(3472,1,'2014-04-12 08:11:22','2014-04-12 13:11:22','<p style=\"text-align: left;\" align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nThe past 7 days were great for trading. I have, however, found myself to be a scalping trader all of a sudden. This is not my usual trading style but if needs must at least I have shown my versatility.\r\n\r\nI still have my longer-term trades in position and I am reasonably comfortable  with the way that they are now moving, although I seem to be scalping to make daily $$$ targets and leaving my longer-term trades alone carrying overnight swap rates. I will continue this strategy for the coming weeks or until I feel that the chop fest has ended.\r\n\r\nI think right now it’s about seeing the quick opportunity and taking it. But much, much more than this it’s about being completely risk management  and money management savvy and seizing the moment.\r\n\r\nBelow is an example of a group of trades from Thursday last week.\r\n\r\nI tried several times to enter positions short term to see if they would develop into swing trades to no avail. The best example of this was Thursday afternoon, after much thought I decided to go short USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY and CHF/JPY. I was fully expecting carnage in Asia overnight Thursday/Friday, it just never happened the way I thought so on Friday morning I had 7 trades most of which were still around entry levels from the previous day. We had poor financial data from JP Morgan and the JPY pairs dropped I took my profits of +151 pips from all but the USD/JPY.\r\n\r\nThis was the low risk option, why?\r\n\r\nIf it were any other day other than a Friday I may have let the trades run.\r\n\r\nI took the profits and 2.5 / 3 hours later I was happy. The S&amp;P fell just below support so I was expecting a bounce, a typical reaction. The previous time that the 1826-30 level in the S&amp;P was tested we saw a huge bounce and the USD was taken to the cleaners.\r\n\r\nI decided this was the low risk option that I should take - better to bank +151 pips than be in 6 negatives trades over the weekend.\r\n\r\nWhat is just a pleasing for me is that The PREMIUM SERVICE continues to make money albeit at a slightly reduced level due to the tougher market conditions but it’s an increasing overall profit and I am very happy. I detail the updated numbers later. If you are not yet subscribing there are many options now available: -\r\n<ul>\r\n	<li>There are various straightforward weekly subscription options of 10, 20 or 40 weeks (ALL renewal subscriptions are at lower rates).</li>\r\n	<li>Special 4 week introductory subscription – a try it and see option.</li>\r\n	<li>Special subscription offers if you sign up with one of my brokers listed on the website (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL).</li>\r\n	<li>If you are already with one of these brokers (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL) there are also special subscription rates available.Full details of these offers can be found on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the SPECIAL OFFERS and PREMIUM SERVICE drop down menus on the welcome page.All you require to subscribe is a PAYPAL account for payment.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014 and YEAR to date:</span></b></p>\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n5 trades at $0.10 cents each = $0.50 risk for $13.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n5 trades at $1.00 each = $5.00 risk for $135.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n5 trades at $10.00 each = $50.00 risk for $1,350.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n15 trades at $0.10 cents each = $1.50 cents risk for $39.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n15 trades at $1.00 each = $15.00 risk for $396.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n15 trades at $10.00 each = $150.00 risk for $3,960.00 profit.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014…TO DATE:</span></b></p>\r\n<p align=\"center\"> TRADING MICRO-LOTS:\r\n22 trades at $0.10 cents each = $2.20 risk for $56.50 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n22 trades at $1.00 each = $22.00 risk for $565.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n22 trades at $10.00 each = $220.00 risk for $5,650.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n162 trades at $0.10 cents each = $16.20 risk for $260.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n162 trades at $1.00 each = $162.00 risk for $2,600.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n162 trades at $10.00 each = $1,620.00 risk for $26,000.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b>\r\n<p align=\"center\"><b>PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?</b></p>\r\nFrom my viewpoint, it’s not just what currencies to trade at the moment, but also what time of day to trade also. Combined with those thoughts it is also not the time to be a hero, but to trade with good MONEY MANAGEMENT, RISK MANAGEMENT and above to all use your TRADING PLAN. I think that I have said this many, many times before -  PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nOver the past few months, sometimes it feels like years, I have been warning about the bull market coming to an end. A five-year bull market is quite frankly a dangerous market. As we approach key Fibonacci extensions there are bull/bear fights and the markets become even more volatile than normal in particular as we have been testing 123.6%, 150.0%, 161.8% and the “Golden Fib” of 261.8%.\r\n\r\nThe fib levels alone have not prompted the selling that we have seen recently, personally, I think that the Chinese import and export data that was so poor last Wednesday night has something to do with matters. We have risk aversion in the market but the USD has not picked up steam, which is a little surprising to me. At the end of the day, we have a good pullback in play across the board in equities, the “BUY THE DIP” mentality has shifted. Looking at the whimsical side of the markets for a moment, God help CNBC they have 5 years of programming based on the back of the “BUY THE DIP” mentality towards the markets.\r\n\r\nWhichever way we slice the news we are literally held at support on the S&amp;P around 1826-1830. The NASDAQ looks broken to me. We had a trend line break that was re-tested and then we have fallen ever since, as I see it about 3400 is the next level of support then 3200. The bottom line is that equity markets hold all the keys moving forward….and I do not like that based on the fact that the FX market has not reacted to the present pullback the way I believe it should have\r\n\r\nWhy?\r\n\r\nI am not sure 100% why; my only thoughts are that no one believes we are actually selling off. There is a FEAR of a huge drop, but there is also a belief that support levels will hold. Therefore, until we break a bit lower the USD will not react the way I think it should.\r\n\r\nIn situations like this, we have to look at the trading signals that we have and trade managing risk the best way that we can.\r\n\r\nAs the USD is acting in line with an equity market sell off, to me it looks like the USD pairs are split into groups: -\r\n\r\nGROUP 1: EUR/USD and GBP/USD  - When you look at the USD index and the EUR/USD – it is by far the greatest weighted currency in the basket of currencies, the USD index is not really moving lower in line with equities. This is because the EUR continues to be supported and although GBP/USD looks lofty at current levels the EUR/USD will influence how it moves in the big picture.\r\n\r\nGROUP 2: USD/JPY – Works on its own and does its own thing. Right now it is reacting how I think it should in line with a falling S&amp;P this currency and all its cross-rates are also falling. The drop really needs to accelerate below 101.00 for me to truly believe the market correction is on the way.\r\n\r\nGROUP 3: AUD/USD, NZD/USD, USD/SEK and USD/CAD – These currency pairs hold the key. We are trying to obtain a level of consistency with these pairs in the sense that they move in tandem lower with the S&amp;P sell-off. Of all the four groups listed these are the only USD pairs that I would enter fresh trades on. We saw a nice move on Friday morning where they all weakened but that was short lived as we came to a halt early with it being a Friday. We then just consolidated and drifted into the close.\r\n\r\nGROUP 4: USD/CHF – The fact that any political moves in the Ukraine will affect rge Eurozone due to it’s close proximity means the Swiss effect comes into play as a safe haven. Therefore, unless you are already in a USD/CHF trade I would not enter a fresh one.\r\n\r\nApart from the commodity currencies, where else would I look? Personally, I think cross-rates are the best solution to trade from a risk tolerance / risk management perspective, using the different effects that you can see between the EUR and Commodity currencies.\r\n\r\nLater in the blog for PREMIUM SERVICE subscribers only I have my exclusive trade set ups for trades that you can place with your brokers looking forward in line with my thoughts.\r\n\r\nIt is still a very difficult market so it is hard to be decisive. Charts will tell us a lot of things and fundamentals do matter but right now many of the charts are terrible to read. So, we have to be modest with expectations and as usual I repeat PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nRemember two factors drive all financial markets…FEAR and GREED. Manage these and you will be successful.\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b>\r\n<p style=\"text-align: center;\"><b></b><b><span style=\"text-decoration: underline;\">TRADING AROUND THE NEWS:</span></b></p>\r\nI am a fundamental trader first….then a technical trader second. Personally, I do not place trades based on news announcements any more. I have had many bad experiences around news announcements so I have learned to: stay away. I am referring to “Forex Factory - RED” news events only, the minor news really doesn\'t concern me that much, as these events do not really move the markets.\r\n\r\nI will give you a few reasons why I avoid trading during major news events, but I will also give you some strategies for trading around news announcements.\r\n\r\nFirstly, let me just say that I believe that news announcements are almost totally unpredictable. As you know from various websites such as Forex Factory there is usually a “forecast” and a “previous” number listed prior to the news announcement being made. The market’s reaction is generally based on whether the actual announcement is higher or lower than the forecast. The issue to bear in mind here is that this assumes that all traders (or at best most traders) react the same way to the relation between the actual number, the forecast and the previous number. Even if we could correctly interpret this information, it is difficult to enter trades during these times because trade execution / slippage suffers within a fast moving market.\r\n\r\n<b>WHY I TRY TO AVOID TRADING AROUND MAJOR NEWS RELEASES:</b>\r\n<ol>\r\n	<li>In my opinion, for what it is worth, these news releases have very few long-term implications and are unpredictable in the short term. Of course, there will always be traders that may use these numbers at news events to various degrees of success, but I have never seen or heard of traders with strong evidence that you can profit while trading news release numbers over the longer term. In any event, the one constant around trading major news events (such as Non-Farm payrolls) is that there are rapid moves way above the normal magnitude. These moves can also be very erratic. Sometimes the move is in one direction. Sometimes the move looks like it will be in one direction, and then it moves back to the starting point just as fast. Knee jerk reactions are commonplace on high beta news events.</li>\r\n	<li>Furthermore, news related moves can be very irrational. Not only do they often ignore the logic of the news announcement itself, but also these moves often ignore the logic of the technical analysis that we rely on. It would be much easier to trade these announcements if traders were rational…but they aren’t. Therefore to me the most useful aspect of these major news announcements is the time that they take place. I then use the timing of these announcements to avoid placing trades right before then.<b> </b></li>\r\n</ol>\r\n<b>STRATEGIES FOR TRADING AROUND MAJOR NEWS RELEASES:</b>\r\n<ol>\r\n	<li>Never place a new trade ahead of major news.</li>\r\n	<li>If you are already in a trade you need to decide if the trade is in a small loss or small profit position whether or not you just close the position. You have to remember around major news events that if you have a stop in position that may only 25 pips away from the current price, and if there is huge volatility you may not get your stop filled at the price you have at your broker. It could be filled 40 or maybe 60, 70 or 80 pips away from your price if there is a major move, and your stop order may be filled many pips away from your loss that meets with your TRADING Plan objectives.<span style=\"line-height: 1.5em;\">You have to ask yourself why risk a 70 pip or whatever loss? </span></li>\r\n	<li>If you are in a longer-term position you just have to ensure that your stop loss is sufficient to cope with volatility and that it still meets with your TRADING PLAN rules.</li>\r\n	<li>You may want to limit risk by reducing a trade size ahead of the news. If the news event goes in your favour you can always add back to a trade.</li>\r\n	<li>Be prepared for the knee-jerk reaction to the news event. U.S. Non-Farm is notorious for this. The initial move may not always be the market move and directional trend. At Non Farm, I wait at least 10 minutes before trading the news event.  Other traders will tell you to wait 20 minutes. Sometimes the best Non-Farm approach is NOT to trade!</li>\r\n	<li>The best advice and trading strategy around news events….DO NOT TRADE them.</li>\r\n</ol>\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">FLASH TRADES:</span></b>\r\n\r\nI am in several positions and I am not 100% happy with them all but many positions are very small position sizes that I do not mind holding. I am maybe too optimistic that I will engineer my way out of these poorer trades but my RISK MANAGEMENT is still 100%.\r\n<p style=\"text-align: center;\"><strong>USD/CAD\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 1.1061\r\n</strong><strong>Stop Loss: 1.0850\r\n</strong><strong>Limit / Target: 1.1600\r\n</strong><strong>Weekly Closing Price: 1.0979\r\n</strong><strong>Position: -82 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/CHF\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 0.8937\r\n</strong><strong>Stop Loss: 0.8800\r\n</strong><strong>Limit / Target: 0.9250\r\n</strong><strong>Weekly Closing Price: 0.8758\r\n</strong><strong>Position: -179 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/SEK\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 6.5442\r\n</strong><strong>Stop Loss: 6.5000\r\n</strong><strong>Limit / Target: 8.0000\r\n</strong><strong>Weekly Closing Price: 6.5254\r\n</strong><strong>Position: -188 pips</strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>NZD/USD\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 0.8699\r\n</strong><strong>Stop Loss: 0.8760\r\n</strong><strong>Limit / Target: 0.500\r\n</strong><strong>Weekly Closing Price: 0.8680\r\n</strong><strong>Position: +19 pips</strong><strong style=\"line-height: 1.5em;\"> </strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/USD\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 1.3744\r\n</strong><strong>Stop Loss: 1.3950\r\n</strong><strong>Limit / Target: 1.3450\r\n</strong><strong>Weekly Closing Price: 1.3884\r\n</strong><strong>Position: -140 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong></strong><strong>SEK/JPY\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 15.54\r\n</strong><strong>Stop Loss: 16.15\r\n</strong><strong>Limit / Target: 14.50\r\n</strong><strong>Weekly Closing Price: 15.60\r\n</strong><strong>Position: -106 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong></strong><strong>USD/JPY\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 101.40\r\n</strong><strong>Stop Loss: 102.15\r\n</strong><strong>Limit / Target: 99.00\r\n</strong><strong>Weekly Closing Price: 101.63\r\n</strong><strong>Position: -23 pips</strong></p>\r\n<b><span style=\"text-decoration: underline;\">RADAR TRADES:</span></b>\r\n\r\nI have no LIVE RADAR trades at the moment.\r\n\r\n<b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span></b>\r\n<p style=\"text-align: center;\"><strong>GBP/NZD</strong>\r\n<strong> (This trade is hedged from -150 pips)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9000</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>Weekly Closing Price: 1.9258</strong>\r\n<strong>Position: -826 pips</strong></p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nAs I mentioned earlier in the blog, I believe that “cross-rate” currency pairs may offer some of the best opportunities moving forward. In particular the commodity crosses offer some interesting options.\r\n\r\nCAD – This currency is still bullish whilst above the multi decade low of 1.0850 or thereabouts, whichever chart you look at. Therefore above this level you need to bullish the CAD, in my opinion.\r\n\r\nNZD – In my opinion, the most over valued currency in the FX market. The\r\n52-week high is at 0.8744. Use this as a level to trade against. You really know where your risk is on any short of the NZD/USD. But this can also be utilized when looking at the cross-rate effect.\r\n\r\nAUD – Recent highs of 0.9460 in the AUD/USD looked to cap this pair. Like the Kiwi this level can be used to establish risk tolerances in the AUD cross-rates.\r\n\r\nSEK – Poor economic data during last week is plaguing this currency a little. As one of my lead indicators I think that should the USD/SEK break 6.5600, it is going to squeeze like crazy. There are great opportunities with some cross-rates in the currency.\r\n\r\nI am listing several trade set-ups below. Please note that it is my intention to enter all of them but I will be trading small position sizes until trades are established and then I will add, and add again moving my stops to break even as soon as it makes sense to do so.\r\n\r\nFinally, with regards to the JPY crosses, I will tackle these one by one via twitter, but take it as read if the floor caves in I will trade one or two JPY cross-rates on a FLASH TRADE basis.\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/CAD:</span></b>\r\n\r\nAs you can see from the chart below, the levels that I am proposing are well defined. We need a small pullback, but should this trade trigger it offers a great risk / reward trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURCAD-WEEKLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3458\" alt=\"EURCAD WEEKLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURCAD-WEEKLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.5160\r\nLong:\r\nStop Loss: 1.4960\r\nLimit / Target: 1.5600\r\n\r\n<b><span style=\"text-decoration: underline;\">GBP/CAD:</span></b>\r\n\r\nThe entry and stop levels are well defined by previous moves and pivot points. We require a nice pullback to enter, but should this set-up trigger this could be a fantastic trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/GBPCAD-DAILY-12042014.png\"><img class=\"aligncenter size-large wp-image-3459\" alt=\"GBPCAD DAILY  12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/GBPCAD-DAILY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.8260\r\nLong:\r\nStop Loss: 1.8150\r\nLimit / Target: 1.8665\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/NZD:</span></b>\r\n\r\nThe big move in my opinion with this pair comes into play around 1.6650 at the monthly trend line resistance. Up to this point, there is a trade option that can be profitable. At the monthly trend line approaches reduce size dramatically and then add back should we blow through and then re-test the breakout.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURNZD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3460\" alt=\"EURNZD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURNZD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.5850\r\nLong:\r\nStop Loss: 1.5550\r\nLimit / Target: 1.6650\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/AUD:</span></b>\r\n\r\nLike the EUR/NZD there is down sloping resistance trend line on the monthly chart at 1.5500. If we get to this level I would reduce my trade size and add back on a trend line break re-test of the trend line.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURAUD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3461\" alt=\"EURAUD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURAUD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.4510\r\nLong:\r\nStop Loss: 1.4260\r\nLimit / Target: 1.5500\r\n\r\n<b><span style=\"text-decoration: underline;\">AUD/CHF:</span></b>\r\n\r\nA nice pullback to 0.8145 sets up a potentially good trade with excellent risk / reward to the Fibonacci 61.8% level at 0.8720.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/AUDCHF-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3462\" alt=\"AUDCHF MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/AUDCHF-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nEntry level: 0.8145\r\nLong:\r\nStop Loss: 0.8014\r\nLimit / Target: 0.8720\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/SEK:</span></b>\r\n\r\nShould the USD/SEK rip higher this is also a pair to consider trading.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURSEK-MONTHLY-120042014.png\"><img class=\"aligncenter size-large wp-image-3463\" alt=\"EURSEK MONTHLY 120042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURSEK-MONTHLY-120042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 8.9050\r\nLong:\r\nStop Loss: 8.5800\r\nLimit / Target: 9.5450\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">NZD/CAD:</span></b>\r\n\r\nA pullback to 0.9400 gives an opportunity for a great entry level to go long looking for 0.9650 again (the highs). This is a very bullish looking weekly chart, although the risk/reward is not the best,  the momentum play is to the long side.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/NZDCAD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3464\" alt=\"NZDCAD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/NZDCAD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 0.9400\r\nLong:\r\nStop Loss: 0.9230\r\nLimit / Target: 0.9650\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3884.</b>  Is the EUR strong or the USD weak? I think that that is a great question. Being the major currency within the USD weighted index and having seen equities fall off the pages in the past week, I like many other traders expected the USD to strengthen. It never did with this pair. I suppose being positive we have the 52-week high just above were we closed at 1.3967. Shorting this pair at least gives you an edge in the sense that you know where your risk lies. I am presently short this pair and out of the money, by some margin. I have stuck with this pair on the basis that eventually when the markets realize we are having a correction and the FED is NOT going to jump in - the USD will strengthen and in so doing the EUR/USD will fall. Am I am right, or, am I wrong? Only time will tell. I see my range as resistance at the 52-week highs of 1.3967 and support at 1.3750. Not until we get back to the lower level of 1.3750 do I see the bears back in control.\r\n\r\n<b>GBP/USD: Closing Price 1.6732.  </b>I hate this currency. So many times it lures you in and then gives you a good old smack on the arse for being so cheeky as to trade it. Like the EUR/USD, we are sooooooo close to the 52 week high which sits at 1.6822. Again, at least as a trader you know and understand the risk of any trade. The levels to watch with the GBP/USD are resistance at 1.6822 and support at 1.6650.\r\n\r\n<b>AUD/USD: Closing Price 0.9393</b>.   We ended the week about 100 pips higher on the previous week. Having said that we have had the markets fall all over Asia, Europe and the U.S. Yes, I know what you are thinking and so am I, regardless of Australian news and there was great employment data last week this pair should be lower given the strength and breadth of the market sell off. It’s yet another mystery for Hercule Poirot to solve, because I am buggered if I can. The recent highs are at 0.9460 and I see this level as resistance. Support that places the bears back in control I think is much lower at around 0.9210.\r\n\r\n<b>NZD/USD: Closing Price 0.8680</b>.  Just like the AUD/USD, this pair has seen highs recently that give us a risk level that is fairly easy to follow. 52-week highs sit at 0.8744, which is well within striking distance of the closing position. This level will act as resistance in my view, with support at 0.8600.\r\n\r\n<b>USD/CAD: Closing Price 1.0979.</b>  We closed last week almost where we closed the previous week. If you trade and view the price action each day we have been involved in a “Six Flags” roller coaster ride of epic proportions. As long as we are above the multi-decade trend line at about 1.0850 one should view this pair as bullish and trade accordingly in my opinion. Levels to watch are support at 1.0910 and resistance to get a squeeze on is at 1.1050.\r\n\r\n<b>USD/CHF: Closing Price 0.8758</b>.  I am currently long this pair and I am not a happy camper. The 52-week low lies at 0.8698. If we fall through this level bye bye swissy…..swissy bye bye. It’s only about 60 pips from the closing price. So the 52-week lows act as support and the resistance level is 0.8850.\r\n\r\n<b>USD/JPY: Closing Price 101.63. </b>This pair is on the verge of a breakdown and last week the Dow closed -2.15% at 16,026, NASDAQ closed -2.56% at 3,999 and the S&amp;P closed at 1815 -2.33%.  For the last hour of trading or so it rallied a little as the sell of equities intensified.  We are just 40 pips or so from the wheels coming off the bus. If support at 101.20 gives way - I see 100.00 being tested very quickly tested. Resistance lies at 102.15.\r\n\r\n<span style=\"text-decoration: underline;\"> </span>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Retail and Core Retail Sales.\r\n\r\nTUESDAY: CAD – Manufacturing Sales.\r\nTUESDAY: USD – Core CPi and FED Janet Yellen speaks.\r\nTUESDAY: NZD – CPI.\r\nTUESDAY: CNY – GDP.\r\n\r\nWEDNESDAY: USD – FED Janet Yellen speaks.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: JPY – BOJ Kuroda speaks.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nI am looking forward to the next week’s trading. I am really hopeful that we will see a huge directional and momentum move to the short side in equities, dragging the USD with it. The markets look broken. The great news is that we have some FX market moving news items this coming week to add into the mix.\r\n\r\nHaving just written that, we should not be complacent in our thoughts or trading. I have set out a lot of trade set-ups and my thoughts and views on the entry levels in the TRADES ON MY RADAR section of the PREMIUM SERVICE blog.\r\n\r\nPlease, please remember you do not need to be a hero and trade them all. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 12th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering</span>\r\n\r\n&nbsp;','PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?','','publish','open','closed','','pullback-correctionwhat-best-currencies-trade','','','2014-04-12 08:11:22','2014-04-12 13:11:22','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3472',0,'member_posts','',0);
INSERT INTO `vp_backup_wp_posts` VALUES (3474,1,'2014-04-12 08:10:34','2014-04-12 13:10:34','<p style=\"text-align: left;\" align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nThe past 7 days were great for trading. I have, however, found myself to be a scalping trader all of a sudden. This is not my usual trading style but if needs must at least I have shown my versatility.\r\n\r\nI still have my longer-term trades in position and I am reasonably comfortable  with the way that they are now moving, although I seem to be scalping to make daily $$$ targets and leaving my longer-term trades alone carrying overnight swap rates. I will continue this strategy for the coming weeks or until I feel that the chop fest has ended.\r\n\r\nI think right now it’s about seeing the quick opportunity and taking it. But much, much more than this it’s about being completely risk management  and money management savvy and seizing the moment.\r\n\r\nBelow is an example of a group of trades from Thursday last week.\r\n\r\nI tried several times to enter positions short term to see if they would develop into swing trades to no avail. The best example of this was Thursday afternoon, after much thought I decided to go short USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY and CHF/JPY. I was fully expecting carnage in Asia overnight Thursday/Friday, it just never happened the way I thought so on Friday morning I had 7 trades most of which were still around entry levels from the previous day. We had poor financial data from JP Morgan and the JPY pairs dropped I took my profits of +151 pips from all but the USD/JPY.\r\n\r\nThis was the low risk option, why?\r\n\r\nIf it were any other day other than a Friday I may have let the trades run.\r\n\r\nI took the profits and 2.5 / 3 hours later I was happy. The S&amp;P fell just below support so I was expecting a bounce, a typical reaction. The previous time that the 1826-30 level in the S&amp;P was tested we saw a huge bounce and the USD was taken to the cleaners.\r\n\r\nI decided this was the low risk option that I should take - better to bank +151 pips than be in 6 negatives trades over the weekend.\r\n\r\nWhat is just a pleasing for me is that The PREMIUM SERVICE continues to make money albeit at a slightly reduced level due to the tougher market conditions but it’s an increasing overall profit and I am very happy. I detail the updated numbers later. If you are not yet subscribing there are many options now available: -\r\n<ul>\r\n	<li>There are various straightforward weekly subscription options of 10, 20 or 40 weeks (ALL renewal subscriptions are at lower rates).</li>\r\n	<li>Special 4 week introductory subscription – a try it and see option.</li>\r\n	<li>Special subscription offers if you sign up with one of my brokers listed on the website (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL).</li>\r\n	<li>If you are already with one of these brokers (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL) there are also special subscription rates available.Full details of these offers can be found on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the SPECIAL OFFERS and PREMIUM SERVICE drop down menus on the welcome page.\r\n\r\nAll you require to subscribe is a PAYPAL account for payment.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014 and YEAR to date:</span></b></p>\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n5 trades at $0.10 cents each = $0.50 risk for $13.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n5 trades at $1.00 each = $5.00 risk for $135.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n5 trades at $10.00 each = $50.00 risk for $1,350.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n15 trades at $0.10 cents each = $1.50 cents risk for $39.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n15 trades at $1.00 each = $15.00 risk for $396.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n15 trades at $10.00 each = $150.00 risk for $3,960.00 profit.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014…TO DATE:</span></b></p>\r\n<p align=\"center\"> TRADING MICRO-LOTS:\r\n22 trades at $0.10 cents each = $2.20 risk for $56.50 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n22 trades at $1.00 each = $22.00 risk for $565.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n22 trades at $10.00 each = $220.00 risk for $5,650.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n162 trades at $0.10 cents each = $16.20 risk for $260.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n162 trades at $1.00 each = $162.00 risk for $2,600.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n162 trades at $10.00 each = $1,620.00 risk for $26,000.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b>\r\n<p align=\"center\"><b>PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?</b></p>\r\nFrom my viewpoint, it’s not just what currencies to trade at the moment, but also what time of day to trade also. Combined with those thoughts it is also not the time to be a hero, but to trade with good MONEY MANAGEMENT, RISK MANAGEMENT and above to all use your TRADING PLAN. I think that I have said this many, many times before -  PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nOver the past few months, sometimes it feels like years, I have been warning about the bull market coming to an end. A five-year bull market is quite frankly a dangerous market. As we approach key Fibonacci extensions there are bull/bear fights and the markets become even more volatile than normal in particular as we have been testing 123.6%, 150.0%, 161.8% and the “Golden Fib” of 261.8%.\r\n\r\nThe fib levels alone have not prompted the selling that we have seen recently, personally, I think that the Chinese import and export data that was so poor last Wednesday night has something to do with matters. We have risk aversion in the market but the USD has not picked up steam, which is a little surprising to me. At the end of the day, we have a good pullback in play across the board in equities, the “BUY THE DIP” mentality has shifted. Looking at the whimsical side of the markets for a moment, God help CNBC they have 5 years of programming based on the back of the “BUY THE DIP” mentality towards the markets.\r\n\r\nWhichever way we slice the news we are literally held at support on the S&amp;P around 1826-1830. The NASDAQ looks broken to me. We had a trend line break that was re-tested and then we have fallen ever since, as I see it about 3400 is the next level of support then 3200. The bottom line is that equity markets hold all the keys moving forward….and I do not like that based on the fact that the FX market has not reacted to the present pullback the way I believe it should have\r\n\r\nWhy?\r\n\r\nI am not sure 100% why; my only thoughts are that no one believes we are actually selling off. There is a FEAR of a huge drop, but there is also a belief that support levels will hold. Therefore, until we break a bit lower the USD will not react the way I think it should.\r\n\r\nIn situations like this, we have to look at the trading signals that we have and trade managing risk the best way that we can.\r\n\r\nAs the USD is acting in line with an equity market sell off, to me it looks like the USD pairs are split into groups: -\r\n\r\nGROUP 1: EUR/USD and GBP/USD  - When you look at the USD index and the EUR/USD – it is by far the greatest weighted currency in the basket of currencies, the USD index is not really moving lower in line with equities. This is because the EUR continues to be supported and although GBP/USD looks lofty at current levels the EUR/USD will influence how it moves in the big picture.\r\n\r\nGROUP 2: USD/JPY – Works on its own and does its own thing. Right now it is reacting how I think it should in line with a falling S&amp;P this currency and all its cross-rates are also falling. The drop really needs to accelerate below 101.00 for me to truly believe the market correction is on the way.\r\n\r\nGROUP 3: AUD/USD, NZD/USD, USD/SEK and USD/CAD – These currency pairs hold the key. We are trying to obtain a level of consistency with these pairs in the sense that they move in tandem lower with the S&amp;P sell-off. Of all the four groups listed these are the only USD pairs that I would enter fresh trades on. We saw a nice move on Friday morning where they all weakened but that was short lived as we came to a halt early with it being a Friday. We then just consolidated and drifted into the close.\r\n\r\nGROUP 4: USD/CHF – The fact that any political moves in the Ukraine will affect rge Eurozone due to it’s close proximity means the Swiss effect comes into play as a safe haven. Therefore, unless you are already in a USD/CHF trade I would not enter a fresh one.\r\n\r\nApart from the commodity currencies, where else would I look? Personally, I think cross-rates are the best solution to trade from a risk tolerance / risk management perspective, using the different effects that you can see between the EUR and Commodity currencies.\r\n\r\nLater in the blog for PREMIUM SERVICE subscribers only I have my exclusive trade set ups for trades that you can place with your brokers looking forward in line with my thoughts.\r\n\r\nIt is still a very difficult market so it is hard to be decisive. Charts will tell us a lot of things and fundamentals do matter but right now many of the charts are terrible to read. So, we have to be modest with expectations and as usual I repeat PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nRemember two factors drive all financial markets…FEAR and GREED. Manage these and you will be successful.\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b>\r\n<p style=\"text-align: center;\"><b></b><b><span style=\"text-decoration: underline;\">TRADING AROUND THE NEWS:</span></b></p>\r\nI am a fundamental trader first….then a technical trader second. Personally, I do not place trades based on news announcements any more. I have had many bad experiences around news announcements so I have learned to: stay away. I am referring to “Forex Factory - RED” news events only, the minor news really doesn\'t concern me that much, as these events do not really move the markets.\r\n\r\nI will give you a few reasons why I avoid trading during major news events, but I will also give you some strategies for trading around news announcements.\r\n\r\nFirstly, let me just say that I believe that news announcements are almost totally unpredictable. As you know from various websites such as Forex Factory there is usually a “forecast” and a “previous” number listed prior to the news announcement being made. The market’s reaction is generally based on whether the actual announcement is higher or lower than the forecast. The issue to bear in mind here is that this assumes that all traders (or at best most traders) react the same way to the relation between the actual number, the forecast and the previous number. Even if we could correctly interpret this information, it is difficult to enter trades during these times because trade execution / slippage suffers within a fast moving market.\r\n\r\n<b>WHY I TRY TO AVOID TRADING AROUND MAJOR NEWS RELEASES:</b>\r\n<ol>\r\n	<li>In my opinion, for what it is worth, these news releases have very few long-term implications and are unpredictable in the short term. Of course, there will always be traders that may use these numbers at news events to various degrees of success, but I have never seen or heard of traders with strong evidence that you can profit while trading news release numbers over the longer term. In any event, the one constant around trading major news events (such as Non-Farm payrolls) is that there are rapid moves way above the normal magnitude. These moves can also be very erratic. Sometimes the move is in one direction. Sometimes the move looks like it will be in one direction, and then it moves back to the starting point just as fast. Knee jerk reactions are commonplace on high beta news events.</li>\r\n	<li>Furthermore, news related moves can be very irrational. Not only do they often ignore the logic of the news announcement itself, but also these moves often ignore the logic of the technical analysis that we rely on. It would be much easier to trade these announcements if traders were rational…but they aren’t. Therefore to me the most useful aspect of these major news announcements is the time that they take place. I then use the timing of these announcements to avoid placing trades right before then.<b> </b></li>\r\n</ol>\r\n<b>STRATEGIES FOR TRADING AROUND MAJOR NEWS RELEASES:</b>\r\n<ol>\r\n	<li>Never place a new trade ahead of major news.</li>\r\n	<li>If you are already in a trade you need to decide if the trade is in a small loss or small profit position whether or not you just close the position. You have to remember around major news events that if you have a stop in position that may only 25 pips away from the current price, and if there is huge volatility you may not get your stop filled at the price you have at your broker. It could be filled 40 or maybe 60, 70 or 80 pips away from your price if there is a major move, and your stop order may be filled many pips away from your loss that meets with your TRADING Plan objectives.<span style=\"line-height: 1.5em;\">You have to ask yourself why risk a 70 pip or whatever loss? </span></li>\r\n	<li>If you are in a longer-term position you just have to ensure that your stop loss is sufficient to cope with volatility and that it still meets with your TRADING PLAN rules.</li>\r\n	<li>You may want to limit risk by reducing a trade size ahead of the news. If the news event goes in your favour you can always add back to a trade.</li>\r\n	<li>Be prepared for the knee-jerk reaction to the news event. U.S. Non-Farm is notorious for this. The initial move may not always be the market move and directional trend. At Non Farm, I wait at least 10 minutes before trading the news event.  Other traders will tell you to wait 20 minutes. Sometimes the best Non-Farm approach is NOT to trade!</li>\r\n	<li>The best advice and trading strategy around news events….DO NOT TRADE them.</li>\r\n</ol>\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">FLASH TRADES:</span></b>\r\n\r\nI am in several positions and I am not 100% happy with them all but many positions are very small position sizes that I do not mind holding. I am maybe too optimistic that I will engineer my way out of these poorer trades but my RISK MANAGEMENT is still 100%.\r\n<p style=\"text-align: center;\"><strong>USD/CAD\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 1.1061\r\n</strong><strong>Stop Loss: 1.0850\r\n</strong><strong>Limit / Target: 1.1600\r\n</strong><strong>Weekly Closing Price: 1.0979\r\n</strong><strong>Position: -82 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/CHF\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 0.8937\r\n</strong><strong>Stop Loss: 0.8800\r\n</strong><strong>Limit / Target: 0.9250\r\n</strong><strong>Weekly Closing Price: 0.8758\r\n</strong><strong>Position: -179 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/SEK\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 6.5442\r\n</strong><strong>Stop Loss: 6.5000\r\n</strong><strong>Limit / Target: 8.0000\r\n</strong><strong>Weekly Closing Price: 6.5254\r\n</strong><strong>Position: -188 pips</strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>NZD/USD\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 0.8699\r\n</strong><strong>Stop Loss: 0.8760\r\n</strong><strong>Limit / Target: 0.500\r\n</strong><strong>Weekly Closing Price: 0.8680\r\n</strong><strong>Position: +19 pips</strong><strong style=\"line-height: 1.5em;\"> </strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/USD\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 1.3744\r\n</strong><strong>Stop Loss: 1.3950\r\n</strong><strong>Limit / Target: 1.3450\r\n</strong><strong>Weekly Closing Price: 1.3884\r\n</strong><strong>Position: -140 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong></strong><strong>SEK/JPY\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 15.54\r\n</strong><strong>Stop Loss: 16.15\r\n</strong><strong>Limit / Target: 14.50\r\n</strong><strong>Weekly Closing Price: 15.60\r\n</strong><strong>Position: -106 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong></strong><strong>USD/JPY\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 101.40\r\n</strong><strong>Stop Loss: 102.15\r\n</strong><strong>Limit / Target: 99.00\r\n</strong><strong>Weekly Closing Price: 101.63\r\n</strong><strong>Position: -23 pips</strong></p>\r\n<b><span style=\"text-decoration: underline;\">RADAR TRADES:</span></b>\r\n\r\nI have no LIVE RADAR trades at the moment.\r\n\r\n<b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span></b>\r\n<p style=\"text-align: center;\"><strong>GBP/NZD</strong>\r\n<strong> (This trade is hedged from -150 pips)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9000</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>Weekly Closing Price: 1.9258</strong>\r\n<strong>Position: -826 pips</strong></p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nAs I mentioned earlier in the blog, I believe that “cross-rate” currency pairs may offer some of the best opportunities moving forward. In particular the commodity crosses offer some interesting options.\r\n\r\nCAD – This currency is still bullish whilst above the multi decade low of 1.0850 or thereabouts, whichever chart you look at. Therefore above this level you need to bullish the CAD, in my opinion.\r\n\r\nNZD – In my opinion, the most over valued currency in the FX market. The\r\n52-week high is at 0.8744. Use this as a level to trade against. You really know where your risk is on any short of the NZD/USD. But this can also be utilized when looking at the cross-rate effect.\r\n\r\nAUD – Recent highs of 0.9460 in the AUD/USD looked to cap this pair. Like the Kiwi this level can be used to establish risk tolerances in the AUD cross-rates.\r\n\r\nSEK – Poor economic data during last week is plaguing this currency a little. As one of my lead indicators I think that should the USD/SEK break 6.5600, it is going to squeeze like crazy. There are great opportunities with some cross-rates in the currency.\r\n\r\nI am listing several trade set-ups below. Please note that it is my intention to enter all of them but I will be trading small position sizes until trades are established and then I will add, and add again moving my stops to break even as soon as it makes sense to do so.\r\n\r\nFinally, with regards to the JPY crosses, I will tackle these one by one via twitter, but take it as read if the floor caves in I will trade one or two JPY cross-rates on a FLASH TRADE basis.\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/CAD:</span></b>\r\n\r\nAs you can see from the chart below, the levels that I am proposing are well defined. We need a small pullback, but should this trade trigger it offers a great risk / reward trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURCAD-WEEKLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3458\" alt=\"EURCAD WEEKLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURCAD-WEEKLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.5160\r\nLong:\r\nStop Loss: 1.4960\r\nLimit / Target: 1.5600\r\n\r\n<b><span style=\"text-decoration: underline;\">GBP/CAD:</span></b>\r\n\r\nThe entry and stop levels are well defined by previous moves and pivot points. We require a nice pullback to enter, but should this set-up trigger this could be a fantastic trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/GBPCAD-DAILY-12042014.png\"><img class=\"aligncenter size-large wp-image-3459\" alt=\"GBPCAD DAILY  12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/GBPCAD-DAILY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.8260\r\nLong:\r\nStop Loss: 1.8150\r\nLimit / Target: 1.8665\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/NZD:</span></b>\r\n\r\nThe big move in my opinion with this pair comes into play around 1.6650 at the monthly trend line resistance. Up to this point, there is a trade option that can be profitable. At the monthly trend line approaches reduce size dramatically and then add back should we blow through and then re-test the breakout.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURNZD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3460\" alt=\"EURNZD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURNZD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.5850\r\nLong:\r\nStop Loss: 1.5550\r\nLimit / Target: 1.6650\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/AUD:</span></b>\r\n\r\nLike the EUR/NZD there is down sloping resistance trend line on the monthly chart at 1.5500. If we get to this level I would reduce my trade size and add back on a trend line break re-test of the trend line.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURAUD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3461\" alt=\"EURAUD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURAUD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.4510\r\nLong:\r\nStop Loss: 1.4260\r\nLimit / Target: 1.5500\r\n\r\n<b><span style=\"text-decoration: underline;\">AUD/CHF:</span></b>\r\n\r\nA nice pullback to 0.8145 sets up a potentially good trade with excellent risk / reward to the Fibonacci 61.8% level at 0.8720.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/AUDCHF-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3462\" alt=\"AUDCHF MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/AUDCHF-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nEntry level: 0.8145\r\nLong:\r\nStop Loss: 0.8014\r\nLimit / Target: 0.8720\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/SEK:</span></b>\r\n\r\nShould the USD/SEK rip higher this is also a pair to consider trading.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURSEK-MONTHLY-120042014.png\"><img class=\"aligncenter size-large wp-image-3463\" alt=\"EURSEK MONTHLY 120042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURSEK-MONTHLY-120042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 8.9050\r\nLong:\r\nStop Loss: 8.5800\r\nLimit / Target: 9.5450\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">NZD/CAD:</span></b>\r\n\r\nA pullback to 0.9400 gives an opportunity for a great entry level to go long looking for 0.9650 again (the highs). This is a very bullish looking weekly chart, although the risk/reward is not the best,  the momentum play is to the long side.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/NZDCAD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3464\" alt=\"NZDCAD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/NZDCAD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 0.9400\r\nLong:\r\nStop Loss: 0.9230\r\nLimit / Target: 0.9650\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3884.</b>  Is the EUR strong or the USD weak? I think that that is a great question. Being the major currency within the USD weighted index and having seen equities fall off the pages in the past week, I like many other traders expected the USD to strengthen. It never did with this pair. I suppose being positive we have the 52-week high just above were we closed at 1.3967. Shorting this pair at least gives you an edge in the sense that you know where your risk lies. I am presently short this pair and out of the money, by some margin. I have stuck with this pair on the basis that eventually when the markets realize we are having a correction and the FED is NOT going to jump in - the USD will strengthen and in so doing the EUR/USD will fall. Am I am right, or, am I wrong? Only time will tell. I see my range as resistance at the 52-week highs of 1.3967 and support at 1.3750. Not until we get back to the lower level of 1.3750 do I see the bears back in control.\r\n\r\n<b>GBP/USD: Closing Price 1.6732.  </b>I hate this currency. So many times it lures you in and then gives you a good old smack on the arse for being so cheeky as to trade it. Like the EUR/USD, we are sooooooo close to the 52 week high which sits at 1.6822. Again, at least as a trader you know and understand the risk of any trade. The levels to watch with the GBP/USD are resistance at 1.6822 and support at 1.6650.\r\n\r\n<b>AUD/USD: Closing Price 0.9393</b>.   We ended the week about 100 pips higher on the previous week. Having said that we have had the markets fall all over Asia, Europe and the U.S. Yes, I know what you are thinking and so am I, regardless of Australian news and there was great employment data last week this pair should be lower given the strength and breadth of the market sell off. It’s yet another mystery for Hercule Poirot to solve, because I am buggered if I can. The recent highs are at 0.9460 and I see this level as resistance. Support that places the bears back in control I think is much lower at around 0.9210.\r\n\r\n<b>NZD/USD: Closing Price 0.8680</b>.  Just like the AUD/USD, this pair has seen highs recently that give us a risk level that is fairly easy to follow. 52-week highs sit at 0.8744, which is well within striking distance of the closing position. This level will act as resistance in my view, with support at 0.8600.\r\n\r\n<b>USD/CAD: Closing Price 1.0979.</b>  We closed last week almost where we closed the previous week. If you trade and view the price action each day we have been involved in a “Six Flags” roller coaster ride of epic proportions. As long as we are above the multi-decade trend line at about 1.0850 one should view this pair as bullish and trade accordingly in my opinion. Levels to watch are support at 1.0910 and resistance to get a squeeze on is at 1.1050.\r\n\r\n<b>USD/CHF: Closing Price 0.8758</b>.  I am currently long this pair and I am not a happy camper. The 52-week low lies at 0.8698. If we fall through this level bye bye swissy…..swissy bye bye. It’s only about 60 pips from the closing price. So the 52-week lows act as support and the resistance level is 0.8850.\r\n\r\n<b>USD/JPY: Closing Price 101.63. </b>This pair is on the verge of a breakdown and last week the Dow closed -2.15% at 16,026, NASDAQ closed -2.56% at 3,999 and the S&amp;P closed at 1815 -2.33%.  For the last hour of trading or so it rallied a little as the sell of equities intensified.  We are just 40 pips or so from the wheels coming off the bus. If support at 101.20 gives way - I see 100.00 being tested very quickly tested. Resistance lies at 102.15.\r\n\r\n<span style=\"text-decoration: underline;\"> </span>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Retail and Core Retail Sales.\r\n\r\nTUESDAY: CAD – Manufacturing Sales.\r\nTUESDAY: USD – Core CPi and FED Janet Yellen speaks.\r\nTUESDAY: NZD – CPI.\r\nTUESDAY: CNY – GDP.\r\n\r\nWEDNESDAY: USD – FED Janet Yellen speaks.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: JPY – BOJ Kuroda speaks.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nI am looking forward to the next week’s trading. I am really hopeful that we will see a huge directional and momentum move to the short side in equities, dragging the USD with it. The markets look broken. The great news is that we have some FX market moving news items this coming week to add into the mix.\r\n\r\nHaving just written that, we should not be complacent in our thoughts or trading. I have set out a lot of trade set-ups and my thoughts and views on the entry levels in the TRADES ON MY RADAR section of the PREMIUM SERVICE blog.\r\n\r\nPlease, please remember you do not need to be a hero and trade them all. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 12th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering</span>\r\n\r\n&nbsp;','PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?','','inherit','open','closed','','3472-revision-v1','','','2014-04-12 08:10:34','2014-04-12 13:10:34','',3472,'https://weeklyfxdrivethru.com/3472-revision-v1/',0,'revision','',0),(3473,1,'2014-04-12 08:08:57','2014-04-12 13:08:57','<p style=\"text-align: left;\" align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nThe past 7 days were great for trading. I have, however, found myself to be a scalping trader all of a sudden. This is not my usual trading style but if needs must at least I have shown my versatility.\r\n\r\nI still have my longer-term trades in position and I am reasonably comfortable  with the way that they are now moving, although I seem to be scalping to make daily $$$ targets and leaving my longer-term trades alone carrying overnight swap rates. I will continue this strategy for the coming weeks or until I feel that the chop fest has ended.\r\n\r\nI think right now it’s about seeing the quick opportunity and taking it. But much, much more than this it’s about being completely risk management  and money management savvy and seizing the moment.\r\n\r\nBelow is an example of a group of trades from Thursday last week.\r\n\r\nI tried several times to enter positions short term to see if they would develop into swing trades to no avail. The best example of this was Thursday afternoon, after much thought I decided to go short USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY and CHF/JPY. I was fully expecting carnage in Asia overnight Thursday/Friday, it just never happened the way I thought so on Friday morning I had 7 trades most of which were still around entry levels from the previous day. We had poor financial data from JP Morgan and the JPY pairs dropped I took my profits of +151 pips from all but the USD/JPY.\r\n\r\nThis was the low risk option, why?\r\n\r\nIf it were any other day other than a Friday I may have let the trades run.\r\n\r\nI took the profits and 2.5 / 3 hours later I was happy. The S&amp;P fell just below support so I was expecting a bounce, a typical reaction. The previous time that the 1826-30 level in the S&amp;P was tested we saw a huge bounce and the USD was taken to the cleaners.\r\n\r\nI decided this was the low risk option that I should take - better to bank +151 pips than be in 6 negatives trades over the weekend.\r\n\r\nWhat is just a pleasing for me is that The PREMIUM SERVICE continues to make money albeit at a slightly reduced level due to the tougher market conditions but it’s an increasing overall profit and I am very happy. I detail the updated numbers later. If you are not yet subscribing there are many options now available: -\r\n<ul>\r\n	<li>There are various straightforward weekly subscription options of 10, 20 or 40 weeks (ALL renewal subscriptions are at lower rates).</li>\r\n	<li>Special 4 week introductory subscription – a try it and see option.</li>\r\n	<li>Special subscription offers if you sign up with one of my brokers listed on the website (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL).</li>\r\n	<li>If you are already with one of these brokers (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL) there are also special subscription rates available.\r\n\r\nFull details of these offers can be found on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the SPECIAL OFFERS and PREMIUM SERVICE drop down menus on the welcome page.\r\n\r\nAll you require to subscribe is a PAYPAL account for payment.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014 and YEAR to date:</span></b></p>\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n5 trades at $0.10 cents each = $0.50 risk for $13.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n5 trades at $1.00 each = $5.00 risk for $135.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n5 trades at $10.00 each = $50.00 risk for $1,350.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n15 trades at $0.10 cents each = $1.50 cents risk for $39.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n15 trades at $1.00 each = $15.00 risk for $396.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n15 trades at $10.00 each = $150.00 risk for $3,960.00 profit.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014…TO DATE:</span></b></p>\r\n<p align=\"center\"> TRADING MICRO-LOTS:\r\n22 trades at $0.10 cents each = $2.20 risk for $56.50 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n22 trades at $1.00 each = $22.00 risk for $565.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n22 trades at $10.00 each = $220.00 risk for $5,650.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n162 trades at $0.10 cents each = $16.20 risk for $260.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n162 trades at $1.00 each = $162.00 risk for $2,600.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n162 trades at $10.00 each = $1,620.00 risk for $26,000.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b>\r\n<p align=\"center\"><b>PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?</b></p>\r\nFrom my viewpoint, it’s not just what currencies to trade at the moment, but also what time of day to trade also. Combined with those thoughts it is also not the time to be a hero, but to trade with good MONEY MANAGEMENT, RISK MANAGEMENT and above to all use your TRADING PLAN. I think that I have said this many, many times before -  PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nOver the past few months, sometimes it feels like years, I have been warning about the bull market coming to an end. A five-year bull market is quite frankly a dangerous market. As we approach key Fibonacci extensions there are bull/bear fights and the markets become even more volatile than normal in particular as we have been testing 123.6%, 150.0%, 161.8% and the “Golden Fib” of 261.8%.\r\n\r\nThe fib levels alone have not prompted the selling that we have seen recently, personally, I think that the Chinese import and export data that was so poor last Wednesday night has something to do with matters. We have risk aversion in the market but the USD has not picked up steam, which is a little surprising to me. At the end of the day, we have a good pullback in play across the board in equities, the “BUY THE DIP” mentality has shifted. Looking at the whimsical side of the markets for a moment, God help CNBC they have 5 years of programming based on the back of the “BUY THE DIP” mentality towards the markets.\r\n\r\nWhichever way we slice the news we are literally held at support on the S&amp;P around 1826-1830. The NASDAQ looks broken to me. We had a trend line break that was re-tested and then we have fallen ever since, as I see it about 3400 is the next level of support then 3200. The bottom line is that equity markets hold all the keys moving forward….and I do not like that based on the fact that the FX market has not reacted to the present pullback the way I believe it should have\r\n\r\nWhy?\r\n\r\nI am not sure 100% why; my only thoughts are that no one believes we are actually selling off. There is a FEAR of a huge drop, but there is also a belief that support levels will hold. Therefore, until we break a bit lower the USD will not react the way I think it should.\r\n\r\nIn situations like this, we have to look at the trading signals that we have and trade managing risk the best way that we can.\r\n\r\nAs the USD is acting in line with an equity market sell off, to me it looks like the USD pairs are split into groups: -\r\n\r\nGROUP 1: EUR/USD and GBP/USD  - When you look at the USD index and the EUR/USD – it is by far the greatest weighted currency in the basket of currencies, the USD index is not really moving lower in line with equities. This is because the EUR continues to be supported and although GBP/USD looks lofty at current levels the EUR/USD will influence how it moves in the big picture.\r\n\r\nGROUP 2: USD/JPY – Works on its own and does its own thing. Right now it is reacting how I think it should in line with a falling S&amp;P this currency and all its cross-rates are also falling. The drop really needs to accelerate below 101.00 for me to truly believe the market correction is on the way.\r\n\r\nGROUP 3: AUD/USD, NZD/USD, USD/SEK and USD/CAD – These currency pairs hold the key. We are trying to obtain a level of consistency with these pairs in the sense that they move in tandem lower with the S&amp;P sell-off. Of all the four groups listed these are the only USD pairs that I would enter fresh trades on. We saw a nice move on Friday morning where they all weakened but that was short lived as we came to a halt early with it being a Friday. We then just consolidated and drifted into the close.\r\n\r\nGROUP 4: USD/CHF – The fact that any political moves in the Ukraine will affect rge Eurozone due to it’s close proximity means the Swiss effect comes into play as a safe haven. Therefore, unless you are already in a USD/CHF trade I would not enter a fresh one.\r\n\r\nApart from the commodity currencies, where else would I look? Personally, I think cross-rates are the best solution to trade from a risk tolerance / risk management perspective, using the different effects that you can see between the EUR and Commodity currencies.\r\n\r\nLater in the blog for PREMIUM SERVICE subscribers only I have my exclusive trade set ups for trades that you can place with your brokers looking forward in line with my thoughts.\r\n\r\nIt is still a very difficult market so it is hard to be decisive. Charts will tell us a lot of things and fundamentals do matter but right now many of the charts are terrible to read. So, we have to be modest with expectations and as usual I repeat PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nRemember two factors drive all financial markets…FEAR and GREED. Manage these and you will be successful.\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b>\r\n<p style=\"text-align: center;\"><b></b><b><span style=\"text-decoration: underline;\">TRADING AROUND THE NEWS:</span></b></p>\r\nI am a fundamental trader first….then a technical trader second. Personally, I do not place trades based on news announcements any more. I have had many bad experiences around news announcements so I have learned to: stay away. I am referring to “Forex Factory - RED” news events only, the minor news really doesn\'t concern me that much, as these events do not really move the markets.\r\n\r\nI will give you a few reasons why I avoid trading during major news events, but I will also give you some strategies for trading around news announcements.\r\n\r\nFirstly, let me just say that I believe that news announcements are almost totally unpredictable. As you know from various websites such as Forex Factory there is usually a “forecast” and a “previous” number listed prior to the news announcement being made. The market’s reaction is generally based on whether the actual announcement is higher or lower than the forecast. The issue to bear in mind here is that this assumes that all traders (or at best most traders) react the same way to the relation between the actual number, the forecast and the previous number. Even if we could correctly interpret this information, it is difficult to enter trades during these times because trade execution / slippage suffers within a fast moving market.\r\n\r\n<b>WHY I TRY TO AVOID TRADING AROUND MAJOR NEWS RELEASES:</b>\r\n<ol>\r\n	<li>In my opinion, for what it is worth, these news releases have very few long-term implications and are unpredictable in the short term. Of course, there will always be traders that may use these numbers at news events to various degrees of success, but I have never seen or heard of traders with strong evidence that you can profit while trading news release numbers over the longer term. In any event, the one constant around trading major news events (such as Non-Farm payrolls) is that there are rapid moves way above the normal magnitude. These moves can also be very erratic. Sometimes the move is in one direction. Sometimes the move looks like it will be in one direction, and then it moves back to the starting point just as fast. Knee jerk reactions are commonplace on high beta news events.</li>\r\n	<li>Furthermore, news related moves can be very irrational. Not only do they often ignore the logic of the news announcement itself, but also these moves often ignore the logic of the technical analysis that we rely on. It would be much easier to trade these announcements if traders were rational…but they aren’t. Therefore to me the most useful aspect of these major news announcements is the time that they take place. I then use the timing of these announcements to avoid placing trades right before then.<b> </b></li>\r\n</ol>\r\n<b>STRATEGIES FOR TRADING AROUND MAJOR NEWS RELEASES:</b>\r\n<ol>\r\n	<li>Never place a new trade ahead of major news.</li>\r\n	<li>If you are already in a trade you need to decide if the trade is in a small loss or small profit position whether or not you just close the position. You have to remember around major news events that if you have a stop in position that may only 25 pips away from the current price, and if there is huge volatility you may not get your stop filled at the price you have at your broker. It could be filled 40 or maybe 60, 70 or 80 pips away from your price if there is a major move, and your stop order may be filled many pips away from your loss that meets with your TRADING Plan objectives.<span style=\"line-height: 1.5em;\">You have to ask yourself why risk a 70 pip or whatever loss? </span></li>\r\n	<li>If you are in a longer-term position you just have to ensure that your stop loss is sufficient to cope with volatility and that it still meets with your TRADING PLAN rules.</li>\r\n	<li>You may want to limit risk by reducing a trade size ahead of the news. If the news event goes in your favour you can always add back to a trade.</li>\r\n	<li>Be prepared for the knee-jerk reaction to the news event. U.S. Non-Farm is notorious for this. The initial move may not always be the market move and directional trend. At Non Farm, I wait at least 10 minutes before trading the news event.  Other traders will tell you to wait 20 minutes. Sometimes the best Non-Farm approach is NOT to trade!</li>\r\n	<li>The best advice and trading strategy around news events….DO NOT TRADE them.</li>\r\n</ol>\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">FLASH TRADES:</span></b>\r\n\r\nI am in several positions and I am not 100% happy with them all but many positions are very small position sizes that I do not mind holding. I am maybe too optimistic that I will engineer my way out of these poorer trades but my RISK MANAGEMENT is still 100%.\r\n<p style=\"text-align: center;\"><strong>USD/CAD\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 1.1061\r\n</strong><strong>Stop Loss: 1.0850\r\n</strong><strong>Limit / Target: 1.1600\r\n</strong><strong>Weekly Closing Price: 1.0979\r\n</strong><strong>Position: -82 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/CHF\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 0.8937\r\n</strong><strong>Stop Loss: 0.8800\r\n</strong><strong>Limit / Target: 0.9250\r\n</strong><strong>Weekly Closing Price: 0.8758\r\n</strong><strong>Position: -179 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/SEK\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 6.5442\r\n</strong><strong>Stop Loss: 6.5000\r\n</strong><strong>Limit / Target: 8.0000\r\n</strong><strong>Weekly Closing Price: 6.5254\r\n</strong><strong>Position: -188 pips</strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>NZD/USD\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 0.8699\r\n</strong><strong>Stop Loss: 0.8760\r\n</strong><strong>Limit / Target: 0.500\r\n</strong><strong>Weekly Closing Price: 0.8680\r\n</strong><strong>Position: +19 pips</strong><strong style=\"line-height: 1.5em;\"> </strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/USD\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 1.3744\r\n</strong><strong>Stop Loss: 1.3950\r\n</strong><strong>Limit / Target: 1.3450\r\n</strong><strong>Weekly Closing Price: 1.3884\r\n</strong><strong>Position: -140 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong></strong><strong>SEK/JPY\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 15.54\r\n</strong><strong>Stop Loss: 16.15\r\n</strong><strong>Limit / Target: 14.50\r\n</strong><strong>Weekly Closing Price: 15.60\r\n</strong><strong>Position: -106 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong></strong><strong>USD/JPY\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 101.40\r\n</strong><strong>Stop Loss: 102.15\r\n</strong><strong>Limit / Target: 99.00\r\n</strong><strong>Weekly Closing Price: 101.63\r\n</strong><strong>Position: -23 pips</strong></p>\r\n<b><span style=\"text-decoration: underline;\">RADAR TRADES:</span></b>\r\n\r\nI have no LIVE RADAR trades at the moment.\r\n\r\n<b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span></b>\r\n<p style=\"text-align: center;\"><strong>GBP/NZD</strong>\r\n<strong> (This trade is hedged from -150 pips)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9000</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>Weekly Closing Price: 1.9258</strong>\r\n<strong>Position: -826 pips</strong></p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nAs I mentioned earlier in the blog, I believe that “cross-rate” currency pairs may offer some of the best opportunities moving forward. In particular the commodity crosses offer some interesting options.\r\n\r\nCAD – This currency is still bullish whilst above the multi decade low of 1.0850 or thereabouts, whichever chart you look at. Therefore above this level you need to bullish the CAD, in my opinion.\r\n\r\nNZD – In my opinion, the most over valued currency in the FX market. The\r\n52-week high is at 0.8744. Use this as a level to trade against. You really know where your risk is on any short of the NZD/USD. But this can also be utilized when looking at the cross-rate effect.\r\n\r\nAUD – Recent highs of 0.9460 in the AUD/USD looked to cap this pair. Like the Kiwi this level can be used to establish risk tolerances in the AUD cross-rates.\r\n\r\nSEK – Poor economic data during last week is plaguing this currency a little. As one of my lead indicators I think that should the USD/SEK break 6.5600, it is going to squeeze like crazy. There are great opportunities with some cross-rates in the currency.\r\n\r\nI am listing several trade set-ups below. Please note that it is my intention to enter all of them but I will be trading small position sizes until trades are established and then I will add, and add again moving my stops to break even as soon as it makes sense to do so.\r\n\r\nFinally, with regards to the JPY crosses, I will tackle these one by one via twitter, but take it as read if the floor caves in I will trade one or two JPY cross-rates on a FLASH TRADE basis.\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/CAD:</span></b>\r\n\r\nAs you can see from the chart below, the levels that I am proposing are well defined. We need a small pullback, but should this trade trigger it offers a great risk / reward trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURCAD-WEEKLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3458\" alt=\"EURCAD WEEKLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURCAD-WEEKLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.5160\r\nLong:\r\nStop Loss: 1.4960\r\nLimit / Target: 1.5600\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">GBP/CAD:</span></b>\r\n\r\nThe entry and stop levels are well defined by previous moves and pivot points. We require a nice pullback to enter, but should this set-up trigger this could be a fantastic trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/GBPCAD-DAILY-12042014.png\"><img class=\"aligncenter size-large wp-image-3459\" alt=\"GBPCAD DAILY  12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/GBPCAD-DAILY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.8260\r\nLong:\r\nStop Loss: 1.8150\r\nLimit / Target: 1.8665\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/NZD:</span></b>\r\n\r\nThe big move in my opinion with this pair comes into play around 1.6650 at the monthly trend line resistance. Up to this point, there is a trade option that can be profitable. At the monthly trend line approaches reduce size dramatically and then add back should we blow through and then re-test the breakout.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURNZD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3460\" alt=\"EURNZD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURNZD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.5850\r\nLong:\r\nStop Loss: 1.5550\r\nLimit / Target: 1.6650\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/AUD:</span></b>\r\n\r\nLike the EUR/NZD there is down sloping resistance trend line on the monthly chart at 1.5500. If we get to this level I would reduce my trade size and add back on a trend line break re-test of the trend line.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURAUD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3461\" alt=\"EURAUD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURAUD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.4510\r\nLong:\r\nStop Loss: 1.4260\r\nLimit / Target: 1.5500\r\n\r\n<b><span style=\"text-decoration: underline;\">AUD/CHF:</span></b>\r\n\r\nA nice pullback to 0.8145 sets up a potentially good trade with excellent risk / reward to the Fibonacci 61.8% level at 0.8720.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/AUDCHF-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3462\" alt=\"AUDCHF MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/AUDCHF-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nEntry level: 0.8145\r\nLong:\r\nStop Loss: 0.8014\r\nLimit / Target: 0.8720\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/SEK:</span></b>\r\n\r\nShould the USD/SEK rip higher this is also a pair to consider trading.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURSEK-MONTHLY-120042014.png\"><img class=\"aligncenter size-large wp-image-3463\" alt=\"EURSEK MONTHLY 120042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURSEK-MONTHLY-120042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 8.9050\r\nLong:\r\nStop Loss: 8.5800\r\nLimit / Target: 9.5450\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">NZD/CAD:</span></b>\r\n\r\nA pullback to 0.9400 gives an opportunity for a great entry level to go long looking for 0.9650 again (the highs). This is a very bullish looking weekly chart, although the risk/reward is not the best,  the momentum play is to the long side.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/NZDCAD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3464\" alt=\"NZDCAD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/NZDCAD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 0.9400\r\nLong:\r\nStop Loss: 0.9230\r\nLimit / Target: 0.9650\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3884.</b>  Is the EUR strong or the USD weak? I think that that is a great question. Being the major currency within the USD weighted index and having seen equities fall off the pages in the past week, I like many other traders expected the USD to strengthen. It never did with this pair. I suppose being positive we have the 52-week high just above were we closed at 1.3967. Shorting this pair at least gives you an edge in the sense that you know where your risk lies. I am presently short this pair and out of the money, by some margin. I have stuck with this pair on the basis that eventually when the markets realize we are having a correction and the FED is NOT going to jump in - the USD will strengthen and in so doing the EUR/USD will fall. Am I am right, or, am I wrong? Only time will tell. I see my range as resistance at the 52-week highs of 1.3967 and support at 1.3750. Not until we get back to the lower level of 1.3750 do I see the bears back in control.\r\n\r\n<b>GBP/USD: Closing Price 1.6732.  </b>I hate this currency. So many times it lures you in and then gives you a good old smack on the arse for being so cheeky as to trade it. Like the EUR/USD, we are sooooooo close to the 52 week high which sits at 1.6822. Again, at least as a trader you know and understand the risk of any trade. The levels to watch with the GBP/USD are resistance at 1.6822 and support at 1.6650.\r\n\r\n<b>AUD/USD: Closing Price 0.9393</b>.   We ended the week about 100 pips higher on the previous week. Having said that we have had the markets fall all over Asia, Europe and the U.S. Yes, I know what you are thinking and so am I, regardless of Australian news and there was great employment data last week this pair should be lower given the strength and breadth of the market sell off. It’s yet another mystery for Hercule Poirot to solve, because I am buggered if I can. The recent highs are at 0.9460 and I see this level as resistance. Support that places the bears back in control I think is much lower at around 0.9210.\r\n\r\n<b>NZD/USD: Closing Price 0.8680</b>.  Just like the AUD/USD, this pair has seen highs recently that give us a risk level that is fairly easy to follow. 52-week highs sit at 0.8744, which is well within striking distance of the closing position. This level will act as resistance in my view, with support at 0.8600.\r\n\r\n<b>USD/CAD: Closing Price 1.0979.</b>  We closed last week almost where we closed the previous week. If you trade and view the price action each day we have been involved in a “Six Flags” roller coaster ride of epic proportions. As long as we are above the multi-decade trend line at about 1.0850 one should view this pair as bullish and trade accordingly in my opinion. Levels to watch are support at 1.0910 and resistance to get a squeeze on is at 1.1050.\r\n\r\n<b>USD/CHF: Closing Price 0.8758</b>.  I am currently long this pair and I am not a happy camper. The 52-week low lies at 0.8698. If we fall through this level bye bye swissy…..swissy bye bye. It’s only about 60 pips from the closing price. So the 52-week lows act as support and the resistance level is 0.8850.\r\n\r\n<b>USD/JPY: Closing Price 101.63. </b>This pair is on the verge of a breakdown and last week the Dow closed -2.15% at 16,026, NASDAQ closed -2.56% at 3,999 and the S&amp;P closed at 1815 -2.33%.  For the last hour of trading or so it rallied a little as the sell of equities intensified.  We are just 40 pips or so from the wheels coming off the bus. If support at 101.20 gives way - I see 100.00 being tested very quickly tested. Resistance lies at 102.15.\r\n\r\n<span style=\"text-decoration: underline;\"> </span>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Retail and Core Retail Sales.\r\n\r\nTUESDAY: CAD – Manufacturing Sales.\r\nTUESDAY: USD – Core CPi and FED Janet Yellen speaks.\r\nTUESDAY: NZD – CPI.\r\nTUESDAY: CNY – GDP.\r\n\r\nWEDNESDAY: USD – FED Janet Yellen speaks.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: JPY – BOJ Kuroda speaks.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nI am looking forward to the next week’s trading. I am really hopeful that we will see a huge directional and momentum move to the short side in equities, dragging the USD with it. The markets look broken. The great news is that we have some FX market moving news items this coming week to add into the mix.\r\n\r\nHaving just written that, we should not be complacent in our thoughts or trading. I have set out a lot of trade set-ups and my thoughts and views on the entry levels in the TRADES ON MY RADAR section of the PREMIUM SERVICE blog.\r\n\r\nPlease, please remember you do not need to be a hero and trade them all. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 12th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering</span>\r\n\r\n&nbsp;','PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?','','inherit','open','closed','','3472-revision-v1','','','2014-04-12 08:08:57','2014-04-12 13:08:57','',3472,'https://weeklyfxdrivethru.com/3472-revision-v1/',0,'revision','',0),(3475,1,'2014-04-12 08:11:22','2014-04-12 13:11:22','<p style=\"text-align: left;\" align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nThe past 7 days were great for trading. I have, however, found myself to be a scalping trader all of a sudden. This is not my usual trading style but if needs must at least I have shown my versatility.\r\n\r\nI still have my longer-term trades in position and I am reasonably comfortable  with the way that they are now moving, although I seem to be scalping to make daily $$$ targets and leaving my longer-term trades alone carrying overnight swap rates. I will continue this strategy for the coming weeks or until I feel that the chop fest has ended.\r\n\r\nI think right now it’s about seeing the quick opportunity and taking it. But much, much more than this it’s about being completely risk management  and money management savvy and seizing the moment.\r\n\r\nBelow is an example of a group of trades from Thursday last week.\r\n\r\nI tried several times to enter positions short term to see if they would develop into swing trades to no avail. The best example of this was Thursday afternoon, after much thought I decided to go short USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY and CHF/JPY. I was fully expecting carnage in Asia overnight Thursday/Friday, it just never happened the way I thought so on Friday morning I had 7 trades most of which were still around entry levels from the previous day. We had poor financial data from JP Morgan and the JPY pairs dropped I took my profits of +151 pips from all but the USD/JPY.\r\n\r\nThis was the low risk option, why?\r\n\r\nIf it were any other day other than a Friday I may have let the trades run.\r\n\r\nI took the profits and 2.5 / 3 hours later I was happy. The S&amp;P fell just below support so I was expecting a bounce, a typical reaction. The previous time that the 1826-30 level in the S&amp;P was tested we saw a huge bounce and the USD was taken to the cleaners.\r\n\r\nI decided this was the low risk option that I should take - better to bank +151 pips than be in 6 negatives trades over the weekend.\r\n\r\nWhat is just a pleasing for me is that The PREMIUM SERVICE continues to make money albeit at a slightly reduced level due to the tougher market conditions but it’s an increasing overall profit and I am very happy. I detail the updated numbers later. If you are not yet subscribing there are many options now available: -\r\n<ul>\r\n	<li>There are various straightforward weekly subscription options of 10, 20 or 40 weeks (ALL renewal subscriptions are at lower rates).</li>\r\n	<li>Special 4 week introductory subscription – a try it and see option.</li>\r\n	<li>Special subscription offers if you sign up with one of my brokers listed on the website (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL).</li>\r\n	<li>If you are already with one of these brokers (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL) there are also special subscription rates available.Full details of these offers can be found on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the SPECIAL OFFERS and PREMIUM SERVICE drop down menus on the welcome page.All you require to subscribe is a PAYPAL account for payment.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014 and YEAR to date:</span></b></p>\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n5 trades at $0.10 cents each = $0.50 risk for $13.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n5 trades at $1.00 each = $5.00 risk for $135.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n5 trades at $10.00 each = $50.00 risk for $1,350.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n15 trades at $0.10 cents each = $1.50 cents risk for $39.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n15 trades at $1.00 each = $15.00 risk for $396.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n15 trades at $10.00 each = $150.00 risk for $3,960.00 profit.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014…TO DATE:</span></b></p>\r\n<p align=\"center\"> TRADING MICRO-LOTS:\r\n22 trades at $0.10 cents each = $2.20 risk for $56.50 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n22 trades at $1.00 each = $22.00 risk for $565.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n22 trades at $10.00 each = $220.00 risk for $5,650.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n162 trades at $0.10 cents each = $16.20 risk for $260.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n162 trades at $1.00 each = $162.00 risk for $2,600.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n162 trades at $10.00 each = $1,620.00 risk for $26,000.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b>\r\n<p align=\"center\"><b>PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?</b></p>\r\nFrom my viewpoint, it’s not just what currencies to trade at the moment, but also what time of day to trade also. Combined with those thoughts it is also not the time to be a hero, but to trade with good MONEY MANAGEMENT, RISK MANAGEMENT and above to all use your TRADING PLAN. I think that I have said this many, many times before -  PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nOver the past few months, sometimes it feels like years, I have been warning about the bull market coming to an end. A five-year bull market is quite frankly a dangerous market. As we approach key Fibonacci extensions there are bull/bear fights and the markets become even more volatile than normal in particular as we have been testing 123.6%, 150.0%, 161.8% and the “Golden Fib” of 261.8%.\r\n\r\nThe fib levels alone have not prompted the selling that we have seen recently, personally, I think that the Chinese import and export data that was so poor last Wednesday night has something to do with matters. We have risk aversion in the market but the USD has not picked up steam, which is a little surprising to me. At the end of the day, we have a good pullback in play across the board in equities, the “BUY THE DIP” mentality has shifted. Looking at the whimsical side of the markets for a moment, God help CNBC they have 5 years of programming based on the back of the “BUY THE DIP” mentality towards the markets.\r\n\r\nWhichever way we slice the news we are literally held at support on the S&amp;P around 1826-1830. The NASDAQ looks broken to me. We had a trend line break that was re-tested and then we have fallen ever since, as I see it about 3400 is the next level of support then 3200. The bottom line is that equity markets hold all the keys moving forward….and I do not like that based on the fact that the FX market has not reacted to the present pullback the way I believe it should have\r\n\r\nWhy?\r\n\r\nI am not sure 100% why; my only thoughts are that no one believes we are actually selling off. There is a FEAR of a huge drop, but there is also a belief that support levels will hold. Therefore, until we break a bit lower the USD will not react the way I think it should.\r\n\r\nIn situations like this, we have to look at the trading signals that we have and trade managing risk the best way that we can.\r\n\r\nAs the USD is acting in line with an equity market sell off, to me it looks like the USD pairs are split into groups: -\r\n\r\nGROUP 1: EUR/USD and GBP/USD  - When you look at the USD index and the EUR/USD – it is by far the greatest weighted currency in the basket of currencies, the USD index is not really moving lower in line with equities. This is because the EUR continues to be supported and although GBP/USD looks lofty at current levels the EUR/USD will influence how it moves in the big picture.\r\n\r\nGROUP 2: USD/JPY – Works on its own and does its own thing. Right now it is reacting how I think it should in line with a falling S&amp;P this currency and all its cross-rates are also falling. The drop really needs to accelerate below 101.00 for me to truly believe the market correction is on the way.\r\n\r\nGROUP 3: AUD/USD, NZD/USD, USD/SEK and USD/CAD – These currency pairs hold the key. We are trying to obtain a level of consistency with these pairs in the sense that they move in tandem lower with the S&amp;P sell-off. Of all the four groups listed these are the only USD pairs that I would enter fresh trades on. We saw a nice move on Friday morning where they all weakened but that was short lived as we came to a halt early with it being a Friday. We then just consolidated and drifted into the close.\r\n\r\nGROUP 4: USD/CHF – The fact that any political moves in the Ukraine will affect rge Eurozone due to it’s close proximity means the Swiss effect comes into play as a safe haven. Therefore, unless you are already in a USD/CHF trade I would not enter a fresh one.\r\n\r\nApart from the commodity currencies, where else would I look? Personally, I think cross-rates are the best solution to trade from a risk tolerance / risk management perspective, using the different effects that you can see between the EUR and Commodity currencies.\r\n\r\nLater in the blog for PREMIUM SERVICE subscribers only I have my exclusive trade set ups for trades that you can place with your brokers looking forward in line with my thoughts.\r\n\r\nIt is still a very difficult market so it is hard to be decisive. Charts will tell us a lot of things and fundamentals do matter but right now many of the charts are terrible to read. So, we have to be modest with expectations and as usual I repeat PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nRemember two factors drive all financial markets…FEAR and GREED. Manage these and you will be successful.\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b>\r\n<p style=\"text-align: center;\"><b></b><b><span style=\"text-decoration: underline;\">TRADING AROUND THE NEWS:</span></b></p>\r\nI am a fundamental trader first….then a technical trader second. Personally, I do not place trades based on news announcements any more. I have had many bad experiences around news announcements so I have learned to: stay away. I am referring to “Forex Factory - RED” news events only, the minor news really doesn\'t concern me that much, as these events do not really move the markets.\r\n\r\nI will give you a few reasons why I avoid trading during major news events, but I will also give you some strategies for trading around news announcements.\r\n\r\nFirstly, let me just say that I believe that news announcements are almost totally unpredictable. As you know from various websites such as Forex Factory there is usually a “forecast” and a “previous” number listed prior to the news announcement being made. The market’s reaction is generally based on whether the actual announcement is higher or lower than the forecast. The issue to bear in mind here is that this assumes that all traders (or at best most traders) react the same way to the relation between the actual number, the forecast and the previous number. Even if we could correctly interpret this information, it is difficult to enter trades during these times because trade execution / slippage suffers within a fast moving market.\r\n\r\n<b>WHY I TRY TO AVOID TRADING AROUND MAJOR NEWS RELEASES:</b>\r\n<ol>\r\n	<li>In my opinion, for what it is worth, these news releases have very few long-term implications and are unpredictable in the short term. Of course, there will always be traders that may use these numbers at news events to various degrees of success, but I have never seen or heard of traders with strong evidence that you can profit while trading news release numbers over the longer term. In any event, the one constant around trading major news events (such as Non-Farm payrolls) is that there are rapid moves way above the normal magnitude. These moves can also be very erratic. Sometimes the move is in one direction. Sometimes the move looks like it will be in one direction, and then it moves back to the starting point just as fast. Knee jerk reactions are commonplace on high beta news events.</li>\r\n	<li>Furthermore, news related moves can be very irrational. Not only do they often ignore the logic of the news announcement itself, but also these moves often ignore the logic of the technical analysis that we rely on. It would be much easier to trade these announcements if traders were rational…but they aren’t. Therefore to me the most useful aspect of these major news announcements is the time that they take place. I then use the timing of these announcements to avoid placing trades right before then.<b> </b></li>\r\n</ol>\r\n<b>STRATEGIES FOR TRADING AROUND MAJOR NEWS RELEASES:</b>\r\n<ol>\r\n	<li>Never place a new trade ahead of major news.</li>\r\n	<li>If you are already in a trade you need to decide if the trade is in a small loss or small profit position whether or not you just close the position. You have to remember around major news events that if you have a stop in position that may only 25 pips away from the current price, and if there is huge volatility you may not get your stop filled at the price you have at your broker. It could be filled 40 or maybe 60, 70 or 80 pips away from your price if there is a major move, and your stop order may be filled many pips away from your loss that meets with your TRADING Plan objectives.<span style=\"line-height: 1.5em;\">You have to ask yourself why risk a 70 pip or whatever loss? </span></li>\r\n	<li>If you are in a longer-term position you just have to ensure that your stop loss is sufficient to cope with volatility and that it still meets with your TRADING PLAN rules.</li>\r\n	<li>You may want to limit risk by reducing a trade size ahead of the news. If the news event goes in your favour you can always add back to a trade.</li>\r\n	<li>Be prepared for the knee-jerk reaction to the news event. U.S. Non-Farm is notorious for this. The initial move may not always be the market move and directional trend. At Non Farm, I wait at least 10 minutes before trading the news event.  Other traders will tell you to wait 20 minutes. Sometimes the best Non-Farm approach is NOT to trade!</li>\r\n	<li>The best advice and trading strategy around news events….DO NOT TRADE them.</li>\r\n</ol>\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">FLASH TRADES:</span></b>\r\n\r\nI am in several positions and I am not 100% happy with them all but many positions are very small position sizes that I do not mind holding. I am maybe too optimistic that I will engineer my way out of these poorer trades but my RISK MANAGEMENT is still 100%.\r\n<p style=\"text-align: center;\"><strong>USD/CAD\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 1.1061\r\n</strong><strong>Stop Loss: 1.0850\r\n</strong><strong>Limit / Target: 1.1600\r\n</strong><strong>Weekly Closing Price: 1.0979\r\n</strong><strong>Position: -82 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/CHF\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 0.8937\r\n</strong><strong>Stop Loss: 0.8800\r\n</strong><strong>Limit / Target: 0.9250\r\n</strong><strong>Weekly Closing Price: 0.8758\r\n</strong><strong>Position: -179 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/SEK\r\n</strong><strong>Long\r\n</strong><strong>Cost Average / Entry Level: 6.5442\r\n</strong><strong>Stop Loss: 6.5000\r\n</strong><strong>Limit / Target: 8.0000\r\n</strong><strong>Weekly Closing Price: 6.5254\r\n</strong><strong>Position: -188 pips</strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>NZD/USD\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 0.8699\r\n</strong><strong>Stop Loss: 0.8760\r\n</strong><strong>Limit / Target: 0.500\r\n</strong><strong>Weekly Closing Price: 0.8680\r\n</strong><strong>Position: +19 pips</strong><strong style=\"line-height: 1.5em;\"> </strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/USD\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 1.3744\r\n</strong><strong>Stop Loss: 1.3950\r\n</strong><strong>Limit / Target: 1.3450\r\n</strong><strong>Weekly Closing Price: 1.3884\r\n</strong><strong>Position: -140 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong></strong><strong>SEK/JPY\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 15.54\r\n</strong><strong>Stop Loss: 16.15\r\n</strong><strong>Limit / Target: 14.50\r\n</strong><strong>Weekly Closing Price: 15.60\r\n</strong><strong>Position: -106 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong></strong><strong>USD/JPY\r\n</strong><strong>Short\r\n</strong><strong>Cost Average / Entry Level: 101.40\r\n</strong><strong>Stop Loss: 102.15\r\n</strong><strong>Limit / Target: 99.00\r\n</strong><strong>Weekly Closing Price: 101.63\r\n</strong><strong>Position: -23 pips</strong></p>\r\n<b><span style=\"text-decoration: underline;\">RADAR TRADES:</span></b>\r\n\r\nI have no LIVE RADAR trades at the moment.\r\n\r\n<b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span></b>\r\n<p style=\"text-align: center;\"><strong>GBP/NZD</strong>\r\n<strong> (This trade is hedged from -150 pips)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9000</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>Weekly Closing Price: 1.9258</strong>\r\n<strong>Position: -826 pips</strong></p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nAs I mentioned earlier in the blog, I believe that “cross-rate” currency pairs may offer some of the best opportunities moving forward. In particular the commodity crosses offer some interesting options.\r\n\r\nCAD – This currency is still bullish whilst above the multi decade low of 1.0850 or thereabouts, whichever chart you look at. Therefore above this level you need to bullish the CAD, in my opinion.\r\n\r\nNZD – In my opinion, the most over valued currency in the FX market. The\r\n52-week high is at 0.8744. Use this as a level to trade against. You really know where your risk is on any short of the NZD/USD. But this can also be utilized when looking at the cross-rate effect.\r\n\r\nAUD – Recent highs of 0.9460 in the AUD/USD looked to cap this pair. Like the Kiwi this level can be used to establish risk tolerances in the AUD cross-rates.\r\n\r\nSEK – Poor economic data during last week is plaguing this currency a little. As one of my lead indicators I think that should the USD/SEK break 6.5600, it is going to squeeze like crazy. There are great opportunities with some cross-rates in the currency.\r\n\r\nI am listing several trade set-ups below. Please note that it is my intention to enter all of them but I will be trading small position sizes until trades are established and then I will add, and add again moving my stops to break even as soon as it makes sense to do so.\r\n\r\nFinally, with regards to the JPY crosses, I will tackle these one by one via twitter, but take it as read if the floor caves in I will trade one or two JPY cross-rates on a FLASH TRADE basis.\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/CAD:</span></b>\r\n\r\nAs you can see from the chart below, the levels that I am proposing are well defined. We need a small pullback, but should this trade trigger it offers a great risk / reward trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURCAD-WEEKLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3458\" alt=\"EURCAD WEEKLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURCAD-WEEKLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.5160\r\nLong:\r\nStop Loss: 1.4960\r\nLimit / Target: 1.5600\r\n\r\n<b><span style=\"text-decoration: underline;\">GBP/CAD:</span></b>\r\n\r\nThe entry and stop levels are well defined by previous moves and pivot points. We require a nice pullback to enter, but should this set-up trigger this could be a fantastic trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/GBPCAD-DAILY-12042014.png\"><img class=\"aligncenter size-large wp-image-3459\" alt=\"GBPCAD DAILY  12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/GBPCAD-DAILY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.8260\r\nLong:\r\nStop Loss: 1.8150\r\nLimit / Target: 1.8665\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/NZD:</span></b>\r\n\r\nThe big move in my opinion with this pair comes into play around 1.6650 at the monthly trend line resistance. Up to this point, there is a trade option that can be profitable. At the monthly trend line approaches reduce size dramatically and then add back should we blow through and then re-test the breakout.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURNZD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3460\" alt=\"EURNZD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURNZD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.5850\r\nLong:\r\nStop Loss: 1.5550\r\nLimit / Target: 1.6650\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/AUD:</span></b>\r\n\r\nLike the EUR/NZD there is down sloping resistance trend line on the monthly chart at 1.5500. If we get to this level I would reduce my trade size and add back on a trend line break re-test of the trend line.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURAUD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3461\" alt=\"EURAUD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURAUD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 1.4510\r\nLong:\r\nStop Loss: 1.4260\r\nLimit / Target: 1.5500\r\n\r\n<b><span style=\"text-decoration: underline;\">AUD/CHF:</span></b>\r\n\r\nA nice pullback to 0.8145 sets up a potentially good trade with excellent risk / reward to the Fibonacci 61.8% level at 0.8720.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/AUDCHF-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3462\" alt=\"AUDCHF MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/AUDCHF-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nEntry level: 0.8145\r\nLong:\r\nStop Loss: 0.8014\r\nLimit / Target: 0.8720\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">EUR/SEK:</span></b>\r\n\r\nShould the USD/SEK rip higher this is also a pair to consider trading.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURSEK-MONTHLY-120042014.png\"><img class=\"aligncenter size-large wp-image-3463\" alt=\"EURSEK MONTHLY 120042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EURSEK-MONTHLY-120042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 8.9050\r\nLong:\r\nStop Loss: 8.5800\r\nLimit / Target: 9.5450\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">NZD/CAD:</span></b>\r\n\r\nA pullback to 0.9400 gives an opportunity for a great entry level to go long looking for 0.9650 again (the highs). This is a very bullish looking weekly chart, although the risk/reward is not the best,  the momentum play is to the long side.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/NZDCAD-MONTHLY-12042014.png\"><img class=\"aligncenter size-large wp-image-3464\" alt=\"NZDCAD MONTHLY 12042014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/NZDCAD-MONTHLY-12042014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nEntry level: 0.9400\r\nLong:\r\nStop Loss: 0.9230\r\nLimit / Target: 0.9650\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3884.</b>  Is the EUR strong or the USD weak? I think that that is a great question. Being the major currency within the USD weighted index and having seen equities fall off the pages in the past week, I like many other traders expected the USD to strengthen. It never did with this pair. I suppose being positive we have the 52-week high just above were we closed at 1.3967. Shorting this pair at least gives you an edge in the sense that you know where your risk lies. I am presently short this pair and out of the money, by some margin. I have stuck with this pair on the basis that eventually when the markets realize we are having a correction and the FED is NOT going to jump in - the USD will strengthen and in so doing the EUR/USD will fall. Am I am right, or, am I wrong? Only time will tell. I see my range as resistance at the 52-week highs of 1.3967 and support at 1.3750. Not until we get back to the lower level of 1.3750 do I see the bears back in control.\r\n\r\n<b>GBP/USD: Closing Price 1.6732.  </b>I hate this currency. So many times it lures you in and then gives you a good old smack on the arse for being so cheeky as to trade it. Like the EUR/USD, we are sooooooo close to the 52 week high which sits at 1.6822. Again, at least as a trader you know and understand the risk of any trade. The levels to watch with the GBP/USD are resistance at 1.6822 and support at 1.6650.\r\n\r\n<b>AUD/USD: Closing Price 0.9393</b>.   We ended the week about 100 pips higher on the previous week. Having said that we have had the markets fall all over Asia, Europe and the U.S. Yes, I know what you are thinking and so am I, regardless of Australian news and there was great employment data last week this pair should be lower given the strength and breadth of the market sell off. It’s yet another mystery for Hercule Poirot to solve, because I am buggered if I can. The recent highs are at 0.9460 and I see this level as resistance. Support that places the bears back in control I think is much lower at around 0.9210.\r\n\r\n<b>NZD/USD: Closing Price 0.8680</b>.  Just like the AUD/USD, this pair has seen highs recently that give us a risk level that is fairly easy to follow. 52-week highs sit at 0.8744, which is well within striking distance of the closing position. This level will act as resistance in my view, with support at 0.8600.\r\n\r\n<b>USD/CAD: Closing Price 1.0979.</b>  We closed last week almost where we closed the previous week. If you trade and view the price action each day we have been involved in a “Six Flags” roller coaster ride of epic proportions. As long as we are above the multi-decade trend line at about 1.0850 one should view this pair as bullish and trade accordingly in my opinion. Levels to watch are support at 1.0910 and resistance to get a squeeze on is at 1.1050.\r\n\r\n<b>USD/CHF: Closing Price 0.8758</b>.  I am currently long this pair and I am not a happy camper. The 52-week low lies at 0.8698. If we fall through this level bye bye swissy…..swissy bye bye. It’s only about 60 pips from the closing price. So the 52-week lows act as support and the resistance level is 0.8850.\r\n\r\n<b>USD/JPY: Closing Price 101.63. </b>This pair is on the verge of a breakdown and last week the Dow closed -2.15% at 16,026, NASDAQ closed -2.56% at 3,999 and the S&amp;P closed at 1815 -2.33%.  For the last hour of trading or so it rallied a little as the sell of equities intensified.  We are just 40 pips or so from the wheels coming off the bus. If support at 101.20 gives way - I see 100.00 being tested very quickly tested. Resistance lies at 102.15.\r\n\r\n<span style=\"text-decoration: underline;\"> </span>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Retail and Core Retail Sales.\r\n\r\nTUESDAY: CAD – Manufacturing Sales.\r\nTUESDAY: USD – Core CPi and FED Janet Yellen speaks.\r\nTUESDAY: NZD – CPI.\r\nTUESDAY: CNY – GDP.\r\n\r\nWEDNESDAY: USD – FED Janet Yellen speaks.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: JPY – BOJ Kuroda speaks.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nI am looking forward to the next week’s trading. I am really hopeful that we will see a huge directional and momentum move to the short side in equities, dragging the USD with it. The markets look broken. The great news is that we have some FX market moving news items this coming week to add into the mix.\r\n\r\nHaving just written that, we should not be complacent in our thoughts or trading. I have set out a lot of trade set-ups and my thoughts and views on the entry levels in the TRADES ON MY RADAR section of the PREMIUM SERVICE blog.\r\n\r\nPlease, please remember you do not need to be a hero and trade them all. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 12th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering</span>\r\n\r\n&nbsp;','PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?','','inherit','open','closed','','3472-revision-v1','','','2014-04-12 08:11:22','2014-04-12 13:11:22','',3472,'https://weeklyfxdrivethru.com/3472-revision-v1/',0,'revision','',0),(3476,1,'2014-04-12 10:15:43','2014-04-12 15:15:43','<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nThe past 7 days were great for trading. I have, however, found myself to be a scalping trader all of a sudden. This is not my usual trading style but if needs must at least I have shown my versatility\r\n\r\nI still have my longer-term trades in position and I am reasonably comfortable  with the way that they are now moving, although I seem to be scalping to make daily $$$ targets and leaving my longer-term trades alone carrying overnight swap rates. I will continue this strategy for the coming weeks or until I feel that the chop fest has ended.\r\n\r\nI think right now it’s about seeing the quick opportunity and taking it. But much, much more than this it’s about being completely risk management  and money management savvy and seizing the moment.\r\n\r\nBelow is an example of a group of trades from Thursday last week.\r\n\r\nI tried several times to enter positions short term to see if they would develop into swing trades to no avail. The best example of this was Thursday afternoon, after much thought I decided to go short USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY and CHF/JPY. I was fully expecting carnage in Asia overnight Thursday/Friday, it just never happened the way I thought so on Friday morning I had 7 trades most of which were still around entry levels from the previous day. We had poor financial data from JP Morgan and the JPY pairs dropped I took my profits of +151 pips from all but the USD/JPY.\r\n\r\nThis was the low risk option, why?\r\n\r\nIf it were any other day other than a Friday I may have let the trades run.\r\n\r\nI took the profits and 2.5 / 3 hours later I was happy. The S&amp;P fell just below support so I was expecting a bounce, a typical reaction. The previous time that the 1826-30 level in the S&amp;P was tested we saw a huge bounce and the USD was taken to the cleaners.\r\n\r\nI decided this was the low risk option that I should take - better to bank +151 pips than be in 6 negatives trades over the weekend.\r\n\r\nWhat is just a pleasing for me is that The PREMIUM SERVICE continues to make money albeit at a slightly reduced level due to the tougher market conditions but it’s an increasing overall profit and I am very happy. I detail the updated numbers later. If you are not yet subscribing there are many options now available: -\r\n<ul>\r\n	<li>There are various straightforward weekly subscription options of 10, 20 or 40 weeks (ALL renewal subscriptions are at lower rates).</li>\r\n	<li>Special 4 week introductory subscription – a try it and see option.</li>\r\n	<li>Special subscription offers if you sign up with one of my brokers listed on the website (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL).</li>\r\n	<li>If you are already with one of these brokers (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL) there are also special subscription rates available.Full details of these offers can be found on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the SPECIAL OFFERS and PREMIUM SERVICE drop down menus on the welcome page.All you require to subscribe is a PAYPAL account for payment.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b>\r\n<p align=\"center\"><b>PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?</b></p>\r\nFrom my viewpoint, it’s not just what currencies to trade at the moment, but also what time of day to trade also. Combined with those thoughts it is also not the time to be a hero, but to trade with good MONEY MANAGEMENT, RISK MANAGEMENT and above to all use your TRADING PLAN. I think that I have said this many, many times before -  PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nOver the past few months, sometimes it feels like years, I have been warning about the bull market coming to an end. A five-year bull market is quite frankly a dangerous market. As we approach key Fibonacci extensions there are bull/bear fights and the markets become even more volatile than normal in particular as we have been testing 123.6%, 150.0%, 161.8% and the “Golden Fib” of 261.8%.\r\n\r\nThe fib levels alone have not prompted the selling that we have seen recently, personally, I think that the Chinese import and export data that was so poor last Wednesday night has something to do with matters. We have risk aversion in the market but the USD has not picked up steam, which is a little surprising to me. At the end of the day, we have a good pullback in play across the board in equities, the “BUY THE DIP” mentality has shifted. Looking at the whimsical side of the markets for a moment, God help CNBC they have 5 years of programming based on the back of the “BUY THE DIP” mentality towards the markets.\r\n\r\nWhichever way we slice the news we are literally held at support on the S&amp;P around 1826-1830. The NASDAQ looks broken to me. We had a trend line break that was re-tested and then we have fallen ever since, as I see it about 3400 is the next level of support then 3200. The bottom line is that equity markets hold all the keys moving forward….and I do not like that based on the fact that the FX market has not reacted to the present pullback the way I believe it should have.\r\n\r\nWhy?\r\n\r\nI am not sure 100% why; my only thoughts are that no one believes we are actually selling off. There is a FEAR of a huge drop, but there is also a belief that support levels will hold. Therefore, until we break a bit lower the USD will not react the way I think it should.\r\n\r\nIn situations like this, we have to look at the trading signals that we have and trade managing risk the best way that we can.\r\n\r\nAs the USD is acting in line with an equity market sell off, to me it looks like the USD pairs are split into groups: -\r\n\r\nGROUP 1: EUR/USD and GBP/USD  - When you look at the USD index and the EUR/USD – it is by far the greatest weighted currency in the basket of currencies, the USD index is not really moving lower in line with equities. This is because the EUR continues to be supported and although GBP/USD looks lofty at current levels the EUR/USD will influence how it moves in the big picture.\r\n\r\nGROUP 2: USD/JPY – Works on its own and does its own thing. Right now it is reacting how I think it should in line with a falling S&amp;P this currency and all its cross-rates are also falling. The drop really needs to accelerate below 101.00 for me to truly believe the market correction is on the way.\r\n\r\nGROUP 3: AUD/USD, NZD/USD, USD/SEK and USD/CAD – These currency pairs hold the key. We are trying to obtain a level of consistency with these pairs in the sense that they move in tandem lower with the S&amp;P sell-off. Of all the four groups listed these are the only USD pairs that I would enter fresh trades on. We saw a nice move on Friday morning where they all weakened but that was short lived as we came to a halt early with it being a Friday. We then just consolidated and drifted into the close.\r\n\r\nGROUP 4: USD/CHF – The fact that any political moves in the Ukraine will affect the Eurozone due to it’s close proximity means the Swiss effect comes into play as a safe haven. Therefore, unless you are already in a USD/CHF trade I would not enter a fresh one.\r\n\r\nApart from the commodity currencies, where else would I look? Personally, I think cross-rates are the best solution to trade from a risk tolerance / risk management perspective, using the different effects that you can see between the EUR and Commodity currencies.\r\n\r\nLater in the blog for PREMIUM SERVICE subscribers only I have my exclusive trade set ups for trades that you can place with your brokers looking forward in line with my thoughts.\r\n\r\nIt is still a very difficult market so it is hard to be decisive. Charts will tell us a lot of things and fundamentals do matter but right now many of the charts are terrible to read. So, we have to be modest with expectations and as usual I repeat PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nRemember two factors drive all financial markets…FEAR and GREED. Manage these and you will be successful.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3884.</b>  Is the EUR strong or the USD weak? I think that that is a great question. Being the major currency within the USD weighted index and having seen equities fall off the pages in the past week, I like many other traders expected the USD to strengthen. It never did with this pair. I suppose being positive we have the 52-week high just above were we closed at 1.3967. Shorting this pair at least gives you an edge in the sense that you know where your risk lies. I am presently short this pair and out of the money, by some margin. I have stuck with this pair on the basis that eventually when the markets realize we are having a correction and the FED is NOT going to jump in - the USD will strengthen and in so doing the EUR/USD will fall. Am I am right, or, am I wrong? Only time will tell. I see my range as resistance at the 52-week highs of 1.3967 and support at 1.3750. Not until we get back to the lower level of 1.3750 do I see the bears back in control.\r\n\r\n<b>GBP/USD: Closing Price 1.6732.  </b>I hate this currency. So many times it lures you in and then gives you a good old smack on the arse for being so cheeky as to trade it. Like the EUR/USD, we are sooooooo close to the 52 week high which sits at 1.6822. Again, at least as a trader you know and understand the risk of any trade. The levels to watch with the GBP/USD are resistance at 1.6822 and support at 1.6650.\r\n\r\n<b>AUD/USD: Closing Price 0.9393</b>.   We ended the week about 100 pips higher on the previous week. Having said that we have had the markets fall all over Asia, Europe and the U.S. Yes, I know what you are thinking and so am I, regardless of Australian news and there was great employment data last week this pair should be lower given the strength and breadth of the market sell off. It’s yet another mystery for Hercule Poirot to solve, because I am buggered if I can. The recent highs are at 0.9460 and I see this level as resistance. Support that places the bears back in control I think is much lower at around 0.9210.\r\n\r\n<b>NZD/USD: Closing Price 0.8680</b>.  Just like the AUD/USD, this pair has seen highs recently that give us a risk level that is fairly easy to follow. 52-week highs sit at 0.8744, which is well within striking distance of the closing position. This level will act as resistance in my view, with support at 0.8600.\r\n\r\n<b>USD/CAD: Closing Price 1.0979.</b>  We closed last week almost where we closed the previous week. If you trade and view the price action each day we have been involved in a “Six Flags” roller coaster ride of epic proportions. As long as we are above the multi-decade trend line at about 1.0850 one should view this pair as bullish and trade accordingly in my opinion. Levels to watch are support at 1.0910 and resistance to get a squeeze on is at 1.1050.\r\n\r\n<b>USD/CHF: Closing Price 0.8758</b>.  I am currently long this pair and I am not a happy camper. The 52-week low lies at 0.8698. If we fall through this level bye bye swissy…..swissy bye bye. It’s only about 60 pips from the closing price. So the 52-week lows act as support and the resistance level is 0.8850.<b> </b>\r\n\r\n<b>USD/JPY: Closing Price 101.63. </b>This pair is on the verge of a breakdown and last week the Dow closed -2.15% at 16,026, NASDAQ closed -2.56% at 3,999 and the S&amp;P closed at 1815 -2.33%.  For the last hour of trading or so it rallied a little as the sell of equities intensified.  We are just 40 pips or so from the wheels coming off the bus. If support at 101.20 gives way - I see 100.00 being tested very quickly tested. Resistance lies at 102.15.\r\n\r\n<span style=\"text-decoration: underline;\"> </span>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Retail and Core Retail Sales.\r\n\r\nTUESDAY: CAD – Manufacturing Sales.\r\nTUESDAY: USD – Core CPi and FED Janet Yellen speaks.\r\nTUESDAY: NZD – CPI.\r\nTUESDAY: CNY – GDP.\r\n\r\nWEDNESDAY: USD – FED Janet Yellen speaks.\r\n<span style=\"line-height: 1.5em;\">WEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n</span>WEDNESDAY: JPY – BOJ Kuroda speaks.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. THE PREMIUM SERVICE:</span></b>\r\n\r\nAs we have now completed the first quarter of 2014, I thought that it would be a good idea to show the year to date performance so far on the success of the PREMIUM SERVICE.\r\n\r\nFull details of what the PREMIUM SERVICE is all about and the benefits that it can bring to your trading can be found at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting PREMIUM SERVICE, SIGN UP or SPECIAL OFFERS from the drop down menu at the top of the welcome page.\r\n\r\nThere are now many sign up options to suit all budgets to enable you to try and see if the PREMIUM SERVICE adds value to your trading. If you have questions you can email me <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.co</a>m\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014 and YEAR to date:</span></b></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n5 trades at $0.10 cents each = $0.50 risk for $13.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n5 trades at $1.00 each = $5.00 risk for $135.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n5 trades at $10.00 each = $50.00 risk for $1,350.00 profit.</p>\r\n<b></b><b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n15 trades at $0.10 cents each = $1.50 cents risk for $39.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n15 trades at $1.00 each = $15.00 risk for $396.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n15 trades at $10.00 each = $150.00 risk for $3,960.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014…TO DATE:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n22 trades at $0.10 cents each = $2.20 risk for $56.50 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n22 trades at $1.00 each = $22.00 risk for $565.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n22 trades at $10.00 each = $220.00 risk for $5,650.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR.</span></b></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n162 trades at $0.10 cents each = $16.20 risk for $260.00 profit.</p>\r\n<p style=\"text-align: center;\" align=\"center\">TRADING MINI-LOTS:\r\n162 trades at $1.00 each = $162.00 risk for $2,600.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n162 trades at $10.00 each = $1,620.00 risk for $26,000.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. FINAL THOUGHTS:</span></b>\r\n\r\nI am looking forward to the next week’s trading. I am really hopeful that we will see a huge directional and momentum move to the short side in equities, dragging the USD with it. The markets look broken. The great news is that we have some FX market moving news items this coming week to add into the mix.\r\n\r\nHaving just written that, we should not be complacent in our thoughts or trading. I have set out a lot of trade set-ups and my thoughts and views on the entry levels in the TRADES ON MY RADAR section of the PREMIUM SERVICE blog.\r\n\r\nPlease, please remember you do not need to be a hero and trade them all. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 12th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering</span>\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&nbsp;','PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?','','publish','open','closed','','pullback-correctionwhat-best-currencies-trade','','','2014-04-12 10:15:43','2014-04-12 15:15:43','',0,'https://weeklyfxdrivethru.com/?p=3476',0,'post','',0),(3477,1,'2014-04-12 10:13:38','2014-04-12 15:13:38','<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nThe past 7 days were great for trading. I have, however, found myself to be a scalping trader all of a sudden. This is not my usual trading style but if needs must at least I have shown my versatility\r\n\r\nI still have my longer-term trades in position and I am reasonably comfortable  with the way that they are now moving, although I seem to be scalping to make daily $$$ targets and leaving my longer-term trades alone carrying overnight swap rates. I will continue this strategy for the coming weeks or until I feel that the chop fest has ended.\r\n\r\nI think right now it’s about seeing the quick opportunity and taking it. But much, much more than this it’s about being completely risk management  and money management savvy and seizing the moment.\r\n\r\nBelow is an example of a group of trades from Thursday last week.\r\n\r\nI tried several times to enter positions short term to see if they would develop into swing trades to no avail. The best example of this was Thursday afternoon, after much thought I decided to go short USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY and CHF/JPY. I was fully expecting carnage in Asia overnight Thursday/Friday, it just never happened the way I thought so on Friday morning I had 7 trades most of which were still around entry levels from the previous day. We had poor financial data from JP Morgan and the JPY pairs dropped I took my profits of +151 pips from all but the USD/JPY.\r\n\r\nThis was the low risk option, why?\r\n\r\nIf it were any other day other than a Friday I may have let the trades run.\r\n\r\nI took the profits and 2.5 / 3 hours later I was happy. The S&amp;P fell just below support so I was expecting a bounce, a typical reaction. The previous time that the 1826-30 level in the S&amp;P was tested we saw a huge bounce and the USD was taken to the cleaners.\r\n\r\nI decided this was the low risk option that I should take - better to bank +151 pips than be in 6 negatives trades over the weekend.\r\n\r\nWhat is just a pleasing for me is that The PREMIUM SERVICE continues to make money albeit at a slightly reduced level due to the tougher market conditions but it’s an increasing overall profit and I am very happy. I detail the updated numbers later. If you are not yet subscribing there are many options now available: -\r\n<ul>\r\n	<li>There are various straightforward weekly subscription options of 10, 20 or 40 weeks (ALL renewal subscriptions are at lower rates).</li>\r\n	<li>Special 4 week introductory subscription – a try it and see option.</li>\r\n	<li>Special subscription offers if you sign up with one of my brokers listed on the website (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL).</li>\r\n	<li>If you are already with one of these brokers (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL) there are also special subscription rates available.\r\n\r\nFull details of these offers can be found on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the SPECIAL OFFERS and PREMIUM SERVICE drop down menus on the welcome page.\r\n\r\nAll you require to subscribe is a PAYPAL account for payment.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b>\r\n<p align=\"center\"><b>PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?</b></p>\r\nFrom my viewpoint, it’s not just what currencies to trade at the moment, but also what time of day to trade also. Combined with those thoughts it is also not the time to be a hero, but to trade with good MONEY MANAGEMENT, RISK MANAGEMENT and above to all use your TRADING PLAN. I think that I have said this many, many times before -  PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nOver the past few months, sometimes it feels like years, I have been warning about the bull market coming to an end. A five-year bull market is quite frankly a dangerous market. As we approach key Fibonacci extensions there are bull/bear fights and the markets become even more volatile than normal in particular as we have been testing 123.6%, 150.0%, 161.8% and the “Golden Fib” of 261.8%.\r\n\r\nThe fib levels alone have not prompted the selling that we have seen recently, personally, I think that the Chinese import and export data that was so poor last Wednesday night has something to do with matters. We have risk aversion in the market but the USD has not picked up steam, which is a little surprising to me. At the end of the day, we have a good pullback in play across the board in equities, the “BUY THE DIP” mentality has shifted. Looking at the whimsical side of the markets for a moment, God help CNBC they have 5 years of programming based on the back of the “BUY THE DIP” mentality towards the markets.\r\n\r\nWhichever way we slice the news we are literally held at support on the S&amp;P around 1826-1830. The NASDAQ looks broken to me. We had a trend line break that was re-tested and then we have fallen ever since, as I see it about 3400 is the next level of support then 3200. The bottom line is that equity markets hold all the keys moving forward….and I do not like that based on the fact that the FX market has not reacted to the present pullback the way I believe it should have.\r\n\r\nWhy?\r\n\r\nI am not sure 100% why; my only thoughts are that no one believes we are actually selling off. There is a FEAR of a huge drop, but there is also a belief that support levels will hold. Therefore, until we break a bit lower the USD will not react the way I think it should.\r\n\r\nIn situations like this, we have to look at the trading signals that we have and trade managing risk the best way that we can.\r\n\r\nAs the USD is acting in line with an equity market sell off, to me it looks like the USD pairs are split into groups: -\r\n\r\nGROUP 1: EUR/USD and GBP/USD  - When you look at the USD index and the EUR/USD – it is by far the greatest weighted currency in the basket of currencies, the USD index is not really moving lower in line with equities. This is because the EUR continues to be supported and although GBP/USD looks lofty at current levels the EUR/USD will influence how it moves in the big picture.\r\n\r\nGROUP 2: USD/JPY – Works on its own and does its own thing. Right now it is reacting how I think it should in line with a falling S&amp;P this currency and all its cross-rates are also falling. The drop really needs to accelerate below 101.00 for me to truly believe the market correction is on the way.\r\n\r\nGROUP 3: AUD/USD, NZD/USD, USD/SEK and USD/CAD – These currency pairs hold the key. We are trying to obtain a level of consistency with these pairs in the sense that they move in tandem lower with the S&amp;P sell-off. Of all the four groups listed these are the only USD pairs that I would enter fresh trades on. We saw a nice move on Friday morning where they all weakened but that was short lived as we came to a halt early with it being a Friday. We then just consolidated and drifted into the close.\r\n\r\nGROUP 4: USD/CHF – The fact that any political moves in the Ukraine will affect the Eurozone due to it’s close proximity means the Swiss effect comes into play as a safe haven. Therefore, unless you are already in a USD/CHF trade I would not enter a fresh one.\r\n\r\nApart from the commodity currencies, where else would I look? Personally, I think cross-rates are the best solution to trade from a risk tolerance / risk management perspective, using the different effects that you can see between the EUR and Commodity currencies.\r\n\r\nLater in the blog for PREMIUM SERVICE subscribers only I have my exclusive trade set ups for trades that you can place with your brokers looking forward in line with my thoughts.\r\n\r\nIt is still a very difficult market so it is hard to be decisive. Charts will tell us a lot of things and fundamentals do matter but right now many of the charts are terrible to read. So, we have to be modest with expectations and as usual I repeat PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nRemember two factors drive all financial markets…FEAR and GREED. Manage these and you will be successful.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3884.</b>  Is the EUR strong or the USD weak? I think that that is a great question. Being the major currency within the USD weighted index and having seen equities fall off the pages in the past week, I like many other traders expected the USD to strengthen. It never did with this pair. I suppose being positive we have the 52-week high just above were we closed at 1.3967. Shorting this pair at least gives you an edge in the sense that you know where your risk lies. I am presently short this pair and out of the money, by some margin. I have stuck with this pair on the basis that eventually when the markets realize we are having a correction and the FED is NOT going to jump in - the USD will strengthen and in so doing the EUR/USD will fall. Am I am right, or, am I wrong? Only time will tell. I see my range as resistance at the 52-week highs of 1.3967 and support at 1.3750. Not until we get back to the lower level of 1.3750 do I see the bears back in control.\r\n\r\n<b>GBP/USD: Closing Price 1.6732.  </b>I hate this currency. So many times it lures you in and then gives you a good old smack on the arse for being so cheeky as to trade it. Like the EUR/USD, we are sooooooo close to the 52 week high which sits at 1.6822. Again, at least as a trader you know and understand the risk of any trade. The levels to watch with the GBP/USD are resistance at 1.6822 and support at 1.6650.\r\n\r\n<b>AUD/USD: Closing Price 0.9393</b>.   We ended the week about 100 pips higher on the previous week. Having said that we have had the markets fall all over Asia, Europe and the U.S. Yes, I know what you are thinking and so am I, regardless of Australian news and there was great employment data last week this pair should be lower given the strength and breadth of the market sell off. It’s yet another mystery for Hercule Poirot to solve, because I am buggered if I can. The recent highs are at 0.9460 and I see this level as resistance. Support that places the bears back in control I think is much lower at around 0.9210.\r\n\r\n<b>NZD/USD: Closing Price 0.8680</b>.  Just like the AUD/USD, this pair has seen highs recently that give us a risk level that is fairly easy to follow. 52-week highs sit at 0.8744, which is well within striking distance of the closing position. This level will act as resistance in my view, with support at 0.8600.\r\n\r\n<b>USD/CAD: Closing Price 1.0979.</b>  We closed last week almost where we closed the previous week. If you trade and view the price action each day we have been involved in a “Six Flags” roller coaster ride of epic proportions. As long as we are above the multi-decade trend line at about 1.0850 one should view this pair as bullish and trade accordingly in my opinion. Levels to watch are support at 1.0910 and resistance to get a squeeze on is at 1.1050.\r\n\r\n<b>USD/CHF: Closing Price 0.8758</b>.  I am currently long this pair and I am not a happy camper. The 52-week low lies at 0.8698. If we fall through this level bye bye swissy…..swissy bye bye. It’s only about 60 pips from the closing price. So the 52-week lows act as support and the resistance level is 0.8850.<b> </b>\r\n\r\n<b>USD/JPY: Closing Price 101.63. </b>This pair is on the verge of a breakdown and last week the Dow closed -2.15% at 16,026, NASDAQ closed -2.56% at 3,999 and the S&amp;P closed at 1815 -2.33%.  For the last hour of trading or so it rallied a little as the sell of equities intensified.  We are just 40 pips or so from the wheels coming off the bus. If support at 101.20 gives way - I see 100.00 being tested very quickly tested. Resistance lies at 102.15.\r\n\r\n<span style=\"text-decoration: underline;\"> </span>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Retail and Core Retail Sales.\r\n\r\nTUESDAY: CAD – Manufacturing Sales.\r\nTUESDAY: USD – Core CPi and FED Janet Yellen speaks.\r\nTUESDAY: NZD – CPI.\r\nTUESDAY: CNY – GDP.\r\n\r\nWEDNESDAY: USD – FED Janet Yellen speaks.\r\n<span style=\"line-height: 1.5em;\">WEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n</span>WEDNESDAY: JPY – BOJ Kuroda speaks.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. THE PREMIUM SERVICE:</span></b>\r\n\r\nAs we have now completed the first quarter of 2014, I thought that it would be a good idea to show the year to date performance so far on the success of the PREMIUM SERVICE.\r\n\r\nFull details of what the PREMIUM SERVICE is all about and the benefits that it can bring to your trading can be found at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting PREMIUM SERVICE, SIGN UP or SPECIAL OFFERS from the drop down menu at the top of the welcome page.\r\n\r\nThere are now many sign up options to suit all budgets to enable you to try and see if the PREMIUM SERVICE adds value to your trading. If you have questions you can email me <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.co</a>m\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014 and YEAR to date:</span></b></p>\r\n\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n5 trades at $0.10 cents each = $0.50 risk for $13.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n5 trades at $1.00 each = $5.00 risk for $135.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n5 trades at $10.00 each = $50.00 risk for $1,350.00 profit.</p>\r\n<b></b><b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n15 trades at $0.10 cents each = $1.50 cents risk for $39.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n15 trades at $1.00 each = $15.00 risk for $396.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n15 trades at $10.00 each = $150.00 risk for $3,960.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014…TO DATE:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n22 trades at $0.10 cents each = $2.20 risk for $56.50 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n22 trades at $1.00 each = $22.00 risk for $565.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n22 trades at $10.00 each = $220.00 risk for $5,650.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR.\r\n\r\n</span></b>TRADING MICRO-LOTS:\r\n162 trades at $0.10 cents each = $16.20 risk for $260.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n162 trades at $1.00 each = $162.00 risk for $2,600.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n162 trades at $10.00 each = $1,620.00 risk for $26,000.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. FINAL THOUGHTS:</span></b>\r\n\r\nI am looking forward to the next week’s trading. I am really hopeful that we will see a huge directional and momentum move to the short side in equities, dragging the USD with it. The markets look broken. The great news is that we have some FX market moving news items this coming week to add into the mix.\r\n\r\nHaving just written that, we should not be complacent in our thoughts or trading. I have set out a lot of trade set-ups and my thoughts and views on the entry levels in the TRADES ON MY RADAR section of the PREMIUM SERVICE blog.\r\n\r\nPlease, please remember you do not need to be a hero and trade them all. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 12th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering</span>\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&nbsp;','PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?','','inherit','open','closed','','3476-revision-v1','','','2014-04-12 10:13:38','2014-04-12 15:13:38','',3476,'https://weeklyfxdrivethru.com/3476-revision-v1/',0,'revision','',0),(3479,1,'2014-04-12 10:15:30','2014-04-12 15:15:30','<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nThe past 7 days were great for trading. I have, however, found myself to be a scalping trader all of a sudden. This is not my usual trading style but if needs must at least I have shown my versatility\r\n\r\nI still have my longer-term trades in position and I am reasonably comfortable  with the way that they are now moving, although I seem to be scalping to make daily $$$ targets and leaving my longer-term trades alone carrying overnight swap rates. I will continue this strategy for the coming weeks or until I feel that the chop fest has ended.\r\n\r\nI think right now it’s about seeing the quick opportunity and taking it. But much, much more than this it’s about being completely risk management  and money management savvy and seizing the moment.\r\n\r\nBelow is an example of a group of trades from Thursday last week.\r\n\r\nI tried several times to enter positions short term to see if they would develop into swing trades to no avail. The best example of this was Thursday afternoon, after much thought I decided to go short USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY and CHF/JPY. I was fully expecting carnage in Asia overnight Thursday/Friday, it just never happened the way I thought so on Friday morning I had 7 trades most of which were still around entry levels from the previous day. We had poor financial data from JP Morgan and the JPY pairs dropped I took my profits of +151 pips from all but the USD/JPY.\r\n\r\nThis was the low risk option, why?\r\n\r\nIf it were any other day other than a Friday I may have let the trades run.\r\n\r\nI took the profits and 2.5 / 3 hours later I was happy. The S&amp;P fell just below support so I was expecting a bounce, a typical reaction. The previous time that the 1826-30 level in the S&amp;P was tested we saw a huge bounce and the USD was taken to the cleaners.\r\n\r\nI decided this was the low risk option that I should take - better to bank +151 pips than be in 6 negatives trades over the weekend.\r\n\r\nWhat is just a pleasing for me is that The PREMIUM SERVICE continues to make money albeit at a slightly reduced level due to the tougher market conditions but it’s an increasing overall profit and I am very happy. I detail the updated numbers later. If you are not yet subscribing there are many options now available: -\r\n<ul>\r\n	<li>There are various straightforward weekly subscription options of 10, 20 or 40 weeks (ALL renewal subscriptions are at lower rates).</li>\r\n	<li>Special 4 week introductory subscription – a try it and see option.</li>\r\n	<li>Special subscription offers if you sign up with one of my brokers listed on the website (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL).</li>\r\n	<li>If you are already with one of these brokers (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL) there are also special subscription rates available.Full details of these offers can be found on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the SPECIAL OFFERS and PREMIUM SERVICE drop down menus on the welcome page.All you require to subscribe is a PAYPAL account for payment.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b>\r\n<p align=\"center\"><b>PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?</b></p>\r\nFrom my viewpoint, it’s not just what currencies to trade at the moment, but also what time of day to trade also. Combined with those thoughts it is also not the time to be a hero, but to trade with good MONEY MANAGEMENT, RISK MANAGEMENT and above to all use your TRADING PLAN. I think that I have said this many, many times before -  PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nOver the past few months, sometimes it feels like years, I have been warning about the bull market coming to an end. A five-year bull market is quite frankly a dangerous market. As we approach key Fibonacci extensions there are bull/bear fights and the markets become even more volatile than normal in particular as we have been testing 123.6%, 150.0%, 161.8% and the “Golden Fib” of 261.8%.\r\n\r\nThe fib levels alone have not prompted the selling that we have seen recently, personally, I think that the Chinese import and export data that was so poor last Wednesday night has something to do with matters. We have risk aversion in the market but the USD has not picked up steam, which is a little surprising to me. At the end of the day, we have a good pullback in play across the board in equities, the “BUY THE DIP” mentality has shifted. Looking at the whimsical side of the markets for a moment, God help CNBC they have 5 years of programming based on the back of the “BUY THE DIP” mentality towards the markets.\r\n\r\nWhichever way we slice the news we are literally held at support on the S&amp;P around 1826-1830. The NASDAQ looks broken to me. We had a trend line break that was re-tested and then we have fallen ever since, as I see it about 3400 is the next level of support then 3200. The bottom line is that equity markets hold all the keys moving forward….and I do not like that based on the fact that the FX market has not reacted to the present pullback the way I believe it should have.\r\n\r\nWhy?\r\n\r\nI am not sure 100% why; my only thoughts are that no one believes we are actually selling off. There is a FEAR of a huge drop, but there is also a belief that support levels will hold. Therefore, until we break a bit lower the USD will not react the way I think it should.\r\n\r\nIn situations like this, we have to look at the trading signals that we have and trade managing risk the best way that we can.\r\n\r\nAs the USD is acting in line with an equity market sell off, to me it looks like the USD pairs are split into groups: -\r\n\r\nGROUP 1: EUR/USD and GBP/USD  - When you look at the USD index and the EUR/USD – it is by far the greatest weighted currency in the basket of currencies, the USD index is not really moving lower in line with equities. This is because the EUR continues to be supported and although GBP/USD looks lofty at current levels the EUR/USD will influence how it moves in the big picture.\r\n\r\nGROUP 2: USD/JPY – Works on its own and does its own thing. Right now it is reacting how I think it should in line with a falling S&amp;P this currency and all its cross-rates are also falling. The drop really needs to accelerate below 101.00 for me to truly believe the market correction is on the way.\r\n\r\nGROUP 3: AUD/USD, NZD/USD, USD/SEK and USD/CAD – These currency pairs hold the key. We are trying to obtain a level of consistency with these pairs in the sense that they move in tandem lower with the S&amp;P sell-off. Of all the four groups listed these are the only USD pairs that I would enter fresh trades on. We saw a nice move on Friday morning where they all weakened but that was short lived as we came to a halt early with it being a Friday. We then just consolidated and drifted into the close.\r\n\r\nGROUP 4: USD/CHF – The fact that any political moves in the Ukraine will affect the Eurozone due to it’s close proximity means the Swiss effect comes into play as a safe haven. Therefore, unless you are already in a USD/CHF trade I would not enter a fresh one.\r\n\r\nApart from the commodity currencies, where else would I look? Personally, I think cross-rates are the best solution to trade from a risk tolerance / risk management perspective, using the different effects that you can see between the EUR and Commodity currencies.\r\n\r\nLater in the blog for PREMIUM SERVICE subscribers only I have my exclusive trade set ups for trades that you can place with your brokers looking forward in line with my thoughts.\r\n\r\nIt is still a very difficult market so it is hard to be decisive. Charts will tell us a lot of things and fundamentals do matter but right now many of the charts are terrible to read. So, we have to be modest with expectations and as usual I repeat PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nRemember two factors drive all financial markets…FEAR and GREED. Manage these and you will be successful.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3884.</b>  Is the EUR strong or the USD weak? I think that that is a great question. Being the major currency within the USD weighted index and having seen equities fall off the pages in the past week, I like many other traders expected the USD to strengthen. It never did with this pair. I suppose being positive we have the 52-week high just above were we closed at 1.3967. Shorting this pair at least gives you an edge in the sense that you know where your risk lies. I am presently short this pair and out of the money, by some margin. I have stuck with this pair on the basis that eventually when the markets realize we are having a correction and the FED is NOT going to jump in - the USD will strengthen and in so doing the EUR/USD will fall. Am I am right, or, am I wrong? Only time will tell. I see my range as resistance at the 52-week highs of 1.3967 and support at 1.3750. Not until we get back to the lower level of 1.3750 do I see the bears back in control.\r\n\r\n<b>GBP/USD: Closing Price 1.6732.  </b>I hate this currency. So many times it lures you in and then gives you a good old smack on the arse for being so cheeky as to trade it. Like the EUR/USD, we are sooooooo close to the 52 week high which sits at 1.6822. Again, at least as a trader you know and understand the risk of any trade. The levels to watch with the GBP/USD are resistance at 1.6822 and support at 1.6650.\r\n\r\n<b>AUD/USD: Closing Price 0.9393</b>.   We ended the week about 100 pips higher on the previous week. Having said that we have had the markets fall all over Asia, Europe and the U.S. Yes, I know what you are thinking and so am I, regardless of Australian news and there was great employment data last week this pair should be lower given the strength and breadth of the market sell off. It’s yet another mystery for Hercule Poirot to solve, because I am buggered if I can. The recent highs are at 0.9460 and I see this level as resistance. Support that places the bears back in control I think is much lower at around 0.9210.\r\n\r\n<b>NZD/USD: Closing Price 0.8680</b>.  Just like the AUD/USD, this pair has seen highs recently that give us a risk level that is fairly easy to follow. 52-week highs sit at 0.8744, which is well within striking distance of the closing position. This level will act as resistance in my view, with support at 0.8600.\r\n\r\n<b>USD/CAD: Closing Price 1.0979.</b>  We closed last week almost where we closed the previous week. If you trade and view the price action each day we have been involved in a “Six Flags” roller coaster ride of epic proportions. As long as we are above the multi-decade trend line at about 1.0850 one should view this pair as bullish and trade accordingly in my opinion. Levels to watch are support at 1.0910 and resistance to get a squeeze on is at 1.1050.\r\n\r\n<b>USD/CHF: Closing Price 0.8758</b>.  I am currently long this pair and I am not a happy camper. The 52-week low lies at 0.8698. If we fall through this level bye bye swissy…..swissy bye bye. It’s only about 60 pips from the closing price. So the 52-week lows act as support and the resistance level is 0.8850.<b> </b>\r\n\r\n<b>USD/JPY: Closing Price 101.63. </b>This pair is on the verge of a breakdown and last week the Dow closed -2.15% at 16,026, NASDAQ closed -2.56% at 3,999 and the S&amp;P closed at 1815 -2.33%.  For the last hour of trading or so it rallied a little as the sell of equities intensified.  We are just 40 pips or so from the wheels coming off the bus. If support at 101.20 gives way - I see 100.00 being tested very quickly tested. Resistance lies at 102.15.\r\n\r\n<span style=\"text-decoration: underline;\"> </span>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Retail and Core Retail Sales.\r\n\r\nTUESDAY: CAD – Manufacturing Sales.\r\nTUESDAY: USD – Core CPi and FED Janet Yellen speaks.\r\nTUESDAY: NZD – CPI.\r\nTUESDAY: CNY – GDP.\r\n\r\nWEDNESDAY: USD – FED Janet Yellen speaks.\r\n<span style=\"line-height: 1.5em;\">WEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n</span>WEDNESDAY: JPY – BOJ Kuroda speaks.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. THE PREMIUM SERVICE:</span></b>\r\n\r\nAs we have now completed the first quarter of 2014, I thought that it would be a good idea to show the year to date performance so far on the success of the PREMIUM SERVICE.\r\n\r\nFull details of what the PREMIUM SERVICE is all about and the benefits that it can bring to your trading can be found at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting PREMIUM SERVICE, SIGN UP or SPECIAL OFFERS from the drop down menu at the top of the welcome page.\r\n\r\nThere are now many sign up options to suit all budgets to enable you to try and see if the PREMIUM SERVICE adds value to your trading. If you have questions you can email me <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.co</a>m\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014 and YEAR to date:</span></b></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n5 trades at $0.10 cents each = $0.50 risk for $13.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n5 trades at $1.00 each = $5.00 risk for $135.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n5 trades at $10.00 each = $50.00 risk for $1,350.00 profit.</p>\r\n<b></b><b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n15 trades at $0.10 cents each = $1.50 cents risk for $39.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n15 trades at $1.00 each = $15.00 risk for $396.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n15 trades at $10.00 each = $150.00 risk for $3,960.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014…TO DATE:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n22 trades at $0.10 cents each = $2.20 risk for $56.50 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n22 trades at $1.00 each = $22.00 risk for $565.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n22 trades at $10.00 each = $220.00 risk for $5,650.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR.</span></b></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n162 trades at $0.10 cents each = $16.20 risk for $260.00 profit.</p>\r\n<p style=\"text-align: center;\" align=\"center\">TRADING MINI-LOTS:\r\n162 trades at $1.00 each = $162.00 risk for $2,600.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n162 trades at $10.00 each = $1,620.00 risk for $26,000.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. FINAL THOUGHTS:</span></b>\r\n\r\nI am looking forward to the next week’s trading. I am really hopeful that we will see a huge directional and momentum move to the short side in equities, dragging the USD with it. The markets look broken. The great news is that we have some FX market moving news items this coming week to add into the mix.\r\n\r\nHaving just written that, we should not be complacent in our thoughts or trading. I have set out a lot of trade set-ups and my thoughts and views on the entry levels in the TRADES ON MY RADAR section of the PREMIUM SERVICE blog.\r\n\r\nPlease, please remember you do not need to be a hero and trade them all. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 12th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering</span>\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&nbsp;','PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?','','inherit','open','closed','','3476-revision-v1','','','2014-04-12 10:15:30','2014-04-12 15:15:30','',3476,'https://weeklyfxdrivethru.com/3476-revision-v1/',0,'revision','',0),(3478,1,'2014-04-12 10:14:53','2014-04-12 15:14:53','<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nThe past 7 days were great for trading. I have, however, found myself to be a scalping trader all of a sudden. This is not my usual trading style but if needs must at least I have shown my versatility\r\n\r\nI still have my longer-term trades in position and I am reasonably comfortable  with the way that they are now moving, although I seem to be scalping to make daily $$$ targets and leaving my longer-term trades alone carrying overnight swap rates. I will continue this strategy for the coming weeks or until I feel that the chop fest has ended.\r\n\r\nI think right now it’s about seeing the quick opportunity and taking it. But much, much more than this it’s about being completely risk management  and money management savvy and seizing the moment.\r\n\r\nBelow is an example of a group of trades from Thursday last week.\r\n\r\nI tried several times to enter positions short term to see if they would develop into swing trades to no avail. The best example of this was Thursday afternoon, after much thought I decided to go short USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY and CHF/JPY. I was fully expecting carnage in Asia overnight Thursday/Friday, it just never happened the way I thought so on Friday morning I had 7 trades most of which were still around entry levels from the previous day. We had poor financial data from JP Morgan and the JPY pairs dropped I took my profits of +151 pips from all but the USD/JPY.\r\n\r\nThis was the low risk option, why?\r\n\r\nIf it were any other day other than a Friday I may have let the trades run.\r\n\r\nI took the profits and 2.5 / 3 hours later I was happy. The S&amp;P fell just below support so I was expecting a bounce, a typical reaction. The previous time that the 1826-30 level in the S&amp;P was tested we saw a huge bounce and the USD was taken to the cleaners.\r\n\r\nI decided this was the low risk option that I should take - better to bank +151 pips than be in 6 negatives trades over the weekend.\r\n\r\nWhat is just a pleasing for me is that The PREMIUM SERVICE continues to make money albeit at a slightly reduced level due to the tougher market conditions but it’s an increasing overall profit and I am very happy. I detail the updated numbers later. If you are not yet subscribing there are many options now available: -\r\n<ul>\r\n	<li>There are various straightforward weekly subscription options of 10, 20 or 40 weeks (ALL renewal subscriptions are at lower rates).</li>\r\n	<li>Special 4 week introductory subscription – a try it and see option.</li>\r\n	<li>Special subscription offers if you sign up with one of my brokers listed on the website (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL).</li>\r\n	<li>If you are already with one of these brokers (IRON FX, SENSUS CAPITAL or BLACKWELL GLOBAL) there are also special subscription rates available.Full details of these offers can be found on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the SPECIAL OFFERS and PREMIUM SERVICE drop down menus on the welcome page.\r\n\r\nAll you require to subscribe is a PAYPAL account for payment.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b>\r\n<p align=\"center\"><b>PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?</b></p>\r\nFrom my viewpoint, it’s not just what currencies to trade at the moment, but also what time of day to trade also. Combined with those thoughts it is also not the time to be a hero, but to trade with good MONEY MANAGEMENT, RISK MANAGEMENT and above to all use your TRADING PLAN. I think that I have said this many, many times before -  PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nOver the past few months, sometimes it feels like years, I have been warning about the bull market coming to an end. A five-year bull market is quite frankly a dangerous market. As we approach key Fibonacci extensions there are bull/bear fights and the markets become even more volatile than normal in particular as we have been testing 123.6%, 150.0%, 161.8% and the “Golden Fib” of 261.8%.\r\n\r\nThe fib levels alone have not prompted the selling that we have seen recently, personally, I think that the Chinese import and export data that was so poor last Wednesday night has something to do with matters. We have risk aversion in the market but the USD has not picked up steam, which is a little surprising to me. At the end of the day, we have a good pullback in play across the board in equities, the “BUY THE DIP” mentality has shifted. Looking at the whimsical side of the markets for a moment, God help CNBC they have 5 years of programming based on the back of the “BUY THE DIP” mentality towards the markets.\r\n\r\nWhichever way we slice the news we are literally held at support on the S&amp;P around 1826-1830. The NASDAQ looks broken to me. We had a trend line break that was re-tested and then we have fallen ever since, as I see it about 3400 is the next level of support then 3200. The bottom line is that equity markets hold all the keys moving forward….and I do not like that based on the fact that the FX market has not reacted to the present pullback the way I believe it should have.\r\n\r\nWhy?\r\n\r\nI am not sure 100% why; my only thoughts are that no one believes we are actually selling off. There is a FEAR of a huge drop, but there is also a belief that support levels will hold. Therefore, until we break a bit lower the USD will not react the way I think it should.\r\n\r\nIn situations like this, we have to look at the trading signals that we have and trade managing risk the best way that we can.\r\n\r\nAs the USD is acting in line with an equity market sell off, to me it looks like the USD pairs are split into groups: -\r\n\r\nGROUP 1: EUR/USD and GBP/USD  - When you look at the USD index and the EUR/USD – it is by far the greatest weighted currency in the basket of currencies, the USD index is not really moving lower in line with equities. This is because the EUR continues to be supported and although GBP/USD looks lofty at current levels the EUR/USD will influence how it moves in the big picture.\r\n\r\nGROUP 2: USD/JPY – Works on its own and does its own thing. Right now it is reacting how I think it should in line with a falling S&amp;P this currency and all its cross-rates are also falling. The drop really needs to accelerate below 101.00 for me to truly believe the market correction is on the way.\r\n\r\nGROUP 3: AUD/USD, NZD/USD, USD/SEK and USD/CAD – These currency pairs hold the key. We are trying to obtain a level of consistency with these pairs in the sense that they move in tandem lower with the S&amp;P sell-off. Of all the four groups listed these are the only USD pairs that I would enter fresh trades on. We saw a nice move on Friday morning where they all weakened but that was short lived as we came to a halt early with it being a Friday. We then just consolidated and drifted into the close.\r\n\r\nGROUP 4: USD/CHF – The fact that any political moves in the Ukraine will affect the Eurozone due to it’s close proximity means the Swiss effect comes into play as a safe haven. Therefore, unless you are already in a USD/CHF trade I would not enter a fresh one.\r\n\r\nApart from the commodity currencies, where else would I look? Personally, I think cross-rates are the best solution to trade from a risk tolerance / risk management perspective, using the different effects that you can see between the EUR and Commodity currencies.\r\n\r\nLater in the blog for PREMIUM SERVICE subscribers only I have my exclusive trade set ups for trades that you can place with your brokers looking forward in line with my thoughts.\r\n\r\nIt is still a very difficult market so it is hard to be decisive. Charts will tell us a lot of things and fundamentals do matter but right now many of the charts are terrible to read. So, we have to be modest with expectations and as usual I repeat PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nRemember two factors drive all financial markets…FEAR and GREED. Manage these and you will be successful.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3884.</b>  Is the EUR strong or the USD weak? I think that that is a great question. Being the major currency within the USD weighted index and having seen equities fall off the pages in the past week, I like many other traders expected the USD to strengthen. It never did with this pair. I suppose being positive we have the 52-week high just above were we closed at 1.3967. Shorting this pair at least gives you an edge in the sense that you know where your risk lies. I am presently short this pair and out of the money, by some margin. I have stuck with this pair on the basis that eventually when the markets realize we are having a correction and the FED is NOT going to jump in - the USD will strengthen and in so doing the EUR/USD will fall. Am I am right, or, am I wrong? Only time will tell. I see my range as resistance at the 52-week highs of 1.3967 and support at 1.3750. Not until we get back to the lower level of 1.3750 do I see the bears back in control.\r\n\r\n<b>GBP/USD: Closing Price 1.6732.  </b>I hate this currency. So many times it lures you in and then gives you a good old smack on the arse for being so cheeky as to trade it. Like the EUR/USD, we are sooooooo close to the 52 week high which sits at 1.6822. Again, at least as a trader you know and understand the risk of any trade. The levels to watch with the GBP/USD are resistance at 1.6822 and support at 1.6650.\r\n\r\n<b>AUD/USD: Closing Price 0.9393</b>.   We ended the week about 100 pips higher on the previous week. Having said that we have had the markets fall all over Asia, Europe and the U.S. Yes, I know what you are thinking and so am I, regardless of Australian news and there was great employment data last week this pair should be lower given the strength and breadth of the market sell off. It’s yet another mystery for Hercule Poirot to solve, because I am buggered if I can. The recent highs are at 0.9460 and I see this level as resistance. Support that places the bears back in control I think is much lower at around 0.9210.\r\n\r\n<b>NZD/USD: Closing Price 0.8680</b>.  Just like the AUD/USD, this pair has seen highs recently that give us a risk level that is fairly easy to follow. 52-week highs sit at 0.8744, which is well within striking distance of the closing position. This level will act as resistance in my view, with support at 0.8600.\r\n\r\n<b>USD/CAD: Closing Price 1.0979.</b>  We closed last week almost where we closed the previous week. If you trade and view the price action each day we have been involved in a “Six Flags” roller coaster ride of epic proportions. As long as we are above the multi-decade trend line at about 1.0850 one should view this pair as bullish and trade accordingly in my opinion. Levels to watch are support at 1.0910 and resistance to get a squeeze on is at 1.1050.\r\n\r\n<b>USD/CHF: Closing Price 0.8758</b>.  I am currently long this pair and I am not a happy camper. The 52-week low lies at 0.8698. If we fall through this level bye bye swissy…..swissy bye bye. It’s only about 60 pips from the closing price. So the 52-week lows act as support and the resistance level is 0.8850.<b> </b>\r\n\r\n<b>USD/JPY: Closing Price 101.63. </b>This pair is on the verge of a breakdown and last week the Dow closed -2.15% at 16,026, NASDAQ closed -2.56% at 3,999 and the S&amp;P closed at 1815 -2.33%.  For the last hour of trading or so it rallied a little as the sell of equities intensified.  We are just 40 pips or so from the wheels coming off the bus. If support at 101.20 gives way - I see 100.00 being tested very quickly tested. Resistance lies at 102.15.\r\n\r\n<span style=\"text-decoration: underline;\"> </span>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Retail and Core Retail Sales.\r\n\r\nTUESDAY: CAD – Manufacturing Sales.\r\nTUESDAY: USD – Core CPi and FED Janet Yellen speaks.\r\nTUESDAY: NZD – CPI.\r\nTUESDAY: CNY – GDP.\r\n\r\nWEDNESDAY: USD – FED Janet Yellen speaks.\r\n<span style=\"line-height: 1.5em;\">WEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n</span>WEDNESDAY: JPY – BOJ Kuroda speaks.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. THE PREMIUM SERVICE:</span></b>\r\n\r\nAs we have now completed the first quarter of 2014, I thought that it would be a good idea to show the year to date performance so far on the success of the PREMIUM SERVICE.\r\n\r\nFull details of what the PREMIUM SERVICE is all about and the benefits that it can bring to your trading can be found at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting PREMIUM SERVICE, SIGN UP or SPECIAL OFFERS from the drop down menu at the top of the welcome page.\r\n\r\nThere are now many sign up options to suit all budgets to enable you to try and see if the PREMIUM SERVICE adds value to your trading. If you have questions you can email me <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.co</a>m\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014 and YEAR to date:</span></b></p>\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n5 trades at $0.10 cents each = $0.50 risk for $13.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n5 trades at $1.00 each = $5.00 risk for $135.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n5 trades at $10.00 each = $50.00 risk for $1,350.00 profit.</p>\r\n<b></b><b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n15 trades at $0.10 cents each = $1.50 cents risk for $39.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n15 trades at $1.00 each = $15.00 risk for $396.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n15 trades at $10.00 each = $150.00 risk for $3,960.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">APRIL 2014…TO DATE:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n22 trades at $0.10 cents each = $2.20 risk for $56.50 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n22 trades at $1.00 each = $22.00 risk for $565.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n22 trades at $10.00 each = $220.00 risk for $5,650.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR.</span></b></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n162 trades at $0.10 cents each = $16.20 risk for $260.00 profit.</p>\r\n<p style=\"text-align: center;\" align=\"center\">TRADING MINI-LOTS:\r\n162 trades at $1.00 each = $162.00 risk for $2,600.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n162 trades at $10.00 each = $1,620.00 risk for $26,000.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. FINAL THOUGHTS:</span></b>\r\n\r\nI am looking forward to the next week’s trading. I am really hopeful that we will see a huge directional and momentum move to the short side in equities, dragging the USD with it. The markets look broken. The great news is that we have some FX market moving news items this coming week to add into the mix.\r\n\r\nHaving just written that, we should not be complacent in our thoughts or trading. I have set out a lot of trade set-ups and my thoughts and views on the entry levels in the TRADES ON MY RADAR section of the PREMIUM SERVICE blog.\r\n\r\nPlease, please remember you do not need to be a hero and trade them all. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 12th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering</span>\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&nbsp;','PULLBACK OR CORRECTION…WHAT ARE THE BEST CURRENCIES TO TRADE?','','inherit','open','closed','','3476-revision-v1','','','2014-04-12 10:14:53','2014-04-12 15:14:53','',3476,'https://weeklyfxdrivethru.com/3476-revision-v1/',0,'revision','',0),(3482,1,'2014-04-12 10:24:17','2014-04-12 15:24:17','<section class=\"pdf-links\">\r\n<div class=\"one-third first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/CREATING-A-TRADING-PLAN-3.0.pdf\">CREATING A TRADING PLAN</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/FOLLOWING-YOUR-TRADING-PLAN-.pdf\">FOLLOWING YOUR TRADING PLAN</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/PLANNING-YOUR-TRADES-2.0.pdf\">PLANNING YOUR TRADES (2.0)</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/MANAGING-RISK.pdf\">MANAGING RISK</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/STOP-PLACEMENT.pdf\">STOP PLACEMENT</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/MAXIMISING-PROFIT-POTENTIAL-BY-PROPERLY-SIZING-POSITIONS.pdf\">MAXIMISING PROFIT POTENTIAL BY PROPERLY SIZING POSITIONS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-AROUND-THE-NEWS.pdf\">TRADING AROUND THE NEWS</a>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>\r\n</section>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-04-12 10:24:17','2014-04-12 15:24:17','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3483,1,'2014-04-14 06:30:26','2014-04-14 11:30:26','Good Morning,\r\n\r\nWelcome to the new subscribers who joined over the weekend.\r\n\r\nVery slow overnight, the bloodbath never happened. A typical Sunday night Asian session. The JPY threatened to break lower, it never did but it has not pulled back too far but it was just at the highs of the day a few moments ago.\r\n\r\nDraghi, and the ECB council verbally talking the EUR exchange rate lower.....lets see if the drop so far sticks and if they follow up. The EUR/USD has dropped and not really bounced...time will tell. I am happy as I am short EUR/USD. The rest of the market was pretty quiet overnight.\r\n\r\nMy EUR/CAD long RADAR TRADE never activated at 1.5160 (the low overnight was 1.5158)...not sure why. Lets hope it pulls back again! I am going to review all the set-ups from the weekends blog and revise where necessary over the next hour or so.\r\n\r\nWatch the USD/SEK a confirmed break above 6.5700 takes out a daily chart trend line resistance, in fact, we are almost there now....I am already long......a patient trade to be in.\r\n\r\nNIKKEI futures are back of 14,000 hence the JPY action.\r\n\r\nI do not want to over-stretch myself this shortened week. There are plenty of news items about to hopefully jolt the markets.\r\n\r\nI added to my USD/CAD long this morning to improve the cost average once again and a move just above 1.1000 should gets squeeze going to about 1.1050. I have to decide do I fully cover at that level. My feeling at the moment is just to take some profits off...we have to get there first!!\r\n\r\nTake care, try not to chase there are tensions in the Ukraine to consider in the background,\r\n\r\nScott','#11 - THE DAILY FX POST, Monday 14th April 2014','','publish','open','closed','','11-daily-fx-post-monday-14th-april-2014','','','2014-04-14 06:30:26','2014-04-14 11:30:26','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3483',0,'member_posts','',0),(3484,1,'2014-04-14 06:30:26','2014-04-14 11:30:26','Good Morning,\r\n\r\nWelcome to the new subscribers who joined over the weekend.\r\n\r\nVery slow overnight, the bloodbath never happened. A typical Sunday night Asian session. The JPY threatened to break lower, it never did but it has not pulled back too far but it was just at the highs of the day a few moments ago.\r\n\r\nDraghi, and the ECB council verbally talking the EUR exchange rate lower.....lets see if the drop so far sticks and if they follow up. The EUR/USD has dropped and not really bounced...time will tell. I am happy as I am short EUR/USD. The rest of the market was pretty quiet overnight.\r\n\r\nMy EUR/CAD long RADAR TRADE never activated at 1.5160 (the low overnight was 1.5158)...not sure why. Lets hope it pulls back again! I am going to review all the set-ups from the weekends blog and revise where necessary over the next hour or so.\r\n\r\nWatch the USD/SEK a confirmed break above 6.5700 takes out a daily chart trend line resistance, in fact, we are almost there now....I am already long......a patient trade to be in.\r\n\r\nNIKKEI futures are back of 14,000 hence the JPY action.\r\n\r\nI do not want to over-stretch myself this shortened week. There are plenty of news items about to hopefully jolt the markets.\r\n\r\nI added to my USD/CAD long this morning to improve the cost average once again and a move just above 1.1000 should gets squeeze going to about 1.1050. I have to decide do I fully cover at that level. My feeling at the moment is just to take some profits off...we have to get there first!!\r\n\r\nTake care, try not to chase there are tensions in the Ukraine to consider in the background,\r\n\r\nScott','#11 - THE DAILY FX POST, Monday 14th April 2014','','inherit','open','closed','','3483-revision-v1','','','2014-04-14 06:30:26','2014-04-14 11:30:26','',3483,'https://weeklyfxdrivethru.com/3483-revision-v1/',0,'revision','',0),(3487,1,'2014-04-15 06:04:04','2014-04-15 11:04:04','','#12 - THE DAILY FX POST, Tuesday 15th April 2014','','inherit','open','closed','','3486-revision-v1','','','2014-04-15 06:04:04','2014-04-15 11:04:04','',3486,'https://weeklyfxdrivethru.com/3486-revision-v1/',0,'revision','',0),(3488,1,'2014-04-15 06:40:08','2014-04-15 11:40:08','Good Morning,\r\n\r\nWill it be Turnaround Tuesday?\r\n\r\nNot so sure there is a lot of FED speak today so we need to be prepared for a USD rally...maybe.\r\n\r\nGold selling off aggressively and on the daily chart we are in a flag pattern pointing towards $1200.00. Bear this in mind.\r\n\r\nEUR/USD toying with 1.3800. If we breakdown thru 1.3700 this I reckon will really drive USD strength. But I refer to short the EUR/USD back up around 1.3950 / 1.4000.\r\n\r\nThe USD/SEK is breaking out above 6.5700. I tweeted entries on this pair overnight. If you took this trade like me you should be sitting pretty like I am right now.\r\n\r\nI have just entered the following trade: -\r\n\r\nSEK/JPY\r\nShort\r\nEntry 15.46\r\nStop Loss 16.12\r\nLimit 14.75\r\n\r\nI have also amended a lint order with one of my brokers on the following trade: -\r\n\r\nEUR/SEK\r\nLong\r\nLimit order entry 9.0740\r\nStop Loss 9.0413\r\nLimit 9.5534\r\n\r\nSweden is in a deflationary state. Hence these trades and my interest in the SEK.\r\n\r\nOvernight, I also entered (and tweeted) NZD/USD short, I have already taken good profits (tweeted)  and it has now gone negative....I still think that the USD /commodity currencies are starting to gain momentum. I looked at the commodity crosses but the charts look too messy for my trading style. I will look again soon and report.\r\n\r\nI missed the GBP and EUR news a slept through them, sorry.\r\n\r\nBe careful today, with the news and there is big CNY news tonight....looking forward.\r\n\r\nHave fun,\r\n\r\nScott','#12 - THE DAILY FX POST, Tuesday 15th April 2014','','inherit','open','closed','','3486-revision-v1','','','2014-04-15 06:40:08','2014-04-15 11:40:08','',3486,'https://weeklyfxdrivethru.com/3486-revision-v1/',0,'revision','',0),(3635,1,'2014-05-09 07:06:57','2014-05-09 12:06:57','Good Day,\r\n\r\nWhen my mother was alive she always said that patience was a virtue.\r\n\r\nFinally the long-term holdings of the USD/CHF , EUR/USD and NZD/USD are proving to profitable trades. Only the USD/CAD failed, and if I am being 100% honest, this was the pair I thought would being home the bacon!!\r\n\r\nI have 8 live trades listed below, I do not intend to enter anymore today, but I am very interested in the CAD data at 0830 EDT. I have a feeling that the CAD numbers if good could see the USD/CAD at 1.0700-1.0750, if so I will be a buyer there. I may FLASH TRADE the pair lower if I can, but not sure.\r\n\r\nThe CHF looks to be on the cusp of a really big push higher, we will need to keep our eyes on this.\r\n\r\nBecause it is a Friday and there is still a great deal of Geo-Political news in the air I will probably during the morning close of some trades, probably the duplication trades from earlier today. I am still in RISK AVERSE mode and will continue to be for sometime. Collectively, the overnight trades are now +100 pips.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>NEW TRADES ADDED OVERNIGHT (ALERTED VIA TWITTER):</strong></span>\r\n\r\nFT113\r\nUSD/CHF\r\nLong at 0.8808\r\nStop 0.8650\r\nLimit 0.9250\r\n\r\nFT114\r\nEUR/USD\r\nShort at 1.3837\r\nStop Loss 1.3965\r\nLimit 1.3450\r\n\r\nFT115\r\nNZD/USD\r\nShort at 0.8644\r\nStop Loss 0.8720\r\nLimit 0.8000\r\n\r\nFT116\r\nUSD/JPY\r\nShort at 101.69\r\nStop Loss 102.10\r\nLimit 98.00\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EXISTING TRADES STILL ACTIVE:</strong></span>\r\n\r\nFT73\r\nUSD/CHF\r\nLong at 0.8937\r\nStop Loss 0.8650\r\nLimit at 0.9250\r\n(My trade cost average is now at 0.8840..I have added three times on new lows every time)\r\n\r\nFT77\r\nEUR/USD\r\nShort at 1.3744\r\nStop Loss 1.4025\r\nLimit 1.3450\r\n(My cost average on this trade is now at 1.3835. I added short near highs yesterday as Draghi stated he was able to act in June.)\r\n\r\nFT106\r\nNZD/USD\r\nShort at 0.8533\r\nStop at 0.8920\r\nLimit at 0.8400\r\n(My trade cost average on this pair is now at 0.8665)\r\n\r\nFUN14\r\nGBP/NZD\r\nLong at 1.9800\r\nStop at 1.9000\r\nLimit at 2.2350\r\n(This trade is hedged short at 1.9650)\r\n\r\nGood luck today. I have a day of admin ahead of me, I missed a day this week being in downtown Montreal plus half a day yesterday taking one of my dogs to the vets.\r\n\r\nPlus I need to gather data for the blog tomorrow.\r\n\r\nScott','#27 - THE DAILY FX POST, Friday 9th May 2014','','publish','open','closed','','27-daily-fx-post-friday-9th-may-2014','','','2014-05-09 07:06:57','2014-05-09 12:06:57','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3635',0,'member_posts','',0),(3492,1,'2014-04-16 05:44:18','2014-04-16 10:44:18','Good Morning,\r\n\r\nWelcome again to new subscribers.\r\n\r\nThis post today will be a little longer than normal as at the end of the morning update I want to review all the trades that closed yesterday, plus the new trades added to the existing live trades and also my thoughts as we enter a thinning market before Easter weekend.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>RADAR TRADES THAT TRIGGERED OVERNIGHT:\r\n</strong></span>\r\n\r\nEUR/SEK - RT56 - limit order entry at 9.0792 (long)\r\nNZD/CAD - RT55 - limit order entry at 0.9477 (long)\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EXISTING LIVE TRADES: (PLUS THE TWO LISTED ABOVE):</strong></span>\r\n\r\nEUR/USD - FLASH TRADE FT77  - short\r\nUSD/CAD - FLASH TRADE FT69 - long\r\nUSD/CHF - FLASH TRADE FT73 - long\r\nUSD/SEK - FLASH TRADE FT92 - long\r\nSEK/JPY - FLASH TRADE FT93 - short\r\nGBP/NZD - FUNDAMENTAL TRADE FUN14 - long\r\n\r\n<span style=\"text-decoration: underline;\"><strong>CLOSED TRADES FROM YESTERDAY:</strong></span>\r\n\r\nNZD/USD - a FLASH TRADE (FT94) just after the NZD CPi news release. (+22 pips)\r\nUSD/JPY -  a FLASH TRADE (FT84) from the 10th April. I was stopped out of this one yesterday on the nasty U.S. afternoon session bounce. (-50 pips)\r\nNZD/USD - a FLASH TRADE from yesterday that we took 3 bites of profits from as it fell. I moved the stop to get ahead of break even for bite number 3 and on the afternoon session bounce I was stopped out (+2 pips)','#13 - THE DAILY FX POST, Wednesday 16th April 2014','','inherit','open','closed','','3491-revision-v1','','','2014-04-16 05:44:18','2014-04-16 10:44:18','',3491,'https://weeklyfxdrivethru.com/3491-revision-v1/',0,'revision','',0),(3493,1,'2014-04-16 05:45:29','2014-04-16 10:45:29','Good Morning,\r\n\r\nWelcome again, and a special welcome to 4 new subscribers from the past couple of days.\r\n\r\nThis post today will be a little longer than normal as at the end of the morning update I want to review all the trades that closed yesterday, plus the new trades added to the existing live trades and also my thoughts as we enter a thinning market before Easter weekend.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>RADAR TRADES THAT TRIGGERED OVERNIGHT:\r\n</strong></span>\r\n\r\nEUR/SEK - RT56 - limit order entry at 9.0792 (long)\r\nNZD/CAD - RT55 - limit order entry at 0.9477 (long)\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EXISTING LIVE TRADES: (PLUS THE TWO LISTED ABOVE):</strong></span>\r\n\r\nEUR/USD - FLASH TRADE FT77  - short\r\nUSD/CAD - FLASH TRADE FT69 - long\r\nUSD/CHF - FLASH TRADE FT73 - long\r\nUSD/SEK - FLASH TRADE FT92 - long\r\nSEK/JPY - FLASH TRADE FT93 - short\r\nGBP/NZD - FUNDAMENTAL TRADE FUN14 - long\r\n\r\n<span style=\"text-decoration: underline;\"><strong>CLOSED TRADES FROM YESTERDAY:</strong></span>\r\n\r\nNZD/USD - a FLASH TRADE (FT94) just after the NZD CPi news release. (+22 pips)\r\nUSD/JPY -  a FLASH TRADE (FT84) from the 10th April. I was stopped out of this one yesterday on the nasty U.S. afternoon session bounce. (-50 pips)\r\nNZD/USD - a FLASH TRADE from yesterday that we took 3 bites of profits from as it fell. I moved the stop to get ahead of break even for bite number 3 and on the afternoon session bounce I was stopped out (+2 pips)','#13 - THE DAILY FX POST, Wednesday 16th April 2014','','inherit','open','closed','','3491-revision-v1','','','2014-04-16 05:45:29','2014-04-16 10:45:29','',3491,'https://weeklyfxdrivethru.com/3491-revision-v1/',0,'revision','',0),(3494,1,'2014-04-16 05:51:28','2014-04-16 10:51:28','Good Morning,\r\n\r\nWelcome again, and a special welcome to 4 new subscribers from the past couple of days.\r\n\r\nThis post today will be a little longer than normal as at the end of the morning update I want to review all the trades that closed yesterday, plus the new trades added to the existing live trades and also my thoughts as we enter a thinning market before Easter weekend.\r\n\r\n&nbsp;\r\n\r\nIt will no surprise to those of you with me for a while that as we enter a thinning market with traders taking additional vacation time, it will be my intention to reduce risk a little. All of the open positions are small trades and from a financial perspective do not concern me too much, but I will be reviewing stop losses to allow for swings over the holidays should I decide to leave a trade active. From this afternoon onwards I will start the revisions and I will tweet my actions.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>RADAR TRADES THAT TRIGGERED OVERNIGHT:\r\n</strong></span>\r\n\r\nEUR/SEK - RT56 - limit order entry at 9.0792 (long)\r\nNZD/CAD - RT55 - limit order entry at 0.9477 (long)\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EXISTING LIVE TRADES: (PLUS THE TWO LISTED ABOVE):</strong></span>\r\n\r\nEUR/USD - FLASH TRADE FT77  - short\r\nUSD/CAD - FLASH TRADE FT69 - long\r\nUSD/CHF - FLASH TRADE FT73 - long\r\nUSD/SEK - FLASH TRADE FT92 - long\r\nSEK/JPY - FLASH TRADE FT93 - short\r\nGBP/NZD - FUNDAMENTAL TRADE FUN14 - long\r\n\r\n<span style=\"text-decoration: underline;\"><strong>CLOSED TRADES FROM YESTERDAY:</strong></span>\r\n\r\nNZD/USD - a FLASH TRADE (FT94) just after the NZD CPi news release. (+22 pips)\r\nUSD/JPY -  a FLASH TRADE (FT84) from the 10th April. I was stopped out of this one yesterday on the nasty U.S. afternoon session bounce. (-50 pips)\r\nNZD/USD - a FLASH TRADE from yesterday that we took 3 bites of profits from as it fell. I moved the stop to get ahead of break even for bite number 3 and on the afternoon session bounce I was stopped out (+2 pips)\r\n\r\nGood luck with your trading and do not get suckered into trades....you may end up with them over the holidays and that may NOT have been your original intention!!\r\n\r\nScott','#13 - THE DAILY FX POST, Wednesday 16th April 2014','','inherit','open','closed','','3491-revision-v1','','','2014-04-16 05:51:28','2014-04-16 10:51:28','',3491,'https://weeklyfxdrivethru.com/3491-revision-v1/',0,'revision','',0),(3495,1,'2014-04-16 06:33:33','2014-04-16 11:33:33','Good Morning,\r\n\r\nWelcome again, and a special welcome to 4 new subscribers from the past couple of days.\r\n\r\nThis post today will be a little longer than normal as at the end of the morning update I want to review all the trades that closed yesterday, plus the new trades added to the existing live trades and also my thoughts as we enter a thinning market before Easter weekend.\r\n\r\nWow...yesterday\'s equity markets volatility was unreal. These moves in the S&amp;P up 25-30 points then down 20 points then back up 35 points is not normal. Swings from highs to lows and back is severe price action and many traders would have lost thousands of dollars. I believe that we are in a process of finding  and delivering a MARKET TOP and this is why we have this severe, extreme volatility. If you are able to keep your head above water you are doing well.\r\n\r\nOvernight we had good? China data..this is NOT reflected in the NZD/USD for example. I am actively looking today to short the NZD/USD and also the AUD/USD. In fact if we can get the AUD/USD as close to or above 0.9400 I would see this a great short opportunity. I will tweet if I enter or place trades.\r\n\r\nThe GBP/USD topped at recent highs on the back of great Unemployment data. If this pair cannot break 1.6825 today, I think this pair could offer a great short. But you need to be careful it is the cable.\r\n\r\nI was stopped out of the USD/JPY yesterday as it bounced. It has only reached the 38% retracement of the recent 104.00 drop. It is struggling this offers a great area to try a short after the U.S. data dump this morning...maybe?\r\n\r\nBOC Interest rate decision and Press Conference later today and Janet Yellen speaks live.  Be careful if you decide to enter USD related trades she may take this opportunity to have the USD beaten down.\r\n\r\nIt will no surprise to those of you with me for a while that as we enter a thinning market with traders taking additional vacation time, it will be my intention to reduce risk a little. All of the open positions are small trades and from a financial perspective do not concern me too much, but I will be reviewing stop losses to allow for swings over the holidays should I decide to leave a trade active. From this afternoon onwards I will start the revisions and I will tweet my actions.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>RADAR TRADES THAT TRIGGERED OVERNIGHT:\r\n</strong></span>\r\n\r\nEUR/SEK - RT56 - limit order entry at 9.0792 (long)\r\nNZD/CAD - RT55 - limit order entry at 0.9477 (long)\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EXISTING LIVE TRADES: (PLUS THE TWO LISTED ABOVE):</strong></span>\r\n\r\nEUR/USD - FLASH TRADE FT77  - short\r\nUSD/CAD - FLASH TRADE FT69 - long\r\nUSD/CHF - FLASH TRADE FT73 - long\r\nUSD/SEK - FLASH TRADE FT92 - long\r\nSEK/JPY - FLASH TRADE FT93 - short\r\nGBP/NZD - FUNDAMENTAL TRADE FUN14 - long\r\n\r\n<span style=\"text-decoration: underline;\"><strong>CLOSED TRADES FROM YESTERDAY:</strong></span>\r\n\r\nNZD/USD - a FLASH TRADE (FT94) just after the NZD CPi news release. (+22 pips)\r\nUSD/JPY -  a FLASH TRADE (FT84) from the 10th April. I was stopped out of this one yesterday on the nasty U.S. afternoon session bounce. (-50 pips)\r\nNZD/USD - a FLASH TRADE from yesterday that we took 3 bites of profits from as it fell. I moved the stop to get ahead of break even for bite number 3 and on the afternoon session bounce I was stopped out (+2 pips)\r\n\r\nGood luck with your trading and do not get suckered into trades....you may end up with them over the holidays and that may NOT have been your original intention!!\r\n\r\nScott','#13 - THE DAILY FX POST, Wednesday 16th April 2014','','inherit','open','closed','','3491-revision-v1','','','2014-04-16 06:33:33','2014-04-16 11:33:33','',3491,'https://weeklyfxdrivethru.com/3491-revision-v1/',0,'revision','',0),(3497,1,'2014-04-17 06:38:57','2014-04-17 11:38:57','Good Morning,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MY MARKET OVERVIEW:</strong></span>\r\n\r\nVery quiet overnight in Asia and Europe would appear to be slowing down ahead of the holidays.\r\n\r\nThe EUR/USD rallied on poor German PPi data. I think that we have a standoff  looming between the markets and the ECB. Draghi will have to get on bended knee and plead with Merkel for permission to approach the market with QE and / or Negative Interest Rates.\r\n\r\nGBP/USD looks like a false breakout  to me its already failing, but it is the GBP and it could turn at anytime.\r\n\r\nThe AUD and NZD both rallied and have started to pull back. The NZD/USD 60M chart looks really interesting. A down sloping trend line the last move 61.8% is at 0.8650 which held overnight. I see 0.8590 as a key level moving forward and below this level it gets very bearish in my opinion. If futures weaken based on the back of IBM quarterly results it could be interesting.\r\n\r\nUSD/JPY very shallow tetra cement of last move 38.2% to 102.40 the S&amp;P rallied 78.6% in comparison. So as I see it the USD/JPY didn\'t really rally with the S&amp;P but if the S&amp;P falls it would seem logical that the USD/JPY would fall quite easily.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERNIGHT TRADES</strong></span>:\r\n\r\nNZD/USD short RADAR TRADE triggered at 0.8620.\r\n\r\nUSD/SEK long this trade triggered and was stopped out for a 234 pip loss. I set a dreadfully wrong stop loss. What the hell was I thinking? I will re-active a RADAR TRADE later for this currency pair.\r\n\r\n&nbsp;\r\n\r\nNothing else on my mind.\r\n\r\nGood Luck and take care from about 11.00am EDT today it will go very quiet until Tuesday/ Wednesday next week. Markets will be very thin.\r\n\r\nThe next DAILY FX POST will next Tuesday, but I will post a blog in the PREMIUM SERVICE this weekend.\r\n\r\nScott','#14 - THE DAILY FX POST, Thursday 17th April 2014','','publish','open','closed','','14-daily-fx-post-thursday-17th-april-2014','','','2014-04-17 06:38:57','2014-04-17 11:38:57','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3497',0,'member_posts','',0),(3498,1,'2014-04-17 06:38:57','2014-04-17 11:38:57','Good Morning,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MY MARKET OVERVIEW:</strong></span>\r\n\r\nVery quiet overnight in Asia and Europe would appear to be slowing down ahead of the holidays.\r\n\r\nThe EUR/USD rallied on poor German PPi data. I think that we have a standoff  looming between the markets and the ECB. Draghi will have to get on bended knee and plead with Merkel for permission to approach the market with QE and / or Negative Interest Rates.\r\n\r\nGBP/USD looks like a false breakout  to me its already failing, but it is the GBP and it could turn at anytime.\r\n\r\nThe AUD and NZD both rallied and have started to pull back. The NZD/USD 60M chart looks really interesting. A down sloping trend line the last move 61.8% is at 0.8650 which held overnight. I see 0.8590 as a key level moving forward and below this level it gets very bearish in my opinion. If futures weaken based on the back of IBM quarterly results it could be interesting.\r\n\r\nUSD/JPY very shallow tetra cement of last move 38.2% to 102.40 the S&amp;P rallied 78.6% in comparison. So as I see it the USD/JPY didn\'t really rally with the S&amp;P but if the S&amp;P falls it would seem logical that the USD/JPY would fall quite easily.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERNIGHT TRADES</strong></span>:\r\n\r\nNZD/USD short RADAR TRADE triggered at 0.8620.\r\n\r\nUSD/SEK long this trade triggered and was stopped out for a 234 pip loss. I set a dreadfully wrong stop loss. What the hell was I thinking? I will re-active a RADAR TRADE later for this currency pair.\r\n\r\n&nbsp;\r\n\r\nNothing else on my mind.\r\n\r\nGood Luck and take care from about 11.00am EDT today it will go very quiet until Tuesday/ Wednesday next week. Markets will be very thin.\r\n\r\nThe next DAILY FX POST will next Tuesday, but I will post a blog in the PREMIUM SERVICE this weekend.\r\n\r\nScott','#14 - THE DAILY FX POST, Thursday 17th April 2014','','inherit','open','closed','','3497-revision-v1','','','2014-04-17 06:38:57','2014-04-17 11:38:57','',3497,'https://weeklyfxdrivethru.com/3497-revision-v1/',0,'revision','',0),(3505,1,'2014-04-19 09:38:15','2014-04-19 14:38:15','','HANDLING NEWS WITH AN OPEN POSITION','','inherit','open','closed','','handling-news-with-an-open-position','','','2014-04-19 09:38:15','2014-04-19 14:38:15','',3476,'https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/HANDLING-NEWS-WITH-AN-OPEN-POSITION.pdf',0,'attachment','application/pdf',0),(3508,1,'2014-04-19 09:43:20','2014-04-19 14:43:20','<section class=\"pdf-links\">\r\n<div class=\"one-third first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/CREATING-A-TRADING-PLAN-3.0.pdf\">CREATING A TRADING PLAN</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/FOLLOWING-YOUR-TRADING-PLAN-.pdf\">FOLLOWING YOUR TRADING PLAN</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/PLANNING-YOUR-TRADES-2.0.pdf\">PLANNING YOUR TRADES (2.0)</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/MANAGING-RISK.pdf\">MANAGING RISK</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/STOP-PLACEMENT.pdf\">STOP PLACEMENT</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/MAXIMISING-PROFIT-POTENTIAL-BY-PROPERLY-SIZING-POSITIONS.pdf\">MAXIMISING PROFIT POTENTIAL BY PROPERLY SIZING POSITIONS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-AROUND-THE-NEWS.pdf\">TRADING AROUND THE NEWS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/HANDLING-NEWS-WITH-AN-OPEN-POSITION.pdf\">HANDLING NEWS WITH AN OPEN POSITION</a>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>\r\n</section>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-04-19 09:43:20','2014-04-19 14:43:20','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3510,1,'2016-10-08 12:09:07','2016-10-08 17:09:07','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\"><img class=\"alignnone size-full wp-image-4997\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\" alt=\"Blog Dates 2016\" width=\"534\" />\n</a>\n\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BLOG-DATES-2017-08102016.png\"><img class=\"aligncenter size-large wp-image-8429\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BLOG-DATES-2017-08102016-624x1024.png\" alt=\"blog-dates-2017-08102016\" width=\"624\" height=\"1024\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\">\n</a>\n\n<img class=\"wp-image-8162 alignnone\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2018.png\" alt=\"BLOG DATES 2018\" width=\"529\" height=\"712\" />\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;','Blog Dates','','inherit','open','closed','','2772-autosave-v1','','','2016-10-08 12:09:07','2016-10-08 17:09:07','',2772,'https://weeklyfxdrivethru.com/2772-autosave-v1/',0,'revision','',0),(8158,1,'2016-07-21 08:57:47','2016-07-21 13:57:47','','BLOG DATES 2017','','inherit','open','closed','','blog-dates-2017-2','','','2016-07-21 08:58:21','2016-07-21 13:58:21','',2772,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017.png',0,'attachment','image/png',0),(8160,1,'2016-07-21 09:02:41','2016-07-21 14:02:41','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\"><img class=\"alignnone size-full wp-image-4997\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\" alt=\"Blog Dates 2016\" width=\"534\" />\r\n</a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017.png\"><img class=\"size-full wp-image-8158 alignleft\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017.png\" alt=\"BLOG DATES 2017\" width=\"420\" height=\"552\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','Blog Dates','','inherit','closed','closed','','2772-revision-v1','','','2016-07-21 09:02:41','2016-07-21 14:02:41','',2772,'http://weeklyfxdrivethru.com/2772-revision-v1/',0,'revision','',0),(8159,1,'2016-07-21 09:01:24','2016-07-21 14:01:24','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\"><img class=\"alignnone size-full wp-image-4997\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\" alt=\"Blog Dates 2016\" width=\"534\" /></a><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017.png\"><img class=\" wp-image-8158 alignleft\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017.png\" alt=\"BLOG DATES 2017\" width=\"532\" height=\"699\" /></a>\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&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&nbsp;\r\n\r\n<img class=\"wp-image-7779 alignleft\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2018-Blog-Dates.jpg\" alt=\"2018-Blog-Dates\" width=\"477\" height=\"789\" />','Blog Dates','','inherit','closed','closed','','2772-revision-v1','','','2016-07-21 09:01:24','2016-07-21 14:01:24','',2772,'http://weeklyfxdrivethru.com/2772-revision-v1/',0,'revision','',0),(3512,1,'2014-04-19 10:50:52','2014-04-19 15:50:52','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe market jitters continued over the part 7 days. Some of the swings from lows to highs were just incredible. It would have been a wild ride if you were caught in the crossfire, hopefully if you were unfortunate to be there it wasn’t too costly. However, I strongly suspect that many traders were caught and many thousands of $$$ were lost this past week. If you were to combine losses from previous weeks and believe me there would have been losses, I would say many trading organizations as well as individual traders struggled.\r\n\r\nAs I have repeatedly stated over and over again the only way to survive this volatility is to trade smaller position sizes, with wider stops or NOT to trade at all.\r\n\r\nMy broker account balances are growing but at a reduced rate. Just keeping your head above water is a success right now. I had a conference call yesterday (Friday) with two other traders, well known in the social network sphere and very well connected. Without prompting they both claimed it to be the hardest trading environment they have seen for years and because we are at so many inflection points across currencies, equities and worldwide indices, the volatility with the two-way price action at the inflection points is excessive. I called that the under- statement of 2014 so far.\r\n\r\nHowever, it is what it is and we have to move on but accept the increased risks associated with trading.\r\n\r\nMy favourite subject the EUROZONE features as my main topic of conversation this week. So in this section I will avoid all EUROZONE references.\r\n\r\nAway from the EUROZONE, for me, it was not a major news event week, with the exception of the Chinese Data. I do not want to upset my Chinese subscribers but there comes a point when the data released and the subsequent market reaction becomes laughable. All I want to say is that, the miss and it was a miss when look behind the annualized numbers will plague the AUD and NZD currencies going forward.\r\n\r\nI also want to reach out to the new PREMIUM SERVICE subscribers. Please be aware there are now over 80 subscribers in total, which, is fantastic and ahead of Marketing Plan. The vast majority of my PREMIUM SERVICE subscribers are happy just to receive the DAILY FX POST and this weekly blog and are not interested in Twitter. I have absolutely no problem with this approach at all, but please bear in mind there are only 24 hours in a day, I need sleep from time to time so I cannot answer emails or SKYPE messages immediately, nor do I look for Twitter conversations.\r\n\r\nI have to research, publish set-ups, trade myself, manage trades, tweet, blog and write additional articles for the PREMIUM SERVICE version of this blog, plus develop Broker relationships for the future as the PREMIUM SERVICE develops. If it takes me an hour or so to respond to questions I apologize. I promise you I am busy but I will get back to you.\r\n\r\nI am looking at the option of hosting a weekly webinar in conjunction with one of my selected brokers to answer any trading questions and maybe look at some live trading. I want to be fair to all subscribers as you are spread worldwide in every time zone so the timings would vary each time to cover all time zones around 7-8pm at night local times. If this is something that you would like me to pursue please drop me an email at premiumservice@weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. TRADING SUMMARY:</strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>APRIL 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: center;\">\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<strong> </strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n7 trades at $0.10 cents each = $0.70 risk for $9.60 loss.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n7 trades at $1.00 each = $7.00 risk for $96.00 loss</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n7 trades at $10.00 each = $70.00 risk for $960.00 loss</p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><strong>FLASH TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n25 trades at $0.10 cents each = $2.50 cents risk for $74.70 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n25 trades at $1.00 each = $25.00 risk for $747.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n25 trades at $10.00 each = $250.00 risk for $7,470.00 profit.</p>\r\n<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>APRIL 2014…TO DATE:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n34 trades at $0.10 cents each = $3.40 risk for $68.50 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n34 trades at $1.00 each = $34.00 risk for $685.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n34 trades at $10.00 each = $340.00 risk for $6,850.00 profit.<strong> </strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>TOTAL 2014…SO FAR:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n174 trades at $0.10 cents each = $17.40 risk for $272.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n174 trades at $1.00 each = $174.00 risk for $2,720.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n174 trades at $10.00 each = $1,740.00 risk for $27,200.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>IT’S ABOUT TIME DRAGHI ACTED ON DEFLATION, UNEMPLOYMENT - THE EUROZONE THE STATISTICS ARE JUST DREADFUL</strong></p>\r\n&nbsp;\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\"><img class=\"aligncenter size-full wp-image-3499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\" alt=\"EZ INSERT PSBLOG 19042014\" width=\"426\" height=\"515\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\nThe above chart is self-explanatory.\r\n\r\nIt highlights the task that the ECB and the various governments in the Eurozone have in front of them if they are to tackle the basics of improving the economic performance of their country. I have for the purpose of this blog taken a sample of countries in the Eurozone focusing on the bailout countries, plus a couple of other high profile members and the two majors of France and Germany.\r\n\r\nQuite frankly 5 years after the financial crisis to see these statistics shows what a poor job has been done by the ECB in tackling fundamental problems. In saying that I know that individual countries have had a part to play but under the banner of one central bank the ECB is responsible to act in the best interests of all members of the single currency union. I do not in my opinion believe that this has been the case.\r\n\r\nI admit work has been done, very substantial work has been carried out in ensuring stability in the banking industry across the Eurozone. Yet, with all this work we on the verge of yet another banking stress test in the Eurozone, one has to ask why so many? One can only assume because they have not been stressful enough in the past and that the ECB is concerned. Additionally the appointment of a “Banking Tzar” to manage and monitor banking performance drags on and on and on…another can is being constantly kicked down the never ending road out of Brussels towards Frankfurt and Berlin.\r\n\r\nWhen talking or writing about the Eurozone you always have to bear in mind it is the land of compromise. It is virtually impossible with everything that goes on in Brussels to get agreement from all member states on something no matter what the subject may be. Even the Cheese and Wine debate for Country-head meetings has its protestors. The phrase “Kicking the can down the road” emanates from the Eurozone and quite right too. It is collection of 18 member states that all use the same chequebook, who all have their own culture and separate identities and their own domestic problem issues.\r\n\r\nHow on earth can 18 into 1 go? The simple fact is it does not fit. Hence all the outstanding issues, all the compromises and all the cans being kicked down the road. This also adds to the poor communications, there are 18 people at least on every subject trying to claim sound-byte time in the media to get their individual view across.\r\n\r\nThe biggest hurdle in the Eurozone however is Germany, the leader, the powerhouse and the country with all the money and the financial strength. As long as Germany is in good shape F**K the rest seems to be approach. The Eurozone is said to be based upon equal voices, equal voices my a**e.\r\n\r\nWe have a situation in the Eurozone that is just getting worse and worse. For over 12 months bugger all has been done to fight unemployment. The number of under 25 year olds jobless, in particular, is a bloody disgrace and those in power should be ashamed of their performance in tackling this. But, Germany’s jobless rate is considerably below the Eurozone average so NO attention or focus has been directed to this area in the past year. The call for stimulus has been made - but ignored.\r\n\r\nGermany’s GDP and Inflation rates are above average but not in line with Eurozone targets and recent PPi prints show that producer prices in Germany are now negative showing that DEFLATION is becoming a German issue as well as a major issue for other member countries who have had to live with DEFLATION for years. The inflation rate target for the Eurozone is 2%; presently we see 0.50% and nothing tells me that this number is increasing, quite the opposite in fact.\r\n\r\nThe Bundesbank and Angela Merkel are the primary culprits for this. Their policy of trying to make the other 17 countries of the Eurozone areas of Germany has failed miserably, and the belief that not tackling the issue head on hoping that it will somehow get better is quite pathetic.\r\n\r\nI also blame poor Mario Draghi, his only approach without permission from Germany to act is verbal intervention. For too long now we have listened to we will do “Whatever it takes”, “ We are not concerned about dis-inflation”, “Projections are in line”, “Extended period of stability ahead” etc. etc. etc….it is all bulls**t. Even France now wants to arrange a meeting of Eurozone members to discuss the high EUR/USD exchange rate.\r\n\r\nThe cost export goods from the Eurozone is very high, due to the strength of the single currency. Stimulus is required to lower the exchange rate, gets sales moving, and, get some of the unemployed off claiming welfare cheques and back into the workforce generating tax income, instead of being a tax burden to countries. Unemployment rates over 10% are a disgrace this is 2014 NOT 1920. It is so simple employed people contribute to a countrie’s wealth, therefore you would think focus on this to be paramount.\r\n\r\nThe Eurozone is so depressed prices are not rising because no one is buying anything other than essentials. The politicians have failed their voters miserably over the past few years. Country heads blame the fact that they cannot manipulate their currency to stimulate their domestic economies and rely on austerity measures to cut back to ensure they meet the German membership guidelines.\r\n\r\nIt has been a vicious circle for sometime, but I now think that there is a light at the end of the tunnel. Recent comments from the ECB board and Draghi himself have been consistent about looking at special measures to remove the risks of DEFLATION that are definitely starting to worry Germany as well.\r\n\r\nTo launch a stimulus programme in the Eurozone now will be much more costly and difficult to keep on track given that the U.S. and UK are way ahead in terms of progression away from what at the time a looming crisis. The U.S. tackled the financial crisis full on with Quantitative Easing under Ben Bernanke the then FED chairman, and the economy is now showing shoots of economic optimism. An improving employment situation and GDP of around 3%. The UK is without doubt the surprise package when it came to an economic recovery, this was helped without doubt by hosting the 2012 Olympic games. The Eurozone have done f**k all in 5 years to tackle what the U.S. and the UK took on immediately at the financial crash. The Eurozone because it dithers in everything it does is playing catch-up.\r\n\r\nThe options to stimulate open to the ECB / Draghi include, Quantitative Easing (QE), further Long Term Refinancing Options (LTRO) and Negative Deposit Rates for Central Banks with the ECB.\r\n\r\nWe must trade cautiously when trading the EUR, as news about any special measures may not just be reserved for ECB Press Conferences it could come at anytime. The mere fact that more and more talking is taking place leads me to believe that something is about to break. Germany must be concerned with it’s recent economic data, it confirms that they are also struggling and although the German approach is usually to do an ostrich impression and bury it’s head in the sand, I think that they have run out of cans to kick and timing is now right to act. The longer it is left with improving data emanating from the U.S. and close trading partner the UK the worse and longer the Eurozone recovery will be.\r\n\r\nSo…I asked on twitter a few days ago what is next for the EUR/USD 1.3450 or 1.3950?\r\n\r\nI ask it again and I wish I knew the answer because it would be one hell of trade if you knew!!\r\n\r\nMy gut feeling, moving forward is helped based upon the fact that the French Government is now openly struggling economically, and, they want to gather periphery support within the Eurozone. They want to move the ECB position on stimulus and the single currency strength but also pressurize the Germans into agreeing that ECB can change monetary policy - this will be telling and crucial news to the future of the Eurozone should it happen.\r\n\r\nI therefore think that if the Germans and the ECB are serious about tackling Eurozone DEFLATION, the Euro currency strength and unemployment, we should be looking at a target of sub 1.3000, closer to 1.2600 or even less, it depends on the message that they collectively want to send. A 10% correction would be a complete waste of time and laughed at. It has be substantial for the markets to sit up and take notice.\r\n\r\nOn the other side, if no action is taken soon I see the markets attempting a squeeze on the EUR/USD and we could see the ECB being forced to act in reactionary / emergency mode rather than taking control now and being pro-active with the markets. A powerful squeeze could see 1.5000 pretty fast at this level Draghi would be having kittens.\r\n\r\nThe ECB are great talkers so - DO NOT take anything for granted. Logic says that the pressure is to the downside but we may have to go long before going short.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>HANDLING NEWS WITH AN OPEN POSITION:</strong></p>\r\nI have already written about TRADING AROUND THE NEWS.\r\n\r\nThis document is based around how to handle open positions when a major news announcement is approaching. There are several strategies that I trade where this plan wouldn’t be ideal and I will highlight these as I write.\r\n\r\nThe point however, is that this information should at least show the importance of having an idea what to do with a position when there is about to be a major news announcement. For me, please bear in mind, when I say major news, I mean RED news items that are listed on Forex Factory. I would take no action if an announcement with low or moderate impact was on the horizon. Also, I am only interested about announcements that pertain to the specific currency pair. In other words, a big EUR announcement would not make me alter my USD/JPY position.\r\n\r\nWhy do we need to worry about news announcements when we already have a position, and we already have a stop loss and limit / profit target in place? We worry about this because a major news announcement can move the market a great deal. The examples below will show how these announcements can create more risk than normal.\r\n\r\nA few things to always remember when reading about this subject are that: -\r\n<ul>\r\n	<li>You can always reduce risks by adjusting your position size. It is easy to add back and adjust your cost average after the news event is over.</li>\r\n	<li>A lot depends on what type of trade you are currently live with. For me my approach on news is different for FUNDAMENTAL TRADES (very long term), RADAR TRADES (short term to swing) or FLASH TRADES (intra-day, pullback, scalping).</li>\r\n	<li>It’s all about RISK v REWARD</li>\r\n	<li>It’s all about PLANNING YOUR TRADES and TRADING YOUR PLAN.</li>\r\n</ul>\r\nEXAMPLE 1:\r\n\r\nTHE POSITION IS CURRENTLY NOT PROFITABLE:\r\n\r\nWe would in most cases leave the existing position intact. There is an exception to this rule. If the trade is 90% of the way to the stop loss position already with the broker (e.g. -50 pip stop and within 5 pips of stopping out), I would just close this trade. The reason for this is the concern that a big move against the trade could create a gap. If the gap goes past the stop then you could lose more than the risk tolerance in place, this is not good. If the trade is not near the stop loss in place just prior to the news it may be fine to leave the trade live and see what happens.\r\n\r\nEXAMPLE 2:\r\n\r\nTHE TRADE IS AT BREAK EVEN:\r\n\r\nWith this scenario that trade would usually be left live. However, there are a couple of exceptions.\r\n\r\nFirstly, if you think that there is a chance the news could gap beyond the stop loss, you should exit the trade. This is rare but is could apply to a very short-term trade.\r\n\r\nSecondly, another reason to exit the trade is if the original charting pattern no loner appears valid. If the original reason you placed the trade is gone, it makes no sense to continue. One would normally not expect this as most trades should be well thought out in advance but with a less defined strategy it could be a situation that you find yourself in.\r\n\r\nEXAMPLE 3:\r\n\r\nTHE POSITION IS CURRENTLY PROFITABLE:\r\n\r\nThis is probably the most difficult of the three scenarios to manage. In the first example, the trade is more likely to be stopped regardless. The second example happens very infrequently. Example 3 is quite tricky.\r\n\r\nIf the currency pair that you are trading is about 50% to the limit / target or better, personally, I would seriously think of exiting the trade. The reason is you can go from a nice profitable trade to a losing trade in an instant, or even be stopped out. However, there could also be some subjectivity in that level depending on how much you think the announcement could move the pair relative to the size of the pattern. The main objective is that you do not want to go from a profitable trade to a losing trade in a short amount of time.\r\n\r\nPsychological philosophy comes into play here, but for me it’s all about the risk reward. I would adjust the trade size and take profits off the table. The position size can always be added to after the news event is over, if it is the right thing to do.\r\n\r\nA news event generally represents a move that is random, rapid and usually large. Therefore, I always ask myself questions such as, “If I had a 50/50 chance of the currency pair moving up 30 pips or down 30 pips, would I take it right now?” This is a very basic and very simple example, it is like lots of things associated with trading a grey area, and it generates lots of different and conflicting views.\r\n\r\nThe easiest approach is just ignore the news, but I think by following the criteria listed above, trading results could be improved when you have a position in the market as a major news announcement it about to be released.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nI am in several positions and I am not 100% happy with them all but many positions are very small position sizes that I do not mind holding. I am maybe too optimistic that I will engineer my way out of these poorer trades but my RISK MANAGEMENT is still 100%.\r\n<p style=\"text-align: center;\"><strong>FT69</strong>\r\n<strong> USD/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 1.1061</strong>\r\n<strong>Stop Loss: 1.0850</strong>\r\n<strong>Limit / Target: 1.1600</strong>\r\n<strong>Weekly Closing Price: 1.1005</strong>\r\n<strong>Position: -55 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT73</strong>\r\n<strong> USD/CHF</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 0.8937</strong>\r\n<strong>Stop Loss: 0.8800</strong>\r\n<strong>Limit / Target: 0.9250</strong>\r\n<strong>Weekly Closing Price: 0.8833</strong>\r\n<strong>Position: - 104 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>FT77</strong>\r\n<strong>EUR/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 1.3744</strong>\r\n<strong>Stop Loss: 1.3950</strong>\r\n<strong>Limit / Target: 1.3450</strong>\r\n<strong>Weekly Closing Price: 1.3804</strong>\r\n<strong>Position: - 60 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT93</strong>\r\n<strong> SEK/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 15.46</strong>\r\n<strong>Stop Loss: 16.12</strong>\r\n<strong>Limit / Target: 14.75</strong>\r\n<strong>Weekly Closing Price: 15.55</strong>\r\n<strong>Position: - 9 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT95</strong>\r\n<strong> USD/SEK</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 6.5796</strong>\r\n<strong>Stop Loss: 6.5897</strong>\r\n<strong>Limit / Target: 6.9100</strong>\r\n<strong>Weekly Closing Price: 6.5945</strong>\r\n<strong>Position: +149 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<strong> </strong>\r\n\r\n<strong>RADAR TRADES:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RT56</strong>\r\n<strong>EUR/SEK</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 9.0792</strong>\r\n<strong>Stop Loss: 9.0897</strong>\r\n<strong>Target / Limit: 9.8547</strong>\r\n<strong>Weekly Closing Price: 9.1141</strong>\r\n<strong>Position: +349 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>RT60</strong>\r\n<strong>EUR/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 1.5225</strong>\r\n<strong>Stop Loss: 1.4950</strong>\r\n<strong>Target / Limit: 1.6340</strong>\r\n<strong>Weekly Closing Price: 1.5213</strong>\r\n<strong>Position: - 12 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>RT64</strong>\r\n<strong>USD/NOK</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 5.9694</strong>\r\n<strong>Stop Loss: 5.9459</strong>\r\n<strong>Target / Limit: 6.0257</strong>\r\n<strong>Weekly Closing Price: 5.9841</strong>\r\n<strong>Position: +147 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong><strong> </strong></p>\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n<p style=\"text-align: center;\"><strong>FUN14</strong>\r\n<strong> GBP/NZD</strong>\r\n<strong> (This trade is hedged from -150 pips)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9000</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>Weekly Closing Price: 1.9532</strong>\r\n<strong>Position: -297 pips</strong></p>\r\n<strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nOn Twitter last Thursday, I provided several trades, I think 9 in total, some of which have not yet triggered, and I stated that I doubted than any more would be added in this blog. This is the case, I have no new ones to enter but I have found a very interesting “Gartley pattern” on the AUD/CAD that may play out and offer a shorting opportunity when the measured move completes. I will talk about this next week in THE DAILY FX POST.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>AUD/NZD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 1.0960</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 1.0750</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 1.1340</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/AUD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 1.4850</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 1.4500</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 1.6280</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/NOK</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 8.2652</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 8.2532</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 8.2994</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>AUD/NZD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 1.0960</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 1.0750</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 1.1340</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>GBP/CAD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 1.8440</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 1.8250</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 1.8750</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>AUD/USD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Short</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 0.9395</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 0.9450</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 0.8000</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3804.</strong> The rollercoaster ride continues. This pair would try the patience of a saint. I have been short against the 1.3946 highs for what seems like weeks. Ultimately, my fundamental view is that we are heading lower and I believe the next two weeks will be crucial for this pair. Draghi has his nuts getting squeezed in the vice as he is being forced to act on DEFLATION, the problem is the electrodes attached to his testicles from Berlin. The time of verbal intervention is over, if he does f**k all this time it really will be the “Central Banker that cried wolf”. The key levels are support at 1.3700 and resistance at 1.3950.\r\n\r\n<strong>GBP/USD: Closing Price 1.6770. </strong>Is that a triple top at 1.6830-40? If it is, look out below, I think we could be in for a major breakdown back towards 1.6250. The problem is the fact that it is “The Cable”; the king of false breakouts and also false breakdowns. I hate this currency to trade. My average length of a GBP/USD trade must be measured in seconds rather than minutes…never hours or days. Support is at 1.6750 below here and I think that the bulls are in control Resistance is at 1.6840.\r\n\r\n<strong>AUD/USD: Closing Price 0.9326</strong>. This pair I think has soooooooo many people long trying to play out the inverted head and shoulders measured move to 0.9500. There are so many longs it is so well supported. We saw a little chink in the armour towards the end of last week but it has to fall to at least 0.9210 in my opinion for the bears to be back in control; once again. Resistance is at 0.9500.\r\n\r\n<strong>NZD/USD: Closing Price 0.8569</strong>. I am now short once again…I am a glutten for punishment. Did I get short too early? I am short against the recent highs at 0.8750. Support where I think this pair really turns bearish is at 0.8500.\r\n\r\n<strong>USD/CAD: Closing Price 1.0005.</strong> Hurrah…at long last the loonie does a Lazarus and rises from the dead of the 1.08’s. Near term resistance is at 1.1040 and with a break above here 1.1100 comes into play. Support should be good now around 1.0970.\r\n\r\n<strong>USD/CHF: Closing Price 0.8833</strong>. We are once again above 0.8800. Key resistance is at 0.8850 and then 0.8900. My patience being long this pair is finally paying off. Support should be very good back at 0.8800 and then below that figure 0.8750.\r\n\r\n<strong>USD/JPY: Closing Price 102.36. </strong>102.40 is the key upside resistance for this pair and look where we ended the week. 103.00 is next and 101.80 should offer some support should we head lower once again before we hit 101.40.\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD – CPi.\r\nTUESDAY: CNY – HSBC Flash Manufacturing PMI.\r\n\r\nWEDNESDAY: EUR – German and French Flash Manufacturing PMi.\r\nWEDNESDAY: NZD – RBNZ Rate Statement and Cash Rate.\r\n\r\nTHURSDAY: EUR – German IFO Business Confidence and Draghi speaks.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nA little light on major economic data releases this week, which means that we will be at the mercy of the stock markets.\r\n\r\nWe are at major inflection points across all markets so I would recommend that smaller position trade sizes are traded and if you feel like a week off this would not be a bad time to take time out in my opinion. The markets look broken to me but they are holding up very well.\r\n\r\nDo not be complacent in any aspect of your trading at this time. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 19th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','IT’S ABOUT TIME THE ECB AND DRAGHI ACTED ON DEFLATION  - THE EUROZONE STATISTICS ARE DREADFUL','','inherit','open','closed','','3511-revision-v1','','','2014-04-19 10:50:52','2014-04-19 15:50:52','',3511,'https://weeklyfxdrivethru.com/3511-revision-v1/',0,'revision','',0),(3513,1,'2014-04-19 10:53:19','2014-04-19 15:53:19','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe market jitters continued over the part 7 days. Some of the swings from lows to highs were just incredible. It would have been a wild ride if you were caught in the crossfire, hopefully if you were unfortunate to be there it wasn’t too costly. However, I strongly suspect that many traders were caught and many thousands of $$$ were lost this past week. If you were to combine losses from previous weeks and believe me there would have been losses, I would say many trading organizations as well as individual traders struggled.\r\n\r\nAs I have repeatedly stated over and over again the only way to survive this volatility is to trade smaller position sizes, with wider stops or NOT to trade at all.\r\n\r\nMy broker account balances are growing but at a reduced rate. Just keeping your head above water is a success right now. I had a conference call yesterday (Friday) with two other traders, well known in the social network sphere and very well connected. Without prompting they both claimed it to be the hardest trading environment they have seen for years and because we are at so many inflection points across currencies, equities and worldwide indices, the volatility with the two-way price action at the inflection points is excessive. I called that the under- statement of 2014 so far.\r\n\r\nHowever, it is what it is and we have to move on but accept the increased risks associated with trading.\r\n\r\nMy favourite subject the EUROZONE features as my main topic of conversation this week. So in this section I will avoid all EUROZONE references.\r\n\r\nAway from the EUROZONE, for me, it was not a major news event week, with the exception of the Chinese Data. I do not want to upset my Chinese subscribers but there comes a point when the data released and the subsequent market reaction becomes laughable. All I want to say is that, the miss and it was a miss when look behind the annualized numbers will plague the AUD and NZD currencies going forward.\r\n\r\nI also want to reach out to the new PREMIUM SERVICE subscribers. Please be aware there are now over 80 subscribers in total, which, is fantastic and ahead of Marketing Plan. The vast majority of my PREMIUM SERVICE subscribers are happy just to receive the DAILY FX POST and this weekly blog and are not interested in Twitter. I have absolutely no problem with this approach at all, but please bear in mind there are only 24 hours in a day, I need sleep from time to time so I cannot answer emails or SKYPE messages immediately, nor do I look for Twitter conversations.\r\n\r\nI have to research, publish set-ups, trade myself, manage trades, tweet, blog and write additional articles for the PREMIUM SERVICE version of this blog, plus develop Broker relationships for the future as the PREMIUM SERVICE develops. If it takes me an hour or so to respond to questions I apologize. I promise you I am busy but I will get back to you.\r\n\r\nI am looking at the option of hosting a weekly webinar in conjunction with one of my selected brokers to answer any trading questions and maybe look at some live trading. I want to be fair to all subscribers as you are spread worldwide in every time zone so the timings would vary each time to cover all time zones around 7-8pm at night local times. If this is something that you would like me to pursue please drop me an email at premiumservice@weeklyfxdrivethru.com\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. TRADING SUMMARY:</strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>APRIL 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<strong> </strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n7 trades at $0.10 cents each = $0.70 risk for $9.60 loss.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n7 trades at $1.00 each = $7.00 risk for $96.00 loss</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n7 trades at $10.00 each = $70.00 risk for $960.00 loss</p>\r\n<p style=\"text-align: center;\"><strong>FLASH TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n25 trades at $0.10 cents each = $2.50 cents risk for $74.70 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n25 trades at $1.00 each = $25.00 risk for $747.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n25 trades at $10.00 each = $250.00 risk for $7,470.00 profit.</p>\r\n<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n2 trades at $0.10 cents each = $0.20 cents risk for $3.40 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n2 trades at $1.00 each = $2.00 risk for $34.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n2 trades at $10.00 each = $20.00 risk for $340.00 profit.</p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>APRIL 2014…TO DATE:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n34 trades at $0.10 cents each = $3.40 risk for $68.50 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n34 trades at $1.00 each = $34.00 risk for $685.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n34 trades at $10.00 each = $340.00 risk for $6,850.00 profit.<strong> </strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>TOTAL 2014…SO FAR:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n174 trades at $0.10 cents each = $17.40 risk for $272.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n174 trades at $1.00 each = $174.00 risk for $2,720.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n174 trades at $10.00 each = $1,740.00 risk for $27,200.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>IT’S ABOUT TIME DRAGHI ACTED ON DEFLATION, UNEMPLOYMENT - THE EUROZONE THE STATISTICS ARE JUST DREADFUL</strong></p>\r\n&nbsp;\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\"><img class=\"aligncenter size-full wp-image-3499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\" alt=\"EZ INSERT PSBLOG 19042014\" width=\"426\" height=\"515\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\nThe above chart is self-explanatory.\r\n\r\nIt highlights the task that the ECB and the various governments in the Eurozone have in front of them if they are to tackle the basics of improving the economic performance of their country. I have for the purpose of this blog taken a sample of countries in the Eurozone focusing on the bailout countries, plus a couple of other high profile members and the two majors of France and Germany.\r\n\r\nQuite frankly 5 years after the financial crisis to see these statistics shows what a poor job has been done by the ECB in tackling fundamental problems. In saying that I know that individual countries have had a part to play but under the banner of one central bank the ECB is responsible to act in the best interests of all members of the single currency union. I do not in my opinion believe that this has been the case.\r\n\r\nI admit work has been done, very substantial work has been carried out in ensuring stability in the banking industry across the Eurozone. Yet, with all this work we on the verge of yet another banking stress test in the Eurozone, one has to ask why so many? One can only assume because they have not been stressful enough in the past and that the ECB is concerned. Additionally the appointment of a “Banking Tzar” to manage and monitor banking performance drags on and on and on…another can is being constantly kicked down the never ending road out of Brussels towards Frankfurt and Berlin.\r\n\r\nWhen talking or writing about the Eurozone you always have to bear in mind it is the land of compromise. It is virtually impossible with everything that goes on in Brussels to get agreement from all member states on something no matter what the subject may be. Even the Cheese and Wine debate for Country-head meetings has its protestors. The phrase “Kicking the can down the road” emanates from the Eurozone and quite right too. It is collection of 18 member states that all use the same chequebook, who all have their own culture and separate identities and their own domestic problem issues.\r\n\r\nHow on earth can 18 into 1 go? The simple fact is it does not fit. Hence all the outstanding issues, all the compromises and all the cans being kicked down the road. This also adds to the poor communications, there are 18 people at least on every subject trying to claim sound-byte time in the media to get their individual view across.\r\n\r\nThe biggest hurdle in the Eurozone however is Germany, the leader, the powerhouse and the country with all the money and the financial strength. As long as Germany is in good shape F**K the rest seems to be approach. The Eurozone is said to be based upon equal voices, equal voices my a**e.\r\n\r\nWe have a situation in the Eurozone that is just getting worse and worse. For over 12 months bugger all has been done to fight unemployment. The number of under 25 year olds jobless, in particular, is a bloody disgrace and those in power should be ashamed of their performance in tackling this. But, Germany’s jobless rate is considerably below the Eurozone average so NO attention or focus has been directed to this area in the past year. The call for stimulus has been made - but ignored.\r\n\r\nGermany’s GDP and Inflation rates are above average but not in line with Eurozone targets and recent PPi prints show that producer prices in Germany are now negative showing that DEFLATION is becoming a German issue as well as a major issue for other member countries who have had to live with DEFLATION for years. The inflation rate target for the Eurozone is 2%; presently we see 0.50% and nothing tells me that this number is increasing, quite the opposite in fact.\r\n\r\nThe Bundesbank and Angela Merkel are the primary culprits for this. Their policy of trying to make the other 17 countries of the Eurozone areas of Germany has failed miserably, and the belief that not tackling the issue head on hoping that it will somehow get better is quite pathetic.\r\n\r\nI also blame poor Mario Draghi, his only approach without permission from Germany to act is verbal intervention. For too long now we have listened to we will do “Whatever it takes”, “ We are not concerned about dis-inflation”, “Projections are in line”, “Extended period of stability ahead” etc. etc. etc….it is all bulls**t. Even France now wants to arrange a meeting of Eurozone members to discuss the high EUR/USD exchange rate.\r\n\r\nThe cost export goods from the Eurozone is very high, due to the strength of the single currency. Stimulus is required to lower the exchange rate, gets sales moving, and, get some of the unemployed off claiming welfare cheques and back into the workforce generating tax income, instead of being a tax burden to countries. Unemployment rates over 10% are a disgrace this is 2014 NOT 1920. It is so simple employed people contribute to a countrie’s wealth, therefore you would think focus on this to be paramount.\r\n\r\nThe Eurozone is so depressed prices are not rising because no one is buying anything other than essentials. The politicians have failed their voters miserably over the past few years. Country heads blame the fact that they cannot manipulate their currency to stimulate their domestic economies and rely on austerity measures to cut back to ensure they meet the German membership guidelines.\r\n\r\nIt has been a vicious circle for sometime, but I now think that there is a light at the end of the tunnel. Recent comments from the ECB board and Draghi himself have been consistent about looking at special measures to remove the risks of DEFLATION that are definitely starting to worry Germany as well.\r\n\r\nTo launch a stimulus programme in the Eurozone now will be much more costly and difficult to keep on track given that the U.S. and UK are way ahead in terms of progression away from what at the time a looming crisis. The U.S. tackled the financial crisis full on with Quantitative Easing under Ben Bernanke the then FED chairman, and the economy is now showing shoots of economic optimism. An improving employment situation and GDP of around 3%. The UK is without doubt the surprise package when it came to an economic recovery, this was helped without doubt by hosting the 2012 Olympic games. The Eurozone have done f**k all in 5 years to tackle what the U.S. and the UK took on immediately at the financial crash. The Eurozone because it dithers in everything it does is playing catch-up.\r\n\r\nThe options to stimulate open to the ECB / Draghi include, Quantitative Easing (QE), further Long Term Refinancing Options (LTRO) and Negative Deposit Rates for Central Banks with the ECB.\r\n\r\nWe must trade cautiously when trading the EUR, as news about any special measures may not just be reserved for ECB Press Conferences it could come at anytime. The mere fact that more and more talking is taking place leads me to believe that something is about to break. Germany must be concerned with it’s recent economic data, it confirms that they are also struggling and although the German approach is usually to do an ostrich impression and bury it’s head in the sand, I think that they have run out of cans to kick and timing is now right to act. The longer it is left with improving data emanating from the U.S. and close trading partner the UK the worse and longer the Eurozone recovery will be.\r\n\r\nSo…I asked on twitter a few days ago what is next for the EUR/USD 1.3450 or 1.3950?\r\n\r\nI ask it again and I wish I knew the answer because it would be one hell of trade if you knew!!\r\n\r\nMy gut feeling, moving forward is helped based upon the fact that the French Government is now openly struggling economically, and, they want to gather periphery support within the Eurozone. They want to move the ECB position on stimulus and the single currency strength but also pressurize the Germans into agreeing that ECB can change monetary policy - this will be telling and crucial news to the future of the Eurozone should it happen.\r\n\r\nI therefore think that if the Germans and the ECB are serious about tackling Eurozone DEFLATION, the Euro currency strength and unemployment, we should be looking at a target of sub 1.3000, closer to 1.2600 or even less, it depends on the message that they collectively want to send. A 10% correction would be a complete waste of time and laughed at. It has be substantial for the markets to sit up and take notice.\r\n\r\nOn the other side, if no action is taken soon I see the markets attempting a squeeze on the EUR/USD and we could see the ECB being forced to act in reactionary / emergency mode rather than taking control now and being pro-active with the markets. A powerful squeeze could see 1.5000 pretty fast at this level Draghi would be having kittens.\r\n\r\nThe ECB are great talkers so - DO NOT take anything for granted. Logic says that the pressure is to the downside but we may have to go long before going short.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>HANDLING NEWS WITH AN OPEN POSITION:</strong></p>\r\nI have already written about TRADING AROUND THE NEWS.\r\n\r\nThis document is based around how to handle open positions when a major news announcement is approaching. There are several strategies that I trade where this plan wouldn’t be ideal and I will highlight these as I write.\r\n\r\nThe point however, is that this information should at least show the importance of having an idea what to do with a position when there is about to be a major news announcement. For me, please bear in mind, when I say major news, I mean RED news items that are listed on Forex Factory. I would take no action if an announcement with low or moderate impact was on the horizon. Also, I am only interested about announcements that pertain to the specific currency pair. In other words, a big EUR announcement would not make me alter my USD/JPY position.\r\n\r\nWhy do we need to worry about news announcements when we already have a position, and we already have a stop loss and limit / profit target in place? We worry about this because a major news announcement can move the market a great deal. The examples below will show how these announcements can create more risk than normal.\r\n\r\nA few things to always remember when reading about this subject are that: -\r\n<ul>\r\n	<li>You can always reduce risks by adjusting your position size. It is easy to add back and adjust your cost average after the news event is over.</li>\r\n	<li>A lot depends on what type of trade you are currently live with. For me my approach on news is different for FUNDAMENTAL TRADES (very long term), RADAR TRADES (short term to swing) or FLASH TRADES (intra-day, pullback, scalping).</li>\r\n	<li>It’s all about RISK v REWARD</li>\r\n	<li>It’s all about PLANNING YOUR TRADES and TRADING YOUR PLAN.</li>\r\n</ul>\r\nEXAMPLE 1:\r\n\r\nTHE POSITION IS CURRENTLY NOT PROFITABLE:\r\n\r\nWe would in most cases leave the existing position intact. There is an exception to this rule. If the trade is 90% of the way to the stop loss position already with the broker (e.g. -50 pip stop and within 5 pips of stopping out), I would just close this trade. The reason for this is the concern that a big move against the trade could create a gap. If the gap goes past the stop then you could lose more than the risk tolerance in place, this is not good. If the trade is not near the stop loss in place just prior to the news it may be fine to leave the trade live and see what happens.\r\n\r\nEXAMPLE 2:\r\n\r\nTHE TRADE IS AT BREAK EVEN:\r\n\r\nWith this scenario that trade would usually be left live. However, there are a couple of exceptions.\r\n\r\nFirstly, if you think that there is a chance the news could gap beyond the stop loss, you should exit the trade. This is rare but is could apply to a very short-term trade.\r\n\r\nSecondly, another reason to exit the trade is if the original charting pattern no loner appears valid. If the original reason you placed the trade is gone, it makes no sense to continue. One would normally not expect this as most trades should be well thought out in advance but with a less defined strategy it could be a situation that you find yourself in.\r\n\r\nEXAMPLE 3:\r\n\r\nTHE POSITION IS CURRENTLY PROFITABLE:\r\n\r\nThis is probably the most difficult of the three scenarios to manage. In the first example, the trade is more likely to be stopped regardless. The second example happens very infrequently. Example 3 is quite tricky.\r\n\r\nIf the currency pair that you are trading is about 50% to the limit / target or better, personally, I would seriously think of exiting the trade. The reason is you can go from a nice profitable trade to a losing trade in an instant, or even be stopped out. However, there could also be some subjectivity in that level depending on how much you think the announcement could move the pair relative to the size of the pattern. The main objective is that you do not want to go from a profitable trade to a losing trade in a short amount of time.\r\n\r\nPsychological philosophy comes into play here, but for me it’s all about the risk reward. I would adjust the trade size and take profits off the table. The position size can always be added to after the news event is over, if it is the right thing to do.\r\n\r\nA news event generally represents a move that is random, rapid and usually large. Therefore, I always ask myself questions such as, “If I had a 50/50 chance of the currency pair moving up 30 pips or down 30 pips, would I take it right now?” This is a very basic and very simple example, it is like lots of things associated with trading a grey area, and it generates lots of different and conflicting views.\r\n\r\nThe easiest approach is just ignore the news, but I think by following the criteria listed above, trading results could be improved when you have a position in the market as a major news announcement it about to be released.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nI am in several positions and I am not 100% happy with them all but many positions are very small position sizes that I do not mind holding. I am maybe too optimistic that I will engineer my way out of these poorer trades but my RISK MANAGEMENT is still 100%.\r\n<p style=\"text-align: center;\"><strong>FT69</strong>\r\n<strong> USD/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 1.1061</strong>\r\n<strong>Stop Loss: 1.0850</strong>\r\n<strong>Limit / Target: 1.1600</strong>\r\n<strong>Weekly Closing Price: 1.1005</strong>\r\n<strong>Position: -55 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT73</strong>\r\n<strong> USD/CHF</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 0.8937</strong>\r\n<strong>Stop Loss: 0.8800</strong>\r\n<strong>Limit / Target: 0.9250</strong>\r\n<strong>Weekly Closing Price: 0.8833</strong>\r\n<strong>Position: - 104 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>FT77</strong>\r\n<strong>EUR/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 1.3744</strong>\r\n<strong>Stop Loss: 1.3950</strong>\r\n<strong>Limit / Target: 1.3450</strong>\r\n<strong>Weekly Closing Price: 1.3804</strong>\r\n<strong>Position: - 60 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT93</strong>\r\n<strong> SEK/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 15.46</strong>\r\n<strong>Stop Loss: 16.12</strong>\r\n<strong>Limit / Target: 14.75</strong>\r\n<strong>Weekly Closing Price: 15.55</strong>\r\n<strong>Position: - 9 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT95</strong>\r\n<strong> USD/SEK</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 6.5796</strong>\r\n<strong>Stop Loss: 6.5897</strong>\r\n<strong>Limit / Target: 6.9100</strong>\r\n<strong>Weekly Closing Price: 6.5945</strong>\r\n<strong>Position: +149 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<strong> </strong>\r\n\r\n<strong>RADAR TRADES:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RT56</strong>\r\n<strong>EUR/SEK</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 9.0792</strong>\r\n<strong>Stop Loss: 9.0897</strong>\r\n<strong>Target / Limit: 9.8547</strong>\r\n<strong>Weekly Closing Price: 9.1141</strong>\r\n<strong>Position: +349 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>RT60</strong>\r\n<strong>EUR/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 1.5225</strong>\r\n<strong>Stop Loss: 1.4950</strong>\r\n<strong>Target / Limit: 1.6340</strong>\r\n<strong>Weekly Closing Price: 1.5213</strong>\r\n<strong>Position: - 12 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>RT64</strong>\r\n<strong>USD/NOK</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 5.9694</strong>\r\n<strong>Stop Loss: 5.9459</strong>\r\n<strong>Target / Limit: 6.0257</strong>\r\n<strong>Weekly Closing Price: 5.9841</strong>\r\n<strong>Position: +147 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong><strong> </strong></p>\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n<p style=\"text-align: center;\"><strong>FUN14</strong>\r\n<strong> GBP/NZD</strong>\r\n<strong> (This trade is hedged from -150 pips)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9000</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>Weekly Closing Price: 1.9532</strong>\r\n<strong>Position: -297 pips</strong></p>\r\n<strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nOn Twitter last Thursday, I provided several trades, I think 9 in total, some of which have not yet triggered, and I stated that I doubted than any more would be added in this blog. This is the case, I have no new ones to enter but I have found a very interesting “Gartley pattern” on the AUD/CAD that may play out and offer a shorting opportunity when the measured move completes. I will talk about this next week in THE DAILY FX POST.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>AUD/NZD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 1.0960</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 1.0750</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 1.1340</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/AUD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 1.4850</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 1.4500</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 1.6280</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>EUR/NOK</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 8.2652</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 8.2532</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 8.2994</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>AUD/NZD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 1.0960</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 1.0750</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 1.1340</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>GBP/CAD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Long</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 1.8440</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 1.8250</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 1.8750</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>AUD/USD</strong></p>\r\n<p style=\"text-align: center;\"><strong>Short</strong></p>\r\n<p style=\"text-align: center;\"><strong>Enter at 0.9395</strong></p>\r\n<p style=\"text-align: center;\"><strong>Stop Loss at 0.9450</strong></p>\r\n<p style=\"text-align: center;\"><strong>Target / Limit 0.8000</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3804.</strong> The rollercoaster ride continues. This pair would try the patience of a saint. I have been short against the 1.3946 highs for what seems like weeks. Ultimately, my fundamental view is that we are heading lower and I believe the next two weeks will be crucial for this pair. Draghi has his nuts getting squeezed in the vice as he is being forced to act on DEFLATION, the problem is the electrodes attached to his testicles from Berlin. The time of verbal intervention is over, if he does f**k all this time it really will be the “Central Banker that cried wolf”. The key levels are support at 1.3700 and resistance at 1.3950.\r\n\r\n<strong>GBP/USD: Closing Price 1.6770. </strong>Is that a triple top at 1.6830-40? If it is, look out below, I think we could be in for a major breakdown back towards 1.6250. The problem is the fact that it is “The Cable”; the king of false breakouts and also false breakdowns. I hate this currency to trade. My average length of a GBP/USD trade must be measured in seconds rather than minutes…never hours or days. Support is at 1.6750 below here and I think that the bulls are in control Resistance is at 1.6840.\r\n\r\n<strong>AUD/USD: Closing Price 0.9326</strong>. This pair I think has soooooooo many people long trying to play out the inverted head and shoulders measured move to 0.9500. There are so many longs it is so well supported. We saw a little chink in the armour towards the end of last week but it has to fall to at least 0.9210 in my opinion for the bears to be back in control; once again. Resistance is at 0.9500.\r\n\r\n<strong>NZD/USD: Closing Price 0.8569</strong>. I am now short once again…I am a glutton for punishment. Did I get short too early? I am short against the recent highs at 0.8750. Support where I think this pair really turns bearish is at 0.8500.\r\n\r\n<strong>USD/CAD: Closing Price 1.0005.</strong> Hurrah…at long last the loonie does a Lazarus and rises from the dead of the 1.08’s. Near term resistance is at 1.1040 and with a break above here 1.1100 comes into play. Support should be good now around 1.0970.\r\n\r\n<strong>USD/CHF: Closing Price 0.8833</strong>. We are once again above 0.8800. Key resistance is at 0.8850 and then 0.8900. My patience being long this pair is finally paying off. Support should be very good back at 0.8800 and then below that figure 0.8750.\r\n\r\n<strong>USD/JPY: Closing Price 102.36. </strong>102.40 is the key upside resistance for this pair and look where we ended the week. 103.00 is next and 101.80 should offer some support should we head lower once again before we hit 101.40.\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD – CPi.\r\nTUESDAY: CNY – HSBC Flash Manufacturing PMI.\r\n\r\nWEDNESDAY: EUR – German and French Flash Manufacturing PMi.\r\nWEDNESDAY: NZD – RBNZ Rate Statement and Cash Rate.\r\n\r\nTHURSDAY: EUR – German IFO Business Confidence and Draghi speaks.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nA little light on major economic data releases this week, which means that we will be at the mercy of the stock markets.\r\n\r\nWe are at major inflection points across all markets so I would recommend that smaller position trade sizes are traded and if you feel like a week off this would not be a bad time to take time out in my opinion. The markets look broken to me but they are holding up very well.\r\n\r\nDo not be complacent in any aspect of your trading at this time. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 19th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','IT’S ABOUT TIME THE ECB AND DRAGHI ACTED ON DEFLATION  - THE EUROZONE STATISTICS ARE DREADFUL','','inherit','open','closed','','3511-revision-v1','','','2014-04-19 10:53:19','2014-04-19 15:53:19','',3511,'https://weeklyfxdrivethru.com/3511-revision-v1/',0,'revision','',0),(3514,1,'2014-04-19 11:28:41','2014-04-19 16:28:41','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe market jitters continued over the part 7 days. Some of the swings from lows to highs were just incredible. It would have been a wild ride if you were caught in the crossfire, hopefully if you were unfortunate to be there it wasn’t too costly. However, I strongly suspect that many traders were caught and many thousands of $$$ were lost this past week. If you were to combine losses from previous weeks and believe me there would have been losses, I would say many trading organizations as well as individual traders struggled.\r\n\r\nAs I have repeatedly stated over and over again the only way to survive this volatility is to trade smaller position sizes, with wider stops or NOT to trade at all.\r\n\r\nMy broker account balances are growing but at a reduced rate. Just keeping your head above water is a success right now. I had a conference call yesterday (Friday) with two other traders, well known in the social network sphere and very well connected. Without prompting they both claimed it to be the hardest trading environment they have seen for years and because we are at so many inflection points across currencies, equities and worldwide indices, the volatility with the two-way price action at the inflection points is excessive. I called that the under- statement of 2014 so far.\r\n\r\nHowever, it is what it is and we have to move on but accept the increased risks associated with trading.\r\n\r\nMy favourite subject the EUROZONE features as my main topic of conversation this week. So in this section I will avoid all EUROZONE references.\r\n\r\nAway from the EUROZONE, for me, it was not a major news event week, with the exception of the Chinese Data. I do not want to upset my Chinese subscribers but there comes a point when the data released and the subsequent market reaction becomes laughable. All I want to say is that, the miss and it was a miss when look behind the annualized numbers will plague the AUD and NZD currencies going forward.\r\n\r\nI also want to reach out to the new PREMIUM SERVICE subscribers. Please be aware there are now over 80 subscribers in total, which, is fantastic and ahead of Marketing Plan. The vast majority of my PREMIUM SERVICE subscribers are happy just to receive the DAILY FX POST and this weekly blog and are not interested in Twitter. I have absolutely no problem with this approach at all, but please bear in mind there are only 24 hours in a day, I need sleep from time to time so I cannot answer emails or SKYPE messages immediately, nor do I look for Twitter conversations.\r\n\r\nI have to research, publish set-ups, trade myself, manage trades, tweet, blog and write additional articles for the PREMIUM SERVICE version of this blog, plus develop Broker relationships for the future as the PREMIUM SERVICE develops. If it takes me an hour or so to respond to questions I apologize. I promise you I am busy but I will get back to you.\r\n\r\nI am looking at the option of hosting a weekly webinar in conjunction with one of my selected brokers to answer any trading questions and maybe look at some live trading. I want to be fair to all subscribers as you are spread worldwide in every time zone so the timings would vary each time to cover all time zones around 7-8pm at night local times. If this is something that you would like me to pursue please drop me an email at premiumservice@weeklyfxdrivethru.com\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>IT’S ABOUT TIME THE ECB AND DRAGHI ACTED ON DEFLATION\r\n- THE EUROZONE STATISTICS ARE DREADFUL</strong></p>\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\"><img class=\"aligncenter size-full wp-image-3499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\" alt=\"EZ INSERT PSBLOG 19042014\" width=\"426\" height=\"515\" /></a></strong>\r\n\r\nThe above chart is self-explanatory.\r\n\r\nIt highlights the task that the ECB and the various governments in the Eurozone have in front of them if they are to tackle the basics of improving the economic performance of their country. I have for the purpose of this blog taken a sample of countries in the Eurozone focusing on the bailout countries, plus a couple of other high profile members and the two majors of France and Germany.\r\n\r\nQuite frankly 5 years after the financial crisis to see these statistics shows what a poor job has been done by the ECB in tackling fundamental problems. In saying that I know that individual countries have had a part to play but under the banner of one central bank the ECB is responsible to act in the best interests of all members of the single currency union. I do not in my opinion believe that this has been the case.\r\n\r\nI admit work has been done, very substantial work has been carried out in ensuring stability in the banking industry across the Eurozone. Yet, with all this work we on the verge of yet another banking stress test in the Eurozone, one has to ask why so many? One can only assume because they have not been stressful enough in the past and that the ECB is concerned. Additionally the appointment of a “Banking Tzar” to manage and monitor banking performance drags on and on and on…another can is being constantly kicked down the never ending road out of Brussels towards Frankfurt and Berlin.\r\n\r\nWhen talking or writing about the Eurozone you always have to bear in mind it is the land of compromise. It is virtually impossible with everything that goes on in Brussels to get agreement from all member states on something no matter what the subject may be. Even the Cheese and Wine debate for Country-head meetings has its protestors. The phrase “Kicking the can down the road” emanates from the Eurozone and quite right too. It is collection of 18 member states that all use the same chequebook, who all have their own culture and separate identities and their own domestic problem issues.\r\n\r\nHow on earth can 18 into 1 go? The simple fact is it does not fit. Hence all the outstanding issues, all the compromises and all the cans being kicked down the road. This also adds to the poor communications, there are 18 people at least on every subject trying to claim sound-byte time in the media to get their individual view across.\r\n\r\nThe biggest hurdle in the Eurozone however is Germany, the leader, the powerhouse and the country with all the money and the financial strength. As long as Germany is in good shape F**K the rest seems to be approach. The Eurozone is said to be based upon equal voices, equal voices my a**e.\r\n\r\nWe have a situation in the Eurozone that is just getting worse and worse. For over 12 months bugger all has been done to fight unemployment. The number of under 25 year olds jobless, in particular, is a bloody disgrace and those in power should be ashamed of their performance in tackling this. But, Germany’s jobless rate is considerably below the Eurozone average so NO attention or focus has been directed to this area in the past year. The call for stimulus has been made - but ignored.\r\n\r\nGermany’s GDP and Inflation rates are above average but not in line with Eurozone targets and recent PPi prints show that producer prices in Germany are now negative showing that DEFLATION is becoming a German issue as well as a major issue for other member countries who have had to live with DEFLATION for years. The inflation rate target for the Eurozone is 2%; presently we see 0.50% and nothing tells me that this number is increasing, quite the opposite in fact.\r\n\r\nThe Bundesbank and Angela Merkel are the primary culprits for this. Their policy of trying to make the other 17 countries of the Eurozone areas of Germany has failed miserably, and the belief that not tackling the issue head on hoping that it will somehow get better is quite pathetic.\r\n\r\nI also blame poor Mario Draghi, his only approach without permission from Germany to act is verbal intervention. For too long now we have listened to we will do “Whatever it takes”, “ We are not concerned about dis-inflation”, “Projections are in line”, “Extended period of stability ahead” etc. etc. etc….it is all bulls**t. Even France now wants to arrange a meeting of Eurozone members to discuss the high EUR/USD exchange rate.\r\n\r\nThe cost export goods from the Eurozone is very high, due to the strength of the single currency. Stimulus is required to lower the exchange rate, gets sales moving, and, get some of the unemployed off claiming welfare cheques and back into the workforce generating tax income, instead of being a tax burden to countries. Unemployment rates over 10% are a disgrace this is 2014 NOT 1920. It is so simple employed people contribute to a countrie’s wealth, therefore you would think focus on this to be paramount.\r\n\r\nThe Eurozone is so depressed prices are not rising because no one is buying anything other than essentials. The politicians have failed their voters miserably over the past few years. Country heads blame the fact that they cannot manipulate their currency to stimulate their domestic economies and rely on austerity measures to cut back to ensure they meet the German membership guidelines.\r\n\r\nIt has been a vicious circle for sometime, but I now think that there is a light at the end of the tunnel. Recent comments from the ECB board and Draghi himself have been consistent about looking at special measures to remove the risks of DEFLATION that are definitely starting to worry Germany as well.\r\n\r\nTo launch a stimulus programme in the Eurozone now will be much more costly and difficult to keep on track given that the U.S. and UK are way ahead in terms of progression away from what at the time a looming crisis. The U.S. tackled the financial crisis full on with Quantitative Easing under Ben Bernanke the then FED chairman, and the economy is now showing shoots of economic optimism. An improving employment situation and GDP of around 3%. The UK is without doubt the surprise package when it came to an economic recovery, this was helped without doubt by hosting the 2012 Olympic games. The Eurozone have done f**k all in 5 years to tackle what the U.S. and the UK took on immediately at the financial crash. The Eurozone because it dithers in everything it does is playing catch-up.\r\n\r\nThe options to stimulate open to the ECB / Draghi include, Quantitative Easing (QE), further Long Term Refinancing Options (LTRO) and Negative Deposit Rates for Central Banks with the ECB.\r\n\r\nWe must trade cautiously when trading the EUR, as news about any special measures may not just be reserved for ECB Press Conferences it could come at anytime. The mere fact that more and more talking is taking place leads me to believe that something is about to break. Germany must be concerned with it’s recent economic data, it confirms that they are also struggling and although the German approach is usually to do an ostrich impression and bury it’s head in the sand, I think that they have run out of cans to kick and timing is now right to act. The longer it is left with improving data emanating from the U.S. and close trading partner the UK the worse and longer the Eurozone recovery will be.\r\n\r\nSo…I asked on twitter a few days ago what is next for the EUR/USD 1.3450 or 1.3950?\r\n\r\nI ask it again and I wish I knew the answer because it would be one hell of trade if you knew!!\r\n\r\nMy gut feeling, moving forward is helped based upon the fact that the French Government is now openly struggling economically, and, they want to gather periphery support within the Eurozone. They want to move the ECB position on stimulus and the single currency strength but also pressurize the Germans into agreeing that ECB can change monetary policy - this will be telling and crucial news to the future of the Eurozone should it happen.\r\n\r\nI therefore think that if the Germans and the ECB are serious about tackling Eurozone DEFLATION, the Euro currency strength and unemployment, we should be looking at a target of sub 1.3000, closer to 1.2600 or even less, it depends on the message that they collectively want to send. A 10% correction would be a complete waste of time and laughed at. It has be substantial for the markets to sit up and take notice.\r\n\r\nOn the other side, if no action is taken soon I see the markets attempting a squeeze on the EUR/USD and we could see the ECB being forced to act in reactionary / emergency mode rather than taking control now and being pro-active with the markets. A powerful squeeze could see 1.5000 pretty fast at this level Draghi would be having kittens.\r\n\r\nThe ECB are great talkers so - DO NOT take anything for granted. Logic says that the pressure is to the downside but we may have to go long before going short.\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. THE PREMIUM SERVICE:</strong>\r\n\r\nI make several references to the PREMIUM SERVICE during this blog. The reason for that is that the PREMIUM SERVICE blog is more detailed and contains more information that the free WEEKLY FX DRIVE THRU version.\r\n\r\nThe PREMIUM SERVICE is a subscriber only service that provides my subscribers with the following: -\r\n\r\n<strong>THE DAILY FX POST</strong> – this is a daily blog that goes directly to the secure subscriber area of the my website. This daily blog contains a brief overview of my thoughts each day on major FX news and reviews of key economic data. It also has trade set-ups for trades that are on my radar. I provide set ups for trades based upon three styles of trade, FLASH, RADAR or FUNDAMENTAL. This goal of this daily blog is to set traders up with a thought process for the day.\r\n\r\n<strong>TWITTER</strong> – an exclusive protected twitter feed. This adds to the DAILY FX POST throughout the following day and night with trade set-ups, updates and my thoughts on the market as it moves. If trades come into play I tweet them as my chart analysis is completed.\r\n\r\n<strong>THE PREMIUM SERVICE BLOG</strong> – This is a more comprehensive review of the week just gone and the week ahead. It includes training sections and RADAR trades plus on going performance reviews of existing trades and my thoughts moving forward.\r\n\r\n<strong>THE PREMIUM SERVICE SUBSCRIBERS ONLY WEBSITE</strong> – This holds details of all trades, whether FLASH, RADAR or FUNDAMENTAL. Excel spreadsheets analyse the profit / loss performances all current trades and I also measure the year to date performances. The website also includes several sections containing training materials that are being added to weekly to provide traders with a comprehensive library of information. In the future, webinars will be added and I am looking into a TRADER’s CHATROOM option, which would take the PREMIUM SERVICE on-line capabilities to the next level.\r\n\r\nIf this is something that interests you. If you go to the main website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the welcome page on the top left you will see headings such as PREMIUM SERVICE, SPECIAL OFFERS and SIGN-UP all of these contain further information about the PREMIUM SERVICE and how to subscribe.\r\n\r\nThere is now a low cost trial option of $20.00 for 4 weeks membership.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3804.</strong> The rollercoaster ride continues. This pair would try the patience of a saint. I have been short against the 1.3946 highs for what seems like weeks. Ultimately, my fundamental view is that we are heading lower and I believe the next two weeks will be crucial for this pair. Draghi has his nuts getting squeezed in the vice as he is being forced to act on DEFLATION, the problem is the electrodes attached to his testicles from Berlin. The time of verbal intervention is over, if he does f**k all this time it really will be the “Central Banker that cried wolf”. The key levels are support at 1.3700 and resistance at 1.3950.\r\n\r\n<strong>GBP/USD: Closing Price 1.6770. </strong>Is that a triple top at 1.6830-40? If it is, look out below, I think we could be in for a major breakdown back towards 1.6250. The problem is the fact that it is “The Cable”; the king of false breakouts and also false breakdowns. I hate this currency to trade. My average length of a GBP/USD trade must be measured in seconds rather than minutes…never hours or days. Support is at 1.6750 below here and I think that the bulls are in control Resistance is at 1.6840.\r\n\r\n<strong>AUD/USD: Closing Price 0.9326</strong>.  This pair I think has soooooooo many people long trying to play out the inverted head and shoulders measured move to 0.9500. There are so many longs it is so well supported. We saw a little chink in the armour towards the end of last week but it has to fall to at least 0.9210 in my opinion for the bears to be back in control; once again. Resistance is at 0.9500.\r\n\r\n<strong>NZD/USD: Closing Price 0.8569</strong>. I am now short once again…I am a glutton for punishment. Did I get short too early? I am short against the recent highs at 0.8750. Support where I think this pair really turns bearish is at 0.8500.\r\n\r\n<strong>USD/CAD: Closing Price 1.0005.</strong> Hurrah…at long last the loonie does a Lazarus and rises from the dead of the 1.08’s. Near term resistance is at 1.1040 and with a break above here 1.1100 comes into play. Support should be good now around 1.0970.\r\n\r\n<strong>USD/CHF: Closing Price 0.8833</strong>. We are once again above 0.8800. Key resistance is at 0.8850 and then 0.8900. My patience being long this pair is finally paying off. Support should be very good back at 0.8800 and then below that figure 0.8750.\r\n\r\n<strong>USD/JPY: Closing Price 102.36. </strong>102.40 is the key upside resistance for this pair and look where we ended the week. 103.00 is next and 101.80 should offer some support should we head lower once again before we hit 101.40.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD – CPi.\r\nTUESDAY: CNY – HSBC Flash Manufacturing PMI.\r\n\r\nWEDNESDAY: EUR – German and French Flash Manufacturing PMi.\r\nWEDNESDAY: NZD – RBNZ Rate Statement and Cash Rate.\r\n\r\nTHURSDAY: EUR – German IFO Business Confidence and Draghi speaks.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nA little light on major economic data releases this week, which means that we will be at the mercy of the stock markets.\r\n\r\nWe are at major inflection points across all markets so I would recommend that smaller position trade sizes are traded and if you feel like a week off this would not be a bad time to take time out in my opinion. The markets look broken to me but they are holding up very well.\r\n\r\nDo not be complacent in any aspect of your trading at this time. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 19th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','IT’S ABOUT TIME THE ECB AND DRAGHI ACTED ON DEFLATION  - THE EUROZONE STATISTICS ARE DREADFUL','','publish','open','closed','','time-ecb-draghi-acted-deflation-eurozone-statistics-dreadful','','','2014-04-19 11:28:41','2014-04-19 16:28:41','',0,'https://weeklyfxdrivethru.com/?p=3514',0,'post','',0),(3515,1,'2014-04-19 11:26:12','2014-04-19 16:26:12','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe market jitters continued over the part 7 days. Some of the swings from lows to highs were just incredible. It would have been a wild ride if you were caught in the crossfire, hopefully if you were unfortunate to be there it wasn’t too costly. However, I strongly suspect that many traders were caught and many thousands of $$$ were lost this past week. If you were to combine losses from previous weeks and believe me there would have been losses, I would say many trading organizations as well as individual traders struggled.\r\n\r\nAs I have repeatedly stated over and over again the only way to survive this volatility is to trade smaller position sizes, with wider stops or NOT to trade at all.\r\n\r\nMy broker account balances are growing but at a reduced rate. Just keeping your head above water is a success right now. I had a conference call yesterday (Friday) with two other traders, well known in the social network sphere and very well connected. Without prompting they both claimed it to be the hardest trading environment they have seen for years and because we are at so many inflection points across currencies, equities and worldwide indices, the volatility with the two-way price action at the inflection points is excessive. I called that the under- statement of 2014 so far.\r\n\r\nHowever, it is what it is and we have to move on but accept the increased risks associated with trading.\r\n\r\nMy favourite subject the EUROZONE features as my main topic of conversation this week. So in this section I will avoid all EUROZONE references.\r\n\r\nAway from the EUROZONE, for me, it was not a major news event week, with the exception of the Chinese Data. I do not want to upset my Chinese subscribers but there comes a point when the data released and the subsequent market reaction becomes laughable. All I want to say is that, the miss and it was a miss when look behind the annualized numbers will plague the AUD and NZD currencies going forward.\r\n\r\nI also want to reach out to the new PREMIUM SERVICE subscribers. Please be aware there are now over 80 subscribers in total, which, is fantastic and ahead of Marketing Plan. The vast majority of my PREMIUM SERVICE subscribers are happy just to receive the DAILY FX POST and this weekly blog and are not interested in Twitter. I have absolutely no problem with this approach at all, but please bear in mind there are only 24 hours in a day, I need sleep from time to time so I cannot answer emails or SKYPE messages immediately, nor do I look for Twitter conversations.\r\n\r\nI have to research, publish set-ups, trade myself, manage trades, tweet, blog and write additional articles for the PREMIUM SERVICE version of this blog, plus develop Broker relationships for the future as the PREMIUM SERVICE develops. If it takes me an hour or so to respond to questions I apologize. I promise you I am busy but I will get back to you.\r\n\r\nI am looking at the option of hosting a weekly webinar in conjunction with one of my selected brokers to answer any trading questions and maybe look at some live trading. I want to be fair to all subscribers as you are spread worldwide in every time zone so the timings would vary each time to cover all time zones around 7-8pm at night local times. If this is something that you would like me to pursue please drop me an email at premiumservice@weeklyfxdrivethru.com\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>IT’S ABOUT TIME THE ECB AND DRAGHI ACTED ON DEFLATION\r\n- THE EUROZONE STATISTICS ARE DREADFUL</strong></p>\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\"><img class=\"aligncenter size-full wp-image-3499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\" alt=\"EZ INSERT PSBLOG 19042014\" width=\"426\" height=\"515\" /></a></strong>\r\n\r\nThe above chart is self-explanatory.\r\n\r\nIt highlights the task that the ECB and the various governments in the Eurozone have in front of them if they are to tackle the basics of improving the economic performance of their country. I have for the purpose of this blog taken a sample of countries in the Eurozone focusing on the bailout countries, plus a couple of other high profile members and the two majors of France and Germany.\r\n\r\nQuite frankly 5 years after the financial crisis to see these statistics shows what a poor job has been done by the ECB in tackling fundamental problems. In saying that I know that individual countries have had a part to play but under the banner of one central bank the ECB is responsible to act in the best interests of all members of the single currency union. I do not in my opinion believe that this has been the case.\r\n\r\nI admit work has been done, very substantial work has been carried out in ensuring stability in the banking industry across the Eurozone. Yet, with all this work we on the verge of yet another banking stress test in the Eurozone, one has to ask why so many? One can only assume because they have not been stressful enough in the past and that the ECB is concerned. Additionally the appointment of a “Banking Tzar” to manage and monitor banking performance drags on and on and on…another can is being constantly kicked down the never ending road out of Brussels towards Frankfurt and Berlin.\r\n\r\nWhen talking or writing about the Eurozone you always have to bear in mind it is the land of compromise. It is virtually impossible with everything that goes on in Brussels to get agreement from all member states on something no matter what the subject may be. Even the Cheese and Wine debate for Country-head meetings has its protestors. The phrase “Kicking the can down the road” emanates from the Eurozone and quite right too. It is collection of 18 member states that all use the same chequebook, who all have their own culture and separate identities and their own domestic problem issues.\r\n\r\nHow on earth can 18 into 1 go? The simple fact is it does not fit. Hence all the outstanding issues, all the compromises and all the cans being kicked down the road. This also adds to the poor communications, there are 18 people at least on every subject trying to claim sound-byte time in the media to get their individual view across.\r\n\r\nThe biggest hurdle in the Eurozone however is Germany, the leader, the powerhouse and the country with all the money and the financial strength. As long as Germany is in good shape F**K the rest seems to be approach. The Eurozone is said to be based upon equal voices, equal voices my a**e.\r\n\r\nWe have a situation in the Eurozone that is just getting worse and worse. For over 12 months bugger all has been done to fight unemployment. The number of under 25 year olds jobless, in particular, is a bloody disgrace and those in power should be ashamed of their performance in tackling this. But, Germany’s jobless rate is considerably below the Eurozone average so NO attention or focus has been directed to this area in the past year. The call for stimulus has been made - but ignored.\r\n\r\nGermany’s GDP and Inflation rates are above average but not in line with Eurozone targets and recent PPi prints show that producer prices in Germany are now negative showing that DEFLATION is becoming a German issue as well as a major issue for other member countries who have had to live with DEFLATION for years. The inflation rate target for the Eurozone is 2%; presently we see 0.50% and nothing tells me that this number is increasing, quite the opposite in fact.\r\n\r\nThe Bundesbank and Angela Merkel are the primary culprits for this. Their policy of trying to make the other 17 countries of the Eurozone areas of Germany has failed miserably, and the belief that not tackling the issue head on hoping that it will somehow get better is quite pathetic.\r\n\r\nI also blame poor Mario Draghi, his only approach without permission from Germany to act is verbal intervention. For too long now we have listened to we will do “Whatever it takes”, “ We are not concerned about dis-inflation”, “Projections are in line”, “Extended period of stability ahead” etc. etc. etc….it is all bulls**t. Even France now wants to arrange a meeting of Eurozone members to discuss the high EUR/USD exchange rate.\r\n\r\nThe cost export goods from the Eurozone is very high, due to the strength of the single currency. Stimulus is required to lower the exchange rate, gets sales moving, and, get some of the unemployed off claiming welfare cheques and back into the workforce generating tax income, instead of being a tax burden to countries. Unemployment rates over 10% are a disgrace this is 2014 NOT 1920. It is so simple employed people contribute to a countrie’s wealth, therefore you would think focus on this to be paramount.\r\n\r\nThe Eurozone is so depressed prices are not rising because no one is buying anything other than essentials. The politicians have failed their voters miserably over the past few years. Country heads blame the fact that they cannot manipulate their currency to stimulate their domestic economies and rely on austerity measures to cut back to ensure they meet the German membership guidelines.\r\n\r\nIt has been a vicious circle for sometime, but I now think that there is a light at the end of the tunnel. Recent comments from the ECB board and Draghi himself have been consistent about looking at special measures to remove the risks of DEFLATION that are definitely starting to worry Germany as well.\r\n\r\nTo launch a stimulus programme in the Eurozone now will be much more costly and difficult to keep on track given that the U.S. and UK are way ahead in terms of progression away from what at the time a looming crisis. The U.S. tackled the financial crisis full on with Quantitative Easing under Ben Bernanke the then FED chairman, and the economy is now showing shoots of economic optimism. An improving employment situation and GDP of around 3%. The UK is without doubt the surprise package when it came to an economic recovery, this was helped without doubt by hosting the 2012 Olympic games. The Eurozone have done f**k all in 5 years to tackle what the U.S. and the UK took on immediately at the financial crash. The Eurozone because it dithers in everything it does is playing catch-up.\r\n\r\nThe options to stimulate open to the ECB / Draghi include, Quantitative Easing (QE), further Long Term Refinancing Options (LTRO) and Negative Deposit Rates for Central Banks with the ECB.\r\n\r\nWe must trade cautiously when trading the EUR, as news about any special measures may not just be reserved for ECB Press Conferences it could come at anytime. The mere fact that more and more talking is taking place leads me to believe that something is about to break. Germany must be concerned with it’s recent economic data, it confirms that they are also struggling and although the German approach is usually to do an ostrich impression and bury it’s head in the sand, I think that they have run out of cans to kick and timing is now right to act. The longer it is left with improving data emanating from the U.S. and close trading partner the UK the worse and longer the Eurozone recovery will be.\r\n\r\nSo…I asked on twitter a few days ago what is next for the EUR/USD 1.3450 or 1.3950?\r\n\r\nI ask it again and I wish I knew the answer because it would be one hell of trade if you knew!!\r\n\r\nMy gut feeling, moving forward is helped based upon the fact that the French Government is now openly struggling economically, and, they want to gather periphery support within the Eurozone. They want to move the ECB position on stimulus and the single currency strength but also pressurize the Germans into agreeing that ECB can change monetary policy - this will be telling and crucial news to the future of the Eurozone should it happen.\r\n\r\nI therefore think that if the Germans and the ECB are serious about tackling Eurozone DEFLATION, the Euro currency strength and unemployment, we should be looking at a target of sub 1.3000, closer to 1.2600 or even less, it depends on the message that they collectively want to send. A 10% correction would be a complete waste of time and laughed at. It has be substantial for the markets to sit up and take notice.\r\n\r\nOn the other side, if no action is taken soon I see the markets attempting a squeeze on the EUR/USD and we could see the ECB being forced to act in reactionary / emergency mode rather than taking control now and being pro-active with the markets. A powerful squeeze could see 1.5000 pretty fast at this level Draghi would be having kittens.\r\n\r\nThe ECB are great talkers so - DO NOT take anything for granted. Logic says that the pressure is to the downside but we may have to go long before going short.\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. THE PREMIUM SERVICE:</strong>\r\n\r\nI make several references to the PREMIUM SERVICE during this blog. The reason for that is that the PREMIUM SERVICE blog is more detailed and contains more information that the free WEEKLY FX DRIVE THRU version.\r\n\r\nThe PREMIUM SERVICE is a subscriber only service that provides my subscribers with the following: -\r\n\r\nTHE DAILY FX POST – this is a daily blog that goes directly to the secure subscriber area of the my website. This daily blog contains a brief overview of my thoughts each day on major FX news and reviews of key economic data. It also has trade set-ups for trades that are on my radar. I provide set ups for trades based upon three styles of trade, FLASH, RADAR or FUNDAMENTAL. This goal of this daily blog is to set traders up with a thought process for the day.\r\n\r\nTWITTER – an exclusive protected twitter feed. This adds to the DAILY FX POST throughout the following day and night with trade set-ups, updates and my thoughts on the market as it moves. If trades come into play I tweet them as my chart analysis is completed.\r\n\r\nTHE PREMIUM SERVICE BLOG – This is a more comprehensive review of the week just gone and the week ahead. It includes training sections and RADAR trades plus on going performance reviews of existing trades and my thoughts moving forward.\r\n\r\nTHE PREMIUM SERVICE SUBSCRIBERS ONLY WEBSITE – This holds details of all trades, whether FLASH, RADAR or FUNDAMENTAL. Excel spreadsheets analyse the profit / loss performances all current trades and I also measure the year to date performances. The website also includes several sections containing training materials that are being added to weekly to provide traders with a comprehensive library of information. In the future, Webinars will be added and I am looking into a TRADER’s CHATROOM option, which would take the PREMIUM SERVICE on-line capabilities to the next level.\r\n\r\nIf this is something that interests you. If you go to the main website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the welcome page on the top left you will see headings such as PREMIUM SERVICE, SPECIAL OFFERS and SIGN-UP all of these contain further information about the PREMIUM SERVICE and how to subscribe.\r\n\r\nThere is now a low cost trial option of $20.00 for 4 weeks membership.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3804.</strong> The rollercoaster ride continues. This pair would try the patience of a saint. I have been short against the 1.3946 highs for what seems like weeks. Ultimately, my fundamental view is that we are heading lower and I believe the next two weeks will be crucial for this pair. Draghi has his nuts getting squeezed in the vice as he is being forced to act on DEFLATION, the problem is the electrodes attached to his testicles from Berlin. The time of verbal intervention is over, if he does f**k all this time it really will be the “Central Banker that cried wolf”. The key levels are support at 1.3700 and resistance at 1.3950.\r\n\r\n<strong>GBP/USD: Closing Price 1.6770. </strong>Is that a triple top at 1.6830-40? If it is, look out below, I think we could be in for a major breakdown back towards 1.6250. The problem is the fact that it is “The Cable”; the king of false breakouts and also false breakdowns. I hate this currency to trade. My average length of a GBP/USD trade must be measured in seconds rather than minutes…never hours or days. Support is at 1.6750 below here and I think that the bulls are in control Resistance is at 1.6840.\r\n\r\n<strong>AUD/USD: Closing Price 0.9326</strong>.  This pair I think has soooooooo many people long trying to play out the inverted head and shoulders measured move to 0.9500. There are so many longs it is so well supported. We saw a little chink in the armour towards the end of last week but it has to fall to at least 0.9210 in my opinion for the bears to be back in control; once again. Resistance is at 0.9500.\r\n\r\n<strong>NZD/USD: Closing Price 0.8569</strong>. I am now short once again…I am a glutten for punishment. Did I get short too early? I am short against the recent highs at 0.8750. Support where I think this pair really turns bearish is at 0.8500.\r\n\r\n<strong>USD/CAD: Closing Price 1.0005.</strong> Hurrah…at long last the loonie does a Lazarus and rises from the dead of the 1.08’s. Near term resistance is at 1.1040 and with a break above here 1.1100 comes into play. Support should be good now around 1.0970.\r\n\r\n<strong>USD/CHF: Closing Price 0.8833</strong>. We are once again above 0.8800. Key resistance is at 0.8850 and then 0.8900. My patience being long this pair is finally paying off. Support should be very good back at 0.8800 and then below that figure 0.8750.\r\n\r\n<strong>USD/JPY: Closing Price 102.36. </strong>102.40 is the key upside resistance for this pair and look where we ended the week. 103.00 is next and 101.80 should offer some support should we head lower once again before we hit 101.40.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD – CPi.\r\nTUESDAY: CNY – HSBC Flash Manufacturing PMI.\r\n\r\nWEDNESDAY: EUR – German and French Flash Manufacturing PMi.\r\nWEDNESDAY: NZD – RBNZ Rate Statement and Cash Rate.\r\n\r\nTHURSDAY: EUR – German IFO Business Confidence and Draghi speaks.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nA little light on major economic data releases this week, which means that we will be at the mercy of the stock markets.\r\n\r\nWe are at major inflection points across all markets so I would recommend that smaller position trade sizes are traded and if you feel like a week off this would not be a bad time to take time out in my opinion. The markets look broken to me but they are holding up very well.\r\n\r\nDo not be complacent in any aspect of your trading at this time. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 19th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','IT’S ABOUT TIME THE ECB AND DRAGHI ACTED ON DEFLATION  - THE EUROZONE STATISTICS ARE DREADFUL','','inherit','open','closed','','3514-revision-v1','','','2014-04-19 11:26:12','2014-04-19 16:26:12','',3514,'https://weeklyfxdrivethru.com/3514-revision-v1/',0,'revision','',0),(3516,1,'2014-04-19 11:27:55','2014-04-19 16:27:55','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe market jitters continued over the part 7 days. Some of the swings from lows to highs were just incredible. It would have been a wild ride if you were caught in the crossfire, hopefully if you were unfortunate to be there it wasn’t too costly. However, I strongly suspect that many traders were caught and many thousands of $$$ were lost this past week. If you were to combine losses from previous weeks and believe me there would have been losses, I would say many trading organizations as well as individual traders struggled.\r\n\r\nAs I have repeatedly stated over and over again the only way to survive this volatility is to trade smaller position sizes, with wider stops or NOT to trade at all.\r\n\r\nMy broker account balances are growing but at a reduced rate. Just keeping your head above water is a success right now. I had a conference call yesterday (Friday) with two other traders, well known in the social network sphere and very well connected. Without prompting they both claimed it to be the hardest trading environment they have seen for years and because we are at so many inflection points across currencies, equities and worldwide indices, the volatility with the two-way price action at the inflection points is excessive. I called that the under- statement of 2014 so far.\r\n\r\nHowever, it is what it is and we have to move on but accept the increased risks associated with trading.\r\n\r\nMy favourite subject the EUROZONE features as my main topic of conversation this week. So in this section I will avoid all EUROZONE references.\r\n\r\nAway from the EUROZONE, for me, it was not a major news event week, with the exception of the Chinese Data. I do not want to upset my Chinese subscribers but there comes a point when the data released and the subsequent market reaction becomes laughable. All I want to say is that, the miss and it was a miss when look behind the annualized numbers will plague the AUD and NZD currencies going forward.\r\n\r\nI also want to reach out to the new PREMIUM SERVICE subscribers. Please be aware there are now over 80 subscribers in total, which, is fantastic and ahead of Marketing Plan. The vast majority of my PREMIUM SERVICE subscribers are happy just to receive the DAILY FX POST and this weekly blog and are not interested in Twitter. I have absolutely no problem with this approach at all, but please bear in mind there are only 24 hours in a day, I need sleep from time to time so I cannot answer emails or SKYPE messages immediately, nor do I look for Twitter conversations.\r\n\r\nI have to research, publish set-ups, trade myself, manage trades, tweet, blog and write additional articles for the PREMIUM SERVICE version of this blog, plus develop Broker relationships for the future as the PREMIUM SERVICE develops. If it takes me an hour or so to respond to questions I apologize. I promise you I am busy but I will get back to you.\r\n\r\nI am looking at the option of hosting a weekly webinar in conjunction with one of my selected brokers to answer any trading questions and maybe look at some live trading. I want to be fair to all subscribers as you are spread worldwide in every time zone so the timings would vary each time to cover all time zones around 7-8pm at night local times. If this is something that you would like me to pursue please drop me an email at premiumservice@weeklyfxdrivethru.com\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>IT’S ABOUT TIME THE ECB AND DRAGHI ACTED ON DEFLATION\r\n- THE EUROZONE STATISTICS ARE DREADFUL</strong></p>\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\"><img class=\"aligncenter size-full wp-image-3499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/EZ-INSERT-PSBLOG-19042014.png\" alt=\"EZ INSERT PSBLOG 19042014\" width=\"426\" height=\"515\" /></a></strong>\r\n\r\nThe above chart is self-explanatory.\r\n\r\nIt highlights the task that the ECB and the various governments in the Eurozone have in front of them if they are to tackle the basics of improving the economic performance of their country. I have for the purpose of this blog taken a sample of countries in the Eurozone focusing on the bailout countries, plus a couple of other high profile members and the two majors of France and Germany.\r\n\r\nQuite frankly 5 years after the financial crisis to see these statistics shows what a poor job has been done by the ECB in tackling fundamental problems. In saying that I know that individual countries have had a part to play but under the banner of one central bank the ECB is responsible to act in the best interests of all members of the single currency union. I do not in my opinion believe that this has been the case.\r\n\r\nI admit work has been done, very substantial work has been carried out in ensuring stability in the banking industry across the Eurozone. Yet, with all this work we on the verge of yet another banking stress test in the Eurozone, one has to ask why so many? One can only assume because they have not been stressful enough in the past and that the ECB is concerned. Additionally the appointment of a “Banking Tzar” to manage and monitor banking performance drags on and on and on…another can is being constantly kicked down the never ending road out of Brussels towards Frankfurt and Berlin.\r\n\r\nWhen talking or writing about the Eurozone you always have to bear in mind it is the land of compromise. It is virtually impossible with everything that goes on in Brussels to get agreement from all member states on something no matter what the subject may be. Even the Cheese and Wine debate for Country-head meetings has its protestors. The phrase “Kicking the can down the road” emanates from the Eurozone and quite right too. It is collection of 18 member states that all use the same chequebook, who all have their own culture and separate identities and their own domestic problem issues.\r\n\r\nHow on earth can 18 into 1 go? The simple fact is it does not fit. Hence all the outstanding issues, all the compromises and all the cans being kicked down the road. This also adds to the poor communications, there are 18 people at least on every subject trying to claim sound-byte time in the media to get their individual view across.\r\n\r\nThe biggest hurdle in the Eurozone however is Germany, the leader, the powerhouse and the country with all the money and the financial strength. As long as Germany is in good shape F**K the rest seems to be approach. The Eurozone is said to be based upon equal voices, equal voices my a**e.\r\n\r\nWe have a situation in the Eurozone that is just getting worse and worse. For over 12 months bugger all has been done to fight unemployment. The number of under 25 year olds jobless, in particular, is a bloody disgrace and those in power should be ashamed of their performance in tackling this. But, Germany’s jobless rate is considerably below the Eurozone average so NO attention or focus has been directed to this area in the past year. The call for stimulus has been made - but ignored.\r\n\r\nGermany’s GDP and Inflation rates are above average but not in line with Eurozone targets and recent PPi prints show that producer prices in Germany are now negative showing that DEFLATION is becoming a German issue as well as a major issue for other member countries who have had to live with DEFLATION for years. The inflation rate target for the Eurozone is 2%; presently we see 0.50% and nothing tells me that this number is increasing, quite the opposite in fact.\r\n\r\nThe Bundesbank and Angela Merkel are the primary culprits for this. Their policy of trying to make the other 17 countries of the Eurozone areas of Germany has failed miserably, and the belief that not tackling the issue head on hoping that it will somehow get better is quite pathetic.\r\n\r\nI also blame poor Mario Draghi, his only approach without permission from Germany to act is verbal intervention. For too long now we have listened to we will do “Whatever it takes”, “ We are not concerned about dis-inflation”, “Projections are in line”, “Extended period of stability ahead” etc. etc. etc….it is all bulls**t. Even France now wants to arrange a meeting of Eurozone members to discuss the high EUR/USD exchange rate.\r\n\r\nThe cost export goods from the Eurozone is very high, due to the strength of the single currency. Stimulus is required to lower the exchange rate, gets sales moving, and, get some of the unemployed off claiming welfare cheques and back into the workforce generating tax income, instead of being a tax burden to countries. Unemployment rates over 10% are a disgrace this is 2014 NOT 1920. It is so simple employed people contribute to a countrie’s wealth, therefore you would think focus on this to be paramount.\r\n\r\nThe Eurozone is so depressed prices are not rising because no one is buying anything other than essentials. The politicians have failed their voters miserably over the past few years. Country heads blame the fact that they cannot manipulate their currency to stimulate their domestic economies and rely on austerity measures to cut back to ensure they meet the German membership guidelines.\r\n\r\nIt has been a vicious circle for sometime, but I now think that there is a light at the end of the tunnel. Recent comments from the ECB board and Draghi himself have been consistent about looking at special measures to remove the risks of DEFLATION that are definitely starting to worry Germany as well.\r\n\r\nTo launch a stimulus programme in the Eurozone now will be much more costly and difficult to keep on track given that the U.S. and UK are way ahead in terms of progression away from what at the time a looming crisis. The U.S. tackled the financial crisis full on with Quantitative Easing under Ben Bernanke the then FED chairman, and the economy is now showing shoots of economic optimism. An improving employment situation and GDP of around 3%. The UK is without doubt the surprise package when it came to an economic recovery, this was helped without doubt by hosting the 2012 Olympic games. The Eurozone have done f**k all in 5 years to tackle what the U.S. and the UK took on immediately at the financial crash. The Eurozone because it dithers in everything it does is playing catch-up.\r\n\r\nThe options to stimulate open to the ECB / Draghi include, Quantitative Easing (QE), further Long Term Refinancing Options (LTRO) and Negative Deposit Rates for Central Banks with the ECB.\r\n\r\nWe must trade cautiously when trading the EUR, as news about any special measures may not just be reserved for ECB Press Conferences it could come at anytime. The mere fact that more and more talking is taking place leads me to believe that something is about to break. Germany must be concerned with it’s recent economic data, it confirms that they are also struggling and although the German approach is usually to do an ostrich impression and bury it’s head in the sand, I think that they have run out of cans to kick and timing is now right to act. The longer it is left with improving data emanating from the U.S. and close trading partner the UK the worse and longer the Eurozone recovery will be.\r\n\r\nSo…I asked on twitter a few days ago what is next for the EUR/USD 1.3450 or 1.3950?\r\n\r\nI ask it again and I wish I knew the answer because it would be one hell of trade if you knew!!\r\n\r\nMy gut feeling, moving forward is helped based upon the fact that the French Government is now openly struggling economically, and, they want to gather periphery support within the Eurozone. They want to move the ECB position on stimulus and the single currency strength but also pressurize the Germans into agreeing that ECB can change monetary policy - this will be telling and crucial news to the future of the Eurozone should it happen.\r\n\r\nI therefore think that if the Germans and the ECB are serious about tackling Eurozone DEFLATION, the Euro currency strength and unemployment, we should be looking at a target of sub 1.3000, closer to 1.2600 or even less, it depends on the message that they collectively want to send. A 10% correction would be a complete waste of time and laughed at. It has be substantial for the markets to sit up and take notice.\r\n\r\nOn the other side, if no action is taken soon I see the markets attempting a squeeze on the EUR/USD and we could see the ECB being forced to act in reactionary / emergency mode rather than taking control now and being pro-active with the markets. A powerful squeeze could see 1.5000 pretty fast at this level Draghi would be having kittens.\r\n\r\nThe ECB are great talkers so - DO NOT take anything for granted. Logic says that the pressure is to the downside but we may have to go long before going short.\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. THE PREMIUM SERVICE:</strong>\r\n\r\nI make several references to the PREMIUM SERVICE during this blog. The reason for that is that the PREMIUM SERVICE blog is more detailed and contains more information that the free WEEKLY FX DRIVE THRU version.\r\n\r\nThe PREMIUM SERVICE is a subscriber only service that provides my subscribers with the following: -\r\n\r\n<strong>THE DAILY FX POST</strong> – this is a daily blog that goes directly to the secure subscriber area of the my website. This daily blog contains a brief overview of my thoughts each day on major FX news and reviews of key economic data. It also has trade set-ups for trades that are on my radar. I provide set ups for trades based upon three styles of trade, FLASH, RADAR or FUNDAMENTAL. This goal of this daily blog is to set traders up with a thought process for the day.\r\n\r\n<strong>TWITTER</strong> – an exclusive protected twitter feed. This adds to the DAILY FX POST throughout the following day and night with trade set-ups, updates and my thoughts on the market as it moves. If trades come into play I tweet them as my chart analysis is completed.\r\n\r\n<strong>THE PREMIUM SERVICE BLOG</strong> – This is a more comprehensive review of the week just gone and the week ahead. It includes training sections and RADAR trades plus on going performance reviews of existing trades and my thoughts moving forward.\r\n\r\n<strong>THE PREMIUM SERVICE SUBSCRIBERS ONLY WEBSITE</strong> – This holds details of all trades, whether FLASH, RADAR or FUNDAMENTAL. Excel spreadsheets analyse the profit / loss performances all current trades and I also measure the year to date performances. The website also includes several sections containing training materials that are being added to weekly to provide traders with a comprehensive library of information. In the future, webinars will be added and I am looking into a TRADER’s CHATROOM option, which would take the PREMIUM SERVICE on-line capabilities to the next level.\r\n\r\nIf this is something that interests you. If you go to the main website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the welcome page on the top left you will see headings such as PREMIUM SERVICE, SPECIAL OFFERS and SIGN-UP all of these contain further information about the PREMIUM SERVICE and how to subscribe.\r\n\r\nThere is now a low cost trial option of $20.00 for 4 weeks membership.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3804.</strong> The rollercoaster ride continues. This pair would try the patience of a saint. I have been short against the 1.3946 highs for what seems like weeks. Ultimately, my fundamental view is that we are heading lower and I believe the next two weeks will be crucial for this pair. Draghi has his nuts getting squeezed in the vice as he is being forced to act on DEFLATION, the problem is the electrodes attached to his testicles from Berlin. The time of verbal intervention is over, if he does f**k all this time it really will be the “Central Banker that cried wolf”. The key levels are support at 1.3700 and resistance at 1.3950.\r\n\r\n<strong>GBP/USD: Closing Price 1.6770. </strong>Is that a triple top at 1.6830-40? If it is, look out below, I think we could be in for a major breakdown back towards 1.6250. The problem is the fact that it is “The Cable”; the king of false breakouts and also false breakdowns. I hate this currency to trade. My average length of a GBP/USD trade must be measured in seconds rather than minutes…never hours or days. Support is at 1.6750 below here and I think that the bulls are in control Resistance is at 1.6840.\r\n\r\n<strong>AUD/USD: Closing Price 0.9326</strong>.  This pair I think has soooooooo many people long trying to play out the inverted head and shoulders measured move to 0.9500. There are so many longs it is so well supported. We saw a little chink in the armour towards the end of last week but it has to fall to at least 0.9210 in my opinion for the bears to be back in control; once again. Resistance is at 0.9500.\r\n\r\n<strong>NZD/USD: Closing Price 0.8569</strong>. I am now short once again…I am a glutton for punishment. Did I get short too early? I am short against the recent highs at 0.8750. Support where I think this pair really turns bearish is at 0.8500.\r\n\r\n<strong>USD/CAD: Closing Price 1.0005.</strong> Hurrah…at long last the loonie does a Lazarus and rises from the dead of the 1.08’s. Near term resistance is at 1.1040 and with a break above here 1.1100 comes into play. Support should be good now around 1.0970.\r\n\r\n<strong>USD/CHF: Closing Price 0.8833</strong>. We are once again above 0.8800. Key resistance is at 0.8850 and then 0.8900. My patience being long this pair is finally paying off. Support should be very good back at 0.8800 and then below that figure 0.8750.\r\n\r\n<strong>USD/JPY: Closing Price 102.36. </strong>102.40 is the key upside resistance for this pair and look where we ended the week. 103.00 is next and 101.80 should offer some support should we head lower once again before we hit 101.40.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD – CPi.\r\nTUESDAY: CNY – HSBC Flash Manufacturing PMI.\r\n\r\nWEDNESDAY: EUR – German and French Flash Manufacturing PMi.\r\nWEDNESDAY: NZD – RBNZ Rate Statement and Cash Rate.\r\n\r\nTHURSDAY: EUR – German IFO Business Confidence and Draghi speaks.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nA little light on major economic data releases this week, which means that we will be at the mercy of the stock markets.\r\n\r\nWe are at major inflection points across all markets so I would recommend that smaller position trade sizes are traded and if you feel like a week off this would not be a bad time to take time out in my opinion. The markets look broken to me but they are holding up very well.\r\n\r\nDo not be complacent in any aspect of your trading at this time. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 19th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','IT’S ABOUT TIME THE ECB AND DRAGHI ACTED ON DEFLATION  - THE EUROZONE STATISTICS ARE DREADFUL','','inherit','open','closed','','3514-revision-v1','','','2014-04-19 11:27:55','2014-04-19 16:27:55','',3514,'https://weeklyfxdrivethru.com/3514-revision-v1/',0,'revision','',0),(3684,1,'2014-05-16 07:26:53','2014-05-16 12:26:53','Good Day,\r\n\r\nI apologise once again that I forgot to tweet that I had posted the update yesterday morning.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nI have taken the conservative route today, by closing out my JPY trades. I want to bank $$$ that is what I am trading for. The JPY pairs are really held captive by the USD/JPY that needs to break 101.20 to get things moving. With the EUR/USD  fall appearing to be halted for a while, the EUR/JPY should stay quiet until next week at least, so this was in mind when making the decision. Above all, I wanted to bank some $$$ into my broker accounts. I hate giving profits away, in particular when I am not at my desk to control matters.  The great thing about the Forex market is that you can always re-enter on a pullback.\r\n\r\nThe spike lower and pullback in the EUR/USD from 1.3650 yesterday, was telling. I think we maybe on hold for a while before heading lower again. In fact, I am hoping for a move back toy 1.3800 in the EUR/USD to enter short once again.\r\n\r\nThe markets do look quiet today and we have been range trading in some very tight 20-30 pip ranges overnight. I am hoping that today will be quiet as well, but because I am not around it will no doubt be frisky in the North American session. Please be careful if you trade today, remember that it is a Friday  and you really do not want to get caught on the wrong side of a trade and have to hold over the weekend hoping for a move or gap in your favour. The tight moves overnight do worry me a little and also the Friday squaring off of accounts could cause volatility.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE SET-UPS:</strong></span>\r\n\r\nI will not publish any new trade ideas being a Friday, but I have some thoughts on CAD and CHF pairs for next week plus how to re-enter the JPY pairs. That I will have in the blog tomorrow.\r\n\r\n&nbsp;\r\n\r\nBe careful today, I have a gut feeling that moves are in the air.....\r\n\r\nScott','#32 - THE DAILY FX POST, Friday 16th May 2014','','publish','open','closed','','32-daily-fx-post-friday-16th-may-2014','','','2014-05-16 07:26:53','2014-05-16 12:26:53','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3684',0,'member_posts','',0),(3518,1,'2014-04-22 06:46:11','2014-04-22 11:46:11','Good Morning,\r\n\r\nI hope that you all had a great long weekend and I welcome the new subscribers from over the past few days.\r\n\r\nThis morning about 15 minutes ago I went long the following two trades (establishing core positions) : -\r\n\r\nUSD/SEK\r\nEntry 6.5856\r\nStop at 1.6540 (just below weekly TL)\r\nLimit 6.9174 (61.8% fib on weekly chart)\r\n\r\nEUR/SEK\r\nEntry at 9.0981\r\nStop at 8.7636\r\nTarget / Limit 10.4018\r\n\r\nThe S&amp;P today is trying to maintain a 6 day up trend....we are heading into resistance now so it could get choppy...more choppy than of late. Copper and WTi (Crude) are down 1% and Gold is not doing much.\r\n\r\nFrom a currency perspective, my macro thoughts are: -\r\n<ol>\r\n	<li>The USD/CHF and USD/CAD are both holding up well. I would watch these for clues today, in particular, 1.1040 with the USD/CAD.</li>\r\n	<li>The SEK got hit on employment data, hence me buying the pullbacks.</li>\r\n	<li>AUD/USD (up 60 pips)  and NZD/USD (up 40 pips) have bounced nicely. Look at the USD/CAD ...nada interesting</li>\r\n	<li>The EUR/USD has bounced up and dragged the GBP/USD with it.</li>\r\n	<li>USD/JPY in a tight range 102.35 to 102.70....watch this for some clues today.</li>\r\n</ol>\r\nI am not looking to add to anything else to-day as I want to see how equities are going play out , but I will tweet any thoughts.....\r\n\r\nGood Luck, today,\r\n\r\nScott','#15 - THE DAILY FX FIX, Tuesday 22nd April 2014','','publish','open','closed','','15-daily-fx-fix-tuesday-22nd-april-2014','','','2014-04-22 06:46:11','2014-04-22 11:46:11','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3518',0,'member_posts','',0),(3519,1,'2014-04-22 06:46:11','2014-04-22 11:46:11','Good Morning,\r\n\r\nI hope that you all had a great long weekend and I welcome the new subscribers from over the past few days.\r\n\r\nThis morning about 15 minutes ago I went long the following two trades (establishing core positions) : -\r\n\r\nUSD/SEK\r\nEntry 6.5856\r\nStop at 1.6540 (just below weekly TL)\r\nLimit 6.9174 (61.8% fib on weekly chart)\r\n\r\nEUR/SEK\r\nEntry at 9.0981\r\nStop at 8.7636\r\nTarget / Limit 10.4018\r\n\r\nThe S&amp;P today is trying to maintain a 6 day up trend....we are heading into resistance now so it could get choppy...more choppy than of late. Copper and WTi (Crude) are down 1% and Gold is not doing much.\r\n\r\nFrom a currency perspective, my macro thoughts are: -\r\n<ol>\r\n	<li>The USD/CHF and USD/CAD are both holding up well. I would watch these for clues today, in particular, 1.1040 with the USD/CAD.</li>\r\n	<li>The SEK got hit on employment data, hence me buying the pullbacks.</li>\r\n	<li>AUD/USD (up 60 pips)  and NZD/USD (up 40 pips) have bounced nicely. Look at the USD/CAD ...nada interesting</li>\r\n	<li>The EUR/USD has bounced up and dragged the GBP/USD with it.</li>\r\n	<li>USD/JPY in a tight range 102.35 to 102.70....watch this for some clues today.</li>\r\n</ol>\r\nI am not looking to add to anything else to-day as I want to see how equities are going play out , but I will tweet any thoughts.....\r\n\r\nGood Luck, today,\r\n\r\nScott','#15 - THE DAILY FX FIX, Tuesday 22nd April 2014','','inherit','open','closed','','3518-revision-v1','','','2014-04-22 06:46:11','2014-04-22 11:46:11','',3518,'https://weeklyfxdrivethru.com/3518-revision-v1/',0,'revision','',0),(3522,1,'2014-04-23 06:38:57','2014-04-23 11:38:57','Good Morning,\r\n\r\nOvernight (for me), China PMi data was poor and overall the EUR PMi data was better than expected.\r\n\r\nI think that it is now 7 days on the bounce that the S&amp;P has climbed off the lows. In the past two weeks or so the S&amp;P has fallen 80 points and then risen back 75 points. These swings in the S&amp;P are not normal, I think more and more traders will soon be side lining themselves. Equity traders will be getting long, then getting shaken out , then getting short and then shaken out once again....we seem to be exploding down then up taking out traders at either end. False breakouts and false breakdowns are just ways of telling us that we are at huge inflection points but sooner or later we will break one way or the other. In the interim traders will get more and more bored without having a direction and losing capital they will exit, or be forced to exit through liquidation. I really hope that we make the true move soon, I am getting as frustrated as everyone else with the chop fest.\r\n\r\nThe EUR/AUD long triggered on price at 1.4850 last night. I think the RBA  following poor AUD data will have shelved any ideas they had of  applying a rate increase. This in my opinion marks a change in the fortunes of the AUD currency and I see the AUD/USD returning to move lower towards 0.8500 once again. Watch the EUR/AUD and GBP/AUD.\r\n\r\nThe EUR/AUD long  triggered.\r\n\r\nI have amended the entry levels on RT66 the AUD/USD short RADAR TRADE that I posted on the 22nd April 2014.\r\nEntry now at 0.9310\r\nStop Loss 0.9390\r\nLimit 0.8500\r\n\r\nWatch the USD/JPY. (yes, Yang, I have all the other JPY short trade levels still in my back pocket).\r\nOf the S&amp;P retracement over the past 7 days the S&amp;P retraced about 80%, whilst the USD/JPY only managed 50%. Should equities now turn lower after such a move higher the USD/JPY will be under pressure given its failure to rally. Should this happen the level of 101.00 will be key support.\r\n\r\nLooking for the SEK and CAD trades to move higher today......\r\n\r\nI will tweet anything that interests me as it happens.\r\n\r\nGood Luck and trade safe. Its still choppy out there.\r\n\r\nScott\r\n\r\n&nbsp;','#16 - THE DAILY FX POST, Wednesday 23rd April 2014','','inherit','open','closed','','3521-revision-v1','','','2014-04-23 06:38:57','2014-04-23 11:38:57','',3521,'https://weeklyfxdrivethru.com/3521-revision-v1/',0,'revision','',0),(3524,1,'2014-04-24 06:39:31','2014-04-24 11:39:31','Good Morning,\r\n\r\nI did not follow up on the NZD after the RBNZ last night as I was getting several mixed messages and the initial move higher in the NZD/USD was not as strong as I thought it should have been initially after the statement from Governor Wheeler. The crosses EUR/NZD, GBP/NZD were typical but I could not get a clear picture on the NZD/USD.  I did not close my NZD/USD short prior to the news event, so my short is still running now -7 pips as I write this.\r\n\r\nTrading the NZD looks pretty straightforward. If we get a confirmed break below 0.8500 (at least 30-45 minutes), I will add into several NZD pairs.\r\n<ul>\r\n	<li>I will add to my NZD/USD short.</li>\r\n	<li>I will not add to my FUNDAMENTAL trade GBP/NZD long which is over a month old.</li>\r\n	<li>I will look at opening either a EUR/NZD long, or short NZD/CAD or the NZD/CHF on pullbacks as soon as the NZD/USD breakdown through 0.8550 is confirmed. I will tweet about these trades as I do not want to set limit order entries in place.</li>\r\n</ul>\r\nGold is breaking lower, which is something we should bear in mind with trading today. At the time of writing it was sitting at $1273.00\r\n\r\nFinally, TALK IS CHEAP...Draghi high on volume low on action, with his latest speech delivered earlier this morning. This seems to have brought the EUR/USD to stop and is not moving much at all held around 1.3820-40. I am still short and bored with the trade. I did think that we were going to see a run at 1.3950 / 1.4000 before heading lower but that seems remote now. But never rule anything out!!\r\n\r\nMy focus today will be the NZD/USD, it is finding buyers just above 0.8550 at the moment...but the day is young.\r\n\r\nTrade safe,\r\n\r\nScott','#17 - THE DAILY FX POST, Thursday 24th April 2014','','publish','open','closed','','17-daily-fx-post-thursday-24th-april-2014','','','2014-04-24 06:39:31','2014-04-24 11:39:31','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3524',0,'member_posts','',0),(3525,1,'2014-04-24 06:39:31','2014-04-24 11:39:31','Good Morning,\r\n\r\nI did not follow up on the NZD after the RBNZ last night as I was getting several mixed messages and the initial move higher in the NZD/USD was not as strong as I thought it should have been initially after the statement from Governor Wheeler. The crosses EUR/NZD, GBP/NZD were typical but I could not get a clear picture on the NZD/USD.  I did not close my NZD/USD short prior to the news event, so my short is still running now -7 pips as I write this.\r\n\r\nTrading the NZD looks pretty straightforward. If we get a confirmed break below 0.8500 (at least 30-45 minutes), I will add into several NZD pairs.\r\n<ul>\r\n	<li>I will add to my NZD/USD short.</li>\r\n	<li>I will not add to my FUNDAMENTAL trade GBP/NZD long which is over a month old.</li>\r\n	<li>I will look at opening either a EUR/NZD long, or short NZD/CAD or the NZD/CHF on pullbacks as soon as the NZD/USD breakdown through 0.8550 is confirmed. I will tweet about these trades as I do not want to set limit order entries in place.</li>\r\n</ul>\r\nGold is breaking lower, which is something we should bear in mind with trading today. At the time of writing it was sitting at $1273.00\r\n\r\nFinally, TALK IS CHEAP...Draghi high on volume low on action, with his latest speech delivered earlier this morning. This seems to have brought the EUR/USD to stop and is not moving much at all held around 1.3820-40. I am still short and bored with the trade. I did think that we were going to see a run at 1.3950 / 1.4000 before heading lower but that seems remote now. But never rule anything out!!\r\n\r\nMy focus today will be the NZD/USD, it is finding buyers just above 0.8550 at the moment...but the day is young.\r\n\r\nTrade safe,\r\n\r\nScott','#17 - THE DAILY FX POST, Thursday 24th April 2014','','inherit','open','closed','','3524-revision-v1','','','2014-04-24 06:39:31','2014-04-24 11:39:31','',3524,'https://weeklyfxdrivethru.com/3524-revision-v1/',0,'revision','',0),(3527,1,'2014-04-25 07:00:41','2014-04-25 12:00:41','Good Morning,\r\n\r\nIt looks like some serious developments are taking place in the Ukraine with some Russian spokesperson actually stating the they want to start WWIII....just can\'t believe this stuff at times. In any event the markets are under pressure, but not yet at the FEAR stage. When that happens you should see the USD strengthen. At the moment it\'s all about the JPY.\r\n\r\nEspecially for \"Y in HK\" here are the up to date levels in the charts that are on my radar. They have moved a little as about 6/7 days have passed since I first noted these.  At these levels we should come under pressure, but the lead will come from the USD/JPY. I am looking at 102.00 as a level of interest but I would also imagine that there will be  stops/bids  building below there so let the two-way action take place if there is some but  <span style=\"text-decoration: underline;\"><strong>DO NOT</strong></span>  just blindly go short at 102.00 as there will be volatility.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>KEY LEVELS TO WATCH IN JPY:</strong></span>\r\n\r\nUSD/JPY: 102.00.... below lies 101.50 which was a previous resistance now support. If you are ultra- conservative you could wait until this level.\r\n\r\nGBP/JPY: no longer on my radar to trade. It is now in no-mans land between levels. It was a do-or-die at 169.50.\r\n\r\nEUR/JPY: 140.65.\r\n\r\nCHF/JPY: 115.70. (right on support...right now... almost)\r\n\r\nAUD/JPY: 94.40\r\n\r\nNZD/JPY: 87.60 (right there now)\r\n\r\nCAD/JPY: Not on my radar.\r\n\r\nSEK/JPY: Already short.\r\n\r\nKeep your eyes peeled at these levels but I would take your lead from the USD/JPY.\r\n\r\nThe JPY, has screwed up my other trades at the moment but as stated earlier if things get worse in Ukraine / Russia discussions, FEAR will enter the market and this will help my open trades.\r\n\r\nThis could all be an anti-climax you just never know...but we need to be aware and on out toes.\r\n\r\n&nbsp;\r\n\r\nI have one or two business items to take care of today and as it is a Friday, and I hate trading on Friday\'s,  my activity levels will be low in particular after the European close. Plus this afternoon I have to start preparing and writing tomorrows PREMIUM SERVICE and WEEKLY FX DRIVE THRU blogs.\r\n\r\nSafe trading and take care,\r\n\r\nScott','#18 - THE DAILY FX POST, Friday 25th April 2014.','','publish','open','closed','','18-daily-fx-post-friday-25th-april-2014','','','2014-04-25 07:00:41','2014-04-25 12:00:41','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3527',0,'member_posts','',0),(3528,1,'2014-04-25 06:34:20','2014-04-25 11:34:20','Good Morning,\r\n\r\nIt looks like some serious developments are taking place in the Ukraine with some Russian spokesperson actually stating the they want to start WWIII....just can\'t believe this stuff at times. In any event the markets are under pressure, but not yet at the FEAR stage. When that happens you should see the USD strengthen. At the moment its all about the JPY.\r\n\r\nEspecially for \"Y in HK\" here are the up to date levels in the charts that are on my radar. They have moved a little as about 6/7 days have passed since I first noted these.  At these levels we should come under pressure, but the lead will come from the USD/JPY. I am looking at 102.00 as a level of interest but I would also imagine that there will be  stops building below there so let the two-way action take place if there is some but  <span style=\"text-decoration: underline;\"><strong>DO NOT</strong></span>  just blindly go short at 102.00 as there will be volatility.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>KEY LEVELS TO WATCH IN JPY:</strong></span>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY: 102.00....maybe look below 101.80 which was a previous resistance now support.','#18 - THE DAILY FX POST, Friday 25th April 2014.','','inherit','open','closed','','3527-revision-v1','','','2014-04-25 06:34:20','2014-04-25 11:34:20','',3527,'https://weeklyfxdrivethru.com/3527-revision-v1/',0,'revision','',0),(3529,1,'2014-04-25 06:34:36','2014-04-25 11:34:36','Good Morning,\r\n\r\nIt looks like some serious developments are taking place in the Ukraine with some Russian spokesperson actually stating the they want to start WWIII....just can\'t believe this stuff at times. In any event the markets are under pressure, but not yet at the FEAR stage. When that happens you should see the USD strengthen. At the moment its all about the JPY.\r\n\r\nEspecially for \"Y in HK\" here are the up to date levels in the charts that are on my radar. They have moved a little as about 6/7 days have passed since I first noted these.  At these levels we should come under pressure, but the lead will come from the USD/JPY. I am looking at 102.00 as a level of interest but I would also imagine that there will be  stops building below there so let the two-way action take place if there is some but  <span style=\"text-decoration: underline;\"><strong>DO NOT</strong></span>  just blindly go short at 102.00 as there will be volatility.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>KEY LEVELS TO WATCH IN JPY:</strong></span>\r\n\r\nUSD/JPY: 102.00....maybe look below 101.80 which was a previous resistance now support.','#18 - THE DAILY FX POST, Friday 25th April 2014.','','inherit','open','closed','','3527-revision-v1','','','2014-04-25 06:34:36','2014-04-25 11:34:36','',3527,'https://weeklyfxdrivethru.com/3527-revision-v1/',0,'revision','',0),(3530,1,'2014-04-25 07:00:41','2014-04-25 12:00:41','Good Morning,\r\n\r\nIt looks like some serious developments are taking place in the Ukraine with some Russian spokesperson actually stating the they want to start WWIII....just can\'t believe this stuff at times. In any event the markets are under pressure, but not yet at the FEAR stage. When that happens you should see the USD strengthen. At the moment it\'s all about the JPY.\r\n\r\nEspecially for \"Y in HK\" here are the up to date levels in the charts that are on my radar. They have moved a little as about 6/7 days have passed since I first noted these.  At these levels we should come under pressure, but the lead will come from the USD/JPY. I am looking at 102.00 as a level of interest but I would also imagine that there will be  stops/bids  building below there so let the two-way action take place if there is some but  <span style=\"text-decoration: underline;\"><strong>DO NOT</strong></span>  just blindly go short at 102.00 as there will be volatility.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>KEY LEVELS TO WATCH IN JPY:</strong></span>\r\n\r\nUSD/JPY: 102.00.... below lies 101.50 which was a previous resistance now support. If you are ultra- conservative you could wait until this level.\r\n\r\nGBP/JPY: no longer on my radar to trade. It is now in no-mans land between levels. It was a do-or-die at 169.50.\r\n\r\nEUR/JPY: 140.65.\r\n\r\nCHF/JPY: 115.70. (right on support...right now... almost)\r\n\r\nAUD/JPY: 94.40\r\n\r\nNZD/JPY: 87.60 (right there now)\r\n\r\nCAD/JPY: Not on my radar.\r\n\r\nSEK/JPY: Already short.\r\n\r\nKeep your eyes peeled at these levels but I would take your lead from the USD/JPY.\r\n\r\nThe JPY, has screwed up my other trades at the moment but as stated earlier if things get worse in Ukraine / Russia discussions, FEAR will enter the market and this will help my open trades.\r\n\r\nThis could all be an anti-climax you just never know...but we need to be aware and on out toes.\r\n\r\n&nbsp;\r\n\r\nI have one or two business items to take care of today and as it is a Friday, and I hate trading on Friday\'s,  my activity levels will be low in particular after the European close. Plus this afternoon I have to start preparing and writing tomorrows PREMIUM SERVICE and WEEKLY FX DRIVE THRU blogs.\r\n\r\nSafe trading and take care,\r\n\r\nScott','#18 - THE DAILY FX POST, Friday 25th April 2014.','','inherit','open','closed','','3527-revision-v1','','','2014-04-25 07:00:41','2014-04-25 12:00:41','',3527,'https://weeklyfxdrivethru.com/3527-revision-v1/',0,'revision','',0),(3596,1,'2014-05-03 10:22:45','2014-05-03 15:22:45','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe roller coaster ride in trading the Forex market continues.\r\n\r\nI wrote today’s FUNDAMENTAL TRADERS OVERVIEW (The Premium Service),   or, THE VIEW FROM MY TRADING DESK (The Weekly Fx Drive Thru), towards the end of last week after a frustrating couple of trading sessions.\r\n\r\nWriting this article was pretty good timing really, given the week that has just gone by and especially after yesterdays events that followed the U.S. Non Farm Data release. I really do believe that many traders whether in equities / bonds / forex have either, just closed their accounts and given up, or, had their accounts wiped out. I have read so many articles over the past few weeks about how difficult it is to trade at the moment. I have been blogging about this matter since early March and, initially I thought it was just myself finding difficulty. But it appears many different traders are in the same boat. My “trading peers” group, as I call us, have all been on the same page for sometime, so I knew that something was up and it was not just me, but the articles that I have recently read are confirmation.\r\n\r\nYou can read what I think about it all later in this blog that you are reading, whether it be from the PREMIUM SERVICE or the WEEKLY FX DRIVE THRU. For PREMIUM SERVICE subscribers I have also as promised included a section under TRADER TOPICS that deals with increasing your probabilities in trading.\r\n\r\nThis week’s blogs are 100% focused on how best to deal with a dysfunctional, chop fest of a market. As I constantly keeping writing and saying use your TRADING PLAN, PLAN YOUR TRADES but for now take smaller position sizes to limit risk. We are traders, but in essence we are RISK ASSESSORS and we apply RISK MANAGEMENT behavior to our day-to-day functionality.\r\n\r\nDespite the market shenanigans, the trading accounts related to the PREMIUM SERVICE still showed a profit from the trade set-ups in April. To say that I am delighted is an under-statement of huge proportions. My “trading peers” were basically flat on last month. Sounds good…but the drinks are on me!!\r\n\r\nI have updated the format of my reporting on the PREMIUM SERVICE trading performance, it is now linked to one of my computers through excel. If anyone has difficulty understanding the calculations, do not hesitate to contact me via email at either <a href=\"mailto:drivethru@weeklyfxdrivethru.com\">drivethru@weeklyfxdrivethru.com</a> or <a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a> I would be delighted to explain the calculations.\r\n\r\nComing up this week in the news that should be market moving for Forex traders, we have Interest Rate decisions and statements from the RBA, ECB and BOE plus the Yellen testimony and CAD and NZD Employment numbers, a busy week indeed. Get the Prozak, Jack Daniels plus a stress toy on the ready. Like everyone else I cannot predict what is ahead, but given the continued on-going developments between Ukraine and Russia, I would predict a bumpy ride for the foreseeable future…..enjoy!!\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>THE NEW NORMAL…WHAT IS NORMAL?</strong></p>\r\nI do not want to sound like a broken record by complaining continuously about how difficult it is to trade in the current market conditions, but it is my considered opinion after reading, watching and listening to lots and lots of financial data and financial experts….that the current Forex market is 100% dysfunctional and sucks!\r\n\r\nSince writing weekly blogs such as THE WEEKLY FX DRIVE THRU, which, I started over two years ago, it has prompted me to research more, get more knowledgeable on fundamental world economic news events and also get more detailed with technical chart analysis. What does make me laugh a little at the moment is that none of that really counts to survive in Forex Trading at the present time.\r\n\r\nAlmost on a daily basis we see moves up and down by 20-30 S&amp;P points, this volatility is NOT normal, yet it has been something that we have been living with for week and after week after week. The “Chop Fest” that has been the Forex market makes it extremely difficult to trade. There are no real trends like we used to be able to latch onto. It is perilous at times.\r\n\r\nGeo-political news like the tensions in Ukraine/Russia are not dominating the Forex moves on a daily basis the way one might of expected. To a large extent the markets appear to ignore the tensions, as nowadays, there are no deployments of troops on the ground in war zones anymore. But every now and then the rhetoric does get a little out of hand and the Forex markets react. I look to GOLD to guide me and then look to the relationship that GOLD and the USD has, and nothing. GOLD doesn\'t necessarily rise on tensions, in fact I have seen it drop through support but the parallel relationship with the USD is no longer correlated. WTF?\r\n\r\nThe S&amp;P trades at highs and the AUD/USD and NZD/USD are falling. The S&amp;P around 1,900 is at all-time highs, yet the AUD/USD cannot get above parity. One would have thought that its correlation with the stock market would have seen the AUD/USD at 1.1600 or even higher. WTF?\r\n\r\nI can highlight more correlations out of sync, I have written about them in a many previous blogs and I do not want to repeat myself again. The bottom line is correlations are mostly off. We have diverging markets.\r\n\r\nGiven the market “Yo-Yo” / “Chop Fest”, I can guarantee you that the Forex market has lost many, many home based traders, whether full or part time. In addition, Equity traders will also be feeling the pinch as they have been on the “Buy The Dip” mode for the past six years ever since the financial crisis. This is the major problem of a one sided directional market, because as soon as it changes like it has more recently, the “Chop Fest” virtually negates buying the dip and some very long established traders are getting smashed / creamed.\r\n\r\nWhat is normal?\r\n\r\nWhen I started thinking about writing this three things immediately jumped out from the page and I thought, this will do as a start: -\r\n<ol>\r\n	<li>No Central bank Intervention.</li>\r\n	<li>No Quantitative Easing or equivalent.</li>\r\n	<li>Interest Rates actually go up and move down freely.</li>\r\n</ol>\r\nI think one of the hardest things that all traders are trying to come to terms with is that U.S. Monetary Policy for the past 5 years changed with the introduction of “Tapering”. This did not have the immediate effect that I thought that it would have had, in particular, with USD strength coming through the markets. However, it has created jitters and huge uncertainty as equity markets grab all-time highs and the calls for an equity market pullback, or correction meant that buying at the highs has added to the “Chop Fest” scenario as we are seeing technical chart analysis at extremes. The Forex market is tightly range bound and all this added together with so many inflections points gives us what we have, which is a very volatile, “Chop Fest”.\r\n\r\nI want to remain a Forex Trader.\r\n<ul>\r\n	<li>I have given myself the additional responsibility of adding THE PREMIUM SERVICE to my “job”.</li>\r\n</ul>\r\n<ul>\r\n	<li>I describe myself as a Fundamental first then Technical swing trader / longer-term position trader.</li>\r\n</ul>\r\n<ul>\r\n	<li>I select trade-set ups and post them to my subscribers. I have to my best ability tried to ensure even lower risk trades are suggested that will generate $$$.</li>\r\n</ul>\r\nRight now, my trading style from above is out of the window. Like many other Forex traders I have to adapt and survive.\r\n\r\nI am a Scalper, a “Pull-Back” trader at best in these conditions, trying to be a swing-trader.\r\n\r\nThe 80 -100 pip profitable trades have in the main disappeared. I have had to lower my expectations to 20-30 pip trades. I have to exit before I would normally do so. There are hardly any trend trades. I no longer just look at the EUR/USD or USD/JPY. I have traded more exotic pairs in 2014 than the previous 7 years added together. I am adapting to the current normal…whatever normal now is?\r\n\r\nMy daily targets are severely reduced, in fact they are 50% of what I detailed in my TRADING PLAN goals and objectives.\r\n\r\nWhat I am in fact saying is “THE NEW NORMAL” is what it is at the time you research and place your trade.\r\n\r\nNormal is nothing…it’s all about adapting to what it is “NEW” at the time you place a trade.\r\n\r\nAs traders we cannot rely on anything for confirmation at the moment as so many parallels and correlations mean nothing.\r\n\r\nI remember writing not so long ago that the first thing I did in the morning was check “The Holy Trinity” (Gold, Copper and WTi), I still do but I no longer rely on them the way I used to as I am scalping or at best my longer term trades that I still try to let run are really based of the “Pullback Strategy”. Yes, I look at Fibonacci levels, and yes I look at pivot points to attempt to gain the best entry prices and yes, I do look at 100 and 200 day SMA’s. But they are less and less of real importance in comparison to six months ago.\r\n\r\nThe only things to add, that I consider the critical success factors to present day Forex trading survival…\r\n\r\nTRADE SMALLER POSITION SIZES.\r\n\r\nWIDEN YOUR STOPS TO ALLOW FOR THE CHOP FEST AND THE INCREASED VOLATILITY.\r\n\r\nUSE MULTIPLE MICRO LOTS TO GIVE YOU MORE FLEXIBILITY.\r\n\r\nUSE YOUR MONEY AND ACCOUNT MANAGEMENT PRINCIPLES TO ENSURE THAT YOUR ACCOUNT DOES NOT GET NEGATED.\r\n\r\nDO NOT GET HUNG UP ON THE USD MAJORS. LOOK AT THE COMMODITY CROSSES. THEY OFFER AN OPTION THAT CAN KEEP YOU INVOLVED WITH TRENDS SUCH AS THEY ARE BUT KEEP YOU OUT OF THE USD.\r\n\r\nCONSIDER THE NORDIC CURRENCIES AS AN OPTION, ALTHOUGH EUROZONE LINKED THEY ARE STILL TO A LARGE EXTENT DIRECTIONAL.\r\n\r\nPLAN YOUR TRADES AND TRADE YOUR TRADING PLAN.\r\n\r\nIF IN DOUBT, DO NOT COMMIT TO THE TRADE, STAY IN $$$. SOMETIMES THE BEST TRADES ARE THE ONES YOU WALK AWAY FROM.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong><strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3873.</strong> Despite all the rhetoric and verbal intervention by the ECB we remain in the range that has contained the EUR/USD for seems like an eternity. This Thursday we have the Draghi roadshow, with an ECB interest rate decision and press conference. Something in my brain tells me that despite long lines of unemployed people in many Eurozone countries and DEFLATION worries all over the Eurozone, the ECB will not act…they will simply kick another can down the road. I want to be wrong, but the ECB history on economic matters is 100% reactive, 0% proactive.\r\nThe range that we are being held captive in is 1.3750 to 1.3950.\r\n\r\n<strong>GBP/USD: Closing Price 1.6868</strong>. This pair looks like a 1.7000 test is on the cards. Yesterday, after the blowout NFP data it fell to support at 1.6830 and bounced. We are in a tight range with this pair 1.6830 to 1.6920.Having spoken with many of you (PREMIUM SERVICE subscribers) you like me are 100% engaged on the shenanigans of trading the cable. If you do not want to trade the GBP/USD trade the EUR/GBP instead.\r\n\r\n<strong>AUD/USD: Closing Price 0.9276</strong>. Big AUD news on the horizon this week, several market moving events. We closed last week pretty much unchanged from the previous week. I am now more bearish the AUD/USD, but I want to hear and read what the RBA release to the markets this week before getting myself committed one way or another, I want review MY PROBABILITIES! The range is 0.9200 to 0.9315.\r\n\r\n<strong>NZD/USD: Closing Price 0.8655</strong>. I hate the Kiwi currency. Of all the currencies that I look at each day it is the one most affected by cross-rates. The AUD/NZD is repositioning itself lower and as a result the AUD drops and the NZD strengthens. My only happy thought on the NZD/USD is that it is well regarded as the most over-extended, over-valued currency in the Forex market and as such it is setting itself up for a major fall from these lofty heights. This despite what RBNZ Wheeler might say. Remember Wheeler says something with one hand and says the opposite with the other. He kind of wants his cake and to eat it at the same time. The range that I am now considering is wider than the initial range that has contained the pair recently. I think that this pair is the classic false breakout / breakdown currency pair. My range is 0.8500 to 0.8750.\r\n\r\n<strong>USD/CAD: Closing Price 1.0972.</strong> Talk about a currency pair that cannot make its mind up whether it is moving lower or higher. The good thing is for people like myself who are long is that it has held up fairly well. Major trend line support is at 1.0850. This is a multi year trend line and as long as we are above this I am bullish. The range is 1.0940 to 1.1060.\r\n\r\n<strong>USD/CHF: Closing Price 0.8778</strong>. After NFP yesterday we rose 40 pips and gave back 55 pips. I am a nervous long with this pair, but my position size is small. Should tensions spill in Ukraine / Russia this is the European safe haven. I am concerned that we may fall to 0.8500 before getting a firm footing to bounce. We are now below 0.8800 once again. The next line in the sand is support at 0.8695. I will not get excited as a long side trader of this pair until we break through 0.8870.<strong> </strong>\r\n\r\n<strong>USD/JPY: Closing Price 102.18. </strong>The closing price unchanged from last weeks’ close, this pair to me looks like its about to fall off a cliff. Support is strong at 102.00 below there I suspect stops are between 101.80 and 101.90. If they get taken out in a huge fall, the next big support is 101.00. Resistance is good at 102.80.<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: CNY – HSBC Manufacturing PMi.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD – RBA Rate Statement, Cash Rate and Annual Budget\r\nTUESDAY: CAD – Trade balance and IVEY PMi.\r\nTUESDAY: NZD - Employment Change and Employment Rate.\r\nTUESDAY: AUD – Retail Sales.\r\n\r\nWEDNESDAY: USD – Janet Yellen Testimony.\r\nWEDNESDAY: AUD – Employment Change and Unemployment Rate.\r\n\r\nTHURSDAY: GBP – BOE Bank Rate.\r\nTHURSDAY: EUR – Interest Rate and Press Conference.\r\nTHURSDAY: AUD – RBA Monetary Policy Statement.\r\nTHURSDAY: CNY – CPi.\r\n\r\nFRIDAY: CAD: - Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI have made several references to the PREMIUM SERVICE during this blog. The reason for that is that the PREMIUM SERVICE blog is more detailed and contains more information that the free WEEKLY FX DRIVE THRU version.\r\n\r\nThe PREMIUM SERVICE is a subscriber only service that provides my subscribers with the following: -\r\n\r\nTHE DAILY FX POST – this is a daily blog that goes directly to the secure subscriber area of the my website. This daily blog contains a brief overview of my thoughts each day on major FX news and reviews of key economic data. It also has trade set-ups for trades that are on my radar. I provide set ups for trades based upon three styles of trade, FLASH, RADAR or FUNDAMENTAL. This goal of this daily blog is to set traders up with a thought process for the day.\r\n\r\nTWITTER – an exclusive protected twitter feed. This adds to the DAILY FX POST throughout the following day and night with trade set-ups, updates and my thoughts on the market as it moves. If trades come into play I tweet them as my chart analysis is completed.\r\n\r\nTHE PREMIUM SERVICE BLOG – This is a more comprehensive review of the week just gone and the week ahead. It includes training sections and RADAR trades plus on going performance reviews of existing trades and my thoughts moving forward.\r\n\r\nTHE PREMIUM SERVICE SUBSCRIBERS ONLY WEBSITE – This holds details of all trades, whether FLASH, RADAR or FUNDAMENTAL. Excel spreadsheets analyse the profit / loss performances all current trades and I also measure the year to date performances. The website also includes several sections containing training materials that are being added to weekly to provide traders with a comprehensive library of information. In the future, Webinars will be added and I am looking into a TRADER’s CHATROOM option, which would take the PREMIUM SERVICE on-line capabilities to the next level.\r\n\r\nIf this is something that interests you. If you go to the main website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> on the welcome page on the top left you will see headings such as PREMIUM SERVICE, SPECIAL OFFERS and SIGN-UP all of these contain further information about the PREMIUM SERVICE and how to subscribe.\r\n\r\nThere is now a low cost trial option of $20.00 for 4 weeks membership<strong> </strong>\r\n\r\n<strong>THE PREMIUM SERVICE - TRADING SUMMARY:</strong>\r\n\r\n<strong>RADAR, FLASH and FUNDAMENTAL TRADES</strong>\r\n\r\n<strong>APRIL 2014 and YEAR to date:</strong>\r\n\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADE-SUMMARY1-03052014.png\"><img class=\"aligncenter size-full wp-image-3584\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADE-SUMMARY1-03052014.png\" alt=\"TRADE SUMMARY1 03052014\" width=\"457\" height=\"414\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADE-SUMMARY2-03052014.png\"><img class=\"aligncenter size-full wp-image-3585\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADE-SUMMARY2-03052014.png\" alt=\"TRADE SUMMARY2 03052014\" width=\"529\" height=\"418\" /></a>\r\n\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nDespite a very volatile move last Friday following Non Farm Payrolls release in the U.S. we are still range bound with most of the Forex market.\r\n\r\nThere are some high profile news events this week that should get the markets moving along. We are still sitting in ranges at the moment in many different markets so unless the high profile news moves us, we could be no better off than we are right now. So this week you have to be ready for false breakouts and false breakdowns. There are so many inflection points close by in equities, bonds and the Forex markets, it is really no wonder that we have been in a chop fest for quite sometime.\r\n\r\nThe only thoughts that I can add are, that it is the same for everyone. Everyone looks at the same charts as we do day after day and I have no doubt that they are equally frustrated by the ranges that we are currently stuck within. The key is to be lighter on position sizes and ready to move. With this in mind we have to watch our lead indicators: -\r\n<p style=\"text-align: center;\"><strong>GOLD</strong></p>\r\n<p style=\"text-align: center;\"><strong>COPPER</strong></p>\r\n<p style=\"text-align: center;\"><strong>WTi Crude Oil</strong></p>\r\n<p style=\"text-align: center;\"><strong>U.S. 10-Year Treasury</strong></p>\r\n<p style=\"text-align: center;\"><strong>S&amp;P</strong></p>\r\n<p style=\"text-align: center;\"><strong>AUD/USD</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/CAD</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/SEK</strong></p>\r\n<p style=\"text-align: center;\"><strong>And</strong></p>\r\n<p style=\"text-align: center;\"><strong>USD/JPY with 6J index</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\nBy watching these we will get a heads up, if they all follow suit and correlate the way they should we will get a move we want. If they fail to correlate this is what can cause a false breakout or false breakdown.\r\n\r\nDo not be complacent in any aspect of your trading at this time. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 3rd 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','THE NEW NORMAL…WHAT IS NORMAL?','','publish','open','closed','','new-normalwhat-normal','','','2014-05-03 10:24:37','2014-05-03 15:24:37','',0,'https://weeklyfxdrivethru.com/?p=3596',0,'post','',0),(3602,1,'2014-05-05 07:23:16','2014-05-05 12:23:16','Good Morning,\r\n\r\nI hope you all had a great weekend.\r\n\r\nNothing that much to talk about to-day except the JPY and the two CAD trades from last week.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>JPY:</strong></span>\r\n\r\nThe JPY is strong at the moment and it could breakdown. Here is my thinking; the last time that JPY took control when the Forex market was in stagnation mode, like it is now (we are range bound and in tighter ranges than usual), the USD sold off in mega proportions. The AUD/USD, NZD/USD, EUR/USD &amp; GBP/USD all rose to highs before eventually pulling back. The USD/CHF and USD/CAD dropped like lead balloons.\r\n\r\nIf this happens to-day as the USD is in a far more precarious position than last time the USD sell off could be much more and we could be seeing a new step lower.\r\n\r\nI will focus on the USD/JPY but the same principle will apple across the JPY cross-rates pairs, just be careful of the cross-rate JPY pairs as they will influence the opposite USD major and they can be spiky!!\r\n\r\nKey support in the USD/JPY is at 101.50. It it breaks through this level it could be quite a breakdown. The big risk with the cross-rate pairs is if the USD/JPY breaks 101.50.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>CAD:</strong></span>\r\n\r\nThe two trades could be very interesting if we see the USD/JPY break down. To be Conservative, maybe just take one trade. If I decide to set-up one of these I will tweet.\r\n\r\n&nbsp;\r\n\r\nIt really is all eyes on the JPY.\r\nDOW FUTURES are coming under pressure now as well. 16,300 could be the target.\r\nNASDAQ is rolling over as well.\r\nE MINI futures is sitting on support.\r\nGOLD is strong, we could re-test $1,330.\r\nCopper is doing nothing.\r\nOil is struggling with $100.00.\r\nThe 6J is holding for now, but it looks to be pushing lower, this will let us know how the JPY will perform.\r\n\r\n&nbsp;\r\n\r\nScott','#24 - THE DAILY FX POST, Monday 5th May 2014','','publish','open','closed','','24-daily-fx-post-monday-5th-may-2014','','','2014-05-05 07:23:16','2014-05-05 12:23:16','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3602',0,'member_posts','',0),(3542,1,'2014-04-26 11:22:25','2014-04-26 16:22:25','','LIVE ACCOUNT vs DEMO ACCOUNT','','inherit','open','closed','','live-account-vs-demo-account','','','2014-04-26 11:22:25','2014-04-26 16:22:25','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf',0,'attachment','application/pdf',0),(3543,1,'2014-04-26 11:58:15','2014-04-26 16:58:15','<span style=\"text-decoration: underline;\"><strong>1. INTRODUCTION:</strong></span>\r\n\r\nA very interesting trading and news week\r\n\r\nThe tensions in the Ukraine created new low levels of diplomacy extremes between Russia and the U.S. At times, the verbal exchanges reminded me of an old Monty Python sketch but I do not want to create humour out of this serious situation. However, for a serving Secretary of State to say to his Russian counterpart and Putin, “carry on and it will have serious, serious, major implications”, is Pythonesque. It also reminds me of Eddie Murphy in Beverley Hills Cop telling his boss that he was going deep, deep, deep undercover!\r\n\r\nThat aside, the USD/JPY and USD/CHF are reacting to the on-going developing situation as the Mexican standoff moves to a more threatening stage. It does look like it could be a double whammy for those who are on the “Must long the USD/JPY” trip. Recent gains in the S&amp;P have not been matched by the USD/JPY and this usually says that if equities really commence a pullback or deeper correction the USD/JPY will drop faster than usual on the back of the fact it never moved up in line with equities when they were in rally mode. Should this be case, I could be short JPY for a while as many JPY pairs have potentially big moves ahead of them to the short side. Add to this worldwide unrest and the “safe-haven” is back in play.\r\n\r\nThe bottom line is “THE CHOP FEST CONTINUES”\r\n\r\nI am currently live in 15 trades….the vast majority of them are very small trades. I am trying to establish core positions from which to base longer-term trades from. I have just 2 trades that I would call close to full size, USD/CAD long and NZD/USD short, plus a mid level short trade in the AUD/USD. I am not worried about the current positions of my current live trades; my stops are well within my RISK MANAGEMENT and my TRADING PLAN guidelines. The only thing that is bugging me are the ranges that we are now stuck in. We really require a catalyst to jump-start the market. This would not only benefit (hopefully) my larger trade sizes, but would also in establishing my core positions. Until this happens, I have just have to be patient and wait.\r\n\r\nThis coming week we have some FED speak with Yellen, an FOMC statement and both ADP and Government Non-Farm payrolls. Hopefully these 4 news items between them will get the market moving. But having just written this, I think I may have said something similar last month.\r\n\r\nIf you are a new trader, please note, and I re-iterate that 83% of the live trades that I am currently trading are small positions. None of my trades are full-size. If you are a PREMIUM SERVICE subscriber you do not have to copy every trade that I am live with, the only thing I ask is that you manage your position sizes, and trade within your trade plan risk tolerance levels. The PREMIUM SERVICE website has examples of how to put together a TRADING PLAN and additional training material on the website shows you the content to add to your TRADING PLAN and why.\r\n\r\nThis is not a time to get carried away when you think that there is a breakout or breakdown. There are so many false moves right now, which is typical of a range bound marketplace.\r\n\r\nI welcomed a further 4 new PREMIUM SERVICE subscribers during the week. I want to mention again, that the vast majority of my PREMIUM SERVICE subscribers are happy just to receive the DAILY FX POST and this weekly blog and are not interested in Twitter. I have absolutely no problem with this approach at all, but please bear in mind there are only 24 hours in a day, I need sleep from time to time so I cannot answer emails or SKYPE messages immediately, nor do I look for Twitter conversations.\r\n\r\nI have to research, publish set-ups, trade myself, manage trades, tweet, blog and write additional articles for the PREMIUM SERVICE version of this blog, plus develop Broker relationships for the future as the PREMIUM SERVICE develops. In addition, I am also writing for LINKEDIN as well to several Forex groups. If it takes me an hour or so to respond to questions I apologize. I promise you I am busy but I will get back to you.\r\n\r\nFor the new traders to the PREMIUM SERVICE my TRADER TOPIC discussion this week is “LIVE ACCOUNT versus DEMO ACCOUNT”, I hope that you will find this useful.\r\n\r\nI had 3 responses to my webinar suggestion last week, so that project has been shelved due to lack of interest.\r\n\r\nFinally, the PREMIUM SERVICE income is still moving forward in these challenging trading times so I am very happy with that. I am slightly behind my personal income objective, but not too far. I have been taking reduced profits as I have been reducing my trade sizes and as a result my income per trade is lower than my target. However, even with a modification in trading style this month has been a tremendous month all things considered: -\r\n\r\nSingle micro lot trades on the 44 closed trades this month = $147.30\r\nSingle mini lot trades on the 44 closed trades this month so far =$1,473.00\r\nSingle standard lot trades on the 44 trades this month so far = $14,730.00\r\n\r\nI have already written a training topic called “TRADING WITH A FLEXIBLE MINDSET” for next weeks PREMIUM SERVICE blog. This is something that I deeply believe in and I have been using this over the past 8 weeks. In March, at the beginning, I found the transition in the way that the market behaved very difficult to get to grips with, however; recently I have come to terms with a slightly revised trading strategy that has produced the goods. The written section on mindset flexibility will be in next week’s blog for the PREMIUM SERVICE subscribers.\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>2. TRADING SUMMARY:</strong></span>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>APRIL 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>RADAR TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n12 trades at $0.10 cents each = $1.20 risk for $38.80 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n12 trades at $1.00 each = $12.00 risk for $388.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n12 trades at $10.00 each = $120.00 risk for $3,880.00 profit.</p>\r\n<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>FLASH TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n28 trades at $0.10 cents each = $2.80 cents risk for $98.70 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n28 trades at $1.00 each = $28.00 risk for $987.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n28 trades at $10.00 each = $280.00 risk for $9,870.00 profit.</p>\r\n<strong> </strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n4 trades at $0.10 cents each = $0.40 cents risk for $9.80 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n4 trades at $1.00 each = $4.00 risk for $98.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n4 trades at $10.00 each = $40.00 risk for $980.00 profit.</p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>APRIL 2014…TO DATE:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n44 trades at $0.10 cents each = $4.40 risk for $147.30 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n44 trades at $1.00 each = $44.00 risk for $1,473.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n44 trades at $10.00 each = $440.00 risk for $14,730.00 profit.</p>\r\n<p style=\"text-align: center;\"><strong> </strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>TOTAL 2014…SO FAR:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n184 trades at $0.10 cents each = $18.40 risk for $350.80 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n184 trades at $1.00 each = $184.00 risk for $3,508.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n184 trades at $10.00 each = $1,840.00 risk for $35,080.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong></span><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>CORRELATIONS DO MATTER…ESPECIALLY THE USD/JPY &amp; SPX</strong></p>\r\nCorrelations do matter and, yes, they are important factors to consider when researching a trade, establishing the entry, the risk and the profit potential. However, at times traders have to trade when correlations are off, out of sync, or just not playing ball.\r\n\r\nRight now, one of the best correlations in the market is not playing…the USD/JPY and the S&amp;P (SPX index S&amp;P 500).\r\n\r\nOver recent weeks there has been market volatility and turmoil not seen for a long, long time. The S&amp;P rose 65 points in a day recently, then sold off 75 points and bounced back 55 points. These are not normal market conditions and these intra-day moves in the S&amp;P way off the normal.\r\n\r\nThis past week, we saw the S&amp;P rally to highs from a low retracement base that had been formed about two weeks ago that had been formed. From the low to the high point was about a 75-80% retracement. During the same period the USD/JPY managed just under a 50% retracement. The correlation is now off, for years this has been a parallel relationship. What is this telling me?\r\n\r\nIt is telling me that the S&amp;P is going to move downwards and that the USD/JPY is ready to move much lower.\r\n\r\nIt may take a while to do as one has to consider the JPY cross-rates in all of this: EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, SEK/JPY, CAD/JPY and CHF/JPY to name the most popular.\r\n\r\nThe EUR (single currency) is incredibly strong right now but should the ECB and Draghi finally extract “the digit” and execute a full on QE (Quantitative Easing) programme with bank negative deposit rates, this would fuel the fire lower.\r\n\r\nThe Commodity currencies are under pressure already from their central banks (RBA, RBNZ) constantly quoting that exchange rates are at historic highs and cannot stay there for long. Therefore the downside pressure on the AUD and NZD is there. It is only equities that are holding them up.\r\n\r\nThe Swedish Central Bank is fighting deflation and the SEK is under pressure. The SEK is approaching an inflection point against the EUR and the USD, and if it breaks the SEK/JPY is a prime candidate for a move lower.\r\n\r\nShould the USD/JPY fall the commodity crosses will follow, AUD/JPY, NZD/JPY CAD/JPY and SEK/JPY.\r\n\r\nWhat is needed to start the process.\r\n\r\nJust a little bit of what drives the markets…this time not greed but FEAR.\r\n\r\nFEAR would hit the GBP currency very quickly as the UK is a heavily based Financial economy and if FEAR hits the GREEDMONGERS behind their desks, the “Pen Pushing”, “Desk Sucking” “Jotter-blotters” only know one course of action...that is sell and panic, “get me out at any cost, but look just get me out”.\r\n\r\nThe Ukraine / Russian tensions could be the catalyst. Rhetoric from some of the spokespersons involved is desperate to say the least, World War III has been introduced into the dialogue, and it’s not pretty.\r\n\r\nThe ECB may go into full-on QE.\r\n\r\nCross-rate effects are important, in particular if the GBP and EUR were primary candidates to influence the JPY because of their relationship to the US dollar index.\r\n\r\nEverything is linked…it just needs one move to set the ball rolling.\r\n\r\nCorrelations do matter and this one between the USD/JPY and SPX is a biggie and one that you have to seriously look at for the ramifications of its divergence.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>4. TRADER TOPICS:</strong></span>\r\n<p style=\"text-align: center;\"><strong>LIVE ACCOUNT vs. DEMO ACCOUNT</strong></p>\r\n&nbsp;\r\n\r\nPersonally, I think that trading with demo accounts gives you a false level of security. Your results via a demo account will probably contrast sharply with your results in your live account.\r\n\r\nWhen most people start trading, they believe that their results trading with fake money will be the same as their results trading with real money. Of course, that is almost never the case. The reason for this is that a person’s emotions greatly impact their decision-making ability when real money is on the line.\r\n\r\nFirstly, I wanted to make it clear that I am not dismissing demo trading. Trading a demo is how everyone should learn the basic mechanics of the trading platform. It also allows people to practice following their strategy and practice entering orders, placing stops and limits etc. If you run into a bad spell with your trading, sometimes revisiting trading and getting confidence back using a demo account for while can be the right thing to do. When you get into a bad patch trading, the brain is focused on money that is being lost and mistakes can be made left right and centre. Switching to a demo account relieves this pressure and reminds you that you can still trade well. The demo account is also good for working on new strategies without risking money. However, the demo account results usually do not translate to live money results.\r\n\r\nTo begin with, there is one basic reason that the demo account seems easier to trade. The reason is that you can have your fake cash refilled at any time. Therefore, what is the risk? There is no risk. If you screw up, then you can start over again without any penalty. This takes a huge amount of pressure off of you. You could blow out 5 accounts and have one huge winning account, but that does not mean that you will be able to repeat the one big winning account again. This is the first aspect of the demo account to realize, but there are far more important factors than this.\r\n\r\nLet me assume that we now moved passed the obvious reason above ie: the demo account isn’t a 100% forecaster of live results. Let’s say that you have some idea of what you are doing and you are using proper RISK MANAGEMENT, you have a strategy that gives you an edge, and you have attained consistent results on your demo account. The reality is that it is much easier to follow those guidelines when there is no real money involved. A trader’s emotions are much, much stronger when trading with real money rather than a demo account. With real money you will be tempted to commit a number of trading sins:\r\n<ul>\r\n	<li>Moving your stop further away from the entry level.</li>\r\n	<li>Exiting a position way before it reaches your profit targets.</li>\r\n	<li>Entering a trade that does not meet your trading criteria maybe to get revenge on a previous trade that was a bad trade.</li>\r\n</ul>\r\nThere are a number more that I could list be these are the main ones.\r\n\r\nIt begs the question…how do you make your results with real money resemble your results on the demo account?\r\n<ol>\r\n	<li>You start off trading with small position sizes.</li>\r\n	<li>Do not jump straight into risking your full RISK TOLERANCE per trade.</li>\r\n	<li>If you are trading small positions you will not devastate your account, but you will learn very quickly when you move to live positions.</li>\r\n	<li>Even though you may be trading small positions and limiting risk on each trade to small amounts, your brain will work differently than when you were operating on the demo account.</li>\r\n</ol>\r\nOnce you start making mistakes with real money, you must take notes and learn. Write down the solution and memorize it so that it does not happen again. These will in effect be the rules that get added to your TRADING PLAN.\r\n\r\nYou must continue to evolve as a trader until you become more consistent in following your plan. It would require someone similar to a saint to completely eliminate new mistakes entirely, but this process will help you as a trader become more and more consistent in actually following your plan and not deviating away from your strategy.\r\n\r\nThis is a very brief explanation of bridging the gap between a demo account and a live account. My best advice is always trade with smaller positions.\r\n\r\nDo not trade the demo account forever because there is only so much expertise that can be gained from the demo account. The best plan is to trade your demo account until you have a basic TRADING PLAN with good MONEY MANAGEMENT and RISK TOLERANCE levels built in and that you feel comfortable trading with. At that point, trade small positions of real money and you will be able to improve your trading skills much more quickly than if you only used the demo account for months and months.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n<p style=\"text-align: center;\"><strong>FLASH TRADES:</strong></p>\r\nI am in several positions and I am not 100% happy with them all but many positions are very small position sizes that I do not mind holding. I am maybe too optimistic that I will engineer my way out of these poorer trades but my RISK MANAGEMENT is still 100%.\r\n<p style=\"text-align: center;\"><strong>FT69</strong>\r\n<strong> USD/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 1.1061</strong>\r\n<strong>Stop Loss: 1.0850</strong>\r\n<strong>Limit / Target: 1.1600</strong>\r\n<strong>Weekly Closing Price: 1.1038</strong>\r\n<strong>Position: -23 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT73</strong>\r\n<strong> USD/CHF</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 0.8937</strong>\r\n<strong>Stop Loss: 0.8800</strong>\r\n<strong>Limit / Target: 0.9250</strong>\r\n<strong>Weekly Closing Price: 0.8813</strong>\r\n<strong>Position: -124 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT77</strong>\r\n<strong>EUR/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 1.3744</strong>\r\n<strong>Stop Loss: 1.3950</strong>\r\n<strong>Limit / Target: 1.3450</strong>\r\n<strong>Weekly Closing Price: 1.3833</strong>\r\n<strong>Position: - 117 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT93</strong>\r\n<strong> SEK/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 15.46</strong>\r\n<strong>Stop Loss: 16.12</strong>\r\n<strong>Limit / Target: 14.75</strong>\r\n<strong>Weekly Closing Price: 15.53</strong>\r\n<strong>Position: - 7 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT96</strong>\r\n<strong>NZD/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 0.8567</strong>\r\n<strong>Stop Loss: 0.8650</strong>\r\n<strong>Limit / Target: 0.8400</strong>\r\n<strong>Weekly Closing Price: 0.8574</strong>\r\n<strong>Position: - 7 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT97</strong>\r\n<strong> USD/SEK</strong>\r\n<strong>(I have included the chart below that really had me interested in the pair and the key trend line support at 6.5400)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 6.5856</strong>\r\n<strong>Stop Loss: 6.5400</strong>\r\n<strong>Limit / Target: 6.9174</strong>\r\n<strong>Weekly Closing Price: 6.5820</strong>\r\n<strong>Position: - 36 pips</strong></p>\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDSEK-WEEKLY-26042014.png\"><img class=\"aligncenter size-large wp-image-3533\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDSEK-WEEKLY-26042014-1024x540.png\" alt=\"USDSEK WEEKLY 26042014\" width=\"1024\" height=\"540\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FT100</strong>\r\n<strong> AUD/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 0.9265</strong>\r\n<strong>Stop Loss: 0.9310</strong>\r\n<strong>Limit / Target: 0.9000</strong>\r\n<strong>Weekly Closing Price: 0.9267</strong>\r\n<strong>Position: - 2 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT101</strong>\r\n<strong> USD/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 102.04</strong>\r\n<strong>Stop Loss: 102.50</strong>\r\n<strong>Limit / Target: 100.00</strong>\r\n<strong>Weekly Closing Price: 102.18</strong>\r\n<strong>Position: -14 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT102</strong>\r\n<strong> EUR/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 141.22</strong>\r\n<strong>Stop Loss: 141.75</strong>\r\n<strong>Limit / Target: 133.00</strong>\r\n<strong>Weekly Closing Price: 141.42</strong>\r\n<strong>Position: -20 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT103</strong>\r\n<strong> AUD/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 94.78</strong>\r\n<strong>Stop Loss: 96.00</strong>\r\n<strong>Limit / Target: 90.00</strong>\r\n<strong>Weekly Closing Price: 94.85</strong>\r\n<strong>Position: - 7 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>FT104</strong>\r\n<strong> CHF/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 115.80</strong>\r\n<strong>Stop Loss: 116.90</strong>\r\n<strong>Limit / Target: 110.00</strong>\r\n<strong>Weekly Closing Price: 115.99</strong>\r\n<strong>Position: - 19 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT105</strong>\r\n<strong> NZD/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 87.62</strong>\r\n<strong>Stop Loss: 88.00</strong>\r\n<strong>Limit / Target: 80.00</strong>\r\n<strong>Weekly Closing Price: 87.70</strong>\r\n<strong>Position: - 8 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>RADAR TRADES:</strong></p>\r\n<p style=\"text-align: center;\">I have no live RADAR TRADES at the present time.</p>\r\n<p style=\"text-align: center;\"><strong>FUNDAMENTAL TRADES:</strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN14</strong>\r\n<strong> GBP/NZD</strong>\r\n<strong> (This trade is hedged from -150 pips)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9000</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>Weekly Closing Price: 1.9576</strong>\r\n<strong>Position: - 374 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN19</strong>\r\n<strong> GBP/AUD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.8155</strong>\r\n<strong>Stop Loss: 1.7950</strong>\r\n<strong>Limit / Target: 1.9210</strong>\r\n<strong>Weekly Closing Price: 1.8091</strong>\r\n<strong>Position: - 64 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN20</strong>\r\n<strong> EUR/NZD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.6157</strong>\r\n<strong>Stop Loss: 1.5950</strong>\r\n<strong>Limit / Target: 1.6650</strong>\r\n<strong>Weekly Closing Price: 1.6120</strong>\r\n<strong>Position: - 37 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>  </strong></p>\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nI have a substantial number of live trades on the go at this moment in time, therefore it stands to reason that there cannot be too many additional trades on my radar.\r\n\r\nI have a little fear about being long the EUR. Hence no trades on my RADAR consist of long EUR. I am actively looking to reduce my exposure to the continuing single currency strength. The EUR/NZD is my only live trade at the moment long EUR. I will be looking to cover that if I can. It is a very small trade so I am not yet over concerned, the loss at the moment is only about 30 pips.\r\n<p style=\"text-align: center;\"><strong>AUD/NZD\r\n</strong><strong>Long\r\n</strong><strong>Enter at 1.0960\r\n</strong><strong>Stop Loss at 1.0750\r\n</strong><strong>Target / Limit 1.1340</strong></p>\r\n<strong> </strong>\r\n\r\n<strong>USD/NOK</strong>\r\n\r\nAs you can see from the chart below we hit a bottom of 5.9101, about two weeks ago and this pair is in the process of bouncing, we have been steadily on the retrace. There is plenty of scope for a huge move higher. If USD strength comes through the market, this pair should rally hard<strong>. </strong>My immediate target is the 50% retracement Fibonacci level but this may not be enough and the 61.8% at 6.1596 may be achievable.\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDNOK-WEEKLY-26042014.png\"><img class=\"aligncenter size-large wp-image-3532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDNOK-WEEKLY-26042014-1024x655.png\" alt=\"USDNOK WEEKLY 26042014\" width=\"1024\" height=\"655\" /></a>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>Long\r\n</strong><strong>Entry at 6.0064\r\n</strong><strong>Stop Loss at 5.9831\r\n</strong><strong>Target / Limit 6.1120</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong><strong> </strong></p>\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3833.</strong> The past week has the ECB and Draghi talking up the rhetoric on the single currencies continued strength but not DEFLATION. QE and negative overnight ECB deposit rates have been talked about again. This has contained the EUR/USD to 1.3850. I was hoping for another run at 1.4000 to add to my existing short. Had the pair made this run I would imagine that Draghi would be wetting his pants desperate to get on the news wires once again to verbally intervene. So the next ECB Press Conference will be eagerly awaited and the rumours ahead of it at fever pitch. For now we are trapped in a tightening range 1.3750-1.3850.\r\n\r\n<strong>GBP/USD: Closing Price 1.6793</strong>. I hate this pair at the moment. A few of my subscribers have tried getting short again the double / triple top whichever way you look at the charts….all to no avail. This pair just will not cave in and retreat back to the 1.6400 – 1.6500 area. It is well supported by the cross-rates, in particular, the GBP/AUD and GBP/NZD as they have been elevated of late and although not the full reason, these have been partially responsible for holding up the GBP. The other reason is the parallel relationship with the EUR. The EUR has not fallen so cable won’t either. I am looking at support at 1.6760 and resistance at 1.6840.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9267</strong>. The RBA stated once again that exchange rates are at historic highs and ever since there has been pressure on the AUD/USD. Unfortunately it has held up primarily because many traders and institutions are long trying to play out a measured move to 0.9500 on an inverted head and shoulders pattern. This is now invalidated and the pair seems to be ready to accept the fall. I am short looking to add below 0.9200.\r\n\r\nFor now support is at 0.9235 and resistance at 0.9320.\r\n\r\n<strong>NZD/USD: Closing Price 0.8574</strong>. One of my current largest trades right now is short the NZD/USD. There is huge support at 0.8550. If this gives way there are several trades and trade amendments due as per recent data in the PREMIUM SERVICE. Resistance is good at 0.8610.\r\n\r\n<strong>USD/CAD: Closing Price 1.1038.</strong> My other large position is long the USD/CAD. Whilst I am not concerned at present levels, as long as we are above the multi-year trend line support at 1.0850, trading the “loonie” is always fun. We are trying to break out of a tight range maybe this week will be the time. I have high hopes of mucho $$$ with this trade. For now however the immediate range that interests me is 1.0970 to 1.1060\r\n\r\n<strong>USD/CHF: Closing Price 0.8813</strong>. I am a nervous long with this pair, but my position size is small. Should tensions spill in Ukraine / Russia this is the European safe haven. We have held 0.8800 very well under several threats of late. We are once again above 0.8800. Key support should 0.8800 give way is at 0.8698 / 0.8700 and resistance is at 0.8875.\r\n\r\n<strong>USD/JPY: Closing Price 102.18. </strong>I have made several references to this pair throughout this blog. Not wanting to bore you with it all, all over again. Support is strong at 102.00 below there I suspect stops are between 101.80 and 101.90. If they get taken out in a huge fall, the next big support is 101.00. That gives way to - hello 100.00. Resistance is good at 102.80.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: JPY – BOJ Press Conference and Monetary Policy Statement.\r\n\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – GDP.\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: CNY – Manufacturing PMi.\r\n\r\nTHURSDAY: USD – FED chair, Janet Yellen speaks.\r\nTHURSDAY: AUD – PPi.\r\n\r\nFRIDAY: USD: - Non-Farm Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nThere are some high profile news events this week that should get the markets moving along. We are still sitting in ranges at the moment in many different markets so unless the high profile news moves us, we could be no better off than we are right now. So this week you have to be ready for false breakouts and false breakdowns. There are so many inflection points close by in equities, bonds and the Forex markets, it is really no wonder that we have been in a chop fest for quite sometime.\r\n\r\nThe only thoughts that I can add are, that it is the same for everyone. Everyone looks at the same charts as we do day after day and I have no doubt that they are equally frustrated by the ranges that we are currently stuck within. The key is to be lighter on position sizes and ready to move. With this in mind we have to watch our lead indicators: -\r\n<p style=\"text-align: center;\">GOLD\r\nCOPPER\r\nWTi Crude Oil\r\nU.S. 10-Year Treasury\r\nS&amp;P\r\nAUD/USD\r\nUSD/CAD\r\nUSD/SEK\r\nAnd\r\nUSD/JPY with 6J index</p>\r\nBy watching these we will get a heads up, if they all follow suit and correlate the way they should we will get a move we want. If they fail to correlate this is what can cause a false breakout or false breakdown.\r\n\r\nDo not be complacent in any aspect of your trading at this time. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 26th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','CORRELATIONS DO MATTER…ESPECIALLY THE USD/JPY & SPX','','publish','open','closed','','correlations-matterespecially-usdjpy-spx','','','2014-04-26 11:58:15','2014-04-26 16:58:15','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3543',0,'member_posts','',0),(3545,1,'2014-04-26 11:58:15','2014-04-26 16:58:15','<span style=\"text-decoration: underline;\"><strong>1. INTRODUCTION:</strong></span>\r\n\r\nA very interesting trading and news week\r\n\r\nThe tensions in the Ukraine created new low levels of diplomacy extremes between Russia and the U.S. At times, the verbal exchanges reminded me of an old Monty Python sketch but I do not want to create humour out of this serious situation. However, for a serving Secretary of State to say to his Russian counterpart and Putin, “carry on and it will have serious, serious, major implications”, is Pythonesque. It also reminds me of Eddie Murphy in Beverley Hills Cop telling his boss that he was going deep, deep, deep undercover!\r\n\r\nThat aside, the USD/JPY and USD/CHF are reacting to the on-going developing situation as the Mexican standoff moves to a more threatening stage. It does look like it could be a double whammy for those who are on the “Must long the USD/JPY” trip. Recent gains in the S&amp;P have not been matched by the USD/JPY and this usually says that if equities really commence a pullback or deeper correction the USD/JPY will drop faster than usual on the back of the fact it never moved up in line with equities when they were in rally mode. Should this be case, I could be short JPY for a while as many JPY pairs have potentially big moves ahead of them to the short side. Add to this worldwide unrest and the “safe-haven” is back in play.\r\n\r\nThe bottom line is “THE CHOP FEST CONTINUES”\r\n\r\nI am currently live in 15 trades….the vast majority of them are very small trades. I am trying to establish core positions from which to base longer-term trades from. I have just 2 trades that I would call close to full size, USD/CAD long and NZD/USD short, plus a mid level short trade in the AUD/USD. I am not worried about the current positions of my current live trades; my stops are well within my RISK MANAGEMENT and my TRADING PLAN guidelines. The only thing that is bugging me are the ranges that we are now stuck in. We really require a catalyst to jump-start the market. This would not only benefit (hopefully) my larger trade sizes, but would also in establishing my core positions. Until this happens, I have just have to be patient and wait.\r\n\r\nThis coming week we have some FED speak with Yellen, an FOMC statement and both ADP and Government Non-Farm payrolls. Hopefully these 4 news items between them will get the market moving. But having just written this, I think I may have said something similar last month.\r\n\r\nIf you are a new trader, please note, and I re-iterate that 83% of the live trades that I am currently trading are small positions. None of my trades are full-size. If you are a PREMIUM SERVICE subscriber you do not have to copy every trade that I am live with, the only thing I ask is that you manage your position sizes, and trade within your trade plan risk tolerance levels. The PREMIUM SERVICE website has examples of how to put together a TRADING PLAN and additional training material on the website shows you the content to add to your TRADING PLAN and why.\r\n\r\nThis is not a time to get carried away when you think that there is a breakout or breakdown. There are so many false moves right now, which is typical of a range bound marketplace.\r\n\r\nI welcomed a further 4 new PREMIUM SERVICE subscribers during the week. I want to mention again, that the vast majority of my PREMIUM SERVICE subscribers are happy just to receive the DAILY FX POST and this weekly blog and are not interested in Twitter. I have absolutely no problem with this approach at all, but please bear in mind there are only 24 hours in a day, I need sleep from time to time so I cannot answer emails or SKYPE messages immediately, nor do I look for Twitter conversations.\r\n\r\nI have to research, publish set-ups, trade myself, manage trades, tweet, blog and write additional articles for the PREMIUM SERVICE version of this blog, plus develop Broker relationships for the future as the PREMIUM SERVICE develops. In addition, I am also writing for LINKEDIN as well to several Forex groups. If it takes me an hour or so to respond to questions I apologize. I promise you I am busy but I will get back to you.\r\n\r\nFor the new traders to the PREMIUM SERVICE my TRADER TOPIC discussion this week is “LIVE ACCOUNT versus DEMO ACCOUNT”, I hope that you will find this useful.\r\n\r\nI had 3 responses to my webinar suggestion last week, so that project has been shelved due to lack of interest.\r\n\r\nFinally, the PREMIUM SERVICE income is still moving forward in these challenging trading times so I am very happy with that. I am slightly behind my personal income objective, but not too far. I have been taking reduced profits as I have been reducing my trade sizes and as a result my income per trade is lower than my target. However, even with a modification in trading style this month has been a tremendous month all things considered: -\r\n\r\nSingle micro lot trades on the 44 closed trades this month = $147.30\r\nSingle mini lot trades on the 44 closed trades this month so far =$1,473.00\r\nSingle standard lot trades on the 44 trades this month so far = $14,730.00\r\n\r\nI have already written a training topic called “TRADING WITH A FLEXIBLE MINDSET” for next weeks PREMIUM SERVICE blog. This is something that I deeply believe in and I have been using this over the past 8 weeks. In March, at the beginning, I found the transition in the way that the market behaved very difficult to get to grips with, however; recently I have come to terms with a slightly revised trading strategy that has produced the goods. The written section on mindset flexibility will be in next week’s blog for the PREMIUM SERVICE subscribers.\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>2. TRADING SUMMARY:</strong></span>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>APRIL 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>RADAR TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n12 trades at $0.10 cents each = $1.20 risk for $38.80 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n12 trades at $1.00 each = $12.00 risk for $388.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n12 trades at $10.00 each = $120.00 risk for $3,880.00 profit.</p>\r\n<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>FLASH TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n28 trades at $0.10 cents each = $2.80 cents risk for $98.70 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n28 trades at $1.00 each = $28.00 risk for $987.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n28 trades at $10.00 each = $280.00 risk for $9,870.00 profit.</p>\r\n<strong> </strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n4 trades at $0.10 cents each = $0.40 cents risk for $9.80 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n4 trades at $1.00 each = $4.00 risk for $98.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n4 trades at $10.00 each = $40.00 risk for $980.00 profit.</p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>APRIL 2014…TO DATE:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n44 trades at $0.10 cents each = $4.40 risk for $147.30 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n44 trades at $1.00 each = $44.00 risk for $1,473.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n44 trades at $10.00 each = $440.00 risk for $14,730.00 profit.</p>\r\n<p style=\"text-align: center;\"><strong> </strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>TOTAL 2014…SO FAR:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n184 trades at $0.10 cents each = $18.40 risk for $350.80 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n184 trades at $1.00 each = $184.00 risk for $3,508.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n184 trades at $10.00 each = $1,840.00 risk for $35,080.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong></span><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>CORRELATIONS DO MATTER…ESPECIALLY THE USD/JPY &amp; SPX</strong></p>\r\nCorrelations do matter and, yes, they are important factors to consider when researching a trade, establishing the entry, the risk and the profit potential. However, at times traders have to trade when correlations are off, out of sync, or just not playing ball.\r\n\r\nRight now, one of the best correlations in the market is not playing…the USD/JPY and the S&amp;P (SPX index S&amp;P 500).\r\n\r\nOver recent weeks there has been market volatility and turmoil not seen for a long, long time. The S&amp;P rose 65 points in a day recently, then sold off 75 points and bounced back 55 points. These are not normal market conditions and these intra-day moves in the S&amp;P way off the normal.\r\n\r\nThis past week, we saw the S&amp;P rally to highs from a low retracement base that had been formed about two weeks ago that had been formed. From the low to the high point was about a 75-80% retracement. During the same period the USD/JPY managed just under a 50% retracement. The correlation is now off, for years this has been a parallel relationship. What is this telling me?\r\n\r\nIt is telling me that the S&amp;P is going to move downwards and that the USD/JPY is ready to move much lower.\r\n\r\nIt may take a while to do as one has to consider the JPY cross-rates in all of this: EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, SEK/JPY, CAD/JPY and CHF/JPY to name the most popular.\r\n\r\nThe EUR (single currency) is incredibly strong right now but should the ECB and Draghi finally extract “the digit” and execute a full on QE (Quantitative Easing) programme with bank negative deposit rates, this would fuel the fire lower.\r\n\r\nThe Commodity currencies are under pressure already from their central banks (RBA, RBNZ) constantly quoting that exchange rates are at historic highs and cannot stay there for long. Therefore the downside pressure on the AUD and NZD is there. It is only equities that are holding them up.\r\n\r\nThe Swedish Central Bank is fighting deflation and the SEK is under pressure. The SEK is approaching an inflection point against the EUR and the USD, and if it breaks the SEK/JPY is a prime candidate for a move lower.\r\n\r\nShould the USD/JPY fall the commodity crosses will follow, AUD/JPY, NZD/JPY CAD/JPY and SEK/JPY.\r\n\r\nWhat is needed to start the process.\r\n\r\nJust a little bit of what drives the markets…this time not greed but FEAR.\r\n\r\nFEAR would hit the GBP currency very quickly as the UK is a heavily based Financial economy and if FEAR hits the GREEDMONGERS behind their desks, the “Pen Pushing”, “Desk Sucking” “Jotter-blotters” only know one course of action...that is sell and panic, “get me out at any cost, but look just get me out”.\r\n\r\nThe Ukraine / Russian tensions could be the catalyst. Rhetoric from some of the spokespersons involved is desperate to say the least, World War III has been introduced into the dialogue, and it’s not pretty.\r\n\r\nThe ECB may go into full-on QE.\r\n\r\nCross-rate effects are important, in particular if the GBP and EUR were primary candidates to influence the JPY because of their relationship to the US dollar index.\r\n\r\nEverything is linked…it just needs one move to set the ball rolling.\r\n\r\nCorrelations do matter and this one between the USD/JPY and SPX is a biggie and one that you have to seriously look at for the ramifications of its divergence.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>4. TRADER TOPICS:</strong></span>\r\n<p style=\"text-align: center;\"><strong>LIVE ACCOUNT vs. DEMO ACCOUNT</strong></p>\r\n&nbsp;\r\n\r\nPersonally, I think that trading with demo accounts gives you a false level of security. Your results via a demo account will probably contrast sharply with your results in your live account.\r\n\r\nWhen most people start trading, they believe that their results trading with fake money will be the same as their results trading with real money. Of course, that is almost never the case. The reason for this is that a person’s emotions greatly impact their decision-making ability when real money is on the line.\r\n\r\nFirstly, I wanted to make it clear that I am not dismissing demo trading. Trading a demo is how everyone should learn the basic mechanics of the trading platform. It also allows people to practice following their strategy and practice entering orders, placing stops and limits etc. If you run into a bad spell with your trading, sometimes revisiting trading and getting confidence back using a demo account for while can be the right thing to do. When you get into a bad patch trading, the brain is focused on money that is being lost and mistakes can be made left right and centre. Switching to a demo account relieves this pressure and reminds you that you can still trade well. The demo account is also good for working on new strategies without risking money. However, the demo account results usually do not translate to live money results.\r\n\r\nTo begin with, there is one basic reason that the demo account seems easier to trade. The reason is that you can have your fake cash refilled at any time. Therefore, what is the risk? There is no risk. If you screw up, then you can start over again without any penalty. This takes a huge amount of pressure off of you. You could blow out 5 accounts and have one huge winning account, but that does not mean that you will be able to repeat the one big winning account again. This is the first aspect of the demo account to realize, but there are far more important factors than this.\r\n\r\nLet me assume that we now moved passed the obvious reason above ie: the demo account isn’t a 100% forecaster of live results. Let’s say that you have some idea of what you are doing and you are using proper RISK MANAGEMENT, you have a strategy that gives you an edge, and you have attained consistent results on your demo account. The reality is that it is much easier to follow those guidelines when there is no real money involved. A trader’s emotions are much, much stronger when trading with real money rather than a demo account. With real money you will be tempted to commit a number of trading sins:\r\n<ul>\r\n	<li>Moving your stop further away from the entry level.</li>\r\n	<li>Exiting a position way before it reaches your profit targets.</li>\r\n	<li>Entering a trade that does not meet your trading criteria maybe to get revenge on a previous trade that was a bad trade.</li>\r\n</ul>\r\nThere are a number more that I could list be these are the main ones.\r\n\r\nIt begs the question…how do you make your results with real money resemble your results on the demo account?\r\n<ol>\r\n	<li>You start off trading with small position sizes.</li>\r\n	<li>Do not jump straight into risking your full RISK TOLERANCE per trade.</li>\r\n	<li>If you are trading small positions you will not devastate your account, but you will learn very quickly when you move to live positions.</li>\r\n	<li>Even though you may be trading small positions and limiting risk on each trade to small amounts, your brain will work differently than when you were operating on the demo account.</li>\r\n</ol>\r\nOnce you start making mistakes with real money, you must take notes and learn. Write down the solution and memorize it so that it does not happen again. These will in effect be the rules that get added to your TRADING PLAN.\r\n\r\nYou must continue to evolve as a trader until you become more consistent in following your plan. It would require someone similar to a saint to completely eliminate new mistakes entirely, but this process will help you as a trader become more and more consistent in actually following your plan and not deviating away from your strategy.\r\n\r\nThis is a very brief explanation of bridging the gap between a demo account and a live account. My best advice is always trade with smaller positions.\r\n\r\nDo not trade the demo account forever because there is only so much expertise that can be gained from the demo account. The best plan is to trade your demo account until you have a basic TRADING PLAN with good MONEY MANAGEMENT and RISK TOLERANCE levels built in and that you feel comfortable trading with. At that point, trade small positions of real money and you will be able to improve your trading skills much more quickly than if you only used the demo account for months and months.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n<p style=\"text-align: center;\"><strong>FLASH TRADES:</strong></p>\r\nI am in several positions and I am not 100% happy with them all but many positions are very small position sizes that I do not mind holding. I am maybe too optimistic that I will engineer my way out of these poorer trades but my RISK MANAGEMENT is still 100%.\r\n<p style=\"text-align: center;\"><strong>FT69</strong>\r\n<strong> USD/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 1.1061</strong>\r\n<strong>Stop Loss: 1.0850</strong>\r\n<strong>Limit / Target: 1.1600</strong>\r\n<strong>Weekly Closing Price: 1.1038</strong>\r\n<strong>Position: -23 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT73</strong>\r\n<strong> USD/CHF</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 0.8937</strong>\r\n<strong>Stop Loss: 0.8800</strong>\r\n<strong>Limit / Target: 0.9250</strong>\r\n<strong>Weekly Closing Price: 0.8813</strong>\r\n<strong>Position: -124 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT77</strong>\r\n<strong>EUR/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 1.3744</strong>\r\n<strong>Stop Loss: 1.3950</strong>\r\n<strong>Limit / Target: 1.3450</strong>\r\n<strong>Weekly Closing Price: 1.3833</strong>\r\n<strong>Position: - 117 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT93</strong>\r\n<strong> SEK/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 15.46</strong>\r\n<strong>Stop Loss: 16.12</strong>\r\n<strong>Limit / Target: 14.75</strong>\r\n<strong>Weekly Closing Price: 15.53</strong>\r\n<strong>Position: - 7 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT96</strong>\r\n<strong>NZD/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 0.8567</strong>\r\n<strong>Stop Loss: 0.8650</strong>\r\n<strong>Limit / Target: 0.8400</strong>\r\n<strong>Weekly Closing Price: 0.8574</strong>\r\n<strong>Position: - 7 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT97</strong>\r\n<strong> USD/SEK</strong>\r\n<strong>(I have included the chart below that really had me interested in the pair and the key trend line support at 6.5400)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 6.5856</strong>\r\n<strong>Stop Loss: 6.5400</strong>\r\n<strong>Limit / Target: 6.9174</strong>\r\n<strong>Weekly Closing Price: 6.5820</strong>\r\n<strong>Position: - 36 pips</strong></p>\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDSEK-WEEKLY-26042014.png\"><img class=\"aligncenter size-large wp-image-3533\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDSEK-WEEKLY-26042014-1024x540.png\" alt=\"USDSEK WEEKLY 26042014\" width=\"1024\" height=\"540\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FT100</strong>\r\n<strong> AUD/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 0.9265</strong>\r\n<strong>Stop Loss: 0.9310</strong>\r\n<strong>Limit / Target: 0.9000</strong>\r\n<strong>Weekly Closing Price: 0.9267</strong>\r\n<strong>Position: - 2 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT101</strong>\r\n<strong> USD/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 102.04</strong>\r\n<strong>Stop Loss: 102.50</strong>\r\n<strong>Limit / Target: 100.00</strong>\r\n<strong>Weekly Closing Price: 102.18</strong>\r\n<strong>Position: -14 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT102</strong>\r\n<strong> EUR/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 141.22</strong>\r\n<strong>Stop Loss: 141.75</strong>\r\n<strong>Limit / Target: 133.00</strong>\r\n<strong>Weekly Closing Price: 141.42</strong>\r\n<strong>Position: -20 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT103</strong>\r\n<strong> AUD/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 94.78</strong>\r\n<strong>Stop Loss: 96.00</strong>\r\n<strong>Limit / Target: 90.00</strong>\r\n<strong>Weekly Closing Price: 94.85</strong>\r\n<strong>Position: - 7 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>FT104</strong>\r\n<strong> CHF/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 115.80</strong>\r\n<strong>Stop Loss: 116.90</strong>\r\n<strong>Limit / Target: 110.00</strong>\r\n<strong>Weekly Closing Price: 115.99</strong>\r\n<strong>Position: - 19 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT105</strong>\r\n<strong> NZD/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 87.62</strong>\r\n<strong>Stop Loss: 88.00</strong>\r\n<strong>Limit / Target: 80.00</strong>\r\n<strong>Weekly Closing Price: 87.70</strong>\r\n<strong>Position: - 8 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>RADAR TRADES:</strong></p>\r\n<p style=\"text-align: center;\">I have no live RADAR TRADES at the present time.</p>\r\n<p style=\"text-align: center;\"><strong>FUNDAMENTAL TRADES:</strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN14</strong>\r\n<strong> GBP/NZD</strong>\r\n<strong> (This trade is hedged from -150 pips)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9000</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>Weekly Closing Price: 1.9576</strong>\r\n<strong>Position: - 374 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN19</strong>\r\n<strong> GBP/AUD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.8155</strong>\r\n<strong>Stop Loss: 1.7950</strong>\r\n<strong>Limit / Target: 1.9210</strong>\r\n<strong>Weekly Closing Price: 1.8091</strong>\r\n<strong>Position: - 64 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN20</strong>\r\n<strong> EUR/NZD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.6157</strong>\r\n<strong>Stop Loss: 1.5950</strong>\r\n<strong>Limit / Target: 1.6650</strong>\r\n<strong>Weekly Closing Price: 1.6120</strong>\r\n<strong>Position: - 37 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>  </strong></p>\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nI have a substantial number of live trades on the go at this moment in time, therefore it stands to reason that there cannot be too many additional trades on my radar.\r\n\r\nI have a little fear about being long the EUR. Hence no trades on my RADAR consist of long EUR. I am actively looking to reduce my exposure to the continuing single currency strength. The EUR/NZD is my only live trade at the moment long EUR. I will be looking to cover that if I can. It is a very small trade so I am not yet over concerned, the loss at the moment is only about 30 pips.\r\n<p style=\"text-align: center;\"><strong>AUD/NZD\r\n</strong><strong>Long\r\n</strong><strong>Enter at 1.0960\r\n</strong><strong>Stop Loss at 1.0750\r\n</strong><strong>Target / Limit 1.1340</strong></p>\r\n<strong> </strong>\r\n\r\n<strong>USD/NOK</strong>\r\n\r\nAs you can see from the chart below we hit a bottom of 5.9101, about two weeks ago and this pair is in the process of bouncing, we have been steadily on the retrace. There is plenty of scope for a huge move higher. If USD strength comes through the market, this pair should rally hard<strong>. </strong>My immediate target is the 50% retracement Fibonacci level but this may not be enough and the 61.8% at 6.1596 may be achievable.\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDNOK-WEEKLY-26042014.png\"><img class=\"aligncenter size-large wp-image-3532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDNOK-WEEKLY-26042014-1024x655.png\" alt=\"USDNOK WEEKLY 26042014\" width=\"1024\" height=\"655\" /></a>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>Long\r\n</strong><strong>Entry at 6.0064\r\n</strong><strong>Stop Loss at 5.9831\r\n</strong><strong>Target / Limit 6.1120</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong><strong> </strong></p>\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3833.</strong> The past week has the ECB and Draghi talking up the rhetoric on the single currencies continued strength but not DEFLATION. QE and negative overnight ECB deposit rates have been talked about again. This has contained the EUR/USD to 1.3850. I was hoping for another run at 1.4000 to add to my existing short. Had the pair made this run I would imagine that Draghi would be wetting his pants desperate to get on the news wires once again to verbally intervene. So the next ECB Press Conference will be eagerly awaited and the rumours ahead of it at fever pitch. For now we are trapped in a tightening range 1.3750-1.3850.\r\n\r\n<strong>GBP/USD: Closing Price 1.6793</strong>. I hate this pair at the moment. A few of my subscribers have tried getting short again the double / triple top whichever way you look at the charts….all to no avail. This pair just will not cave in and retreat back to the 1.6400 – 1.6500 area. It is well supported by the cross-rates, in particular, the GBP/AUD and GBP/NZD as they have been elevated of late and although not the full reason, these have been partially responsible for holding up the GBP. The other reason is the parallel relationship with the EUR. The EUR has not fallen so cable won’t either. I am looking at support at 1.6760 and resistance at 1.6840.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9267</strong>. The RBA stated once again that exchange rates are at historic highs and ever since there has been pressure on the AUD/USD. Unfortunately it has held up primarily because many traders and institutions are long trying to play out a measured move to 0.9500 on an inverted head and shoulders pattern. This is now invalidated and the pair seems to be ready to accept the fall. I am short looking to add below 0.9200.\r\n\r\nFor now support is at 0.9235 and resistance at 0.9320.\r\n\r\n<strong>NZD/USD: Closing Price 0.8574</strong>. One of my current largest trades right now is short the NZD/USD. There is huge support at 0.8550. If this gives way there are several trades and trade amendments due as per recent data in the PREMIUM SERVICE. Resistance is good at 0.8610.\r\n\r\n<strong>USD/CAD: Closing Price 1.1038.</strong> My other large position is long the USD/CAD. Whilst I am not concerned at present levels, as long as we are above the multi-year trend line support at 1.0850, trading the “loonie” is always fun. We are trying to break out of a tight range maybe this week will be the time. I have high hopes of mucho $$$ with this trade. For now however the immediate range that interests me is 1.0970 to 1.1060\r\n\r\n<strong>USD/CHF: Closing Price 0.8813</strong>. I am a nervous long with this pair, but my position size is small. Should tensions spill in Ukraine / Russia this is the European safe haven. We have held 0.8800 very well under several threats of late. We are once again above 0.8800. Key support should 0.8800 give way is at 0.8698 / 0.8700 and resistance is at 0.8875.\r\n\r\n<strong>USD/JPY: Closing Price 102.18. </strong>I have made several references to this pair throughout this blog. Not wanting to bore you with it all, all over again. Support is strong at 102.00 below there I suspect stops are between 101.80 and 101.90. If they get taken out in a huge fall, the next big support is 101.00. That gives way to - hello 100.00. Resistance is good at 102.80.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: JPY – BOJ Press Conference and Monetary Policy Statement.\r\n\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – GDP.\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: CNY – Manufacturing PMi.\r\n\r\nTHURSDAY: USD – FED chair, Janet Yellen speaks.\r\nTHURSDAY: AUD – PPi.\r\n\r\nFRIDAY: USD: - Non-Farm Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nThere are some high profile news events this week that should get the markets moving along. We are still sitting in ranges at the moment in many different markets so unless the high profile news moves us, we could be no better off than we are right now. So this week you have to be ready for false breakouts and false breakdowns. There are so many inflection points close by in equities, bonds and the Forex markets, it is really no wonder that we have been in a chop fest for quite sometime.\r\n\r\nThe only thoughts that I can add are, that it is the same for everyone. Everyone looks at the same charts as we do day after day and I have no doubt that they are equally frustrated by the ranges that we are currently stuck within. The key is to be lighter on position sizes and ready to move. With this in mind we have to watch our lead indicators: -\r\n<p style=\"text-align: center;\">GOLD\r\nCOPPER\r\nWTi Crude Oil\r\nU.S. 10-Year Treasury\r\nS&amp;P\r\nAUD/USD\r\nUSD/CAD\r\nUSD/SEK\r\nAnd\r\nUSD/JPY with 6J index</p>\r\nBy watching these we will get a heads up, if they all follow suit and correlate the way they should we will get a move we want. If they fail to correlate this is what can cause a false breakout or false breakdown.\r\n\r\nDo not be complacent in any aspect of your trading at this time. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 26th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','CORRELATIONS DO MATTER…ESPECIALLY THE USD/JPY & SPX','','inherit','open','closed','','3543-revision-v1','','','2014-04-26 11:58:15','2014-04-26 16:58:15','',3543,'https://weeklyfxdrivethru.com/3543-revision-v1/',0,'revision','',0),(3544,1,'2014-04-26 11:57:02','2014-04-26 16:57:02','<span style=\"text-decoration: underline;\"><strong>1. INTRODUCTION:</strong></span>\r\n\r\nA very interesting trading and news week\r\n\r\nThe tensions in the Ukraine created new low levels of diplomacy extremes between Russia and the U.S. At times, the verbal exchanges reminded me of an old Monty Python sketch but I do not want to create humour out of this serious situation. However, for a serving Secretary of State to say to his Russian counterpart and Putin, “carry on and it will have serious, serious, major implications”, is Pythonesque. It also reminds me of Eddie Murphy in Beverley Hills Cop telling his boss that he was going deep, deep, deep undercover!\r\n\r\nThat aside, the USD/JPY and USD/CHF are reacting to the on-going developing situation as the Mexican standoff moves to a more threatening stage. It does look like it could be a double whammy for those who are on the “Must long the USD/JPY” trip. Recent gains in the S&amp;P have not been matched by the USD/JPY and this usually says that if equities really commence a pullback or deeper correction the USD/JPY will drop faster than usual on the back of the fact it never moved up in line with equities when they were in rally mode. Should this be case, I could be short JPY for a while as many JPY pairs have potentially big moves ahead of them to the short side. Add to this worldwide unrest and the “safe-haven” is back in play.\r\n\r\nThe bottom line is “THE CHOP FEST CONTINUES”\r\n\r\nI am currently live in 15 trades….the vast majority of them are very small trades. I am trying to establish core positions from which to base longer-term trades from. I have just 2 trades that I would call close to full size, USD/CAD long and NZD/USD short, plus a mid level short trade in the AUD/USD. I am not worried about the current positions of my current live trades; my stops are well within my RISK MANAGEMENT and my TRADING PLAN guidelines. The only thing that is bugging me are the ranges that we are now stuck in. We really require a catalyst to jump-start the market. This would not only benefit (hopefully) my larger trade sizes, but would also in establishing my core positions. Until this happens, I have just have to be patient and wait.\r\n\r\nThis coming week we have some FED speak with Yellen, an FOMC statement and both ADP and Government Non-Farm payrolls. Hopefully these 4 news items between them will get the market moving. But having just written this, I think I may have said something similar last month.\r\n\r\nIf you are a new trader, please note, and I re-iterate that 83% of the live trades that I am currently trading are small positions. None of my trades are full-size. If you are a PREMIUM SERVICE subscriber you do not have to copy every trade that I am live with, the only thing I ask is that you manage your position sizes, and trade within your trade plan risk tolerance levels. The PREMIUM SERVICE website has examples of how to put together a TRADING PLAN and additional training material on the website shows you the content to add to your TRADING PLAN and why.\r\n\r\nThis is not a time to get carried away when you think that there is a breakout or breakdown. There are so many false moves right now, which is typical of a range bound marketplace.\r\n\r\nI welcomed a further 4 new PREMIUM SERVICE subscribers during the week. I want to mention again, that the vast majority of my PREMIUM SERVICE subscribers are happy just to receive the DAILY FX POST and this weekly blog and are not interested in Twitter. I have absolutely no problem with this approach at all, but please bear in mind there are only 24 hours in a day, I need sleep from time to time so I cannot answer emails or SKYPE messages immediately, nor do I look for Twitter conversations.\r\n\r\nI have to research, publish set-ups, trade myself, manage trades, tweet, blog and write additional articles for the PREMIUM SERVICE version of this blog, plus develop Broker relationships for the future as the PREMIUM SERVICE develops. In addition, I am also writing for LINKEDIN as well to several Forex groups. If it takes me an hour or so to respond to questions I apologize. I promise you I am busy but I will get back to you.\r\n\r\nFor the new traders to the PREMIUM SERVICE my TRADER TOPIC discussion this week is “LIVE ACCOUNT versus DEMO ACCOUNT”, I hope that you will find this useful.\r\n\r\nI had 3 responses to my webinar suggestion last week, so that project has been shelved due to lack of interest.\r\n\r\nFinally, the PREMIUM SERVICE income is still moving forward in these challenging trading times so I am very happy with that. I am slightly behind my personal income objective, but not too far. I have been taking reduced profits as I have been reducing my trade sizes and as a result my income per trade is lower than my target. However, even with a modification in trading style this month has been a tremendous month all things considered: -\r\n\r\nSingle micro lot trades on the 44 closed trades this month = $147.30\r\nSingle mini lot trades on the 44 closed trades this month so far =$1,473.00\r\nSingle standard lot trades on the 44 trades this month so far = $14,730.00\r\n\r\nI have already written a training topic called “TRADING WITH A FLEXIBLE MINDSET” for next weeks PREMIUM SERVICE blog. This is something that I deeply believe in and I have been using this over the past 8 weeks. In March, at the beginning, I found the transition in the way that the market behaved very difficult to get to grips with, however; recently I have come to terms with a slightly revised trading strategy that has produced the goods. The written section on mindset flexibility will be in next week’s blog for the PREMIUM SERVICE subscribers.\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>2. TRADING SUMMARY:</strong></span>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>APRIL 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>RADAR TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n12 trades at $0.10 cents each = $1.20 risk for $38.80 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n12 trades at $1.00 each = $12.00 risk for $388.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n12 trades at $10.00 each = $120.00 risk for $3,880.00 profit.</p>\r\n<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>FLASH TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n28 trades at $0.10 cents each = $2.80 cents risk for $98.70 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n28 trades at $1.00 each = $28.00 risk for $987.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n28 trades at $10.00 each = $280.00 risk for $9,870.00 profit.</p>\r\n<strong> </strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>FUNDAMENTAL TRADES – APRIL 2014…TO DATE:\r\n</strong><strong>PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</strong></p>\r\n<p style=\"text-align: center;\">1 x MICRO-LOT:\r\n4 trades at $0.10 cents each = $0.40 cents risk for $9.80 profit.</p>\r\n<p style=\"text-align: center;\">1 x MINI-LOT:\r\n4 trades at $1.00 each = $4.00 risk for $98.00 profit.</p>\r\n<p style=\"text-align: center;\">1 x STANDARD LOT:\r\n4 trades at $10.00 each = $40.00 risk for $980.00 profit.</p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>APRIL 2014…TO DATE:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n44 trades at $0.10 cents each = $4.40 risk for $147.30 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n44 trades at $1.00 each = $44.00 risk for $1,473.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n44 trades at $10.00 each = $440.00 risk for $14,730.00 profit.</p>\r\n<p style=\"text-align: center;\"><strong> </strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</strong><strong>TOTAL 2014…SO FAR:</strong></p>\r\n<p style=\"text-align: center;\">TRADING MICRO-LOTS:\r\n184 trades at $0.10 cents each = $18.40 risk for $350.80 profit.</p>\r\n<p style=\"text-align: center;\">TRADING MINI-LOTS:\r\n184 trades at $1.00 each = $184.00 risk for $3,508.00 profit.</p>\r\n<p style=\"text-align: center;\">TRADING STANDARD LOTS:\r\n184 trades at $10.00 each = $1,840.00 risk for $35,080.00 profit.</p>\r\n<p style=\"text-align: center;\"></p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.\r\n\r\nI like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong></span><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>CORRELATIONS DO MATTER…ESPECIALLY THE USD/JPY &amp; SPX</strong></p>\r\nCorrelations do matter and, yes, they are important factors to consider when researching a trade, establishing the entry, the risk and the profit potential. However, at times traders have to trade when correlations are off, out of sync, or just not playing ball.\r\n\r\nRight now, one of the best correlations in the market is not playing…the USD/JPY and the S&amp;P (SPX index S&amp;P 500).\r\n\r\nOver recent weeks there has been market volatility and turmoil not seen for a long, long time. The S&amp;P rose 65 points in a day recently, then sold off 75 points and bounced back 55 points. These are not normal market conditions and these intra-day moves in the S&amp;P way off the normal.\r\n\r\nThis past week, we saw the S&amp;P rally to highs from a low retracement base that had been formed about two weeks ago that had been formed. From the low to the high point was about a 75-80% retracement. During the same period the USD/JPY managed just under a 50% retracement. The correlation is now off, for years this has been a parallel relationship. What is this telling me?\r\n\r\nIt is telling me that the S&amp;P is going to move downwards and that the USD/JPY is ready to move much lower.\r\n\r\nIt may take a while to do as one has to consider the JPY cross-rates in all of this: EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, SEK/JPY, CAD/JPY and CHF/JPY to name the most popular.\r\n\r\nThe EUR (single currency) is incredibly strong right now but should the ECB and Draghi finally extract “the digit” and execute a full on QE (Quantitative Easing) programme with bank negative deposit rates, this would fuel the fire lower.\r\n\r\nThe Commodity currencies are under pressure already from their central banks (RBA, RBNZ) constantly quoting that exchange rates are at historic highs and cannot stay there for long. Therefore the downside pressure on the AUD and NZD is there. It is only equities that are holding them up.\r\n\r\nThe Swedish Central Bank is fighting deflation and the SEK is under pressure. The SEK is approaching an inflection point against the EUR and the USD, and if it breaks the SEK/JPY is a prime candidate for a move lower.\r\n\r\nShould the USD/JPY fall the commodity crosses will follow, AUD/JPY, NZD/JPY CAD/JPY and SEK/JPY.\r\n\r\nWhat is needed to start the process.\r\n\r\nJust a little bit of what drives the markets…this time not greed but FEAR.\r\n\r\nFEAR would hit the GBP currency very quickly as the UK is a heavily based Financial economy and if FEAR hits the GREEDMONGERS behind their desks, the “Pen Pushing”, “Desk Sucking” “Jotter-blotters” only know one course of action...that is sell and panic, “get me out at any cost, but look just get me out”.\r\n\r\nThe Ukraine / Russian tensions could be the catalyst. Rhetoric from some of the spokespersons involved is desperate to say the least, World War III has been introduced into the dialogue, and it’s not pretty.\r\n\r\nThe ECB may go into full-on QE.\r\n\r\nCross-rate effects are important, in particular if the GBP and EUR were primary candidates to influence the JPY because of their relationship to the US dollar index.\r\n\r\nEverything is linked…it just needs one move to set the ball rolling.\r\n\r\nCorrelations do matter and this one between the USD/JPY and SPX is a biggie and one that you have to seriously look at for the ramifications of its divergence.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>4. TRADER TOPICS:</strong></span>\r\n<p style=\"text-align: center;\"><strong>LIVE ACCOUNT vs. DEMO ACCOUNT\r\n\r\n</strong></p>\r\nPersonally, I think that trading with demo accounts gives you a false level of security. Your results via a demo account will probably contrast sharply with your results in your live account.\r\n\r\nWhen most people start trading, they believe that their results trading with fake money will be the same as their results trading with real money. Of course, that is almost never the case. The reason for this is that a person’s emotions greatly impact their decision-making ability when real money is on the line.\r\n\r\nFirstly, I wanted to make it clear that I am not dismissing demo trading. Trading a demo is how everyone should learn the basic mechanics of the trading platform. It also allows people to practice following their strategy and practice entering orders, placing stops and limits etc. If you run into a bad spell with your trading, sometimes revisiting trading and getting confidence back using a demo account for while can be the right thing to do. When you get into a bad patch trading, the brain is focused on money that is being lost and mistakes can be made left right and centre. Switching to a demo account relieves this pressure and reminds you that you can still trade well. The demo account is also good for working on new strategies without risking money. However, the demo account results usually do not translate to live money results.\r\n\r\nTo begin with, there is one basic reason that the demo account seems easier to trade. The reason is that you can have your fake cash refilled at any time. Therefore, what is the risk? There is no risk. If you screw up, then you can start over again without any penalty. This takes a huge amount of pressure off of you. You could blow out 5 accounts and have one huge winning account, but that does not mean that you will be able to repeat the one big winning account again. This is the first aspect of the demo account to realize, but there are far more important factors than this.\r\n\r\nLet me assume that we now moved passed the obvious reason above ie: the demo account isn’t a 100% forecaster of live results. Let’s say that you have some idea of what you are doing and you are using proper RISK MANAGEMENT, you have a strategy that gives you an edge, and you have attained consistent results on your demo account. The reality is that it is much easier to follow those guidelines when there is no real money involved. A trader’s emotions are much, much stronger when trading with real money rather than a demo account. With real money you will be tempted to commit a number of trading sins:\r\n<ul>\r\n	<li>Moving your stop further away from the entry level.</li>\r\n	<li>Exiting a position way before it reaches your profit targets.</li>\r\n	<li>Entering a trade that does not meet your trading criteria maybe to get revenge on a previous trade that was a bad trade.</li>\r\n</ul>\r\nThere are a number more that I could list be these are the main ones.\r\n\r\nIt begs the question…how do you make your results with real money resemble your results on the demo account?\r\n<ol>\r\n	<li>You start off trading with small position sizes.</li>\r\n	<li>Do not jump straight into risking your full RISK TOLERANCE per trade.</li>\r\n	<li>If you are trading small positions you will not devastate your account, but you will learn very quickly when you move to live positions.</li>\r\n	<li>Even though you may be trading small positions and limiting risk on each trade to small amounts, your brain will work differently than when you were operating on the demo account.</li>\r\n</ol>\r\nOnce you start making mistakes with real money, you must take notes and learn. Write down the solution and memorize it so that it does not happen again. These will in effect be the rules that get added to your TRADING PLAN.\r\n\r\nYou must continue to evolve as a trader until you become more consistent in following your plan. It would require someone similar to a saint to completely eliminate new mistakes entirely, but this process will help you as a trader become more and more consistent in actually following your plan and not deviating away from your strategy.\r\n\r\nThis is a very brief explanation of bridging the gap between a demo account and a live account. My best advice is always trade with smaller positions.\r\n\r\nDo not trade the demo account forever because there is only so much expertise that can be gained from the demo account. The best plan is to trade your demo account until you have a basic TRADING PLAN with good MONEY MANAGEMENT and RISK TOLERANCE levels built in and that you feel comfortable trading with. At that point, trade small positions of real money and you will be able to improve your trading skills much more quickly than if you only used the demo account for months and months.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n<p style=\"text-align: center;\"><strong>FLASH TRADES:</strong></p>\r\nI am in several positions and I am not 100% happy with them all but many positions are very small position sizes that I do not mind holding. I am maybe too optimistic that I will engineer my way out of these poorer trades but my RISK MANAGEMENT is still 100%.\r\n<p style=\"text-align: center;\"><strong>FT69</strong>\r\n<strong> USD/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 1.1061</strong>\r\n<strong>Stop Loss: 1.0850</strong>\r\n<strong>Limit / Target: 1.1600</strong>\r\n<strong>Weekly Closing Price: 1.1038</strong>\r\n<strong>Position: -23 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT73</strong>\r\n<strong> USD/CHF</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 0.8937</strong>\r\n<strong>Stop Loss: 0.8800</strong>\r\n<strong>Limit / Target: 0.9250</strong>\r\n<strong>Weekly Closing Price: 0.8813</strong>\r\n<strong>Position: -124 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT77</strong>\r\n<strong>EUR/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 1.3744</strong>\r\n<strong>Stop Loss: 1.3950</strong>\r\n<strong>Limit / Target: 1.3450</strong>\r\n<strong>Weekly Closing Price: 1.3833</strong>\r\n<strong>Position: - 117 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT93</strong>\r\n<strong> SEK/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 15.46</strong>\r\n<strong>Stop Loss: 16.12</strong>\r\n<strong>Limit / Target: 14.75</strong>\r\n<strong>Weekly Closing Price: 15.53</strong>\r\n<strong>Position: - 7 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT96</strong>\r\n<strong>NZD/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 0.8567</strong>\r\n<strong>Stop Loss: 0.8650</strong>\r\n<strong>Limit / Target: 0.8400</strong>\r\n<strong>Weekly Closing Price: 0.8574</strong>\r\n<strong>Position: - 7 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT97</strong>\r\n<strong> USD/SEK</strong>\r\n<strong>(I have included the chart below that really had me interested in the pair and the key trend line support at 6.5400)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average / Entry Level: 6.5856</strong>\r\n<strong>Stop Loss: 6.5400</strong>\r\n<strong>Limit / Target: 6.9174</strong>\r\n<strong>Weekly Closing Price: 6.5820</strong>\r\n<strong>Position: - 36 pips</strong></p>\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDSEK-WEEKLY-26042014.png\"><img class=\"aligncenter size-large wp-image-3533\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDSEK-WEEKLY-26042014-1024x540.png\" alt=\"USDSEK WEEKLY 26042014\" width=\"1024\" height=\"540\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>FT100</strong>\r\n<strong> AUD/USD</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 0.9265</strong>\r\n<strong>Stop Loss: 0.9310</strong>\r\n<strong>Limit / Target: 0.9000</strong>\r\n<strong>Weekly Closing Price: 0.9267</strong>\r\n<strong>Position: - 2 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT101</strong>\r\n<strong> USD/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 102.04</strong>\r\n<strong>Stop Loss: 102.50</strong>\r\n<strong>Limit / Target: 100.00</strong>\r\n<strong>Weekly Closing Price: 102.18</strong>\r\n<strong>Position: -14 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT102</strong>\r\n<strong> EUR/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 141.22</strong>\r\n<strong>Stop Loss: 141.75</strong>\r\n<strong>Limit / Target: 133.00</strong>\r\n<strong>Weekly Closing Price: 141.42</strong>\r\n<strong>Position: -20 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT103</strong>\r\n<strong> AUD/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 94.78</strong>\r\n<strong>Stop Loss: 96.00</strong>\r\n<strong>Limit / Target: 90.00</strong>\r\n<strong>Weekly Closing Price: 94.85</strong>\r\n<strong>Position: - 7 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>FT104</strong>\r\n<strong> CHF/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 115.80</strong>\r\n<strong>Stop Loss: 116.90</strong>\r\n<strong>Limit / Target: 110.00</strong>\r\n<strong>Weekly Closing Price: 115.99</strong>\r\n<strong>Position: - 19 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FT105</strong>\r\n<strong> NZD/JPY</strong>\r\n<strong>Short</strong>\r\n<strong>Cost Average / Entry Level: 87.62</strong>\r\n<strong>Stop Loss: 88.00</strong>\r\n<strong>Limit / Target: 80.00</strong>\r\n<strong>Weekly Closing Price: 87.70</strong>\r\n<strong>Position: - 8 pips</strong></p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><strong>RADAR TRADES:</strong></p>\r\n<p style=\"text-align: center;\">I have no live RADAR TRADES at the present time.</p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><strong>FUNDAMENTAL TRADES:</strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN14</strong>\r\n<strong> GBP/NZD</strong>\r\n<strong> (This trade is hedged from -150 pips)</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9000</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>Weekly Closing Price: 1.9576</strong>\r\n<strong>Position: - 374 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN19</strong>\r\n<strong> GBP/AUD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.8155</strong>\r\n<strong>Stop Loss: 1.7950</strong>\r\n<strong>Limit / Target: 1.9210</strong>\r\n<strong>Weekly Closing Price: 1.8091</strong>\r\n<strong>Position: - 64 pips </strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN20</strong>\r\n<strong> EUR/NZD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.6157</strong>\r\n<strong>Stop Loss: 1.5950</strong>\r\n<strong>Limit / Target: 1.6650</strong>\r\n<strong>Weekly Closing Price: 1.6120</strong>\r\n<strong>Position: - 37 pips</strong></p>\r\n<p style=\"text-align: center;\"><strong>  </strong></p>\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nI have a substantial number of live trades on the go at this moment in time, therefore it stands to reason that there cannot be too many additional trades on my radar.\r\n\r\nI have a little fear about being long the EUR. Hence no trades on my RADAR consist of long EUR. I am actively looking to reduce my exposure to the continuing single currency strength. The EUR/NZD is my only live trade at the moment long EUR. I will be looking to cover that if I can. It is a very small trade so I am not yet over concerned, the loss at the moment is only about 30 pips.\r\n<p style=\"text-align: center;\"><strong>AUD/NZD\r\n</strong><strong>Long\r\n</strong><strong>Enter at 1.0960\r\n</strong><strong>Stop Loss at 1.0750\r\n</strong><strong>Target / Limit 1.1340</strong></p>\r\n<strong> </strong>\r\n\r\n<strong>USD/NOK</strong>\r\n\r\nAs you can see from the chart below we hit a bottom of 5.9101, about two weeks ago and this pair is in the process of bouncing, we have been steadily on the retrace. There is plenty of scope for a huge move higher. If USD strength comes through the market, this pair should rally hard<strong>. </strong>My immediate target is the 50% retracement Fibonacci level but this may not be enough and the 61.8% at 6.1596 may be achievable.\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDNOK-WEEKLY-26042014.png\"><img class=\"aligncenter size-large wp-image-3532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/USDNOK-WEEKLY-26042014-1024x655.png\" alt=\"USDNOK WEEKLY 26042014\" width=\"1024\" height=\"655\" /></a>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>Long\r\n</strong><strong>Entry at 6.0064\r\n</strong><strong>Stop Loss at 5.9831\r\n</strong><strong>Target / Limit 6.1120</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong><strong> </strong></p>\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3833.</strong> The past week has the ECB and Draghi talking up the rhetoric on the single currencies continued strength but not DEFLATION. QE and negative overnight ECB deposit rates have been talked about again. This has contained the EUR/USD to 1.3850. I was hoping for another run at 1.4000 to add to my existing short. Had the pair made this run I would imagine that Draghi would be wetting his pants desperate to get on the news wires once again to verbally intervene. So the next ECB Press Conference will be eagerly awaited and the rumours ahead of it at fever pitch. For now we are trapped in a tightening range 1.3750-1.3850.\r\n\r\n<strong>GBP/USD: Closing Price 1.6793</strong>. I hate this pair at the moment. A few of my subscribers have tried getting short again the double / triple top whichever way you look at the charts….all to no avail. This pair just will not cave in and retreat back to the 1.6400 – 1.6500 area. It is well supported by the cross-rates, in particular, the GBP/AUD and GBP/NZD as they have been elevated of late and although not the full reason, these have been partially responsible for holding up the GBP. The other reason is the parallel relationship with the EUR. The EUR has not fallen so cable won’t either. I am looking at support at 1.6760 and resistance at 1.6840.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9267</strong>. The RBA stated once again that exchange rates are at historic highs and ever since there has been pressure on the AUD/USD. Unfortunately it has held up primarily because many traders and institutions are long trying to play out a measured move to 0.9500 on an inverted head and shoulders pattern. This is now invalidated and the pair seems to be ready to accept the fall. I am short looking to add below 0.9200.\r\n\r\nFor now support is at 0.9235 and resistance at 0.9320.\r\n\r\n<strong>NZD/USD: Closing Price 0.8574</strong>. One of my current largest trades right now is short the NZD/USD. There is huge support at 0.8550. If this gives way there are several trades and trade amendments due as per recent data in the PREMIUM SERVICE. Resistance is good at 0.8610.\r\n\r\n<strong>USD/CAD: Closing Price 1.1038.</strong> My other large position is long the USD/CAD. Whilst I am not concerned at present levels, as long as we are above the multi-year trend line support at 1.0850, trading the “loonie” is always fun. We are trying to break out of a tight range maybe this week will be the time. I have high hopes of mucho $$$ with this trade. For now however the immediate range that interests me is 1.0970 to 1.1060\r\n\r\n<strong>USD/CHF: Closing Price 0.8813</strong>. I am a nervous long with this pair, but my position size is small. Should tensions spill in Ukraine / Russia this is the European safe haven. We have held 0.8800 very well under several threats of late. We are once again above 0.8800. Key support should 0.8800 give way is at 0.8698 / 0.8700 and resistance is at 0.8875.\r\n\r\n<strong>USD/JPY: Closing Price 102.18. </strong>I have made several references to this pair throughout this blog. Not wanting to bore you with it all, all over again. Support is strong at 102.00 below there I suspect stops are between 101.80 and 101.90. If they get taken out in a huge fall, the next big support is 101.00. That gives way to - hello 100.00. Resistance is good at 102.80.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: JPY – BOJ Press Conference and Monetary Policy Statement.\r\n\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: CAD – GDP.\r\nWEDNESDAY: USD – FOMC Rate Statement.\r\nWEDNESDAY: CNY – Manufacturing PMi.\r\n\r\nTHURSDAY: USD – FED chair, Janet Yellen speaks.\r\nTHURSDAY: AUD – PPi.\r\n\r\nFRIDAY: USD: - Non-Farm Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nThere are some high profile news events this week that should get the markets moving along. We are still sitting in ranges at the moment in many different markets so unless the high profile news moves us, we could be no better off than we are right now. So this week you have to be ready for false breakouts and false breakdowns. There are so many inflection points close by in equities, bonds and the Forex markets, it is really no wonder that we have been in a chop fest for quite sometime.\r\n\r\nThe only thoughts that I can add are, that it is the same for everyone. Everyone looks at the same charts as we do day after day and I have no doubt that they are equally frustrated by the ranges that we are currently stuck within. The key is to be lighter on position sizes and ready to move. With this in mind we have to watch our lead indicators: -\r\n<p style=\"text-align: center;\">GOLD\r\nCOPPER\r\nWTi Crude Oil\r\nU.S. 10-Year Treasury\r\nS&amp;P\r\nAUD/USD\r\nUSD/CAD\r\nUSD/SEK\r\nAnd\r\nUSD/JPY with 6J index</p>\r\n<p style=\"text-align: center;\"></p>\r\nBy watching these we will get a heads up, if they all follow suit and correlate the way they should we will get a move we want. If they fail to correlate this is what can cause a false breakout or false breakdown.\r\n\r\nDo not be complacent in any aspect of your trading at this time. You should only trade within your TRADING PLAN guidelines as per the examples I have written about and posted to the PREMIUM SERVICE trading essentials section of the website. You should at this time, trade smaller position sizes with stops in place that are within the guidelines of your TRADING PLAN. If my stops are too wide for you, reduce your position sizes to stay within your TRADING PLAN guidelines.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday April 26th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','CORRELATIONS DO MATTER…ESPECIALLY THE USD/JPY & SPX','','inherit','open','closed','','3543-revision-v1','','','2014-04-26 11:57:02','2014-04-26 16:57:02','',3543,'https://weeklyfxdrivethru.com/3543-revision-v1/',0,'revision','',0),