05-01 06:22:41','',7731,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIVE-TRADES-30042016.png',0,'attachment','image/png',0),(7706,1,'2016-04-30 05:54:46','2016-04-30 10:54:46','','PS P&L% APRIL2016','','inherit','open','closed','','ps-pl-april2016','','','2016-04-30 06:23:43','2016-04-30 11:23:43','',5002,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-PL-APRIL2016.png',0,'attachment','image/png',0),(7707,1,'2016-04-30 05:54:50','2016-04-30 10:54:50','','RISK-REWARD APRIL2016','','inherit','open','closed','','risk-reward-april2016','','','2016-04-30 06:25:14','2016-04-30 11:25:14','',5006,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-REWARD-APRIL2016.png',0,'attachment','image/png',0),(7708,1,'2016-04-30 05:54:55','2016-04-30 10:54:55','','PIP COMPARISON APRIL2016','','inherit','open','closed','','pip-comparison-april2016','','','2016-04-30 06:26:38','2016-04-30 11:26:38','',6869,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PIP-COMPARISON-APRIL2016.png',0,'attachment','image/png',0),(7709,1,'2016-04-30 06:09:52','2016-04-30 11:09:52','','AUDUSD D 30042016','','inherit','open','closed','','audusd-d-30042016','','','2016-04-30 11:25:25','2016-04-30 16:25:25','',7731,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016.png',0,'attachment','image/png',0),(7710,1,'2016-04-30 06:09:56','2016-04-30 11:09:56','','EURUSD D 30042016','','inherit','open','closed','','eurusd-d-30042016','','','2016-04-30 11:25:00','2016-04-30 16:25:00','',7731,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016.png',0,'attachment','image/png',0),(7711,1,'2016-04-30 06:10:00','2016-04-30 11:10:00','','GBPUSD D 30042016','','inherit','open','closed','','gbpusd-d-30042016','','','2016-04-30 11:25:14','2016-04-30 16:25:14','',7731,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016.png',0,'attachment','image/png',0),(7712,1,'2016-04-30 06:10:06','2016-04-30 11:10:06','','NZDUSD D 30042016','','inherit','open','closed','','nzdusd-d-30042016','','','2016-04-30 11:25:38','2016-04-30 16:25:38','',7731,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016.png',0,'attachment','image/png',0),(7713,1,'2016-04-30 06:10:10','2016-04-30 11:10:10','','USDCAD D 30042016','','inherit','open','closed','','usdcad-d-30042016','','','2016-04-30 11:25:48','2016-04-30 16:25:48','',7731,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016.png',0,'attachment','image/png',0),(7714,1,'2016-04-30 06:10:14','2016-04-30 11:10:14','','USDCHF D 30042016','','inherit','open','closed','','usdchf-d-30042016','','','2016-04-30 11:26:01','2016-04-30 16:26:01','',7731,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016.png',0,'attachment','image/png',0),(7715,1,'2016-04-30 06:10:18','2016-04-30 11:10:18','','USDJPY D 30042016','','inherit','open','closed','','usdjpy-d-30042016','','','2016-04-30 11:26:40','2016-04-30 16:26:40','',7731,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016.png',0,'attachment','image/png',0),(7722,1,'2016-04-30 06:25:24','2016-04-30 11:25:24','<section class=\"one-sixth first\">\r\n<h4>Completed Trades Risk/Reward Analysis Archives:</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Year\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-REWARD-APRIL2016.png\"><img class=\"aligncenter size-full wp-image-7707\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-REWARD-APRIL2016.png\" alt=\"RISK-REWARD APRIL2016\" width=\"415\" height=\"525\" /></a></h2>\r\n&nbsp;\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;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>PREVIOUS YEARS\r\n<a href=\"https://weeklyfxdrivethru.com/completed-trades-risk-reward-analysis/ps-risk-reward-31122015/\" rel=\"attachment wp-att-7054\"><img class=\"aligncenter wp-image-7054\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-31122015.png\" alt=\"PS RISK REWARD 31122015\" width=\"645\" height=\"796\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\"><img class=\"aligncenter wp-image-4964\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\" alt=\"PREM SERV RISK-REWARD 31122014 YTD\" width=\"645\" height=\"804\" /></a></h2>\r\n</div>\r\n</section>','COMPLETED TRADES RISK / REWARD ANALYSIS','','inherit','closed','closed','','5006-revision-v1','','','2016-04-30 06:25:24','2016-04-30 11:25:24','',5006,'https://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(7731,1,'2016-04-30 11:28:41','2016-04-30 16:28:41','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI have often said to traders on line with SKYPE, FaceTime or at a LIVE event one should not consume alcohol when trading as it does impair ones decision making process and effectiveness of judgment.\r\n\r\nHaving said that above…Jesus, Mary and Joseph aren’t the recent moves in the Forex market enough to send “a sober as a judge” trader to the nearest bottle?\r\n\r\nThese recent moves are crazy and it seems to me that CHOP FEST trading is here to stay for the foreseeable future. I tweeted to subscribers during the week that it appeared to me that following the BOJ monetary policy announcement that the FX markets would be manipulated by the BOJ related moves through the JPY pairs and OIL. Without doubt, for the run up following the BOJ to the end of last week JPY moves pushed and pulled the DXY and OIL continued to push and pull equities.\r\n\r\nI found myself being a “voyeur trader” for many hours last week. My PLAN was to observe and pick off what I believed to be range extreme trades for the longer-term. Basically, that is what I did.\r\n\r\nFor my subscribers I introduced a series of what I have called “G” POSITION TRADES (I was originally looking at the G20 members). These were originally a series of trades that I looked at in January 2016. They are based upon many future bank Forex predictions for 2016 in line with my own thoughts. Earlier this year, DIVERGENCE just did not progress the way I thought that it would have, so I had kept my excel sheets in the background. With many pairs at range extremes, I felt this would be a good time to launch these trades (7 in total) based off LIMIT ORDER entries. Three are already LIVE and of the remaining four pairs, two almost went LIVE last Friday.\r\n\r\nIf I have five out of seven trading it will be an interesting bunch of longer-term trades to follow through 2016. At the end of this year, I will know whether my predictions have been good and the major banks performances will also be measurable. They are all low risk, small position sized trades.\r\n\r\nFrom a trading viewpoint, I think last week from a performance perspective, I have been what can be best described as “running to stand still”.\r\n\r\nOverall for the month of April, I am delighted and very happy.\r\n\r\nMoving forward…\r\n\r\nThis month’s PREMIUM SERVICE DRAW WINNER of a free 4-week connection to PREMIUM SERVICE (GOLD) is: -\r\n\r\ncraigxxxxxxxx@gmail.com\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally in this section, I want to mention I am going on tour in a few weeks time.\r\n\r\nI am going off on the big bird from Montreal to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"624\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nSlightly delayed by a week but, over the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):</p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u> </u></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,236\r\nNET PIPS THIS YEAR SO FAR:                +3,814</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nLast week was a tale of three central bank announcements.\r\n\r\nFOMC:\r\n\r\nPersonally, I thought that the FED was not as DOVISH as they have been in the past. The market reaction was a little muted as far as was concerned, although, I am of the opinion that with BREXIT or not, the June rate increase is still on the table.\r\n\r\nThe statement played down the global economic factors that had pre-occupied the thoughts of many analysts. The FED however, is still cautious moving forward, having said that removing the preventative language does free up a rate hike opportunity window at the June meeting.\r\n\r\nRBNZ:\r\n\r\nJust bloody typical; Wheeler maintains current rate levels and then attempts weak jawboning in the statement to try and place a cap <strong>of </strong>the NZD appreciation. The result from the markets was a raised index finger to the RBNZ and the NZD/USD ploughed higher…. In doing so screwed up my longer-term NZD related trade set-ups… bugger.\r\n\r\nSentiment is still in favour of further rate cuts in the future, I read at least one more maybe two. Lets see.\r\n\r\nBOJ:\r\n\r\nHoly crap; ahead of this statement the market was expecting the BOJ to possibly expand negative interest rates to bank loans and maybe even extend the QE (Quantitative Easing) program. The BOJ did nada.\r\n\r\nThe Nikkei dropped and closed the day down 3.7% and USD/JPY dropped 300 pips in 3 minutes. Unfortunately, I was asleep for it.\r\n\r\nIt does appear that the BOJ is NOT considering increasing stimulus at all in the near future. Like every other central bank, they lowered their growth and inflation targets once again and extended the time line to meet these lower objectives.\r\n\r\nJust to keep the markets on their feet and create as much confusion and uncertainty as possible, Kuroda warned about weakness in consumer spending, output and exports and then stated a “whatever” if needed. Which to my mind means, they could increase stimulus later on this year… go figure, its as clear as fecking mud.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE YEN EFFECT IS IN PLAY?</strong></p>\r\nTrading the Forex market is always a fascinating hobby or business, whichever describes your own situation the best. Over the past five days we had three central banks report in, the FED, the RBNZ and the BOJ. As we all know, central bank monetary policy decisions are the biggest drivers in the Forex market.\r\n\r\nWhen I first started trading myself, I remember one of the key phrases I latched onto was “never fight the FED”. This was basically a warning that over the longer-term perspective I should not be trading anti the central bank policy. For over nine years I have adhered to this, basically due to basic survival instincts, as the central banks around the world have much more money than me and if they wanted to, the buggers can also print more, my photocopies of bank notes are not welcome or accepted anywhere, which is all rather unfortunate if only they were what fun I would have.\r\n\r\nThis year its all been rather upside down with most central banks. As the “currency wars” intensified, we then had a G20 meeting when by all accounts words behind closed doors obviously took place and the intensity of trying to be the central bank that can weaken its currency the most seems to have come to a halt, well if not a halt it has calmed down a little.\r\n\r\nThat last paragraph was a load of crap…\r\n\r\nCurrency wars are STILL HERE. The only difference is that the markets are giving the previously worshipped “Little tin God’s” aka central bank governors and presidents two fingers with regards to their monetary policy initiatives. I believe this to be true with one exception; Janet Yellen at the FED. She still packs a punch and can provide the children on Wall Street from just jawboning alone market moves that can effectively mimic a 0.25% rate decrease or rate increase.\r\n\r\nHowever, that is all well and good, but the position with the BOJ is very much affecting what is happening and about to happen in the U.S.\r\n\r\nFirst of all, God love BOJ Governor Haruhiko Kuroda. It seems whatever he says or does the markets ignore him. Why is this the case?\r\n\r\nIn my opinion a lot of this is due to previous BOJ regimes. One thing that is important to markets is credibility. In the past the BOJ has huffed and puffed and never actually followed through.\r\n\r\nI know it has the biggest QE program ever. However, sometimes this is just not enough. Credibility in all aspects of life counts for a lot.\r\n\r\nThe BOJ has QQE, which is a fancy TLA (three letter abbreviation) for Quantitative and Qualitative Easing with a negative interest rate. The BOJ QE program received a fill overhaul in January this year.\r\n\r\nMoving back to credibility, when the negative interest rate was introduced it was done so as a token 0.10% with the view that it would be increased over time. I guess from January to April the markets felt that enough time had elapsed from the introduction and that they wanted to see how far would the BOJ venture deeper into negative rates like the ECB, Riksbank and Denmark’s Nationalbank in addition to the innovators of the scheme the SNB. The markets got their answer… no movement.\r\n\r\nThe BOJ is still buying assets to the amount of 80 trillion yen (USD$730 billion) per annum.\r\n\r\nDealing with the fallout. The USD/JPY fell over 300 pips in 3 minutes and all other JPY crosses recorded falls in a similar fashion. The problem of such a dramatic move ignoring why, just dealing with the facts, is that we now have a YEN EFFECT IN PLAY.\r\n\r\nAs the JPY strengthens across the board the USD index (DXY) is pressured lower resulting in widespread USD weakness.\r\n\r\nThis makes trading very difficult for the following reasons: -\r\n<ol>\r\n 	<li>The USD/JPY having had such a large move should either consolidate or pullback. It is doing neither it remains under pressure. The selling pressure is evident on the pair. Most the time it trades really heavily and even bounce attempt creates a CHOP FEST.Thus, the USD moves are also CHOPPY as a result with other pairs.</li>\r\n 	<li>Oil is priced in USD and whilst we are seeing Oil move higher in price, like many commodities and currency pairs we are at range extremes. This is creating false breakouts and breakdowns and more CHOP. As the JPY strengthens the USD weakens and OIL is affected. It is always dangerous to chase in markets but in these conditions its just stupid to think you know better.</li>\r\n 	<li>The JPY cross-rates are at times mimicking the USD/JPY directional moves. These moves are creating swings that have little to zero follow through. The end game is that the effects of the cross-rate moves are skewing the primary currency correlation to other markets at times, e.g. GOLD, OIL and COPPER. The result of this is that traders can be suckered into moves that they would not usually take and they are left hanging as the correlations swing back into position. It’s all very messy and typical of a CHOP FEST market driven by huge uncertainties and large unexpected moves that require time to consolidate and bed in, which of course is not happening at the moment.</li>\r\n 	<li>We had a situation on Friday when both the USD and GOLD were rallying at the same time, which can happen. However this is a correlation when, if out of sync spells danger ahead, usually for equities. The markets are definitely adjusting to the huge JPY move, the BOJ positioning and the effect on OIL prices.</li>\r\n</ol>\r\nBasically, we are in RED ALERT…DEFCON 1 territory in my opinion.\r\n\r\nThe JPY after the ECB and the FED is the third largest central bank and whilst the markets have given two fingers to the BOJ actions on policy, the ramifications of this will need to work through the comparative pricing and we will need to see some consolidation.\r\n\r\nRight now we have not even seen a pullback of 30-40 pips never mind a 38% retracement, not even a 23.6% retracement of the move has happened yet. Until we see a bit of normality I think, as traders should remain at DEFCON 1.\r\n\r\nThere is always the fear of central bank intervention. Just because the BOJ said its not interested in acting to intervene means nothing as history shows.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nTRADING REVIEW:\r\n\r\nNot a lot to report on this past week.\r\n\r\nThe RBNZ really pissed me off and the continued strength in the NZD is bugging the crap out of me. It is an annoying currency at the best of times, and yet, it used to be my favourite.\r\n\r\nHaving said that the RBNZ will ease once, maybe twice more this year with the next rate cut expected at the next meeting. After this meeting I will tidy up all the AUD/NZD, GBP/NZD and NZD/USD trades and trim them back to just a core trade from which to add fresh trades. Over the past few weeks I have been closing them in the wrong order really and took pips sometimes at the wrong times.\r\n\r\nI am still very bearish the CHF pairs and over the next couple of weeks I want to look to add back AUD/CHF and either CAD/CHF or NZD/CHF trades. I have a full portfolio in position of USD/CHF trades at the moment and I know when I would like to add further positions.\r\n\r\nLooking at the April performance; generating 2,236 pips in profit has placed the PREMIUM SERVICE only 25 pips behind the 2015 performance for the same period. To quote an old English footballer Jimmy Greaves – “I am over the moon saint” (The “saint” reference was to greaves’ TV pundit co-presenter Ian St John).\r\n\r\nIn April, the percentage relationship between profit and loss making trades was 84% v 16%, this I am really happy with given the fact that we are in a CHOP FEST market. Year to date the performance is 77% v 23%, just above my 75% v 25% annual objective.\r\n\r\nI am going to continue looking for longer-term set-ups, because at the moment the shorter-term views are frankly rather pointless. I am not and never will be a 5 to 15 minute trader; whilst I have done trades like these I do NOT consider myself really good at it, so I would rather play to my strengths.\r\n\r\nMy tour preparations are still progressing well and I am still learning more about POWERPOINT as everyday passes. I have quite a few people promised to attend now and seats are starting to fill up, even though the full-on media advertising is not scheduled to commence until early June.\r\n\r\nI just hope that with all the costs of promotion etc. and getting there that I can get bums on seats. If you have people who are interested in attending, please get them to register at <a href=\"mailto:events@thepremiumservice.com\">events@thepremiumservice.com</a>\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nThe subscriptions change never happened last week. Between my time available and diary pressures with Claudia (web site guru) we never got a chance to sit down and run through everything.\r\n\r\nIt will be done this week - it has to be. I am now getting pressure from my new gateway provider to make the switch away from PayPal.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIVE-TRADES-30042016.png\"><img class=\"aligncenter size-full wp-image-7705\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIVE-TRADES-30042016.png\" alt=\"LIVE TRADES 30042016\" width=\"830\" height=\"587\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIMIT-ORDERS-30042016.png\"><img class=\"aligncenter size-full wp-image-7704\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIMIT-ORDERS-30042016.png\" alt=\"LIMIT ORDERS 30042016\" width=\"760\" height=\"459\" /></a> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CHF – Thomas Jordan (SNB) speaks.\r\nMONDAY: AUD – Building Approvals.\r\nMONDAY: CNY – Manufacturing PMi.\r\n\r\nTUESDAY: AUD – RBA interest Rate and Monetary Policy Statement.\r\nTUESDAY: AUD – Annual Budget.\r\nTUESDAY: GBP – Manufacturing PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Results)\r\nTUESDAY: CAD – Stephen Poloz (BOC) speaks.\r\nTUESDAY: NZD – Employment Data.\r\n\r\nWEDNESDAY: GBP – Construction PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – Trade Balance.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – Services PMi.\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\n\r\nFRIDAY: CAD – Employment Data.\r\nFRIDAY: USD – Non-Farm Employment Change, Unemployment Rate.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nEUR/USD - Weekly Closing Price: 1.1445\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016-1024x477.png\" alt=\"EURUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4607\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016-1024x477.png\" alt=\"GBPUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7606\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7709\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016-1024x477.png\" alt=\"AUDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6979\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016-1024x477.png\" alt=\"NZDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2552\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016-1024x477.png\" alt=\"USDCAD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9592\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7714\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016-1024x477.png\" alt=\"USDCHF D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.31\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7715\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016-1024x477.png\" alt=\"USDJPY D 30042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe ended last week with the USD on the back foot. The JPY had fallen off the edge of the cliff.\r\n\r\nThis week we have Draghi, Jordan and Poloz on the wires… a fine compilation of central bankers if there ever was one.\r\n\r\nThere is a lot of AUD news including the RBA statement, NZD dairy auctions prices and jobs data, plus jobs data from Canada and the U.S. with Non-Farm payrolls closing the week.\r\n\r\nIt will be busy and we still have to cope with the JPY fallout and the YEN EFFECT.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 30th April 2016\r\nBLOG REFERENCE: #100 PREMIUM SERVICE\r\n\r\n&nbsp;','THE YEN EFFECT IS IN PLAY?','','publish','open','closed','','yen-effect-play','','','2016-05-01 01:23:12','2016-05-01 06:23:12','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7731',0,'member_posts','',0),(7732,1,'2016-04-30 11:27:07','2016-04-30 16:27:07','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI have often said to traders on line with SKYPE, FaceTime or at a LIVE event one should not consume alcohol when trading as it does impair ones decision making process and effectiveness of judgment.\r\n\r\nHaving said that above…Jesus, Mary and Joseph aren’t the recent moves in the Forex market enough to send “a sober as a judge” trader to the nearest bottle?\r\n\r\nThese recent moves are crazy and it seems to me that CHOP FEST trading is here to stay for the foreseeable future. I tweeted to subscribers during the week that it appeared to me that following the BOJ monetary policy announcement that the FX markets would be manipulated by the BOJ related moves through the JPY pairs and OIL. Without doubt, for the run up following the BOJ to the end of last week JPY moves pushed and pulled the DXY and OIL continued to push and pull equities.\r\n\r\nI found myself being a “voyeur trader” for many hours last week. My PLAN was to observe and pick off what I believed to be range extreme trades for the longer-term. Basically, that is what I did.\r\n\r\nFor my subscribers I introduced a series of what I have called “G” POSITION TRADES (I was originally looking at the G20 members). These were originally a series of trades that I looked at in January 2016. They are based upon many future bank Forex predictions for 2016 in line with my own thoughts. Earlier this year, DIVERGENCE just did not progress the way I thought that it would have, so I had kept my excel sheets in the background. With many pairs at range extremes, I felt this would be a good time to launch these trades (7 in total) based off LIMIT ORDER entries. Three are already LIVE and of the remaining four pairs, two almost went LIVE last Friday.\r\n\r\nIf I have five out of seven trading it will be an interesting bunch of longer-term trades to follow through 2016. At the end of this year, I will know whether my predictions have been good and the major banks performances will also be measurable. They are all low risk, small position sized trades.\r\n\r\nFrom a trading viewpoint, I think last week from a performance perspective, I have been what can be best described as “running to stand still”.\r\n\r\nOverall for the month of April, I am delighted and very happy.\r\n\r\nMoving forward…\r\n\r\nThis month’s PREMIUM SERVICE DRAW WINNER of a free 4-week connection to PREMIUM SERVICE (GOLD) is: -\r\n\r\ncraigxxxxxxxx@gmail.com\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally in this section, I want to mention I am going on tour in a few weeks time.\r\n\r\nI am going off on the big bird from Montreal to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"624\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nSlightly delayed by a week but, over the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):</p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u> </u></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +2,236\r\nNET PIPS THIS YEAR SO FAR:                +3,814</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nLast week was a tale of three central bank announcements.\r\n\r\nFOMC:\r\n\r\nPersonally, I thought that the FED was not as DOVISH as they have been in the past. The market reaction was a little muted as far as was concerned, although, I am of the opinion that with BREXIT or not, the June rate increase is still on the table.\r\n\r\nThe statement played down the global economic factors that had pre-occupied the thoughts of many analysts. The FED however, is still cautious moving forward, having said that removing the preventative language does free up a rate hike opportunity window at the June meeting.\r\n\r\nRBNZ:\r\n\r\nJust bloody typical; Wheeler maintains current rate levels and then attempts weak jawboning in the statement to try and place a cap <strong>of </strong>the NZD appreciation. The result from the markets was a raised index finger to the RBNZ and the NZD/USD ploughed higher…. In doing so screwed up my longer-term NZD related trade set-ups… bugger.\r\n\r\nSentiment is still in favour of further rate cuts in the future, I read at least one more maybe two. Lets see.\r\n\r\nBOJ:\r\n\r\nHoly crap; ahead of this statement the market was expecting the BOJ to possibly expand negative interest rates to bank loans and maybe even extend the QE (Quantitative Easing) program. The BOJ did nada.\r\n\r\nThe Nikkei dropped and closed the day down 3.7% and USD/JPY dropped 300 pips in 3 minutes. Unfortunately, I was asleep for it.\r\n\r\nIt does appear that the BOJ is NOT considering increasing stimulus at all in the near future. Like every other central bank, they lowered their growth and inflation targets once again and extended the time line to meet these lower objectives.\r\n\r\nJust to keep the markets on their feet and create as much confusion and uncertainty as possible, Kuroda warned about weakness in consumer spending, output and exports and then stated a “whatever” if needed. Which to my mind means, they could increase stimulus later on this year… go figure, its as clear as fecking mud.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE YEN EFFECT IS IN PLAY?</strong></p>\r\nTrading the Forex market is always a fascinating hobby or business, whichever describes your own situation the best. Over the past five days we had three central banks report in, the FED, the RBNZ and the BOJ. As we all know, central bank monetary policy decisions are the biggest drivers in the Forex market.\r\n\r\nWhen I first started trading myself, I remember one of the key phrases I latched onto was “never fight the FED”. This was basically a warning that over the longer-term perspective I should not be trading anti the central bank policy. For over nine years I have adhered to this, basically due to basic survival instincts, as the central banks around the world have much more money than me and if they wanted to, the buggers can also print more, my photocopies of bank notes are not welcome or accepted anywhere, which is all rather unfortunate if only they were what fun I would have.\r\n\r\nThis year its all been rather upside down with most central banks. As the “currency wars” intensified, we then had a G20 meeting when by all accounts words behind closed doors obviously took place and the intensity of trying to be the central bank that can weaken its currency the most seems to have come to a halt, well if not a halt it has calmed down a little.\r\n\r\nThat last paragraph was a load of crap…\r\n\r\nCurrency wars are STILL HERE. The only difference is that the markets are giving the previously worshipped “Little tin God’s” aka central bank governors and presidents two fingers with regards to their monetary policy initiatives. I believe this to be true with one exception; Janet Yellen at the FED. She still packs a punch and can provide the children on Wall Street from just jawboning alone market moves that can effectively mimic a 0.25% rate decrease or rate increase.\r\n\r\nHowever, that is all well and good, but the position with the BOJ is very much affecting what is happening and about to happen in the U.S.\r\n\r\nFirst of all, God love BOJ Governor Haruhiko Kuroda. It seems whatever he says or does the markets ignore him. Why is this the case?\r\n\r\nIn my opinion a lot of this is due to previous BOJ regimes. One thing that is important to markets is credibility. In the past the BOJ has huffed and puffed and never actually followed through.\r\n\r\nI know it has the biggest QE program ever. However, sometimes this is just not enough. Credibility in all aspects of life counts for a lot.\r\n\r\nThe BOJ has QQE, which is a fancy TLA (three letter abbreviation) for Quantitative and Qualitative Easing with a negative interest rate. The BOJ QE program received a fill overhaul in January this year.\r\n\r\nMoving back to credibility, when the negative interest rate was introduced it was done so as a token 0.10% with the view that it would be increased over time. I guess from January to April the markets felt that enough time had elapsed from the introduction and that they wanted to see how far would the BOJ venture deeper into negative rates like the ECB, Riksbank and Denmark’s Nationalbank in addition to the innovators of the scheme the SNB. The markets got their answer… no movement.\r\n\r\nThe BOJ is still buying assets to the amount of 80 trillion yen (USD$730 billion) per annum.\r\n\r\nDealing with the fallout. The USD/JPY fell over 300 pips in 3 minutes and all other JPY crosses recorded falls in a similar fashion. The problem of such a dramatic move ignoring why, just dealing with the facts, is that we now have a YEN EFFECT IN PLAY.\r\n\r\nAs the JPY strengthens across the board the USD index (DXY) is pressured lower resulting in widespread USD weakness.\r\n\r\nThis makes trading very difficult for the following reasons: -\r\n<ol>\r\n 	<li>The USD/JPY having had such a large move should either consolidate or pullback. It is doing neither it remains under pressure. The selling pressure is evident on the pair. Most the time it trades really heavily and even bounce attempt creates a CHOP FEST.\r\n\r\nThus, the USD moves are also CHOPPY as a result with other pairs.</li>\r\n 	<li>Oil is priced in USD and whilst we are seeing Oil move higher in price, like many commodities and currency pairs we are at range extremes. This is creating false breakouts and breakdowns and more CHOP. As the JPY strengthens the USD weakens and OIL is affected. It is always dangerous to chase in markets but in these conditions its just stupid to think you know better.</li>\r\n 	<li>The JPY cross-rates are at times mimicking the USD/JPY directional moves. These moves are creating swings that have little to zero follow through. The end game is that the effects of the cross-rate moves are skewing the primary currency correlation to other markets at times, e.g. GOLD, OIL and COPPER. The result of this is that traders can be suckered into moves that they would not usually take and they are left hanging as the correlations swing back into position. It’s all very messy and typical of a CHOP FEST market driven by huge uncertainties and large unexpected moves that require time to consolidate and bed in, which of course is not happening at the moment.</li>\r\n 	<li>We had a situation on Friday when both the USD and GOLD were rallying at the same time, which can happen. However this is a correlation when, if out of sync spells danger ahead, usually for equities. The markets are definitely adjusting to the huge JPY move, the BOJ positioning and the effect on OIL prices.</li>\r\n</ol>\r\nBasically, we are in RED ALERT…DEFCON 1 territory in my opinion.\r\n\r\nThe JPY after the ECB and the FED is the third largest central bank and whilst the markets have given two fingers to the BOJ actions on policy, the ramifications of this will need to work through the comparative pricing and we will need to see some consolidation.\r\n\r\nRight now we have not even seen a pullback of 30-40 pips never mind a 38% retracement, not even a 23.6% retracement of the move has happened yet. Until we see a bit of normality I think, as traders should remain at DEFCON 1.\r\n\r\nThere is always the fear of central bank intervention. Just because the BOJ said its not interested in acting to intervene means nothing as history shows.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nTRADING REVIEW:\r\n\r\nNot a lot to report on this past week.\r\n\r\nThe RBNZ really pissed me off and the continued strength in the NZD is bugging the crap out of me. It is an annoying currency at the best of times, and yet, it used to be my favourite.\r\n\r\nHaving said that the RBNZ will ease once, maybe twice more this year with the next rate cut expected at the next meeting. After this meeting I will tidy up all the AUD/NZD, GBP/NZD and NZD/USD trades and trim them back to just a core trade from which to add fresh trades. Over the past few weeks I have been closing them in the wrong order really and took pips sometimes at the wrong times.\r\n\r\nI am still very bearish the CHF pairs and over the next couple of weeks I want to look to add back AUD/CHF and either CAD/CHF or NZD/CHF trades. I have a full portfolio in position of USD/CHF trades at the moment and I know when I would like to add further positions.\r\n\r\nLooking at the April performance; generating 2,236 pips in profit has placed the PREMIUM SERVICE only 25 pips behind the 2015 performance for the same period. To quote an old English footballer Jimmy Greaves – “I am over the moon saint” (The “saint” reference was to greaves’ TV pundit co-presenter Ian St John).\r\n\r\nIn April, the percentage relationship between profit and loss making trades was 84% v 16%, this I am really happy with given the fact that we are in a CHOP FEST market. Year to date the performance is 77% v 23%, just above my 75% v 25% annual objective.\r\n\r\nI am going to continue looking for longer-term set-ups, because at the moment the shorter-term views are frankly rather pointless. I am not and never will be a 5 to 15 minute trader; whilst I have done trades like these I do NOT consider myself really good at it, so I would rather play to my strengths.\r\n\r\nMy tour preparations are still progressing well and I am still learning more about POWERPOINT as everyday passes. I have quite a few people promised to attend now and seats are starting to fill up, even though the full-on media advertising is not scheduled to commence until early June.\r\n\r\nI just hope that with all the costs of promotion etc. and getting there that I can get bums on seats. If you have people who are interested in attending, please get them to register at <a href=\"mailto:events@thepremiumservice.com\">events@thepremiumservice.com</a>\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nThe subscriptions change never happened last week. Between my time available and diary pressures with Claudia (web site guru) we never got a chance to sit down and run through everything.\r\n\r\nIt will be done this week - it has to be. I am now getting pressure from my new gateway provider to make the switch away from PayPal.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-02042016.png\"><img class=\"aligncenter size-full wp-image-7555\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-02042016.png\" alt=\"PS LIVE TRADES 02042016\" width=\"900\" height=\"584\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-02042016.png\"><img class=\"aligncenter size-full wp-image-7554\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-02042016.png\" alt=\"PS LIMIT ORDERS 02042016\" width=\"682\" height=\"459\" /></a></strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CHF – Thomas Jordan (SNB) speaks.\r\nMONDAY: AUD – Building Approvals.\r\nMONDAY: CNY – Manufacturing PMi.\r\n\r\nTUESDAY: AUD – RBA interest Rate and Monetary Policy Statement.\r\nTUESDAY: AUD – Annual Budget.\r\nTUESDAY: GBP – Manufacturing PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Results)\r\nTUESDAY: CAD – Stephen Poloz (BOC) speaks.\r\nTUESDAY: NZD – Employment Data.\r\n\r\nWEDNESDAY: GBP – Construction PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – Trade Balance.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – Services PMi.\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\n\r\nFRIDAY: CAD – Employment Data.\r\nFRIDAY: USD – Non-Farm Employment Change, Unemployment Rate.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nEUR/USD - Weekly Closing Price: 1.1445\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016-1024x477.png\" alt=\"EURUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4607\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016-1024x477.png\" alt=\"GBPUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7606\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7709\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016-1024x477.png\" alt=\"AUDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6979\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016-1024x477.png\" alt=\"NZDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2552\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016-1024x477.png\" alt=\"USDCAD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9592\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7714\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016-1024x477.png\" alt=\"USDCHF D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.31\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7715\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016-1024x477.png\" alt=\"USDJPY D 30042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe ended last week with the USD on the back foot. The JPY had fallen off the edge of the cliff.\r\n\r\nThis week we have Draghi, Jordan and Poloz on the wires… a fine compilation of central bankers if there ever was one.\r\n\r\nThere is a lot of AUD news including the RBA statement, NZD dairy auctions prices and jobs data, plus jobs data from Canada and the U.S. with Non-Farm payrolls closing the week.\r\n\r\nIt will be busy and we still have to cope with the JPY fallout and the YEN EFFECT.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 30th April 2016\r\nBLOG REFERENCE: #100 PREMIUM SERVICE\r\n\r\n&nbsp;','THE YEN EFFECT IS IN PLAY?','','inherit','closed','closed','','7731-revision-v1','','','2016-04-30 11:27:07','2016-04-30 16:27:07','',7731,'https://weeklyfxdrivethru.com/7731-revision-v1/',0,'revision','',0),(7733,1,'2016-04-30 11:28:41','2016-04-30 16:28:41','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI have often said to traders on line with SKYPE, FaceTime or at a LIVE event one should not consume alcohol when trading as it does impair ones decision making process and effectiveness of judgment.\r\n\r\nHaving said that above…Jesus, Mary and Joseph aren’t the recent moves in the Forex market enough to send “a sober as a judge” trader to the nearest bottle?\r\n\r\nThese recent moves are crazy and it seems to me that CHOP FEST trading is here to stay for the foreseeable future. I tweeted to subscribers during the week that it appeared to me that following the BOJ monetary policy announcement that the FX markets would be manipulated by the BOJ related moves through the JPY pairs and OIL. Without doubt, for the run up following the BOJ to the end of last week JPY moves pushed and pulled the DXY and OIL continued to push and pull equities.\r\n\r\nI found myself being a “voyeur trader” for many hours last week. My PLAN was to observe and pick off what I believed to be range extreme trades for the longer-term. Basically, that is what I did.\r\n\r\nFor my subscribers I introduced a series of what I have called “G” POSITION TRADES (I was originally looking at the G20 members). These were originally a series of trades that I looked at in January 2016. They are based upon many future bank Forex predictions for 2016 in line with my own thoughts. Earlier this year, DIVERGENCE just did not progress the way I thought that it would have, so I had kept my excel sheets in the background. With many pairs at range extremes, I felt this would be a good time to launch these trades (7 in total) based off LIMIT ORDER entries. Three are already LIVE and of the remaining four pairs, two almost went LIVE last Friday.\r\n\r\nIf I have five out of seven trading it will be an interesting bunch of longer-term trades to follow through 2016. At the end of this year, I will know whether my predictions have been good and the major banks performances will also be measurable. They are all low risk, small position sized trades.\r\n\r\nFrom a trading viewpoint, I think last week from a performance perspective, I have been what can be best described as “running to stand still”.\r\n\r\nOverall for the month of April, I am delighted and very happy.\r\n\r\nMoving forward…\r\n\r\nThis month’s PREMIUM SERVICE DRAW WINNER of a free 4-week connection to PREMIUM SERVICE (GOLD) is: -\r\n\r\ncraigxxxxxxxx@gmail.com\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally in this section, I want to mention I am going on tour in a few weeks time.\r\n\r\nI am going off on the big bird from Montreal to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"624\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nSlightly delayed by a week but, over the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):</p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u> </u></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,236\r\nNET PIPS THIS YEAR SO FAR:                +3,814</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nLast week was a tale of three central bank announcements.\r\n\r\nFOMC:\r\n\r\nPersonally, I thought that the FED was not as DOVISH as they have been in the past. The market reaction was a little muted as far as was concerned, although, I am of the opinion that with BREXIT or not, the June rate increase is still on the table.\r\n\r\nThe statement played down the global economic factors that had pre-occupied the thoughts of many analysts. The FED however, is still cautious moving forward, having said that removing the preventative language does free up a rate hike opportunity window at the June meeting.\r\n\r\nRBNZ:\r\n\r\nJust bloody typical; Wheeler maintains current rate levels and then attempts weak jawboning in the statement to try and place a cap <strong>of </strong>the NZD appreciation. The result from the markets was a raised index finger to the RBNZ and the NZD/USD ploughed higher…. In doing so screwed up my longer-term NZD related trade set-ups… bugger.\r\n\r\nSentiment is still in favour of further rate cuts in the future, I read at least one more maybe two. Lets see.\r\n\r\nBOJ:\r\n\r\nHoly crap; ahead of this statement the market was expecting the BOJ to possibly expand negative interest rates to bank loans and maybe even extend the QE (Quantitative Easing) program. The BOJ did nada.\r\n\r\nThe Nikkei dropped and closed the day down 3.7% and USD/JPY dropped 300 pips in 3 minutes. Unfortunately, I was asleep for it.\r\n\r\nIt does appear that the BOJ is NOT considering increasing stimulus at all in the near future. Like every other central bank, they lowered their growth and inflation targets once again and extended the time line to meet these lower objectives.\r\n\r\nJust to keep the markets on their feet and create as much confusion and uncertainty as possible, Kuroda warned about weakness in consumer spending, output and exports and then stated a “whatever” if needed. Which to my mind means, they could increase stimulus later on this year… go figure, its as clear as fecking mud.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE YEN EFFECT IS IN PLAY?</strong></p>\r\nTrading the Forex market is always a fascinating hobby or business, whichever describes your own situation the best. Over the past five days we had three central banks report in, the FED, the RBNZ and the BOJ. As we all know, central bank monetary policy decisions are the biggest drivers in the Forex market.\r\n\r\nWhen I first started trading myself, I remember one of the key phrases I latched onto was “never fight the FED”. This was basically a warning that over the longer-term perspective I should not be trading anti the central bank policy. For over nine years I have adhered to this, basically due to basic survival instincts, as the central banks around the world have much more money than me and if they wanted to, the buggers can also print more, my photocopies of bank notes are not welcome or accepted anywhere, which is all rather unfortunate if only they were what fun I would have.\r\n\r\nThis year its all been rather upside down with most central banks. As the “currency wars” intensified, we then had a G20 meeting when by all accounts words behind closed doors obviously took place and the intensity of trying to be the central bank that can weaken its currency the most seems to have come to a halt, well if not a halt it has calmed down a little.\r\n\r\nThat last paragraph was a load of crap…\r\n\r\nCurrency wars are STILL HERE. The only difference is that the markets are giving the previously worshipped “Little tin God’s” aka central bank governors and presidents two fingers with regards to their monetary policy initiatives. I believe this to be true with one exception; Janet Yellen at the FED. She still packs a punch and can provide the children on Wall Street from just jawboning alone market moves that can effectively mimic a 0.25% rate decrease or rate increase.\r\n\r\nHowever, that is all well and good, but the position with the BOJ is very much affecting what is happening and about to happen in the U.S.\r\n\r\nFirst of all, God love BOJ Governor Haruhiko Kuroda. It seems whatever he says or does the markets ignore him. Why is this the case?\r\n\r\nIn my opinion a lot of this is due to previous BOJ regimes. One thing that is important to markets is credibility. In the past the BOJ has huffed and puffed and never actually followed through.\r\n\r\nI know it has the biggest QE program ever. However, sometimes this is just not enough. Credibility in all aspects of life counts for a lot.\r\n\r\nThe BOJ has QQE, which is a fancy TLA (three letter abbreviation) for Quantitative and Qualitative Easing with a negative interest rate. The BOJ QE program received a fill overhaul in January this year.\r\n\r\nMoving back to credibility, when the negative interest rate was introduced it was done so as a token 0.10% with the view that it would be increased over time. I guess from January to April the markets felt that enough time had elapsed from the introduction and that they wanted to see how far would the BOJ venture deeper into negative rates like the ECB, Riksbank and Denmark’s Nationalbank in addition to the innovators of the scheme the SNB. The markets got their answer… no movement.\r\n\r\nThe BOJ is still buying assets to the amount of 80 trillion yen (USD$730 billion) per annum.\r\n\r\nDealing with the fallout. The USD/JPY fell over 300 pips in 3 minutes and all other JPY crosses recorded falls in a similar fashion. The problem of such a dramatic move ignoring why, just dealing with the facts, is that we now have a YEN EFFECT IN PLAY.\r\n\r\nAs the JPY strengthens across the board the USD index (DXY) is pressured lower resulting in widespread USD weakness.\r\n\r\nThis makes trading very difficult for the following reasons: -\r\n<ol>\r\n 	<li>The USD/JPY having had such a large move should either consolidate or pullback. It is doing neither it remains under pressure. The selling pressure is evident on the pair. Most the time it trades really heavily and even bounce attempt creates a CHOP FEST.Thus, the USD moves are also CHOPPY as a result with other pairs.</li>\r\n 	<li>Oil is priced in USD and whilst we are seeing Oil move higher in price, like many commodities and currency pairs we are at range extremes. This is creating false breakouts and breakdowns and more CHOP. As the JPY strengthens the USD weakens and OIL is affected. It is always dangerous to chase in markets but in these conditions its just stupid to think you know better.</li>\r\n 	<li>The JPY cross-rates are at times mimicking the USD/JPY directional moves. These moves are creating swings that have little to zero follow through. The end game is that the effects of the cross-rate moves are skewing the primary currency correlation to other markets at times, e.g. GOLD, OIL and COPPER. The result of this is that traders can be suckered into moves that they would not usually take and they are left hanging as the correlations swing back into position. It’s all very messy and typical of a CHOP FEST market driven by huge uncertainties and large unexpected moves that require time to consolidate and bed in, which of course is not happening at the moment.</li>\r\n 	<li>We had a situation on Friday when both the USD and GOLD were rallying at the same time, which can happen. However this is a correlation when, if out of sync spells danger ahead, usually for equities. The markets are definitely adjusting to the huge JPY move, the BOJ positioning and the effect on OIL prices.</li>\r\n</ol>\r\nBasically, we are in RED ALERT…DEFCON 1 territory in my opinion.\r\n\r\nThe JPY after the ECB and the FED is the third largest central bank and whilst the markets have given two fingers to the BOJ actions on policy, the ramifications of this will need to work through the comparative pricing and we will need to see some consolidation.\r\n\r\nRight now we have not even seen a pullback of 30-40 pips never mind a 38% retracement, not even a 23.6% retracement of the move has happened yet. Until we see a bit of normality I think, as traders should remain at DEFCON 1.\r\n\r\nThere is always the fear of central bank intervention. Just because the BOJ said its not interested in acting to intervene means nothing as history shows.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nTRADING REVIEW:\r\n\r\nNot a lot to report on this past week.\r\n\r\nThe RBNZ really pissed me off and the continued strength in the NZD is bugging the crap out of me. It is an annoying currency at the best of times, and yet, it used to be my favourite.\r\n\r\nHaving said that the RBNZ will ease once, maybe twice more this year with the next rate cut expected at the next meeting. After this meeting I will tidy up all the AUD/NZD, GBP/NZD and NZD/USD trades and trim them back to just a core trade from which to add fresh trades. Over the past few weeks I have been closing them in the wrong order really and took pips sometimes at the wrong times.\r\n\r\nI am still very bearish the CHF pairs and over the next couple of weeks I want to look to add back AUD/CHF and either CAD/CHF or NZD/CHF trades. I have a full portfolio in position of USD/CHF trades at the moment and I know when I would like to add further positions.\r\n\r\nLooking at the April performance; generating 2,236 pips in profit has placed the PREMIUM SERVICE only 25 pips behind the 2015 performance for the same period. To quote an old English footballer Jimmy Greaves – “I am over the moon saint” (The “saint” reference was to greaves’ TV pundit co-presenter Ian St John).\r\n\r\nIn April, the percentage relationship between profit and loss making trades was 84% v 16%, this I am really happy with given the fact that we are in a CHOP FEST market. Year to date the performance is 77% v 23%, just above my 75% v 25% annual objective.\r\n\r\nI am going to continue looking for longer-term set-ups, because at the moment the shorter-term views are frankly rather pointless. I am not and never will be a 5 to 15 minute trader; whilst I have done trades like these I do NOT consider myself really good at it, so I would rather play to my strengths.\r\n\r\nMy tour preparations are still progressing well and I am still learning more about POWERPOINT as everyday passes. I have quite a few people promised to attend now and seats are starting to fill up, even though the full-on media advertising is not scheduled to commence until early June.\r\n\r\nI just hope that with all the costs of promotion etc. and getting there that I can get bums on seats. If you have people who are interested in attending, please get them to register at <a href=\"mailto:events@thepremiumservice.com\">events@thepremiumservice.com</a>\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nThe subscriptions change never happened last week. Between my time available and diary pressures with Claudia (web site guru) we never got a chance to sit down and run through everything.\r\n\r\nIt will be done this week - it has to be. I am now getting pressure from my new gateway provider to make the switch away from PayPal.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-02042016.png\"><img class=\"aligncenter size-full wp-image-7555\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-02042016.png\" alt=\"PS LIVE TRADES 02042016\" width=\"900\" height=\"584\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-02042016.png\"><img class=\"aligncenter size-full wp-image-7554\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-02042016.png\" alt=\"PS LIMIT ORDERS 02042016\" width=\"682\" height=\"459\" /></a></strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CHF – Thomas Jordan (SNB) speaks.\r\nMONDAY: AUD – Building Approvals.\r\nMONDAY: CNY – Manufacturing PMi.\r\n\r\nTUESDAY: AUD – RBA interest Rate and Monetary Policy Statement.\r\nTUESDAY: AUD – Annual Budget.\r\nTUESDAY: GBP – Manufacturing PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Results)\r\nTUESDAY: CAD – Stephen Poloz (BOC) speaks.\r\nTUESDAY: NZD – Employment Data.\r\n\r\nWEDNESDAY: GBP – Construction PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – Trade Balance.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – Services PMi.\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\n\r\nFRIDAY: CAD – Employment Data.\r\nFRIDAY: USD – Non-Farm Employment Change, Unemployment Rate.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nEUR/USD - Weekly Closing Price: 1.1445\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016-1024x477.png\" alt=\"EURUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4607\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016-1024x477.png\" alt=\"GBPUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7606\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7709\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016-1024x477.png\" alt=\"AUDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6979\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016-1024x477.png\" alt=\"NZDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2552\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016-1024x477.png\" alt=\"USDCAD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9592\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7714\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016-1024x477.png\" alt=\"USDCHF D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.31\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7715\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016-1024x477.png\" alt=\"USDJPY D 30042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe ended last week with the USD on the back foot. The JPY had fallen off the edge of the cliff.\r\n\r\nThis week we have Draghi, Jordan and Poloz on the wires… a fine compilation of central bankers if there ever was one.\r\n\r\nThere is a lot of AUD news including the RBA statement, NZD dairy auctions prices and jobs data, plus jobs data from Canada and the U.S. with Non-Farm payrolls closing the week.\r\n\r\nIt will be busy and we still have to cope with the JPY fallout and the YEN EFFECT.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 30th April 2016\r\nBLOG REFERENCE: #100 PREMIUM SERVICE\r\n\r\n&nbsp;','THE YEN EFFECT IS IN PLAY?','','inherit','closed','closed','','7731-revision-v1','','','2016-04-30 11:28:41','2016-04-30 16:28:41','',7731,'https://weeklyfxdrivethru.com/7731-revision-v1/',0,'revision','',0),(7734,1,'2016-04-30 11:45:43','2016-04-30 16:45:43','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI have often said to traders on line with SKYPE, FaceTime or at a LIVE event one should not consume alcohol when trading as it does impair ones decision making process and effectiveness of judgment.\r\n\r\nHaving said that above…Jesus, Mary and Joseph aren’t the recent moves in the Forex market enough to send “a sober as a judge” trader to the nearest bottle?\r\n\r\nThese recent moves are crazy and it seems to me that CHOP FEST trading is here to stay for the foreseeable future. I tweeted to subscribers during the week that it appeared to me that following the BOJ monetary policy announcement that the FX markets would be manipulated by the BOJ related moves through the JPY pairs and OIL. Without doubt, for the run up following the BOJ to the end of last week JPY moves pushed and pulled the DXY and OIL continued to push and pull equities.\r\n\r\nI found myself being a “voyeur trader” for many hours last week. My PLAN was to observe and pick off what I believed to be range extreme trades for the longer-term. Basically, that is what I did.\r\n\r\nFor my subscribers I introduced a series of what I have called “G” POSITION TRADES (I was originally looking at the G20 members). These were originally a series of trades that I looked at in January 2016. They are based upon many future bank Forex predictions for 2016 in line with my own thoughts. Earlier this year, DIVERGENCE just did not progress the way I thought that it would have, so I had kept my excel sheets in the background. With many pairs at range extremes, I felt this would be a good time to launch these trades (7 in total) based off LIMIT ORDER entries. Three are already LIVE and of the remaining four pairs, two almost went LIVE last Friday.\r\n\r\nIf I have five out of seven trading it will be an interesting bunch of longer-term trades to follow through 2016. At the end of this year, I will know whether my predictions have been good and the major banks performances will also be measurable. They are all low risk, small position sized trades.\r\n\r\nFrom a trading viewpoint, I think last week from a performance perspective, I have been what can be best described as “running to stand still”.\r\n\r\nOverall for the month of April, I am delighted and very happy.\r\n\r\nMoving forward…\r\n\r\nThis month’s PREMIUM SERVICE DRAW WINNER of a free 4-week connection to PREMIUM SERVICE (GOLD) is: -\r\n<p style=\"text-align: center;\"><strong>craigxxxxxxxx@gmail.com</strong></p>\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally in this section, I want to mention I am going on tour in a few weeks time.\r\n\r\nI am going off on the big bird from Montreal to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nSlightly delayed by a week but, over the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>PREMIUM SERVICE (GOLD):</strong></span></p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the\r\nWEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</strong></span></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,236\r\nNET PIPS THIS YEAR SO FAR:                +3,814</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nLast week was a tale of three central bank announcements.\r\n\r\nFOMC:\r\n\r\nPersonally, I thought that the FED was not as DOVISH as they have been in the past. The market reaction was a little muted as far as was concerned, although, I am of the opinion that with BREXIT or not, the June rate increase is still on the table.\r\n\r\nThe statement played down the global economic factors that had pre-occupied the thoughts of many analysts. The FED however, is still cautious moving forward, having said that removing the preventative language does free up a rate hike opportunity window at the June meeting.\r\n\r\nRBNZ:\r\n\r\nJust bloody typical; Wheeler maintains current rate levels and then attempts weak jawboning in the statement to try and place a cap <strong>of </strong>the NZD appreciation. The result from the markets was a raised index finger to the RBNZ and the NZD/USD ploughed higher…. In doing so screwed up my longer-term NZD related trade set-ups… bugger.\r\n\r\nSentiment is still in favour of further rate cuts in the future, I read at least one more maybe two. Lets see.\r\n\r\nBOJ:\r\n\r\nHoly crap; ahead of this statement the market was expecting the BOJ to possibly expand negative interest rates to bank loans and maybe even extend the QE (Quantitative Easing) program. The BOJ did nada.\r\n\r\nThe Nikkei dropped and closed the day down 3.7% and USD/JPY dropped 300 pips in 3 minutes. Unfortunately, I was asleep for it.\r\n\r\nIt does appear that the BOJ is NOT considering increasing stimulus at all in the near future. Like every other central bank, they lowered their growth and inflation targets once again and extended the time line to meet these lower objectives.\r\n\r\nJust to keep the markets on their feet and create as much confusion and uncertainty as possible, Kuroda warned about weakness in consumer spending, output and exports and then stated a “whatever” if needed. Which to my mind means, they could increase stimulus later on this year… go figure, its as clear as fecking mud.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE YEN EFFECT IS IN PLAY?</strong></p>\r\nTrading the Forex market is always a fascinating hobby or business, whichever describes your own situation the best. Over the past five days we had three central banks report in, the FED, the RBNZ and the BOJ. As we all know, central bank monetary policy decisions are the biggest drivers in the Forex market.\r\n\r\nWhen I first started trading myself, I remember one of the key phrases I latched onto was “never fight the FED”. This was basically a warning that over the longer-term perspective I should not be trading anti the central bank policy. For over nine years I have adhered to this, basically due to basic survival instincts, as the central banks around the world have much more money than me and if they wanted to, the buggers can also print more, my photocopies of bank notes are not welcome or accepted anywhere, which is all rather unfortunate if only they were what fun I would have.\r\n\r\nThis year its all been rather upside down with most central banks. As the “currency wars” intensified, we then had a G20 meeting when by all accounts words behind closed doors obviously took place and the intensity of trying to be the central bank that can weaken its currency the most seems to have come to a halt, well if not a halt it has calmed down a little.\r\n\r\nThat last paragraph was a load of crap…\r\n\r\nCurrency wars are STILL HERE. The only difference is that the markets are giving the previously worshipped “Little tin God’s” aka central bank governors and presidents two fingers with regards to their monetary policy initiatives. I believe this to be true with one exception; Janet Yellen at the FED. She still packs a punch and can provide the children on Wall Street from just jawboning alone market moves that can effectively mimic a 0.25% rate decrease or rate increase.\r\n\r\nHowever, that is all well and good, but the position with the BOJ is very much affecting what is happening and about to happen in the U.S.\r\n\r\nFirst of all, God love BOJ Governor Haruhiko Kuroda. It seems whatever he says or does the markets ignore him. Why is this the case?\r\n\r\nIn my opinion a lot of this is due to previous BOJ regimes. One thing that is important to markets is credibility. In the past the BOJ has huffed and puffed and never actually followed through.\r\n\r\nI know it has the biggest QE program ever. However, sometimes this is just not enough. Credibility in all aspects of life counts for a lot.\r\n\r\nThe BOJ has QQE, which is a fancy TLA (three letter abbreviation) for Quantitative and Qualitative Easing with a negative interest rate. The BOJ QE program received a fill overhaul in January this year.\r\n\r\nMoving back to credibility, when the negative interest rate was introduced it was done so as a token 0.10% with the view that it would be increased over time. I guess from January to April the markets felt that enough time had elapsed from the introduction and that they wanted to see how far would the BOJ venture deeper into negative rates like the ECB, Riksbank and Denmark’s Nationalbank in addition to the innovators of the scheme the SNB. The markets got their answer… no movement.\r\n\r\nThe BOJ is still buying assets to the amount of 80 trillion yen (USD$730 billion) per annum.\r\n\r\nDealing with the fallout. The USD/JPY fell over 300 pips in 3 minutes and all other JPY crosses recorded falls in a similar fashion. The problem of such a dramatic move ignoring why, just dealing with the facts, is that we now have a YEN EFFECT IN PLAY.\r\n\r\nAs the JPY strengthens across the board the USD index (DXY) is pressured lower resulting in widespread USD weakness.\r\n\r\nThis makes trading very difficult for the following reasons: -\r\n<ol>\r\n 	<li>The USD/JPY having had such a large move should either consolidate or pullback. It is doing neither it remains under pressure. The selling pressure is evident on the pair. Most the time it trades really heavily and even bounce attempt creates a CHOP FEST.Thus, the USD moves are also CHOPPY as a result with other pairs.</li>\r\n 	<li>Oil is priced in USD and whilst we are seeing Oil move higher in price, like many commodities and currency pairs we are at range extremes. This is creating false breakouts and breakdowns and more CHOP. As the JPY strengthens the USD weakens and OIL is affected. It is always dangerous to chase in markets but in these conditions its just stupid to think you know better.</li>\r\n 	<li>The JPY cross-rates are at times mimicking the USD/JPY directional moves. These moves are creating swings that have little to zero follow through. The end game is that the effects of the cross-rate moves are skewing the primary currency correlation to other markets at times, e.g. GOLD, OIL and COPPER. The result of this is that traders can be suckered into moves that they would not usually take and they are left hanging as the correlations swing back into position. It’s all very messy and typical of a CHOP FEST market driven by huge uncertainties and large unexpected moves that require time to consolidate and bed in, which of course is not happening at the moment.</li>\r\n 	<li>We had a situation on Friday when both the USD and GOLD were rallying at the same time, which can happen. However this is a correlation when, if out of sync spells danger ahead, usually for equities. The markets are definitely adjusting to the huge JPY move, the BOJ positioning and the effect on OIL prices.</li>\r\n</ol>\r\nBasically, we are in RED ALERT…DEFCON 1 territory in my opinion.\r\n\r\nThe JPY after the ECB and the FED is the third largest central bank and whilst the markets have given two fingers to the BOJ actions on policy, the ramifications of this will need to work through the comparative pricing and we will need to see some consolidation.\r\n\r\nRight now we have not even seen a pullback of 30-40 pips never mind a 38% retracement, not even a 23.6% retracement of the move has happened yet. Until we see a bit of normality I think, as traders should remain at DEFCON 1.\r\n\r\nThere is always the fear of central bank intervention. Just because the BOJ said its not interested in acting to intervene means nothing as history shows.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CHF – Thomas Jordan (SNB) speaks.\r\nMONDAY: AUD – Building Approvals.\r\nMONDAY: CNY – Manufacturing PMi.\r\n\r\nTUESDAY: AUD – RBA interest Rate and Monetary Policy Statement.\r\nTUESDAY: AUD – Annual Budget.\r\nTUESDAY: GBP – Manufacturing PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Results)\r\nTUESDAY: CAD – Stephen Poloz (BOC) speaks.\r\nTUESDAY: NZD – Employment Data.\r\n\r\nWEDNESDAY: GBP – Construction PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – Trade Balance.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – Services PMi.\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\n\r\nFRIDAY: CAD – Employment Data.\r\nFRIDAY: USD – Non-Farm Employment Change, Unemployment Rate.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1445\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016-1024x477.png\" alt=\"EURUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4607\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016-1024x477.png\" alt=\"GBPUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7606\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7709\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016-1024x477.png\" alt=\"AUDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6979\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016-1024x477.png\" alt=\"NZDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2552\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016-1024x477.png\" alt=\"USDCAD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9592\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7714\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016-1024x477.png\" alt=\"USDCHF D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.31\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7715\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016-1024x477.png\" alt=\"USDJPY D 30042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe ended last week with the USD on the back foot. The JPY had fallen off the edge of the cliff.\r\n\r\nThis week we have Draghi, Jordan and Poloz on the wires… a fine compilation of central bankers if there ever was one.\r\n\r\nThere is a lot of AUD news including the RBA statement, NZD dairy auctions prices and jobs data, plus jobs data from Canada and the U.S. with Non-Farm payrolls closing the week.\r\n\r\nIt will be busy and we still have to cope with the JPY fallout and the YEN EFFECT.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 30th April 2016\r\nBLOG REFERENCE: #199 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','THE YEN EFFECT IS IN PLAY?','','publish','open','closed','','yen-effect-play','','','2016-04-30 11:45:43','2016-04-30 16:45:43','',0,'https://weeklyfxdrivethru.com/?p=7734',0,'post','',0),(7735,1,'2016-04-30 11:44:39','2016-04-30 16:44:39','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI have often said to traders on line with SKYPE, FaceTime or at a LIVE event one should not consume alcohol when trading as it does impair ones decision making process and effectiveness of judgment.\r\n\r\nHaving said that above…Jesus, Mary and Joseph aren’t the recent moves in the Forex market enough to send “a sober as a judge” trader to the nearest bottle?\r\n\r\nThese recent moves are crazy and it seems to me that CHOP FEST trading is here to stay for the foreseeable future. I tweeted to subscribers during the week that it appeared to me that following the BOJ monetary policy announcement that the FX markets would be manipulated by the BOJ related moves through the JPY pairs and OIL. Without doubt, for the run up following the BOJ to the end of last week JPY moves pushed and pulled the DXY and OIL continued to push and pull equities.\r\n\r\nI found myself being a “voyeur trader” for many hours last week. My PLAN was to observe and pick off what I believed to be range extreme trades for the longer-term. Basically, that is what I did.\r\n\r\nFor my subscribers I introduced a series of what I have called “G” POSITION TRADES (I was originally looking at the G20 members). These were originally a series of trades that I looked at in January 2016. They are based upon many future bank Forex predictions for 2016 in line with my own thoughts. Earlier this year, DIVERGENCE just did not progress the way I thought that it would have, so I had kept my excel sheets in the background. With many pairs at range extremes, I felt this would be a good time to launch these trades (7 in total) based off LIMIT ORDER entries. Three are already LIVE and of the remaining four pairs, two almost went LIVE last Friday.\r\n\r\nIf I have five out of seven trading it will be an interesting bunch of longer-term trades to follow through 2016. At the end of this year, I will know whether my predictions have been good and the major banks performances will also be measurable. They are all low risk, small position sized trades.\r\n\r\nFrom a trading viewpoint, I think last week from a performance perspective, I have been what can be best described as “running to stand still”.\r\n\r\nOverall for the month of April, I am delighted and very happy.\r\n\r\nMoving forward…\r\n\r\nThis month’s PREMIUM SERVICE DRAW WINNER of a free 4-week connection to PREMIUM SERVICE (GOLD) is: -\r\n<p style=\"text-align: center;\"><strong>craigxxxxxxxx@gmail.com</strong></p>\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally in this section, I want to mention I am going on tour in a few weeks time.\r\n\r\nI am going off on the big bird from Montreal to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nSlightly delayed by a week but, over the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>PREMIUM SERVICE (GOLD):</strong></span></p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</strong></span></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +2,236\r\nNET PIPS THIS YEAR SO FAR:                +3,814</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nLast week was a tale of three central bank announcements.\r\n\r\nFOMC:\r\n\r\nPersonally, I thought that the FED was not as DOVISH as they have been in the past. The market reaction was a little muted as far as was concerned, although, I am of the opinion that with BREXIT or not, the June rate increase is still on the table.\r\n\r\nThe statement played down the global economic factors that had pre-occupied the thoughts of many analysts. The FED however, is still cautious moving forward, having said that removing the preventative language does free up a rate hike opportunity window at the June meeting.\r\n\r\nRBNZ:\r\n\r\nJust bloody typical; Wheeler maintains current rate levels and then attempts weak jawboning in the statement to try and place a cap <strong>of </strong>the NZD appreciation. The result from the markets was a raised index finger to the RBNZ and the NZD/USD ploughed higher…. In doing so screwed up my longer-term NZD related trade set-ups… bugger.\r\n\r\nSentiment is still in favour of further rate cuts in the future, I read at least one more maybe two. Lets see.\r\n\r\nBOJ:\r\n\r\nHoly crap; ahead of this statement the market was expecting the BOJ to possibly expand negative interest rates to bank loans and maybe even extend the QE (Quantitative Easing) program. The BOJ did nada.\r\n\r\nThe Nikkei dropped and closed the day down 3.7% and USD/JPY dropped 300 pips in 3 minutes. Unfortunately, I was asleep for it.\r\n\r\nIt does appear that the BOJ is NOT considering increasing stimulus at all in the near future. Like every other central bank, they lowered their growth and inflation targets once again and extended the time line to meet these lower objectives.\r\n\r\nJust to keep the markets on their feet and create as much confusion and uncertainty as possible, Kuroda warned about weakness in consumer spending, output and exports and then stated a “whatever” if needed. Which to my mind means, they could increase stimulus later on this year… go figure, its as clear as fecking mud.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE YEN EFFECT IS IN PLAY?</strong></p>\r\nTrading the Forex market is always a fascinating hobby or business, whichever describes your own situation the best. Over the past five days we had three central banks report in, the FED, the RBNZ and the BOJ. As we all know, central bank monetary policy decisions are the biggest drivers in the Forex market.\r\n\r\nWhen I first started trading myself, I remember one of the key phrases I latched onto was “never fight the FED”. This was basically a warning that over the longer-term perspective I should not be trading anti the central bank policy. For over nine years I have adhered to this, basically due to basic survival instincts, as the central banks around the world have much more money than me and if they wanted to, the buggers can also print more, my photocopies of bank notes are not welcome or accepted anywhere, which is all rather unfortunate if only they were what fun I would have.\r\n\r\nThis year its all been rather upside down with most central banks. As the “currency wars” intensified, we then had a G20 meeting when by all accounts words behind closed doors obviously took place and the intensity of trying to be the central bank that can weaken its currency the most seems to have come to a halt, well if not a halt it has calmed down a little.\r\n\r\nThat last paragraph was a load of crap…\r\n\r\nCurrency wars are STILL HERE. The only difference is that the markets are giving the previously worshipped “Little tin God’s” aka central bank governors and presidents two fingers with regards to their monetary policy initiatives. I believe this to be true with one exception; Janet Yellen at the FED. She still packs a punch and can provide the children on Wall Street from just jawboning alone market moves that can effectively mimic a 0.25% rate decrease or rate increase.\r\n\r\nHowever, that is all well and good, but the position with the BOJ is very much affecting what is happening and about to happen in the U.S.\r\n\r\nFirst of all, God love BOJ Governor Haruhiko Kuroda. It seems whatever he says or does the markets ignore him. Why is this the case?\r\n\r\nIn my opinion a lot of this is due to previous BOJ regimes. One thing that is important to markets is credibility. In the past the BOJ has huffed and puffed and never actually followed through.\r\n\r\nI know it has the biggest QE program ever. However, sometimes this is just not enough. Credibility in all aspects of life counts for a lot.\r\n\r\nThe BOJ has QQE, which is a fancy TLA (three letter abbreviation) for Quantitative and Qualitative Easing with a negative interest rate. The BOJ QE program received a fill overhaul in January this year.\r\n\r\nMoving back to credibility, when the negative interest rate was introduced it was done so as a token 0.10% with the view that it would be increased over time. I guess from January to April the markets felt that enough time had elapsed from the introduction and that they wanted to see how far would the BOJ venture deeper into negative rates like the ECB, Riksbank and Denmark’s Nationalbank in addition to the innovators of the scheme the SNB. The markets got their answer… no movement.\r\n\r\nThe BOJ is still buying assets to the amount of 80 trillion yen (USD$730 billion) per annum.\r\n\r\nDealing with the fallout. The USD/JPY fell over 300 pips in 3 minutes and all other JPY crosses recorded falls in a similar fashion. The problem of such a dramatic move ignoring why, just dealing with the facts, is that we now have a YEN EFFECT IN PLAY.\r\n\r\nAs the JPY strengthens across the board the USD index (DXY) is pressured lower resulting in widespread USD weakness.\r\n\r\nThis makes trading very difficult for the following reasons: -\r\n<ol>\r\n 	<li>The USD/JPY having had such a large move should either consolidate or pullback. It is doing neither it remains under pressure. The selling pressure is evident on the pair. Most the time it trades really heavily and even bounce attempt creates a CHOP FEST.\r\n\r\nThus, the USD moves are also CHOPPY as a result with other pairs.</li>\r\n 	<li>Oil is priced in USD and whilst we are seeing Oil move higher in price, like many commodities and currency pairs we are at range extremes. This is creating false breakouts and breakdowns and more CHOP. As the JPY strengthens the USD weakens and OIL is affected. It is always dangerous to chase in markets but in these conditions its just stupid to think you know better.</li>\r\n 	<li>The JPY cross-rates are at times mimicking the USD/JPY directional moves. These moves are creating swings that have little to zero follow through. The end game is that the effects of the cross-rate moves are skewing the primary currency correlation to other markets at times, e.g. GOLD, OIL and COPPER. The result of this is that traders can be suckered into moves that they would not usually take and they are left hanging as the correlations swing back into position. It’s all very messy and typical of a CHOP FEST market driven by huge uncertainties and large unexpected moves that require time to consolidate and bed in, which of course is not happening at the moment.</li>\r\n 	<li>We had a situation on Friday when both the USD and GOLD were rallying at the same time, which can happen. However this is a correlation when, if out of sync spells danger ahead, usually for equities. The markets are definitely adjusting to the huge JPY move, the BOJ positioning and the effect on OIL prices.</li>\r\n</ol>\r\nBasically, we are in RED ALERT…DEFCON 1 territory in my opinion.\r\n\r\nThe JPY after the ECB and the FED is the third largest central bank and whilst the markets have given two fingers to the BOJ actions on policy, the ramifications of this will need to work through the comparative pricing and we will need to see some consolidation.\r\n\r\nRight now we have not even seen a pullback of 30-40 pips never mind a 38% retracement, not even a 23.6% retracement of the move has happened yet. Until we see a bit of normality I think, as traders should remain at DEFCON 1.\r\n\r\nThere is always the fear of central bank intervention. Just because the BOJ said its not interested in acting to intervene means nothing as history shows.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CHF – Thomas Jordan (SNB) speaks.\r\nMONDAY: AUD – Building Approvals.\r\nMONDAY: CNY – Manufacturing PMi.\r\n\r\nTUESDAY: AUD – RBA interest Rate and Monetary Policy Statement.\r\nTUESDAY: AUD – Annual Budget.\r\nTUESDAY: GBP – Manufacturing PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Results)\r\nTUESDAY: CAD – Stephen Poloz (BOC) speaks.\r\nTUESDAY: NZD – Employment Data.\r\n\r\nWEDNESDAY: GBP – Construction PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – Trade Balance.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – Services PMi.\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\n\r\nFRIDAY: CAD – Employment Data.\r\nFRIDAY: USD – Non-Farm Employment Change, Unemployment Rate.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1445\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016-1024x477.png\" alt=\"EURUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4607\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016-1024x477.png\" alt=\"GBPUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7606\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7709\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016-1024x477.png\" alt=\"AUDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6979\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016-1024x477.png\" alt=\"NZDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2552\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016-1024x477.png\" alt=\"USDCAD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9592\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7714\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016-1024x477.png\" alt=\"USDCHF D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.31\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7715\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016-1024x477.png\" alt=\"USDJPY D 30042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe ended last week with the USD on the back foot. The JPY had fallen off the edge of the cliff.\r\n\r\nThis week we have Draghi, Jordan and Poloz on the wires… a fine compilation of central bankers if there ever was one.\r\n\r\nThere is a lot of AUD news including the RBA statement, NZD dairy auctions prices and jobs data, plus jobs data from Canada and the U.S. with Non-Farm payrolls closing the week.\r\n\r\nIt will be busy and we still have to cope with the JPY fallout and the YEN EFFECT.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 30th April 2016\r\nBLOG REFERENCE: #199 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','THE YEN EFFECT IS IN PLAY?','','inherit','closed','closed','','7734-revision-v1','','','2016-04-30 11:44:39','2016-04-30 16:44:39','',7734,'https://weeklyfxdrivethru.com/7734-revision-v1/',0,'revision','',0),(7736,1,'2016-04-30 11:45:43','2016-04-30 16:45:43','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI have often said to traders on line with SKYPE, FaceTime or at a LIVE event one should not consume alcohol when trading as it does impair ones decision making process and effectiveness of judgment.\r\n\r\nHaving said that above…Jesus, Mary and Joseph aren’t the recent moves in the Forex market enough to send “a sober as a judge” trader to the nearest bottle?\r\n\r\nThese recent moves are crazy and it seems to me that CHOP FEST trading is here to stay for the foreseeable future. I tweeted to subscribers during the week that it appeared to me that following the BOJ monetary policy announcement that the FX markets would be manipulated by the BOJ related moves through the JPY pairs and OIL. Without doubt, for the run up following the BOJ to the end of last week JPY moves pushed and pulled the DXY and OIL continued to push and pull equities.\r\n\r\nI found myself being a “voyeur trader” for many hours last week. My PLAN was to observe and pick off what I believed to be range extreme trades for the longer-term. Basically, that is what I did.\r\n\r\nFor my subscribers I introduced a series of what I have called “G” POSITION TRADES (I was originally looking at the G20 members). These were originally a series of trades that I looked at in January 2016. They are based upon many future bank Forex predictions for 2016 in line with my own thoughts. Earlier this year, DIVERGENCE just did not progress the way I thought that it would have, so I had kept my excel sheets in the background. With many pairs at range extremes, I felt this would be a good time to launch these trades (7 in total) based off LIMIT ORDER entries. Three are already LIVE and of the remaining four pairs, two almost went LIVE last Friday.\r\n\r\nIf I have five out of seven trading it will be an interesting bunch of longer-term trades to follow through 2016. At the end of this year, I will know whether my predictions have been good and the major banks performances will also be measurable. They are all low risk, small position sized trades.\r\n\r\nFrom a trading viewpoint, I think last week from a performance perspective, I have been what can be best described as “running to stand still”.\r\n\r\nOverall for the month of April, I am delighted and very happy.\r\n\r\nMoving forward…\r\n\r\nThis month’s PREMIUM SERVICE DRAW WINNER of a free 4-week connection to PREMIUM SERVICE (GOLD) is: -\r\n<p style=\"text-align: center;\"><strong>craigxxxxxxxx@gmail.com</strong></p>\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally in this section, I want to mention I am going on tour in a few weeks time.\r\n\r\nI am going off on the big bird from Montreal to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nSlightly delayed by a week but, over the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>PREMIUM SERVICE (GOLD):</strong></span></p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the\r\nWEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</strong></span></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,236\r\nNET PIPS THIS YEAR SO FAR:                +3,814</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nLast week was a tale of three central bank announcements.\r\n\r\nFOMC:\r\n\r\nPersonally, I thought that the FED was not as DOVISH as they have been in the past. The market reaction was a little muted as far as was concerned, although, I am of the opinion that with BREXIT or not, the June rate increase is still on the table.\r\n\r\nThe statement played down the global economic factors that had pre-occupied the thoughts of many analysts. The FED however, is still cautious moving forward, having said that removing the preventative language does free up a rate hike opportunity window at the June meeting.\r\n\r\nRBNZ:\r\n\r\nJust bloody typical; Wheeler maintains current rate levels and then attempts weak jawboning in the statement to try and place a cap <strong>of </strong>the NZD appreciation. The result from the markets was a raised index finger to the RBNZ and the NZD/USD ploughed higher…. In doing so screwed up my longer-term NZD related trade set-ups… bugger.\r\n\r\nSentiment is still in favour of further rate cuts in the future, I read at least one more maybe two. Lets see.\r\n\r\nBOJ:\r\n\r\nHoly crap; ahead of this statement the market was expecting the BOJ to possibly expand negative interest rates to bank loans and maybe even extend the QE (Quantitative Easing) program. The BOJ did nada.\r\n\r\nThe Nikkei dropped and closed the day down 3.7% and USD/JPY dropped 300 pips in 3 minutes. Unfortunately, I was asleep for it.\r\n\r\nIt does appear that the BOJ is NOT considering increasing stimulus at all in the near future. Like every other central bank, they lowered their growth and inflation targets once again and extended the time line to meet these lower objectives.\r\n\r\nJust to keep the markets on their feet and create as much confusion and uncertainty as possible, Kuroda warned about weakness in consumer spending, output and exports and then stated a “whatever” if needed. Which to my mind means, they could increase stimulus later on this year… go figure, its as clear as fecking mud.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE YEN EFFECT IS IN PLAY?</strong></p>\r\nTrading the Forex market is always a fascinating hobby or business, whichever describes your own situation the best. Over the past five days we had three central banks report in, the FED, the RBNZ and the BOJ. As we all know, central bank monetary policy decisions are the biggest drivers in the Forex market.\r\n\r\nWhen I first started trading myself, I remember one of the key phrases I latched onto was “never fight the FED”. This was basically a warning that over the longer-term perspective I should not be trading anti the central bank policy. For over nine years I have adhered to this, basically due to basic survival instincts, as the central banks around the world have much more money than me and if they wanted to, the buggers can also print more, my photocopies of bank notes are not welcome or accepted anywhere, which is all rather unfortunate if only they were what fun I would have.\r\n\r\nThis year its all been rather upside down with most central banks. As the “currency wars” intensified, we then had a G20 meeting when by all accounts words behind closed doors obviously took place and the intensity of trying to be the central bank that can weaken its currency the most seems to have come to a halt, well if not a halt it has calmed down a little.\r\n\r\nThat last paragraph was a load of crap…\r\n\r\nCurrency wars are STILL HERE. The only difference is that the markets are giving the previously worshipped “Little tin God’s” aka central bank governors and presidents two fingers with regards to their monetary policy initiatives. I believe this to be true with one exception; Janet Yellen at the FED. She still packs a punch and can provide the children on Wall Street from just jawboning alone market moves that can effectively mimic a 0.25% rate decrease or rate increase.\r\n\r\nHowever, that is all well and good, but the position with the BOJ is very much affecting what is happening and about to happen in the U.S.\r\n\r\nFirst of all, God love BOJ Governor Haruhiko Kuroda. It seems whatever he says or does the markets ignore him. Why is this the case?\r\n\r\nIn my opinion a lot of this is due to previous BOJ regimes. One thing that is important to markets is credibility. In the past the BOJ has huffed and puffed and never actually followed through.\r\n\r\nI know it has the biggest QE program ever. However, sometimes this is just not enough. Credibility in all aspects of life counts for a lot.\r\n\r\nThe BOJ has QQE, which is a fancy TLA (three letter abbreviation) for Quantitative and Qualitative Easing with a negative interest rate. The BOJ QE program received a fill overhaul in January this year.\r\n\r\nMoving back to credibility, when the negative interest rate was introduced it was done so as a token 0.10% with the view that it would be increased over time. I guess from January to April the markets felt that enough time had elapsed from the introduction and that they wanted to see how far would the BOJ venture deeper into negative rates like the ECB, Riksbank and Denmark’s Nationalbank in addition to the innovators of the scheme the SNB. The markets got their answer… no movement.\r\n\r\nThe BOJ is still buying assets to the amount of 80 trillion yen (USD$730 billion) per annum.\r\n\r\nDealing with the fallout. The USD/JPY fell over 300 pips in 3 minutes and all other JPY crosses recorded falls in a similar fashion. The problem of such a dramatic move ignoring why, just dealing with the facts, is that we now have a YEN EFFECT IN PLAY.\r\n\r\nAs the JPY strengthens across the board the USD index (DXY) is pressured lower resulting in widespread USD weakness.\r\n\r\nThis makes trading very difficult for the following reasons: -\r\n<ol>\r\n 	<li>The USD/JPY having had such a large move should either consolidate or pullback. It is doing neither it remains under pressure. The selling pressure is evident on the pair. Most the time it trades really heavily and even bounce attempt creates a CHOP FEST.Thus, the USD moves are also CHOPPY as a result with other pairs.</li>\r\n 	<li>Oil is priced in USD and whilst we are seeing Oil move higher in price, like many commodities and currency pairs we are at range extremes. This is creating false breakouts and breakdowns and more CHOP. As the JPY strengthens the USD weakens and OIL is affected. It is always dangerous to chase in markets but in these conditions its just stupid to think you know better.</li>\r\n 	<li>The JPY cross-rates are at times mimicking the USD/JPY directional moves. These moves are creating swings that have little to zero follow through. The end game is that the effects of the cross-rate moves are skewing the primary currency correlation to other markets at times, e.g. GOLD, OIL and COPPER. The result of this is that traders can be suckered into moves that they would not usually take and they are left hanging as the correlations swing back into position. It’s all very messy and typical of a CHOP FEST market driven by huge uncertainties and large unexpected moves that require time to consolidate and bed in, which of course is not happening at the moment.</li>\r\n 	<li>We had a situation on Friday when both the USD and GOLD were rallying at the same time, which can happen. However this is a correlation when, if out of sync spells danger ahead, usually for equities. The markets are definitely adjusting to the huge JPY move, the BOJ positioning and the effect on OIL prices.</li>\r\n</ol>\r\nBasically, we are in RED ALERT…DEFCON 1 territory in my opinion.\r\n\r\nThe JPY after the ECB and the FED is the third largest central bank and whilst the markets have given two fingers to the BOJ actions on policy, the ramifications of this will need to work through the comparative pricing and we will need to see some consolidation.\r\n\r\nRight now we have not even seen a pullback of 30-40 pips never mind a 38% retracement, not even a 23.6% retracement of the move has happened yet. Until we see a bit of normality I think, as traders should remain at DEFCON 1.\r\n\r\nThere is always the fear of central bank intervention. Just because the BOJ said its not interested in acting to intervene means nothing as history shows.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CHF – Thomas Jordan (SNB) speaks.\r\nMONDAY: AUD – Building Approvals.\r\nMONDAY: CNY – Manufacturing PMi.\r\n\r\nTUESDAY: AUD – RBA interest Rate and Monetary Policy Statement.\r\nTUESDAY: AUD – Annual Budget.\r\nTUESDAY: GBP – Manufacturing PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Results)\r\nTUESDAY: CAD – Stephen Poloz (BOC) speaks.\r\nTUESDAY: NZD – Employment Data.\r\n\r\nWEDNESDAY: GBP – Construction PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – Trade Balance.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – Services PMi.\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\n\r\nFRIDAY: CAD – Employment Data.\r\nFRIDAY: USD – Non-Farm Employment Change, Unemployment Rate.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1445\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016-1024x477.png\" alt=\"EURUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4607\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016-1024x477.png\" alt=\"GBPUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7606\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7709\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016-1024x477.png\" alt=\"AUDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6979\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016-1024x477.png\" alt=\"NZDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2552\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016-1024x477.png\" alt=\"USDCAD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9592\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7714\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016-1024x477.png\" alt=\"USDCHF D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.31\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7715\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016-1024x477.png\" alt=\"USDJPY D 30042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe ended last week with the USD on the back foot. The JPY had fallen off the edge of the cliff.\r\n\r\nThis week we have Draghi, Jordan and Poloz on the wires… a fine compilation of central bankers if there ever was one.\r\n\r\nThere is a lot of AUD news including the RBA statement, NZD dairy auctions prices and jobs data, plus jobs data from Canada and the U.S. with Non-Farm payrolls closing the week.\r\n\r\nIt will be busy and we still have to cope with the JPY fallout and the YEN EFFECT.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 30th April 2016\r\nBLOG REFERENCE: #199 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','THE YEN EFFECT IS IN PLAY?','','inherit','closed','closed','','7734-revision-v1','','','2016-04-30 11:45:43','2016-04-30 16:45:43','',7734,'https://weeklyfxdrivethru.com/7734-revision-v1/',0,'revision','',0),(7737,1,'2016-05-01 01:23:12','2016-05-01 06:23:12','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI have often said to traders on line with SKYPE, FaceTime or at a LIVE event one should not consume alcohol when trading as it does impair ones decision making process and effectiveness of judgment.\r\n\r\nHaving said that above…Jesus, Mary and Joseph aren’t the recent moves in the Forex market enough to send “a sober as a judge” trader to the nearest bottle?\r\n\r\nThese recent moves are crazy and it seems to me that CHOP FEST trading is here to stay for the foreseeable future. I tweeted to subscribers during the week that it appeared to me that following the BOJ monetary policy announcement that the FX markets would be manipulated by the BOJ related moves through the JPY pairs and OIL. Without doubt, for the run up following the BOJ to the end of last week JPY moves pushed and pulled the DXY and OIL continued to push and pull equities.\r\n\r\nI found myself being a “voyeur trader” for many hours last week. My PLAN was to observe and pick off what I believed to be range extreme trades for the longer-term. Basically, that is what I did.\r\n\r\nFor my subscribers I introduced a series of what I have called “G” POSITION TRADES (I was originally looking at the G20 members). These were originally a series of trades that I looked at in January 2016. They are based upon many future bank Forex predictions for 2016 in line with my own thoughts. Earlier this year, DIVERGENCE just did not progress the way I thought that it would have, so I had kept my excel sheets in the background. With many pairs at range extremes, I felt this would be a good time to launch these trades (7 in total) based off LIMIT ORDER entries. Three are already LIVE and of the remaining four pairs, two almost went LIVE last Friday.\r\n\r\nIf I have five out of seven trading it will be an interesting bunch of longer-term trades to follow through 2016. At the end of this year, I will know whether my predictions have been good and the major banks performances will also be measurable. They are all low risk, small position sized trades.\r\n\r\nFrom a trading viewpoint, I think last week from a performance perspective, I have been what can be best described as “running to stand still”.\r\n\r\nOverall for the month of April, I am delighted and very happy.\r\n\r\nMoving forward…\r\n\r\nThis month’s PREMIUM SERVICE DRAW WINNER of a free 4-week connection to PREMIUM SERVICE (GOLD) is: -\r\n\r\ncraigxxxxxxxx@gmail.com\r\n\r\nJust to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nFinally in this section, I want to mention I am going on tour in a few weeks time.\r\n\r\nI am going off on the big bird from Montreal to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"624\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\n<u>PLEASE NOTE:</u>\r\n\r\nSlightly delayed by a week but, over the next few days, as well as 2016 subscription prices being revised, I will also be switching to CAD$ for payment rather then USD$, which makes more sense given that I live in Canada.\r\n\r\nIf you are thinking of subscribing and want to beat a price rise… do it very soon. By next weekend, I expect my new gateway to be on the website and 100% operational.\r\n\r\nMoving on…\r\n\r\nDetails of features and benefits a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n<p style=\"text-align: center;\">The current subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE (GOLD):</p>\r\n<p style=\"text-align: center;\">USD$295.00 - 10 weeks (3 months)\r\nUSD$495.00 - 20 weeks (6 months)\r\nUSD$795.00 - 40 weeks (12 months)</p>\r\n<p style=\"text-align: center;\">I work for 40 weeks or so a year, the annual subscription is based on 40 published blogs\r\nof the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u> </u></p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +2,236\r\nNET PIPS THIS YEAR SO FAR:                +3,814</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nLast week was a tale of three central bank announcements.\r\n\r\nFOMC:\r\n\r\nPersonally, I thought that the FED was not as DOVISH as they have been in the past. The market reaction was a little muted as far as was concerned, although, I am of the opinion that with BREXIT or not, the June rate increase is still on the table.\r\n\r\nThe statement played down the global economic factors that had pre-occupied the thoughts of many analysts. The FED however, is still cautious moving forward, having said that removing the preventative language does free up a rate hike opportunity window at the June meeting.\r\n\r\nRBNZ:\r\n\r\nJust bloody typical; Wheeler maintains current rate levels and then attempts weak jawboning in the statement to try and place a cap <strong>of </strong>the NZD appreciation. The result from the markets was a raised index finger to the RBNZ and the NZD/USD ploughed higher…. In doing so screwed up my longer-term NZD related trade set-ups… bugger.\r\n\r\nSentiment is still in favour of further rate cuts in the future, I read at least one more maybe two. Lets see.\r\n\r\nBOJ:\r\n\r\nHoly crap; ahead of this statement the market was expecting the BOJ to possibly expand negative interest rates to bank loans and maybe even extend the QE (Quantitative Easing) program. The BOJ did nada.\r\n\r\nThe Nikkei dropped and closed the day down 3.7% and USD/JPY dropped 300 pips in 3 minutes. Unfortunately, I was asleep for it.\r\n\r\nIt does appear that the BOJ is NOT considering increasing stimulus at all in the near future. Like every other central bank, they lowered their growth and inflation targets once again and extended the time line to meet these lower objectives.\r\n\r\nJust to keep the markets on their feet and create as much confusion and uncertainty as possible, Kuroda warned about weakness in consumer spending, output and exports and then stated a “whatever” if needed. Which to my mind means, they could increase stimulus later on this year… go figure, its as clear as fecking mud.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE YEN EFFECT IS IN PLAY?</strong></p>\r\nTrading the Forex market is always a fascinating hobby or business, whichever describes your own situation the best. Over the past five days we had three central banks report in, the FED, the RBNZ and the BOJ. As we all know, central bank monetary policy decisions are the biggest drivers in the Forex market.\r\n\r\nWhen I first started trading myself, I remember one of the key phrases I latched onto was “never fight the FED”. This was basically a warning that over the longer-term perspective I should not be trading anti the central bank policy. For over nine years I have adhered to this, basically due to basic survival instincts, as the central banks around the world have much more money than me and if they wanted to, the buggers can also print more, my photocopies of bank notes are not welcome or accepted anywhere, which is all rather unfortunate if only they were what fun I would have.\r\n\r\nThis year its all been rather upside down with most central banks. As the “currency wars” intensified, we then had a G20 meeting when by all accounts words behind closed doors obviously took place and the intensity of trying to be the central bank that can weaken its currency the most seems to have come to a halt, well if not a halt it has calmed down a little.\r\n\r\nThat last paragraph was a load of crap…\r\n\r\nCurrency wars are STILL HERE. The only difference is that the markets are giving the previously worshipped “Little tin God’s” aka central bank governors and presidents two fingers with regards to their monetary policy initiatives. I believe this to be true with one exception; Janet Yellen at the FED. She still packs a punch and can provide the children on Wall Street from just jawboning alone market moves that can effectively mimic a 0.25% rate decrease or rate increase.\r\n\r\nHowever, that is all well and good, but the position with the BOJ is very much affecting what is happening and about to happen in the U.S.\r\n\r\nFirst of all, God love BOJ Governor Haruhiko Kuroda. It seems whatever he says or does the markets ignore him. Why is this the case?\r\n\r\nIn my opinion a lot of this is due to previous BOJ regimes. One thing that is important to markets is credibility. In the past the BOJ has huffed and puffed and never actually followed through.\r\n\r\nI know it has the biggest QE program ever. However, sometimes this is just not enough. Credibility in all aspects of life counts for a lot.\r\n\r\nThe BOJ has QQE, which is a fancy TLA (three letter abbreviation) for Quantitative and Qualitative Easing with a negative interest rate. The BOJ QE program received a fill overhaul in January this year.\r\n\r\nMoving back to credibility, when the negative interest rate was introduced it was done so as a token 0.10% with the view that it would be increased over time. I guess from January to April the markets felt that enough time had elapsed from the introduction and that they wanted to see how far would the BOJ venture deeper into negative rates like the ECB, Riksbank and Denmark’s Nationalbank in addition to the innovators of the scheme the SNB. The markets got their answer… no movement.\r\n\r\nThe BOJ is still buying assets to the amount of 80 trillion yen (USD$730 billion) per annum.\r\n\r\nDealing with the fallout. The USD/JPY fell over 300 pips in 3 minutes and all other JPY crosses recorded falls in a similar fashion. The problem of such a dramatic move ignoring why, just dealing with the facts, is that we now have a YEN EFFECT IN PLAY.\r\n\r\nAs the JPY strengthens across the board the USD index (DXY) is pressured lower resulting in widespread USD weakness.\r\n\r\nThis makes trading very difficult for the following reasons: -\r\n<ol>\r\n 	<li>The USD/JPY having had such a large move should either consolidate or pullback. It is doing neither it remains under pressure. The selling pressure is evident on the pair. Most the time it trades really heavily and even bounce attempt creates a CHOP FEST.Thus, the USD moves are also CHOPPY as a result with other pairs.</li>\r\n 	<li>Oil is priced in USD and whilst we are seeing Oil move higher in price, like many commodities and currency pairs we are at range extremes. This is creating false breakouts and breakdowns and more CHOP. As the JPY strengthens the USD weakens and OIL is affected. It is always dangerous to chase in markets but in these conditions its just stupid to think you know better.</li>\r\n 	<li>The JPY cross-rates are at times mimicking the USD/JPY directional moves. These moves are creating swings that have little to zero follow through. The end game is that the effects of the cross-rate moves are skewing the primary currency correlation to other markets at times, e.g. GOLD, OIL and COPPER. The result of this is that traders can be suckered into moves that they would not usually take and they are left hanging as the correlations swing back into position. It’s all very messy and typical of a CHOP FEST market driven by huge uncertainties and large unexpected moves that require time to consolidate and bed in, which of course is not happening at the moment.</li>\r\n 	<li>We had a situation on Friday when both the USD and GOLD were rallying at the same time, which can happen. However this is a correlation when, if out of sync spells danger ahead, usually for equities. The markets are definitely adjusting to the huge JPY move, the BOJ positioning and the effect on OIL prices.</li>\r\n</ol>\r\nBasically, we are in RED ALERT…DEFCON 1 territory in my opinion.\r\n\r\nThe JPY after the ECB and the FED is the third largest central bank and whilst the markets have given two fingers to the BOJ actions on policy, the ramifications of this will need to work through the comparative pricing and we will need to see some consolidation.\r\n\r\nRight now we have not even seen a pullback of 30-40 pips never mind a 38% retracement, not even a 23.6% retracement of the move has happened yet. Until we see a bit of normality I think, as traders should remain at DEFCON 1.\r\n\r\nThere is always the fear of central bank intervention. Just because the BOJ said its not interested in acting to intervene means nothing as history shows.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nTRADING REVIEW:\r\n\r\nNot a lot to report on this past week.\r\n\r\nThe RBNZ really pissed me off and the continued strength in the NZD is bugging the crap out of me. It is an annoying currency at the best of times, and yet, it used to be my favourite.\r\n\r\nHaving said that the RBNZ will ease once, maybe twice more this year with the next rate cut expected at the next meeting. After this meeting I will tidy up all the AUD/NZD, GBP/NZD and NZD/USD trades and trim them back to just a core trade from which to add fresh trades. Over the past few weeks I have been closing them in the wrong order really and took pips sometimes at the wrong times.\r\n\r\nI am still very bearish the CHF pairs and over the next couple of weeks I want to look to add back AUD/CHF and either CAD/CHF or NZD/CHF trades. I have a full portfolio in position of USD/CHF trades at the moment and I know when I would like to add further positions.\r\n\r\nLooking at the April performance; generating 2,236 pips in profit has placed the PREMIUM SERVICE only 25 pips behind the 2015 performance for the same period. To quote an old English footballer Jimmy Greaves – “I am over the moon saint” (The “saint” reference was to greaves’ TV pundit co-presenter Ian St John).\r\n\r\nIn April, the percentage relationship between profit and loss making trades was 84% v 16%, this I am really happy with given the fact that we are in a CHOP FEST market. Year to date the performance is 77% v 23%, just above my 75% v 25% annual objective.\r\n\r\nI am going to continue looking for longer-term set-ups, because at the moment the shorter-term views are frankly rather pointless. I am not and never will be a 5 to 15 minute trader; whilst I have done trades like these I do NOT consider myself really good at it, so I would rather play to my strengths.\r\n\r\nMy tour preparations are still progressing well and I am still learning more about POWERPOINT as everyday passes. I have quite a few people promised to attend now and seats are starting to fill up, even though the full-on media advertising is not scheduled to commence until early June.\r\n\r\nI just hope that with all the costs of promotion etc. and getting there that I can get bums on seats. If you have people who are interested in attending, please get them to register at <a href=\"mailto:events@thepremiumservice.com\">events@thepremiumservice.com</a>\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nThe subscriptions change never happened last week. Between my time available and diary pressures with Claudia (web site guru) we never got a chance to sit down and run through everything.\r\n\r\nIt will be done this week - it has to be. I am now getting pressure from my new gateway provider to make the switch away from PayPal.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIVE-TRADES-30042016.png\"><img class=\"aligncenter size-full wp-image-7705\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIVE-TRADES-30042016.png\" alt=\"LIVE TRADES 30042016\" width=\"830\" height=\"587\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIMIT-ORDERS-30042016.png\"><img class=\"aligncenter size-full wp-image-7704\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/LIMIT-ORDERS-30042016.png\" alt=\"LIMIT ORDERS 30042016\" width=\"760\" height=\"459\" /></a> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CHF – Thomas Jordan (SNB) speaks.\r\nMONDAY: AUD – Building Approvals.\r\nMONDAY: CNY – Manufacturing PMi.\r\n\r\nTUESDAY: AUD – RBA interest Rate and Monetary Policy Statement.\r\nTUESDAY: AUD – Annual Budget.\r\nTUESDAY: GBP – Manufacturing PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Results)\r\nTUESDAY: CAD – Stephen Poloz (BOC) speaks.\r\nTUESDAY: NZD – Employment Data.\r\n\r\nWEDNESDAY: GBP – Construction PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – Trade Balance.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – Services PMi.\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\n\r\nFRIDAY: CAD – Employment Data.\r\nFRIDAY: USD – Non-Farm Employment Change, Unemployment Rate.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nEUR/USD - Weekly Closing Price: 1.1445\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7710\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-D-30042016-1024x477.png\" alt=\"EURUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4607\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7711\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-D-30042016-1024x477.png\" alt=\"GBPUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7606\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7709\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-D-30042016-1024x477.png\" alt=\"AUDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6979\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7712\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-D-30042016-1024x477.png\" alt=\"NZDUSD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2552\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7713\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-D-30042016-1024x477.png\" alt=\"USDCAD D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9592\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7714\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-D-30042016-1024x477.png\" alt=\"USDCHF D 30042016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.31\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016.png\"><img class=\"aligncenter size-large wp-image-7715\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-D-30042016-1024x477.png\" alt=\"USDJPY D 30042016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe ended last week with the USD on the back foot. The JPY had fallen off the edge of the cliff.\r\n\r\nThis week we have Draghi, Jordan and Poloz on the wires… a fine compilation of central bankers if there ever was one.\r\n\r\nThere is a lot of AUD news including the RBA statement, NZD dairy auctions prices and jobs data, plus jobs data from Canada and the U.S. with Non-Farm payrolls closing the week.\r\n\r\nIt will be busy and we still have to cope with the JPY fallout and the YEN EFFECT.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 30th April 2016\r\nBLOG REFERENCE: #100 PREMIUM SERVICE\r\n\r\n&nbsp;','THE YEN EFFECT IS IN PLAY?','','inherit','closed','closed','','7731-revision-v1','','','2016-05-01 01:23:12','2016-05-01 06:23:12','',7731,'https://weeklyfxdrivethru.com/7731-revision-v1/',0,'revision','',0),(7740,16,'2016-05-04 14:04:44','2016-05-04 19:04:44','','The-Premium-Service-Dices','','inherit','open','closed','','dices','','','2016-05-04 14:06:20','2016-05-04 19:06:20','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Dices.jpg',0,'attachment','image/jpeg',0),(7742,16,'2016-05-04 14:08:51','2016-05-04 19:08:51','','AchieveSuccessTodayBanner','','inherit','open','closed','','achievesuccesstodaybanner','','','2017-01-04 10:40:33','2017-01-04 15:40:33','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AchieveSuccessTodayBanner.jpg',0,'attachment','image/jpeg',0),(7744,16,'2016-05-04 14:12:17','2016-05-04 19:12:17','','1-Month-Subscriptions','','inherit','open','closed','','1-month-subscriptions','','','2016-05-04 14:20:25','2016-05-04 19:20:25','',7749,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/1-Month-Subscriptions.jpg',0,'attachment','image/jpeg',0),(7745,16,'2016-05-04 14:12:22','2016-05-04 19:12:22','','3-Months-Subscription','','inherit','open','closed','','3-months-subscription','','','2016-05-04 14:21:24','2016-05-04 19:21:24','',7749,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/3-Months-Subscription.jpg',0,'attachment','image/jpeg',0),(7746,16,'2016-05-04 14:12:43','2016-05-04 19:12:43','','6-Months-Subscriptions','','inherit','open','closed','','6-months-subscriptions','','','2016-05-04 14:22:16','2016-05-04 19:22:16','',7749,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/6-Months-Subscriptions.jpg',0,'attachment','image/jpeg',0),(7747,16,'2016-05-04 14:13:04','2016-05-04 19:13:04','','Annual-Subscription','','inherit','open','closed','','annual-subscription','','','2016-05-04 14:23:16','2016-05-04 19:23:16','',7749,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription.jpg',0,'attachment','image/jpeg',0),(7748,16,'2016-05-04 14:13:11','2016-05-04 19:13:11','','Annual-Subscription-renewal','','inherit','open','closed','','annual-subscription-renewal','','','2016-05-04 14:17:24','2016-05-04 19:17:24','',7749,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-renewal.jpg',0,'attachment','image/jpeg',0),(7749,16,'2016-05-09 10:13:27','2016-05-09 15:13:27','[s2If current_user_is(administrator)]\r\n    Hello Site Administrator you can access all content :)\r\n[/s2If]\r\n[s2If current_user_is(s2member_level4)]\r\n    <section class=\"clearfix\">\r\n\r\n<div class=\"one-fourth first membership\">\r\n<a href=\"https://weeklyfxdrivethru.com/premium-service-annual-subscription-renewal/\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-renewal.jpg\" alt=\"Premium Service Annual Subscription-renewal\" width=\"400\"  class=\"alignleft size-full wp-image-7748\" /></a><h3>Premium Service Annual Renewal</h3><h2 class=\"price\">CAD $1000.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"https://weeklyfxdrivethru.com/premium-service-annual-subscription-renewal/\"> Buy Now</a>\r\n</div>\r\n</section>\r\n[/s2If]\r\n\r\n[s2If current_user_is(s2member_level2)]\r\n    Please renew your Premium Service Subscription after logging out\r\n[/s2If]\r\n[s2If !is_user_logged_in()]\r\n<section class=\"clearfix\">\r\n\r\n\r\n\r\n<div class=\"one-third first membership\">\r\n<a href=\"./premium-service-10-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/3-Months-Subscription.jpg\" alt=\"Premium Service 3-Months-Subscription\" width=\"400\"  class=\"alignleft size-full wp-image-7745\" /></a><h3>3 Months Subscription</h3><h2 class=\"price\">CAD $1000.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-10-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-third membership\">\r\n<a href=\"./premium-service-20-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/6-Months-Subscriptions.jpg\" alt=\"Premium Service 6-Months-Subscriptions\" width=\"400\"  class=\"alignleft size-full wp-image-7746\" /></a><h3>6 Months Subscription</h3><h2 class=\"price\">CAD $1500.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-20-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-third membership\">\r\n<a href=\"./premium-service-40-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription.jpg\" alt=\"Premium Service Annual-Subscription\" width=\"750\" height=\"750\" class=\"alignleft size-full wp-image-7747\" /></a><h3>Annual Subscription</h3><h2 class=\"price\">CAD $2500.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-40-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n</section>\r\n[/s2If]\r\n','Subscription Options','','publish','closed','closed','','subscription-options','','','2017-01-04 10:12:10','2017-01-04 15:12:10','',0,'https://weeklyfxdrivethru.com/?page_id=7749',0,'page','',0),(8849,16,'2017-01-04 10:12:10','2017-01-04 15:12:10','[s2If current_user_is(administrator)]\r\n    Hello Site Administrator you can access all content :)\r\n[/s2If]\r\n[s2If current_user_is(s2member_level4)]\r\n    <section class=\"clearfix\">\r\n\r\n<div class=\"one-fourth first membership\">\r\n<a href=\"https://weeklyfxdrivethru.com/premium-service-annual-subscription-renewal/\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-renewal.jpg\" alt=\"Premium Service Annual Subscription-renewal\" width=\"400\"  class=\"alignleft size-full wp-image-7748\" /></a><h3>Premium Service Annual Renewal</h3><h2 class=\"price\">CAD $1000.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"https://weeklyfxdrivethru.com/premium-service-annual-subscription-renewal/\"> Buy Now</a>\r\n</div>\r\n</section>\r\n[/s2If]\r\n\r\n[s2If current_user_is(s2member_level2)]\r\n    Please renew your Premium Service Subscription after logging out\r\n[/s2If]\r\n[s2If !is_user_logged_in()]\r\n<section class=\"clearfix\">\r\n\r\n\r\n\r\n<div class=\"one-third first membership\">\r\n<a href=\"./premium-service-10-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/3-Months-Subscription.jpg\" alt=\"Premium Service 3-Months-Subscription\" width=\"400\"  class=\"alignleft size-full wp-image-7745\" /></a><h3>3 Months Subscription</h3><h2 class=\"price\">CAD $1000.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-10-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-third membership\">\r\n<a href=\"./premium-service-20-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/6-Months-Subscriptions.jpg\" alt=\"Premium Service 6-Months-Subscriptions\" width=\"400\"  class=\"alignleft size-full wp-image-7746\" /></a><h3>6 Months Subscription</h3><h2 class=\"price\">CAD $1500.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-20-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-third membership\">\r\n<a href=\"./premium-service-40-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription.jpg\" alt=\"Premium Service Annual-Subscription\" width=\"750\" height=\"750\" class=\"alignleft size-full wp-image-7747\" /></a><h3>Annual Subscription</h3><h2 class=\"price\">CAD $2500.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-40-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n</section>\r\n[/s2If]\r\n','Subscription Options','','inherit','closed','closed','','7749-revision-v1','','','2017-01-04 10:12:10','2017-01-04 15:12:10','',7749,'http://weeklyfxdrivethru.com/7749-revision-v1/',0,'revision','',0),(7750,16,'2016-05-04 14:19:23','2016-05-04 19:19:23','[s2If current_user_is(administrator)]\r\n    Hello Site Administrator you can access all content :)\r\n[/s2If]\r\n[s2If current_user_is(s2member_level4)]\r\n    <section class=\"clearfix\">\r\n\r\n<div class=\"one-fourth first membership\">\r\n<a href=\"./premium-service-annual-renewal\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-renewal.jpg\" alt=\"Premium Service Annual Subscription-renewal\" width=\"400\"  class=\"alignleft size-full wp-image-7748\" /></a><h3>Premium Service Annual Renewal</h3><h2 class=\"price\">CAD $1000.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-annual-renewal\"> Buy Now</a>\r\n</div>\r\n</section>\r\n[/s2If]\r\n\r\n[s2If current_user_is(s2member_level2)]\r\n    Please renew your Premium Service Subscription after logging out\r\n[/s2If]\r\n[s2If !is_user_logged_in()]\r\n<section class=\"clearfix\">\r\n\r\n<div class=\"one-fourth first membership\">\r\n<a href=\"./premium-service-4-weeks-subscription\"><img src=\"http://localhost/pipaccumulator/wp-content/uploads/2016/04/1-Month-Subscriptions.jpg\" alt=\"Premium-Service 1-Month-Subscription\" width=\"400\" class=\"alignnone size-full wp-image-3175\" /></a><h3>One Month Membership</h3><h2 class=\"price\">CAD $240.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-4-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-fourth membership\">\r\n<a href=\"./premium-service-10-weeks-subscription\"><img src=\"http://localhost/pipaccumulator/wp-content/uploads/2016/04/3-Months-Subscription.jpg\" alt=\"Premium Service 3-Months-Subscription\" width=\"400\"  class=\"alignnone size-full wp-image-3177\" /></a><h3>3 Months Membership</h3><h2 class=\"price\">CAD $500.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-10-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-fourth membership\">\r\n<a href=\"./premium-service-20-weeks-subscription\"><img src=\"http://localhost/pipaccumulator/wp-content/uploads/2016/04/6-Months-Subscriptions.jpg\" alt=\"Premium Service 6-Months-Subscription\" width=\"400\"  class=\"alignnone size-full wp-image-3179\" /></a><h3>6 Months Membership</h3><h2 class=\"price\">CAD $750.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-20-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-fourth membership\">\r\n<a href=\"./premium-service-40-weeks-subscription\"><img src=\"http://localhost/pipaccumulator/wp-content/uploads/2016/04/Annual-Subscription.jpg\" alt=\"Premium Service Annual-Subscription\" width=\"400\"  class=\"alignnone size-full wp-image-3181\" /></a><h3>Annual Membership</h3><h2 class=\"price\">CAD $1250.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-40-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n</section>\r\n[/s2If]','Subscription Options','','inherit','closed','closed','','7749-revision-v1','','','2016-05-04 14:19:23','2016-05-04 19:19:23','',7749,'https://weeklyfxdrivethru.com/7749-revision-v1/',0,'revision','',0),(7751,16,'2016-05-04 14:24:26','2016-05-04 19:24:26','[s2If current_user_is(administrator)]\r\n    Hello Site Administrator you can access all content :)\r\n[/s2If]\r\n[s2If current_user_is(s2member_level4)]\r\n    <section class=\"clearfix\">\r\n\r\n<div class=\"one-fourth first membership\">\r\n<a href=\"./premium-service-annual-renewal\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-renewal.jpg\" alt=\"Premium Service Annual Subscription-renewal\" width=\"400\"  class=\"alignleft size-full wp-image-7748\" /></a><h3>Premium Service Annual Renewal</h3><h2 class=\"price\">CAD $1000.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-annual-renewal\"> Buy Now</a>\r\n</div>\r\n</section>\r\n[/s2If]\r\n\r\n[s2If current_user_is(s2member_level2)]\r\n    Please renew your Premium Service Subscription after logging out\r\n[/s2If]\r\n[s2If !is_user_logged_in()]\r\n<section class=\"clearfix\">\r\n\r\n<div class=\"one-fourth first membership\">\r\n<a href=\"./premium-service-4-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/1-Month-Subscriptions.jpg\" alt=\"Premium Service 1-Month-Subscription\" width=\"400\" class=\"alignleft size-full wp-image-7744\" /></a><h3>One Month Subscription</h3><h2 class=\"price\">CAD $240.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-4-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-fourth membership\">\r\n<a href=\"./premium-service-10-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/3-Months-Subscription.jpg\" alt=\"Premium Service 3-Months-Subscription\" width=\"400\"  class=\"alignleft size-full wp-image-7745\" /></a><h3>3 Months Subscription</h3><h2 class=\"price\">CAD $500.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-10-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-fourth membership\">\r\n<a href=\"./premium-service-20-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/6-Months-Subscriptions.jpg\" alt=\"Premium Service 6-Months-Subscriptions\" width=\"400\"  class=\"alignleft size-full wp-image-7746\" /></a><h3>6 Months Subscription</h3><h2 class=\"price\">CAD $750.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-20-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n\r\n<div class=\"one-fourth membership\">\r\n<a href=\"./premium-service-40-weeks-subscription\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription.jpg\" alt=\"Premium Service Annual-Subscription\" width=\"750\" height=\"750\" class=\"alignleft size-full wp-image-7747\" /></a><h3>Annual Subscription</h3><h2 class=\"price\">CAD $1250.00</h2>\r\n<a class=\"button\" type=\"button\" href=\"./premium-service-40-weeks-subscription\"> Buy Now</a>\r\n</div>\r\n</section>\r\n[/s2If]','Subscription Options','','inherit','closed','closed','','7749-revision-v1','','','2016-05-04 14:24:26','2016-05-04 19:24:26','',7749,'https://weeklyfxdrivethru.com/7749-revision-v1/',0,'revision','',0),(7752,16,'2016-05-09 09:55:48','2016-05-09 14:55:48','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/1-Month-Subscriptions-300x300.jpg\" alt=\"1-Month-Subscriptions\" width=\"300\" height=\"300\" class=\"alignleft size-medium wp-image-7744\" /><h3> Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing up.</h3>\r\n[s2Member-Pro-Stripe-Form level=\"3\" ccaps=\"\" desc=\"$240.00 CAD / One Time (for 1 month access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"240.00\" rp=\"1\" rt=\"M\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service 4 Weeks Subscription','','draft','closed','closed','','premium-service-4-weeks-subscription','','','2017-01-04 10:13:28','2017-01-04 15:13:28','',0,'https://weeklyfxdrivethru.com/?page_id=7752',0,'page','',0),(7753,16,'2016-05-04 14:30:07','2016-05-04 19:30:07','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/1-Month-Subscriptions.jpg\" alt=\"1-Month-Subscriptions\" width=\"400\"  class=\"alignleft size-full wp-image-7744\" />','Premium Service 4 Weeks Subscription','','inherit','closed','closed','','7752-revision-v1','','','2016-05-04 14:30:07','2016-05-04 19:30:07','',7752,'https://weeklyfxdrivethru.com/7752-revision-v1/',0,'revision','',0),(7754,16,'2016-05-04 14:39:37','2016-05-04 19:39:37','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/1-Month-Subscriptions.jpg\" alt=\"1-Month-Subscriptions\" width=\"400\"  class=\"alignleft size-full wp-image-7744\" />\r\n[s2Member-Pro-Stripe-Form level=\"2\" ccaps=\"\" desc=\"$240.00 CAD / One Time (for 1 month access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"240.00\" rp=\"1\" rt=\"M\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service 4 Weeks Subscription','','inherit','closed','closed','','7752-revision-v1','','','2016-05-04 14:39:37','2016-05-04 19:39:37','',7752,'https://weeklyfxdrivethru.com/7752-revision-v1/',0,'revision','',0),(7755,16,'2016-05-04 14:40:54','2016-05-04 19:40:54','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/1-Month-Subscriptions.jpg\" alt=\"Premium Service 4 Weeks Subscription\" width=\"400\"  class=\"alignleft size-full wp-image-7744\" />\r\n[s2Member-Pro-Stripe-Form level=\"2\" ccaps=\"\" desc=\"$240.00 CAD / One Time (for 1 month access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"240.00\" rp=\"1\" rt=\"M\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service 4 Weeks Subscription','','inherit','closed','closed','','7752-revision-v1','','','2016-05-04 14:40:54','2016-05-04 19:40:54','',7752,'https://weeklyfxdrivethru.com/7752-revision-v1/',0,'revision','',0),(7756,16,'2016-05-09 09:59:30','2016-05-09 14:59:30','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/3-Months-Subscription-300x300.jpg\" alt=\"3-Months-Subscription\" width=\"300\" height=\"300\" class=\"alignleft size-medium wp-image-7745\" /><h3>Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing 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src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-renewal-300x300.jpg\" alt=\"Annual-Subscription-renewal\" width=\"300\" height=\"300\" class=\"alignleft size-medium wp-image-7748\" /><h3> Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing up.</h3>\r\n[s2Member-Pro-Stripe-Form level=\"4\" ccaps=\"\" desc=\"$1000.00 CAD / One Time (for 1 year access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"1000.00\" rp=\"1\" rt=\"Y\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service Annual Subscription Renewal','','publish','closed','closed','','premium-service-annual-subscription-renewal','','','2016-05-09 10:03:12','2016-05-09 15:03:12','',0,'https://weeklyfxdrivethru.com/?page_id=7767',0,'page','',0),(7768,16,'2016-05-04 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ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.\r\n\r\nIn an effort to prevent against fraud and account sharing our system restricts access to 3 IP addresses per account. Example: Home, Office and Mobile.\r\n\r\nPlease make sure with your internet service provider that you have a static IP address before signing up for the Premium Service.  If you do NOT have a static IP address, please contact me so that I can explain the way around this to avoid frustration at:- subscriptions@thepremiumservice.com\r\n\r\nPlease also note there are NO REFUNDS once a subscription service has been paid for.\r\n\r\nScott Pickering\r\nHudson (Quebec), Canada\r\nPhone: +1 (514) 928-8010\r\n<a href=\"mailto:subscriptions@thepremiumservice.com\">subscriptions@thepremiumservice.com</a>','Terms and Conditions','','publish','closed','closed','','terms-and-conditions','','','2016-05-05 09:08:50','2016-05-05 14:08:50','',0,'https://weeklyfxdrivethru.com/?page_id=7769',0,'page','',0),(7770,16,'2016-05-05 09:08:50','2016-05-05 14:08:50','<h2>THE PREMIUM SERVICE from THE WEEKLY FX DRIVE-THRU</h2>\r\nFLASH, RADAR, FUNDAMENTAL and POSITION trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.\r\n\r\nIn an effort to prevent against fraud and account sharing our system restricts access to 3 IP addresses per account. Example: Home, Office and Mobile.\r\n\r\nPlease make sure with your internet service provider that you have a static IP address before signing up for the Premium Service.  If you do NOT have a static IP address, please contact me so that I can explain the way around this to avoid frustration at:- subscriptions@thepremiumservice.com\r\n\r\nPlease also note there are NO REFUNDS once a subscription service has been paid for.\r\n\r\nScott Pickering\r\nHudson (Quebec), Canada\r\nPhone: +1 (514) 928-8010\r\n<a href=\"mailto:subscriptions@thepremiumservice.com\">subscriptions@thepremiumservice.com</a>','Terms and Conditions','','inherit','closed','closed','','7769-revision-v1','','','2016-05-05 09:08:50','2016-05-05 14:08:50','',7769,'https://weeklyfxdrivethru.com/7769-revision-v1/',0,'revision','',0),(7771,16,'2016-05-05 10:08:11','2016-05-05 15:08:11','','comodo_secure_seal_100x85_transp','','inherit','open','closed','','comodo_secure_seal_100x85_transp','','','2016-05-05 10:08:51','2016-05-05 15:08:51','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/comodo_secure_seal_100x85_transp.png',0,'attachment','image/png',0),(7778,16,'2016-05-05 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size-full wp-image-4997\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\" alt=\"Blog Dates 2016\" width=\"534\" height=\"773\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2017-Blog-Dates.jpg\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2017-Blog-Dates.jpg\" alt=\"2017-Blog-Dates\" width=\"728\" height=\"1159\" class=\"alignnone size-full wp-image-7778\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2018-Blog-Dates.jpg\"><img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2018-Blog-Dates.jpg\" alt=\"2018-Blog-Dates\" width=\"658\" height=\"1089\" class=\"alignnone size-full wp-image-7779\" /></a>','Blog Dates','','inherit','closed','closed','','2772-revision-v1','','','2016-05-05 11:13:20','2016-05-05 16:13:20','',2772,'https://weeklyfxdrivethru.com/2772-revision-v1/',0,'revision','',0),(7781,16,'2016-05-05 11:15:11','2016-05-05 16:15:11','<a 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INTRODUCTION:</strong></li>\r\n</ol>\r\nThat was a very interesting week.\r\n\r\nThe USD broke below big support; I thought here we go, time to trade on the loo I am in for a severe beating. As a precaution, I exited all USD/CHF longs as GOLD was also playing up. A couple of hours after letting my three USD/CHF long trades have their stops taken, we got the mother of all bounces. Never ever underestimate the power of the USD; it ripped good style. I must appear to my subscribers as a total “Big girl’s blouse” being “wussied out” of the USD/CHF trades.\r\n\r\nHaving said that, we made great profits and some great pips on the USD/CAD which ripped out of the base of its wedge, powering higher, amongst other pairs, but the USD/CAD move stands out last week when talking about USD majors.\r\n\r\nDare I say that, maybe for a few more days we may have a directional market… there you go I‘ve spoilt it for everyone. Fasten your seat belts on Monday / Tuesday next week!\r\n\r\nOne peculiar event last week, was my “G” trades that I had set up and mentioned in last weeks blog, 5 out of the 7 triggered, the USD/CHF booked a 200 pip loss and last Thursday at the New York close at 5PM all the other trades live or not were cleared from my screens. Fortunately the net position on the 5 trades that triggered was a positive +190 pips, which is great thank you very much, but it took me two emails and a bit of stress to find out why they are closed. Apparently on set up with this new broker I have there is a time out trade function that applies to not just LIMIT / STOP orders but also LIVE trades. I don\'t remember checking that box!!\r\n\r\nSuffice to say, my “G” TRADES version 2.0 will be re-thought from an entry perspective, although, obviously the LIMITS will remain the same. I hope to have these tweeted and emailed out by Tuesday this week at the latest.\r\n\r\nNote to self…. “Every broker appears to have their own little quirks to trading platforms, a bit more research would help and be conscious of boxes that are unchecked or checked”.\r\n\r\nFrom an overall trading viewpoint APRIL was a great month for the PREMIUM SERVICE and May has started off solid.\r\n\r\nI am basically a happy puppy!\r\n\r\nMoving forward…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nI go on tour in a few weeks and below I have included an excel spreadsheet detailing all the relevant information.\r\n\r\nI leave on the big bird from Montreal to the UK and IRELAND to present what the PREMIUM SERVICE can do for you regardless of what stage or level of trader you are.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the TOUR, copies of this blog will have a revised format following dates: -\r\n<p style=\"text-align: center;\"><strong>18<sup>th</sup> June 2016</strong>\r\n<strong> 25<sup>th</sup> June 2016</strong>\r\n<strong>2<sup>nd</sup> July 2016</strong></p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">It is touch and go whether or not the new payment gateway in CAD$ will be operating at the time this blog is posted.</p>\r\n<p style=\"text-align: center;\">I have placed the new pricing below in CAD$. If you go to the blog and there are still USD pricing indicators, it is not a problem, all will still work. I am expecting the switch over to happen sometime over the next 48 hours.</p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing annual subscribers (PLATINUM MEMBERS) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +259\r\nNET PIPS THIS YEAR SO FAR:                +4,073</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\n<p style=\"text-align: center;\"></p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nAs stated earlier, last week was an interesting week. From my perspective the highlights were: -\r\n\r\nRBA:\r\n\r\nA surprise interest rate cut on Tuesday followed up on Thursday with the Monetary Policy Statement basically saying more cuts on the way. The usual growth, and inflation targets were revised, something that every central bank seems to do with ease, and a note about the housing bubble in Sydney.\r\n\r\nYup… feck all, the moves in raw materials and basic commodities, its all the basic stuff that comes back to haunt central banks.\r\n\r\nThey are just NOT learning, some eight years after a global Financial crash and there is still no coordination, no joint effort.\r\n\r\nIt is a currency war, whichever way you look at these matters. Keep your rose-tinted glasses on if you like, but let’s call a spade a spade for God’s sake.\r\n\r\nIt’s all for one and one for yourself.\r\n\r\nOn another separate issue with the RBA it appears that Glenn Steven’s tenure as governor draws to a close on September 18<sup>th</sup> this year. He will be replaced by Philip Lowe his current deputy, who must have been so far up Glenn’s bottom, we have never heard a peep out of him for months.\r\n\r\nGreat time to get the job lets see if “our Phil” can live to his name and drive the RBA interest rate lower towards 1.00%!\r\n\r\n&nbsp;\r\n\r\nNON-FARM PAYROLLS:\r\n\r\nA weak set of data:\r\n\r\nHourly earnings 0.3% in line\r\nUnemployment Rate 5.0% in line\r\nEmployment Change 160,000 expectations were 203,000\r\n\r\nThe USD huffed and puffed / spiked / dropped / bounced around and ended the day stronger than when it started. The DXY bounce from below support has been impressive and it looks like it will continue for a while.\r\n\r\nObviously, the FED interest rate “hike on hike off” debate continues. Whether June is a LIVE meeting or not to potentially increase interest rates still motors on and it will gather pace as we move through this month. Next months NFP numbers will have CNBC and BLOOMBERG on overdrive pending the June 14-15 meeting and press conference.\r\n\r\nNothing much else interested me last week that requires a comment in this section, yes there was news but as always when the NFP data is due all else seems to fade a little into the background.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE DONALD, CROOKED HILLARY, BREXIT, THE EUROZONE REFUGEE CRISIS, </strong>\r\n<strong>GREECE BAILOUT IV, THE YEN/BOJ,THE FED, THE RBA… </strong>\r\n<strong>THE CIRCUS CONTINUES</strong></p>\r\nFinancial writers associated closely or not with the Forex markets will look back on 2016 as a watershed year for many reasons. I cannot believe in week one of the fifth month of the year I am writing about the year in review.\r\n\r\nI feel as if we have seen a years worth of events already, and, as just stated we are not even half way through the year yet.\r\n\r\nI remember when I first started trading Forex. We had a directional market, placing trades and assessing the risk / reward to trades was fairly straightforward. At the end of the day, although we like to complicate trading, it is when all factors are broken down a rather simple assessment of buying dips and selling rips. Fundamentally, to make a living out of trading the Forex Market, that is what needs to be managed, and the skills associated with it understood and controlled. Then add all the DISCIPLINES of POSITION SIZING, RISK &amp; MONEY MANAGEMENT, TRADING PSYCHOLOGY required into a TRADE PLAN and off you go.\r\n\r\nWhy did it all get rather blurred? I am NOT breaking out into song with a version of Robin Thick’s “Blurred Lines” at this point, but we seem to have developed, at times in my opinion, an over-complicated marketplace with way too much data to adequately digest to make a decision. That sentence comes from a self-proclaimed fundamental trader, which may sound strange. But, even I find myself at times in a state of analysis paralysis…WTF!\r\n\r\nWe are no doubt now in a global marketplace and a positive push or pull in one area of the world has the opposite effect in another part of the globe almost immediately.\r\n\r\nI think that we are now as much gossip news driven, as we are economic data driven. This year we have witnessed a blatant disregard for central bank policy, the ECB and BOJ are the best examples but there are more. The markets simply raised an index finger vertically at Mario Draghi (ECB) and Haruhiko Kuroda (BOJ) attempts to move markets based upon central bank policy changes. In the past, the Forex market was driven as a future-pricing tool extensively based upon central bank monetary policy… things have certainly changed.\r\n\r\nWe enter the next 90 days as participants into the “Greatest show on earth” as Barnum used to say, and I haven’t even mentioned my own TOUR of the UK and IRELAND!!\r\n\r\nTalk about uncertainty: -\r\n\r\nTHE DONALD v CROOKED HILLARY:\r\n\r\nGod only knows how this is going to play out. I can guarantee you that it will not be pretty. This is all self-inflicted; the GOP appear so detached from reality, never learnt from past experience. If there was an example of poor ineffective management here it is. Too little too late should be the GOP strapline on communications.\r\n\r\nFrom July through November, Don Henley’s “Dirty Laundry” will be played on so many TV stations as the accusations and insults fly from one to the other.\r\n\r\nIrrespective of political affiliation the uncertainty in the “one-world” market will affect our day-to-day routines as traders. We will be subjected to sound-byte moves in markets.\r\n\r\n&nbsp;\r\n\r\nTHE BREXIT:\r\n\r\nAnother gem of uncertainty, the UK referendum vote takes place on June 23<sup>rd</sup> 2016. I will be flying from Heathrow to Dublin that day, yummy!\r\n\r\nThis is not just a UK issue, whilst it is about the UK deciding upon its future, the BREXIT decision will affect the EUROZONE just as much.\r\n\r\nEven though we talk and debate about a BREXIT, do not forget the EUROZONE RISKS that are attached. I have written before that longer-term country-by-country fiscal updates are required. The ECB can only do and go so far. To fix, growth and unemployment (just two areas, there are more) this now requires more than the ECB centrally. We are now looking at government policy changes.\r\n<strong>\r\n</strong>A BREXIT will throw the cat amongst the pigeons in the EUROPEAN UNION, as extreme political parties will see an opportunity to try and force a contagion effect. Should the UK leave the money available for poorer countries in the EUROPEAN UNION is severely reduced. The UK is one of the few net contributors.\r\n\r\nTo me its obvious that the ramifications of a BREXIT will affect the EUROZONE just as much as it will in the UK.\r\n\r\nThis is a massive geopolitical effect, with huge uncertainty attached to it, as the decision appears to still remain in the balance.\r\n\r\n&nbsp;\r\n\r\nTHE EUROZONE REFUGEE CRISIS and GREECE BAILOUT IV:\r\n\r\nThe EUROZONE does NOT have the political will across all 27-member states to tackle the problems it faces.\r\n\r\nThe cultural differences to resolving issues are so diverse that the only solution the EUROZONE can ever agree on is to “kick the can down the road”.\r\n\r\nThe most cash strapped country in the EUROZONE is GREECE and it is front and centre the most popular entry point for refugees from Syria, Lebanon, Iraq, and Libya etc. Errors are being made in the validations and confirmations of refugees. It is a human disaster of enormous proportions and sadly given the world we now live in terrorists are moving through along with genuine cases.\r\n\r\nAdd to this the fact that Alexis Tsipras cannot get through the GREEK parliament all the changes / reforms agreed to with Jeroen Dijsselbloem and the EUROZONE finance ministers as well as the troika for bailout monies. In reality, to get the GREEK parliament to sign off on some of the agreement is tantamount to turkeys voting for Christmas.\r\n\r\nTherefore, we enter another, will they / wont they / should they / dare they series of meetings and at the end, the existing bailout will be tweaked rather than resolved or fixed and BAILOUT IV will be announced.\r\n\r\nAs written so many times before, the debt that GREECE has to repay is basically impossible to manage. Debt relief is required and whilst the IMF is willing the EUROZONE is not.\r\n\r\nIt is without doubt a modern day GREEK TRAGEDY and at some point, the GREEK parliament will mandate the phrase “F*ck off and die” to the EUROZONE and GREECE will default.\r\n\r\nAre these acceptable risks for the Troika to take? The stakes are higher than we can imagine. If something gives here, we are talking a right fecking mess of a problem.\r\n\r\nSome politicians in the EUROZONE will go down in the history books NOT for good reasons over this potential shambles.\r\n\r\n&nbsp;\r\n\r\nTHE YEN and the BOJ:\r\n\r\nAll talk…. I admit the markets want action, when in reality they have been given the kitchen sink, the bathroom fittings in gold with a bidet as well. The BOJ has the largest QE program in operation. It will be buying dog licenses next.\r\n\r\nHowever, we live in strange times. The BOJ today is living with the problems from the past. They were all talk and no action; today the markets don\'t believe the jawboning. They want to see the colour of their money on the table.\r\n\r\nThe next BOJ policy meeting should be a little gem.\r\n\r\n&nbsp;\r\n\r\nTHE FED:\r\n\r\nI still stand almost alone believing Janet Yellen is a ditherer. She is so much of a DOVE, she has ripped all pages relating to the letter H out of the dictionary, so she has no idea of what a HAWK is.\r\n\r\nI stand mostly alone again; I blame the FED for a great deal of the uncertainty this year so far. We are told one thing, given clear objectives and then we get hesitancy and a pullback from the original goalposts that were set.\r\n\r\nI have said many, many times before, that the mandate of the FED is domestic, it can view internationally, but its mandate is the U.S. economy. I believe the international situation is used to keep Wall Street sweet and maintain a ZIRP (Zero interest Policy). I count 0.25% for the biggest and best economy in the world ZIRP.\r\n\r\nIn the next 90 days we have two FOMC meetings with press conferences on June 15<sup>th</sup> and July 27<sup>th</sup>. I would say we will get something by way of a rate hike out of one or both of these meetings. This dithering is making the markets very twitchy.\r\n\r\nIf Yellen’s goal is uncertainty she already has a gold star.\r\n\r\nTHE RBA:\r\n\r\nWe have a contagion effect on the way in my opinion with regards to three central banks. The RBNZ already on a rate cutting policy will be joined by the BOC.\r\n\r\nEconomic Data from Canada is mixed; the dreadful wildfires in Fort McMurray, Alberta are going to probably place enormous stress on the Canadian system locally and in Ottawa. It is already being spoken of as being the largest insurance claim event in Canada’s history. Given the OIL situation this will place a GDP burden on Canada as Oil production is suspended and to stimulate and give confidence interest rates will be cut, I have absolutely no doubt about this.\r\n\r\n&nbsp;\r\n\r\nSo the CIRCUS is in town for the next 90 days, and, probably even longer, inside the next three months so much is timed to happen, it will be a news driven period like never before seen.\r\n\r\nAs traders all we can do is react and respond. One factor that is in our control is POSITION SIZING. I would say that the next 90 days will be a test of our RISK MANAGEMENT skills. They will definitely be put to the test a few times that is guaranteed.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nTRADING REVIEW:\r\n\r\nThe first week of this month was a tale of two trades: - USD/CHF and USD/CAD.\r\n\r\nIf I had kept the Swissy in play we would have had another 600 pips in the mix, very annoying. The rip out of the bearish wedge from the Lonnie was nothing short of impressive. The fires in Alberta and the OIL reference has me a little wary staying long for too long as I am expecting a move back. However, the loonie just ploughed on upwards.\r\n\r\nI decided to pretty much abstain from NFP last Friday. I am now getting to the opinion that, it is a day to follow up rather than trade. I think you get caught more times than winning on NFP day.\r\n\r\nThe “G” trades - WTF. Quite bizarre; I have never come across a time out button to hit everything. I will be looking at a lot of charts over the next 48 hours to have in place next week. Busy times ahead.\r\n\r\nThis week, I will be replacing the closed “G’ trades. In addition, my NZD, AUD and CAD positions will be clarified. I am desperate to long the USD/CHF. I will be looking for a suite of trades to place with brokers. Looking at my action list there should be about 15 or so LIMIT / STOP order trades being placed. That does not include cross-rates.\r\n\r\nBe prepared; all things being equal there will be quite a few set ups being posted in the early part of this coming week.\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nThe change away from PayPal is dragging on; APi codes, SSL etc. yada yada yada. It may happen Sunday or Monday, just not sure when, its not a question of if, but when, I have done all my bits. It\'s the technology now.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-PS-07052016.png\"><img class=\"aligncenter size-full wp-image-7792\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-PS-07052016.png\" alt=\"LIVE PS 07052016\" width=\"802\" height=\"587\" /></a> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PE-LIMIT-ORDERS-07052016.png\"><img class=\"aligncenter size-full wp-image-7793\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PE-LIMIT-ORDERS-07052016.png\" alt=\"PE LIMIT ORDERS 07052016\" width=\"678\" height=\"462\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: NZD – Financial Stability Report and Wheeler (RBNZ) speaks twice!\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – BOE inflation report, Interest rate &amp; Carney (BOE) speaks.\r\nTHURSDAY: NZD – Retail Sales.\r\n\r\nFRIDAY: USD – Core Retail Sales, Retail Sales and PPi.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1402\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7814\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-07052016-1024x481.png\" alt=\"EURUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4427\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7815\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-07052016-1024x481.png\" alt=\"GBPUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7366\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7813\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-07052016-1024x481.png\" alt=\"AUDUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6835\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7816\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-07052016-1024x481.png\" alt=\"NZDUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2908\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USD-CHF-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7817\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USD-CHF-D-07052016-1024x481.png\" alt=\"USD CHF D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9724\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7818\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-07052016-1024x481.png\" alt=\"USDCAD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 107.10\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7819\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-07052016-1024x481.png\" alt=\"USDJPY D 07052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIn direct opposite to how we ended the previous weeks trading, the USD was in control once again. A very spectacular turnaround by all accounts and it just shows what a powerful currency the USD is. Over the previous two weeks it had played second fiddle to the JPY.\r\n\r\nNews is a bit thinner this coming week, but as I have written earlier in the blog, THE CIRCUS IS IN TOWN. Be conscious of the news events and effects that news sound bytes can have. Personally, I would trade smaller position sizes until the summer, at least.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 7<sup>th</sup> May 2016\r\nBLOG REFERENCE: #101 PREMIUM SERVICE VERSION\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','THE CIRCUS CONTINUES...','','publish','open','closed','','the-circus-continues','','','2016-05-07 09:40:47','2016-05-07 14:40:47','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7824',0,'member_posts','',0),(7825,1,'2016-05-07 09:40:47','2016-05-07 14:40:47','<p style=\"text-align: center;\">THE DONALD, CROOKED HILLARY, BREXIT, THE EUROZONE REFUGEE CRISIS,\r\nGREECE BAILOUT IV, THE YEN/BOJ, THE FED, THE RBA…\r\nTHE CIRCUS CONTINUES</p>\r\n\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThat was a very interesting week.\r\n\r\nThe USD broke below big support; I thought here we go, time to trade on the loo I am in for a severe beating. As a precaution, I exited all USD/CHF longs as GOLD was also playing up. A couple of hours after letting my three USD/CHF long trades have their stops taken, we got the mother of all bounces. Never ever underestimate the power of the USD; it ripped good style. I must appear to my subscribers as a total “Big girl’s blouse” being “wussied out” of the USD/CHF trades.\r\n\r\nHaving said that, we made great profits and some great pips on the USD/CAD which ripped out of the base of its wedge, powering higher, amongst other pairs, but the USD/CAD move stands out last week when talking about USD majors.\r\n\r\nDare I say that, maybe for a few more days we may have a directional market… there you go I‘ve spoilt it for everyone. Fasten your seat belts on Monday / Tuesday next week!\r\n\r\nOne peculiar event last week, was my “G” trades that I had set up and mentioned in last weeks blog, 5 out of the 7 triggered, the USD/CHF booked a 200 pip loss and last Thursday at the New York close at 5PM all the other trades live or not were cleared from my screens. Fortunately the net position on the 5 trades that triggered was a positive +190 pips, which is great thank you very much, but it took me two emails and a bit of stress to find out why they are closed. Apparently on set up with this new broker I have there is a time out trade function that applies to not just LIMIT / STOP orders but also LIVE trades. I don\'t remember checking that box!!\r\n\r\nSuffice to say, my “G” TRADES version 2.0 will be re-thought from an entry perspective, although, obviously the LIMITS will remain the same. I hope to have these tweeted and emailed out by Tuesday this week at the latest.\r\n\r\nNote to self…. “Every broker appears to have their own little quirks to trading platforms, a bit more research would help and be conscious of boxes that are unchecked or checked”.\r\n\r\nFrom an overall trading viewpoint APRIL was a great month for the PREMIUM SERVICE and May has started off solid.\r\n\r\nI am basically a happy puppy!\r\n\r\nMoving forward…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nI go on tour in a few weeks and below I have included an excel spreadsheet detailing all the relevant information.\r\n\r\nI leave on the big bird from Montreal to the UK and IRELAND to present what the PREMIUM SERVICE can do for you regardless of what stage or level of trader you are.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the TOUR, copies of this blog will have a revised format following dates: -\r\n<p style=\"text-align: center;\"><strong>18<sup>th</sup> June 2016</strong>\r\n<strong> 25<sup>th</sup> June 2016</strong>\r\n<strong>2<sup>nd</sup> July 2016</strong></p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">It is touch and go whether or not the new payment gateway in CAD$ will be operating at the time this blog is posted.</p>\r\n<p style=\"text-align: center;\">I have placed the new pricing below in CAD$. If you go to the blog and there are still USD pricing indicators, it is not a problem, all will still work. I am expecting the switch over to happen sometime over the next 48 hours.</p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing annual subscribers (PLATINUM MEMBERS) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +259\r\nNET PIPS THIS YEAR SO FAR:                +4,073</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\n<p style=\"text-align: center;\"></p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nAs stated earlier, last week was an interesting week. From my perspective the highlights were: -\r\n\r\nRBA:\r\n\r\nA surprise interest rate cut on Tuesday followed up on Thursday with the Monetary Policy Statement basically saying more cuts on the way. The usual growth, and inflation targets were revised, something that every central bank seems to do with ease, and a note about the housing bubble in Sydney.\r\n\r\nYup… feck all, the moves in raw materials and basic commodities, its all the basic stuff that comes back to haunt central banks.\r\n\r\nThey are just NOT learning, some eight years after a global Financial crash and there is still no coordination, no joint effort.\r\n\r\nIt is a currency war, whichever way you look at these matters. Keep your rose-tinted glasses on if you like, but let’s call a spade a spade for God’s sake.\r\n\r\nIt’s all for one and one for yourself.\r\n\r\nOn another separate issue with the RBA it appears that Glenn Steven’s tenure as governor draws to a close on September 18<sup>th</sup> this year. He will be replaced by Philip Lowe his current deputy, who must have been so far up Glenn’s bottom, we have never heard a peep out of him for months.\r\n\r\nGreat time to get the job lets see if “our Phil” can live to his name and drive the RBA interest rate lower towards 1.00%!\r\n\r\n&nbsp;\r\n\r\nNON-FARM PAYROLLS:\r\n\r\nA weak set of data:\r\n\r\nHourly earnings 0.3% in line\r\nUnemployment Rate 5.0% in line\r\nEmployment Change 160,000 expectations were 203,000\r\n\r\nThe USD huffed and puffed / spiked / dropped / bounced around and ended the day stronger than when it started. The DXY bounce from below support has been impressive and it looks like it will continue for a while.\r\n\r\nObviously, the FED interest rate “hike on hike off” debate continues. Whether June is a LIVE meeting or not to potentially increase interest rates still motors on and it will gather pace as we move through this month. Next months NFP numbers will have CNBC and BLOOMBERG on overdrive pending the June 14-15 meeting and press conference.\r\n\r\nNothing much else interested me last week that requires a comment in this section, yes there was news but as always when the NFP data is due all else seems to fade a little into the background.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE DONALD, CROOKED HILLARY, BREXIT, THE EUROZONE REFUGEE CRISIS, </strong>\r\n<strong>GREECE BAILOUT IV, THE YEN/BOJ,THE FED, THE RBA… </strong>\r\n<strong>THE CIRCUS CONTINUES</strong></p>\r\nFinancial writers associated closely or not with the Forex markets will look back on 2016 as a watershed year for many reasons. I cannot believe in week one of the fifth month of the year I am writing about the year in review.\r\n\r\nI feel as if we have seen a years worth of events already, and, as just stated we are not even half way through the year yet.\r\n\r\nI remember when I first started trading Forex. We had a directional market, placing trades and assessing the risk / reward to trades was fairly straightforward. At the end of the day, although we like to complicate trading, it is when all factors are broken down a rather simple assessment of buying dips and selling rips. Fundamentally, to make a living out of trading the Forex Market, that is what needs to be managed, and the skills associated with it understood and controlled. Then add all the DISCIPLINES of POSITION SIZING, RISK &amp; MONEY MANAGEMENT, TRADING PSYCHOLOGY required into a TRADE PLAN and off you go.\r\n\r\nWhy did it all get rather blurred? I am NOT breaking out into song with a version of Robin Thick’s “Blurred Lines” at this point, but we seem to have developed, at times in my opinion, an over-complicated marketplace with way too much data to adequately digest to make a decision. That sentence comes from a self-proclaimed fundamental trader, which may sound strange. But, even I find myself at times in a state of analysis paralysis…WTF!\r\n\r\nWe are no doubt now in a global marketplace and a positive push or pull in one area of the world has the opposite effect in another part of the globe almost immediately.\r\n\r\nI think that we are now as much gossip news driven, as we are economic data driven. This year we have witnessed a blatant disregard for central bank policy, the ECB and BOJ are the best examples but there are more. The markets simply raised an index finger vertically at Mario Draghi (ECB) and Haruhiko Kuroda (BOJ) attempts to move markets based upon central bank policy changes. In the past, the Forex market was driven as a future-pricing tool extensively based upon central bank monetary policy… things have certainly changed.\r\n\r\nWe enter the next 90 days as participants into the “Greatest show on earth” as Barnum used to say, and I haven’t even mentioned my own TOUR of the UK and IRELAND!!\r\n\r\nTalk about uncertainty: -\r\n\r\nTHE DONALD v CROOKED HILLARY:\r\n\r\nGod only knows how this is going to play out. I can guarantee you that it will not be pretty. This is all self-inflicted; the GOP appear so detached from reality, never learnt from past experience. If there was an example of poor ineffective management here it is. Too little too late should be the GOP strapline on communications.\r\n\r\nFrom July through November, Don Henley’s “Dirty Laundry” will be played on so many TV stations as the accusations and insults fly from one to the other.\r\n\r\nIrrespective of political affiliation the uncertainty in the “one-world” market will affect our day-to-day routines as traders. We will be subjected to sound-byte moves in markets.\r\n\r\n&nbsp;\r\n\r\nTHE BREXIT:\r\n\r\nAnother gem of uncertainty, the UK referendum vote takes place on June 23<sup>rd</sup> 2016. I will be flying from Heathrow to Dublin that day, yummy!\r\n\r\nThis is not just a UK issue, whilst it is about the UK deciding upon its future, the BREXIT decision will affect the EUROZONE just as much.\r\n\r\nEven though we talk and debate about a BREXIT, do not forget the EUROZONE RISKS that are attached. I have written before that longer-term country-by-country fiscal updates are required. The ECB can only do and go so far. To fix, growth and unemployment (just two areas, there are more) this now requires more than the ECB centrally. We are now looking at government policy changes.\r\n<strong>\r\n</strong>A BREXIT will throw the cat amongst the pigeons in the EUROPEAN UNION, as extreme political parties will see an opportunity to try and force a contagion effect. Should the UK leave the money available for poorer countries in the EUROPEAN UNION is severely reduced. The UK is one of the few net contributors.\r\n\r\nTo me its obvious that the ramifications of a BREXIT will affect the EUROZONE just as much as it will in the UK.\r\n\r\nThis is a massive geopolitical effect, with huge uncertainty attached to it, as the decision appears to still remain in the balance.\r\n\r\n&nbsp;\r\n\r\nTHE EUROZONE REFUGEE CRISIS and GREECE BAILOUT IV:\r\n\r\nThe EUROZONE does NOT have the political will across all 27-member states to tackle the problems it faces.\r\n\r\nThe cultural differences to resolving issues are so diverse that the only solution the EUROZONE can ever agree on is to “kick the can down the road”.\r\n\r\nThe most cash strapped country in the EUROZONE is GREECE and it is front and centre the most popular entry point for refugees from Syria, Lebanon, Iraq, and Libya etc. Errors are being made in the validations and confirmations of refugees. It is a human disaster of enormous proportions and sadly given the world we now live in terrorists are moving through along with genuine cases.\r\n\r\nAdd to this the fact that Alexis Tsipras cannot get through the GREEK parliament all the changes / reforms agreed to with Jeroen Dijsselbloem and the EUROZONE finance ministers as well as the troika for bailout monies. In reality, to get the GREEK parliament to sign off on some of the agreement is tantamount to turkeys voting for Christmas.\r\n\r\nTherefore, we enter another, will they / wont they / should they / dare they series of meetings and at the end, the existing bailout will be tweaked rather than resolved or fixed and BAILOUT IV will be announced.\r\n\r\nAs written so many times before, the debt that GREECE has to repay is basically impossible to manage. Debt relief is required and whilst the IMF is willing the EUROZONE is not.\r\n\r\nIt is without doubt a modern day GREEK TRAGEDY and at some point, the GREEK parliament will mandate the phrase “F*ck off and die” to the EUROZONE and GREECE will default.\r\n\r\nAre these acceptable risks for the Troika to take? The stakes are higher than we can imagine. If something gives here, we are talking a right fecking mess of a problem.\r\n\r\nSome politicians in the EUROZONE will go down in the history books NOT for good reasons over this potential shambles.\r\n\r\n&nbsp;\r\n\r\nTHE YEN and the BOJ:\r\n\r\nAll talk…. I admit the markets want action, when in reality they have been given the kitchen sink, the bathroom fittings in gold with a bidet as well. The BOJ has the largest QE program in operation. It will be buying dog licenses next.\r\n\r\nHowever, we live in strange times. The BOJ today is living with the problems from the past. They were all talk and no action; today the markets don\'t believe the jawboning. They want to see the colour of their money on the table.\r\n\r\nThe next BOJ policy meeting should be a little gem.\r\n\r\n&nbsp;\r\n\r\nTHE FED:\r\n\r\nI still stand almost alone believing Janet Yellen is a ditherer. She is so much of a DOVE, she has ripped all pages relating to the letter H out of the dictionary, so she has no idea of what a HAWK is.\r\n\r\nI stand mostly alone again; I blame the FED for a great deal of the uncertainty this year so far. We are told one thing, given clear objectives and then we get hesitancy and a pullback from the original goalposts that were set.\r\n\r\nI have said many, many times before, that the mandate of the FED is domestic, it can view internationally, but its mandate is the U.S. economy. I believe the international situation is used to keep Wall Street sweet and maintain a ZIRP (Zero interest Policy). I count 0.25% for the biggest and best economy in the world ZIRP.\r\n\r\nIn the next 90 days we have two FOMC meetings with press conferences on June 15<sup>th</sup> and July 27<sup>th</sup>. I would say we will get something by way of a rate hike out of one or both of these meetings. This dithering is making the markets very twitchy.\r\n\r\nIf Yellen’s goal is uncertainty she already has a gold star.\r\n\r\nTHE RBA:\r\n\r\nWe have a contagion effect on the way in my opinion with regards to three central banks. The RBNZ already on a rate cutting policy will be joined by the BOC.\r\n\r\nEconomic Data from Canada is mixed; the dreadful wildfires in Fort McMurray, Alberta are going to probably place enormous stress on the Canadian system locally and in Ottawa. It is already being spoken of as being the largest insurance claim event in Canada’s history. Given the OIL situation this will place a GDP burden on Canada as Oil production is suspended and to stimulate and give confidence interest rates will be cut, I have absolutely no doubt about this.\r\n\r\n&nbsp;\r\n\r\nSo the CIRCUS is in town for the next 90 days, and, probably even longer, inside the next three months so much is timed to happen, it will be a news driven period like never before seen.\r\n\r\nAs traders all we can do is react and respond. One factor that is in our control is POSITION SIZING. I would say that the next 90 days will be a test of our RISK MANAGEMENT skills. They will definitely be put to the test a few times that is guaranteed.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nTRADING REVIEW:\r\n\r\nThe first week of this month was a tale of two trades: - USD/CHF and USD/CAD.\r\n\r\nIf I had kept the Swissy in play we would have had another 600 pips in the mix, very annoying. The rip out of the bearish wedge from the Lonnie was nothing short of impressive. The fires in Alberta and the OIL reference has me a little wary staying long for too long as I am expecting a move back. However, the loonie just ploughed on upwards.\r\n\r\nI decided to pretty much abstain from NFP last Friday. I am now getting to the opinion that, it is a day to follow up rather than trade. I think you get caught more times than winning on NFP day.\r\n\r\nThe “G” trades - WTF. Quite bizarre; I have never come across a time out button to hit everything. I will be looking at a lot of charts over the next 48 hours to have in place next week. Busy times ahead.\r\n\r\nThis week, I will be replacing the closed “G’ trades. In addition, my NZD, AUD and CAD positions will be clarified. I am desperate to long the USD/CHF. I will be looking for a suite of trades to place with brokers. Looking at my action list there should be about 15 or so LIMIT / STOP order trades being placed. That does not include cross-rates.\r\n\r\nBe prepared; all things being equal there will be quite a few set ups being posted in the early part of this coming week.\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nThe change away from PayPal is dragging on; APi codes, SSL etc. yada yada yada. It may happen Sunday or Monday, just not sure when, its not a question of if, but when, I have done all my bits. It\'s the technology now.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-PS-07052016.png\"><img class=\"aligncenter size-full wp-image-7792\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-PS-07052016.png\" alt=\"LIVE PS 07052016\" width=\"802\" height=\"587\" /></a> </strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PE-LIMIT-ORDERS-07052016.png\"><img class=\"aligncenter size-full wp-image-7793\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PE-LIMIT-ORDERS-07052016.png\" alt=\"PE LIMIT ORDERS 07052016\" width=\"678\" height=\"462\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: NZD – Financial Stability Report and Wheeler (RBNZ) speaks twice!\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – BOE inflation report, Interest rate &amp; Carney (BOE) speaks.\r\nTHURSDAY: NZD – Retail Sales.\r\n\r\nFRIDAY: USD – Core Retail Sales, Retail Sales and PPi.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1402\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7814\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-07052016-1024x481.png\" alt=\"EURUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4427\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7815\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-07052016-1024x481.png\" alt=\"GBPUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7366\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7813\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-07052016-1024x481.png\" alt=\"AUDUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6835\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7816\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-07052016-1024x481.png\" alt=\"NZDUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2908\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USD-CHF-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7817\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USD-CHF-D-07052016-1024x481.png\" alt=\"USD CHF D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9724\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7818\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-07052016-1024x481.png\" alt=\"USDCAD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 107.10\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7819\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-07052016-1024x481.png\" alt=\"USDJPY D 07052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIn direct opposite to how we ended the previous weeks trading, the USD was in control once again. A very spectacular turnaround by all accounts and it just shows what a powerful currency the USD is. Over the previous two weeks it had played second fiddle to the JPY.\r\n\r\nNews is a bit thinner this coming week, but as I have written earlier in the blog, THE CIRCUS IS IN TOWN. Be conscious of the news events and effects that news sound bytes can have. Personally, I would trade smaller position sizes until the summer, at least.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 7<sup>th</sup> May 2016\r\nBLOG REFERENCE: #101 PREMIUM SERVICE VERSION\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','THE CIRCUS CONTINUES...','','inherit','closed','closed','','7824-revision-v1','','','2016-05-07 09:40:47','2016-05-07 14:40:47','',7824,'https://weeklyfxdrivethru.com/7824-revision-v1/',0,'revision','',0),(7832,1,'2016-05-07 10:14:36','2016-05-07 15:14:36','<p style=\"text-align: center;\"><strong>THE DONALD, CROOKED HILLARY, BREXIT, </strong><strong>THE EUROZONE REFUGEE CRISIS,</strong>\r\n<strong>GREECE BAILOUT IV, THE YEN/BOJ, </strong><strong>THE FED, THE RBA…</strong>\r\n<strong> THE CIRCUS CONTINUES</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThat was a very interesting week.\r\n\r\nThe USD broke below big support; I thought here we go, time to trade on the loo I am in for a severe beating. As a precaution, I exited all USD/CHF longs as GOLD was also playing up. A couple of hours after letting my three USD/CHF long trades have their stops taken, we got the mother of all bounces. Never ever underestimate the power of the USD; it ripped good style. I must appear to my subscribers as a total “Big girl’s blouse” being “wussied out” of the USD/CHF trades.\r\n\r\nHaving said that, we made great profits and some great pips on the USD/CAD which ripped out of the base of its wedge, powering higher, amongst other pairs, but the USD/CAD move stands out last week when talking about USD majors.\r\n\r\nDare I say that, maybe for a few more days we may have a directional market… there you go I‘ve spoilt it for everyone. Fasten your seat belts on Monday / Tuesday next week!\r\n\r\nOne peculiar event last week, was my “G” trades that I had set up and mentioned in last weeks blog, 5 out of the 7 triggered, the USD/CHF booked a 200 pip loss and last Thursday at the New York close at 5PM all the other trades live or not were cleared from my screens. Fortunately the net position on the 5 trades that triggered was a positive +190 pips, which is great thank you very much, but it took me two emails and a bit of stress to find out why they are closed. Apparently on set up with this new broker I have there is a time out trade function that applies to not just LIMIT / STOP orders but also LIVE trades. I don\'t remember checking that box!!\r\n\r\nSuffice to say, my “G” TRADES version 2.0 will be re-thought from an entry perspective, although, obviously the LIMITS will remain the same. I hope to have these tweeted and emailed out by Tuesday this week at the latest.\r\n\r\nNote to self…. “Every broker appears to have their own little quirks to trading platforms, a bit more research would help and be conscious of boxes that are unchecked or checked”.\r\n\r\nFrom an overall trading viewpoint APRIL was a great month for the PREMIUM SERVICE and May has started off solid.\r\n\r\nI am basically a happy puppy!\r\n\r\nMoving forward…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nI go on tour in a few weeks and below I have included an excel spreadsheet detailing all the relevant information.\r\n\r\nI leave on the big bird from Montreal to the UK and IRELAND to present what the PREMIUM SERVICE can do for you regardless of what stage or level of trader you are.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the TOUR, copies of this blog will have a revised format following dates: -\r\n<p style=\"text-align: center;\"><strong>18<sup>th</sup> June 2016</strong>\r\n<strong> 25<sup>th</sup> June 2016</strong>\r\n<strong>2<sup>nd</sup> July 2016</strong></p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">It is touch and go whether or not the new payment gateway in CAD$ will be operating at the time this blog is posted.</p>\r\n<p style=\"text-align: center;\">I have placed the new pricing below in CAD$. If you go to the blog and there are still USD pricing indicators, it is not a problem, all will still work. I am expecting the switch over to happen sometime over the next 48 hours.</p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:\r\n</u>\r\nNET PIPS THIS MONTH SO FAR:            +259\r\nNET PIPS THIS YEAR SO FAR:                +4,073</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nAs stated earlier, last week was an interesting week. From my perspective the highlights were: -\r\n\r\nRBA:\r\n\r\nA surprise interest rate cut on Tuesday followed up on Thursday with the Monetary Policy Statement basically saying more cuts on the way. The usual growth, and inflation targets were revised, something that every central bank seems to do with ease, and a note about the housing bubble in Sydney.\r\n\r\nYup… feck all, the moves in raw materials and basic commodities, its all the basic stuff that comes back to haunt central banks.\r\n\r\nThey are just NOT learning, some eight years after a global Financial crash and there is still no coordination, no joint effort.\r\n\r\nIt is a currency war, whichever way you look at these matters. Keep your rose-tinted glasses on if you like, but let’s call a spade a spade for God’s sake.\r\n\r\nIt’s all for one and one for yourself.\r\n\r\nOn another separate issue with the RBA it appears that Glenn Steven’s tenure as governor draws to a close on September 18<sup>th</sup> this year. He will be replaced by Philip Lowe his current deputy, who must have been so far up Glenn’s bottom, we have never heard a peep out of him for months.\r\n\r\nGreat time to get the job lets see if “our Phil” can live to his name and drive the RBA interest rate lower towards 1.00%!\r\n\r\n&nbsp;\r\n\r\nNON-FARM PAYROLLS:\r\n\r\nA weak number:\r\n\r\nHourly earnings 0.3% in line\r\nUnemployment Rate 5.0% in line\r\nEmployment Change 160,000 expectations were 203,000\r\n\r\nThe USD huffed and puffed / spiked / dropped / bounced around and ended the day stronger than when it started. The DXY bounce from below support has been impressive and it looks like it will continue for a while.\r\n\r\nObviously, the FED interest rate “hike on hike off” debate continues. Whether June is a LIVE meeting or not to potentially increase interest rates still motors on and it will gather pace as we move through this month. Next months NFP numbers will have CNBC and BLOOMBERG on overdrive pending the June 14-15 meeting and press conference.\r\n\r\nNothing much else interested me last week that requires a comment in this section, yes there was news but as always when the NFP data is due all else seems to fade a little into the background.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE DONALD, CROOKED HILLARY, BREXIT, THE EUROZONE REFUGEE CRISIS, </strong>\r\n<strong>GREECE BAILOUT IV, THE YEN/BOJ, THE FED, THE RBA… </strong>\r\n<strong>THE CIRCUS CONTINUES</strong></p>\r\nFinancial writers associated closely or not with the Forex markets will look back on 2016 as a watershed year for many reasons. I cannot believe in week one of the fifth month of the year I am writing about the year in review.\r\n\r\nI feel as if we have seen a years worth of events already, and, as just stated we are not even half way through the year yet.\r\n\r\nI remember when I first started trading Forex. We had a directional market, placing trades and assessing the risk / reward to trades was fairly straightforward. At the end of the day, although we like to complicate trading, it is when all factors are broken down a rather simple assessment of buying dips and selling rips. Fundamentally, to make a living out of trading the Forex Market, that is what needs to be managed, and the skills associated with it understood and controlled. Then add all the DISCIPLINES of POSITION SIZING, RISK &amp; MONEY MANAGEMENT, TRADING PSYCHOLOGY required into a TRADE PLAN and off you go.\r\n\r\nWhy did it all get rather blurred? I am NOT breaking out into song with a version of Robin Thick’s “Blurred Lines” at this point, but we seem to have developed, at times in my opinion, an over-complicated marketplace with way too much data to adequately digest to make a decision. That sentence comes from a self-proclaimed fundamental trader, which may sound strange. But, even I find myself at times in a state of analysis paralysis…WTF!\r\n\r\nWe are no doubt now in a global marketplace and a positive push or pull in one area of the world has the opposite effect in another part of the globe almost immediately.\r\n\r\nI think that we are now as much gossip news driven, as we are economic data driven. This year we have witnessed a blatant disregard for central bank policy, the ECB and BOJ are the best examples but there are more. The markets simply raised an index finger vertically at Mario Draghi (ECB) and Haruhiko Kuroda (BOJ) attempts to move markets based upon central bank policy changes. In the past, the Forex market was driven as a future-pricing tool extensively based upon central bank monetary policy… things have certainly changed.\r\n\r\nWe enter the next 90 days as participants into the “Greatest show on earth” as Barnum used to say, and I haven’t even mentioned my own TOUR of the UK and IRELAND!!\r\n\r\nTalk about uncertainty: -\r\n\r\nTHE DONALD v CROOKED HILLARY:\r\n\r\nGod only knows how this is going to play out. I can guarantee you that it will not be pretty. This is all self-inflicted; the GOP appear so detached from reality, never learnt from past experience. If there was an example of poor ineffective management here it is. Too little too late should be the GOP strapline on communications.\r\n\r\nFrom July through November, Don Henley’s “Dirty Laundry” will be played on so many TV stations as the accusations and insults fly from one to the other.\r\n\r\nIrrespective of political affiliation the uncertainty in the “one-world” market will affect our day-to-day routines as traders. We will be subjected to sound-byte moves in markets.\r\n\r\n&nbsp;\r\n\r\nTHE BREXIT:\r\n\r\nAnother gem of uncertainty, the UK referendum vote takes place on June 23<sup>rd</sup> 2016. I will be flying from Heathrow to Dublin that day, yummy!\r\n\r\nThis is not just a UK issue, whilst it is about the UK deciding upon its future, the BREXIT decision will affect the EUROZONE just as much.\r\n\r\nEven though we talk and debate about a BREXIT, do not forget the EUROZONE RISKS that are attached. I have written before that longer-term country-by-country fiscal updates are required. The ECB can only do and go so far. To fix, growth and unemployment (just two areas, there are more) this now requires more than the ECB centrally. We are now looking at government policy changes.\r\n<strong>\r\n</strong>A BREXIT will throw the cat amongst the pigeons in the EUROPEAN UNION, as extreme political parties will see an opportunity to try and force a contagion effect. Should the UK leave the money available for poorer countries in the EUROPEAN UNION is severely reduced. The UK is one of the few net contributors.\r\n\r\nTo me its obvious that the ramifications of a BREXIT will affect the EUROZONE just as much as it will in the UK.\r\n\r\nThis is a massive geopolitical effect, with huge uncertainty attached to it, as the decision appears to still remain in the balance.\r\n\r\n&nbsp;\r\n\r\nTHE EUROZONE REFUGEE CRISIS and GREECE BAILOUT IV:\r\n\r\nThe EUROZONE does NOT have the political will across all 27-member states to tackle the problems it faces.\r\n\r\nThe cultural differences to resolving issues are so diverse that the only solution the EUROZONE can ever agree on is to “kick the can down the road”.\r\n\r\nThe most cash strapped country in the EUROZONE is GREECE and it is front and centre the most popular entry point for refugees from Syria, Lebanon, Iraq, and Libya etc. Errors are being made in the validations and confirmations of refugees. It is a human disaster of enormous proportions and sadly given the world we now live in terrorists are moving through along with genuine cases.\r\n\r\nAdd to this the fact that Alexis Tsipras cannot get through the GREEK parliament all the changes / reforms agreed to with Jeroen Dijsselbloem and the EUROZONE finance ministers as well as the troika for bailout monies. In reality, to get the GREEK parliament to sign off on some of the agreement is tantamount to turkeys voting for Christmas.\r\n\r\nTherefore, we enter another, will they / wont they / should they / dare they series of meetings and at the end, the existing bailout will be tweaked rather than resolved or fixed and BAILOUT IV will be announced\r\n\r\nAs written so many times before, the debt that GREECE has to repay is basically impossible to manage. Debt relief is required and whilst the IMF is willing the EUROZONE is not.\r\n\r\nIt is without doubt a modern day GREEK TRAGEDY and at some point, the GREEK parliament will mandate the phrase “F*ck off and die” to the EUROZONE and GREECE will default.\r\n\r\nAre these acceptable risks for the Troika to take? The stakes are higher than we can imagine. If something gives here, we are talking a right fecking mess of a problem.\r\n\r\nSome politicians in the EUROZONE will go down in the history books NOT for good reasons over this potential shambles.\r\n\r\n&nbsp;\r\n\r\nTHE YEN and the BOJ:\r\n\r\nAll talk…. I admit the markets want action, when in reality they have been given the kitchen sink, the bathroom fittings in gold with a bidet as well. The BOJ has the largest QE program in operation. It will be buying dog licenses next.\r\n\r\nHowever, we live in strange times. The BOJ today is living with the problems from the past. They were all talk and no action; today the markets don\'t believe the jawboning. They want to see the colour of their money on the table.\r\n\r\nThe next BOJ policy meeting should be a little gem.\r\n\r\n&nbsp;\r\n\r\nTHE FED:\r\n\r\nI still stand almost alone believing Janet Yellen is a ditherer. She is so much of a DOVE, she has ripped all pages relating to the letter H out of the dictionary, so she has no idea of what a HAWK is.\r\n\r\nI stand mostly alone again; I blame the FED for a great deal of the uncertainty this year so far. We are told one thing, given clear objectives and then we get hesitancy and a pullback from the original goalposts that were set.\r\n\r\nI have said many, many times before, that the mandate of the FED is domestic, it can view internationally, but its mandate is the U.S. economy. I believe the international situation is used to keep Wall Street sweet and maintain a ZIRP (Zero interest Policy). I count 0.25% for the biggest and best economy in the world ZIRP.\r\n\r\nIn the next 90 days we have two FOMC meetings with press conferences on June 15<sup>th</sup> and July 27<sup>th</sup>. I would say we will get something by way of a rate hike out of one or both of these meetings. This dithering is making the markets very twitchy.\r\n\r\nIf Yellen’s goal is uncertainty she already has a gold star.\r\n\r\n&nbsp;\r\n\r\nTHE RBA:\r\n\r\nWe have a contagion effect on the way in my opinion with regards to three central banks. The RBNZ already on a rate cutting policy will be joined by the BOC.\r\n\r\nEconomic Data from Canada is mixed; the dreadful wildfires in Fort McMurray, Alberta are going to probably place enormous stress on the Canadian system locally and in Ottawa. It is already being spoken of as being the largest insurance claim event in Canada’s history. Given the OIL situation this will place a GDP burden on Canada as Oil production is suspended and to stimulate and give confidence interest rates will be cut, I have absolutely no doubt about this.\r\n\r\nSo the CIRCUS is in town for the next 90 days, and, probably even longer, inside the next three months so much is timed to happen, it will be a news driven period like never before seen.\r\n\r\nAs traders all we can do is react and respond. One factor that is in our control is POSITION SIZING. I would say that the next 90 days will be a test of our RISK MANAGEMENT skills. They will definitely be put to the test a few times that is guaranteed.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: NZD – Financial Stability Report and Wheeler (RBNZ) speaks twice!\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – BOE inflation report, Interest rate &amp; Carney (BOE) speaks.\r\nTHURSDAY: NZD – Retail Sales.\r\n\r\nFRIDAY: USD – Core Retail Sales, Retail Sales and PPi.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1402\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7814\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-07052016-1024x481.png\" alt=\"EURUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4427\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7815\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-07052016-1024x481.png\" alt=\"GBPUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7366\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7813\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-07052016-1024x481.png\" alt=\"AUDUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6835\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7816\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-07052016-1024x481.png\" alt=\"NZDUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2908\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USD-CHF-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7817\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USD-CHF-D-07052016-1024x481.png\" alt=\"USD CHF D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9724\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7818\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-07052016-1024x481.png\" alt=\"USDCAD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 107.10\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7819\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-07052016-1024x481.png\" alt=\"USDJPY D 07052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIn direct opposite to how we ended the previous weeks trading, the USD was in control once again. A very spectacular turnaround by all accounts and it just shows what a powerful currency the USD is. Over the previous two weeks it had played second fiddle to the JPY.\r\n\r\nNews is a bit thinner this coming week, but as I have written earlier in the blog, THE CIRCUS IS IN TOWN. Be conscious of the news events and effects that news sound bytes can have. Personally, I would trade smaller position sizes until the summer, at least.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 7<sup>th</sup> May 2016\r\nBLOG REFERENCE: #200 FREE NEWSLETTER VERSION','THE CIRCUS CONTINUES...','','publish','open','closed','','7832-2','','','2016-05-07 10:14:36','2016-05-07 15:14:36','',0,'https://weeklyfxdrivethru.com/?p=7832',0,'post','',0),(7833,1,'2016-05-07 10:14:36','2016-05-07 15:14:36','<p style=\"text-align: center;\"><strong>THE DONALD, CROOKED HILLARY, BREXIT, </strong><strong>THE EUROZONE REFUGEE CRISIS,</strong>\r\n<strong>GREECE BAILOUT IV, THE YEN/BOJ, </strong><strong>THE FED, THE RBA…</strong>\r\n<strong> THE CIRCUS CONTINUES</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThat was a very interesting week.\r\n\r\nThe USD broke below big support; I thought here we go, time to trade on the loo I am in for a severe beating. As a precaution, I exited all USD/CHF longs as GOLD was also playing up. A couple of hours after letting my three USD/CHF long trades have their stops taken, we got the mother of all bounces. Never ever underestimate the power of the USD; it ripped good style. I must appear to my subscribers as a total “Big girl’s blouse” being “wussied out” of the USD/CHF trades.\r\n\r\nHaving said that, we made great profits and some great pips on the USD/CAD which ripped out of the base of its wedge, powering higher, amongst other pairs, but the USD/CAD move stands out last week when talking about USD majors.\r\n\r\nDare I say that, maybe for a few more days we may have a directional market… there you go I‘ve spoilt it for everyone. Fasten your seat belts on Monday / Tuesday next week!\r\n\r\nOne peculiar event last week, was my “G” trades that I had set up and mentioned in last weeks blog, 5 out of the 7 triggered, the USD/CHF booked a 200 pip loss and last Thursday at the New York close at 5PM all the other trades live or not were cleared from my screens. Fortunately the net position on the 5 trades that triggered was a positive +190 pips, which is great thank you very much, but it took me two emails and a bit of stress to find out why they are closed. Apparently on set up with this new broker I have there is a time out trade function that applies to not just LIMIT / STOP orders but also LIVE trades. I don\'t remember checking that box!!\r\n\r\nSuffice to say, my “G” TRADES version 2.0 will be re-thought from an entry perspective, although, obviously the LIMITS will remain the same. I hope to have these tweeted and emailed out by Tuesday this week at the latest.\r\n\r\nNote to self…. “Every broker appears to have their own little quirks to trading platforms, a bit more research would help and be conscious of boxes that are unchecked or checked”.\r\n\r\nFrom an overall trading viewpoint APRIL was a great month for the PREMIUM SERVICE and May has started off solid.\r\n\r\nI am basically a happy puppy!\r\n\r\nMoving forward…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nI go on tour in a few weeks and below I have included an excel spreadsheet detailing all the relevant information.\r\n\r\nI leave on the big bird from Montreal to the UK and IRELAND to present what the PREMIUM SERVICE can do for you regardless of what stage or level of trader you are.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the TOUR, copies of this blog will have a revised format following dates: -\r\n<p style=\"text-align: center;\"><strong>18<sup>th</sup> June 2016</strong>\r\n<strong> 25<sup>th</sup> June 2016</strong>\r\n<strong>2<sup>nd</sup> July 2016</strong></p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">It is touch and go whether or not the new payment gateway in CAD$ will be operating at the time this blog is posted.</p>\r\n<p style=\"text-align: center;\">I have placed the new pricing below in CAD$. If you go to the blog and there are still USD pricing indicators, it is not a problem, all will still work. I am expecting the switch over to happen sometime over the next 48 hours.</p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:\r\n</u>\r\nNET PIPS THIS MONTH SO FAR:            +259\r\nNET PIPS THIS YEAR SO FAR:                +4,073</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nAs stated earlier, last week was an interesting week. From my perspective the highlights were: -\r\n\r\nRBA:\r\n\r\nA surprise interest rate cut on Tuesday followed up on Thursday with the Monetary Policy Statement basically saying more cuts on the way. The usual growth, and inflation targets were revised, something that every central bank seems to do with ease, and a note about the housing bubble in Sydney.\r\n\r\nYup… feck all, the moves in raw materials and basic commodities, its all the basic stuff that comes back to haunt central banks.\r\n\r\nThey are just NOT learning, some eight years after a global Financial crash and there is still no coordination, no joint effort.\r\n\r\nIt is a currency war, whichever way you look at these matters. Keep your rose-tinted glasses on if you like, but let’s call a spade a spade for God’s sake.\r\n\r\nIt’s all for one and one for yourself.\r\n\r\nOn another separate issue with the RBA it appears that Glenn Steven’s tenure as governor draws to a close on September 18<sup>th</sup> this year. He will be replaced by Philip Lowe his current deputy, who must have been so far up Glenn’s bottom, we have never heard a peep out of him for months.\r\n\r\nGreat time to get the job lets see if “our Phil” can live to his name and drive the RBA interest rate lower towards 1.00%!\r\n\r\n&nbsp;\r\n\r\nNON-FARM PAYROLLS:\r\n\r\nA weak number:\r\n\r\nHourly earnings 0.3% in line\r\nUnemployment Rate 5.0% in line\r\nEmployment Change 160,000 expectations were 203,000\r\n\r\nThe USD huffed and puffed / spiked / dropped / bounced around and ended the day stronger than when it started. The DXY bounce from below support has been impressive and it looks like it will continue for a while.\r\n\r\nObviously, the FED interest rate “hike on hike off” debate continues. Whether June is a LIVE meeting or not to potentially increase interest rates still motors on and it will gather pace as we move through this month. Next months NFP numbers will have CNBC and BLOOMBERG on overdrive pending the June 14-15 meeting and press conference.\r\n\r\nNothing much else interested me last week that requires a comment in this section, yes there was news but as always when the NFP data is due all else seems to fade a little into the background.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE DONALD, CROOKED HILLARY, BREXIT, THE EUROZONE REFUGEE CRISIS, </strong>\r\n<strong>GREECE BAILOUT IV, THE YEN/BOJ, THE FED, THE RBA… </strong>\r\n<strong>THE CIRCUS CONTINUES</strong></p>\r\nFinancial writers associated closely or not with the Forex markets will look back on 2016 as a watershed year for many reasons. I cannot believe in week one of the fifth month of the year I am writing about the year in review.\r\n\r\nI feel as if we have seen a years worth of events already, and, as just stated we are not even half way through the year yet.\r\n\r\nI remember when I first started trading Forex. We had a directional market, placing trades and assessing the risk / reward to trades was fairly straightforward. At the end of the day, although we like to complicate trading, it is when all factors are broken down a rather simple assessment of buying dips and selling rips. Fundamentally, to make a living out of trading the Forex Market, that is what needs to be managed, and the skills associated with it understood and controlled. Then add all the DISCIPLINES of POSITION SIZING, RISK &amp; MONEY MANAGEMENT, TRADING PSYCHOLOGY required into a TRADE PLAN and off you go.\r\n\r\nWhy did it all get rather blurred? I am NOT breaking out into song with a version of Robin Thick’s “Blurred Lines” at this point, but we seem to have developed, at times in my opinion, an over-complicated marketplace with way too much data to adequately digest to make a decision. That sentence comes from a self-proclaimed fundamental trader, which may sound strange. But, even I find myself at times in a state of analysis paralysis…WTF!\r\n\r\nWe are no doubt now in a global marketplace and a positive push or pull in one area of the world has the opposite effect in another part of the globe almost immediately.\r\n\r\nI think that we are now as much gossip news driven, as we are economic data driven. This year we have witnessed a blatant disregard for central bank policy, the ECB and BOJ are the best examples but there are more. The markets simply raised an index finger vertically at Mario Draghi (ECB) and Haruhiko Kuroda (BOJ) attempts to move markets based upon central bank policy changes. In the past, the Forex market was driven as a future-pricing tool extensively based upon central bank monetary policy… things have certainly changed.\r\n\r\nWe enter the next 90 days as participants into the “Greatest show on earth” as Barnum used to say, and I haven’t even mentioned my own TOUR of the UK and IRELAND!!\r\n\r\nTalk about uncertainty: -\r\n\r\nTHE DONALD v CROOKED HILLARY:\r\n\r\nGod only knows how this is going to play out. I can guarantee you that it will not be pretty. This is all self-inflicted; the GOP appear so detached from reality, never learnt from past experience. If there was an example of poor ineffective management here it is. Too little too late should be the GOP strapline on communications.\r\n\r\nFrom July through November, Don Henley’s “Dirty Laundry” will be played on so many TV stations as the accusations and insults fly from one to the other.\r\n\r\nIrrespective of political affiliation the uncertainty in the “one-world” market will affect our day-to-day routines as traders. We will be subjected to sound-byte moves in markets.\r\n\r\n&nbsp;\r\n\r\nTHE BREXIT:\r\n\r\nAnother gem of uncertainty, the UK referendum vote takes place on June 23<sup>rd</sup> 2016. I will be flying from Heathrow to Dublin that day, yummy!\r\n\r\nThis is not just a UK issue, whilst it is about the UK deciding upon its future, the BREXIT decision will affect the EUROZONE just as much.\r\n\r\nEven though we talk and debate about a BREXIT, do not forget the EUROZONE RISKS that are attached. I have written before that longer-term country-by-country fiscal updates are required. The ECB can only do and go so far. To fix, growth and unemployment (just two areas, there are more) this now requires more than the ECB centrally. We are now looking at government policy changes.\r\n<strong>\r\n</strong>A BREXIT will throw the cat amongst the pigeons in the EUROPEAN UNION, as extreme political parties will see an opportunity to try and force a contagion effect. Should the UK leave the money available for poorer countries in the EUROPEAN UNION is severely reduced. The UK is one of the few net contributors.\r\n\r\nTo me its obvious that the ramifications of a BREXIT will affect the EUROZONE just as much as it will in the UK.\r\n\r\nThis is a massive geopolitical effect, with huge uncertainty attached to it, as the decision appears to still remain in the balance.\r\n\r\n&nbsp;\r\n\r\nTHE EUROZONE REFUGEE CRISIS and GREECE BAILOUT IV:\r\n\r\nThe EUROZONE does NOT have the political will across all 27-member states to tackle the problems it faces.\r\n\r\nThe cultural differences to resolving issues are so diverse that the only solution the EUROZONE can ever agree on is to “kick the can down the road”.\r\n\r\nThe most cash strapped country in the EUROZONE is GREECE and it is front and centre the most popular entry point for refugees from Syria, Lebanon, Iraq, and Libya etc. Errors are being made in the validations and confirmations of refugees. It is a human disaster of enormous proportions and sadly given the world we now live in terrorists are moving through along with genuine cases.\r\n\r\nAdd to this the fact that Alexis Tsipras cannot get through the GREEK parliament all the changes / reforms agreed to with Jeroen Dijsselbloem and the EUROZONE finance ministers as well as the troika for bailout monies. In reality, to get the GREEK parliament to sign off on some of the agreement is tantamount to turkeys voting for Christmas.\r\n\r\nTherefore, we enter another, will they / wont they / should they / dare they series of meetings and at the end, the existing bailout will be tweaked rather than resolved or fixed and BAILOUT IV will be announced\r\n\r\nAs written so many times before, the debt that GREECE has to repay is basically impossible to manage. Debt relief is required and whilst the IMF is willing the EUROZONE is not.\r\n\r\nIt is without doubt a modern day GREEK TRAGEDY and at some point, the GREEK parliament will mandate the phrase “F*ck off and die” to the EUROZONE and GREECE will default.\r\n\r\nAre these acceptable risks for the Troika to take? The stakes are higher than we can imagine. If something gives here, we are talking a right fecking mess of a problem.\r\n\r\nSome politicians in the EUROZONE will go down in the history books NOT for good reasons over this potential shambles.\r\n\r\n&nbsp;\r\n\r\nTHE YEN and the BOJ:\r\n\r\nAll talk…. I admit the markets want action, when in reality they have been given the kitchen sink, the bathroom fittings in gold with a bidet as well. The BOJ has the largest QE program in operation. It will be buying dog licenses next.\r\n\r\nHowever, we live in strange times. The BOJ today is living with the problems from the past. They were all talk and no action; today the markets don\'t believe the jawboning. They want to see the colour of their money on the table.\r\n\r\nThe next BOJ policy meeting should be a little gem.\r\n\r\n&nbsp;\r\n\r\nTHE FED:\r\n\r\nI still stand almost alone believing Janet Yellen is a ditherer. She is so much of a DOVE, she has ripped all pages relating to the letter H out of the dictionary, so she has no idea of what a HAWK is.\r\n\r\nI stand mostly alone again; I blame the FED for a great deal of the uncertainty this year so far. We are told one thing, given clear objectives and then we get hesitancy and a pullback from the original goalposts that were set.\r\n\r\nI have said many, many times before, that the mandate of the FED is domestic, it can view internationally, but its mandate is the U.S. economy. I believe the international situation is used to keep Wall Street sweet and maintain a ZIRP (Zero interest Policy). I count 0.25% for the biggest and best economy in the world ZIRP.\r\n\r\nIn the next 90 days we have two FOMC meetings with press conferences on June 15<sup>th</sup> and July 27<sup>th</sup>. I would say we will get something by way of a rate hike out of one or both of these meetings. This dithering is making the markets very twitchy.\r\n\r\nIf Yellen’s goal is uncertainty she already has a gold star.\r\n\r\n&nbsp;\r\n\r\nTHE RBA:\r\n\r\nWe have a contagion effect on the way in my opinion with regards to three central banks. The RBNZ already on a rate cutting policy will be joined by the BOC.\r\n\r\nEconomic Data from Canada is mixed; the dreadful wildfires in Fort McMurray, Alberta are going to probably place enormous stress on the Canadian system locally and in Ottawa. It is already being spoken of as being the largest insurance claim event in Canada’s history. Given the OIL situation this will place a GDP burden on Canada as Oil production is suspended and to stimulate and give confidence interest rates will be cut, I have absolutely no doubt about this.\r\n\r\nSo the CIRCUS is in town for the next 90 days, and, probably even longer, inside the next three months so much is timed to happen, it will be a news driven period like never before seen.\r\n\r\nAs traders all we can do is react and respond. One factor that is in our control is POSITION SIZING. I would say that the next 90 days will be a test of our RISK MANAGEMENT skills. They will definitely be put to the test a few times that is guaranteed.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: NZD – Financial Stability Report and Wheeler (RBNZ) speaks twice!\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – BOE inflation report, Interest rate &amp; Carney (BOE) speaks.\r\nTHURSDAY: NZD – Retail Sales.\r\n\r\nFRIDAY: USD – Core Retail Sales, Retail Sales and PPi.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1402\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7814\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-07052016-1024x481.png\" alt=\"EURUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4427\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7815\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-07052016-1024x481.png\" alt=\"GBPUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7366\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7813\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-07052016-1024x481.png\" alt=\"AUDUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6835\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7816\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-07052016-1024x481.png\" alt=\"NZDUSD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2908\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USD-CHF-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7817\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USD-CHF-D-07052016-1024x481.png\" alt=\"USD CHF D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9724\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7818\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-07052016-1024x481.png\" alt=\"USDCAD D 07052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 107.10\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-07052016.png\"><img class=\"aligncenter size-large wp-image-7819\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-07052016-1024x481.png\" alt=\"USDJPY D 07052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIn direct opposite to how we ended the previous weeks trading, the USD was in control once again. A very spectacular turnaround by all accounts and it just shows what a powerful currency the USD is. Over the previous two weeks it had played second fiddle to the JPY.\r\n\r\nNews is a bit thinner this coming week, but as I have written earlier in the blog, THE CIRCUS IS IN TOWN. Be conscious of the news events and effects that news sound bytes can have. Personally, I would trade smaller position sizes until the summer, at least.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 7<sup>th</sup> May 2016\r\nBLOG REFERENCE: #200 FREE NEWSLETTER VERSION','THE CIRCUS CONTINUES...','','inherit','closed','closed','','7832-revision-v1','','','2016-05-07 10:14:36','2016-05-07 15:14:36','',7832,'https://weeklyfxdrivethru.com/7832-revision-v1/',0,'revision','',0),(7834,1,'2016-05-09 08:44:39','2016-05-09 13:44:39','','TWEET FOR -  WHAT U GET','','inherit','open','closed','','tweet-for-what-u-get','','','2016-05-09 08:48:49','2016-05-09 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size-medium wp-image-7744\" /><h3> Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing up.</h3>\r\n[s2Member-Pro-Stripe-Form level=\"2\" ccaps=\"\" desc=\"$240.00 CAD / One Time (for 1 month access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"240.00\" rp=\"1\" rt=\"M\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service 4 Weeks Subscription','','inherit','closed','closed','','7752-revision-v1','','','2016-05-09 09:58:24','2016-05-09 14:58:24','',7752,'https://weeklyfxdrivethru.com/7752-revision-v1/',0,'revision','',0),(7840,16,'2016-05-09 09:59:30','2016-05-09 14:59:30','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/3-Months-Subscription-300x300.jpg\" alt=\"3-Months-Subscription\" width=\"300\" height=\"300\" class=\"alignleft size-medium wp-image-7745\" /><h3> Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing up.</h3>\r\n[s2Member-Pro-Stripe-Form level=\"2\" ccaps=\"\" desc=\"$500.00 CAD / One Time (for 3 month access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"500.00\" rp=\"3\" rt=\"M\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service 10 Weeks Subscription','','inherit','closed','closed','','7756-revision-v1','','','2016-05-09 09:59:30','2016-05-09 14:59:30','',7756,'https://weeklyfxdrivethru.com/7756-revision-v1/',0,'revision','',0),(7841,16,'2016-05-09 10:00:42','2016-05-09 15:00:42','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/3-Months-Subscription-300x300.jpg\" alt=\"3-Months-Subscription\" width=\"300\" height=\"300\" class=\"alignleft size-medium wp-image-7745\" /><h3>Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing up.</h3>\r\n[s2Member-Pro-Stripe-Form level=\"2\" ccaps=\"\" desc=\"$500.00 CAD / One Time (for 3 month access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"500.00\" rp=\"3\" rt=\"M\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service 10 Weeks Subscription','','inherit','closed','closed','','7756-revision-v1','','','2016-05-09 10:00:42','2016-05-09 15:00:42','',7756,'https://weeklyfxdrivethru.com/7756-revision-v1/',0,'revision','',0),(7842,16,'2016-05-09 10:03:12','2016-05-09 15:03:12','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-renewal-300x300.jpg\" alt=\"Annual-Subscription-renewal\" width=\"300\" height=\"300\" class=\"alignleft size-medium wp-image-7748\" /><h3> Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing up.</h3>\r\n[s2Member-Pro-Stripe-Form level=\"4\" ccaps=\"\" desc=\"$1000.00 CAD / One Time (for 1 year access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"1000.00\" rp=\"1\" rt=\"Y\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service Annual Subscription Renewal','','inherit','closed','closed','','7767-revision-v1','','','2016-05-09 10:03:12','2016-05-09 15:03:12','',7767,'https://weeklyfxdrivethru.com/7767-revision-v1/',0,'revision','',0),(7843,16,'2016-05-09 10:05:48','2016-05-09 15:05:48','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-300x300.jpg\" alt=\"Annual-Subscription\" width=\"300\" height=\"300\" class=\"alignleft size-medium wp-image-7747\" /><h3> Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing up.</h3>\r\n[s2Member-Pro-Stripe-Form level=\"4\" ccaps=\"\" desc=\"$1250.00 CAD / One Time (for 1 year access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"1250.00\" rp=\"1\" rt=\"Y\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service 40 Weeks Subscription','','inherit','closed','closed','','7762-revision-v1','','','2016-05-09 10:05:48','2016-05-09 15:05:48','',7762,'https://weeklyfxdrivethru.com/7762-revision-v1/',0,'revision','',0),(7845,16,'2016-05-09 10:09:33','2016-05-09 15:09:33','<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/6-Months-Subscriptions-300x300.jpg\" alt=\"6-Months-Subscriptions\" width=\"300\" height=\"300\" class=\"alignleft size-medium wp-image-7746\" /><h3> Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing up.</h3>\r\n[s2Member-Pro-Stripe-Form level=\"2\" ccaps=\"\" desc=\"$750.00 CAD / One Time (for 6 month access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"750.00\" rp=\"6\" rt=\"M\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]','Premium Service 20 Weeks Subscription','','inherit','closed','closed','','7759-revision-v1','','','2016-05-09 10:09:33','2016-05-09 15:09:33','',7759,'https://weeklyfxdrivethru.com/7759-revision-v1/',0,'revision','',0),(7846,16,'2016-05-09 10:18:02','2016-05-09 15:18:02','','Subscribe Here','','publish','closed','closed','','subscribe-here','','','2016-12-05 11:39:21','2016-12-05 16:39:21','',0,'https://weeklyfxdrivethru.com/?p=7846',3,'nav_menu_item','',0),(7907,1,'2016-05-21 07:30:06','2016-05-21 12:30:06','','CONS. PERFORMANCE APR16','','inherit','open','closed','','cons-performance-apr16','','','2016-05-21 07:33:20','2016-05-21 12:33:20','',3012,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/CONS.-PERFORMANCE-APR16.png',0,'attachment','image/png',0),(7855,1,'2016-05-13 15:31:32','2016-05-13 20:31:32','<h1>THE PREMIUM SERVICE\r\nSUBSCRIBER AREA</h1>\r\n&nbsp;\r\n\r\n<section class=\"members\">\r\n<h4>Welcome to the PREMIUM SERVICE section of the WEEKLY FX DRIVE THRU.</h4>\r\nThank you for your subscription. I hope that you will find the content inside the PREMIUM SERVICE subscriber section of great use to support your Forex Trading. Inside you will find a library of exclusive content to aid your Forex Trading.\r\n<ul>\r\n 	<li>There are copies of the PREMIUM SERVICE versions of my main blog THE WEEKLY FX DRIVE THRU.</li>\r\n 	<li>Dates of upcoming webinars.</li>\r\n 	<li>Confirmation of the release dates of the WEEKLY FX DRIVE THRU blog.</li>\r\n 	<li>Under the TRADING SUMMARIES section there is a complete summary of all the excel spreadsheets that were published in the “WEEKLY” blog that support the PREMIUM SERVICE performance.</li>\r\n 	<li>Inside the EDUCATION section everything you need from a FX Glossary to how to read Candlestick charts as well as a full list of Trading Essentials articles from the WEEKLY FX DRIVE THRU.</li>\r\n 	<li>Details about one-on-one coaching and mentoring programs.</li>\r\n 	<li>Entrance to the Chat Room (coming soon).</li>\r\n 	<li>Finally a complete list of my BUSINESS PARTNERS. If you want to partner closer with the PREMIUM SERVICE and wish to avail of my partners services just click on their banner anywhere on my website.</li>\r\n</ul>\r\n<h4>PLEASE NOTE:</h4>\r\nDates of sales presentations and general Forex based seminars with or without my BUSINESS PARTNERS are noted on the welcome page on the WEEKLY FX DRIVE THRU. The appropriate tab is at the top of the welcome page.\r\n\r\n</section>','Welcome','','inherit','closed','closed','','2154-revision-v1','','','2016-05-13 15:31:32','2016-05-13 20:31:32','',2154,'http://weeklyfxdrivethru.com/2154-revision-v1/',0,'revision','',0),(7857,1,'2016-05-13 15:49:44','2016-05-13 20:49:44','','PREM SERVPROFITS1 15052016','','inherit','open','closed','','prem-servprofits1-15052016','','','2016-05-14 12:09:15','2016-05-14 17:09:15','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PREM-SERVPROFITS1-15052016.png',0,'attachment','image/png',0),(7858,1,'2016-05-13 15:49:46','2016-05-13 20:49:46','','PREMSERVPROFITS2 15052016','','inherit','open','closed','','premservprofits2-15052016','','','2016-05-14 12:09:34','2016-05-14 17:09:34','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PREMSERVPROFITS2-15052016.png',0,'attachment','image/png',0),(7859,1,'2016-05-13 15:49:52','2016-05-13 20:49:52','','RADAR 15052016','','inherit','open','closed','','radar-15052016','','','2016-05-14 12:05:32','2016-05-14 17:05:32','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/RADAR-15052016.png',0,'attachment','image/png',0),(7860,1,'2016-05-13 15:49:59','2016-05-13 20:49:59','','FLASH 15052016','','inherit','open','closed','','flash-15052016','','','2016-05-14 12:04:24','2016-05-14 17:04:24','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/FLASH-15052016.png',0,'attachment','image/png',0),(7861,1,'2016-05-13 15:50:06','2016-05-13 20:50:06','','FUN 15052016','','inherit','open','closed','','fun-15052016','','','2016-05-14 12:06:22','2016-05-14 17:06:22','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/FUN-15052016.png',0,'attachment','image/png',0),(7862,1,'2016-05-13 15:50:11','2016-05-13 20:50:11','','POS1 15052016','','inherit','open','closed','','pos1-15052016','','','2016-05-14 12:07:24','2016-05-14 17:07:24','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS1-15052016.png',0,'attachment','image/png',0),(7863,1,'2016-05-13 15:50:13','2016-05-13 20:50:13','','POS2 15052016','','inherit','open','closed','','pos2-15052016','','','2016-05-14 12:07:31','2016-05-14 17:07:31','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS2-15052016.png',0,'attachment','image/png',0),(7864,1,'2016-05-13 15:50:15','2016-05-13 20:50:15','','POS3 15052016','','inherit','open','closed','','pos3-15052016','','','2016-05-14 12:07:37','2016-05-14 17:07:37','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS3-15052016.png',0,'attachment','image/png',0),(7865,1,'2016-05-13 15:50:17','2016-05-13 20:50:17','','DXY 15052016','','inherit','open','closed','','dxy-15052016','','','2016-05-14 11:29:36','2016-05-14 16:29:36','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016.png',0,'attachment','image/png',0),(7866,1,'2016-05-13 15:50:24','2016-05-13 20:50:24','','LIMIT ORDERS 15052015','','inherit','open','closed','','limit-orders-15052015','','','2016-05-14 11:35:47','2016-05-14 16:35:47','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIMIT-ORDERS-15052015.png',0,'attachment','image/png',0),(7867,1,'2016-05-13 15:50:25','2016-05-13 20:50:25','','LIVE TRADES 15052016','','inherit','open','closed','','live-trades-15052016','','','2016-05-14 11:35:34','2016-05-14 16:35:34','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-TRADES-15052016.png',0,'attachment','image/png',0),(7868,1,'2016-05-14 11:40:22','2016-05-14 16:40:22','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe USD came back with a vengeance last week. All you have to do is look at the DXY chart below to see that there is a desire to own the greenback once again.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016.png\"><img class=\"aligncenter size-large wp-image-7865\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016-1024x429.png\" alt=\"DXY 15052016\" width=\"1024\" height=\"429\" /></a>\r\n\r\nOn the DXY weekly chart above, I have placed a few comments regarding my thoughts and target levels.\r\n\r\nI decided on Friday last week to take profits on my RADAR and FUNDAMENTAL trades after U.S. retail sales numbers were posted. The longer-term POSITION trades are still in play and I am hoping for some larger moves in line with my FUNDAMENTAL views for 2016-2017. All in all a good week for trading, although I find myself writing this a great deal now, one has to be patient and wait more so then ever for trades to materialize and develop.\r\n\r\nAs I have said for over two years now, my approach is a ’Steady Eddie” one. My goals are very simply 10,000 pips per year for the 10 months of the year that I trade, which, breaks down to 1,000 pips a month. This month we are at 786 pips of net profit generated with 4,600 pips year to date.\r\n\r\nRemember, the ice storms and power and ISP outages that I suffered here in Montreal in February?\r\n\r\nThe PREMIUM SERVICE account was reduced to zero pips as a result of that; look where it is today, back on target: - How?\r\n<ul>\r\n 	<li>Patience</li>\r\n 	<li>High probability trading</li>\r\n 	<li>Taking a longer-term wider stop perspective during the continual chop fest and range bound trading conditions.</li>\r\n</ul>\r\nAll of this has contributed to the “Lazarus” effect!!\r\n\r\nMy G20 aka “G” trades have yet to be added to my broker account. I am so conscious that my 1.0 trades had great entries at range extremes but now that we have pulled in from the limits I am like a spoilt child that has “spat his dummy out” because I can\'t have those great entries once again. They will appear soon.\r\n\r\nMoving on…\r\n\r\nThe PREMIUM SERVICE has moved to CAD$ and I have my own server with my Word Press host upgraded, not that any of this has been easy to do. My website has been up and down more times than a pair of hookers knickers over the past week. Very frustrating and at times really annoying, I am told it’s all to do with my SSL and my new payment gateway. Hopefully its all fixed now… fingers crossed.\r\n\r\nI apologize if you had difficulty navigating my website over these past few days. As mentioned, the upgrades have NOT been without incident and I am still not 100% convinced yet that all things are good.\r\n\r\nBTW: - If anyone is looking at Blue Host to host a website, my two pennies on this matter are very simple - do not. Blue Host will not telephone you; they send emails only from no-reply email addresses. Your issues go into a group pot, they are not “completer finishers” because no one owns the issue, and no one has the responsibility. They are NOT sales or account management focused.\r\nNever do what I have done in the past, which is to believe their sales people. Every upgrade has been a disaster. My alleged seamless transition from a cloud based server to a VPS (Virtual Private server), supposedly taking 3 hours resulted in my website breaking and my email database from my address book being lost. After 48 hours they still had their heads so far up their arse’s dealing with crap, they could not offer any resolution, more importantly no apologies and NO understanding of the frustration that this paid upgrade was causing. If that is seamless, it requires a new definition in the Oxford dictionary. My guru Claudia fixed things for them.\r\n\r\nShifting to more pleasant matters…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are gathering a pace and my power point software skills are being pushed to the limits, never mind the continual refining of the presentation content.\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the TOUR, copies of this blog will have a revised format on the following dates: -\r\n<p style=\"text-align: center;\"><strong>18<sup>th</sup> June 2016</strong>\r\n<strong> 25<sup>th</sup> June 2016</strong>\r\n<strong>2<sup>nd</sup> July 2016</strong></p>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)</p>\r\n<p style=\"text-align: center;\">CAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00</p>\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +786\r\nNET PIPS THIS YEAR SO FAR:                +4,600</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nFrom my perspective last week was all about continued USD strength. There is once again a wish / want / desire to own the USD.\r\n\r\nRBNZ:\r\n\r\nAfter Mark Carney (Part-time JCB operative) at the BOE, the RBNZ with governor Graeme Wheeler must be the second most annoying central bank with mixed messages that confuse the crap out of traders.\r\n\r\nNot that this has changed, but he is now worried and emphasizing Auckland property prices. Is it just me, or did we not hear the same rhetoric from Glenn Stevens at the RBA a couple of months ago vis-à-vis the Sydney housing issue.\r\n\r\nI think 4-6 weeks later the RBA were running to hide under desks on Prozac as the boom / bust / bubble hit home and now we are looking beyond a surprise rate cut that happened this month for at least one more very soon and maybe another before the end of the year.\r\n\r\nIs the same going to happen with the RBNZ?\r\n\r\nLast Tuesday’s presentation of the stability report which had a hold on rates, was what I can only describe as the most laid back, boring, watching paint dry event Yup it was stable alright, the damn RBNZ team were fecking rigid it was that stable. Nothing against accountants, but you know what I mean; when you get the desk sucking, pen pushing, jotter blotters in charge even the most tea-total observers must be considering at least just one drink of alcohol to get me through?\r\n\r\nFrom a trading perspective of course, not for the first time, Wheeler screwed up my open trades for 36 hours or so.\r\n\r\nOverall, the goal with the RBNZ is to send the NZD weaker. I think that you need to be patient with this currency moving forward. I am constantly re-assessing my longer-term objectives with this currency, but I do feel sub. 0.6000 is on before the end of 2016.\r\n\r\nBOE:\r\n\r\nI basically listened and observed the huff ‘n puff out of Carney. As a precaution, I exited a EUR/GBP trade with +50 pips given that he (Carney) is a misleader of the markets.\r\n\r\nWhat surprised me about the BOE data release was that were no dissenters, all the MPC members voted in harmony. The result of this was a spike, then fall, then spike and then fall again with most GBP related pairs, followed by the return to the range. My fear was for a dissenter amongst the ranks so I closed my EUR/GBP as a precaution…argh!!\r\n\r\nI am now looking to re-enter if possible above 0.7900.\r\n\r\nU.S. RETAIL SALES and PPi:\r\n\r\nSurprisingly good numbers; I was expecting weaker numbers as confidence as spending in the U.S. (the ultimate consumer spending society in the world), I thought may have been hit my higher gas (petrol) prices as WTi has inched higher of late. Apparently not put off, the numbers were really good and have bucked the trend of recent U.S, economic data, which, I would describe as weak.\r\n\r\nCORE RETAIL:         Actual 0.8% - Expected 0.6%\r\nRETAIL SALES:        Actual 1.3% - Expected -0.3%\r\nCORE PPi:               Actual 0.1% - Expected 0.1%\r\nPPi:                             Actual 0.2% - Expected 0.3% (slight miss)\r\n\r\nLooking back over the week it was the same old same old but the directional move of the USD actually stabilized the markets, some uncertainty was removed as traders appeared to get on board with the fact that the DXY was over sold and that some sort of retracement was required. That may be a rather over simplistic view of matters, but I came from the “keep it simple” school of trading and understanding market fundamentals and correlations.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE BULLY BOYS ARE OUT REGARDING THE BREXIT</strong></p>\r\nAs most of you regular readers will know, I am dual citizen, UK and Canada.\r\n\r\nHaving only lived here in Montreal for about 10 years, I have more friends back in blighty and I keep in touch on a regular basis by SKYPE, FACETIME, email and telephone.\r\n\r\nI am constantly being advised that the BREXIT / REMAIN vote will be close. Many friends also tell me, that they hear of people wanting out of the European Union much more so than having conversations talking about staying within the EU.\r\n\r\nIs this normal? I am not sure I know what is normal anymore when the likes of the US Presidential race is nothing more than a circus. Basically it is reality TV regurgitated in its worst format for an alleged world leading economy, with the world looking on, it\'s a farce, in my opinion. To think that the U.S. has the damn nerve to go around the world to non-democratic countries saying “do it the way we do it, it is the best democracy ever”. Are you kidding me? Is that some kind of joke? One thing that is for sure is that the true colours of the U.S. are being shown to all and sundry. Massive uncertainty for the world economic environment lies ahead.\r\n\r\nWhether you like what is happening or not, the fact that the GOP (Republican) hierarchy are basically saying to voters vote the way we tell you because you are all ignorant of the facts and stupid, is hardly an example of a democracy. So normal, to me requires a re-definition in the dictionary because what I thought was normal is nothing like it at the moment.\r\n\r\nGetting back on track…\r\n\r\nI think matters will intensify in the UK moving forward now for a number of reasons.\r\n<ol>\r\n 	<li>TV debates are beginning this week. There are three scheduled on the BBC – 19<sup>th</sup> May, 15<sup>th</sup> June and 21<sup>st</sup>\r\nThis by themselves will allow voters the opportunity to see close hand the key points and allow comparisons of viewpoints. Do not expect a Donald Trump spoiled brat approach of he said / she said and he said it first, style of debate. The UK is not Disney for adults.</li>\r\n 	<li>Voices from the EUROZONE are getting louder. I think that the realization that the EZ could take a giant step backwards is scaring the crap out of thinkers (there aren’t many of those in the EUROZONE as we know). The effects inside the EUROZONE would be catastrophic. Anyone who says not…just think about it in a little detail.\r\nSECURITY\r\nCASH…money into the EUROZONE\r\nFINANCIAL MARKETS\r\nSTABILITY in EUROPE\r\nTRADEAll of the above are uncertainties for the UK and the EUROZONE. This has NEVER been done before so it’s all a little bit of guesswork.\r\n\r\nWhilst referencing the EUROZONE the biggest concern that leaders inside must be worrying about is the CONTAGION effect. If the UK votes BREXIT, will other member states be forced into similar referendums?</li>\r\n 	<li>We are starting to see more extreme claims from both sides vis-à-vis what would happen if a BREXIT would be voted for. Obviously the REMAINS make it look like Armageddon and the BREXIT make it look like a rose garden of limitless opportunity. This attracts media attention and the headline grabbing statements certainly opens up more qualified debate.</li>\r\n 	<li>Like school children MP’s in the UK have lots of holidays. They break from Parliament from the 26<sup>th</sup> May until the 6<sup>th</sup> June and then again from the 15<sup>th</sup> June until the 27<sup>th</sup> These breaks mean that increased focus on the issues will be front and centre as the usual MP day-to-day routines are abandoned.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nThe REMAINS have called in the big guns like the IMF to lobby on their behalf as well. Some have said it is a little bullying in the approach taken on the basis that wild statements without any supporting data are being thrown at the electorate, such as no follow up on examples of impact.\r\n<ul>\r\n 	<li>House prices will plummet</li>\r\n 	<li>Financial Markets will be in chaos</li>\r\n 	<li>The UK world stage status will change?</li>\r\n 	<li>The impact of a BREXIT is not pretty bad but very bad… the IMF has dire thoughts over this.</li>\r\n</ul>\r\nI can rabbit on here for pages about this subject.\r\n\r\nI do love and respect the fact that cross party lines have gone when it comes to the debate. This is true democracy at work and most if not all MP’s in the UK are asking their constituents their thoughts, rather than just trying to be a part of the sound-byte TV agenda that many politicians like to feature in.\r\n\r\nThe fact that you can have two opposition leaders fighting the same fight on the same sides so passionately is great to watch\r\n\r\nWithout doubt moving forward news about the BREXIT will intensify and whilst the vote remains tight, the last one I have seen says:\r\n<p style=\"text-align: center;\"><strong>STAY (REMAIN) 46%</strong>\r\n<strong>LEAVE (BREXIT) 43%</strong></p>\r\nI believe that uncertainty will dominate the Forex market as we edge closer to the June 23<sup>rd</sup> voting date. At the end of the day it is all about RISK as we get closer to the referendum date.\r\n\r\nIt’s about your own RISK appetite. Mine will be quite low; I will NOT be trading the GBP/USD at all. The only trades GBP related I have at the moment are EUR/GBP and GBP/NZD. I do not intend to add further GBP trades other than a GBP/CHF trade which is inverted to the EUR/GBP.\r\n\r\nThe GBP/NZD is more about the NZD than the GBP. My fundamental views on the New Zealand economy are poor.\r\n\r\nThe EUR/GBP is a trade based upon the fact that I believe that when a push comes to a shove, the UK will vote to REMAIN. This will sky rocket the GBP/USD and should send the EUR/GBP lower towards 0.7000.\r\n\r\nWe are now in mid-May about 5 weeks away from the vote. If you are not already thinking about how you will manage the 23<sup>rd</sup> of June from a trading perspective, it will soon be time to do this.\r\n\r\nThere will be sound-bytes from all over, as every area in the globe has an interest in the outcome. It should be fun moving forward.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW:</strong>\r\n\r\nTRADING REVIEW:\r\n\r\nFirst of all, I want to apologize for the website over the past few days. I think its fixed but I am NOT 100% sure at the moment.\r\n\r\nThis did deflect me from trading but we did add about 500 pips this week so bring on more deflections!!\r\n\r\nMoving forward rather than looking backward, this coming week as the USD continues to recover, I will be keeping a close eye on the DXY. The 38% retracement will be key to see how the USD behaves. I am really hoping for a break up to the 61.8% level.\r\n\r\nAs mentioned last week, we have a ton of high beta news to deal with over the coming weeks and either one of these could reinforce the DXY move higher or it could completely bollocks the whole move. This will be at the back of mind this week.\r\n\r\nI have zero problem, with longer-term POSITION style trading moving forward, that\'s all about getting the best entry points possible, but the shorter term trades are a wee bit more difficult. I am not going to turn into a 30-minute or less trader, I prefer to swing (so to speak). I think now more than ever we trade accord to core strengths.\r\n\r\nI will get the “G” trades out this week. I have them on my desk ready; I am just not 100% on the entry levels yet.\r\n\r\nFrom open trades still in play, I wanted to keep the CHF trades (USD/CHF and EUR/CHF) and some NZD/USD exposure in addition to the POSITION trades.\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nPricing options are now in CAD$.\r\n\r\nSILVER membership has been removed; being honest, I know a few of you have traded up, but all SILVER memberships really attracted were gamblers, who were time consuming just looking for multiple trades per day.\r\n\r\nFrankly I want traders who are interested in the long-term, with steady income requirements that can supplement existing household income by being a part-time trader or those looking to develop a full-time income but being based upon longer-term horizons.\r\n\r\nThose of you who sign up, or have signed up for annual subscriptions have been raised to PLATINUM SUBSCRIBERS (the highest level of subscription). The initial benefit of this is that annual subscribers who renew for a further 12 months will receive a discount from the published price option. Currently it is CAD$1,250.00 to initially subscribe for 12 months with renewals for an annual PLATINUM subscriber at CAD$1,000.00.\r\n\r\n&nbsp;\r\n\r\nCHARTS:\r\n\r\nI have been asked to re-introduce any charts that I am looking at for potential trades that could happen early in the week. When I did this a while back, some subscribers were expecting a multitude of trades, which for one reason or another didn\'t happen. Just because I am looking, does NOT mean that I am buying!\r\n\r\nI have added those that are attracting my attention and could possibly become trades of one sort or another moving forward. I am always looking at charts for high probability patterns etc. so this is no hardship for me other than just the saving and uploading disciplines.\r\n\r\n&nbsp;\r\n\r\n<strong>CHARTS THAT ARE ATTRACTING MY INTEREST:</strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDSEK-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7880\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDSEK-D-15052016-1024x481.png\" alt=\"USDSEK D 15052016\" width=\"1024\" height=\"481\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7879\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCHF-D-15052016-1024x481.png\" alt=\"NZDCHF D 15052016\" width=\"1024\" height=\"481\" /></a> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7878\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCAD-D-15052016-1024x481.png\" alt=\"NZDCAD D 15052016\" width=\"1024\" height=\"481\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURAUD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7877\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURAUD-D-15052016-1024x481.png\" alt=\"EURAUD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7876\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDCHF-D-15052016-1024x481.png\" alt=\"AUDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-TRADES-15052016.png\"><img class=\"aligncenter size-full wp-image-7867\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-TRADES-15052016.png\" alt=\"LIVE TRADES 15052016\" width=\"803\" height=\"590\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIMIT-ORDERS-15052015.png\"><img class=\"aligncenter size-full wp-image-7866\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIMIT-ORDERS-15052015.png\" alt=\"LIMIT ORDERS 15052015\" width=\"671\" height=\"459\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: USD – CPi and Core CPi.\r\nTUESDAY: NZD – GDT (Dairy Auction prices) and PPi.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\n\r\nFRIDAY: CAD – Core Retail Sales and Retail Sales.\r\n\r\n&nbsp;\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1306\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7870\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016-1024x481.png\" alt=\"EURUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4362\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7871\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016-1024x481.png\" alt=\"GBPUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7869\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016-1024x481.png\" alt=\"AUDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6770\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7872\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016-1024x481.png\" alt=\"NZDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2932\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7873\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016-1024x481.png\" alt=\"USDCAD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9755\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7874\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016-1024x481.png\" alt=\"USDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.64\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7875\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016-1024x481.png\" alt=\"USDJPY D 15052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have had some directional trading again courtesy of the USD strength.\r\n\r\nThis is not the time to get carried away. Last week I mentioned 6/7 high profile events due to occur in the next 60-90 days. Any one of these could stop the DXY in its tracks and force a swift reversal.\r\n\r\nWe have FOMC minutes this week, which will bring all sorts of numpties onto TV via CNBC and BLOOMBERG. Where these people come from and how much credit you can give to their opinions is debatable. Not one of them is held accountable and the vast majority have no skin the game, as we say.\r\n\r\nI have often thought of placing one of my labs (Ozzy or Aoife) on periscope, asking them questions about the FED and the markets in general, and gauging responses based upon a blink of the eye for a “YES” to a specific question should they agree. In all honesty, they could not be any worse than the fruit bats we have on TV at the moment, after all it is just a 50-50 guess!\r\n\r\nThat aside…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n<h5>DATE: 15<sup>h</sup> May 2016\r\nBLOG REFERENCE: #102 PREMIUM SERVICE SUBSCRIBER VERSION</h5>\r\n&nbsp;','THE BULLY BOYS ARE OUT REGARDING THE BREXIT','','publish','open','closed','','bully-boys-regarding-brexit','','','2016-05-14 11:40:22','2016-05-14 16:40:22','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7868',0,'member_posts','',0),(7869,1,'2016-05-14 11:27:45','2016-05-14 16:27:45','','AUDUSD D 15052016','','inherit','open','closed','','audusd-d-15052016','','','2016-05-14 11:36:53','2016-05-14 16:36:53','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016.png',0,'attachment','image/png',0),(7870,1,'2016-05-14 11:27:55','2016-05-14 16:27:55','','EURUSD D 15052016','','inherit','open','closed','','eurusd-d-15052016','','','2016-05-14 11:36:22','2016-05-14 16:36:22','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016.png',0,'attachment','image/png',0),(7871,1,'2016-05-14 11:27:57','2016-05-14 16:27:57','','GBPUSD D 15052016','','inherit','open','closed','','gbpusd-d-15052016','','','2016-05-14 11:36:32','2016-05-14 16:36:32','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016.png',0,'attachment','image/png',0),(7872,1,'2016-05-14 11:28:04','2016-05-14 16:28:04','','NZDUSD D 15052016','','inherit','open','closed','','nzdusd-d-15052016','','','2016-05-14 11:37:04','2016-05-14 16:37:04','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016.png',0,'attachment','image/png',0),(7873,1,'2016-05-14 11:28:06','2016-05-14 16:28:06','','USDCAD D 15052016','','inherit','open','closed','','usdcad-d-15052016','','','2016-05-14 11:37:16','2016-05-14 16:37:16','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016.png',0,'attachment','image/png',0),(7874,1,'2016-05-14 11:28:09','2016-05-14 16:28:09','','USDCHF D 15052016','','inherit','open','closed','','usdchf-d-15052016','','','2016-05-14 11:37:27','2016-05-14 16:37:27','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016.png',0,'attachment','image/png',0),(7875,1,'2016-05-14 11:28:11','2016-05-14 16:28:11','','USDJPY D 15052016','','inherit','open','closed','','usdjpy-d-15052016','','','2016-05-14 11:37:48','2016-05-14 16:37:48','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016.png',0,'attachment','image/png',0),(7876,1,'2016-05-14 11:28:12','2016-05-14 16:28:12','','AUDCHF D 15052016','','inherit','open','closed','','audchf-d-15052016','','','2016-05-14 11:35:16','2016-05-14 16:35:16','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDCHF-D-15052016.png',0,'attachment','image/png',0),(7877,1,'2016-05-14 11:28:14','2016-05-14 16:28:14','','EURAUD D 15052016','','inherit','open','closed','','euraud-d-15052016','','','2016-05-14 11:35:06','2016-05-14 16:35:06','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURAUD-D-15052016.png',0,'attachment','image/png',0),(7878,1,'2016-05-14 11:28:19','2016-05-14 16:28:19','','NZDCAD D 15052016','','inherit','open','closed','','nzdcad-d-15052016','','','2016-05-14 11:34:52','2016-05-14 16:34:52','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCAD-D-15052016.png',0,'attachment','image/png',0),(7879,1,'2016-05-14 11:28:21','2016-05-14 16:28:21','','NZDCHF D 15052016','','inherit','open','closed','','nzdchf-d-15052016','','','2016-05-14 11:34:42','2016-05-14 16:34:42','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCHF-D-15052016.png',0,'attachment','image/png',0),(7880,1,'2016-05-14 11:28:23','2016-05-14 16:28:23','','USDSEK D 15052016','','inherit','open','closed','','usdsek-d-15052016','','','2016-05-14 11:34:28','2016-05-14 16:34:28','',7868,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDSEK-D-15052016.png',0,'attachment','image/png',0),(7881,1,'2016-05-14 11:38:30','2016-05-14 16:38:30','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe USD came back with a vengeance last week. All you have to do is look at the DXY chart below to see that there is a desire to own the greenback once again.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016.png\"><img class=\"aligncenter size-large wp-image-7865\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016-1024x429.png\" alt=\"DXY 15052016\" width=\"1024\" height=\"429\" /></a>\r\n\r\nOn the DXY weekly chart above, I have placed a few comments regarding my thoughts and target levels.\r\n\r\nI decided on Friday last week to take profits on my RADAR and FUNDAMENTAL trades after U.S. retail sales numbers were posted. The longer-term POSITION trades are still in play and I am hoping for some larger moves in line with my FUNDAMENTAL views for 2016-2017. All in all a good week for trading, although I find myself writing this a great deal now, one has to be patient and wait more so then ever for trades to materialize and develop.\r\n\r\nAs I have said for over two years now, my approach is a ’Steady Eddie” one. My goals are very simply 10,000 pips per year for the 10 months of the year that I trade, which, breaks down to 1,000 pips a month. This month we are at 786 pips of net profit generated with 4,600 pips year to date.\r\n\r\nRemember, the ice storms and power and ISP outages that I suffered here in Montreal in February?\r\n\r\nThe PREMIUM SERVICE account was reduced to zero pips as a result of that; look where it is today, back on target: - How?\r\n<ul>\r\n 	<li>Patience</li>\r\n 	<li>High probability trading</li>\r\n 	<li>Taking a longer-term wider stop perspective during the continual chop fest and range bound trading conditions.</li>\r\n</ul>\r\nAll of this has contributed to the “Lazarus” effect!!\r\n\r\nMy G20 aka “G” trades have yet to be added to my broker account. I am so conscious that my 1.0 trades had great entries at range extremes but now that we have pulled in from the limits I am like a spoilt child that has “spat his dummy out” because I cant have those great entries once again. They will appear soon.\r\n\r\nMoving on…\r\n\r\nThe PREMIUM SERVICE has moved to CAD$ and I have my own server with my Word Press host upgraded, not that any of this has been easy to do. My website has been up and down more times than a pair of hookers knickers over the past week. Very frustrating and at times really annoying, I am told it’s all to do with my SSL and my new payment gateway. Hopefully its all fixed now… fingers crossed.\r\n\r\nI apologize if you had difficulty navigating my website over these past few days. As mentioned, the upgrades have NOT been without incident and I am still not 100% convinced yet that all things are good.\r\n\r\nBTW: - If anyone is looking at Blue Host to host a website, my two pennies on this matter are very simple - do not. Blue Host will not telephone you; they send emails only from no-reply email addresses. Your issues go into a group pot, they are not “completer finishers” because no one owns the issue, and no one has the responsibility. They are NOT sales or account management focused.\r\nNever do what I have done in the past, which is to believe their sales people. Every upgrade has been a disaster. My alleged seamless transition from a cloud based server to a VPS (Virtual Private server), supposedly taking 3 hours resulted in my website breaking and my email database from my address book being lost. After 48 hours they still had their heads so far up their arse’s dealing with crap, they could not offer any resolution, more importantly no apologies and NO understanding of the frustration that this paid upgrade was causing. If that is seamless, it requires a new definition in the Oxford dictionary. My guru Claudia fixed things for them.\r\n\r\nShifting to more pleasant matters…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are gathering a pace and my power point software skills are being pushed to the limits, never mind the continual refining of the presentation content.\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the TOUR, copies of this blog will have a revised format on the following dates: -\r\n<p style=\"text-align: center;\"><strong>18<sup>th</sup> June 2016</strong>\r\n<strong> 25<sup>th</sup> June 2016</strong>\r\n<strong>2<sup>nd</sup> July 2016</strong></p>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)</p>\r\n<p style=\"text-align: center;\">CAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +786\r\nNET PIPS THIS YEAR SO FAR:                +4,600</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nFrom my perspective last week was all about continued USD strength. There is once again a wish / want / desire to own the USD.\r\n\r\nRBNZ:\r\n\r\nAfter Mark Carney (Part-time JCB operative) at the BOE, the RBNZ with governor Graeme Wheeler must be the second most annoying central bank with mixed messages that confuse the crap out of traders.\r\n\r\nNot that this has changed, but he is now worried and emphasizing Auckland property prices. Is it just me, or did we not hear the same rhetoric from Glenn Stevens at the RBA a couple of months ago vis-à-vis the Sydney housing issue.\r\n\r\nI think 4-6 weeks later the RBA were running to hide under desks on Prozac as the boom / bust / bubble hit home and now we are looking beyond a surprise rate cut that happened this month for at least one more very soon and maybe another before the end of the year.\r\n\r\nIs the same going to happen with the RBNZ?\r\n\r\nLast Tuesday’s presentation of the stability report which had a hold on rates, was what I can only describe as the most laid back, boring, watching paint dry event Yup it was stable alright, the damn RBNZ team were fecking rigid it was that stable. Nothing against accountants, but you know what I mean; when you get the desk sucking, pen pushing, jotter blotters in charge even the most tea-total observers must be considering at least just one drink of alcohol to get me through?\r\n\r\nFrom a trading perspective of course, not for the first time, Wheeler screwed up my open trades for 36 hours or so.\r\n\r\nOverall, the goal with the RBNZ is to send the NZD weaker. I think that you need to be patient with this currency moving forward. I am constantly re-assessing my longer-term objectives with this currency, but I do feel sub. 0.6000 is on before the end of 2016.\r\n\r\nBOE:\r\n\r\nI basically listened and observed the huff ‘n puff out of Carney. As a precaution, I exited a EUR/GBP trade with +50 pips given that he (Carney) is a misleader of the markets.\r\n\r\nWhat surprised me about the BOE data release was that were no dissenters, all the MPC members voted in harmony. The result of this was a spike, then fall, then spike and then fall again with most GBP related pairs, followed by the return to the range. My fear was for a dissenter amongst the ranks so I closed my EUR/GBP as a precaution…argh!!\r\n\r\nI am now looking to re-enter if possible above 0.7900.\r\n\r\nU.S. RETAIL SALES and PPi:\r\n\r\nSurprisingly good numbers; I was expecting weaker numbers as confidence as spending in the U.S. (the ultimate consumer spending society in the world), I thought may have been hit my higher gas (petrol) prices as WTi has inched higher of late. Apparently not put off, the numbers were really good and have bucked the trend of recent U.S, economic data, which, I would describe as weak.\r\n\r\nCORE RETAIL:         Actual 0.8% - Expected 0.6%\r\nRETAIL SALES:        Actual 1.3% - Expected -0.3%\r\nCORE PPi:               Actual 0.1% - Expected 0.1%\r\nPPi:                             Actual 0.2% - Expected 0.3% (slight miss)\r\n\r\nLooking back over the week it was the same old same old but the directional move of the USD actually stabilized the markets, some uncertainty was removed as traders appeared to get on board with the fact that the DXY was over sold and that some sort of retracement was required. That may be a rather over simplistic view of matters, but I came from the “keep it simple” school of trading and understanding market fundamentals and correlations.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE BULLY BOYS ARE OUT REGARDING THE BREXIT</strong></p>\r\nAs most of you regular readers will know, I am dual citizen, UK and Canada.\r\n\r\nHaving only lived here in Montreal for about 10 years, I have more friends back in blighty and I keep in touch on a regular basis by SKYPE, FACETIME, email and telephone.\r\n\r\nI am constantly being advised that the BREXIT / REMAIN vote will be close. Many friends also tell me, that they hear of people wanting out of the European Union much more so than having conversations talking about staying within the EU.\r\n\r\nIs this normal? I am not sure I know what is normal anymore when the likes of the US Presidential race is nothing more than a circus. Basically it is reality TV regurgitated in its worst format for an alleged world leading economy, with the world looking on, it\'s a farce, in my opinion. To think that the U.S. has the damn nerve to go around the world to non-democratic countries saying “do it the way we do it, it is the best democracy ever”. Are you kidding me? Is that some kind of joke? One thing that is for sure is that the true colours of the U.S. are being shown to all and sundry. Massive uncertainty for the world economic environment lies ahead.\r\n\r\nWhether you like what is happening or not, the fact that the GOP (Republican) hierarchy are basically saying to voters vote the way we tell you because you are all ignorant of the facts and stupid, is hardly an example of a democracy. So normal, to me requires a re-definition in the dictionary because what I thought was normal is nothing like it at the moment.\r\n\r\nGetting back on track…\r\n\r\nI think matters will intensify in the UK moving forward now for a number of reasons.\r\n<ol>\r\n 	<li>TV debates are beginning this week. There are three scheduled on the BBC – 19<sup>th</sup> May, 15<sup>th</sup> June and 21<sup>st</sup>\r\nThis by themselves will allow voters the opportunity to see close hand the key points and allow comparisons of viewpoints. Do not expect a Donald Trump spoiled brat approach of he said / she said and he said it first, style of debate. The UK is not Disney for adults.</li>\r\n 	<li>Voices from the EUROZONE are getting louder. I think that the realization that the EZ could take a giant step backwards is scaring the crap out of thinkers (there aren’t many of those in the EUROZONE as we know). The effects inside the EUROZONE would be catastrophic. Anyone who says not…just think about it in a little detail.\r\nSECURITY\r\nCASH…money into the EUROZONE\r\nFINANCIAL MARKETS\r\nSTABILITY in EUROPE\r\nTRADE\r\n\r\nAll of the above are uncertainties for the UK and the EUROZONE. This has NEVER been done before so it’s all a little bit of guesswork.\r\n\r\nWhilst referencing the EUROZONE the biggest concern that leaders inside must be worrying about is the CONTAGION effect. If the UK votes BREXIT, will other member states be forced into similar referendums?</li>\r\n 	<li>We are starting to see more extreme claims from both sides vis-à-vis what would happen if a BREXIT would be voted for. Obviously the REMAINS make it look like Armageddon and the BREXITS make it look like a rose garden of limitless opportunity. This attracts media attention and the headline grabbing statements certainly opens up more qualified debate.</li>\r\n 	<li>Like school children MP’s in the UK have lots of holidays. They break from Parliament from the 26<sup>th</sup> May until the 6<sup>th</sup> June and then again from the 15<sup>th</sup> June until the 27<sup>th</sup> These breaks mean that increased focus on the issues will be front and centre as the usual MP day-to-day routines are abandoned.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nThe REMAINS have called in the big guns like the IMF to lobby on their behalf as well. Some have said it is a little bullying in the approach taken on the basis that wild statements without any supporting data are being thrown at the electorate, such as no follow up on examples of impact.\r\n<ul>\r\n 	<li>House prices will plummet</li>\r\n 	<li>Financial Markets will be in chaos</li>\r\n 	<li>The UK world stage status will change?</li>\r\n 	<li>The impact of a BREXIT is not pretty bad but very bad… the IMF has dire thoughts over this.</li>\r\n</ul>\r\nI can rabbit on here for pages about this subject.\r\n\r\nI do love and respect the fact that cross party lines have gone when it comes to the debate. This is true democracy at work and most if not all MP’s in the UK are asking their constituents their thoughts, rather than just trying to be a part of the sound-byte TV agenda that many politicians like to feature in.\r\n\r\nThe fact that you can have two opposition leaders fighting the same fight on the same sides so passionately is great to watch\r\n\r\nWithout doubt moving forward news about the BREXIT will intensify and whilst the vote remains tight, the last one I have seen says:\r\n<p style=\"text-align: center;\"><strong>STAY (REMAIN) 46%</strong>\r\n<strong>LEAVE (BREXIT) 43%</strong></p>\r\nI believe that uncertainty will dominate the Forex market as we edge closer to the June 23<sup>rd</sup> voting date. At the end of the day it is all about RISK as we get closer to the referendum date.\r\n\r\nIt’s about your own RISK appetite. Mine will be quite low; I will NOT be trading the GBP/USD at all. The only trades GBP related I have at the moment are EUR/GBP and GBP/NZD. I do not intend to add further GBP trades other than a GBP/CHF trade which is inverted to the EUR/GBP.\r\n\r\nThe GBP/NZD is more about the NZD than the GBP. My fundamental views on the New Zealand economy are poor.\r\n\r\nThe EUR/GBP is a trade based upon the fact that I believe that when a push comes to a shove, the UK will vote to REMAIN. This will sky rocket the GBP/USD and should send the EUR/GBP lower towards 0.7000.\r\n\r\nWe are now in mid-May about 5 weeks away from the vote. If you are not already thinking about how you will manage the 23<sup>rd</sup> of June from a trading perspective, it will soon be time to do this.\r\n\r\nThere will be sound-bytes from all over, as every area in the globe has an interest in the outcome. It should be fun moving forward.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW:</strong>\r\n\r\nTRADING REVIEW:\r\n\r\nFirst of all, I want to apologize for the website over the past few days. I think its fixed but I am NOT 100% sure at the moment.\r\n\r\nThis did deflect me from trading but we did add about 500 pips this week so bring on more deflections!!\r\n\r\nMoving forward rather than looking backward, this coming week as the USD continues to recover, I will be keeping a close eye on the DXY. The 38% retracement will be key to see how the USD behaves. I am really hoping for a break up to the 61.8% level.\r\n\r\nAs mentioned last week, we have a ton of high beta news to deal with over the coming weeks and either one of these could reinforce the DXY move higher or it could completely bollocks the whole move. This will be at the back of mind this week.\r\n\r\nI have zero problem, with longer-term POSITION style trading moving forward, that\'s all about getting the best entry points possible, but the shorter term trades are a wee bit more difficult. I am not going to turn into a 30-minute or less trader, I prefer to swing (so to speak). I think now more than ever we trade accord to core strengths.\r\n\r\nI will get the “G” trades out this week. I have them on my desk ready; I am just not 100% on the entry levels yet.\r\n\r\nFrom open trades still in play, I wanted to keep the CHF trades (USD/CHF and EUR/CHF) and some NZD/USD exposure in addition to the POSITION trades.\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nPricing options are now in CAD$.\r\n\r\nSILVER membership has been removed; being honest, I know a few of you have traded up, but all SILVER memberships really attracted were gamblers, who were time consuming just looking for multiple trades per day.\r\n\r\nFrankly I want traders who are interested in the long-term, with steady income requirements that can supplement existing household income by being a part-time trader or those looking to develop a full-time income but being based upon longer-term horizons.\r\n\r\nThose of you who sign up, or have signed up for annual subscriptions have been raised to PLATINUM SUBSCRIBERS (the highest level of subscription). The initial benefit of this is that annual subscribers who renew for a further 12 months will receive a discount from the published price option. Currently it is CAD$1,250.00 to initially subscribe for 12 months with renewals for an annual PLATINUM subscriber at CAD$1,000.00.\r\n\r\n&nbsp;\r\n\r\nCHARTS:\r\n\r\nI have been asked to re-introduce any charts that I am looking at for potential trades that could happen early in the week. When I did this a while back, some subscribers were expecting a multitude of trades, which for one reason or another didn\'t happen. Just because I am looking, does NOT mean that I am buying!\r\n\r\nI have added those that are attracting my attention and could possibly become trades of one sort or another moving forward. I am always looking at charts for high probability patterns etc. so this is no hardship for me other than just the saving and uploading disciplines.\r\n\r\n&nbsp;\r\n\r\n<strong>CHARTS THAT ARE ATTRACTING MY INTEREST:</strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDSEK-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7880\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDSEK-D-15052016-1024x481.png\" alt=\"USDSEK D 15052016\" width=\"1024\" height=\"481\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7879\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCHF-D-15052016-1024x481.png\" alt=\"NZDCHF D 15052016\" width=\"1024\" height=\"481\" /></a> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7878\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCAD-D-15052016-1024x481.png\" alt=\"NZDCAD D 15052016\" width=\"1024\" height=\"481\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURAUD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7877\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURAUD-D-15052016-1024x481.png\" alt=\"EURAUD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7876\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDCHF-D-15052016-1024x481.png\" alt=\"AUDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-TRADES-15052016.png\"><img class=\"aligncenter size-full wp-image-7867\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-TRADES-15052016.png\" alt=\"LIVE TRADES 15052016\" width=\"803\" height=\"590\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIMIT-ORDERS-15052015.png\"><img class=\"aligncenter size-full wp-image-7866\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIMIT-ORDERS-15052015.png\" alt=\"LIMIT ORDERS 15052015\" width=\"671\" height=\"459\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: USD – CPi and Core CPi.\r\nTUESDAY: NZD – GDT (Dairy Auction prices) and PPi.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\n\r\nFRIDAY: CAD – Core Retail Sales and Retail Sales.\r\n\r\n&nbsp;\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1306\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7870\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016-1024x481.png\" alt=\"EURUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4362\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7871\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016-1024x481.png\" alt=\"GBPUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7869\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016-1024x481.png\" alt=\"AUDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6770\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7872\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016-1024x481.png\" alt=\"NZDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2932\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7873\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016-1024x481.png\" alt=\"USDCAD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9755\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7874\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016-1024x481.png\" alt=\"USDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.64\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7875\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016-1024x481.png\" alt=\"USDJPY D 15052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have had some directional trading again courtesy of the USD strength.\r\n\r\nThis is not the time to get carried away. Last week I mentioned 6/7 high profile events due to occur in the next 60-90 days. Any one of these could stop the DXY in its tracks and force a swift reversal.\r\n\r\nWe have FOMC minutes this week, which will bring all sorts of numpties onto TV via CNBC and BLOOMBERG. Where these people come from and how much credit you can give to their opinions is debatable. Not one of them is held accountable and the vast majority have no skin the game, as we say.\r\n\r\nI have often thought of placing one of my labs (Ozzy or Aoife) on periscope, asking them questions about the FED and the markets in general, and gauging responses based upon a blink of the eye for a “YES” to a specific question should they agree. In all honesty, they could not be any worse than the fruit bats we have on TV at the moment, after all it is just a 50-50 guess!\r\n\r\nThat aside…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n<h5>DATE: 15<sup>h</sup> May 2016\r\nBLOG REFERENCE: #102 PREMIUM SERVICE SUBSCRIBER VERSION</h5>\r\n&nbsp;','THE BULLY BOYS ARE OUT REGARDING THE BREXIT','','inherit','closed','closed','','7868-revision-v1','','','2016-05-14 11:38:30','2016-05-14 16:38:30','',7868,'http://weeklyfxdrivethru.com/7868-revision-v1/',0,'revision','',0),(7882,1,'2016-05-14 11:40:22','2016-05-14 16:40:22','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe USD came back with a vengeance last week. All you have to do is look at the DXY chart below to see that there is a desire to own the greenback once again.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016.png\"><img class=\"aligncenter size-large wp-image-7865\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016-1024x429.png\" alt=\"DXY 15052016\" width=\"1024\" height=\"429\" /></a>\r\n\r\nOn the DXY weekly chart above, I have placed a few comments regarding my thoughts and target levels.\r\n\r\nI decided on Friday last week to take profits on my RADAR and FUNDAMENTAL trades after U.S. retail sales numbers were posted. The longer-term POSITION trades are still in play and I am hoping for some larger moves in line with my FUNDAMENTAL views for 2016-2017. All in all a good week for trading, although I find myself writing this a great deal now, one has to be patient and wait more so then ever for trades to materialize and develop.\r\n\r\nAs I have said for over two years now, my approach is a ’Steady Eddie” one. My goals are very simply 10,000 pips per year for the 10 months of the year that I trade, which, breaks down to 1,000 pips a month. This month we are at 786 pips of net profit generated with 4,600 pips year to date.\r\n\r\nRemember, the ice storms and power and ISP outages that I suffered here in Montreal in February?\r\n\r\nThe PREMIUM SERVICE account was reduced to zero pips as a result of that; look where it is today, back on target: - How?\r\n<ul>\r\n 	<li>Patience</li>\r\n 	<li>High probability trading</li>\r\n 	<li>Taking a longer-term wider stop perspective during the continual chop fest and range bound trading conditions.</li>\r\n</ul>\r\nAll of this has contributed to the “Lazarus” effect!!\r\n\r\nMy G20 aka “G” trades have yet to be added to my broker account. I am so conscious that my 1.0 trades had great entries at range extremes but now that we have pulled in from the limits I am like a spoilt child that has “spat his dummy out” because I can\'t have those great entries once again. They will appear soon.\r\n\r\nMoving on…\r\n\r\nThe PREMIUM SERVICE has moved to CAD$ and I have my own server with my Word Press host upgraded, not that any of this has been easy to do. My website has been up and down more times than a pair of hookers knickers over the past week. Very frustrating and at times really annoying, I am told it’s all to do with my SSL and my new payment gateway. Hopefully its all fixed now… fingers crossed.\r\n\r\nI apologize if you had difficulty navigating my website over these past few days. As mentioned, the upgrades have NOT been without incident and I am still not 100% convinced yet that all things are good.\r\n\r\nBTW: - If anyone is looking at Blue Host to host a website, my two pennies on this matter are very simple - do not. Blue Host will not telephone you; they send emails only from no-reply email addresses. Your issues go into a group pot, they are not “completer finishers” because no one owns the issue, and no one has the responsibility. They are NOT sales or account management focused.\r\nNever do what I have done in the past, which is to believe their sales people. Every upgrade has been a disaster. My alleged seamless transition from a cloud based server to a VPS (Virtual Private server), supposedly taking 3 hours resulted in my website breaking and my email database from my address book being lost. After 48 hours they still had their heads so far up their arse’s dealing with crap, they could not offer any resolution, more importantly no apologies and NO understanding of the frustration that this paid upgrade was causing. If that is seamless, it requires a new definition in the Oxford dictionary. My guru Claudia fixed things for them.\r\n\r\nShifting to more pleasant matters…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are gathering a pace and my power point software skills are being pushed to the limits, never mind the continual refining of the presentation content.\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the TOUR, copies of this blog will have a revised format on the following dates: -\r\n<p style=\"text-align: center;\"><strong>18<sup>th</sup> June 2016</strong>\r\n<strong> 25<sup>th</sup> June 2016</strong>\r\n<strong>2<sup>nd</sup> July 2016</strong></p>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)</p>\r\n<p style=\"text-align: center;\">CAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00</p>\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks of the year, I am usually around tweeting and managing existing LIVE trades.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +786\r\nNET PIPS THIS YEAR SO FAR:                +4,600</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nFrom my perspective last week was all about continued USD strength. There is once again a wish / want / desire to own the USD.\r\n\r\nRBNZ:\r\n\r\nAfter Mark Carney (Part-time JCB operative) at the BOE, the RBNZ with governor Graeme Wheeler must be the second most annoying central bank with mixed messages that confuse the crap out of traders.\r\n\r\nNot that this has changed, but he is now worried and emphasizing Auckland property prices. Is it just me, or did we not hear the same rhetoric from Glenn Stevens at the RBA a couple of months ago vis-à-vis the Sydney housing issue.\r\n\r\nI think 4-6 weeks later the RBA were running to hide under desks on Prozac as the boom / bust / bubble hit home and now we are looking beyond a surprise rate cut that happened this month for at least one more very soon and maybe another before the end of the year.\r\n\r\nIs the same going to happen with the RBNZ?\r\n\r\nLast Tuesday’s presentation of the stability report which had a hold on rates, was what I can only describe as the most laid back, boring, watching paint dry event Yup it was stable alright, the damn RBNZ team were fecking rigid it was that stable. Nothing against accountants, but you know what I mean; when you get the desk sucking, pen pushing, jotter blotters in charge even the most tea-total observers must be considering at least just one drink of alcohol to get me through?\r\n\r\nFrom a trading perspective of course, not for the first time, Wheeler screwed up my open trades for 36 hours or so.\r\n\r\nOverall, the goal with the RBNZ is to send the NZD weaker. I think that you need to be patient with this currency moving forward. I am constantly re-assessing my longer-term objectives with this currency, but I do feel sub. 0.6000 is on before the end of 2016.\r\n\r\nBOE:\r\n\r\nI basically listened and observed the huff ‘n puff out of Carney. As a precaution, I exited a EUR/GBP trade with +50 pips given that he (Carney) is a misleader of the markets.\r\n\r\nWhat surprised me about the BOE data release was that were no dissenters, all the MPC members voted in harmony. The result of this was a spike, then fall, then spike and then fall again with most GBP related pairs, followed by the return to the range. My fear was for a dissenter amongst the ranks so I closed my EUR/GBP as a precaution…argh!!\r\n\r\nI am now looking to re-enter if possible above 0.7900.\r\n\r\nU.S. RETAIL SALES and PPi:\r\n\r\nSurprisingly good numbers; I was expecting weaker numbers as confidence as spending in the U.S. (the ultimate consumer spending society in the world), I thought may have been hit my higher gas (petrol) prices as WTi has inched higher of late. Apparently not put off, the numbers were really good and have bucked the trend of recent U.S, economic data, which, I would describe as weak.\r\n\r\nCORE RETAIL:         Actual 0.8% - Expected 0.6%\r\nRETAIL SALES:        Actual 1.3% - Expected -0.3%\r\nCORE PPi:               Actual 0.1% - Expected 0.1%\r\nPPi:                             Actual 0.2% - Expected 0.3% (slight miss)\r\n\r\nLooking back over the week it was the same old same old but the directional move of the USD actually stabilized the markets, some uncertainty was removed as traders appeared to get on board with the fact that the DXY was over sold and that some sort of retracement was required. That may be a rather over simplistic view of matters, but I came from the “keep it simple” school of trading and understanding market fundamentals and correlations.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE BULLY BOYS ARE OUT REGARDING THE BREXIT</strong></p>\r\nAs most of you regular readers will know, I am dual citizen, UK and Canada.\r\n\r\nHaving only lived here in Montreal for about 10 years, I have more friends back in blighty and I keep in touch on a regular basis by SKYPE, FACETIME, email and telephone.\r\n\r\nI am constantly being advised that the BREXIT / REMAIN vote will be close. Many friends also tell me, that they hear of people wanting out of the European Union much more so than having conversations talking about staying within the EU.\r\n\r\nIs this normal? I am not sure I know what is normal anymore when the likes of the US Presidential race is nothing more than a circus. Basically it is reality TV regurgitated in its worst format for an alleged world leading economy, with the world looking on, it\'s a farce, in my opinion. To think that the U.S. has the damn nerve to go around the world to non-democratic countries saying “do it the way we do it, it is the best democracy ever”. Are you kidding me? Is that some kind of joke? One thing that is for sure is that the true colours of the U.S. are being shown to all and sundry. Massive uncertainty for the world economic environment lies ahead.\r\n\r\nWhether you like what is happening or not, the fact that the GOP (Republican) hierarchy are basically saying to voters vote the way we tell you because you are all ignorant of the facts and stupid, is hardly an example of a democracy. So normal, to me requires a re-definition in the dictionary because what I thought was normal is nothing like it at the moment.\r\n\r\nGetting back on track…\r\n\r\nI think matters will intensify in the UK moving forward now for a number of reasons.\r\n<ol>\r\n 	<li>TV debates are beginning this week. There are three scheduled on the BBC – 19<sup>th</sup> May, 15<sup>th</sup> June and 21<sup>st</sup>\r\nThis by themselves will allow voters the opportunity to see close hand the key points and allow comparisons of viewpoints. Do not expect a Donald Trump spoiled brat approach of he said / she said and he said it first, style of debate. The UK is not Disney for adults.</li>\r\n 	<li>Voices from the EUROZONE are getting louder. I think that the realization that the EZ could take a giant step backwards is scaring the crap out of thinkers (there aren’t many of those in the EUROZONE as we know). The effects inside the EUROZONE would be catastrophic. Anyone who says not…just think about it in a little detail.\r\nSECURITY\r\nCASH…money into the EUROZONE\r\nFINANCIAL MARKETS\r\nSTABILITY in EUROPE\r\nTRADEAll of the above are uncertainties for the UK and the EUROZONE. This has NEVER been done before so it’s all a little bit of guesswork.\r\n\r\nWhilst referencing the EUROZONE the biggest concern that leaders inside must be worrying about is the CONTAGION effect. If the UK votes BREXIT, will other member states be forced into similar referendums?</li>\r\n 	<li>We are starting to see more extreme claims from both sides vis-à-vis what would happen if a BREXIT would be voted for. Obviously the REMAINS make it look like Armageddon and the BREXIT make it look like a rose garden of limitless opportunity. This attracts media attention and the headline grabbing statements certainly opens up more qualified debate.</li>\r\n 	<li>Like school children MP’s in the UK have lots of holidays. They break from Parliament from the 26<sup>th</sup> May until the 6<sup>th</sup> June and then again from the 15<sup>th</sup> June until the 27<sup>th</sup> These breaks mean that increased focus on the issues will be front and centre as the usual MP day-to-day routines are abandoned.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nThe REMAINS have called in the big guns like the IMF to lobby on their behalf as well. Some have said it is a little bullying in the approach taken on the basis that wild statements without any supporting data are being thrown at the electorate, such as no follow up on examples of impact.\r\n<ul>\r\n 	<li>House prices will plummet</li>\r\n 	<li>Financial Markets will be in chaos</li>\r\n 	<li>The UK world stage status will change?</li>\r\n 	<li>The impact of a BREXIT is not pretty bad but very bad… the IMF has dire thoughts over this.</li>\r\n</ul>\r\nI can rabbit on here for pages about this subject.\r\n\r\nI do love and respect the fact that cross party lines have gone when it comes to the debate. This is true democracy at work and most if not all MP’s in the UK are asking their constituents their thoughts, rather than just trying to be a part of the sound-byte TV agenda that many politicians like to feature in.\r\n\r\nThe fact that you can have two opposition leaders fighting the same fight on the same sides so passionately is great to watch\r\n\r\nWithout doubt moving forward news about the BREXIT will intensify and whilst the vote remains tight, the last one I have seen says:\r\n<p style=\"text-align: center;\"><strong>STAY (REMAIN) 46%</strong>\r\n<strong>LEAVE (BREXIT) 43%</strong></p>\r\nI believe that uncertainty will dominate the Forex market as we edge closer to the June 23<sup>rd</sup> voting date. At the end of the day it is all about RISK as we get closer to the referendum date.\r\n\r\nIt’s about your own RISK appetite. Mine will be quite low; I will NOT be trading the GBP/USD at all. The only trades GBP related I have at the moment are EUR/GBP and GBP/NZD. I do not intend to add further GBP trades other than a GBP/CHF trade which is inverted to the EUR/GBP.\r\n\r\nThe GBP/NZD is more about the NZD than the GBP. My fundamental views on the New Zealand economy are poor.\r\n\r\nThe EUR/GBP is a trade based upon the fact that I believe that when a push comes to a shove, the UK will vote to REMAIN. This will sky rocket the GBP/USD and should send the EUR/GBP lower towards 0.7000.\r\n\r\nWe are now in mid-May about 5 weeks away from the vote. If you are not already thinking about how you will manage the 23<sup>rd</sup> of June from a trading perspective, it will soon be time to do this.\r\n\r\nThere will be sound-bytes from all over, as every area in the globe has an interest in the outcome. It should be fun moving forward.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW:</strong>\r\n\r\nTRADING REVIEW:\r\n\r\nFirst of all, I want to apologize for the website over the past few days. I think its fixed but I am NOT 100% sure at the moment.\r\n\r\nThis did deflect me from trading but we did add about 500 pips this week so bring on more deflections!!\r\n\r\nMoving forward rather than looking backward, this coming week as the USD continues to recover, I will be keeping a close eye on the DXY. The 38% retracement will be key to see how the USD behaves. I am really hoping for a break up to the 61.8% level.\r\n\r\nAs mentioned last week, we have a ton of high beta news to deal with over the coming weeks and either one of these could reinforce the DXY move higher or it could completely bollocks the whole move. This will be at the back of mind this week.\r\n\r\nI have zero problem, with longer-term POSITION style trading moving forward, that\'s all about getting the best entry points possible, but the shorter term trades are a wee bit more difficult. I am not going to turn into a 30-minute or less trader, I prefer to swing (so to speak). I think now more than ever we trade accord to core strengths.\r\n\r\nI will get the “G” trades out this week. I have them on my desk ready; I am just not 100% on the entry levels yet.\r\n\r\nFrom open trades still in play, I wanted to keep the CHF trades (USD/CHF and EUR/CHF) and some NZD/USD exposure in addition to the POSITION trades.\r\n\r\n&nbsp;\r\n\r\nSUBSCRIPTIONS:\r\n\r\nPricing options are now in CAD$.\r\n\r\nSILVER membership has been removed; being honest, I know a few of you have traded up, but all SILVER memberships really attracted were gamblers, who were time consuming just looking for multiple trades per day.\r\n\r\nFrankly I want traders who are interested in the long-term, with steady income requirements that can supplement existing household income by being a part-time trader or those looking to develop a full-time income but being based upon longer-term horizons.\r\n\r\nThose of you who sign up, or have signed up for annual subscriptions have been raised to PLATINUM SUBSCRIBERS (the highest level of subscription). The initial benefit of this is that annual subscribers who renew for a further 12 months will receive a discount from the published price option. Currently it is CAD$1,250.00 to initially subscribe for 12 months with renewals for an annual PLATINUM subscriber at CAD$1,000.00.\r\n\r\n&nbsp;\r\n\r\nCHARTS:\r\n\r\nI have been asked to re-introduce any charts that I am looking at for potential trades that could happen early in the week. When I did this a while back, some subscribers were expecting a multitude of trades, which for one reason or another didn\'t happen. Just because I am looking, does NOT mean that I am buying!\r\n\r\nI have added those that are attracting my attention and could possibly become trades of one sort or another moving forward. I am always looking at charts for high probability patterns etc. so this is no hardship for me other than just the saving and uploading disciplines.\r\n\r\n&nbsp;\r\n\r\n<strong>CHARTS THAT ARE ATTRACTING MY INTEREST:</strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDSEK-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7880\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDSEK-D-15052016-1024x481.png\" alt=\"USDSEK D 15052016\" width=\"1024\" height=\"481\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7879\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCHF-D-15052016-1024x481.png\" alt=\"NZDCHF D 15052016\" width=\"1024\" height=\"481\" /></a> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7878\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDCAD-D-15052016-1024x481.png\" alt=\"NZDCAD D 15052016\" width=\"1024\" height=\"481\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURAUD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7877\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURAUD-D-15052016-1024x481.png\" alt=\"EURAUD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7876\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDCHF-D-15052016-1024x481.png\" alt=\"AUDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-TRADES-15052016.png\"><img class=\"aligncenter size-full wp-image-7867\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-TRADES-15052016.png\" alt=\"LIVE TRADES 15052016\" width=\"803\" height=\"590\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIMIT-ORDERS-15052015.png\"><img class=\"aligncenter size-full wp-image-7866\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIMIT-ORDERS-15052015.png\" alt=\"LIMIT ORDERS 15052015\" width=\"671\" height=\"459\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: USD – CPi and Core CPi.\r\nTUESDAY: NZD – GDT (Dairy Auction prices) and PPi.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\n\r\nFRIDAY: CAD – Core Retail Sales and Retail Sales.\r\n\r\n&nbsp;\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1306\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7870\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016-1024x481.png\" alt=\"EURUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4362\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7871\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016-1024x481.png\" alt=\"GBPUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7869\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016-1024x481.png\" alt=\"AUDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6770\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7872\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016-1024x481.png\" alt=\"NZDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2932\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7873\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016-1024x481.png\" alt=\"USDCAD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9755\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7874\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016-1024x481.png\" alt=\"USDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.64\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7875\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016-1024x481.png\" alt=\"USDJPY D 15052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have had some directional trading again courtesy of the USD strength.\r\n\r\nThis is not the time to get carried away. Last week I mentioned 6/7 high profile events due to occur in the next 60-90 days. Any one of these could stop the DXY in its tracks and force a swift reversal.\r\n\r\nWe have FOMC minutes this week, which will bring all sorts of numpties onto TV via CNBC and BLOOMBERG. Where these people come from and how much credit you can give to their opinions is debatable. Not one of them is held accountable and the vast majority have no skin the game, as we say.\r\n\r\nI have often thought of placing one of my labs (Ozzy or Aoife) on periscope, asking them questions about the FED and the markets in general, and gauging responses based upon a blink of the eye for a “YES” to a specific question should they agree. In all honesty, they could not be any worse than the fruit bats we have on TV at the moment, after all it is just a 50-50 guess!\r\n\r\nThat aside…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n<h5>DATE: 15<sup>h</sup> May 2016\r\nBLOG REFERENCE: #102 PREMIUM SERVICE SUBSCRIBER VERSION</h5>\r\n&nbsp;','THE BULLY BOYS ARE OUT REGARDING THE BREXIT','','inherit','closed','closed','','7868-revision-v1','','','2016-05-14 11:40:22','2016-05-14 16:40:22','',7868,'http://weeklyfxdrivethru.com/7868-revision-v1/',0,'revision','',0),