(3843,1,'2014-06-07 11:37:39','2014-06-07 16:37:39','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThat was some week.\r\n\r\n“The Draghi Show” aka “The ECB Press Conference” last Thursday, being the highlight, maybe not from my own personal trading perspective, but it was an event to witness\r\n\r\nI had previously written articles for LinkedIn, The DAILY FX POST (for PREMIUM SERVICE subscribers) and Twitter posts stating that “Talk is Cheap” and that should Draghi come to the market with anything less than “full-on” Quantitative Easing after the initial knee-jerk reaction taking the EUR/USD short it would bounce once the market realized it was just more talk. Once again it was the usual ECB high on rhetoric approach, kicking the can down the road scenario that we have all become so accustomed to. The is basically what happened. The only aspect of it all was the speed of the bounce (the squeeze), and, how far the EUR/USD bounced. From the lows of the day 1.3503, 1.3577 was the 38% Fibonacci retracement, 1.3585 was mega strong support on the way lower, which I thought would definitely hold on the way back…it did not. We squeezed to 1.3670, when it was all said and done.\r\n\r\nIt was a fascinating hour or so, however, why did the turnaround happen?\r\n\r\nI have read so many articles and listened to so many comments following the\r\nPress Conference. I am no clearer…was it: -\r\n<ul>\r\n	<li>Hedge funds involvement?</li>\r\n	<li>Option Barriers?</li>\r\n	<li>Only a Pea Shooter with the promise of a Bazooka?</li>\r\n	<li>Was it Draghi stating that the ECB was basing EUR/USD exchange rate average estimate for 2014 at 1.3800?</li>\r\n	<li>Was it the fact that Draghi announced TLTROs (Targeted long-term refinance operations) were expected to start in September and December this year?</li>\r\n</ul>\r\nBasically, I think nothing that was announced by Draghi was a surprise to the markets. The phrase “priced in” came up a few times in my reading. I think that as soon as 1.3800 was mentioned, and, in addition, when Draghi stated that he could not see steeper rate cuts in the future, and, that the ECB had reached “zero bound”, was a f**k up on his part. I believe this was a bit of a tactical error, which halted the EUR drop and it consolidated and then squeezed.\r\n\r\nIt was a difficult session for me as I experienced connectivity issues as well just to add to a stress factor, thankfully, I exited a couple of trades early on but I took two big losses on the EUR/USD short and a USD/CHF long during the squeeze and my power outages.\r\n\r\nI think that I was being paid back for my comments about Eurozone and ECB officials whom, I thought were going to break ranks and leak ahead of Draghi’s announcement. Were they all on vacation? It was a deafening silence from the Eurozone. I should check the share price of duct tape…it must have bounced on a massive sales spike in Frankfurt and Brussels!\r\n\r\nI also predicted that the SNB would front-run the ECB if there was QE. There was no QE, and, so no SNB announcement. My CHF trades were a waste of time.\r\n\r\nI would not however completely rule out the SNB acting. If there is a huge switch out of the single currency into Swiss francs because of negative interest rates, do not rule out the SNB imposing the same.\r\n\r\nThen we had U.S. Non-Farm Payrolls. It was an in line number. Not as much volatility as usual. It was interesting for me (as I was on the sideline) to see that the Fibonacci levels basically held across all the USD majors.\r\n\r\nStaying on the positive side, the PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is still challenging, so to make $$$ in these difficult conditions makes me happy.\r\n\r\nI welcomed many new subscribers to the PREMIUM SERVICE in the past week, so I am hoping that this coming week, things will have settled a little to enable some quality entries on trades. There are many trades and charts later in this blog (PREMIUM SERVICE version only).\r\n\r\n&nbsp;\r\n\r\n<strong>2. TRADING SUMMARY:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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 website.</p>\r\n  <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\"><img class=\"aligncenter size-full wp-image-3832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\" alt=\"PREM SERV PROFITS 1 06062014\" width=\"444\" height=\"426\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\"><img class=\"aligncenter size-full wp-image-3833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\" alt=\"PREM SERV PROFITS 2 06062014\" width=\"463\" height=\"415\" /></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.\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>WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED</strong></p>\r\nI was asked by a subscriber of the WEEKLY FX DRIVE THRU, what do I do, and, how do I approach the markets after big moves in a big news week.\r\n\r\nThe following is basically what I do, it is just my own way of dealing with how to trade following a big move in front line data. When we have a big week of news, then from my perspective it’s time to re-evaluate matters, look at my favourite pairs to trade and take stock, and above all take my time to review. It may not be everyone’s cup of tea but this is what I do.\r\n\r\nLast week was a week packed full with PMi Data, Employment Statistics, Trade Balances and four central banks reviewed interest rates and three issued policy statements. It was a huge data dump, so much to take on board there were some wild volatility moves included for good measure.\r\n\r\nNow it is time to sit back and review, plan and strategize ahead.\r\n\r\nThe fundamentals have NOT changed in my opinion. Some of the moves in currencies have an extreme look about them, however in bigger market moves this is normal. I think the biggest aspect of the moves this week that have influenced me the most are the moves in the cross-rates. I have written several times this year about never underestimating the cross-rate effect.\r\n\r\nWithout doubt, when any analyst from any investment area talks about currencies the EUR/USD is the focus, quite understandably. After the ECB Press Conference the moves in the single currency crosses were violent, fast, volatile and to me somewhat extreme. I know that the ECB news event last Thursday, was eagerly awaited and because it involved a policy change from the central bank, every dot and cross on the press release statement was dissected more so than normal.\r\n\r\nThe Non-Farm Payroll numbers were also market moving and affected all currency pairs but moves were in the main muted.\r\n\r\nSo where do we go from here?\r\n\r\nBasically a little consolidation time in the Forex markets, the new levels need to be confirmed.\r\n\r\nUsually, when we see such volatile movement, I take a step back, find my levels in the charts and note them and place the limit orders with my brokers. Then I sit back and let the trades come to me. It is very easy to get caught up in the moment, at present we are trading in times where false breakouts and breakdowns are almost an everyday occurrence. There is a market literally every day, once FEAR and GREED take over, your psychology of trading effectively within your guidelines set out in your TRADING PLAN are gone. You can always make money in the Forex market, but by not being aware you can just as easily lose money.\r\n\r\nBelow, for everyone, I show you what I do and give examples on three pairs; EUR/USD, GBP/USD and AUD/USD.\r\n\r\nI simply go back to the basics that I was taught. Just as the markets need to consolidate moves and work off over-bought or over-sold conditions as a trader I need to re-evaluate.\r\n\r\n<em>(For PREMIUM SERVICE subscribers, I will provide all the entry levels etc. and in addition, I will carry on the same process later in your fuller version of the blog in the section titled TRADES ON MY RADAR. This will include reviews for several other pairs not just the majors but also some of the cross-rates).</em>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\n\r\nFrom the monthly chart below, resistance is now on the down sloping trend line at 1.3775.\r\n\r\nI see this an area to short from. As you can see, the last three attempts to break out above trend line resistance, was resisted and the pair was smacked back down. Given that the ECB is embarking on a change of monetary policy to hold down the EUR exchange rate, I see no reason why this trend line should not be a bad area to short from. I would imagine lots of traders would be looking to short the EUR/USD ahead of 1.3800.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\n\r\nFrom the daily chart below, although maybe a little difficult to see or follow, we have Fibonacci interests at 1.6870, coinciding with a recent high and trend line resistances. In fact, from 1.6840 to 1.6870 represents an area to look at to short from. The 2014 high at 1.6996 is not far above so you have a great risk level to work from. A few weeks ago, I stated that in my opinion, I thought that 1.6996 would probably be remembered as the 2014 high for this pair. Will this remain?\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>AUD/USD:</strong></span>\r\n\r\nFrom the chart below you can see that we have resistance at 0.9360, which is a Fibonacci 76% level. We have failed two / three times at this level and this where I would be looking to as resistance from which to use as my risk level for any short trade that I would enter. 0.9330 has been a major resistance level for what seems likes weeks that is basically a 61.8% Fibonacci level. Both of these levels give me confidence as resistance levels.\r\nA major aspect of trading is realizing what your risk is before entering a trade. I will use these levels to determine my trade set-ups.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the examples above it really is very basic analysis. This is really what I do several times a week across the board and several times a day on some occasions. It is basic and repetitive, but it can be extremely rewarding.\r\n\r\nFundamentally I am still a USD bull and as such, my views for the three currencies above are that they are to head lower. I also look at recent economic data and central bank talk to establish my macro views. All matters added together, I am looking for short trades on all three of the examples above.\r\n\r\nWith regards to my profit targets, that would very much depend on how long I intend to try and stay in each trade. Therefore, each trade would be treated differently with regards to my limit/ target objective.\r\n\r\nSuffice to say, I use recent key Fibonacci levels, and other key resistance /support levels seen recently.\r\n\r\nI do not know whether this helps, or, has given the answer hoped for, but this is what I do, in fact, to be more accurate this is what I am doing right now!\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</strong></p>\r\nMost traders spend hours looking for the magical combination of indicators that will reveal “The Holy Grail” of trading strategies. Obviously, the goal is to find a winning strategy, but more often than not “profitable trades” are misconstrued into finding a strategy that gives you a higher percentage of profitable trades. After all, a profitable trade makes money and a loss trade means losing money, right? Don’t be so sure about that, overall you may make more money having more losing trades than profitable ones.\r\n\r\nLike many of the seemingly obvious components that go into creating a great TRADING PLAN and becoming a great trader, what we think seems logical in reality is what is holding us back.\r\n\r\nFor regular followers of my blogs, this may not be the first time you’ve read something similar to this, and I can promise you it will not be last. Along with other ways to think in terms of probabilities, the following is an example of something I deeply believe needs to be not just simply understood, but ingrained into the subconscious of our trading psyche (if through nothing more than repetition) in order to ultimately eliminate emotions from every single trade that is placed. This may perhaps be the most difficult aspect of becoming a true professional trader, but a trait that one simply must have, to stand any chance of survival….both financially, and psychologically.\r\n\r\nBeing a profitable trader is not just about percentages of profitable trades. In other words, you can earn positive returns without having most of your trades being profitable. It’s all about risk v. reward. If your strategy allows you to identify trading opportunities that offer more reward than risk, then even a 50% profitable trades ratio could yield a significantly positive return over time.\r\n\r\nFor example: -\r\n\r\nLet’s assume a $10,000.00 trading account where 10 trades are placed, and $100.00 (1%) is put at risk for each trade….\r\n\r\nIf the risk to reward ratio is 1-to-1, then a 50% profitable trades ratio will result in a “Break-even” return….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.\r\n\r\n10 trades placed x 50% profitable trades = 5 profits x $100.00 = $500.00 profit.\r\n\r\n$500.00 profit - $500.00 loss = $0.00.\r\n\r\nIf the risk to reward ratio is 1-to1.5, then the same 50% ratio of profitable trades will result in a positive return….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.\r\n\r\n10 trades placed X 50% profitable trades = 5 profits x $150.00 = $750.00 profit.\r\n$750.00 profit - $500.00 loss = $250.00 profit.\r\n\r\nIn terms of the percentage return, this second (profitable) example would result in a 2.5% return based on the starting account balance (total equity) of $10,000 after just 10 trades. This, of course, is the case when just 1% of total equity is put at risk. If 3% ($300) is put at risk (which I would NOT recommend at all), then this same example (same track records) would yield a 7.5% return. In other words, greater profits are achieved based on the exact same performance….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $300.00 = $1,500.00 loss.\r\n\r\n10 trades placed x 50% profitable trades = 5 profits x $450.00 = $2,250.00 profit.\r\n\r\n$2,250.00 profit - $1,500.00 loss = $750.00 profit.\r\n\r\n&nbsp;\r\n\r\nConversely, a high profitable trades percentage (which typically necessitates bigger margin for error, or greater risk) may actually result in smaller, less profitable returns over time. This occurs when the average risk is higher than the average reward. For example, using the same hypothetical $10,000 account that’s risking 3% ($300) let’s assume an 85% profitable trades ratio with an average risk-to –reward ratio of 2-to1…\r\n\r\n10 trades placed x 20% loss trades = 2 losses x $300.00 = $600.00 loss.\r\n\r\n10 trades placed x 80% profitable trades = 8 profits x $150.00 = $1,200.00 profit.\r\n\r\n$1,200.00 profit - $600.00 loss = $600.00 profit.\r\n\r\n&nbsp;\r\n\r\nSo the trader that boasts an 80% profitable trades ratio may actually be less profitable than the trader with a seemingly unimpressive 50% profitable trades ratio. So the big question is….do you want to be right, or do you want to make money? Believe it or not, even negative returns are possible with a higher profitable trades ratio when the risk far outweighs reward, so make sure to factor this in when performing due diligence in assessing a strategy and /or track records results.\r\n\r\nHopefully, this demonstrates the importance of assessing risk/reward in addition to profitable trades percentage when trying to determine the actual success, or profitability, of a trading strategy / track record. Remember, trading success is not just about profiting on or losing on individual trades, it’s about sustaining profitability over time (making money and holding onto those profits in the long run). The most common mistake newer traders make is in determining the success of a trading strategy (i.e. track record) based on profitable trades percentages alone, which can be quite misleading when risk/reward is not taken into account. Most newer traders (unknowingly in most cases) are willing to risk far more money than they are looking to gain (reward) just to be “right”, or return a profit on each trade.\r\n\r\nAnother good piece of advice is to always keep in mind that trading is all about making profits over time, not about trading ego (which is usually the result of focusing just on percentages). In other words, significant returns can be achieved when you allow yourself to look at the big picture. The key is to be able to determine both entries and exits in advance so that risk vs. reward can be determined. This will significantly help to keep the decision making process as consistent and mechanical as possible, which is essential regardless of the technical/ fundamental strategy that is used as it helps to eliminate emotions when making trading decisions. Only then can a truly objective decision be made as to whether or not to take the trade since the decision will be based on established / actual results, and not a ‘gut” feeling or reaction. Understanding the mathematical “law of averages” and “law of large numbers” reinforce this mechanical approach to trading which again, is crucial to trading success because mixing emotions with money-based decisions is usually a recipe for disaster.\r\n\r\n&nbsp;\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 have no flash trades at the moment<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT99\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8440\r\nStop Loss: 0.8550\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8497\r\nPosition: -57 pips\r\n\r\nRT100\r\nAUD/NZD\r\nLong\r\nCost Average: 1.0965\r\nStop Loss: 1.0885\r\nLimit: 1.1350\r\nWeekly Closing Position: 1.0974\r\nPosition: +9 pips\r\n\r\n&nbsp;\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9741\r\nPosition: - 59 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe trade set-ups listed below are not yet placed with my brokers. I will tweet when I have, or update en mass via THE DAILY FX POST.\r\n\r\nEUR/USD (see chart)\r\n\r\nShort\r\nEntry at 1.3750 (just ahead of trend line resistance)\r\nStop at 1.3850\r\nLimit 1.3500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD (see chart)\r\nShort\r\nEntry at 1.6870\r\nStop at 1.6990\r\nLimit 1.6500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD (see chart)\r\nShort\r\nEntry at 0.9360\r\nStop at 0.9450\r\nLimit 0.8500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/GBP (see chart)\r\nLong\r\nEntry at 0.8130\r\nStop at 0.8185\r\nLimit 0.7800\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURGBP-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3827\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURGBP-MONTHLY-06062014-1024x470.png\" alt=\"EURGBP MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\nEUR/AUD (see chart)\r\nLong\r\nEntry at 1.4725\r\nStop at 1.4500\r\nLimit 1.5200\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURAUD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURAUD-DAILY-06062014-1024x470.png\" alt=\"EURAUD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/NZD (see chart)\r\nLong\r\nEntry at 1.6140\r\nStop at 1.5850\r\nLimit 1.6450 ( This will be adjusted once the trade starts breaking higher)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURNZD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURNZD-DAILY-06062014-1024x470.png\" alt=\"EURNZD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/CAD (see chart)\r\nLong\r\nEntry at 1.8350\r\nStop at 1.8220\r\nLimit 1.8670\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCAD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCAD-DAILY-06062014-1024x470.png\" alt=\"GBPCAD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nIn addition to these pairs, as requested by Roger from the UK, here are the ones I looked at and decided not to proceed with.\r\n\r\nEUR/CAD – The charts are far too messy.\r\nUSD/CHF – This pair is way too risky to short at the moment with SNB in the background with action possibly quite soon.\r\nUSD/JPY – I am ignoring JPY pairs at the moment…too many bad experiences.\r\nUSD/CAD – This pair is stuck in a range…boring, boring, boring.\r\nUSD/SEK – Waiting for new cycle to start.\r\nEUR/SEK – Waiting for new cycle to start.\r\nUSD/NOK - Waiting for new cycle to start.\r\n\r\n&nbsp;\r\n\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 1.3642.</strong> This pair literally has ended the week virtually unchanged, after having been through a major policy change announcement from the ECB and U.S. Non-Farm Data, which is quite incredible. I think until we hit 1.3775, this pair is a buy on dips and sell at the trend line resistance. My initial range is 1.3600 to 1.3670.\r\n\r\n<strong>GBP/USD: Closing Price 1.6790</strong>. My limit order at 1.6790 timed out during the past week, so I never had my trade trigger. I am now looking to enter a little higher than present levels with the view to a move much lower. My range for the cable is support at 1.6740 and resistance at 1.6840.\r\n\r\n<strong>AUD/USD: Closing Price 0.9331</strong>. Not much of change in the closing price for the Aussie this week. With quite a large amount of Aussie news over the past week generally, my thoughts are that the RBA has now gone a bit neutral on the exchange rate level. It is a little bit of a policy shift considering that RBA governor Stevens was leaping up and down a few months ago about wanting the AUD/USD at about 0.8500. That level is a little bit away, I would say looking at matters right now. My bias is to the downside. Support is really good at 0.9210. Resistance is good at 0.9330 and 0.9360.\r\n\r\n<strong>NZD/USD: Closing Price 0.8497</strong>. This is another pair that closed the week almost identical to the previous weeks’ close. I am still very negative the NZD, but I am also conscious of the RBNZ statement on the horizon that could affect my bias. Key support lies at 0.8420, with resistance at 0.8555. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0932.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0960.\r\n\r\n<strong>USD/CHF: Closing Price 0.8932</strong>. We are back in the lower trading range once again. This pair has failed now on several attempts to scale through 0.9000. I now see the range as 0.8910 to 0.8950.<strong> </strong>\r\n\r\n<strong>USD/JPY: Closing Price 102.46</strong>. We have tested the upper end of last weeks range and fell back within. I still think the move here is towards 98.00 not 110.00. I think we will go lower first then bounce. The range is 102.15 to 102.85.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>LONG:</strong></span></p>\r\n<p style=\"text-align: center;\">GBP/USD\r\nAUD/USD\r\nAUD/JPY\r\nGBP/JPY</p>\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span></p>\r\n<p style=\"text-align: center;\">EUR/GBP\r\nEUR/AUD\r\nGBP/AUD\r\nUSD/NOK\r\nEUR/NOK<strong> </strong></p>\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong><strong> </strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – RBA Governor Stevens speaks &amp; New Business Confidence.\r\nMONDAY: CNY – CPi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: GBP – Unemployment Rates.\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Policy Statement..\r\nWEDNESDAY: AUD – Unemployment Rates.\r\n\r\nTHURSDAY: USD – Core Retails Sales.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nNext week is a little slower on news, but I feel that the fallout from the ECB meeting last week will roll over.\r\n\r\nThis is not a time for complacency; we are entering times when traders go on vacations, the markets, which are already thinner just, get stupid. A major bank move by fulfilling a simple trade order can literally take a pair off for tens of pips in the opposite trending direction. This is the time to be clever. Trade smaller and be nimble. Do not look for 200-300 pip moves, they can happen but it takes much longer. Look for the 20-30 pip moves.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nFor PREMIUM SERVICE subscribers there will be no DAILY FX POST on Monday morning, I have to take one of our vehicles to the garage for repairs. I can already feel the stress levels increasing as I write this…..\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday June 7th 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;','WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED','','inherit','open','closed','','3840-revision-v1','','','2014-06-07 11:37:39','2014-06-07 16:37:39','',3840,'https://weeklyfxdrivethru.com/3840-revision-v1/',0,'revision','',0),(3844,1,'2014-06-07 11:56:29','2014-06-07 16:56:29','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThat was some week.\r\n\r\n“The Draghi Show” aka “The ECB Press Conference” last Thursday, being the highlight, maybe not from my own personal trading perspective, but it was an event to witness.\r\n\r\nI had previously written articles for LinkedIn, The DAILY FX POST (for PREMIUM SERVICE subscribers) and Twitter posts stating that “Talk is Cheap” and that should Draghi come to the market with anything less than “full-on” Quantitative Easing after the initial knee-jerk reaction taking the EUR/USD short it would bounce once the market realized it was just more talk. Once again it was the usual ECB high on rhetoric approach, kicking the can down the road scenario that we have all become so accustomed to. The is basically what happened. The only aspect of it all was the speed of the bounce (the squeeze), and, how far the EUR/USD bounced. From the lows of the day 1.3503, 1.3577 was the 38% Fibonacci retracement, 1.3585 was mega strong support on the way lower, which I thought would definitely hold on the way back…it did not. We squeezed to 1.3670, when it was all said and done.\r\n\r\nIt was a fascinating hour or so, however, why did the turnaround happen?\r\n\r\nI have read so many articles and listened to so many comments following the\r\nPress Conference. I am no clearer…was it: -\r\n<ul>\r\n	<li>Hedge funds involvement?</li>\r\n	<li>Option Barriers?</li>\r\n	<li>Only a Pea Shooter with the promise of a Bazooka?</li>\r\n	<li>Was it Draghi stating that the ECB was basing EUR/USD exchange rate average estimate for 2014 at 1.3800?</li>\r\n	<li>Was it the fact that Draghi announced TLTROs (Targeted long-term refinance operations) were expected to start in September and December this year?</li>\r\n</ul>\r\nBasically, I think nothing that was announced by Draghi was a surprise to the markets. The phrase “priced in” came up a few times in my reading. I think that as soon as 1.3800 was mentioned, and, in addition, when Draghi stated that he could not see steeper rate cuts in the future, and, that the ECB had reached “zero bound”, was a f**k up on his part. I believe this was a bit of a tactical error, which halted the EUR drop and it consolidated and then squeezed.\r\n\r\nIt was a difficult session for me as I experienced connectivity issues as well just to add to a stress factor, thankfully, I exited a couple of trades early on but I took two big losses on the EUR/USD short and a USD/CHF long during the squeeze and my power outages.\r\n\r\nI think that I was being paid back for my comments about Eurozone and ECB officials whom, I thought were going to break ranks and leak ahead of Draghi’s announcement. Were they all on vacation? It was a deafening silence from the Eurozone. I should check the share price of duct tape…it must have bounced on a massive sales spike in Frankfurt and Brussels!\r\n\r\nI also predicted that the SNB would front-run the ECB if there was QE. There was no QE, and, so no SNB announcement. My CHF trades were a waste of time.\r\n\r\nI would not however completely rule out the SNB acting. If there is a huge switch out of the single currency into Swiss francs because of negative interest rates, do not rule out the SNB imposing the same.\r\n\r\nThen we had U.S. Non-Farm Payrolls. It was an in line number. Not as much volatility as usual. It was interesting for me (as I was on the sideline) to see that the Fibonacci levels basically held across all the USD majors.\r\n\r\nStaying on the positive side, the PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is still challenging, so to make $$$ in these difficult conditions makes me happy.\r\n\r\nI welcomed many new subscribers to the PREMIUM SERVICE in the past week, so I am hoping that this coming week, things will have settled a little to enable some quality entries on trades. There are many trades and charts later in this blog (PREMIUM SERVICE version only).\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED</strong></p>\r\nI was asked by a subscriber of the WEEKLY FX DRIVE THRU, what do I do, and, how do I approach the markets after big moves in a big news week.\r\n\r\nThe following is basically what I do, it is just my own way of dealing with how to trade following a big move in front line data. When we have a big week of news, then from my perspective it’s time to re-evaluate matters, look at my favourite pairs to trade and take stock, and above all take my time to review. It may not be everyone’s cup of tea but this is what I do.\r\n\r\nLast week was a week packed full with PMi Data, Employment Statistics, Trade Balances and four central banks reviewed interest rates and three issued policy statements. It was a huge data dump, so much to take on board there were some wild volatility moves included for good measure.\r\n\r\nNow it is time to sit back and review, plan and strategize ahead.\r\n\r\nThe fundamentals have NOT changed in my opinion. Some of the moves in currencies have an extreme look about them, however in bigger market moves this is normal. I think the biggest aspect of the moves this week that have influenced me the most are the moves in the cross-rates. I have written several times this year about never underestimating the cross-rate effect.\r\n\r\nWithout doubt, when any analyst from any investment area talks about currencies the EUR/USD is the focus, quite understandably. After the ECB Press Conference the moves in the single currency crosses were violent, fast, volatile and to me somewhat extreme. I know that the ECB news event last Thursday, was eagerly awaited and because it involved a policy change from the central bank, every dot and cross on the press release statement was dissected more so than normal.\r\n\r\nThe Non-Farm Payroll numbers were also market moving and affected all currency pairs but moves were in the main muted.\r\n\r\nSo where do we go from here?\r\n\r\nBasically a little consolidation time in the Forex markets, the new levels need to be confirmed.\r\n\r\nUsually, when we see such volatile movement, I take a step back, find my levels in the charts and note them and place the limit orders with my brokers. Then I sit back and let the trades come to me. It is very easy to get caught up in the moment, at present we are trading in times where false breakouts and breakdowns are almost an every day occurrence. There is a market literally every day, once FEAR and GREED take over, your psychology of trading effectively within your guidelines set out in your TRADING PLAN are gone. You can always make money in the Forex market, but by not being aware you can just as easily lose money.\r\n\r\nBelow, for everyone, I show you what I do and give examples on three pairs; EUR/USD, GBP/USD and AUD/USD.\r\n\r\nI simply go back to the basics that I was taught. Just as the markets need to consolidate moves and work off over-bought or over-sold conditions as a trader I need to re-evaluate.\r\n\r\n<em>(For PREMIUM SERVICE subscribers, I will provide all the entry levels etc. and in addition, I will carry on the same process later in your fuller version of the blog in the section titled TRADES ON MY RADAR. This will include reviews for several other pairs not just the majors but also some of the cross-rates).</em>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\n\r\nFrom the monthly chart below, resistance is now on the down sloping trend line at 1.3775.\r\n\r\nI see this an area to short from. As you can see, the last three attempts to break out above trend line resistance, was resisted and the pair was smacked back down. Given that the ECB is embarking on a change of monetary policy to hold down the EUR exchange rate, I see no reason why this trend line should not be a bad area to short from. I would imagine lots of traders would be looking to short the EUR/USD ahead of 1.3800.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\n\r\nFrom the daily chart below, although maybe a little difficult to see or follow, we have Fibonacci interests at 1.6870, coinciding with a recent high and trend line resistances. In fact, from 1.6840 to 1.6870 represents an area to look at to short from. The 2014 high at 1.6996 is not far above so you have a great risk level to work from. A few weeks ago, I stated that in my opinion, I thought that 1.6996 would probably be remembered as the 2014 high for this pair. Will this remain?\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>AUD/USD:</strong></span>\r\n\r\nFrom the chart below you can see that we have resistance at 0.9360, which is a Fibonacci 76% level. We have failed two / three times at this level and this where I would be looking to as resistance from which to use as my risk level for any short trade that I would enter. 0.9330 has been a major resistance level for what seems likes weeks that is basically a 61.8% Fibonacci level. Both of these levels give me confidence as resistance levels.\r\nA major aspect of trading is realizing what your risk is before entering a trade. I will use these levels to determine my trade set-ups.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the examples above it really is very basic analysis. This is really what I do several times a week across the board and several times a day on some occasions. It is basic and repetitive, but it can be extremely rewarding.\r\n\r\nFundamentally I am still a USD bull and as such, my views for the three currencies above are that they are to head lower. I also look at recent economic data and central bank talk to establish my macro views. All matters added together, I am looking for short trades on all three of the examples above.\r\n\r\nWith regards to my profit targets, that would very much depend on how long I intend to try and stay in each trade. Therefore, each trade would be treated differently with regards to my limit/ target objective.\r\n\r\nSuffice to say, I use recent key Fibonacci levels, and other key resistance /support levels seen recently.\r\n\r\nI do not know whether this helps, or, has given the answer hoped for, but this is what I do, in fact, to be more accurate this is what I am doing right now!\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>\r\n\r\n<strong>EUR/USD: Closing Price 1.3642.</strong> This pair literally has ended the week virtually unchanged, after having been through a major policy change announcement from the ECB and U.S. Non-Farm Data, which is quite incredible. I think until we hit 1.3775, this pair is a buy on dips and sell at the trend line resistance. My initial range is 1.3600 to 1.3670.\r\n\r\n<strong>GBP/USD: Closing Price 1.6790</strong>. My limit order at 1.6790 timed out during the past week, so I never had my trade trigger. I am now looking to enter a little higher than present levels with the view to a move much lower. My range for the cable is support at 1.6740 and resistance at 1.6840.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9331</strong>. Not much of change in the closing price for the Aussie this week. With quite a large amount of Aussie news over the past week generally, my thoughts are that the RBA has now gone a bit neutral on the exchange rate level. It is a little bit of a policy shift considering that RBA governor Stevens was leaping up and down a few months ago about wanting the AUD/USD at about 0.8500. That level is a little bit away, I would say looking at matters right now. My bias is to the downside. Support is really good at 0.9210. Resistance is good at 0.9330 and 0.9360.\r\n\r\n<strong>NZD/USD: Closing Price 0.8497</strong>. This is another pair that closed the week almost identical to the previous weeks’ close. I am still very negative the NZD, but I am also conscious of the RBNZ statement on the horizon that could affect my bias. Key support lies at 0.8420, with resistance at 0.8555. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0932.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0960.\r\n\r\n<strong>USD/CHF: Closing Price 0.8932</strong>. We are back in the lower trading range once again. This pair has failed now on several attempts to scale through 0.9000. I now see the range as 0.8910 to 0.8950.\r\n\r\n<strong>USD/JPY: Closing Price 102.46</strong>. We have tested the upper end of last weeks range and fell back within. I still think the move here is towards 98.00 not 110.00. I think we will go lower first then bounce. The range is 102.15 to 102.85.\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: N/A.\r\n\r\nMONDAY: AUD – RBA Governor Stevens speaks &amp; New Business Confidence.\r\nMONDAY: CNY – CPi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: GBP – Unemployment Rates.\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Policy Statement..\r\nWEDNESDAY: AUD – Unemployment Rates.\r\n\r\nTHURSDAY: USD – Core Retails Sales.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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. I also show you the year-to-date performance by trade style.</p>\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\"><img class=\"aligncenter size-full wp-image-3832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\" alt=\"PREM SERV PROFITS 1 06062014\" width=\"444\" height=\"426\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\"><img class=\"aligncenter size-full wp-image-3833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\" alt=\"PREM SERV PROFITS 2 06062014\" width=\"463\" height=\"415\" /></a>\r\n\r\n&nbsp;\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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nNext week is a little slower on news, but I feel that the fallout from the ECB meeting last week will roll over.\r\n\r\nThis is not a time for complacency; we are entering times when traders go on vacations, the markets, which are already thinner just, get stupid. A major bank move by fulfilling a simple trade order can literally take a pair off for tens of pips in the opposite trending direction. This is the time to be clever. Trade smaller and be nimble. Do not look for 200-300 pip moves, they can happen but it takes much longer. Look for the 20-30 pip moves.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nFor PREMIUM SERVICE subscribers there will be no DAILY FX POST on Monday morning, I have to take one of our vehicles to the garage for repairs. I can already feel the stress levels increasing as I write this…..\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday June 7th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering','WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED','','publish','open','closed','','now-trading-fx-now-dust-settled','','','2014-06-07 11:56:29','2014-06-07 16:56:29','',0,'https://weeklyfxdrivethru.com/?p=3844',0,'post','',0),(3845,1,'2014-06-07 11:55:34','2014-06-07 16:55:34','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThat was some week.\r\n\r\n“The Draghi Show” aka “The ECB Press Conference” last Thursday, being the highlight, maybe not from my own personal trading perspective, but it was an event to witness.\r\n\r\nI had previously written articles for Linkedin, The DAILY FX POST (for PREMIUM SERVICE subscribers) and Twitter posts stating that “Talk is Cheap” and that should Draghi come to the market with anything less than “full-on” Quantitative Easing after the initial knee-jerk reaction taking the EUR/USD short it would bounce once the market realized it was just more talk. Once again it was the usual ECB high on rhetoric approach, kicking the can down the road scenario that we have all become so accustomed to. The is basically what happened. The only aspect of it all was the speed of the bounce (the squeeze), and, how far the EUR/USD bounced. From the lows of the day 1.3503, 1.3577 was the 38% Fibonacci retracement, 1.3585 was mega strong support on the way lower, which I thought would definitely hold on the way back…it did not. We squeezed to 1.3670, when it was all said and done.\r\n\r\nIt was a fascinating hour or so, however, why did the turnaround happen?\r\n\r\nI have read so many articles and listened to so many comments following the\r\nPress Conference. I am no clearer…was it: -\r\n<ul>\r\n	<li>Hedge funds involvement?</li>\r\n	<li>Option Barriers?</li>\r\n	<li>Only a Pea Shooter with the promise of a Bazooka?</li>\r\n	<li>Was it Draghi stating that the ECB was basing EUR/USD exchange rate average estimate for 2014 at 1.3800?</li>\r\n	<li>Was it the fact that Draghi announced TLTROs (Targeted long-term refinance operations) were expected to start in September and December this year?</li>\r\n</ul>\r\nBasically, I think nothing that was announced by Draghi was a surprise to the markets. The phrase “priced in” came up a few times in my reading. I think that as soon as 1.3800 was mentioned, and, in addition, when Draghi stated that he could not see steeper rate cuts in the future, and, that the ECB had reached “zero bound”, was a f**k up on his part. I believe this was a bit of a tactical error, which halted the EUR drop and it consolidated and then squeezed.\r\n\r\nIt was a difficult session for me as I experienced connectivity issues as well just to add to a stress factor, thankfully, I exited a couple of trades early on but I took two big losses on the EUR/USD short and a USD/CHF long during the squeeze and my power outages.\r\n\r\nI think that I was being paid back for my comments about Eurozone and ECB officials whom, I thought were going to break ranks and leak ahead of Draghi’s announcement. Were they all on vacation? It was a deafening silence from the Eurozone. I should check the share price of duct tape…it must have bounced on a massive sales spike in Frankfurt and Brussels!\r\n\r\nI also predicted that the SNB would front-run the ECB if there was QE. There was no QE, and, so no SNB announcement. My CHF trades were a waste of time.\r\n\r\nI would not however completely rule out the SNB acting. If there is a huge switch out of the single currency into Swiss francs because of negative interest rates, do not rule oou the SNB imposing the same.\r\n\r\nThen we had U.S. Non-Farm Payrolls. It was an in line number. Not as much volatility as usual. It was interesting for me (as I was on the sideline) to see that the Fibonacci levels basically held across all the USD majors.\r\n\r\nStaying on the positive side, the PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is still challenging, so to make $$$ in these difficult conditions makes me happy.\r\n\r\nI welcomed many new subscribers to the PREMIUM SERVICE in the past week, so I am hoping that this coming week, things will have settled a little to enable some quality entries on trades. There are many trades and charts later in this blog (PREMIUM SERVICE version only).\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED</strong></p>\r\nI was asked by a subscriber of the WEEKLY FX DRIVE THRU, what do I do, and, how do I approach the markets after big moves in a big news week.\r\n\r\nThe following is basically what I do, it is just my own way of dealing with how to trade following a big move in front line data. When we have a big week of news, then from my perspective it’s time to re-evaluate matters, look at my favourite pairs to trade and take stock, and above all take my time to review. It may not be everyone’s cup of tea but this is what I do.\r\n\r\nLast week was a week packed full with PMi Data, Employment Statistics, Trade Balances and four central banks reviewed interest rates and three issued policy statements. It was a huge data dump, so much to take on board there were some wild volatility moves included for good measure.\r\n\r\nNow it is time to sit back and review, plan and strategize ahead.\r\n\r\nThe fundamentals have NOT changed in my opinion. Some of the moves in currencies have an extreme look about them, however in bigger market moves this is normal. I think the biggest aspect of the moves this week that have influenced me the most are the moves in the cross-rates. I have written several times this year about never underestimating the cross-rate effect.\r\n\r\nWithout doubt, when any analyst from any investment area talks about currencies the EUR/USD is the focus, quite understandably. After the ECB Press Conference the moves in the single currency crosses were violent, fast, volatile and to me somewhat extreme. I know that the ECB news event last Thursday, was eagerly awaited and because it involved a policy change from the central bank, every dot and cross on the press release statement was dissected more so than normal.\r\n\r\nThe Non-Farm Payroll numbers were also market moving and affected all currency pairs but moves were in the main muted.\r\n\r\nSo where do we go from here?\r\n\r\nBasically a little consolidation time in the Forex markets, the new levels need to be confirmed.\r\n\r\nUsually, when we see such volatile movement, I take a step back, find my levels in the charts and note them and place the limit orders with my brokers. Then I sit back and let the trades come to me. It is very easy to get caught up in the moment, at present we are trading in times where false breakouts and breakdowns are almost an every day occurrence. There is a market literally every day, once FEAR and GREED take over, your psychology of trading effectively within your guidelines set out in your TRADING PLAN are gone. You can always make money in the Forex market, but by not being aware you can just as easily lose money.\r\n\r\nBelow, for everyone, I show you what I do and give examples on three pairs; EUR/USD, GBP/USD and AUD/USD.\r\n\r\nI simply go back to the basics that I was taught. Just as the markets need to consolidate moves and work off over-bought or over-sold conditions as a trader I need to re-evaluate.\r\n\r\n<em>(For PREMIUM SERVICE subscribers, I will provide all the entry levels etc. and in addition, I will carry on the same process later in your fuller version of the blog in the section titled TRADES ON MY RADAR. This will include reviews for several other pairs not just the majors but also some of the cross-rates).</em>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\n\r\nFrom the monthly chart below, resistance is now on the down sloping trend line at 1.3775.\r\n\r\nI see this an area to short from. As you can see, the last three attempts to break out above trend line resistance, was resisted and the pair was smacked back down. Given that the ECB is embarking on a change of monetary policy to hold down the EUR exchange rate, I see no reason why this trend line should not be a bad area to short from. I would imagine lots of traders would be looking to short the EUR/USD ahead of 1.3800.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\n\r\nFrom the daily chart below, although maybe a little difficult to see or follow, we have Fibonacci interests at 1.6870, coinciding with a recent high and trend line resistances. In fact, from 1.6840 to 1.6870 represents an area to look at to short from. The 2014 high at 1.6996 is not far above so you have a great risk level to work from. A few weeks ago, I stated that in my opinion, I thought that 1.6996 would probably be remembered as the 2014 high for this pair. Will this remain?\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>AUD/USD:</strong></span>\r\n\r\nFrom the chart below you can see that we have resistance at 0.9360, which is a Fibonacci 76% level. We have failed two / three times at this level and this where I would be looking to as resistance from which to use as my risk level for any short trade that I would enter. 0.9330 has been a major resistance level for what seems likes weeks that is basically a 61.8% Fibonacci level. Both of these levels give me confidence as resistance levels.\r\nA major aspect of trading is realizing what your risk is before entering a trade. I will use these levels to determine my trade set-ups.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the examples above it really is very basic analysis. This is really what I do several times a week across the board and several times a day on some occasions. It is basic and repetitive, but it can be extremely rewarding.\r\n\r\nFundamentally I am still a USD bull and as such, my views for the three currencies above are that they are to head lower. I also look at recent economic data and central bank talk to establish my macro views. All matters added together, I am looking for short trades on all three of the examples above.\r\n\r\nWith regards to my profit targets, that would very much depend on how long I intend to try and stay in each trade. Therefore, each trade would be treated differently with regards to my limit/ target objective.\r\n\r\nSuffice to say, I use recent key Fibonacci levels, and other key resistance /support levels seen recently.\r\n\r\nI do not know whether this helps, or, has given the answer hoped for, but this is what I do, in fact, to be more accurate this is what I am doing right now!\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>\r\n\r\n<strong>EUR/USD: Closing Price 1.3642.</strong> This pair literally has ended the week virtually unchanged, after having been through a major policy change announcement from the ECB and U.S. Non-Farm Data, which is quite incredible. I think until we hit 1.3775, this pair is a buy on dips and sell at the trend line resistance. My initial range is 1.3600 to 1.3670.\r\n\r\n<strong>GBP/USD: Closing Price 1.6790</strong>. My limit order at 1.6790 timed out during the past week, so I never had my trade trigger. I am now looking to enter a little higher than present levels with the view to a move much lower. My range for the cable is support at 1.6740 and resistance at 1.6840.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9331</strong>. Not much of change in the closing price for the Aussie this week. With quite a large amount of Aussie news over the past week generally, my thoughts are that the RBA has now gone a bit neutral on the exchange rate level. It is a little bit of a policy shift considering that RBA governor Stevens was leaping up and down a few months ago about wanting the AUD/USD at about 0.8500. That level is a little bit away, I would say looking at matters right now. My bias is to the downside. Support is really good at 0.9210. Resistance is good at 0.9330 and 0.9360.\r\n\r\n<strong>NZD/USD: Closing Price 0.8497</strong>. This is another pair that closed the week almost identical to the previous weeks’ close. I am still very negative the NZD, but I am also conscious of the RBNZ statement on the horizon that could affect my bias. Key support lies at 0.8420, with resistance at 0.8555. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0932.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0960.\r\n\r\n<strong>USD/CHF: Closing Price 0.8932</strong>. We are back in the lower trading range once again. This pair has failed now on several attempts to scale through 0.9000. I now see the range as 0.8910 to 0.8950.\r\n\r\n<strong>USD/JPY: Closing Price 102.46</strong>. We have tested the upper end of last weeks range and fell back within. I still think the move here is towards 98.00 not 110.00. I think we will go lower first then bounce. The range is 102.15 to 102.85.\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: N/A.\r\n\r\nMONDAY: AUD – RBA Governor Stevens speaks &amp; New Business Confidence.\r\nMONDAY: CNY – CPi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: GBP – Unemployment Rates.\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Policy Statement..\r\nWEDNESDAY: AUD – Unemployment Rates.\r\n\r\nTHURSDAY: USD – Core Retails Sales.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">\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. I also show you the year-to-date performance by trade style.</p>\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\"><img class=\"aligncenter size-full wp-image-3832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\" alt=\"PREM SERV PROFITS 1 06062014\" width=\"444\" height=\"426\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\"><img class=\"aligncenter size-full wp-image-3833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\" alt=\"PREM SERV PROFITS 2 06062014\" width=\"463\" height=\"415\" /></a>\r\n\r\n&nbsp;\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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nNext week is a little slower on news, but I feel that the fallout from the ECB meeting last week will roll over.\r\n\r\nThis is not a time for complacency; we are entering times when traders go on vacations, the markets, which are already thinner just, get stupid. A major bank move by fulfilling a simple trade order can literally take a pair off for tens of pips in the opposite trending direction. This is the time to be clever. Trade smaller and be nimble. Do not look for 200-300 pip moves, they can happen but it takes much longer. Look for the 20-30 pip moves.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nFor PREMIUM SERVICE subscribers there will be no DAILY FX POST on Monday morning, I have to take one of our vehicles to the garage for repairs. I can already feel the stress levels increasing as I write this…..\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday June 7th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering','WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED','','inherit','open','closed','','3844-revision-v1','','','2014-06-07 11:55:34','2014-06-07 16:55:34','',3844,'https://weeklyfxdrivethru.com/3844-revision-v1/',0,'revision','',0),(3846,1,'2014-06-07 11:56:29','2014-06-07 16:56:29','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThat was some week.\r\n\r\n“The Draghi Show” aka “The ECB Press Conference” last Thursday, being the highlight, maybe not from my own personal trading perspective, but it was an event to witness.\r\n\r\nI had previously written articles for LinkedIn, The DAILY FX POST (for PREMIUM SERVICE subscribers) and Twitter posts stating that “Talk is Cheap” and that should Draghi come to the market with anything less than “full-on” Quantitative Easing after the initial knee-jerk reaction taking the EUR/USD short it would bounce once the market realized it was just more talk. Once again it was the usual ECB high on rhetoric approach, kicking the can down the road scenario that we have all become so accustomed to. The is basically what happened. The only aspect of it all was the speed of the bounce (the squeeze), and, how far the EUR/USD bounced. From the lows of the day 1.3503, 1.3577 was the 38% Fibonacci retracement, 1.3585 was mega strong support on the way lower, which I thought would definitely hold on the way back…it did not. We squeezed to 1.3670, when it was all said and done.\r\n\r\nIt was a fascinating hour or so, however, why did the turnaround happen?\r\n\r\nI have read so many articles and listened to so many comments following the\r\nPress Conference. I am no clearer…was it: -\r\n<ul>\r\n	<li>Hedge funds involvement?</li>\r\n	<li>Option Barriers?</li>\r\n	<li>Only a Pea Shooter with the promise of a Bazooka?</li>\r\n	<li>Was it Draghi stating that the ECB was basing EUR/USD exchange rate average estimate for 2014 at 1.3800?</li>\r\n	<li>Was it the fact that Draghi announced TLTROs (Targeted long-term refinance operations) were expected to start in September and December this year?</li>\r\n</ul>\r\nBasically, I think nothing that was announced by Draghi was a surprise to the markets. The phrase “priced in” came up a few times in my reading. I think that as soon as 1.3800 was mentioned, and, in addition, when Draghi stated that he could not see steeper rate cuts in the future, and, that the ECB had reached “zero bound”, was a f**k up on his part. I believe this was a bit of a tactical error, which halted the EUR drop and it consolidated and then squeezed.\r\n\r\nIt was a difficult session for me as I experienced connectivity issues as well just to add to a stress factor, thankfully, I exited a couple of trades early on but I took two big losses on the EUR/USD short and a USD/CHF long during the squeeze and my power outages.\r\n\r\nI think that I was being paid back for my comments about Eurozone and ECB officials whom, I thought were going to break ranks and leak ahead of Draghi’s announcement. Were they all on vacation? It was a deafening silence from the Eurozone. I should check the share price of duct tape…it must have bounced on a massive sales spike in Frankfurt and Brussels!\r\n\r\nI also predicted that the SNB would front-run the ECB if there was QE. There was no QE, and, so no SNB announcement. My CHF trades were a waste of time.\r\n\r\nI would not however completely rule out the SNB acting. If there is a huge switch out of the single currency into Swiss francs because of negative interest rates, do not rule out the SNB imposing the same.\r\n\r\nThen we had U.S. Non-Farm Payrolls. It was an in line number. Not as much volatility as usual. It was interesting for me (as I was on the sideline) to see that the Fibonacci levels basically held across all the USD majors.\r\n\r\nStaying on the positive side, the PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is still challenging, so to make $$$ in these difficult conditions makes me happy.\r\n\r\nI welcomed many new subscribers to the PREMIUM SERVICE in the past week, so I am hoping that this coming week, things will have settled a little to enable some quality entries on trades. There are many trades and charts later in this blog (PREMIUM SERVICE version only).\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED</strong></p>\r\nI was asked by a subscriber of the WEEKLY FX DRIVE THRU, what do I do, and, how do I approach the markets after big moves in a big news week.\r\n\r\nThe following is basically what I do, it is just my own way of dealing with how to trade following a big move in front line data. When we have a big week of news, then from my perspective it’s time to re-evaluate matters, look at my favourite pairs to trade and take stock, and above all take my time to review. It may not be everyone’s cup of tea but this is what I do.\r\n\r\nLast week was a week packed full with PMi Data, Employment Statistics, Trade Balances and four central banks reviewed interest rates and three issued policy statements. It was a huge data dump, so much to take on board there were some wild volatility moves included for good measure.\r\n\r\nNow it is time to sit back and review, plan and strategize ahead.\r\n\r\nThe fundamentals have NOT changed in my opinion. Some of the moves in currencies have an extreme look about them, however in bigger market moves this is normal. I think the biggest aspect of the moves this week that have influenced me the most are the moves in the cross-rates. I have written several times this year about never underestimating the cross-rate effect.\r\n\r\nWithout doubt, when any analyst from any investment area talks about currencies the EUR/USD is the focus, quite understandably. After the ECB Press Conference the moves in the single currency crosses were violent, fast, volatile and to me somewhat extreme. I know that the ECB news event last Thursday, was eagerly awaited and because it involved a policy change from the central bank, every dot and cross on the press release statement was dissected more so than normal.\r\n\r\nThe Non-Farm Payroll numbers were also market moving and affected all currency pairs but moves were in the main muted.\r\n\r\nSo where do we go from here?\r\n\r\nBasically a little consolidation time in the Forex markets, the new levels need to be confirmed.\r\n\r\nUsually, when we see such volatile movement, I take a step back, find my levels in the charts and note them and place the limit orders with my brokers. Then I sit back and let the trades come to me. It is very easy to get caught up in the moment, at present we are trading in times where false breakouts and breakdowns are almost an every day occurrence. There is a market literally every day, once FEAR and GREED take over, your psychology of trading effectively within your guidelines set out in your TRADING PLAN are gone. You can always make money in the Forex market, but by not being aware you can just as easily lose money.\r\n\r\nBelow, for everyone, I show you what I do and give examples on three pairs; EUR/USD, GBP/USD and AUD/USD.\r\n\r\nI simply go back to the basics that I was taught. Just as the markets need to consolidate moves and work off over-bought or over-sold conditions as a trader I need to re-evaluate.\r\n\r\n<em>(For PREMIUM SERVICE subscribers, I will provide all the entry levels etc. and in addition, I will carry on the same process later in your fuller version of the blog in the section titled TRADES ON MY RADAR. This will include reviews for several other pairs not just the majors but also some of the cross-rates).</em>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\n\r\nFrom the monthly chart below, resistance is now on the down sloping trend line at 1.3775.\r\n\r\nI see this an area to short from. As you can see, the last three attempts to break out above trend line resistance, was resisted and the pair was smacked back down. Given that the ECB is embarking on a change of monetary policy to hold down the EUR exchange rate, I see no reason why this trend line should not be a bad area to short from. I would imagine lots of traders would be looking to short the EUR/USD ahead of 1.3800.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\n\r\nFrom the daily chart below, although maybe a little difficult to see or follow, we have Fibonacci interests at 1.6870, coinciding with a recent high and trend line resistances. In fact, from 1.6840 to 1.6870 represents an area to look at to short from. The 2014 high at 1.6996 is not far above so you have a great risk level to work from. A few weeks ago, I stated that in my opinion, I thought that 1.6996 would probably be remembered as the 2014 high for this pair. Will this remain?\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>AUD/USD:</strong></span>\r\n\r\nFrom the chart below you can see that we have resistance at 0.9360, which is a Fibonacci 76% level. We have failed two / three times at this level and this where I would be looking to as resistance from which to use as my risk level for any short trade that I would enter. 0.9330 has been a major resistance level for what seems likes weeks that is basically a 61.8% Fibonacci level. Both of these levels give me confidence as resistance levels.\r\nA major aspect of trading is realizing what your risk is before entering a trade. I will use these levels to determine my trade set-ups.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the examples above it really is very basic analysis. This is really what I do several times a week across the board and several times a day on some occasions. It is basic and repetitive, but it can be extremely rewarding.\r\n\r\nFundamentally I am still a USD bull and as such, my views for the three currencies above are that they are to head lower. I also look at recent economic data and central bank talk to establish my macro views. All matters added together, I am looking for short trades on all three of the examples above.\r\n\r\nWith regards to my profit targets, that would very much depend on how long I intend to try and stay in each trade. Therefore, each trade would be treated differently with regards to my limit/ target objective.\r\n\r\nSuffice to say, I use recent key Fibonacci levels, and other key resistance /support levels seen recently.\r\n\r\nI do not know whether this helps, or, has given the answer hoped for, but this is what I do, in fact, to be more accurate this is what I am doing right now!\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>\r\n\r\n<strong>EUR/USD: Closing Price 1.3642.</strong> This pair literally has ended the week virtually unchanged, after having been through a major policy change announcement from the ECB and U.S. Non-Farm Data, which is quite incredible. I think until we hit 1.3775, this pair is a buy on dips and sell at the trend line resistance. My initial range is 1.3600 to 1.3670.\r\n\r\n<strong>GBP/USD: Closing Price 1.6790</strong>. My limit order at 1.6790 timed out during the past week, so I never had my trade trigger. I am now looking to enter a little higher than present levels with the view to a move much lower. My range for the cable is support at 1.6740 and resistance at 1.6840.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9331</strong>. Not much of change in the closing price for the Aussie this week. With quite a large amount of Aussie news over the past week generally, my thoughts are that the RBA has now gone a bit neutral on the exchange rate level. It is a little bit of a policy shift considering that RBA governor Stevens was leaping up and down a few months ago about wanting the AUD/USD at about 0.8500. That level is a little bit away, I would say looking at matters right now. My bias is to the downside. Support is really good at 0.9210. Resistance is good at 0.9330 and 0.9360.\r\n\r\n<strong>NZD/USD: Closing Price 0.8497</strong>. This is another pair that closed the week almost identical to the previous weeks’ close. I am still very negative the NZD, but I am also conscious of the RBNZ statement on the horizon that could affect my bias. Key support lies at 0.8420, with resistance at 0.8555. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0932.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0960.\r\n\r\n<strong>USD/CHF: Closing Price 0.8932</strong>. We are back in the lower trading range once again. This pair has failed now on several attempts to scale through 0.9000. I now see the range as 0.8910 to 0.8950.\r\n\r\n<strong>USD/JPY: Closing Price 102.46</strong>. We have tested the upper end of last weeks range and fell back within. I still think the move here is towards 98.00 not 110.00. I think we will go lower first then bounce. The range is 102.15 to 102.85.\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: N/A.\r\n\r\nMONDAY: AUD – RBA Governor Stevens speaks &amp; New Business Confidence.\r\nMONDAY: CNY – CPi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: GBP – Unemployment Rates.\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Policy Statement..\r\nWEDNESDAY: AUD – Unemployment Rates.\r\n\r\nTHURSDAY: USD – Core Retails Sales.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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. I also show you the year-to-date performance by trade style.</p>\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\"><img class=\"aligncenter size-full wp-image-3832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\" alt=\"PREM SERV PROFITS 1 06062014\" width=\"444\" height=\"426\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\"><img class=\"aligncenter size-full wp-image-3833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\" alt=\"PREM SERV PROFITS 2 06062014\" width=\"463\" height=\"415\" /></a>\r\n\r\n&nbsp;\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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nNext week is a little slower on news, but I feel that the fallout from the ECB meeting last week will roll over.\r\n\r\nThis is not a time for complacency; we are entering times when traders go on vacations, the markets, which are already thinner just, get stupid. A major bank move by fulfilling a simple trade order can literally take a pair off for tens of pips in the opposite trending direction. This is the time to be clever. Trade smaller and be nimble. Do not look for 200-300 pip moves, they can happen but it takes much longer. Look for the 20-30 pip moves.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nFor PREMIUM SERVICE subscribers there will be no DAILY FX POST on Monday morning, I have to take one of our vehicles to the garage for repairs. I can already feel the stress levels increasing as I write this…..\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday June 7th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering','WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED','','inherit','open','closed','','3844-revision-v1','','','2014-06-07 11:56:29','2014-06-07 16:56:29','',3844,'https://weeklyfxdrivethru.com/3844-revision-v1/',0,'revision','',0),(3850,1,'2014-06-07 12:14:05','2014-06-07 17:14:05','<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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\">TRADING WITH A FLEXIBLE MINDSET</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PROBABILITIES-IN-TRADING.pdf\">PROBABILITIES IN TRADING</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf\">TRADING PSYCHOLOGY AND DRAWDOWNS</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-RECENCY-BIAS.pdf\">TRADING PSYCHOLOGY - RECENCY BIAS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/A-MATHEMATICAL-APPROACH-TO-ELIMINATING-EMOTIONS.pdf\">A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</a>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n\r\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>\r\n<div class=\"one-third\"></div>\r\n&nbsp;\r\n\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n</section>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-06-07 12:14:05','2014-06-07 17:14:05','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3852,1,'2014-06-09 04:54:59','2014-06-09 09:54:59','Good Day,\r\n\r\nI did not think that I was going to have time to post even a very brief blog this morning (my time) but here you go.\r\n\r\nRADAR TRADES FROM THE WEEKLY FX DRIVE THRU:\r\n\r\nThe following trade set-ups I have  placed with my brokers. As stated in the weekend blog, these are set-ups are at great opportunistic levels in my opinion to maximize any potential move. Whilst there are are no guarantees in trading, the risk versus reward opportunities are good. If you want you can trade in the opposite direction until you hit my entry levels if that is something that you think is an opportunity. Just remember and be careful, currencies do not move in a straight line and now it looks like the markets are thin with low liquidity. Moves maybe extreme at times.\r\n\r\nEUR/USD - PLACED\r\nShort at 1.3750\r\nStop Loss at 1.3850\r\nLimit 1.3500 ( I am still hopeful that EZ action will eventually bring the EUR/USD to 1.3000, but may now be a very long and slow process)\r\n\r\nGBP/USD - PLACED\r\nShort at 1.6870\r\nStop Loss at 1.6995\r\nLimit 1.6500\r\n\r\nAUD/USD - CANCELLED\r\nThe AUD/NZD has not pulled back. In addition my suggested entry level over the weekend of 0.9360 looks to be just about holding. However, I think that AUD looks like it\'s going to head higher and if the AUD/NZD gets a move on, this is probably the wrong pair to attempt a short trade. The cross-rate effects will be strong pushing the AUD/USD higher.\r\n\r\nEUR/GBP - PLACED\r\nShort at 0.8130\r\nStop Loss at ).8185\r\nLimit 0.7800\r\n\r\nEUR/AUD - WAITING\r\nThis pair has headed lower as the AUD/USD has made a move higher. Instead of going long at 1.4725, I am thinking about using the key 1.4500 as a potential area to go long. There is good support at 1.4300. I am holding off on this trade to see which is the trade to take from the following: -\r\n\r\nLong at 1.4500\r\nStop at 1.4300\r\nLimit 1.5200\r\n\r\nor\r\n\r\nLong at 1.4300\r\nStop at 1.4200\r\nLimit 1.5200\r\n\r\nor\r\n\r\nLong at 1.4100\r\nStop at 1.3950\r\nLimit 1.5200\r\n\r\n&nbsp;\r\n\r\nEUR/NZD (Waiting until RBNZ announcement before placing trade)\r\nLong at 1.6140\r\nStop Loss 1.5850\r\nTarget 1.6450 (Initial target)\r\n\r\n&nbsp;\r\n\r\nGBP/CAD - HOLDING FOR TIME BEING PRICE ACTION VERY CHOPPY.\r\nLong at 1.8350\r\nStop at 1.8220\r\nTarget 1.8670\r\n\r\n&nbsp;\r\n\r\nTake care trading today. We need to get a feel for the markets after last weeks events.\r\n\r\nScott','#46 - THE DAILY FX POST, Monday 9th June 2014','','inherit','open','closed','','3851-revision-v1','','','2014-06-09 04:54:59','2014-06-09 09:54:59','',3851,'https://weeklyfxdrivethru.com/3851-revision-v1/',0,'revision','',0),(3854,1,'2014-06-10 06:37:47','2014-06-10 11:37:47','Good Day everyone,\r\n\r\nIn response to a couple of emails that I received yesterday. I was quiet on twitter yesterday because nothing that was going on interested me, it was too slow. I tried to sum it up in the DRIVE THRU blog over the weekend. After so much news last week, we need to go back to basics whilst the markets absorb / consolidate etc. Remember guys, you do not need to trade all the time to make money....let trades present themselves and come to you.\r\n\r\nWith all of the above on board, looking at the Forex market there are NOW opportunities that I am interested in.\r\n\r\nFirst though, just keep at the back of your mind: -\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>THE ECB IS EASING whilst THE FED IS TIGHTENING</strong></span></p>\r\nThe result of this is that the price differentials are now stating to be understood and coming into play. This should, and say once again <strong>should be USD positive </strong>(Do not take this for granted but it should play on the markets and should be USD positive).\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE OPPORTUNITIES:</strong></span>\r\n\r\n<span style=\"text-decoration: underline;\">EXISTING LIMIT ORDERS:</span>\r\n\r\nRT101\r\nEUR/USD\r\nShort at 1.3750\r\nStop Loss 1.3850\r\nLimit at 1.3500\r\nI was hoping for a continued bounce yesterday, but that never happened and it has been heavy after last Fridays close most of the time. 78.6$ Fibonacci has held up the fall at 1.3538 so far this morning.\r\n\r\nI am revising this set-up as follows: -\r\n\r\nEntry at 1.3580 (previous big support)\r\nStop at 1.3670\r\nLimit 1.3000\r\n\r\nRT102\r\nGBP/USD\r\nShort at 1.6870\r\nStop at 1.6995\r\nTarget 1.6500\r\nBounce never happened.\r\n\r\nRevised to:\r\nEntry at 1.6830\r\nStop at 1.6920\r\nTarget 1.6500\r\n\r\nRT103\r\nEUR/GBP\r\nShort at 0.8130\r\nStop at 0.8185\r\nTarget 0.7800\r\n\r\nRevised to\r\nEntry at 0.8095\r\nStop at 0.8130\r\nTarget 0.7800\r\n\r\nThe other three trades suggested in the DRIVE THRU: EUR/NZD, EUR/AUD and GBP/CAD..I am looking at later....I am NOT again, still not 100% at the moment\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">ADDITIONAL TRADE SET-UPS ALREADY WITH MY BROKERS:</span>\r\n\r\nRT104\r\nUSD/CHF\r\nLong at 0.8980\r\nStop Loss 0.8900\r\nLimit 0.9330\r\n\r\nRT105\r\nUSD/CAD\r\nLong at 1.0890\r\nStop at 1.0810\r\nLimit 1.1030\r\n\r\nRT106\r\nAUD/USD\r\nShort at 0.9370\r\nStop Loss 0.9450\r\nLimit 0.8500\r\n\r\nI am looking at commodity crosses later and I will tweet these later.....\r\n\r\nGood Luck today.\r\n\r\nIf you are not clear on any of this please do not hesitate to email.\r\n\r\nScott','#47 - THE DAILY FX POST, Tuesday 10th June 2014','','publish','open','closed','','47-daily-fx-post-tuesday-10th-june-2014','','','2014-06-10 06:37:47','2014-06-10 11:37:47','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3854',0,'member_posts','',0),(3855,1,'2014-06-10 06:00:42','2014-06-10 11:00:42','','#47 - THE DAILY FX POST, Tuesday 10th June 2014','','inherit','open','closed','','3854-revision-v1','','','2014-06-10 06:00:42','2014-06-10 11:00:42','',3854,'https://weeklyfxdrivethru.com/3854-revision-v1/',0,'revision','',0),(3856,1,'2014-06-10 06:36:52','2014-06-10 11:36:52','Good Day everyone,\r\n\r\nIn response to a couple of emails that I received yesterday. I was quiet on twitter yesterday because nothing that was going on interested me, it was too slow. I tried to sum it up in the DRIVE THRU blog over the weekend. After so much news last week, we need to go back to basics whilst the markets absorb / consolidate etc. Remember guys, you do not need to trade all the time to make money....let trades present themselves and come to you.\r\n\r\nWith all of the above on board, looking at the Forex market there are NOW opportunities that I am interested in.\r\n\r\nFirst though, just keep at the back of your mind: -\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>THE ECB IS EASING whilst THE FED IS TIGHTENING</strong></span></p>\r\nThe result of this is that the price differentials are now stating to be understood and coming into play. This should, and say once again <strong>should be USD positive </strong>(Do not take this for granted but it should play on the markets and should be USD positive).\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE OPPORTUNITIES:</strong></span>\r\n\r\n<span style=\"text-decoration: underline;\">EXISTING LIMIT ORDERS:</span>\r\n\r\nRT101\r\nEUR/USD\r\nShort at 1.3750\r\nStop Loss 1.3850\r\nLimit at 1.3500\r\nI was hoping for a continued bounce yesterday, but that never happened and it has been heavy after last Fridays close most of the time. 78.6$ Fibonacci has held up the fall at 1.3538 so far this morning.\r\n\r\nI am revising this set-up as follows: -\r\n\r\nEntry at 1.3580 (previous big support)\r\nStop at 1.3670\r\nLimit 1.3000\r\n\r\nRT102\r\nGBP/USD\r\nShort at 1.6870\r\nStop at 1.6995\r\nTarget 1.6500\r\nBounce never happened.\r\n\r\nRevised to:\r\nEntry at 1.6830\r\nStop at 1.6920\r\nTarget 1.6500\r\n\r\nRT103\r\nEUR/GBP\r\nShort at 0.8130\r\nStop at 0.8185\r\nTarget 0.7800\r\n\r\nRevised to\r\nEntry at 0.8095\r\nStop at 0.8130\r\nTarget 0.7800\r\n\r\nThe other three trades suggested in the DRIVE THRU: EUR/NZD, EUR/AUD and GBP/CAD..I am looking at later....I am NOT again, still not 100% at the moment\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">ADDITIONAL TRADE SET-UPS ALREADY WITH MY BROKERS:</span>\r\n\r\nRT104\r\nUSD/CHF\r\nLong at 0.8980\r\nStop Loss 0.8900\r\nLimit 0.9330\r\n\r\nRT105\r\nUSD/CAD\r\nLong at 1.0890\r\nStop at 1.0810\r\nLimit 1.1030\r\n\r\nRT106\r\nAUD/USD\r\nShort at 0.9370\r\nStop Loss 0.9450\r\nLimit 0.8500\r\n\r\nI am looking at commodity crosses later and I will tweet these later.....\r\n\r\nGood Luck today.\r\n\r\nIf you are not clear on any of this please do not hesitate to email.\r\n\r\nScott','#47 - THE DAILY FX POST, Tuesday 10th June 2014','','inherit','open','closed','','3854-revision-v1','','','2014-06-10 06:36:52','2014-06-10 11:36:52','',3854,'https://weeklyfxdrivethru.com/3854-revision-v1/',0,'revision','',0),(3907,1,'2014-06-19 07:23:09','2014-06-19 12:23:09','Hi Everyone,\r\n\r\nWelcome to the two new subscribers over the last 48 hours...I hope that you guys bring some continued volatility similar to that went with the FOMC yesterday.\r\n\r\nI hope that you traded safely yesterday and made a few pips.\r\n\r\nFrom my perspective, because moves were volatile, I scalped but did not post any set-ups apart from adding:\r\n\r\nRT114\r\nEUR/GBP\r\nShort at 0.8050\r\nStop at 0.8090\r\nLimit at 0.7800\r\n\r\nRT108\r\nI also amended my NZD/USD entry level on RT108 from 0.8750 to 0.8780 to cope with the NZD GDP data release. I have moved just a minute or two ago the entry level back to 0.8750.\r\n\r\nI did not feel that I could scalp trades and then post to twitter  entries / stops / limits etc  effectively due to the fluidity. I tried to tweet as much as I could about what I was thinking and what in particular was attracting my attention. A few weeks ago I had a conversation with one of you guys about what I should tweet when entering trades.\r\n\r\nRADAR and FUNDAMENTAL TRADES are easy as I state entry and both exit levels and should I cover early I advise.\r\n\r\nI am thinking that I should set initial trade guidelines for FLASH TRADES, along the lines of 30 pip stops and 50 pip limits. Why I have not done this is because of position sizes. I do not want you guys over-strecthing your risk just because my tolerances may be greater because of my account size. Some of you will have greater risk tolerance than I have because I know one or two of you trade much larger broker accounts than mine. Everything is relative, but I have so many part-time traders I am conscious that I do not want them to be over-exposed.\r\n\r\nLet me work on it over the next couple of days and if we have a set pattern of entry. After the trade is placed, I can then come back after a few minutes and revise the stops and limits.... I think that this would certainly make me more confident to get you guys in more trades that I do and hopefully drive a bit more income.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nI think that we are now going to get a period of consolidation following yesterdays FOMC. I had hoped that the SNB would have done something this morning to spur additional volatility, but unfortunately they did nothing.  Equities and The Holy Trinity of Oil, Gold and Copper and are not doing much this morning. The previous Asian and European sessions  had great bullish moves.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE OPPORTUNITIES - TRADES ON MY RADAR:</strong></span>\r\n\r\nI missed the Norwegian Central Bank announcement and the great move higher, the USD/NOK is at highs of the day along with the USD/SEK...damn...I like trading these Nordic currencies from time to time.\r\n\r\nLooking quickly at the USD majors:\r\n\r\nEUR/USD: 78.6% at 1.3642 has held for the time-being. I think buying on dips to 1.3600 may be a good trade, if we break 1.3600, I think I would be short.\r\n\r\nGBP/USD: It is breaking out...after 1.7045, I think we could see 1.7250 in the coming weeks.\r\n\r\nUSD/CHF: The SNB did nothing, if the EUR breaks higher support of 0.8910 will not hold and we could see 0.8750 gain in the coming weeks. The SNB is doing nothing so do not fear intervention going short for a while.\r\n\r\nUSD/CAD: Big support at 1.0810 held. If you want to get long the \"loonie\", go long now with stops below 1.0800...could be a great risk/reward. Not for me but it is trade if you need one.\r\n\r\nAUD/USD: Key resistance at 0.9430 held.\r\n\r\nNZD/USD: I think 0.8745 to 0.8780 will hold it up and these are the areas too try to get short in my opinion.\r\n\r\n&nbsp;\r\n\r\nI am going to look around over the next few hours and hopefully add some limit order trades. I will tweet any ideas.\r\n\r\n&nbsp;\r\n\r\nTake care with your trading today, it may be a consolidation day so be careful...\r\n\r\nScott','#54 - THE DAILY FX POST, Thursday 19th June 2014','','publish','open','closed','','54-daily-fx-post-thursday-19th-june-2014','','','2014-06-19 07:23:09','2014-06-19 12:23:09','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3907',0,'member_posts','',0),(3864,1,'2014-06-11 07:25:01','2014-06-11 12:25:01','Good Day,\r\n\r\nI hope that you are all well and having trading successes.\r\n\r\nI am in the patient zone still. I am waiting for trades to come to me. Right now the following trades are live: -\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nAt this moment both the Dow and S&amp;P futures are lower. I am expecting the gaps to fill at the open and then get back to \"snoresville\" once again. Should by some miracle the GAP at the open is NOT filled...then we may get a nice trading hour or so.\r\n\r\nThe USD/JPY is below 102.00 again, it has taken most JPY pairs lower with it. I am not in the mood for trading JPY pairs, but a good entry where there should be sellers is at 102.15 in the USD/JPY. If you are not short and feel you want to trade this pair, to me that seems like a good entry point.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATE:</strong></span>\r\n\r\n<span style=\"text-decoration: underline;\">NZD/USD</span> - short\r\nThis trade worries me a little given the RBNZ news later today. I am in the camp that Wheeler is going to disappoint the markets today and NOT increase rates. I am in the minority, I know, but recent data and fundamentals have me thinking he may miss this month. I believe especially as the pair is creeping again to all time highs, a swift knock back may suit the central bank...it would certainly suit me!!\r\n\r\n<span style=\"text-decoration: underline;\">GBP/NZD</span> - long\r\nThis is a very long-term trade and I do not even look at it anymore I have an alarm to wake me up when it passes 2.000. It is once again hedged.\r\n\r\n<span style=\"text-decoration: underline;\">USD/SEK</span> - long\r\nThis pair is in breakout territory and I am happy to hold. It is a very small position that I am holding until it passes 6.7250.\r\n\r\n<span style=\"text-decoration: underline;\">AUD/USD</span> - short\r\nAll this pair seems to be doing is testing trend lines and bouncing around confluences of Fib levels. I have only a very small position, so I am going to sit with it for a little longer. AUD news tonight will decide whether I hold or cover.\r\n\r\n<span style=\"text-decoration: underline;\">USD/CAD</span> - long\r\nSupport at 1.0885 has been tested several times of late. I am expecting maybe a test a little below this level than I am hoping for a bounce. Above 1.0910 and I think that it should get it\'s mojo going.\r\n\r\n&nbsp;\r\n\r\nThere are still a number of trades with my brokers: -\r\n\r\nEUR/USD short at 1.3580\r\nGBP/USD short at 1.6830\r\nEUR/GBP short at 0.8095\r\nUSD/CHF long at 0.8980\r\n\r\nI am not looking to engineer trades, I hate the summer doldrums I find it very frustrating. I do not trade in July and August, well hardly at all. because it is so illiquid. Two / three years ago, I was absolutely taken to the cleaners in an Asian session, which is lower liquidity at the best of times.  In my TRADE PLAN, for summer trading it is only European and U.S. sessions only, better when both are operating and only intraday. The only exception for intraday trading are hedged long-term trades.\r\n\r\nLike many of you I get very frustrated being at \"THE DESK\" and not doing much. Believe me it\'s better to have cash in your account, than force a trade.\r\n\r\nGood luck today with whatever you decide to do.......\r\n\r\nScott','#48 - THE DAILY FX POST, Wednesday 11th June 2014','','publish','open','closed','','48-daily-fx-post-wednesday-11th-june-2014','','','2014-06-11 07:25:01','2014-06-11 12:25:01','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3864',0,'member_posts','',0),(3865,1,'2014-06-11 06:32:50','2014-06-11 11:32:50','','#48 - THE DAILY FX POST, Wednesday 11th June 2014','','inherit','open','closed','','3864-revision-v1','','','2014-06-11 06:32:50','2014-06-11 11:32:50','',3864,'https://weeklyfxdrivethru.com/3864-revision-v1/',0,'revision','',0),(3866,1,'2014-06-11 07:24:18','2014-06-11 12:24:18','Good Day,\r\n\r\nI hope that you are all well and having trading successes.\r\n\r\nI am in the patient zone still. I am waiting for trades to come to me. Right now the following trades are live: -\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nAt this moment both the Dow and S&amp;P futures are lower. I am expecting the gaps to fill at the open and then get back to \"snoresville\" once again. Should by some miracle the GAP at the open is NOT filled...then we may get a nice trading hour or so.\r\n\r\nThe USD/JPY is below 102.00 again, it has taken most JPY pairs lower with it. I am not in the mood for trading JPY pairs, but a good entry where there should be sellers is at 102.15 in the USD/JPY. If you are not short and feel you want to trade this pair, to me that seems like a good entry point.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATE:</strong></span>\r\n\r\n<span style=\"text-decoration: underline;\">NZD/USD</span> - short\r\nThis trade worries me a little given the RBNZ news later today. I am in the camp that Wheeler is going to disappoint the markets today and NOT increase rates. I am in the minority, I know, but recent data and fundamentals have me thinking he may miss this month. I believe especially as the pair is creeping again to all time highs, a swift knock back may suit the central bank...it would certainly suit me!!\r\n\r\n<span style=\"text-decoration: underline;\">GBP/NZD</span> - long\r\nThis is a very long-term trade and I do not even look at it anymore I have an alarm to wake me up when it passes 2.000. It is once again hedged.\r\n\r\n<span style=\"text-decoration: underline;\">USD/SEK</span> - long\r\nThis pair is in breakout territory and I am happy to hold. It is a very small position that I am holding until it passes 6.7250.\r\n\r\n<span style=\"text-decoration: underline;\">AUD/USD</span> - short\r\nAll this pair seems to be doing is testing trend lines and bouncing around confluences of Fib levels. I have only a very small position, so I am going to sit with it for a little longer. AUD news tonight will decide whether I hold or cover.\r\n\r\n<span style=\"text-decoration: underline;\">USD/CAD</span> - long\r\nSupport at 1.0885 has been tested several times of late. I am expecting maybe a test a little below this level than I am hoping for a bounce. Above 1.0910 and I think that it should get it\'s mojo going.\r\n\r\n&nbsp;\r\n\r\nThere are still a number of trades with my brokers: -\r\n\r\nEUR/USD short at 1.3580\r\nGBP/USD short at 1.6830\r\nEUR/GBP short at 0.8095\r\nUSD/CHF long at 0.8980\r\n\r\nI am not looking to engineer trades, I hate the summer doldrums I find it very frustrating. I do not trade in July and August, well hardly at all. because it is so illiquid. Two / three years ago, I was absolutely taken to the cleaners in an Asian session, which is lower liquidity at the best of times.  In my TRADE PLAN, for summer trading it is only European and U.S. sessions only, better when both are operating and only intraday. The only exception for intraday trading are hedged long-term trades.\r\n\r\nLike many of you I get very frustrated being at \"THE DESK\" and not doing much. Believe me it\'s better to have cash in your account, than force a trade.\r\n\r\nGood luck today with whatever you decide to do.......\r\n\r\nScott','#48 - THE DAILY FX POST, Wednesday 11th June 2014','','inherit','open','closed','','3864-revision-v1','','','2014-06-11 07:24:18','2014-06-11 12:24:18','',3864,'https://weeklyfxdrivethru.com/3864-revision-v1/',0,'revision','',0),(3867,1,'2014-06-12 06:42:10','2014-06-12 11:42:10','Good Day,\r\n\r\nI had a bad day trading yesterday; my thought process on a different stance from RBNZ Wheeler on issues regarding the economy never materialized. I moved my stop just before the news, I read a piece that looked to be very knowledgeable on what Wheeler was going to say, and I nearly took my trade off the table....hindsight what a beautiful thing.\r\n\r\nMoving on.......\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nFutures seem to be consolidating yesterdays losses, GOLD is marginally up and CRUDE concerns me from the USD/CAD long trade, That I have live at the moment plus from an inflation perspective. A little hint of inflation into the U.S. economy will keep Commodity currencies supported and my FUNDAMENTAL OUTLOOK will start to be revised.\r\n\r\nA crude oil rally will cause waves on consumer spending as it is really a tax hike and it will affect consumer confidence. This does immediately hit outlooks and we have to watch this closely.\r\n\r\nAdditionally, now we have a divergence....EUR, GBP, CHF and SEK are all performing opposite from CAD, AUD and NZD. USD is strong against non-commodity currencies.\r\n\r\nAn hour or so ago, at the request of Roger from the UK,  I tweeted up to date pressure charts positions on currencies where the short, medium and long-term trends were aligned. Firstly, there were so many in the same direction, but secondly, the divergence was 100% clear for all to see.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATE:</strong></span>\r\n\r\nMy live trades are:\r\n\r\nGBP/NZD: Almost back to square one and hedged again.....\r\n\r\nGBP/USD: short...happy about this one, let\'s hope it\'s not a false breakout of trend lines on say the 60M and 240M charts.\r\n\r\nUSD/CAD: long...not so happy about this one at the moment. I may chop this one later today based on CRUDE prices.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE OPPORTUNITIES:</strong></span>\r\n\r\nLooking to short the NZD and AUD from higher levels.\r\n\r\nAUD/NZD took a huge hit yesterday and looks hugely oversold. Looking to get long on the bounce.\r\n\r\nThe EUR short looks a great trade as it is not bouncing and EUR crosses are getting clobbered.....EUR/AUD, EUR/CAD, EUR/GBP, EUR/NZD, just be careful around 1.3500 in case we get a bounce.\r\n\r\nLimit orders with brokers are USD/CHF, EUR/USD and EUR/GBP.....I have not cancelled these but the two EUR related look impossible at the moment, I think that there is more chance with the Lottery!!\r\n\r\nI will tweet any set-ups that I get involved with.\r\n\r\nTake care,\r\n\r\nScott','#49 - THE DAILY FX POST, Thursday 12th June 2014','','publish','open','closed','','49-daily-fx-post-thursday-12th-june-2014','','','2014-06-12 06:43:27','2014-06-12 11:43:27','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3867',0,'member_posts','',0),(3868,1,'2014-06-12 06:35:14','2014-06-12 11:35:14','Good Day,\r\n\r\nI had a bad day trading yesterday; my thought process on a different stance from RBNZ Wheeler on issues regarding the economy never materialized. I move my stop just before the news, I read a piece that looked to be very knowledgeable on what Wheeler was going to say, and I nearly took my trade off the table....hindsight what a beautiful thing.\r\n\r\nMoving on.......\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nFutures appear to be consolidating yesterdays losses, GOLD is marginally up and CRUDE concerns me from the USD/CAD long trade, That I have live at the moment plus from an inflation perspective. A little hint of inflation into the U.S. economy will keep Commodity currencies supported and my FUNDAMENTAL OUTLOOK will start to be revised.\r\n\r\nA crude oil rally will cause waves on consumer spending as it is really a tax hike and it will affect consumer confidence. This does immediately hit outlooks and we have to watch this closely.\r\n\r\nAdditionally, right now we have a divergence....EUR, GBP, CHF and SEK are all performing opposite from CAD, AUD and NZD. USD is strong against non-commodity currencies.\r\n\r\nAn hour or so ago, at the request of Roger from the UK,  I tweeted up to date pressure charts positions on currencies where the short, medium and long term trends were aligned. Firstly, there were so many in the same direction, but secondly, the divergence was 100% apparent for all to see.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATE:</strong></span>\r\n\r\nMy live trades are:\r\n\r\nGBP/NZD: Almost back to square one and hedged again.....\r\n\r\nGBP/USD: short...happy about this one.\r\n\r\nUSD/CAD: long...not so happy about this one at the moment. I may chop this one later today based on CRUDE prices.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE OPPORTUNITIES:</strong></span>\r\n\r\nLooking to short the NZD and AUD from higher levels.\r\n\r\nAUD/NZD took a huge hit yesterday and looks hugely oversold. Looking to get long on the bounce.\r\n\r\nThe EUR short looks a great trade as it is not bouncing and EUR crosses are getting clobbered.....EUR/AUD, EUR/CAD, EUR/GBP, EUR/NZD, just be careful around 1.3500 in case we get a bounce.','#49 - THE DAILY FX POST, Thursday 12th June 2014','','inherit','open','closed','','3867-revision-v1','','','2014-06-12 06:35:14','2014-06-12 11:35:14','',3867,'https://weeklyfxdrivethru.com/3867-revision-v1/',0,'revision','',0),(3869,1,'2014-06-12 06:41:31','2014-06-12 11:41:31','Good Day,\r\n\r\nI had a bad day trading yesterday; my thought process on a different stance from RBNZ Wheeler on issues regarding the economy never materialized. I move my stop just before the news, I read a piece that looked to be very knowledgeable on what Wheeler was going to say, and I nearly took my trade off the table....hindsight what a beautiful thing.\r\n\r\nMoving on.......\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nFutures seem to be consolidating yesterdays losses, GOLD is marginally up and CRUDE concerns me from the USD/CAD long trade, That I have live at the moment plus from an inflation perspective. A little hint of inflation into the U.S. economy will keep Commodity currencies supported and my FUNDAMENTAL OUTLOOK will start to be revised.\r\n\r\nA crude oil rally will cause waves on consumer spending as it is really a tax hike and it will affect consumer confidence. This does immediately hit outlooks and we have to watch this closely.\r\n\r\nAdditionally, now we have a divergence....EUR, GBP, CHF and SEK are all performing opposite from CAD, AUD and NZD. USD is strong against non-commodity currencies.\r\n\r\nAn hour or so ago, at the request of Roger from the UK,  I tweeted up to date pressure charts positions on currencies where the short, medium and long-term trends were aligned. Firstly, there were so many in the same direction, but secondly, the divergence was 100% clear for all to see.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATE:</strong></span>\r\n\r\nMy live trades are:\r\n\r\nGBP/NZD: Almost back to square one and hedged again.....\r\n\r\nGBP/USD: short...happy about this one, let\'s hope it\'s not a false breakout of trend lines on say the 60M and 240M charts.\r\n\r\nUSD/CAD: long...not so happy about this one at the moment. I may chop this one later today based on CRUDE prices.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE OPPORTUNITIES:</strong></span>\r\n\r\nLooking to short the NZD and AUD from higher levels.\r\n\r\nAUD/NZD took a huge hit yesterday and looks hugely oversold. Looking to get long on the bounce.\r\n\r\nThe EUR short looks a great trade as it is not bouncing and EUR crosses are getting clobbered.....EUR/AUD, EUR/CAD, EUR/GBP, EUR/NZD, just be careful around 1.3500 in case we get a bounce.\r\n\r\nLimit orders with brokers are USD/CHF, EUR/USD and EUR/GBP.....I have not cancelled these but the two EUR related look impossible at the moment, I think that there is more chance with the Lottery!!\r\n\r\nI will tweet any set-ups that I get involved with.\r\n\r\nTake care,\r\n\r\nScott','#49 - THE DAILY FX POST, Thursday 12th June 2014','','inherit','open','closed','','3867-revision-v1','','','2014-06-12 06:41:31','2014-06-12 11:41:31','',3867,'https://weeklyfxdrivethru.com/3867-revision-v1/',0,'revision','',0),(3870,1,'2014-06-12 06:43:27','2014-06-12 11:43:27','Good Day,\r\n\r\nI had a bad day trading yesterday; my thought process on a different stance from RBNZ Wheeler on issues regarding the economy never materialized. I moved my stop just before the news, I read a piece that looked to be very knowledgeable on what Wheeler was going to say, and I nearly took my trade off the table....hindsight what a beautiful thing.\r\n\r\nMoving on.......\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nFutures seem to be consolidating yesterdays losses, GOLD is marginally up and CRUDE concerns me from the USD/CAD long trade, That I have live at the moment plus from an inflation perspective. A little hint of inflation into the U.S. economy will keep Commodity currencies supported and my FUNDAMENTAL OUTLOOK will start to be revised.\r\n\r\nA crude oil rally will cause waves on consumer spending as it is really a tax hike and it will affect consumer confidence. This does immediately hit outlooks and we have to watch this closely.\r\n\r\nAdditionally, now we have a divergence....EUR, GBP, CHF and SEK are all performing opposite from CAD, AUD and NZD. USD is strong against non-commodity currencies.\r\n\r\nAn hour or so ago, at the request of Roger from the UK,  I tweeted up to date pressure charts positions on currencies where the short, medium and long-term trends were aligned. Firstly, there were so many in the same direction, but secondly, the divergence was 100% clear for all to see.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATE:</strong></span>\r\n\r\nMy live trades are:\r\n\r\nGBP/NZD: Almost back to square one and hedged again.....\r\n\r\nGBP/USD: short...happy about this one, let\'s hope it\'s not a false breakout of trend lines on say the 60M and 240M charts.\r\n\r\nUSD/CAD: long...not so happy about this one at the moment. I may chop this one later today based on CRUDE prices.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE OPPORTUNITIES:</strong></span>\r\n\r\nLooking to short the NZD and AUD from higher levels.\r\n\r\nAUD/NZD took a huge hit yesterday and looks hugely oversold. Looking to get long on the bounce.\r\n\r\nThe EUR short looks a great trade as it is not bouncing and EUR crosses are getting clobbered.....EUR/AUD, EUR/CAD, EUR/GBP, EUR/NZD, just be careful around 1.3500 in case we get a bounce.\r\n\r\nLimit orders with brokers are USD/CHF, EUR/USD and EUR/GBP.....I have not cancelled these but the two EUR related look impossible at the moment, I think that there is more chance with the Lottery!!\r\n\r\nI will tweet any set-ups that I get involved with.\r\n\r\nTake care,\r\n\r\nScott','#49 - THE DAILY FX POST, Thursday 12th June 2014','','inherit','open','closed','','3867-revision-v1','','','2014-06-12 06:43:27','2014-06-12 11:43:27','',3867,'https://weeklyfxdrivethru.com/3867-revision-v1/',0,'revision','',0),(3871,1,'2014-06-13 07:26:03','2014-06-13 12:26:03','Good Day everyone,\r\n\r\nFirstly let me say what a week so far and for me I am grateful it\'s nearly over.\r\n\r\nI have seen big profits and big losses. I am away from my desk top iMac so I am hoping that I have at least broken even on the week. When I blogged last week saying consolidation would be in the air I did not expect such a bevy of news at the tail end, and, next week we have the FOMC....\r\n\r\nFor those of you who follow twitter.....@ThePremService, you will know that I exited my EUR/GBP short at 78.6% Fib level, and covered GBP/CHF and USD/CHF trades.\r\n\r\nSo, right now I am long the GBP/NZD...thank you Mark Carney it is basically filled the RBNZ gap lower from Wednesday and I am still holding the USD/CAD long.\r\n\r\nOIL continues to focus my attention, but I have looked at the USD/NOK and instead of the NOK strengthening, it appears to be weakening and I cannot find any copy on why?\r\n\r\nI am still at my conference today and away from my machine for a few hours this morning and again this afternoon. I cannot trade but if I could I would be looking to buy the GBP on dips. 1.7000 is a big resistance and just above 1.7000 there is good resistance at 1.7043. But you do not have to focus just on the GBP/USD. Remember the crosses GBP/CAD, GBP/AUD, GBP/JPY and GBP/CHF to the long side you would need to take smaller positions because of  the volatility associated with these pairs. In addition look at selling the EUR/GBP but bear in mind 0.7983 is a 78.6% fib support level.\r\n\r\nYou must also bear in mind it is a Friday and the World Cup starts it 3 games a day programme from noon EDT. Chances are that most days moving forward the afternoons will slow and the fact that today is Friday exacerbates this. My point is be careful. There are opportunities but be careful. Do not chase the market wait for pullbacks.\r\n\r\nIf I were to trade today my entry for the GBP/USD would be 1.6920.....will we get there I am not sure but it is safer trade rather than top ticking the long position.\r\n\r\nFor the GBP/AUD, GBP/CAD, GBP/JPY and GBP/CHF look for at least 50 pip pullbacks from highs. These are all fast-moving volatile currencies, they are dangerous if you get yourself caught top ticking the moves. Below are some suggestions: -\r\n\r\nGBP/CHF - 1.5210 to 1.5230\r\nGBP/CAD - 1.8350\r\nGBP/JPY - 172.50\r\nGBP/AUD - 1.7980 (38% of recent move)\r\n\r\nIf you trade today, smaller positions until they confirmed and for protection move your stop up to protect.\r\n\r\nThe WEEKLY FX DRIVE THRU will be posted on Sunday this week, as I will be traveling back from New York tomorrow.\r\n\r\nScott\r\n\r\n&nbsp;','#50 - THE DAILY FX POST, Friday 13th June 2014','','publish','open','closed','','50-daily-fx-post-friday-13th-june-2014','','','2014-06-13 07:26:03','2014-06-13 12:26:03','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3871',0,'member_posts','',0),(3872,1,'2014-06-13 07:25:21','2014-06-13 12:25:21','Good Day everyone,\r\n\r\nFirstly let me say what a week so far and for me I am grateful it\'s nearly over.\r\n\r\nI have seen big profits and big losses. I am away from my desk top iMac so I am hoping that I have at least broken even on the week. When I blogged last week saying consolidation would be in the air I did not expect such a bevy of news at the tail end, and, next week we have the FOMC....\r\n\r\nFor those of you who follow twitter.....@ThePremService, you will know that I exited my EUR/GBP short at 78.6% Fib level, and covered GBP/CHF and USD/CHF trades.\r\n\r\nSo, right now I am long the GBP/NZD...thank you Mark Carney it is basically filled the RBNZ gap lower from Wednesday and I am still holding the USD/CAD long.\r\n\r\nOIL continues to focus my attention, but I have looked at the USD/NOK and instead of the NOK strengthening, it appears to be weakening and I cannot find any copy on why?\r\n\r\nI am still at my conference today and away from my machine for a few hours this morning and again this afternoon. I cannot trade but if I could I would be looking to buy the GBP on dips. 1.7000 is a big resistance and just above 1.7000 there is good resistance at 1.7043. But you do not have to focus just on the GBP/USD. Remember the crosses GBP/CAD, GBP/AUD, GBP/JPY and GBP/CHF to the long side you would need to take smaller positions because of  the volatility associated with these pairs. In addition look at selling the EUR/GBP but bear in mind 0.7983 is a 78.6% fib support level.\r\n\r\nYou must also bear in mind it is a Friday and the World Cup starts it 3 games a day programme from noon EDT. Chances are that most days moving forward the afternoons will slow and the fact that today is Friday exacerbates this. My point is be careful. There are opportunities but be careful. Do not chase the market wait for pullbacks.\r\n\r\nIf I were to trade today my entry for the GBP/USD would be 1.6920.....will we get there I am not sure but it is safer trade rather than top ticking the long position.\r\n\r\nFor the GBP/AUD, GBP/CAD, GBP/JPY and GBP/CHF look for at least 50 pip pullbacks from highs. These are all fast-moving volatile currencies, they are dangerous if you get yourself caught top ticking the moves. Below are some suggestions: -\r\n\r\nGBP/CHF - 1.5210 to 1.5230\r\nGBP/CAD - 1.8350\r\nGBP/JPY - 172.50\r\nGBP/AUD - 1.7980 (38% of recent move)\r\n\r\nIf you trade today, smaller positions until they confirmed and for protection move your stop up to protect.\r\n\r\nThe WEEKLY FX DRIVE THRU will be posted on Sunday this week, as I will be traveling back from New York tomorrow.\r\n\r\nScott\r\n\r\n&nbsp;','#50 - THE DAILY FX POST, Friday 13th June 2014','','inherit','open','closed','','3871-revision-v1','','','2014-06-13 07:25:21','2014-06-13 12:25:21','',3871,'https://weeklyfxdrivethru.com/3871-revision-v1/',0,'revision','',0),(3943,1,'2014-06-24 06:39:12','2014-06-24 11:39:12','Hi everyone,\r\n\r\nI am finding this market very difficult at the moment, and when I say at the moment I mean the past few months. Not only have we been through \"Chop Fest\" conditions as the equities markets influenced FX as they struggled with multi-year tops, that is still the case today, but in addition, the FX market being bored with the \"Chop Fest\" changed into a \"Snooze Fest\". We have one or two days when we have had market moving data but no real follow through at all.\r\n\r\n<span style=\"text-decoration: underline;\">ECB</span> - Starts their version of easing paving the way for QE? At the same time in true ECB style it tells the market that 1.3800 was the average rate it wanted. Didn\'t make sense to me then and makes less sense now as there are increased calls to weaken the single currency. It\'s at 1.3600 and it appears to be clued there despite poor PMi data and today\'s IFO was weaker. The EUR/USD rallies !! What chance is there of a fall in its value?\r\n\r\n<span style=\"text-decoration: underline;\">GBP</span> - Carney at the time of wiring this article is failing to convince the UK Parliamentary committee on Finance that his \"I\'m a HAWK\' speech from the Mansion House a couple of weeks ago was a prudent thing to do given the economic data released between then and now. He is fumbling and totally defensive. Was Carney premature? Personally, I think he moved the markets too far, too fast Well his tone today was much different and his approach to interest rate rises he says is by way of small bite sized chunks and not a \"wham bam thank you Mam\" approach, I think that we all knew that anyway. A complete change in character in 10 days or so.\r\n\r\nThe EUR/USD is stuck between 1.3570 and 1.3640.\r\nThe GBP/USD is stuck from just below it\'s recent break out point of 1.6970 and 1.7050.\r\n\r\nI really hate writing this but are we waiting for the next NFP?\r\n\r\nOvernight, I decided to start closing positions and just bank $$$$.\r\n\r\n<strong>FT140 - CAD/CHF long - closed at 0.8340 +6 pips.</strong>\r\n\r\n<strong>FT139 - EUR/CAD short - closed at 1.4582 +41 pips.</strong>\r\n\r\n<strong>FT137 - NZD/USD short - Closed at 0.8705 +7 pips.</strong>\r\n\r\n<strong>RT116 - USD/SEK long - closed at 6.7022 +23 pips.</strong>\r\n\r\nI wrote a few weeks in the blog under the TRADER TOPICS section about adjusting to the market conditions and trading within what you have. I think from now until the Fall we have just a \"PULLBACK STRATEGY\" market at best. So get ready for FLASH TRADES looking for just 20-25 pip moves, with stops moved up to protect. If the run they run, if not we have 20 or 25 pips per trade.\r\n\r\nRight now to do this is difficult. to achieve, moves like this are very hard to come by.\r\n\r\nMy pressure charts are very mixed and there is not much to go on apart from the CAD. Here are the front-line currency pairs when the Short, Medium and Long term charts are all in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LONG:</strong></span> NZD/USD, CAD/JPY, NZD/JPY, USD/SEK, EUR/NOK and EUR/SEK.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span> USD/CAD, AUD/CAD, EUR/CAD and GBP/CAD.\r\n\r\n&nbsp;\r\n\r\nI will tweet if anything jumps out at me to trade, but I have a feeling things will be quiet today.\r\n\r\nGood luck,\r\n\r\n&nbsp;\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#57 - THE DAILY FX POST, Tuesday 24th June 2014','','publish','open','closed','','57-daily-fx-post-tuesday-24th-june-2014','','','2014-06-24 06:39:12','2014-06-24 11:39:12','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3943',0,'member_posts','',0),(3881,1,'2014-06-15 10:31:15','2014-06-15 15:31:15','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe week just passed was a very difficult trading week for me. I was completely wrong about the RBNZ and governor Wheeler’s statement content, then the next day BOE governor Carney’s Mansion House address talking about raising rates took me and the whole market by surprise. The results from these two news items were, big losses from my broker accounts.\r\n\r\nAs I have written in the TRADING ESSENTIALS section of the website, you have to expect losses when trading, it’s how you pick yourself up and get \"back in the saddle\" that differentiates you from other traders and gives you longevity as a trader.\r\n\r\nSo, moving on, I am now focused on what the effects of the RBNZ and BOE will have together with all the other front-line news that hit the markets last week.\r\n\r\nGeopolitical news is dominating matters, tensions in Iraq, with Iran looking to get involved will have an effect on the delicate balance of matters in the Middle East. The Russian tank movements, in and around the Ukraine border are obviously something that cannot be ignored and finally the price of OIL. OIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East and comments emanating from the recent OPEC meeting.\r\n\r\nWe also have a full FOMC Statement and Press Conference this week on Wednesday.\r\n\r\nOn Thursday, we have the SNB meeting and also have a Press Conference. Will they react to the recent ECB actions of easing?\r\n\r\nAll in all there is a lot to consider and without doubt the opportunities for some swift Forex movements are with us. I seem to remember blogging and tweeting saying that the summer trading is now here a little earlier than usual. I may have been just a tad premature with that comment.\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>JUNE 2014 and YEAR to date:</strong></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 website.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\"><img class=\"aligncenter size-full wp-image-3874\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\" alt=\"PREM SERV PROFITS1 15062014\" width=\"455\" height=\"421\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\"><img class=\"aligncenter size-full wp-image-3875\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\" alt=\"PREM SERV PROFITS2 15062014\" width=\"461\" height=\"423\" /></a>\r\n\r\n&nbsp;\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.\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>FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA</strong></p>\r\nThere is so much on my mind at the moment regarding the interaction of Central Bank policies from all corners of the globe, plus a couple of other factors that the FED would not have let pass them by.\r\n\r\nThere are divergences of policies all over, and, I think Janet Yellen has a very interesting meeting to chair this week with her FED presidents, then, she has to face the press for what should be a very interesting Press Conference. I am of course making an assumption that the correct questions are put forth for her to answer during the press conference but I think the FED has some fascinating decisions to make this week in the face of recent events.\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF ENGLAND:</span>\r\n\r\nMark Carney’s speech last Thursday has in my opinion set “the cat amongst the pigeons”. After George Osborne the UK Chancellor announced that he was giving the BOE more powers to limit mortgage lending to avoid a housing bubble, primarily in and around London, like many I thought that this would form the basis of Carney’s speech.\r\n\r\nHowever, Carney is now a HAWK. He said that interest rate hikes are getting much closer, and could happen sooner than the markets anticipate.\r\n\r\nThe UK and the FED took rates to almost zero very quickly after the Financial Crash of 2008. Much has been spoken of the U.S. recovery and tapering by the FED to reduce it’s bond purchasing etc. by $10 billion per month. The UK economy is growing probably the fastest of the G7 and with Carney looking to raise rates sooner rather than later, will this give Janet Yellen the spur to increase tapering or announce that interest rates will soon be rising in the U.S. as well.\r\n\r\nThis makes you think...Dilemma number one.\r\n<span style=\"text-decoration: underline;\">THE EUROPEAN CENTRAL BANK:</span>\r\n\r\nMonetary policy by the FED is tightening through tapering and will eventually announce a policy change to introduce raising interest rates. At the same time, the Eurozone is now committed to long-term low rates as the ECB attempts to get to grips with DEFLATION and a strong currency through easing. This divergence of approach will have an effect on the movements of currency without doubt.\r\n\r\nJanet Yellen will have to play this hand very carefully indeed moving forward. Movements of currency “in flows and out flows” are measured very carefully and the dominance of the EUR/USD in the Forex markets will cause concern.\r\n\r\nA weaker EUR means a stronger USD. This will affect many markets if correlations return, OIL and GOLD being two relationships that immediately spring to mind. But at the moment the chances are that we will have divergence across these relationships, due to the geopolitical situations of tensions around the globe.\r\n\r\nThis also makes you think…Dilemma number two.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF JAPAN:</span>\r\n\r\nMonetary Policy in Japan is clear, but, are the goals set out very clearly by the Japanese Prime Minister Shinzo Abe and the BOJ governor Kuroda actually being met…. are they even on target?\r\n\r\nVolatility in the Nikkei and the direct relationship between the Nikkei and the JPY is very clear at the moment and there is a direct correlation of movement in either direction up or down. Without doubt reputations are on the line. The recent hike in sales tax has caused a blip in spending. Is the 2% inflation goal going to be achieved? At the moment it looks doubtful.\r\n\r\nThe BOJ has the ability to ease like we have never seen before to drive the Japanese economy to where the goals lie and where the reputations need the movements to end up.\r\n\r\nIf Japan acts strongly this will have a knock on effect all over and this will affect the USD. I suspect that the FED will always have an eye on Japan, whenever it changes monetary policy direction.\r\n\r\nThis also makes you think...Dilemma number three.\r\n<span style=\"text-decoration: underline;\">OIL PRICES:</span>\r\n\r\nCentral Bank activities aside, I strongly suspect that Oil is causing a big headache for policy makers.\r\n\r\nAs OIL prices increase, this places what is really an increase in taxes on consumers. If you are taxed more….you spend less….in a consumer driven economy like the U.S. (the biggest in the world), less spending by consumers effects many, many things. The main one to focus on is “Consumer Sentiment”, if these numbers start to fall showing lack of confidence this affects all businesses.\r\n\r\nAdditionally, as OIL prices go up so do the inflationary pressures and that usually leads to raising interest rates to try and control inflation. Raising rates places more pressure on individuals and adds to the chance of weaker “Consumer Confidence” numbers.\r\n\r\nWhat does the FED think of here, increase tapering and raise interest rates?\r\n\r\nThis one really makes you think…. Dilemma number four.\r\n\r\n&nbsp;\r\n\r\nI think that this week’s FED meeting would be the one to be a “fly on the wall at”. There are so many new matters to consider, and whilst the FED will always say we act in the interests of the U.S. alone, it must take a worldwide view into consideration.\r\n\r\nThe bottom line is that we have the potential for direction in the Forex markets if the news releases are clear and strong giving the markets no uncertainty in policy. This Wednesday afternoon’s trading opportunity should be interesting to say the least.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong><strong> </strong>\r\n\r\nThere is no article this week. I am still working on my Forex broker reviews and I hope to have these either next week or at the end of the month.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\nI basically went into cash ahead of this weekend given the geopolitical news that was in the news.\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nI have no flash trades at the moment<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT105\r\nUSD/CAD\r\nLong\r\nCost Average: 1.0890\r\nStop Loss: 1.0840\r\nLimit / Target: 1.1030\r\nWeekly Closing Price: 1.0854\r\nPosition: - 36 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9519\r\nPosition: - 281 pips\r\n(This pair is hedged again at -150 pips)\r\n\r\n<strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe trade set-ups listed below are  placed with my brokers.\r\n\r\nI basically went into cash at then of of last week given all the geopolitical news in the markets. It is my intention to ease myself gently back into trades again this week , however, do not expect plethora because of the FOMC. I may see a rush of intra-day pullback trades and these will be advised via twitter.\r\n\r\nRT101\r\nEUR/USD\r\nShort\r\nEntry at 1.3580\r\nStop at 1.3670\r\nLimit 1.3000\r\n\r\nRT108\r\nNZD/USD\r\nShort\r\nEntry at 0.8750\r\nStop at 0.8825\r\nLimit 0.8000\r\n\r\nRT109\r\nAUD/USD\r\nShort\r\nEntry at 0.9525\r\nStop at 0.9600\r\nLimit 0.8500\r\n\r\nRT110\r\nAUD/NZD\r\nLong\r\nEntry at 1.0825\r\nStop at 1.0750\r\nLimit 1.1350\r\n\r\nLast Friday, in the DAILY FX POST I noted a few entry levels to try and establish long positions in GBP crosses. I want to give these a further examination at the beginning of the European session Monday. I will tweet my thoughts then.\r\n\r\n<strong> </strong>\r\n\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 1.3571.</strong> We are in a very tight trading range. Previous support now resistance at 1.3585 held very well last week and this is an area where I would look to short. In fact, last week my limit order at 1.3580 missed triggering by 1.5 pips. I see the range as 1.3502 support up to 1.3585 resistance. It is a difficult one to read at the moment although my bias is that the EUR/USD will fall. A breakdown below 1.3502 will signal the resumption of the downtrend from 1.3993, and the next target would be 1.3350 or thereabouts. However, if 1.3502 holds, the fall from 1.3676 would be seen as a correction of the uptrend from 1.3502 and then another squeeze to 1.3900 could still be on the table.\r\n\r\n<strong>GBP/USD: Closing Price 1.6962</strong>. It looks like we have to test 1.7000 again. Whether we will do this pre FOMC I do not know. But this currency is now a buy on the dip approach in my opinion. 1.6920 would be a great place to go long, if we can get there and is good support and 1.7000 is resistance.\r\n\r\n<strong>AUD/USD: Closing Price 0.9400</strong>. There is a very tight trading range at the moment for the Aussie. This is due to divergences within the way commodity currencies are reacting to the geopolitical issues. The current tensions are keeping the commodity currencies well supported. In addition the AUD is keeping up the highly over-valued NZD at the moment as well, despite the neutral stance taken by the RBA. Support is a t 0.9370 and resistance at 0.9440. I think that to really feel bearish on this pair we need to see a break below 0.9300.\r\n\r\n<strong>NZD/USD: Closing Price 0.8652</strong>. Wheeler the dealer sure knows how to string the markets along. He increases rates and then says that exchange rates involving the NZD are too high and unsustainable. The RBNZ has cost me some money this year. I believe that we could see a test of 0.8700 as resistance and should that level break the 52-week high is at 0.8779. Do not rule this level out yet. Support is good at 0.8600.\r\n\r\n<strong>USD/CAD: Closing Price 1.0854.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0910.\r\n\r\n<strong>USD/CHF: Closing Price 0.8997</strong>. I think this pair and its crosses could be very interesting this week. Watch the SNB press conference this Thursday. If the EUR starts to weaken the SNB may be forced to act to control currency flows. For now the range is 0.8910 to 0.9037.\r\n\r\n<strong>USD/JPY: Closing Price 102.03</strong>. Boring, boring, boring. Support at 101.80 and resistance at 102.85.\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong><strong> </strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LONG:</strong></span>\r\n\r\nAUD/JPY\r\nCAD/JPY\r\nNZD/JPY\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span>\r\n\r\nEUR/USD\r\nUSD/CAD\r\nEUR/GBP\r\nAUD/CAD\r\nEUR/CAD\r\nEUR/AUD\r\nAUD/NZD\r\nUSD/NOK\r\nUSD/SEK\r\nEUR/NOK\r\nEUR/SEK\r\n<strong> </strong>\r\n\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\n\r\nWEDNESDAY: USD – FOMC Statement and Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\n\r\nTHURSDAY: CHF – Monetary Policy Statement and Press Conference.\r\n\r\nFRIDAY: CAD – Core Retail Sales.\r\n\r\n<strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nThe FOMC is the star this week when it comes to Forex news.\r\n\r\nI just want to take this opportunity to say that last week I lost money on trades surrounding two very different news events, but these losses were limited due to the positioning of my stops: -\r\n<ul>\r\n	<li>The RBNZ, I could have avoided a big loss had I not tried to anticipate what I believed the RBNZ statement would say. Fundamentally, I was not that far off the mark but the stance taken by the RBNZ caught me off guard.</li>\r\n</ul>\r\n<ul>\r\n	<li>The BOE move to increase rates caught me out but there was no way of knowing what was going to happen during the speech that Carney made.</li>\r\n</ul>\r\nOn both trades whilst my positions were of 80% and 50% size, I had stops reasonably tight, and in line with my TRADING PLAN and my RISK MANAGEMENT tolerances. Had I not done this I would have been looking at huge losses given the monumental moves that followed both announcements.\r\n\r\nIt is so important to place stops. I have had a couple of discussions on email with PREMIUM SERVICE subscribers of late on the correct placement of stops.\r\n\r\nNews events can and always will from time to time cause you pain. Stops are there to help ease the pain of a loss a little; always use them.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday June 15th 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;','FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA','','publish','open','closed','','fomc-week-think-yellen-dilemma','','','2014-06-15 10:31:15','2014-06-15 15:31:15','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3881',0,'member_posts','',0),(3882,1,'2014-06-15 10:29:13','2014-06-15 15:29:13','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe week just passed was a very difficult trading week for me. I was completely wrong about the RBNZ and governor Wheeler’s statement content, then the next day BOE governor Carney’s Mansion House address talking about raising rates took me and the whole market by surprise. The results from these two news items were, big losses from my broker accounts.\r\n\r\nAs I have written in the TRADING ESSENTIALS section of the website, you have to expect losses when trading, it’s how you pick yourself up and get back in the saddle that differentiates you from other traders and gives you longevity as a trader.\r\n\r\nSo, moving on, I am now focused on what the effects of the RBNZ and BOE will have together with all the other front-line news that hit the markets last week.\r\n\r\nGeopolitical news is dominating matters, tensions in Iraq, with Iran looking to get involved will have an effect on the delicate balance of matters in the Middle East. The Russian tank movements, in and around the Ukraine border are obviously something that cannot be ignored and finally the price of OIL. OIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East and comments emanating from the recent OPEC meeting.\r\n\r\nWe also have a full FOMC Statement and Press Conference this week on Wednesday.\r\n\r\nOn Thursday, we have the SNB meeting and also have a Press Conference. Will they react to the recent ECB actions of easing?\r\n\r\nAll in all there is a lot to consider and without doubt the opportunities for some swift Forex movements are with us. I seem to remember blogging and tweeting saying that the summer trading is now here a little earlier than usual. I may have been just a tad premature with that comment.\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>JUNE 2014 and YEAR to date:</strong></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 website.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\"><img class=\"aligncenter size-full wp-image-3874\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\" alt=\"PREM SERV PROFITS1 15062014\" width=\"455\" height=\"421\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\"><img class=\"aligncenter size-full wp-image-3875\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\" alt=\"PREM SERV PROFITS2 15062014\" width=\"461\" height=\"423\" /></a>\r\n\r\n&nbsp;\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.\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>FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA</strong></p>\r\nThere is so much on my mind at the moment regarding the interaction of Central Bank policies from all corners of the globe, plus a couple of other factors that the FED would not have let pass them by.\r\n\r\nThere are divergences of policies all over, and, I think Janet Yellen has a very interesting meeting to chair this week with her FED presidents, then, she has to face the press for what should be a very interesting Press Conference. I am of course making an assumption that the correct questions are put forth for her to answer during the press conference but I think the FED has some fascinating decisions to make this week in the face of recent events.\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF ENGLAND:</span>\r\n\r\nMark Carney’s speech last Thursday has in my opinion set “the cat amongst the pigeons”. After George Osborne the UK Chancellor announced that he was giving the BOE more powers to limit mortgage lending to avoid a housing bubble, primarily in and around London, like many I thought that this would form the basis of Carney’s speech.\r\n\r\nHowever, Carney is now a HAWK. He said that interest rate hikes are getting much closer, and could happen sooner than the markets anticipate.\r\n\r\nThe UK and the FED took rates to almost zero very quickly after the Financial Crash of 2008. Much has been spoken of the U.S. recovery and tapering by the FED to reduce it’s bond purchasing etc. by $10 billion per month. The UK economy is growing probably the fastest of the G7 and with Carney looking to raise rates sooner rather than later, will this give Janet Yellen the spur to increase tapering or announce that interest rates will soon be rising in the U.S. as well.\r\n\r\nThis makes you think...Dilemma number one.\r\n<span style=\"text-decoration: underline;\">THE EUROPEAN CENTRAL BANK:</span>\r\n\r\nMonetary policy by the FED is tightening through tapering and will eventually announce a policy change to introduce raising interest rates. At the same time, the Eurozone is now committed to long-term low rates as the ECB attempts to get to grips with DEFLATION and a strong currency through easing. This divergence of approach will have an effect on the movements of currency without doubt.\r\n\r\nJanet Yellen will have to play this hand very carefully indeed moving forward. Movements of currency “in flows and out flows” are measured very carefully and the dominance of the EUR/USD in the Forex markets will cause concern.\r\n\r\nA weaker EUR means a stronger USD. This will affect many markets if correlations return, OIL and GOLD being two relationships that immediately spring to mind. But at the moment the chances are that we will have divergence across these relationships, due to the geopolitical situations of tensions around the globe.\r\n\r\nThis also makes you think…Dilemma number two.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF JAPAN:</span>\r\n\r\nMonetary Policy in Japan is clear, but, are the goals set out very clearly by the Japanese Prime Minister Shinzo Abe and the BOJ governor Kuroda actually being met…. are they even on target?\r\n\r\nVolatility in the Nikkei and the direct relationship between the Nikkei and the JPY is very clear at the moment and there is a direct correlation of movement in either direction up or down. Without doubt reputations are on the line. The recent hike in sales tax has caused a blip in spending. Is the 2% inflation goal going to be achieved? At the moment it looks doubtful.\r\n\r\nThe BOJ has the ability to ease like we have never seen before to drive the Japanese economy to where the goals lie and where the reputations need the movements to end up.\r\n\r\nIf Japan acts strongly this will have a knock on effect all over and this will affect the USD. I suspect that the FED will always have an eye on Japan, whenever it changes monetary policy direction.\r\n\r\nThis also makes you think...Dilemma number three.\r\n<span style=\"text-decoration: underline;\">OIL PRICES:</span>\r\n\r\nCentral Bank activities aside, I strongly suspect that Oil is causing a big headache for policy makers.\r\n\r\nAs OIL prices increase, this places what is really an increase in taxes on consumers. If you are taxed more….you spend less….in a consumer driven economy like the U.S. (the biggest in the world), less spending by consumers effects many, many things. The main one to focus on is “Consumer Sentiment”, if these numbers start to fall showing lack of confidence this affects all businesses.\r\n\r\nAdditionally, as OIL prices go up so do the inflationary pressures and that usually leads to raising interest rates to try and control inflation. Raising rates places more pressure on individuals and adds to the chance of weaker “Consumer Confidence” numbers.\r\n\r\nWhat does the FED think of here, increase tapering and raise interest rates?\r\n\r\nThis one really makes you think…. Dilemma number four.\r\n\r\n&nbsp;\r\n\r\nI think that this week’s FED meeting would be the one to be a “fly on the wall at”. There are so many new matters to consider, and whilst the FED will always say we act in the interests of the U.S. alone, it must take a worldwide view into consideration.\r\n\r\nThe bottom line is that we have the potential for direction in the Forex markets if the news releases are clear and strong giving the markets no uncertainty in policy. This Wednesday afternoon’s trading opportunity should be interesting to say the least.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong><strong> </strong>\r\n\r\nThere is no article this week. I am still working on my Forex broker reviews and I hope to have these either next week or at the end of the month.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\nI basically went into cash ahead of this weekend given the geopolitical news that was in the news.\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nI have no flash trades at the moment<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT105\r\nUSD/CAD\r\nLong\r\nCost Average: 1.0890\r\nStop Loss: 1.0840\r\nLimit / Target: 1.1030\r\nWeekly Closing Price: 1.0854\r\nPosition: - 36 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9519\r\nPosition: - 281 pips\r\n(This pair is hedged again at -150 pips)\r\n\r\n<strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe trade set-ups listed below are  placed with my brokers.\r\n\r\nI basically went into cash at then of of last week given all the geopolitical news in the markets. It is my intention to ease myself gently back into trades again this week , however, do not expect plethora because of the FOMC. I may see a rush of intra-day pullback trades and these will be advised via twitter.\r\n\r\nRT101\r\nEUR/USD\r\nShort\r\nEntry at 1.3580\r\nStop at 1.3670\r\nLimit 1.3000\r\n\r\nRT108\r\nNZD/USD\r\nShort\r\nEntry at 0.8750\r\nStop at 0.8825\r\nLimit 0.8000\r\n\r\nRT109\r\nAUD/USD\r\nShort\r\nEntry at 0.9525\r\nStop at 0.9600\r\nLimit 0.8500\r\n\r\nRT110\r\nAUD/NZD\r\nLong\r\nEntry at 1.0825\r\nStop at 1.0750\r\nLimit 1.1350\r\n\r\nLast Friday, in the DAILY FX POST I noted a few entry levels to try and establish long positions in GBP crosses. I want to give these a further examination at the beginning of the European session Monday. I will tweet my thoughts then.\r\n\r\n<strong> </strong>\r\n\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 1.3571.</strong> We are in a very tight trading range. Previous support now resistance at 1.3585 held very well last week and this is an area where I would look to short. In fact, last week my limit order at 1.3580 missed triggering by 1.5 pips. I see the range as 1.3502 support up to 1.3585 resistance. It is a difficult one to read at the moment although my bias is that the EUR/USD will fall. A breakdown below 1.3502 will signal the resumption of the downtrend from 1.3993, and the next target would be 1.3350 or thereabouts. However, if 1.3502 holds, the fall from 1.3676 would be seen as a correction of the uptrend from 1.3502 and then another squeeze to 1.3900 could still be on the table.\r\n\r\n<strong>GBP/USD: Closing Price 1.6962</strong>. It looks like we have to test 1.7000 again. Whether we will do this pre FOMC I do not know. But this currency is now a buy on the dip approach in my opinion. 1.6920 would be a great place to go long, if we can get there and is good support and 1.7000 is resistance.\r\n\r\n<strong>AUD/USD: Closing Price 0.9400</strong>. There is a very tight trading range at the moment for the Aussie. This is due to divergences within the way commodity currencies are reacting to the geopolitical issues. The current tensions are keeping the commodity currencies well supported. In addition the AUD is keeping up the highly over-valued NZD at the moment as well, despite the neutral stance taken by the RBA. Support is a t 0.9370 and resistance at 0.9440. I think that to really feel bearish on this pair we need to see a break below 0.9300.\r\n\r\n<strong>NZD/USD: Closing Price 0.8652</strong>. Wheeler the dealer sure knows how to string the markets along. He increases rates and then says that exchange rates involving the NZD are too high and unsustainable. The RBNZ has cost me some money this year. I believe that we could see a test of 0.8700 as resistance and should that level break the 52-week high is at 0.8779. Do not rule this level out yet. Support is good at 0.8600.\r\n\r\n<strong>USD/CAD: Closing Price 1.0854.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0910.\r\n\r\n<strong>USD/CHF: Closing Price 0.8997</strong>. I think this pair and its crosses could be very interesting this week. Watch the SNB press conference this Thursday. If the EUR starts to weaken the SNB may be forced to act to control currency flows. For now the range is 0.8910 to 0.9037.\r\n\r\n<strong>USD/JPY: Closing Price 102.03</strong>. Boring, boring, boring. Support at 101.80 and resistance at 102.85.\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong><strong> </strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LONG:</strong></span>\r\n\r\nAUD/JPY\r\nCAD/JPY\r\nNZD/JPY\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span>\r\n\r\nEUR/USD\r\nUSD/CAD\r\nEUR/GBP\r\nAUD/CAD\r\nEUR/CAD\r\nEUR/AUD\r\nAUD/NZD\r\nUSD/NOK\r\nUSD/SEK\r\nEUR/NOK\r\nEUR/SEK\r\n<strong> </strong>\r\n\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\n\r\nWEDNESDAY: USD – FOMC Statement and Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\n\r\nTHURSDAY: CHF – Monetary Policy Statement and Press Conference.\r\n\r\nFRIDAY: CAD – Core Retail Sales.\r\n\r\n<strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nThe FOMC is the star this week when it comes to Forex news.\r\n\r\nI just want to take this opportunity to say that last week I lost money on trades surrounding two very different news events, but these losses were limited due to the positioning of my stops: -\r\n<ul>\r\n	<li>The RBNZ, I could have avoided a big loss had I not tried to anticipate what I believed the RBNZ statement would say. Fundamentally, I was not that far off the mark but the stance taken by the RBNZ caught me off guard.</li>\r\n</ul>\r\n<ul>\r\n	<li>The BOE move to increase rates caught me out but there was no way of knowing what was going to happen during the speech that Carney made.</li>\r\n</ul>\r\nOn both trades whilst my positions were of 80% and 50% size, I had stops reasonably tight, and in line with my TRADING PLAN and my RISK MANAGEMENT tolerances. Had I not done this I would have been looking at huge losses given the monumental moves that followed both announcements.\r\n\r\nIt is so important to place stops. I have had a couple of discussions on email with PREMIUM SERVICE subscribers of late on the correct placement of stops.\r\n\r\nNews events can and always will from time to time cause you pain. Stops are there to help ease the pain of a loss a little; always use them.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday June 15th 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;','FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA','','inherit','open','closed','','3881-revision-v1','','','2014-06-15 10:29:13','2014-06-15 15:29:13','',3881,'https://weeklyfxdrivethru.com/3881-revision-v1/',0,'revision','',0),(3883,1,'2014-06-15 10:31:15','2014-06-15 15:31:15','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe week just passed was a very difficult trading week for me. I was completely wrong about the RBNZ and governor Wheeler’s statement content, then the next day BOE governor Carney’s Mansion House address talking about raising rates took me and the whole market by surprise. The results from these two news items were, big losses from my broker accounts.\r\n\r\nAs I have written in the TRADING ESSENTIALS section of the website, you have to expect losses when trading, it’s how you pick yourself up and get \"back in the saddle\" that differentiates you from other traders and gives you longevity as a trader.\r\n\r\nSo, moving on, I am now focused on what the effects of the RBNZ and BOE will have together with all the other front-line news that hit the markets last week.\r\n\r\nGeopolitical news is dominating matters, tensions in Iraq, with Iran looking to get involved will have an effect on the delicate balance of matters in the Middle East. The Russian tank movements, in and around the Ukraine border are obviously something that cannot be ignored and finally the price of OIL. OIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East and comments emanating from the recent OPEC meeting.\r\n\r\nWe also have a full FOMC Statement and Press Conference this week on Wednesday.\r\n\r\nOn Thursday, we have the SNB meeting and also have a Press Conference. Will they react to the recent ECB actions of easing?\r\n\r\nAll in all there is a lot to consider and without doubt the opportunities for some swift Forex movements are with us. I seem to remember blogging and tweeting saying that the summer trading is now here a little earlier than usual. I may have been just a tad premature with that comment.\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>JUNE 2014 and YEAR to date:</strong></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 website.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\"><img class=\"aligncenter size-full wp-image-3874\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\" alt=\"PREM SERV PROFITS1 15062014\" width=\"455\" height=\"421\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\"><img class=\"aligncenter size-full wp-image-3875\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\" alt=\"PREM SERV PROFITS2 15062014\" width=\"461\" height=\"423\" /></a>\r\n\r\n&nbsp;\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.\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>FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA</strong></p>\r\nThere is so much on my mind at the moment regarding the interaction of Central Bank policies from all corners of the globe, plus a couple of other factors that the FED would not have let pass them by.\r\n\r\nThere are divergences of policies all over, and, I think Janet Yellen has a very interesting meeting to chair this week with her FED presidents, then, she has to face the press for what should be a very interesting Press Conference. I am of course making an assumption that the correct questions are put forth for her to answer during the press conference but I think the FED has some fascinating decisions to make this week in the face of recent events.\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF ENGLAND:</span>\r\n\r\nMark Carney’s speech last Thursday has in my opinion set “the cat amongst the pigeons”. After George Osborne the UK Chancellor announced that he was giving the BOE more powers to limit mortgage lending to avoid a housing bubble, primarily in and around London, like many I thought that this would form the basis of Carney’s speech.\r\n\r\nHowever, Carney is now a HAWK. He said that interest rate hikes are getting much closer, and could happen sooner than the markets anticipate.\r\n\r\nThe UK and the FED took rates to almost zero very quickly after the Financial Crash of 2008. Much has been spoken of the U.S. recovery and tapering by the FED to reduce it’s bond purchasing etc. by $10 billion per month. The UK economy is growing probably the fastest of the G7 and with Carney looking to raise rates sooner rather than later, will this give Janet Yellen the spur to increase tapering or announce that interest rates will soon be rising in the U.S. as well.\r\n\r\nThis makes you think...Dilemma number one.\r\n<span style=\"text-decoration: underline;\">THE EUROPEAN CENTRAL BANK:</span>\r\n\r\nMonetary policy by the FED is tightening through tapering and will eventually announce a policy change to introduce raising interest rates. At the same time, the Eurozone is now committed to long-term low rates as the ECB attempts to get to grips with DEFLATION and a strong currency through easing. This divergence of approach will have an effect on the movements of currency without doubt.\r\n\r\nJanet Yellen will have to play this hand very carefully indeed moving forward. Movements of currency “in flows and out flows” are measured very carefully and the dominance of the EUR/USD in the Forex markets will cause concern.\r\n\r\nA weaker EUR means a stronger USD. This will affect many markets if correlations return, OIL and GOLD being two relationships that immediately spring to mind. But at the moment the chances are that we will have divergence across these relationships, due to the geopolitical situations of tensions around the globe.\r\n\r\nThis also makes you think…Dilemma number two.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF JAPAN:</span>\r\n\r\nMonetary Policy in Japan is clear, but, are the goals set out very clearly by the Japanese Prime Minister Shinzo Abe and the BOJ governor Kuroda actually being met…. are they even on target?\r\n\r\nVolatility in the Nikkei and the direct relationship between the Nikkei and the JPY is very clear at the moment and there is a direct correlation of movement in either direction up or down. Without doubt reputations are on the line. The recent hike in sales tax has caused a blip in spending. Is the 2% inflation goal going to be achieved? At the moment it looks doubtful.\r\n\r\nThe BOJ has the ability to ease like we have never seen before to drive the Japanese economy to where the goals lie and where the reputations need the movements to end up.\r\n\r\nIf Japan acts strongly this will have a knock on effect all over and this will affect the USD. I suspect that the FED will always have an eye on Japan, whenever it changes monetary policy direction.\r\n\r\nThis also makes you think...Dilemma number three.\r\n<span style=\"text-decoration: underline;\">OIL PRICES:</span>\r\n\r\nCentral Bank activities aside, I strongly suspect that Oil is causing a big headache for policy makers.\r\n\r\nAs OIL prices increase, this places what is really an increase in taxes on consumers. If you are taxed more….you spend less….in a consumer driven economy like the U.S. (the biggest in the world), less spending by consumers effects many, many things. The main one to focus on is “Consumer Sentiment”, if these numbers start to fall showing lack of confidence this affects all businesses.\r\n\r\nAdditionally, as OIL prices go up so do the inflationary pressures and that usually leads to raising interest rates to try and control inflation. Raising rates places more pressure on individuals and adds to the chance of weaker “Consumer Confidence” numbers.\r\n\r\nWhat does the FED think of here, increase tapering and raise interest rates?\r\n\r\nThis one really makes you think…. Dilemma number four.\r\n\r\n&nbsp;\r\n\r\nI think that this week’s FED meeting would be the one to be a “fly on the wall at”. There are so many new matters to consider, and whilst the FED will always say we act in the interests of the U.S. alone, it must take a worldwide view into consideration.\r\n\r\nThe bottom line is that we have the potential for direction in the Forex markets if the news releases are clear and strong giving the markets no uncertainty in policy. This Wednesday afternoon’s trading opportunity should be interesting to say the least.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong><strong> </strong>\r\n\r\nThere is no article this week. I am still working on my Forex broker reviews and I hope to have these either next week or at the end of the month.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\nI basically went into cash ahead of this weekend given the geopolitical news that was in the news.\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nI have no flash trades at the moment<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT105\r\nUSD/CAD\r\nLong\r\nCost Average: 1.0890\r\nStop Loss: 1.0840\r\nLimit / Target: 1.1030\r\nWeekly Closing Price: 1.0854\r\nPosition: - 36 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9519\r\nPosition: - 281 pips\r\n(This pair is hedged again at -150 pips)\r\n\r\n<strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe trade set-ups listed below are  placed with my brokers.\r\n\r\nI basically went into cash at then of of last week given all the geopolitical news in the markets. It is my intention to ease myself gently back into trades again this week , however, do not expect plethora because of the FOMC. I may see a rush of intra-day pullback trades and these will be advised via twitter.\r\n\r\nRT101\r\nEUR/USD\r\nShort\r\nEntry at 1.3580\r\nStop at 1.3670\r\nLimit 1.3000\r\n\r\nRT108\r\nNZD/USD\r\nShort\r\nEntry at 0.8750\r\nStop at 0.8825\r\nLimit 0.8000\r\n\r\nRT109\r\nAUD/USD\r\nShort\r\nEntry at 0.9525\r\nStop at 0.9600\r\nLimit 0.8500\r\n\r\nRT110\r\nAUD/NZD\r\nLong\r\nEntry at 1.0825\r\nStop at 1.0750\r\nLimit 1.1350\r\n\r\nLast Friday, in the DAILY FX POST I noted a few entry levels to try and establish long positions in GBP crosses. I want to give these a further examination at the beginning of the European session Monday. I will tweet my thoughts then.\r\n\r\n<strong> </strong>\r\n\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 1.3571.</strong> We are in a very tight trading range. Previous support now resistance at 1.3585 held very well last week and this is an area where I would look to short. In fact, last week my limit order at 1.3580 missed triggering by 1.5 pips. I see the range as 1.3502 support up to 1.3585 resistance. It is a difficult one to read at the moment although my bias is that the EUR/USD will fall. A breakdown below 1.3502 will signal the resumption of the downtrend from 1.3993, and the next target would be 1.3350 or thereabouts. However, if 1.3502 holds, the fall from 1.3676 would be seen as a correction of the uptrend from 1.3502 and then another squeeze to 1.3900 could still be on the table.\r\n\r\n<strong>GBP/USD: Closing Price 1.6962</strong>. It looks like we have to test 1.7000 again. Whether we will do this pre FOMC I do not know. But this currency is now a buy on the dip approach in my opinion. 1.6920 would be a great place to go long, if we can get there and is good support and 1.7000 is resistance.\r\n\r\n<strong>AUD/USD: Closing Price 0.9400</strong>. There is a very tight trading range at the moment for the Aussie. This is due to divergences within the way commodity currencies are reacting to the geopolitical issues. The current tensions are keeping the commodity currencies well supported. In addition the AUD is keeping up the highly over-valued NZD at the moment as well, despite the neutral stance taken by the RBA. Support is a t 0.9370 and resistance at 0.9440. I think that to really feel bearish on this pair we need to see a break below 0.9300.\r\n\r\n<strong>NZD/USD: Closing Price 0.8652</strong>. Wheeler the dealer sure knows how to string the markets along. He increases rates and then says that exchange rates involving the NZD are too high and unsustainable. The RBNZ has cost me some money this year. I believe that we could see a test of 0.8700 as resistance and should that level break the 52-week high is at 0.8779. Do not rule this level out yet. Support is good at 0.8600.\r\n\r\n<strong>USD/CAD: Closing Price 1.0854.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0910.\r\n\r\n<strong>USD/CHF: Closing Price 0.8997</strong>. I think this pair and its crosses could be very interesting this week. Watch the SNB press conference this Thursday. If the EUR starts to weaken the SNB may be forced to act to control currency flows. For now the range is 0.8910 to 0.9037.\r\n\r\n<strong>USD/JPY: Closing Price 102.03</strong>. Boring, boring, boring. Support at 101.80 and resistance at 102.85.\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong><strong> </strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LONG:</strong></span>\r\n\r\nAUD/JPY\r\nCAD/JPY\r\nNZD/JPY\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span>\r\n\r\nEUR/USD\r\nUSD/CAD\r\nEUR/GBP\r\nAUD/CAD\r\nEUR/CAD\r\nEUR/AUD\r\nAUD/NZD\r\nUSD/NOK\r\nUSD/SEK\r\nEUR/NOK\r\nEUR/SEK\r\n<strong> </strong>\r\n\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\n\r\nWEDNESDAY: USD – FOMC Statement and Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\n\r\nTHURSDAY: CHF – Monetary Policy Statement and Press Conference.\r\n\r\nFRIDAY: CAD – Core Retail Sales.\r\n\r\n<strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nThe FOMC is the star this week when it comes to Forex news.\r\n\r\nI just want to take this opportunity to say that last week I lost money on trades surrounding two very different news events, but these losses were limited due to the positioning of my stops: -\r\n<ul>\r\n	<li>The RBNZ, I could have avoided a big loss had I not tried to anticipate what I believed the RBNZ statement would say. Fundamentally, I was not that far off the mark but the stance taken by the RBNZ caught me off guard.</li>\r\n</ul>\r\n<ul>\r\n	<li>The BOE move to increase rates caught me out but there was no way of knowing what was going to happen during the speech that Carney made.</li>\r\n</ul>\r\nOn both trades whilst my positions were of 80% and 50% size, I had stops reasonably tight, and in line with my TRADING PLAN and my RISK MANAGEMENT tolerances. Had I not done this I would have been looking at huge losses given the monumental moves that followed both announcements.\r\n\r\nIt is so important to place stops. I have had a couple of discussions on email with PREMIUM SERVICE subscribers of late on the correct placement of stops.\r\n\r\nNews events can and always will from time to time cause you pain. Stops are there to help ease the pain of a loss a little; always use them.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday June 15th 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;','FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA','','inherit','open','closed','','3881-revision-v1','','','2014-06-15 10:31:15','2014-06-15 15:31:15','',3881,'https://weeklyfxdrivethru.com/3881-revision-v1/',0,'revision','',0),(3884,1,'2014-06-15 10:48:59','2014-06-15 15:48:59','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe week just passed was a very difficult trading week for me. I was completely wrong about the RBNZ and governor Wheeler’s statement content, then the next day BOE governor Carney’s Mansion House address talking about raising rates took me and the whole market by surprise. The results from these two news items were, big losses from my broker accounts.\r\n\r\nAs I have written in the TRADING ESSENTIALS section of the website, you have to expect losses when trading, it’s how you pick yourself up and get \"back in the saddle\" that differentiates you from other traders and gives you longevity as a trader.\r\n\r\nSo, moving on, I am now focused on what the effects of the RBNZ and BOE will have together with all the other front-line news that hit the markets last week.\r\n\r\nGeopolitical news is dominating matters, tensions in Iraq, with Iran looking to get involved will have an effect on the delicate balance of matters in the Middle East. The Russian tank movements, in and around the Ukraine border are obviously something that cannot be ignored and finally the price of OIL. OIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East and comments emanating from the recent OPEC meeting.\r\n\r\nWe also have a full FOMC Statement and Press Conference this week on Wednesday.\r\n\r\nOn Thursday, we have the SNB meeting and also have a Press Conference. Will they react to the recent ECB actions of easing?\r\n\r\nAll in all there is a lot to consider and without doubt the opportunities for some swift Forex movements are with us. I seem to remember blogging and tweeting saying that the summer trading is now here a little earlier than usual. I may have been just a tad premature with that comment.\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA</strong></p>\r\nThere is so much on my mind at the moment regarding the interaction of Central Bank policies from all corners of the globe, plus a couple of other factors that the FED would not have let pass them by.\r\n\r\nThere are divergences of policies all over, and, I think Janet Yellen has a very interesting meeting to chair this week with her FED presidents, then, she has to face the press for what should be a very interesting Press Conference. I am of course making an assumption that the correct questions are put forth for her to answer during the press conference but I think the FED has some fascinating decisions to make this week in the face of recent events.\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF ENGLAND:</span>\r\n\r\nMark Carney’s speech last Thursday has in my opinion set “the cat amongst the pigeons”. After George Osborne the UK Chancellor announced that he was giving the BOE more powers to limit mortgage lending to avoid a housing bubble, primarily in and around London, like many I thought that this would form the basis of Carney’s speech.\r\n\r\nHowever, Carney is now a HAWK. He said that interest rate hikes are getting much closer, and could happen sooner than the markets anticipate.\r\n\r\nThe UK and the FED took rates to almost zero very quickly after the Financial Crash of 2008. Much has been spoken of the U.S. recovery and tapering by the FED to reduce it’s bond purchasing etc. by $10 billion per month. The UK economy is growing probably the fastest of the G7 and with Carney looking to raise rates sooner rather than later, will this give Janet Yellen the spur to increase tapering or announce that interest rates will soon be rising in the U.S. as well.\r\n\r\nThis makes you think...Dilemma number one.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">THE EUROPEAN CENTRAL BANK:</span>\r\n\r\nMonetary policy by the FED is tightening through tapering and will eventually announce a policy change to introduce raising interest rates. At the same time, the Eurozone is now committed to long-term low rates as the ECB attempts to get to grips with DEFLATION and a strong currency through easing. This divergence of approach will have an effect on the movements of currency without doubt.\r\n\r\nJanet Yellen will have to play this hand very carefully indeed moving forward. Movements of currency “in flows and out flows” are measured very carefully and the dominance of the EUR/USD in the Forex markets will cause concern.\r\n\r\nA weaker EUR means a stronger USD. This will affect many markets if correlations return, OIL and GOLD being two relationships that immediately spring to mind. But at the moment the chances are that we will have divergence across these relationships, due to the geopolitical situations of tensions around the globe.\r\n\r\nThis also makes you think…Dilemma number two.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF JAPAN:</span>\r\n\r\nMonetary Policy in Japan is clear, but, are the goals set out very clearly by the Japanese Prime Minister Shinzo Abe and the BOJ governor Kuroda actually being met…. are they even on target?\r\n\r\nVolatility in the Nikkei and the direct relationship between the Nikkei and the JPY is very clear at the moment and there is a direct correlation of movement in either direction up or down. Without doubt reputations are on the line. The recent hike in sales tax has caused a blip in spending. Is the 2% inflation goal going to be achieved? At the moment it looks doubtful.\r\n\r\nThe BOJ has the ability to ease like we have never seen before to drive the Japanese economy to where the goals lie and where the reputations need the movements to end up.\r\n\r\nIf Japan acts strongly this will have a knock on effect all over and this will affect the USD. I suspect that the FED will always have an eye on Japan, whenever it changes monetary policy direction.\r\n\r\nThis also makes you think...Dilemma number three.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">OIL PRICES:</span>\r\n\r\nCentral Bank activities aside, I strongly suspect that Oil is causing a big headache for policy makers.\r\n\r\nAs OIL prices increase, this places what is really an increase in taxes on consumers. If you are taxed more….you spend less….in a consumer driven economy like the U.S. (the biggest in the world), less spending by consumers effects many, many things. The main one to focus on is “Consumer Sentiment”, if these numbers start to fall showing lack of confidence this affects all businesses.\r\n\r\nAdditionally, as OIL prices go up so do the inflationary pressures and that usually leads to raising interest rates to try and control inflation. Raising rates places more pressure on individuals and adds to the chance of weaker “Consumer Confidence” numbers.\r\n\r\nWhat does the FED think of here, increase tapering and raise interest rates?\r\n\r\nThis one really makes you think…. Dilemma number four.\r\n\r\n&nbsp;\r\n\r\nI think that this week’s FED meeting would be the one to be a “fly on the wall at”. There are so many new matters to consider, and whilst the FED will always say we act in the interests of the U.S. alone, it must take a worldwide view into consideration.\r\n\r\nThe bottom line is that we have the potential for direction in the Forex markets if the news releases are clear and strong giving the markets no uncertainty in policy. This Wednesday afternoon’s trading opportunity should be interesting to say the least.\r\n\r\n&nbsp;\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3571.</strong> We are in a very tight trading range. Previous support now resistance at 1.3585 held very well last week and this is an area where I would look to short. In fact, last week my limit order at 1.3580 missed triggering by 1.5 pips. I see the range as 1.3502 support up to 1.3585 resistance. It is a difficult one to read at the moment although my bias is that the EUR/USD will fall. A breakdown below 1.3502 will signal the resumption of the downtrend from 1.3993, and the next target would be 1.3350 or thereabouts. However, if 1.3502 holds, the fall from 1.3676 would be seen as a correction of the uptrend from 1.3502 and then another squeeze to 1.3900 could still be on the table.\r\n\r\n<strong>GBP/USD: Closing Price 1.6962</strong>. It looks like we have to test 1.7000 again. Whether we will do this pre FOMC I do not know. But this currency is now a buy on the dip approach in my opinion. 1.6920 would be a great place to go long, if we can get there and is good support and 1.7000 is resistance.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9400</strong>. There is a very tight trading range at the moment for the Aussie. This is due to divergences within the way commodity currencies are reacting to the geopolitical issues. The current tensions are keeping the commodity currencies well supported. In addition the AUD is keeping up the highly over-valued NZD at the moment as well, despite the neutral stance taken by the RBA. Support is a t 0.9370 and resistance at 0.9440. I think that to really feel bearish on this pair we need to see a break below 0.9300.\r\n\r\n<strong>NZD/USD: Closing Price 0.8652</strong>. Wheeler the dealer sure knows how to string the markets along. He increases rates and then says that exchange rates involving the NZD are too high and unsustainable. The RBNZ has cost me some money this year. I believe that we could see a test of 0.8700 as resistance and should that level break the 52-week high is at 0.8779. Do not rule this level out yet. Support is good at 0.8600.\r\n\r\n<strong>USD/CAD: Closing Price 1.0854.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0910.\r\n\r\n<strong>USD/CHF: Closing Price 0.8997</strong>. I think this pair and its crosses could be very interesting this week. Watch the SNB press conference this Thursday. If the EUR starts to weaken the SNB may be forced to act to control currency flows. For now the range is 0.8910 to 0.9037.\r\n\r\n<strong>USD/JPY: Closing Price 102.03</strong>. Boring, boring, boring. Support at 101.80 and resistance at 102.85.\r\n\r\n&nbsp;\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: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\n\r\nWEDNESDAY: USD – FOMC Statement and Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\n\r\nTHURSDAY: CHF – Monetary Policy Statement and Press Conference.\r\n\r\nFRIDAY: CAD – Core Retail Sales.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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. I also show you the year-to-date performance by trade style.</p>\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\"><img class=\"aligncenter size-full wp-image-3874\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\" alt=\"PREM SERV PROFITS1 15062014\" width=\"455\" height=\"421\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\"><img class=\"aligncenter size-full wp-image-3875\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\" alt=\"PREM SERV PROFITS2 15062014\" width=\"461\" height=\"423\" /></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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nThe FOMC is the star this week when it comes to Forex news.\r\n\r\nI just want to take this opportunity to say that last week I lost money on trades surrounding two very different news events, but these losses were limited due to the positioning of my stops: -\r\n<ul>\r\n	<li>The RBNZ, I could have avoided a big loss had I not tried to anticipate what I believed the RBNZ statement would say. Fundamentally, I was not that far off the mark but the stance taken by the RBNZ caught me off guard.</li>\r\n</ul>\r\n<ul>\r\n	<li>The BOE move to increase rates caught me out but there was no way of knowing what was going to happen during the speech that Carney made.</li>\r\n</ul>\r\nOn both trades whilst my positions were of 80% and 50% size, I had stops reasonably tight, and in line with my TRADING PLAN and my RISK MANAGEMENT tolerances. Had I not done this I would have been looking at huge losses given the monumental moves that followed both announcements.\r\n\r\nIt is so important to place stops. I have had a couple of discussions on email with PREMIUM SERVICE subscribers of late on the correct placement of stops.\r\n\r\nNews events can and always will from time to time cause you pain. Stops are there to help ease the pain of a loss a little; always use them.\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\nSunday June 15th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering\r\n\r\n<strong> </strong>','FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA','','publish','open','closed','','fomc-week-think-yellen-dilemma','','','2014-06-15 10:48:59','2014-06-15 15:48:59','',0,'https://weeklyfxdrivethru.com/?p=3884',0,'post','',0),(3885,1,'2014-06-15 10:47:53','2014-06-15 15:47:53','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe week just passed was a very difficult trading week for me. I was completely wrong about the RBNZ and governor Wheeler’s statement content, then the next day BOE governor Carney’s Mansion House address talking about raising rates took me and the whole market by surprise. The results from these two news items were, big losses from my broker accounts.\r\n\r\nAs I have written in the TRADING ESSENTIALS section of the website, you have to expect losses when trading, it’s how you pick yourself up and get back in the saddle that differentiates you from other traders and gives you longevity as a trader.\r\n\r\nSo, moving on, I am now focused on what the effects of the RBNZ and BOE will have together with all the other front-line news that hit the markets last week.\r\n\r\nGeopolitical news is dominating matters, tensions in Iraq, with Iran looking to get involved will have an effect on the delicate balance of matters in the Middle East. The Russian tank movements, in and around the Ukraine border are obviously something that cannot be ignored and finally the price of OIL. OIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East and comments emanating from the recent OPEC meeting.\r\n\r\nWe also have a full FOMC Statement and Press Conference this week on Wednesday.\r\n\r\nOn Thursday, we have the SNB meeting and also have a Press Conference. Will they react to the recent ECB actions of easing?\r\n\r\nAll in all there is a lot to consider and without doubt the opportunities for some swift Forex movements are with us. I seem to remember blogging and tweeting saying that the summer trading is now here a little earlier than usual. I may have been just a tad premature with that comment.\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA</strong></p>\r\nThere is so much on my mind at the moment regarding the interaction of Central Bank policies from all corners of the globe, plus a couple of other factors that the FED would not have let pass them by.\r\n\r\nThere are divergences of policies all over, and, I think Janet Yellen has a very interesting meeting to chair this week with her FED presidents, then, she has to face the press for what should be a very interesting Press Conference. I am of course making an assumption that the correct questions are put forth for her to answer during the press conference but I think the FED has some fascinating decisions to make this week in the face of recent events.\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF ENGLAND:\r\n\r\n</span>Mark Carney’s speech last Thursday has in my opinion set “the cat amongst the pigeons”. After George Osborne the UK Chancellor announced that he was giving the BOE more powers to limit mortgage lending to avoid a housing bubble, primarily in and around London, like many I thought that this would form the basis of Carney’s speech.\r\n\r\nHowever, Carney is now a HAWK. He said that interest rate hikes are getting much closer, and could happen sooner than the markets anticipate.\r\n\r\nThe UK and the FED took rates to almost zero very quickly after the Financial Crash of 2008. Much has been spoken of the U.S. recovery and tapering by the FED to reduce it’s bond purchasing etc. by $10 billion per month. The UK economy is growing probably the fastest of the G7 and with Carney looking to raise rates sooner rather than later, will this give Janet Yellen the spur to increase tapering or announce that interest rates will soon be rising in the U.S. as well.\r\n\r\nThis makes you think...Dilemma number one.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">THE EUROPEAN CENTRAL BANK:</span>\r\n\r\nMonetary policy by the FED is tightening through tapering and will eventually announce a policy change to introduce raising interest rates. At the same time, the Eurozone is now committed to long-term low rates as the ECB attempts to get to grips with DEFLATION and a strong currency through easing. This divergence of approach will have an effect on the movements of currency without doubt.\r\n\r\nJanet Yellen will have to play this hand very carefully indeed moving forward. Movements of currency “in flows and out flows” are measured very carefully and the dominance of the EUR/USD in the Forex markets will cause concern.\r\n\r\nA weaker EUR means a stronger USD. This will affect many markets if correlations return, OIL and GOLD being two relationships that immediately spring to mind. But at the moment the chances are that we will have divergence across these relationships, due to the geopolitical situations of tensions around the globe.\r\n\r\nThis also makes you think…Dilemma number two.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF JAPAN:</span>\r\n\r\nMonetary Policy in Japan is clear, but, are the goals set out very clearly by the Japanese Prime Minister Shinzo Abe and the BOJ governor Kuroda actually being met…. are they even on target?\r\n\r\nVolatility in the Nikkei and the direct relationship between the Nikkei and the JPY is very clear at the moment and there is a direct correlation of movement in either direction up or down. Without doubt reputations are on the line. The recent hike in sales tax has caused a blip in spending. Is the 2% inflation goal going to be achieved? At the moment it looks doubtful.\r\n\r\nThe BOJ has the ability to ease like we have never seen before to drive the Japanese economy to where the goals lie and where the reputations need the movements to end up.\r\n\r\nIf Japan acts strongly this will have a knock on effect all over and this will affect the USD. I suspect that the FED will always have an eye on Japan, whenever it changes monetary policy direction.\r\n\r\nThis also makes you think...Dilemma number three.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">OIL PRICES:</span>\r\n\r\nCentral Bank activities aside, I strongly suspect that Oil is causing a big headache for policy makers.\r\n\r\nAs OIL prices increase, this places what is really an increase in taxes on consumers. If you are taxed more….you spend less….in a consumer driven economy like the U.S. (the biggest in the world), less spending by consumers effects many, many things. The main one to focus on is “Consumer Sentiment”, if these numbers start to fall showing lack of confidence this affects all businesses.\r\n\r\nAdditionally, as OIL prices go up so do the inflationary pressures and that usually leads to raising interest rates to try and control inflation. Raising rates places more pressure on individuals and adds to the chance of weaker “Consumer Confidence” numbers.\r\n\r\nWhat does the FED think of here, increase tapering and raise interest rates?\r\n\r\nThis one really makes you think…. Dilemma number four.\r\n\r\n&nbsp;\r\n\r\nI think that this week’s FED meeting would be the one to be a “fly on the wall at”. There are so many new matters to consider, and whilst the FED will always say we act in the interests of the U.S. alone, it must take a worldwide view into consideration.\r\n\r\nThe bottom line is that we have the potential for direction in the Forex markets if the news releases are clear and strong giving the markets no uncertainty in policy. This Wednesday afternoon’s trading opportunity should be interesting to say the least.\r\n\r\n&nbsp;\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3571.</strong> We are in a very tight trading range. Previous support now resistance at 1.3585 held very well last week and this is an area where I would look to short. In fact, last week my limit order at 1.3580 missed triggering by 1.5 pips. I see the range as 1.3502 support up to 1.3585 resistance. It is a difficult one to read at the moment although my bias is that the EUR/USD will fall. A breakdown below 1.3502 will signal the resumption of the downtrend from 1.3993, and the next target would be 1.3350 or thereabouts. However, if 1.3502 holds, the fall from 1.3676 would be seen as a correction of the uptrend from 1.3502 and then another squeeze to 1.3900 could still be on the table.\r\n\r\n<strong>GBP/USD: Closing Price 1.6962</strong>. It looks like we have to test 1.7000 again. Whether we will do this pre FOMC I do not know. But this currency is now a buy on the dip approach in my opinion. 1.6920 would be a great place to go long, if we can get there and is good support and 1.7000 is resistance.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9400</strong>. There is a very tight trading range at the moment for the Aussie. This is due to divergences within the way commodity currencies are reacting to the geopolitical issues. The current tensions are keeping the commodity currencies well supported. In addition the AUD is keeping up the highly over-valued NZD at the moment as well, despite the neutral stance taken by the RBA. Support is a t 0.9370 and resistance at 0.9440. I think that to really feel bearish on this pair we need to see a break below 0.9300.\r\n\r\n<strong>NZD/USD: Closing Price 0.8652</strong>. Wheeler the dealer sure knows how to string the markets along. He increases rates and then says that exchange rates involving the NZD are too high and unsustainable. The RBNZ has cost me some money this year. I believe that we could see a test of 0.8700 as resistance and should that level break the 52-week high is at 0.8779. Do not rule this level out yet. Support is good at 0.8600.\r\n\r\n<strong>USD/CAD: Closing Price 1.0854.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0910.\r\n\r\n<strong>USD/CHF: Closing Price 0.8997</strong>. I think this pair and its crosses could be very interesting this week. Watch the SNB press conference this Thursday. If the EUR starts to weaken the SNB may be forced to act to control currency flows. For now the range is 0.8910 to 0.9037.\r\n\r\n<strong>USD/JPY: Closing Price 102.03</strong>. Boring, boring, boring. Support at 101.80 and resistance at 102.85.\r\n\r\n&nbsp;\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: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\n\r\nWEDNESDAY: USD – FOMC Statement and Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\n\r\nTHURSDAY: CHF – Monetary Policy Statement and Press Conference.\r\n\r\nFRIDAY: CAD – Core Retail Sales.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">\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. I also show you the year-to-date performance by trade style.</p>\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\"><img class=\"aligncenter size-full wp-image-3874\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\" alt=\"PREM SERV PROFITS1 15062014\" width=\"455\" height=\"421\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\"><img class=\"aligncenter size-full wp-image-3875\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\" alt=\"PREM SERV PROFITS2 15062014\" width=\"461\" height=\"423\" /></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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nThe FOMC is the star this week when it comes to Forex news.\r\n\r\nI just want to take this opportunity to say that last week I lost money on trades surrounding two very different news events, but these losses were limited due to the positioning of my stops: -\r\n<ul>\r\n	<li>The RBNZ, I could have avoided a big loss had I not tried to anticipate what I believed the RBNZ statement would say. Fundamentally, I was not that far off the mark but the stance taken by the RBNZ caught me off guard.</li>\r\n</ul>\r\n<ul>\r\n	<li>The BOE move to increase rates caught me out but there was no way of knowing what was going to happen during the speech that Carney made.</li>\r\n</ul>\r\nOn both trades whilst my positions were of 80% and 50% size, I had stops reasonably tight, and in line with my TRADING PLAN and my RISK MANAGEMENT tolerances. Had I not done this I would have been looking at huge losses given the monumental moves that followed both announcements.\r\n\r\nIt is so important to place stops. I have had a couple of discussions on email with PREMIUM SERVICE subscribers of late on the correct placement of stops.\r\n\r\nNews events can and always will from time to time cause you pain. Stops are there to help ease the pain of a loss a little; always use them.\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\nSunday June 15th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering\r\n\r\n<strong> </strong>','FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA','','inherit','open','closed','','3884-revision-v1','','','2014-06-15 10:47:53','2014-06-15 15:47:53','',3884,'https://weeklyfxdrivethru.com/3884-revision-v1/',0,'revision','',0),(3886,1,'2014-06-15 10:48:59','2014-06-15 15:48:59','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe week just passed was a very difficult trading week for me. I was completely wrong about the RBNZ and governor Wheeler’s statement content, then the next day BOE governor Carney’s Mansion House address talking about raising rates took me and the whole market by surprise. The results from these two news items were, big losses from my broker accounts.\r\n\r\nAs I have written in the TRADING ESSENTIALS section of the website, you have to expect losses when trading, it’s how you pick yourself up and get \"back in the saddle\" that differentiates you from other traders and gives you longevity as a trader.\r\n\r\nSo, moving on, I am now focused on what the effects of the RBNZ and BOE will have together with all the other front-line news that hit the markets last week.\r\n\r\nGeopolitical news is dominating matters, tensions in Iraq, with Iran looking to get involved will have an effect on the delicate balance of matters in the Middle East. The Russian tank movements, in and around the Ukraine border are obviously something that cannot be ignored and finally the price of OIL. OIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East and comments emanating from the recent OPEC meeting.\r\n\r\nWe also have a full FOMC Statement and Press Conference this week on Wednesday.\r\n\r\nOn Thursday, we have the SNB meeting and also have a Press Conference. Will they react to the recent ECB actions of easing?\r\n\r\nAll in all there is a lot to consider and without doubt the opportunities for some swift Forex movements are with us. I seem to remember blogging and tweeting saying that the summer trading is now here a little earlier than usual. I may have been just a tad premature with that comment.\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA</strong></p>\r\nThere is so much on my mind at the moment regarding the interaction of Central Bank policies from all corners of the globe, plus a couple of other factors that the FED would not have let pass them by.\r\n\r\nThere are divergences of policies all over, and, I think Janet Yellen has a very interesting meeting to chair this week with her FED presidents, then, she has to face the press for what should be a very interesting Press Conference. I am of course making an assumption that the correct questions are put forth for her to answer during the press conference but I think the FED has some fascinating decisions to make this week in the face of recent events.\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF ENGLAND:</span>\r\n\r\nMark Carney’s speech last Thursday has in my opinion set “the cat amongst the pigeons”. After George Osborne the UK Chancellor announced that he was giving the BOE more powers to limit mortgage lending to avoid a housing bubble, primarily in and around London, like many I thought that this would form the basis of Carney’s speech.\r\n\r\nHowever, Carney is now a HAWK. He said that interest rate hikes are getting much closer, and could happen sooner than the markets anticipate.\r\n\r\nThe UK and the FED took rates to almost zero very quickly after the Financial Crash of 2008. Much has been spoken of the U.S. recovery and tapering by the FED to reduce it’s bond purchasing etc. by $10 billion per month. The UK economy is growing probably the fastest of the G7 and with Carney looking to raise rates sooner rather than later, will this give Janet Yellen the spur to increase tapering or announce that interest rates will soon be rising in the U.S. as well.\r\n\r\nThis makes you think...Dilemma number one.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">THE EUROPEAN CENTRAL BANK:</span>\r\n\r\nMonetary policy by the FED is tightening through tapering and will eventually announce a policy change to introduce raising interest rates. At the same time, the Eurozone is now committed to long-term low rates as the ECB attempts to get to grips with DEFLATION and a strong currency through easing. This divergence of approach will have an effect on the movements of currency without doubt.\r\n\r\nJanet Yellen will have to play this hand very carefully indeed moving forward. Movements of currency “in flows and out flows” are measured very carefully and the dominance of the EUR/USD in the Forex markets will cause concern.\r\n\r\nA weaker EUR means a stronger USD. This will affect many markets if correlations return, OIL and GOLD being two relationships that immediately spring to mind. But at the moment the chances are that we will have divergence across these relationships, due to the geopolitical situations of tensions around the globe.\r\n\r\nThis also makes you think…Dilemma number two.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">BANK OF JAPAN:</span>\r\n\r\nMonetary Policy in Japan is clear, but, are the goals set out very clearly by the Japanese Prime Minister Shinzo Abe and the BOJ governor Kuroda actually being met…. are they even on target?\r\n\r\nVolatility in the Nikkei and the direct relationship between the Nikkei and the JPY is very clear at the moment and there is a direct correlation of movement in either direction up or down. Without doubt reputations are on the line. The recent hike in sales tax has caused a blip in spending. Is the 2% inflation goal going to be achieved? At the moment it looks doubtful.\r\n\r\nThe BOJ has the ability to ease like we have never seen before to drive the Japanese economy to where the goals lie and where the reputations need the movements to end up.\r\n\r\nIf Japan acts strongly this will have a knock on effect all over and this will affect the USD. I suspect that the FED will always have an eye on Japan, whenever it changes monetary policy direction.\r\n\r\nThis also makes you think...Dilemma number three.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">OIL PRICES:</span>\r\n\r\nCentral Bank activities aside, I strongly suspect that Oil is causing a big headache for policy makers.\r\n\r\nAs OIL prices increase, this places what is really an increase in taxes on consumers. If you are taxed more….you spend less….in a consumer driven economy like the U.S. (the biggest in the world), less spending by consumers effects many, many things. The main one to focus on is “Consumer Sentiment”, if these numbers start to fall showing lack of confidence this affects all businesses.\r\n\r\nAdditionally, as OIL prices go up so do the inflationary pressures and that usually leads to raising interest rates to try and control inflation. Raising rates places more pressure on individuals and adds to the chance of weaker “Consumer Confidence” numbers.\r\n\r\nWhat does the FED think of here, increase tapering and raise interest rates?\r\n\r\nThis one really makes you think…. Dilemma number four.\r\n\r\n&nbsp;\r\n\r\nI think that this week’s FED meeting would be the one to be a “fly on the wall at”. There are so many new matters to consider, and whilst the FED will always say we act in the interests of the U.S. alone, it must take a worldwide view into consideration.\r\n\r\nThe bottom line is that we have the potential for direction in the Forex markets if the news releases are clear and strong giving the markets no uncertainty in policy. This Wednesday afternoon’s trading opportunity should be interesting to say the least.\r\n\r\n&nbsp;\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3571.</strong> We are in a very tight trading range. Previous support now resistance at 1.3585 held very well last week and this is an area where I would look to short. In fact, last week my limit order at 1.3580 missed triggering by 1.5 pips. I see the range as 1.3502 support up to 1.3585 resistance. It is a difficult one to read at the moment although my bias is that the EUR/USD will fall. A breakdown below 1.3502 will signal the resumption of the downtrend from 1.3993, and the next target would be 1.3350 or thereabouts. However, if 1.3502 holds, the fall from 1.3676 would be seen as a correction of the uptrend from 1.3502 and then another squeeze to 1.3900 could still be on the table.\r\n\r\n<strong>GBP/USD: Closing Price 1.6962</strong>. It looks like we have to test 1.7000 again. Whether we will do this pre FOMC I do not know. But this currency is now a buy on the dip approach in my opinion. 1.6920 would be a great place to go long, if we can get there and is good support and 1.7000 is resistance.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9400</strong>. There is a very tight trading range at the moment for the Aussie. This is due to divergences within the way commodity currencies are reacting to the geopolitical issues. The current tensions are keeping the commodity currencies well supported. In addition the AUD is keeping up the highly over-valued NZD at the moment as well, despite the neutral stance taken by the RBA. Support is a t 0.9370 and resistance at 0.9440. I think that to really feel bearish on this pair we need to see a break below 0.9300.\r\n\r\n<strong>NZD/USD: Closing Price 0.8652</strong>. Wheeler the dealer sure knows how to string the markets along. He increases rates and then says that exchange rates involving the NZD are too high and unsustainable. The RBNZ has cost me some money this year. I believe that we could see a test of 0.8700 as resistance and should that level break the 52-week high is at 0.8779. Do not rule this level out yet. Support is good at 0.8600.\r\n\r\n<strong>USD/CAD: Closing Price 1.0854.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0910.\r\n\r\n<strong>USD/CHF: Closing Price 0.8997</strong>. I think this pair and its crosses could be very interesting this week. Watch the SNB press conference this Thursday. If the EUR starts to weaken the SNB may be forced to act to control currency flows. For now the range is 0.8910 to 0.9037.\r\n\r\n<strong>USD/JPY: Closing Price 102.03</strong>. Boring, boring, boring. Support at 101.80 and resistance at 102.85.\r\n\r\n&nbsp;\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: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: EUR – German ZEW Economic Sentiment.\r\n\r\nWEDNESDAY: USD – FOMC Statement and Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\n\r\nTHURSDAY: CHF – Monetary Policy Statement and Press Conference.\r\n\r\nFRIDAY: CAD – Core Retail Sales.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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. I also show you the year-to-date performance by trade style.</p>\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\"><img class=\"aligncenter size-full wp-image-3874\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-15062014.png\" alt=\"PREM SERV PROFITS1 15062014\" width=\"455\" height=\"421\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\"><img class=\"aligncenter size-full wp-image-3875\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS2-15062014.png\" alt=\"PREM SERV PROFITS2 15062014\" width=\"461\" height=\"423\" /></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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nThe FOMC is the star this week when it comes to Forex news.\r\n\r\nI just want to take this opportunity to say that last week I lost money on trades surrounding two very different news events, but these losses were limited due to the positioning of my stops: -\r\n<ul>\r\n	<li>The RBNZ, I could have avoided a big loss had I not tried to anticipate what I believed the RBNZ statement would say. Fundamentally, I was not that far off the mark but the stance taken by the RBNZ caught me off guard.</li>\r\n</ul>\r\n<ul>\r\n	<li>The BOE move to increase rates caught me out but there was no way of knowing what was going to happen during the speech that Carney made.</li>\r\n</ul>\r\nOn both trades whilst my positions were of 80% and 50% size, I had stops reasonably tight, and in line with my TRADING PLAN and my RISK MANAGEMENT tolerances. Had I not done this I would have been looking at huge losses given the monumental moves that followed both announcements.\r\n\r\nIt is so important to place stops. I have had a couple of discussions on email with PREMIUM SERVICE subscribers of late on the correct placement of stops.\r\n\r\nNews events can and always will from time to time cause you pain. Stops are there to help ease the pain of a loss a little; always use them.\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\nSunday June 15th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering\r\n\r\n<strong> </strong>','FOMC THIS WEEK – I THINK THAT YELLEN HAS A DILEMMA','','inherit','open','closed','','3884-revision-v1','','','2014-06-15 10:48:59','2014-06-15 15:48:59','',3884,'https://weeklyfxdrivethru.com/3884-revision-v1/',0,'revision','',0),(3890,1,'2014-06-16 07:19:04','2014-06-16 12:19:04','Good Day,\r\n\r\nThe markets are very quiet and with the World Cup effect on top of already quiet markets this equals boring, boring, boring.\r\n\r\nI am struggling to find charts to look at that give me possible trade set ups.\r\n\r\nThere are only two charts that look to offer a trade today and I am not 100% certain that I would be interested.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n\r\nNo sure why it is weak, given OIL prices. But a double bottom move off 1.0840 measured move is to about 1.0900..is it worth it 20 pips from existing levels and will it play out?\r\n\r\n<span style=\"text-decoration: underline;\"><strong>NZD/USD:</strong></span>\r\n\r\nWe double topped at 0.8700.\r\n\r\nAgain, there is a measured move to 0.8590, but only if we break 0.8640 to the downside, which is a wait of 30 pips from existing levels. This pair I think still has upside momentum so i am not 100% that this will play out, but of the two trades I prefer this to the USD/CAD move.\r\n\r\n&nbsp;\r\n\r\nThe GBP/USD  failed at 1.7000 overnight, but I do think that this pair looks like it is just when not if that it is going break higher. No count most traders are thinking around the time of the FOMC would be the catalyst.\r\n\r\nI am really sorry, but I have nothing else. There is just nothing to look at the moment.\r\n\r\nI will tweet should I see  something,\r\n\r\nScott','#51 - THE DAILY FX POST, Monday 16th June 2014','','publish','open','closed','','51-daily-fx-post-monday-16th-june-2014','','','2014-06-16 07:19:04','2014-06-16 12:19:04','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3890',0,'member_posts','',0),(3891,1,'2014-06-16 07:18:49','2014-06-16 12:18:49','Good Day,\r\n\r\nThe markets are very quiet and with the World Cup effect on top of already quiet markets this equals boring, boring, boring.\r\n\r\nI am struggling to find charts to look at that give me possible trade set ups.\r\n\r\nThere are only two charts that look to offer a trade today and I am not 100% certain that I would be interested.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n\r\nNo sure why it is weak, given OIL prices. But a double bottom move off 1.0840 measured move is to about 1.0900..is it worth it 20 pips from existing levels and will it play out?\r\n\r\n<span style=\"text-decoration: underline;\"><strong>NZD/USD:</strong></span>\r\n\r\nWe double topped at 0.8700.\r\n\r\nAgain, there is a measured move to 0.8590, but only if we break 0.8640 to the downside, which is a wait of 30 pips from existing levels. This pair I think still has upside momentum so i am not 100% that this will play out, but of the two trades I prefer this to the USD/CAD move.\r\n\r\n&nbsp;\r\n\r\nThe GBP/USD  failed at 1.7000 overnight, but I do think that this pair looks like it is just when not if that it is going break higher. No count most traders are thinking around the time of the FOMC would be the catalyst.\r\n\r\nI am really sorry, but I have nothing else. There is just nothing to look at the moment.\r\n\r\nI will tweet should I see  something,\r\n\r\nScott','#51 - THE DAILY FX POST, Monday 16th June 2014','','inherit','open','closed','','3890-revision-v1','','','2014-06-16 07:18:49','2014-06-16 12:18:49','',3890,'https://weeklyfxdrivethru.com/3890-revision-v1/',0,'revision','',0),(3892,1,'2014-06-17 07:26:23','2014-06-17 12:26:23','Good Day,\r\n\r\nHope you are all well and enjoying any trading that you are able to get your teeth into.\r\n\r\nAs I tweeted yesterday, it is very, very quiet and the World Cup has just about killed volatility in the North American session from noon EDT onwards. The Asian sessions, which are thinner trading anyway will now give us moves that are just false in either direction, so we have to be careful. Europe, which is pretty much the base of Football is almost dead business wise, even though the first World Cup matches do not kick-off until 5PM and beyond local time. people seem to have taken annual vacations to coincide...there are Pub specials and BBQ parties all over. This is based on what my European connections are telling me about what is happening across Ireland, Spain, Holland and the UK. Now, I take a lot of this with a pinch of salt but I know this is annual vacation time in Europe and a lot of this can be accurate.\r\n\r\nMy point is that traders will be out, on reduced hours, pulling back on trading across the globe to watch Football.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nCrude Oil continues to bring higher and the geopolitical situations in Iraq and Ukraine are still there from before last weekend.\r\n\r\nOvernight we had weaker data from both the UK and the Eurozone. Both the GBP and EUR dipped on the news and then popped back.\r\n\r\nEquities are pretty flat today and \"Turnaround Tuesday\" do not forget is no-more!! We are just in very tight ranges in equities as we are in the Forex market.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>PRESSURE CHART OVERVIEWS:</strong></span>\r\n\r\nAs requested by Roger from the UK. Here are the currency pairs were Short, Medium and Long term charts are aligned on either buying or selling pressures.\r\n\r\n<span style=\"text-decoration: underline;\">LONG:</span>\r\n\r\nGBP/USD\r\nUSD/CAD\r\nGBP/JPY\r\nNZD/JPY\r\nGBP/CAD\r\nGBP/AUD\r\nGBP/CHF\r\nUSD/NOK\r\n\r\n<span style=\"text-decoration: underline;\">SHORT:</span>\r\n\r\nAUD/NZD\r\n\r\nVery interesting. With out doubt the cable looks like it has buyers to push it higher across the board. The only warning sign at the moment is that the EUR/GBP should be a short?\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nI am live in 6 trades (Positive in 3 and negative in 3).\r\n\r\nPossible set-ups are few and far between, the charts are not really giving me anything as the trading ranges are very tight in many pairs.\r\n\r\nFrom yesterday, the NZD/USD short measured move off the 0.8700 double top is still valid. The USD/CAD did not play out..quelle surprise!!\r\n\r\nToday,  if you are inclined and I am NOT. Should the EUR/USD break above 1.3585, do not forget is got smacked down in Asia last night at 1.3588 (A false breakout). However should it get a move above 1.3888 you may get a momentum move to 1.3620. If you are clutching at stews for trades this one is possible as the EUR/USD of all pairs should have liquidity. Personally, I WILL NOT be trying this. I hope that this shows you how bad things are that I am looking at this as a possible trade. I am only even thinking of this because a couple of ECB officials stated yesterday that no further easing is planned by the ECB as they lay out any groundwork for implementing QE a few months down the road.\r\n\r\nI have amended my stop in EUR/CAD (RT111) short from 1.4750 to 1.4785.\r\n\r\n&nbsp;\r\n\r\nThe only chance we have of movement in the markets this week will be tomorrow, and, it may not be as big as we think because of the World Cup, is the FOMC statement and Press Conference. Sad but true. The markets are what they are. I wrote yesterday, if I could take two weeks off from trading I would right now. Personally, I find it boring.\r\n\r\nScott','#52 - THE DAILY FX POST, Tuesday 17th June 2014','','publish','open','closed','','52-daily-fx-post-tuesday-17th-june-2014','','','2014-06-17 07:26:23','2014-06-17 12:26:23','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3892',0,'member_posts','',0),(3893,1,'2014-06-17 06:34:59','2014-06-17 11:34:59','Good Day,\r\n\r\nHope you are all well and enjoying any trading that you are able to get your teeth into.\r\n\r\nAs I tweeted yesterday, it is vey, very quiet and the World Cup has just about killed volatility in the North American session from noon EDT onwards. The Asian sessions, which are thinner trading anyway will now give us moves that are just false in either direction, so we have to be careful. Europe, which is pretty much the base of Football is almost dead business wise, even though the first World Cup matches do not kick-off until 5PM and beyond local time. Peoplw appear to have taken annual vacations to coincide...there are Pub specials and BBQ parties all over. This is based on what my European connections are telling me in Ireland, Spain, Holland and the UK.','#52 - THE DAILY FX POST, Tuesday 17th June 2014','','inherit','open','closed','','3892-revision-v1','','','2014-06-17 06:34:59','2014-06-17 11:34:59','',3892,'https://weeklyfxdrivethru.com/3892-revision-v1/',0,'revision','',0),(3894,1,'2014-06-17 07:26:08','2014-06-17 12:26:08','Good Day,\r\n\r\nHope you are all well and enjoying any trading that you are able to get your teeth into.\r\n\r\nAs I tweeted yesterday, it is very, very quiet and the World Cup has just about killed volatility in the North American session from noon EDT onwards. The Asian sessions, which are thinner trading anyway will now give us moves that are just false in either direction, so we have to be careful. Europe, which is pretty much the base of Football is almost dead business wise, even though the first World Cup matches do not kick-off until 5PM and beyond local time. people seem to have taken annual vacations to coincide...there are Pub specials and BBQ parties all over. This is based on what my European connections are telling me about what is happening across Ireland, Spain, Holland and the UK. Now, I take a lot of this with a pinch of salt but I know this is annual vacation time in Europe and a lot of this can be accurate.\r\n\r\nMy point is that traders will be out, on reduced hours, pulling back on trading across the globe to watch Football.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nCrude Oil continues to bring higher and the geopolitical situations in Iraq and Ukraine are still there from before last weekend.\r\n\r\nOvernight we had weaker data from both the UK and the Eurozone. Both the GBP and EUR dipped on the news and then popped back.\r\n\r\nEquities are pretty flat today and \"Turnaround Tuesday\" do not forget is no-more!! We are just in very tight ranges in equities as we are in the Forex market.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>PRESSURE CHART OVERVIEWS:</strong></span>\r\n\r\nAs requested by Roger from the UK. Here are the currency pairs were Short, Medium and Long term charts are aligned on either buying or selling pressures.\r\n\r\n<span style=\"text-decoration: underline;\">LONG:</span>\r\n\r\nGBP/USD\r\nUSD/CAD\r\nGBP/JPY\r\nNZD/JPY\r\nGBP/CAD\r\nGBP/AUD\r\nGBP/CHF\r\nUSD/NOK\r\n\r\n<span style=\"text-decoration: underline;\">SHORT:</span>\r\n\r\nAUD/NZD\r\n\r\nVery interesting. With out doubt the cable looks like it has buyers to push it higher across the board. The only warning sign at the moment is that the EUR/GBP should be a short?\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nI am live in 6 trades (Positive in 3 and negative in 3).\r\n\r\nPossible set-ups are few and far between, the charts are not really giving me anything as the trading ranges are very tight in many pairs.\r\n\r\nFrom yesterday, the NZD/USD short measured move off the 0.8700 double top is still valid. The USD/CAD did not play out..quelle surprise!!\r\n\r\nToday,  if you are inclined and I am NOT. Should the EUR/USD break above 1.3585, do not forget is got smacked down in Asia last night at 1.3588 (A false breakout). However should it get a move above 1.3888 you may get a momentum move to 1.3620. If you are clutching at stews for trades this one is possible as the EUR/USD of all pairs should have liquidity. Personally, I WILL NOT be trying this. I hope that this shows you how bad things are that I am looking at this as a possible trade. I am only even thinking of this because a couple of ECB officials stated yesterday that no further easing is planned by the ECB as they lay out any groundwork for implementing QE a few months down the road.\r\n\r\nI have amended my stop in EUR/CAD (RT111) short from 1.4750 to 1.4785.\r\n\r\n&nbsp;\r\n\r\nThe only chance we have of movement in the markets this week will be tomorrow, and, it may not be as big as we think because of the World Cup, is the FOMC statement and Press Conference. Sad but true. The markets are what they are. I wrote yesterday, if I could take two weeks off from trading I would right now. Personally, I find it boring.\r\n\r\nScott','#52 - THE DAILY FX POST, Tuesday 17th June 2014','','inherit','open','closed','','3892-revision-v1','','','2014-06-17 07:26:08','2014-06-17 12:26:08','',3892,'https://weeklyfxdrivethru.com/3892-revision-v1/',0,'revision','',0),(3955,1,'2014-06-27 06:37:00','2014-06-27 11:37:00','Good day,\r\n\r\nPlease accept my apologies about lack of data yesterday from about 6AM EDT through to 1PM EDT. I had massive locking problems on my internet connections. Not too sure why I have numerous Cisco Business Style WAPs around the house so that signals on the network are strong no matter where you are inside the house or out stand to about 20 metres from the terraces etc. My trading room is hard-wired as well as wi-fi.  I re-booted and re-booted..get the picture......I eventually changed the router. We have a back-up generator that has been in action a little of late with all the storms taking out power, maybe the nano second transfer time has eventually taken its toll on the device and waved its white flag. Anyway, I changed the router and all seems good so far.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nAfter missing about 99.9999999% of the action on the back of BULLARDS comments yesterday, we went into a period of stagnation again. NZD (Trade Balance) news didn\'t really do much last night and through the night we have seen a little bit of JPY and USD strength.\r\n\r\nThe CAD is trading very heavy, but a word of caution is required. I was expecting quite a drop as we broke below 1.0700. It never really happened and now we are consolidating to a point. It looks like we will go lower but I am not 100% convinced. I am set up for it, with my trades USD/CAD short and CAD/JPY long.\r\n\r\nI added further NZD/USD and AUD/USD  shorts to my trades, as well as adding to my existing NZD/USD short near the highs last night.\r\n\r\nIn addition, I took the EUR/GBP short a few hours ago. There is a compelling reason for this, which, will feature in tomorrows WEEKLY FX DRIVE THRU blog....\r\n\r\nThe equity markets look tired at these levels, it is becoming very difficult to see how much further they can go.\r\n\r\nIf it were not for U.S. companies repurchasing stock, who is actually buying shares? The only reason companies are doing this is to improve EPS at the cost of re-hiring.....eventually the chickens will come home to roost.  Most of the charts are looking exhausted to me. I know that I have been on this soap box for a while but there is so much headwind coming up there should be a deep correction soon in my opinion.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRAINING:</strong></span>\r\n\r\nI had a request from Aroon (UK) for some help on POSITION SIZING and RISK MANAGEMENT. I have had two responses to a webinar on this subject so far. Unless numbers increase I will do this privately with Aroon  over SKYPE or FaceTime. I will close the webinar option on Sunday night.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nLive in 13 trades......no limit orders.\r\n\r\nI want to say at this point, the USD/NOK and USD/SEK. I was so tempted to chase these earlier in the week and did not. I know that Yang (HK) , Svetlana (Berlin) and Raul (Brazil) all three of you did and congratulations. You were about 2,000 pips to the positive last I heard...well done guys.\r\n\r\nTake care trading today, it\'s a Friday and getting closer to the month end positioning.\r\n\r\nScott','#59 - THE DAILY FX POST, Friday 27th June 2014','','publish','open','closed','','59-daily-fx-post-friday-27th-june-2014','','','2014-06-27 06:37:00','2014-06-27 11:37:00','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3955',0,'member_posts','',0),(3897,1,'2014-06-18 07:16:49','2014-06-18 12:16:49','Good Day,\r\n\r\nIf you are finding it frustrating trying to trade at the moment...join the club.\r\n\r\nI had a conference call (Go to meeting)  with my peers trading group yesterday just prior to the World Cup starting yesterday. My three trading colleagues  have stopped trading and they have no intention of starting again until after the World Cup, or maybe even after the summer!! Personally, that length of a holiday is a bit extreme and not everyone can afford to do that. Part-time traders looking at an extra income stream maybe but the rest of us, August is enough for me, I get the shakes if it\'s longer....\r\n\r\nDo not force trades, you have to stay disciplined and wait for the trades to come to you. As I have said many, many times before patience in trading is a virtue.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>\r\nFOMC DAY:</strong></span>\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>I</strong>f the FED remains DOVISH:</span>\r\n\r\nGBP/USD: will re-test 1.7000 and maybe break higher towards 1.7100.\r\nEUR/USD: may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the ascending wedge on the Daily chart).\r\nNZD/USD: This should test 0.8700 and a break above would test 0.8750 and maybe a touch higher towards 52 week highs at 0.8780.\r\n\r\n<span style=\"text-decoration: underline;\">If the FED does a \"Mark Carney \" and go HAWKISH:</span>\r\n\r\nEUR/USD: can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the ascending wedge on the Daily Chart.\r\nGBP/USD: is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney\'s comments it may be more prudent to avoid this pair as it can snap back at anytime.\r\nUSD/JPY: If Yellen is HAWKISH stocks should come down and so should bonds and yields will rise, so to play the USD/JPY could be tricky.\r\nAUD/USD, NZD/USD will both head lower and the USD/CAD would bounce.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SNB LIBOR DECISION and PRESS CONFERENCE:</strong></span>\r\n\r\nThis will take place prior to the next DAILY FX POST. A week or so ago I was 85% certain that the SNB were going to act on the the back of ECB easing. Today, I am not that sure, however, never rule out anything, especially from the SNB. They have a history. The EUR/CHF is not under breaking the present floor level of 1.2000 at the moment, so, I am inclined to think no action...but as I say do NOT rule out nothing happening.\r\n\r\n&nbsp;\r\n\r\nJust be careful with whatever you do, be very careful breakouts and breakdowns tend to be 100% false at the moment.\r\n\r\nI will be watching and reacting to the FOMC,  and, I will tweet any trades that I enter.\r\n\r\nGood luck, but take care with your position sizes...\r\n\r\n&nbsp;\r\n\r\nScott','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','publish','open','closed','','53-daily-fx-post-wednesday-18th-june-2014','','','2014-06-18 07:16:49','2014-06-18 12:16:49','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3897',0,'member_posts','',0),(3898,1,'2014-06-18 06:34:26','2014-06-18 11:34:26','Good Day,\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\nIf she remains DOVISH: The GBP/USD will re-test 1.7000 and maybe break higher. The EUR/USD may break through 1.3885 and seat about 1.3620 and then 1.3670.\r\n\r\nIf she does a Mark Carney and go HAWKISH:','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','inherit','open','closed','','3897-revision-v1','','','2014-06-18 06:34:26','2014-06-18 11:34:26','',3897,'https://weeklyfxdrivethru.com/3897-revision-v1/',0,'revision','',0),(3899,1,'2014-06-18 06:44:26','2014-06-18 11:44:26','Good Day,\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she remains DOVISH:</strong> </span>\r\n\r\nThe GBP/USD will re-test 1.7000 and maybe break higher towards 1.7100.\r\nThe EUR/USD may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the Daily chart).\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she does a Mark Carney and go HAWKISH:</strong></span>\r\n\r\nThe EUR/USD can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the Daily Chart.\r\nThe GBP/USD is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney\'s comments it may be more prudent to avoid this pair as it can snap back at anytime.\r\n\r\n&nbsp;','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','inherit','open','closed','','3897-revision-v1','','','2014-06-18 06:44:26','2014-06-18 11:44:26','',3897,'https://weeklyfxdrivethru.com/3897-revision-v1/',0,'revision','',0),(3900,1,'2014-06-18 06:44:51','2014-06-18 11:44:51','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>FOMC DAY:</strong></span>\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she remains DOVISH:</strong> </span>\r\n\r\nThe GBP/USD will re-test 1.7000 and maybe break higher towards 1.7100.\r\nThe EUR/USD may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the Daily chart).\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she does a Mark Carney and go HAWKISH:</strong></span>\r\n\r\nThe EUR/USD can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the Daily Chart.\r\nThe GBP/USD is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney\'s comments it may be more prudent to avoid this pair as it can snap back at anytime.\r\n\r\n&nbsp;','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','inherit','open','closed','','3897-revision-v1','','','2014-06-18 06:44:51','2014-06-18 11:44:51','',3897,'https://weeklyfxdrivethru.com/3897-revision-v1/',0,'revision','',0),(3901,1,'2014-06-18 06:46:36','2014-06-18 11:46:36','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>FOMC DAY:</strong></span>\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she remains DOVISH:</strong> </span>\r\n\r\nThe GBP/USD will re-test 1.7000 and maybe break higher towards 1.7100.\r\nThe EUR/USD may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the ascending wedge on the Daily chart).\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she does a Mark Carney and go HAWKISH:</strong></span>\r\n\r\nThe EUR/USD can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the ascending wedge on the Daily Chart.\r\nThe GBP/USD is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney\'s comments it may be more prudent to avoid this pair as it can snap back at anytime.\r\n\r\n&nbsp;','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','inherit','open','closed','','3897-revision-v1','','','2014-06-18 06:46:36','2014-06-18 11:46:36','',3897,'https://weeklyfxdrivethru.com/3897-revision-v1/',0,'revision','',0),(3902,1,'2014-06-18 06:48:44','2014-06-18 11:48:44','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>FOMC DAY:</strong></span>\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she remains DOVISH:\r\n\r\n</strong></span>GBP/USD: will re-test 1.7000 and maybe break higher towards 1.7100.\r\nEUR/USD: may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the ascending wedge on the Daily chart).\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she does a Mark Carney and go HAWKISH:</strong></span>\r\n\r\nEUR/USD: can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the ascending wedge on the Daily Chart.\r\nGBP/USD: is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney\'s comments it may be more prudent to avoid this pair as it can snap back at anytime.\r\nUSD/JPY: If Yellen is HAWKISH stocks should come down and so should bonds and yields will rise, so to play the USD/JPY could be tricky\r\n\r\n&nbsp;','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','inherit','open','closed','','3897-revision-v1','','','2014-06-18 06:48:44','2014-06-18 11:48:44','',3897,'https://weeklyfxdrivethru.com/3897-revision-v1/',0,'revision','',0),(3903,1,'2014-06-18 06:49:15','2014-06-18 11:49:15','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>FOMC DAY:</strong></span>\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she remains DOVISH:</strong></span>\r\n\r\nGBP/USD: will re-test 1.7000 and maybe break higher towards 1.7100.\r\nEUR/USD: may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the ascending wedge on the Daily chart).\r\n\r\n<span style=\"text-decoration: underline;\"><strong>If she does a Mark Carney and go HAWKISH:</strong></span>\r\n\r\nEUR/USD: can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the ascending wedge on the Daily Chart.\r\nGBP/USD: is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney\'s comments it may be more prudent to avoid this pair as it can snap back at anytime.\r\nUSD/JPY: If Yellen is HAWKISH stocks should come down and so should bonds and yields will rise, so to play the USD/JPY could be tricky.\r\n\r\n&nbsp;','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','inherit','open','closed','','3897-revision-v1','','','2014-06-18 06:49:15','2014-06-18 11:49:15','',3897,'https://weeklyfxdrivethru.com/3897-revision-v1/',0,'revision','',0),(3904,1,'2014-06-18 07:13:25','2014-06-18 12:13:25','Good Day,\r\n\r\nIf you are finding it frustrating trying to trade at the moment...join the club.\r\n\r\nI had a conference call (Go to meeting)  with my peers trading group yesterday just prior to the World Cup starting yesterday. My three trading colleagues  have stopped trading and they have no intention of starting again until after the World Cup, or maybe even after the summer!! Personally, that length of a holiday is a bit extreme and not everyone can afford to do that. Part-time traders looking at an extra income stream maybe but the rest of us, August is enough for me, I get the shakes if it\'s longer....\r\n\r\nDo not force trades, you have to stay disciplined and wait for the trades to come to you. As I have said many, many times before patience in trading is a virtue.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>\r\nFOMC DAY:</strong></span>\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>I</strong>f the FED remains DOVISH:</span>\r\n\r\nGBP/USD: will re-test 1.7000 and maybe break higher towards 1.7100.\r\nEUR/USD: may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the ascending wedge on the Daily chart).\r\nNZD/USD: This should test 0.8700 and a break above would test 0.8750 and maybe a touch higher towards 52 week highs at 0.8780.\r\n\r\n<span style=\"text-decoration: underline;\">If the FED does a \"Mark Carney \" and go HAWKISH:</span>\r\n\r\nEUR/USD: can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the ascending wedge on the Daily Chart.\r\nGBP/USD: is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney\'s comments it may be more prudent to avoid this pair as it can snap back at anytime.\r\nUSD/JPY: If Yellen is HAWKISH stocks should come down and so should bonds and yields will rise, so to play the USD/JPY could be tricky.\r\nAUD/USD, NZD/USD will both head lower and the USD/CAD would bounce.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SNB LIBOR DECISION and PRESS CONFERENCE:</strong></span>\r\n\r\nThis will take place prior to the next DAILY FX POST. A week or so ago I was 85% certain that the SNB were going to act on the the back of ECB easing. Today, I am not that sure, however, never rule out anything, especially from the SNB. They have a history. The EUR/CHF is not under breaking the present floor level of 1.2000 at the moment, so I am inclined to think no action...but as I say do NOT rule out nothing happening.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','inherit','open','closed','','3897-revision-v1','','','2014-06-18 07:13:25','2014-06-18 12:13:25','',3897,'https://weeklyfxdrivethru.com/3897-revision-v1/',0,'revision','',0),(3905,1,'2014-06-18 07:16:10','2014-06-18 12:16:10','Good Day,\r\n\r\nIf you are finding it frustrating trying to trade at the moment...join the club.\r\n\r\nI had a conference call (Go to meeting)  with my peers trading group yesterday just prior to the World Cup starting yesterday. My three trading colleagues  have stopped trading and they have no intention of starting again until after the World Cup, or maybe even after the summer!! Personally, that length of a holiday is a bit extreme and not everyone can afford to do that. Part-time traders looking at an extra income stream maybe but the rest of us, August is enough for me, I get the shakes if it\'s longer....\r\n\r\nDo not force trades, you have to stay disciplined and wait for the trades to come to you. As I have said many, many times before patience in trading is a virtue.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>\r\nFOMC DAY:</strong></span>\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>I</strong>f the FED remains DOVISH:</span>\r\n\r\nGBP/USD: will re-test 1.7000 and maybe break higher towards 1.7100.\r\nEUR/USD: may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the ascending wedge on the Daily chart).\r\nNZD/USD: This should test 0.8700 and a break above would test 0.8750 and maybe a touch higher towards 52 week highs at 0.8780.\r\n\r\n<span style=\"text-decoration: underline;\">If the FED does a \"Mark Carney \" and go HAWKISH:</span>\r\n\r\nEUR/USD: can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the ascending wedge on the Daily Chart.\r\nGBP/USD: is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney\'s comments it may be more prudent to avoid this pair as it can snap back at anytime.\r\nUSD/JPY: If Yellen is HAWKISH stocks should come down and so should bonds and yields will rise, so to play the USD/JPY could be tricky.\r\nAUD/USD, NZD/USD will both head lower and the USD/CAD would bounce.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SNB LIBOR DECISION and PRESS CONFERENCE:</strong></span>\r\n\r\nThis will take place prior to the next DAILY FX POST. A week or so ago I was 85% certain that the SNB were going to act on the the back of ECB easing. Today, I am not that sure, however, never rule out anything, especially from the SNB. They have a history. The EUR/CHF is not under breaking the present floor level of 1.2000 at the moment, so I am inclined to think no action...but as I say do NOT rule out nothing happening.\r\n\r\n&nbsp;\r\n\r\nJust be careful with whatever you do, be very careful breakouts and breakdowns tend to be 100% false at the moment.\r\n\r\nI will be watching and reacting to the FOMC,  and, I will tweet any trades that I enter.\r\n\r\nGood luck, but take care with your position sizes...\r\n\r\n&nbsp;\r\n\r\nScott','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','inherit','open','closed','','3897-revision-v1','','','2014-06-18 07:16:10','2014-06-18 12:16:10','',3897,'https://weeklyfxdrivethru.com/3897-revision-v1/',0,'revision','',0),(3906,1,'2014-06-18 07:16:49','2014-06-18 12:16:49','Good Day,\r\n\r\nIf you are finding it frustrating trying to trade at the moment...join the club.\r\n\r\nI had a conference call (Go to meeting)  with my peers trading group yesterday just prior to the World Cup starting yesterday. My three trading colleagues  have stopped trading and they have no intention of starting again until after the World Cup, or maybe even after the summer!! Personally, that length of a holiday is a bit extreme and not everyone can afford to do that. Part-time traders looking at an extra income stream maybe but the rest of us, August is enough for me, I get the shakes if it\'s longer....\r\n\r\nDo not force trades, you have to stay disciplined and wait for the trades to come to you. As I have said many, many times before patience in trading is a virtue.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>\r\nFOMC DAY:</strong></span>\r\n\r\nAt last we have the FOMC releases and Press Conference later today and there is a chance that we may get some volatility.\r\n\r\nWill Janet Yellen remain DOVISH or will she turn HAWKISH? Basically, this is what its all about today in my opinion. Carney set the ball rolling last week and the jury is still out on whether the FED will move their goalposts by bringing forward interest rate hikes from early/mid 2015 to early 2015 or even the end of 2014.\r\n\r\nIt is interest rates that basically move the Forex markets, so this is what we need to look for in the statement and from her comments in the press conference.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>I</strong>f the FED remains DOVISH:</span>\r\n\r\nGBP/USD: will re-test 1.7000 and maybe break higher towards 1.7100.\r\nEUR/USD: may break through 1.3885 and seat about 1.3620 and then 1.3670 (1.4000 is the resistance trend line on the ascending wedge on the Daily chart).\r\nNZD/USD: This should test 0.8700 and a break above would test 0.8750 and maybe a touch higher towards 52 week highs at 0.8780.\r\n\r\n<span style=\"text-decoration: underline;\">If the FED does a \"Mark Carney \" and go HAWKISH:</span>\r\n\r\nEUR/USD: can head lower towards 1.3500 and a break lower towards 1.3470, which is the support trend line on the ascending wedge on the Daily Chart.\r\nGBP/USD: is very well supported at 1.6920 and really does NOT get bearish until it breaks below 1.6920. Realistically, with Carney\'s comments it may be more prudent to avoid this pair as it can snap back at anytime.\r\nUSD/JPY: If Yellen is HAWKISH stocks should come down and so should bonds and yields will rise, so to play the USD/JPY could be tricky.\r\nAUD/USD, NZD/USD will both head lower and the USD/CAD would bounce.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SNB LIBOR DECISION and PRESS CONFERENCE:</strong></span>\r\n\r\nThis will take place prior to the next DAILY FX POST. A week or so ago I was 85% certain that the SNB were going to act on the the back of ECB easing. Today, I am not that sure, however, never rule out anything, especially from the SNB. They have a history. The EUR/CHF is not under breaking the present floor level of 1.2000 at the moment, so, I am inclined to think no action...but as I say do NOT rule out nothing happening.\r\n\r\n&nbsp;\r\n\r\nJust be careful with whatever you do, be very careful breakouts and breakdowns tend to be 100% false at the moment.\r\n\r\nI will be watching and reacting to the FOMC,  and, I will tweet any trades that I enter.\r\n\r\nGood luck, but take care with your position sizes...\r\n\r\n&nbsp;\r\n\r\nScott','#53 - THE DAILY FX POST, Wednesday 18th June 2014','','inherit','open','closed','','3897-revision-v1','','','2014-06-18 07:16:49','2014-06-18 12:16:49','',3897,'https://weeklyfxdrivethru.com/3897-revision-v1/',0,'revision','',0),(3908,1,'2014-06-19 06:37:26','2014-06-19 11:37:26','Hi Everyone,\r\n\r\nWelcome to the two new subscribers over the last 48 hours...I hope that you guys bring some continued volatility similar to that that went with the FOMC yesterday.\r\n\r\nI hope that you traded safely yesterday and made a few pips.\r\n\r\nFrom my perspective, because moves were volatile, I scalped but did not post any set-ups apart from adding:\r\n\r\nRT114\r\nEUR/GBP\r\nShort at 0.8050\r\nStop at 0.8090\r\nLimit at 0.7800\r\n\r\nRT108\r\nI also amended my NZD/USD entry level on RT108 from 0.8750 to 0.8780 to cope with the NZD GDP data release. I have moved just a minute or two ago the entry level back to 0.8750.\r\n\r\nI did not feel that I could scalp trades and then post to twitter  entries / stops / limits etc  effectively due to the fluidity. I tried to tweet as much as I could about what I was thinking and what in particular was attracting my attention. A few weeks ago I had a conversion with one of you guys about what I should tweet when entering trades.\r\n\r\nRADAR and FUNDAMENTAL TRADES are easy as I state entry and both exit levels and should I cover early I advise.\r\n\r\nI am thinking that I should set initial trade guidelines for FLASH TRADES, along the lines of 30 pip stops and 50 pip limits. Why I have not done this is because of position sizes. I do not want you guys over-strecthing your risk just because my tolerances may be greater because of my account size. Some of you will have greater risk tolerance than I have because I know one or two of you trade much larger broker accounts than mine. Everything is relative, but I have so many part-time traders I am conscious that I do not want them to be over-exposed.\r\n\r\nLet me work on it over the next couple of days and if we have a set pattern of entry. After the trade is placed, I can then come back after a few minutes and revise the stops and limits.... I think that this would certainly make me more confident to get you guys in more trades that I do and hopefully drive a bit more income.','#54 - THE DAILY FX POST, Thursday 19th June 2014','','inherit','open','closed','','3907-revision-v1','','','2014-06-19 06:37:26','2014-06-19 11:37:26','',3907,'https://weeklyfxdrivethru.com/3907-revision-v1/',0,'revision','',0),(3909,1,'2014-06-19 06:38:13','2014-06-19 11:38:13','Hi Everyone,\r\n\r\nWelcome to the two new subscribers over the last 48 hours...I hope that you guys bring some continued volatility similar to that went with the FOMC yesterday.\r\n\r\nI hope that you traded safely yesterday and made a few pips.\r\n\r\nFrom my perspective, because moves were volatile, I scalped but did not post any set-ups apart from adding:\r\n\r\nRT114\r\nEUR/GBP\r\nShort at 0.8050\r\nStop at 0.8090\r\nLimit at 0.7800\r\n\r\nRT108\r\nI also amended my NZD/USD entry level on RT108 from 0.8750 to 0.8780 to cope with the NZD GDP data release. I have moved just a minute or two ago the entry level back to 0.8750.\r\n\r\nI did not feel that I could scalp trades and then post to twitter  entries / stops / limits etc  effectively due to the fluidity. I tried to tweet as much as I could about what I was thinking and what in particular was attracting my attention. A few weeks ago I had a conversation with one of you guys about what I should tweet when entering trades.\r\n\r\nRADAR and FUNDAMENTAL TRADES are easy as I state entry and both exit levels and should I cover early I advise.\r\n\r\nI am thinking that I should set initial trade guidelines for FLASH TRADES, along the lines of 30 pip stops and 50 pip limits. Why I have not done this is because of position sizes. I do not want you guys over-strecthing your risk just because my tolerances may be greater because of my account size. Some of you will have greater risk tolerance than I have because I know one or two of you trade much larger broker accounts than mine. Everything is relative, but I have so many part-time traders I am conscious that I do not want them to be over-exposed.\r\n\r\nLet me work on it over the next couple of days and if we have a set pattern of entry. After the trade is placed, I can then come back after a few minutes and revise the stops and limits.... I think that this would certainly make me more confident to get you guys in more trades that I do and hopefully drive a bit more income.','#54 - THE DAILY FX POST, Thursday 19th June 2014','','inherit','open','closed','','3907-revision-v1','','','2014-06-19 06:38:13','2014-06-19 11:38:13','',3907,'https://weeklyfxdrivethru.com/3907-revision-v1/',0,'revision','',0),(3910,1,'2014-06-19 07:08:25','2014-06-19 12:08:25','Hi Everyone,\r\n\r\nWelcome to the two new subscribers over the last 48 hours...I hope that you guys bring some continued volatility similar to that went with the FOMC yesterday.\r\n\r\nI hope that you traded safely yesterday and made a few pips.\r\n\r\nFrom my perspective, because moves were volatile, I scalped but did not post any set-ups apart from adding:\r\n\r\nRT114\r\nEUR/GBP\r\nShort at 0.8050\r\nStop at 0.8090\r\nLimit at 0.7800\r\n\r\nRT108\r\nI also amended my NZD/USD entry level on RT108 from 0.8750 to 0.8780 to cope with the NZD GDP data release. I have moved just a minute or two ago the entry level back to 0.8750.\r\n\r\nI did not feel that I could scalp trades and then post to twitter  entries / stops / limits etc  effectively due to the fluidity. I tried to tweet as much as I could about what I was thinking and what in particular was attracting my attention. A few weeks ago I had a conversation with one of you guys about what I should tweet when entering trades.\r\n\r\nRADAR and FUNDAMENTAL TRADES are easy as I state entry and both exit levels and should I cover early I advise.\r\n\r\nI am thinking that I should set initial trade guidelines for FLASH TRADES, along the lines of 30 pip stops and 50 pip limits. Why I have not done this is because of position sizes. I do not want you guys over-strecthing your risk just because my tolerances may be greater because of my account size. Some of you will have greater risk tolerance than I have because I know one or two of you trade much larger broker accounts than mine. Everything is relative, but I have so many part-time traders I am conscious that I do not want them to be over-exposed.\r\n\r\nLet me work on it over the next couple of days and if we have a set pattern of entry. After the trade is placed, I can then come back after a few minutes and revise the stops and limits.... I think that this would certainly make me more confident to get you guys in more trades that I do and hopefully drive a bit more income.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nI think that we are now going to get a period of consolidation following yesterdays FOMC. I had hoped that the SNB would have done something this morning to spur additional volatility, but unfortunately they did nothing.','#54 - THE DAILY FX POST, Thursday 19th June 2014','','inherit','open','closed','','3907-revision-v1','','','2014-06-19 07:08:25','2014-06-19 12:08:25','',3907,'https://weeklyfxdrivethru.com/3907-revision-v1/',0,'revision','',0),(3911,1,'2014-06-19 07:23:09','2014-06-19 12:23:09','Hi Everyone,\r\n\r\nWelcome to the two new subscribers over the last 48 hours...I hope that you guys bring some continued volatility similar to that went with the FOMC yesterday.\r\n\r\nI hope that you traded safely yesterday and made a few pips.\r\n\r\nFrom my perspective, because moves were volatile, I scalped but did not post any set-ups apart from adding:\r\n\r\nRT114\r\nEUR/GBP\r\nShort at 0.8050\r\nStop at 0.8090\r\nLimit at 0.7800\r\n\r\nRT108\r\nI also amended my NZD/USD entry level on RT108 from 0.8750 to 0.8780 to cope with the NZD GDP data release. I have moved just a minute or two ago the entry level back to 0.8750.\r\n\r\nI did not feel that I could scalp trades and then post to twitter  entries / stops / limits etc  effectively due to the fluidity. I tried to tweet as much as I could about what I was thinking and what in particular was attracting my attention. A few weeks ago I had a conversation with one of you guys about what I should tweet when entering trades.\r\n\r\nRADAR and FUNDAMENTAL TRADES are easy as I state entry and both exit levels and should I cover early I advise.\r\n\r\nI am thinking that I should set initial trade guidelines for FLASH TRADES, along the lines of 30 pip stops and 50 pip limits. Why I have not done this is because of position sizes. I do not want you guys over-strecthing your risk just because my tolerances may be greater because of my account size. Some of you will have greater risk tolerance than I have because I know one or two of you trade much larger broker accounts than mine. Everything is relative, but I have so many part-time traders I am conscious that I do not want them to be over-exposed.\r\n\r\nLet me work on it over the next couple of days and if we have a set pattern of entry. After the trade is placed, I can then come back after a few minutes and revise the stops and limits.... I think that this would certainly make me more confident to get you guys in more trades that I do and hopefully drive a bit more income.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nI think that we are now going to get a period of consolidation following yesterdays FOMC. I had hoped that the SNB would have done something this morning to spur additional volatility, but unfortunately they did nothing.  Equities and The Holy Trinity of Oil, Gold and Copper and are not doing much this morning. The previous Asian and European sessions  had great bullish moves.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE OPPORTUNITIES - TRADES ON MY RADAR:</strong></span>\r\n\r\nI missed the Norwegian Central Bank announcement and the great move higher, the USD/NOK is at highs of the day along with the USD/SEK...damn...I like trading these Nordic currencies from time to time.\r\n\r\nLooking quickly at the USD majors:\r\n\r\nEUR/USD: 78.6% at 1.3642 has held for the time-being. I think buying on dips to 1.3600 may be a good trade, if we break 1.3600, I think I would be short.\r\n\r\nGBP/USD: It is breaking out...after 1.7045, I think we could see 1.7250 in the coming weeks.\r\n\r\nUSD/CHF: The SNB did nothing, if the EUR breaks higher support of 0.8910 will not hold and we could see 0.8750 gain in the coming weeks. The SNB is doing nothing so do not fear intervention going short for a while.\r\n\r\nUSD/CAD: Big support at 1.0810 held. If you want to get long the \"loonie\", go long now with stops below 1.0800...could be a great risk/reward. Not for me but it is trade if you need one.\r\n\r\nAUD/USD: Key resistance at 0.9430 held.\r\n\r\nNZD/USD: I think 0.8745 to 0.8780 will hold it up and these are the areas too try to get short in my opinion.\r\n\r\n&nbsp;\r\n\r\nI am going to look around over the next few hours and hopefully add some limit order trades. I will tweet any ideas.\r\n\r\n&nbsp;\r\n\r\nTake care with your trading today, it may be a consolidation day so be careful...\r\n\r\nScott','#54 - THE DAILY FX POST, Thursday 19th June 2014','','inherit','open','closed','','3907-revision-v1','','','2014-06-19 07:23:09','2014-06-19 12:23:09','',3907,'https://weeklyfxdrivethru.com/3907-revision-v1/',0,'revision','',0),(3912,1,'2014-06-20 06:31:43','2014-06-20 11:31:43','Good Day,\r\n\r\nWow, the volatility levels hit new lows yesterday. In the afternoon U.S. session yesterday 10 pip ranges and overnight (for me) through Asian and European sessions until 7.00am EDT we had 30 pip ranges. In fact if you look at the VIX , we are now at volatility levels not previously seen since 2007, that was pre-financial crisis.\r\n\r\nWith the above in mind, I predict a snooze-fest today especially as it is a Friday.\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nAt the time of writing this, EUR/USD, AUD/USD and NZD/USD are all sitting on support. If they all break hopefully we will see an hour or so of great movement, but these levels are sticky  so do not expect anything much. The GBP/USD has stayed around 1.7030-40 all night and still looks strong.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATE:</strong></span>\r\n\r\nI cancelled the nordic long limit orders in USD/SEK and USD/NOK before....they are gone, gone, gone and I will not chase them.\r\n\r\nIn about 45 minutes or so we have the CAD news on CPi and Retail Sales. This will be interesting, so if I see movement get ready for a FLASH TRADE........\r\n\r\n&nbsp;\r\n\r\nNothing much to say today, blog will be posted tomorrow back to the usual day,\r\n\r\nTake care I expect a slow day,\r\n\r\nScott','#55 - THE DAILY FX POST, Friday 20th June 2014','','publish','open','closed','','55-daily-fx-post-friday-20th-june-2014','','','2014-06-20 06:31:43','2014-06-20 11:31:43','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3912',0,'member_posts','',0),(3913,1,'2014-06-20 06:31:43','2014-06-20 11:31:43','Good Day,\r\n\r\nWow, the volatility levels hit new lows yesterday. In the afternoon U.S. session yesterday 10 pip ranges and overnight (for me) through Asian and European sessions until 7.00am EDT we had 30 pip ranges. In fact if you look at the VIX , we are now at volatility levels not previously seen since 2007, that was pre-financial crisis.\r\n\r\nWith the above in mind, I predict a snooze-fest today especially as it is a Friday.\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nAt the time of writing this, EUR/USD, AUD/USD and NZD/USD are all sitting on support. If they all break hopefully we will see an hour or so of great movement, but these levels are sticky  so do not expect anything much. The GBP/USD has stayed around 1.7030-40 all night and still looks strong.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATE:</strong></span>\r\n\r\nI cancelled the nordic long limit orders in USD/SEK and USD/NOK before....they are gone, gone, gone and I will not chase them.\r\n\r\nIn about 45 minutes or so we have the CAD news on CPi and Retail Sales. This will be interesting, so if I see movement get ready for a FLASH TRADE........\r\n\r\n&nbsp;\r\n\r\nNothing much to say today, blog will be posted tomorrow back to the usual day,\r\n\r\nTake care I expect a slow day,\r\n\r\nScott','#55 - THE DAILY FX POST, Friday 20th June 2014','','inherit','open','closed','','3912-revision-v1','','','2014-06-20 06:31:43','2014-06-20 11:31:43','',3912,'https://weeklyfxdrivethru.com/3912-revision-v1/',0,'revision','',0),(3981,1,'2014-06-30 07:27:40','2014-06-30 12:27:40','Good Day,\r\n\r\nFirstly, I welcome the new subscribers from over the past couple of days.\r\n\r\nI just responded to an email from Raul (Brasil), over reducing risk even when I am within (well within in many trades) my RISK TOLERANCE / PARAMETERS. This weeks economic calendar is just crazy. The RBA, lots of PMi data, ECB Press Conference and the U.S. Jobs report to name but a few. Over the next 48 hours, I will be positioning myself as best I can to only have trades in play that are either not affected by the news, i.e non specific cross-rates, or  trades that I fundamentally want to keep live at the moment but I will be moves up stops or protecting some profits. 90% of the time trades in profit I will exit. I can always re-enter again should the situation drive me.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nA great deal can happen this week in currencies and it will mostly be dominated by the usual suspects: USD/JPY and EUR/USD.\r\n\r\nThe EUR/USD will have the volatility but it also dangerous to trade. My bias is still bearish as we broke lower out of an ascending wedge on the DAILY chart. We are shortly about to test the 200 DAY SMA and it looks like horizontal support at 1.3670. If we break higher above these levels, we set up a great short opportunity as it heads towards 1.3725-50. I will be looking to enter short up at these levels. With month, quarter and half-year ends today, do not rule our U.S. 10 Year yields maybe rising. This would support USD strength. Over the past while yields have fallen and this had kept the USD under control and weak.\r\n\r\nWatch the USD/JPY, we are below the 200 DAY SMA and we are at the 78% Fib at 101.25. If we fall through here we look towards the absolutely critical support at 100.75. If this level caves in later this week look for a potential sub 100.00 move towards 98.50 maybe even 97.00.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nI am not looking to enter fresh trades but two are on my radar at the moment.\r\n\r\nUSD/CHF - Short at 0.8910 back towards 0.8850, with a 30 pip stop.\r\n\r\nUSD/CAD- Short at 1.0710 back towards 1.0650,  with a 30 pip stop. (but be careful CAD GDP today)\r\n\r\nEUR/USD - Short from 1.3725 stop at 1.3800 looking for a move back below 1.3450 longer-term.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>RBA TONIGHT:</strong></span>\r\n\r\nI will look to add to existing shorts in AUD/USD and NZD/USD if the RBA is not trying to talk down the AUD exchange rate and the AUD leaps towards 0.9460 or beyond 0.9525. If Stevens does talk down the AUD exchange rate and will add to trades on pullbacks. These may just be additions for 48 hours or so but I feel that they could be profitable trades.\r\n\r\nRemember in the blog over the weekend, I mentioned that Glenn Stevens RBA governor was talking down the AUD/USD when it was at 0,9000. It now sits around 0.9400, I suspect that he is not a happy puppy / bunny.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>I have my plan!!</strong></span>\r\n\r\nTake care,\r\n\r\nScott','#60 - THE DAILY FX POST, Monday 30th June 2014','','publish','open','closed','','60-daily-fx-post-monday-30th-june-2014','','','2014-06-30 07:27:40','2014-06-30 12:27:40','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3981',0,'member_posts','',0),(3931,1,'2014-06-21 14:30:19','2014-06-21 19:30:19','','ARE YOU FORCING TRADES_','','inherit','open','closed','','are-you-forcing-trades_','','','2014-06-21 14:30:19','2014-06-21 19:30:19','',2538,'https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/ARE-YOU-FORCING-TRADES_.pdf',0,'attachment','application/pdf',0),(3923,1,'2014-06-21 14:19:51','2014-06-21 19:19:51','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThankfully, some volatility returned to the Forex market last week. We had to wait for the FED to provide it via the FOMC press conference. I suppose when I look back Janet Yellen did what she had to do. In fact what most, if not all, central bank officials do best, is that look at their world through rose-tinted glasses and give opinions using a glossary of terms and basic dialogue, (which is now getting editors of the Universal Oxford Shorter English Dictionary really excited because of the new words introduced), to steady the markets, and lie through their teeth. I will revisit these thoughts later in the blog under the fundamental traders view (for PREMIUM SERVICE subscribers) or the view from my trading desk (for the free newsletter subscribers).\r\n\r\nThe SNB, produced a statement that was wetter than touching the wettest fish from the deepest part of the Pacific Ocean….a complete waste of time and to think I set my alarm to wake up for it!\r\n\r\nThe geopolitical news is still having it’s effect on the markets. However, not as much as I thought they would, Wall Street in particular appears to be immune to almost everything - tensions in Iraq included.\r\n\r\nOIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East. It is a stealth tax on consumers and it will have an effect on U.S. data, in particular personal spending and consumer confidence.\r\n\r\nThe problem is that although people will spend less and the world needs U.S. consumers to spend to drive the world forward, for Wall Street however, good news is good news and bad news is good news. As long as market makers believe that the FED will support the markets come what may, this at times, idiotic mentality that persists in Wall Street will continue. It is like Wall Street is inside it’s own little cuckoon sheltered from all matters outside.\r\nThe result is, that I think we will not move away from DEFLATION and RECESSION talk until the markets are left to stand up on their own. I have an article 50% written on this subject in more humorous and enlightening detail and I will use it soon.\r\n\r\nNevertheless, OIL is a future concern for several reasons (supply and retail price) and it will be interesting to see does its relationship with the USD remain somewhat intact.\r\n\r\nThe PREMIUM SERVICE has been a little quieter than usual on trades, in fact this week we only closed 7 additional trades. However, that is not really that surprising given the current trading conditions. The PREMIUM SERVICE is still adding $$$ each month and that is the right way, particularly as it took a small trading loss last week. Returns are a little behind the curve, but costs are more than covered. This year with so many traders falling away, this can only be viewed as positive and it should only get better as trading conditions to improve.\r\n\r\nWe are currently live in 9 trades with 9 limit orders in place. The key is to keep TRADING DISCIPLINE in place in all market conditions. It is harder at the moment and my trading expectation levels have been revised accordingly.\r\n\r\nSo despite the market I am still trying to “weed out” trades.\r\n\r\nI have decided after looking around at a great deal of economic data and Central Bank comments to set a new batch of FUNDAMENTAL TRADE set-ups in place that I am hoping to keep in place until the Fall (Autumn), or maybe longer. I am using hedging if required to maintain these positions, which I always find fascinating…what a weird mentality traders have to find hedging interesting!!\r\n\r\nOne final point on the PREMIUM SERVICE is that the $20.oo Trial Offer will be phased out over the next few days. It was only in place for the Spring and Summer is now upon us. So if you are thinking of trying the PREMIUM SERVICE you have only a few days left at this special option price.\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>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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 website.</p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\"><img class=\"aligncenter size-full wp-image-3915\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\" alt=\"PREM SERV PROFITS1 21062014\" width=\"438\" height=\"409\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\"><img class=\"aligncenter size-full wp-image-3916\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\" alt=\"PREM SERVICE PROFITS 2 21062014\" width=\"453\" height=\"422\" /></a>\r\n\r\n&nbsp;\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.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY</strong><strong> </strong></p>\r\nSo much credence is now placed on Central Bank governors around the world since the financial crisis that they have now taken on celebrity status.\r\n\r\nI am just waiting for OK / PEOPLE / HELLO / OLA magazines to show us pages of a day in the life….such as the following: -\r\n<p style=\"padding-left: 210px;\">Janet Yellen: telling her that where she lives there is just noise, noise, noise all about the back yard, but, the house if securely anchored.</p>\r\n<p style=\"padding-left: 210px;\">Mark Carney: fist in the air playing croquet (more likely hockey) on the lawn following his million-dollar move from Canada.</p>\r\n<p style=\"padding-left: 210px;\">Glenn Stevens having a beer throwing a shrimp on the Barbie.</p>\r\n<p style=\"padding-left: 210px;\">Graeme Wheeler: the master of wanting his cake and eating it, actually in a shop ordering a nice cake.</p>\r\n<p style=\"padding-left: 210px;\">Mario Draghi: Obviously my favourite, pictured kicking a can down the road.</p>\r\nI am not sure that the magazines would sell in any economical viable quantities, and it took me some time to come up with clean visions for a couple of the above, but these people do in my opinion attract paparazzi like a celebrity.\r\n\r\nMy question is; are they actually worthy of all this?\r\n\r\nOver the past two weeks since Carney’s moment in his recent Mansion House speech that has given him the same notoriety as Draghi’s “Whatever it takes”, “Do a Carney” has become a living and breathing phrase to use across a matter of things.\r\n\r\nAll Carney did was basically say that the markets are a little complacent in their views of when UK interest rates may rise and it will be earlier than they think. My God…..a central bank governor that is a HAWK…no longer accommodative in rhetoric. This is great, no more sucking up to the market makers that need to be surrounded in cotton wool and wrapped in bubble-wrap.\r\n\r\nThe FED, through Bernanke, offered support as fast as the UK when the financial crisis broke in 2008-9. The debate started immediately after Carneys speech will Yellen modify her language in the FOMC press conference in line with the UK? I wrote about this last week re: the dilemma facing the FED. What did Yellen do? Nada, nothing at all, she kept her commentary in line with previous statements and kept tapering at USD$10 million additional reduction.\r\n\r\nSo, Janet Yellen is a DOVE. Despite continued rhetoric that any bad news is basically a blip and can be explained away with sometimes rather glib vocabulary, she maintains that U.S. economic recovery is still fragile in places but STILL moving forward. At some stage she has to stop saying for “An extended period of time”, or “In line with our expectations”. At some point the noise she is making will have to modify. The FED has to do more than taper, otherwise her continual build up of the U.S. economy will basically represent the FED providing a commentary that equates to a “Fur coat and no knickers” approach.\r\n\r\nDo I believe Janet Yellen? I believe her about as much as I believe Mario Draghi, and I do not trust a damn thing he says.\r\n\r\nThe Central Bank governors are celebs of sorts, the markets which are in constant need of reassurance and easing have elevated the central bank governor positions to be at times more important to a country’s economy than anything the political leaders can muster.\r\n\r\nThis is certainly true in Washington, the U.S. politicians are a disgrace most of the time, the party divide is more important than moving the U.S. economy forward. I wrote numerous times in the past 2/3 years about how I felt than Ben Bernanke was the most powerful man in the world, way more than Obama, basically because he had the ability to move world markets in an instant.\r\n\r\nUK politicians are most of the time divided but united on what is good for the country, when it matters.\r\n\r\nIn the EUROZONE, the cultural diversity means that basically there is never agreement on anything, I doubt they even agree on the types of cheese to be consumed or the wines selected at the numerous lavish buffet meetings that are held in Brussels (The capital of world hospitality companies and expertise).\r\n\r\nPoor Mario Draghi, attracts so much media because it was the ECB that really brought to the forefront the high profile press conference for central bank governors. Draghi though is just a puppet of Berlin….he has a chip planted that controls his actions / statements / and his body language gestures at all times. The Germans are very clever people they have this chip that allows the Bundesbank to speak directly to Draghi, he opens his mouth and the incoming German accent becomes an outgoing Italian accent, very, very clever.\r\n\r\nSo, Draghi is a puppet, in my terms a numpty, he has no real control at all. The ECB mandate that he constantly refers to, is his way of saying\r\n<p style=\"text-align: center;\"><em>“Look guys…my hands are tied, it’s Berlin that rules the ECB and runs the EUROZONE as a state of Germany, I have very limited powers, if any, however, I can create all these cool acronyms like LTRO, OMT, EPC, SEPA, PE-ACH, MIF, eSEPA, CSM and BIC…and there are loads more.”</em></p>\r\n What fun Draghi and his board members must have on a daily basis!!\r\n\r\nOn a serious point, the Financial crisis of 2008-9 is 5-6 years old, it affected the world. It is only now that ECB are considering easing to help grow the EUROZONE and fight DEFLATION, force the banks to lend money, tackle unemployment and try to bring down the strong single currency exchange rate.\r\n\r\nCarney may now be viewed as a HAWK, Yellen may still be viewed as a DOVE but in my opinion, maybe not all his fault, but Draghi is definitely a NUMPTY.\r\n\r\nThese people are well paid to get above the drama of political votes, because popularity is all that drives politicians. They have to rise above political pressure and tell it how it is, and NOT be economical with the truth. Above all I am sick to the back teeth of hearing about free market economies, who has these anymore as far as I can see 6 years after the crisis we are still too afraid to let them stand on their own feet. We will never know if things are good in an economy until we can see and debate economic matters without interference disguised in the names of easing or support.<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>ARE YOU FORCING TRADES?</strong></p>\r\nAt some point as a trader, you must have felt like the market is simply out to get you. Sometimes every trade you make goes against you and basically every time you place a trade it immediately goes into a loss and then never recovers. You take your pain with your stop and then almost immediately after you are out it moves in your original direction and had you extended your stop the trade would have come into profit. Basically, at times, nothing goes your way.\r\n\r\nWe have probably all been there in this position, I know that I have, what do I do?\r\n<ol>\r\n	<li>Firstly, I take a step back. I may take a few days break from trading to regain my focus.</li>\r\n	<li>What I do NOT do is revenge trade. (For further information please read some of the articles in the TRADING ESSENTIALS area of the website).</li>\r\n</ol>\r\nIf you revenge trade, you will more often than not be forcing trades. Rules, TRADE PLANS, RISK MANAGEMENT which, are all crucial, critical success factors for trading go out of the window.\r\n\r\nYou have to remain calm, through the frustration. It is as I have already said maybe a good time to take a break away from your computer\r\n\r\nIt is all about MANAGING YOUR EMOTIONS. This is what separates consistent good profitable traders from the rest.\r\n\r\nHere is my approach, and this will come as no surprise.\r\n\r\nExamine your TRADING PLAN, entry and exit levels, styles of trades, times of trades, position sizes, stop placements and your overall risk parameters. Ask yourself - Did you adhere to your plan?\r\n\r\nWere you chasing the market?\r\n\r\nYou have to let the market come to you. If you do not - you run the risk of placing your broker account under so much pressure that you run the risk of blowing your account.\r\n\r\nBasically, as with all things related to Forex trading, it is boring repetitive actions and controlled emotions that gives you the edge as a trader. Do not veer away from the tried and tested repetition. It works.\r\n\r\nYou cannot predict which way the market will move.\r\n\r\nYou can however, by using trading skills around Pivot points, SMA’s, Bollinger bands and Fibonacci levels and using your RISK ASSESSMENT skills increase your probabilities in trading. It is boring, but this is the reality of trading.\r\n\r\nIf you veer way from the disciples you have set in place via your TRADING PLAN, you are asking for trouble.\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\nFT135\r\nGBP/USD\r\nLong\r\nEntry: 1.7040\r\nStop Loss: 1.6985\r\nLimit / Target: 1.7250\r\nWeekly Closing Price: 1.7014\r\nPosition: -26 pips\r\n\r\nFT136\r\nAUD/USD\r\nShort\r\nEntry: 0.9400\r\nStop Loss: 0.9460\r\nLimit / Target: 0.8000\r\nWeekly Closing Position: 0.9387\r\nPosition: +13 pips\r\n\r\nFT137\r\nNZD/USD\r\nShort\r\nEntry: 0.8712\r\nStop Loss: 0.8780\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8695\r\nPosition: +17 pips\r\n\r\nFT139\r\nEUR/CAD\r\nShort\r\nEntry: 1.4623\r\nStop Loss: 1.4667\r\nLimit / Target: 1.4267\r\nWeekly Closing Price: 1.4631\r\nPosition: - 8 pips\r\n\r\nFT140\r\nCAD/CHF\r\nLong\r\nEntry: 0.8334\r\nStop Loss: 0.8250\r\nLimit / Target: 0.8580\r\nWeekly Closing Price: 0.8316\r\nPosition: -18 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT110\r\nAUD/NZD\r\nLong\r\nCost Average: 1.0825\r\nStop Loss: 1.0750\r\nLimit / Target: 1.1350\r\nWeekly Closing Price: 1.0794\r\nPosition: -31 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD (Hedged Trade)\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9559\r\nPosition: -241 pips\r\n\r\n&nbsp;\r\n\r\nFUN30\r\nGBP/AUD\r\nLong\r\nCost Average: 1.8115\r\nStop Loss: 1.7950\r\nLimit / Target: 1.8800 (261.8% extension)\r\nWeekly Closing Price: 1.8108\r\nPosition: -7 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe following trade set-ups listed below are placed with my brokers.\r\n\r\nRT108\r\nNZD/USD\r\nShort\r\nEntry at 0.8750\r\nStop at 0.8825\r\nLimit 0.8000\r\n\r\nRT109\r\nAUD/USD\r\nShort\r\nEntry at 0.9525\r\nStop at 0.9600\r\nLimit 0.8500\r\n\r\nRT114\r\nEUR/GBP\r\nShort\r\nEntry at 0.8050\r\nStop at 0.8090\r\nLimit 0.7800\r\n\r\nRT115\r\nUSD/NOK\r\nLong\r\nEntry at 6.0800\r\nStop at 6.0200\r\nLimit 6.2000\r\n\r\nRT116\r\nUSD/SEK\r\nLong\r\nEntry at 6.7000\r\nStop at 6.6450\r\nLimit 7.5700\r\n\r\nFUN29\r\nEUR/AUD\r\nLong\r\nEntry at 1.4550\r\nStop at 1.3950\r\nLimit at 1.7400\r\n\r\nFUN31\r\nEUR/CAD\r\nLong\r\nEntry at 1.4250\r\nStop at 1.3980\r\nLimit at 1.5500\r\n\r\nFUN33\r\nGBP/NZD\r\nLong\r\nEntry at 1.9380\r\nStop at 1.9000\r\nLimit at 2.0200\r\n\r\nFUN34\r\nEUR/NZD\r\nLong\r\nEntry at 1.5720\r\nStop at 1.5500\r\nLimit at 1.6550\r\n\r\n<strong> </strong>\r\n\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 1.3599.</strong> After all the shenanigans after FOMC, this pair basically finished last week almost at the same level as the week before. We now have a new trading range of 1.3500 to 1.3645\r\n\r\n<strong>GBP/USD: Closing Price 1.7014</strong>. We are in breakout territory as long as we remain over 1.6985. I think that we have the potential to get as high at 1.7200 – 1.7300. We need to pass 1.7042 first and this level of resistance has held very well so far. Therefore a new range of 1.6985 to 1.7042 is in place now.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9387</strong>. Not much of a change in the week on week closing price. We are however below 0.9390, which was a level of support I have been watching recently. Below 0.9350 and I will be a believer than we are heading lower and could breakdown a bit. For now 0.9350 to 0.9460 is the new range that we are currently trapped within.\r\n\r\n<strong>NZD/USD: Closing Price 0.8695</strong>. 0.8690 was my support level that has been on my radar almost all of the week. Resistance lies at 52-week highs at 0.8780. We may not get that high, so perhaps an interim resistance may offer some stops around 0.8740.<strong> </strong>\r\n\r\n<strong>USD/CAD: Closing Price 1.0757.</strong> Stellar, CAD economic data on Friday has pushed the CAD and all the crosses lower. 1.0750, just on the 200 Day SMA is holding as support for now, but do not rule out a move to 1.0700 early next week or even lower in sessions to come. I think that is a sentiment change on the CAD. Resistance is now 1.0810, which was previous support.\r\n\r\n<strong>USD/CHF: Closing Price 0.8946</strong>. The SNB was a wet fish earlier in the week. The press statement was boring, boring, boring. The USD/CHF is in a range of 0.8910 to 0.8985.\r\n\r\n<strong>USD/JPY: Closing Price 102.07. </strong>I have no inclination to get involved with any JPY pair never mind the USD/JPY. My gut is telling me because it is not breaking down that it must be getting ready to move higher. I have not even been watching it of late. It looks like very familiar numbers will contain this pair: 101.50 to 102.60.\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\">LONG:</span>\r\n\r\nCAD/JPY\r\nGBP/JPY\r\nUSD/NOK\r\nUSD/SEK\r\nEUR/NOK\r\nEUR/SEK\r\n\r\n<span style=\"text-decoration: underline;\">SHORT:</span>\r\n\r\nGBP/USD\r\nAUD/USD\r\nNZD/USD\r\nUSD/CAD\r\nEUR/GBP\r\nAUD/CAD\r\nEUR/CAD\r\nGBP/CAD\r\nEUR/CHF\r\nAUD/NZD\r\n<strong> </strong>\r\n\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nMONDAY: EUR – French and German Flash Manufacturing PMi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – The HAWK takes the stage…Carney speaks.\r\nTHURSDAY: NZD – Trade Balance.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nNot much on the news wires coming through next week. So, it looks like the equities markets and political sound-bytes will drive us. Oh, happy days.\r\n\r\nWe are still working our way through the World Cup calendar programme so trading volumes will be lower, and take in vacations for summer and the markets may drag.\r\n\r\nKeep your TRADING DISCIPLINE high…do <strong>NOT</strong> FORCE TRADES as the chances are you run a much higher risk than normal of being caught out on the wrong side.\r\n\r\nKeep your position sizes a little smaller and stops a little wider to allow for any lack of liquidity swings and hopefully you will get by.\r\n\r\nTake care and good luck.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday June 21st 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;','YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY','','publish','open','closed','','yellen-dove-carney-hawk-draghi-numpty','','','2014-06-21 14:21:01','2014-06-21 19:21:01','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3923',0,'member_posts','',0),(3924,1,'2014-06-21 14:18:18','2014-06-21 19:18:18','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThankfully, some volatility returned to the Forex market last week. We had to wait for the FED to provide it via the FOMC press conference. I suppose when I look back Janet Yellen did what she had to do. In fact what most, if not all, central bank officials do best, is that look at their world through rose-tinted glasses and give opinions using a glossary of terms and basic dialogue, (which is now getting editors of the Universal Oxford Shorter English Dictionary really excited because of the new words introduced), to steady the markets, and lie through their teeth. I will revisit these thoughts later in the blog under the fundamental traders view (for PREMIUM SERVICE subscribers) or the view from my trading desk (for the free newsletter subscribers).\r\n\r\nThe SNB, produced a statement that was wetter than touching the wettest fish from the deepest part of the Pacific Ocean….a complete waste of time and to think I set my alarm to wake up for it!\r\n\r\nThe geopolitical news is still having it’s effect on the markets. However, not as much as I thought they would, Wall Street in particular appears to be immune to almost everything - tensions in Iraq included.\r\n\r\nOIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East. It is a stealth tax on consumers and it will have an effect on U.S. data, in particular personal spending and consumer confidence.\r\n\r\nThe problem is that although people will spend less and the world needs U.S. consumers to spend to drive the world forward, for Wall Street however, good news is good news and bad news is good news. As long as market makers believe that the FED will support the markets come what may, this at times, idiotic mentality that persists in Wall Street will continue. It is like Wall Street is inside it’s own little cuckoon sheltered from all matters outside.\r\nThe result is, that I think we will not move away from DEFLATION and RECESSION talk until the markets are left to stand up on their own. I have an article 50% written on this subject in more humorous and enlightening detail and I will use it soon.\r\n\r\nNevertheless, OIL is a future concern for several reasons (supply and retail price) and it will be interesting to see does its relationship with the USD remain somewhat intact.\r\n\r\nThe PREMIUM SERVICE has been a little quieter than usual on trades, in fact this week we only closed 7 additional trades. However, that is not really that surprising given the current trading conditions. The PREMIUM SERVICE is still adding $$$ each month and that is the right way, particularly as it took a small trading loss last week. Returns are a little behind the curve, but costs are more than covered. This year with so many traders falling away, this can only be viewed as positive and it should only get better as trading conditionsto improve.\r\n\r\nWe are currently live in 9 trades with 9 limit orders in place. The key is to keep TRADING DISCIPLINE in place in all market conditions. It is harder at the moment and my trading expectation levels have been revised accordingly.\r\n\r\nSo despite the market I am still trying to “weed out” trades.\r\n\r\nI have decided after looking around at a great deal of economic data and Central Bank comments to set a new batch of FUNDAMENTAL TRADE set-ups in place that I am hoping to keep in place until the Fall (Autumn), or maybe longer. I am using hedging if required to maintain these positions, which I always find fascinating…what a weird mentality traders have to find hedging interesting!!\r\n\r\nOne final point on the PREMIUM SERVICE is that the $20.oo Trial Offer will be phased out over the next few days. It was only in place for the Spring and Summer is now upon us. So if you are thinking of trying the PREMIUM SERVICE you have only a few days left at this special option price.\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>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">\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 website.</p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\"><img class=\"aligncenter size-full wp-image-3915\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\" alt=\"PREM SERV PROFITS1 21062014\" width=\"438\" height=\"409\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\"><img class=\"aligncenter size-full wp-image-3916\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\" alt=\"PREM SERVICE PROFITS 2 21062014\" width=\"453\" height=\"422\" /></a>\r\n\r\n&nbsp;\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.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY</strong><strong> </strong></p>\r\nSo much credence is now placed on Central Bank governors around the world since the financial crisis that they have now taken on celebrity status.\r\n\r\nI am just waiting for OK / PEOPLE / HELLO / OLA magazines to show us pages of a day in the life….such as the following: -\r\n<p style=\"padding-left: 210px;\">Janet Yellen: telling her that where she lives there is just noise, noise, noise all about the back yard, but, the house if securely anchored.</p>\r\n<p style=\"padding-left: 210px;\">Mark Carney: fist in the air playing croquet (more likely hockey) on the lawn following his million-dollar move from Canada.</p>\r\n<p style=\"padding-left: 210px;\">Glenn Stevens having a beer throwing a shrimp on the Barbie.</p>\r\n<p style=\"padding-left: 210px;\">Graeme Wheeler: the master of wanting his cake and eating it, actually in a shop ordering a nice cake.</p>\r\n<p style=\"padding-left: 210px;\">Mario Draghi: Obviously my favourite, pictured kicking a can down the road.</p>\r\nI am not sure that the magazines would sell in any economical viable quantities, and it took me some time to come up with clean visions for a couple of the above, but these people do in my opinion attract paparazzi like a celebrity.\r\n\r\nMy question is; are they actually worthy of all this?\r\n\r\nOver the past two weeks since Carney’s moment in his recent Mansion House speech that has given him the same notoriety as Draghi’s “Whatever it takes”, “Do a Carney” has become a living and breathing phrase to use across a matter of things.\r\n\r\nAll Carney did was basically say that the markets are a little complacent in their views of when UK interest rates may rise and it will be earlier than they think. My God…..a central bank governor that is a HAWK…no longer accommodative in rhetoric. This is great, no more sucking up to the market makers that need to be surrounded in cotton wool and wrapped in bubble-wrap.\r\n\r\nThe FED, through Bernanke, offered support as fast as the UK when the financial crisis broke in 2008-9. The debate started immediately after Carneys speech will Yellen modify her language in the FOMC press conference in line with the UK? I wrote about this last week re: the dilemma facing the FED. What did Yellen do? Nada, nothing at all, she kept her commentary in line with previous statements and kept tapering at USD$10 million additional reduction.\r\n\r\nSo, Janet Yellen is a DOVE. Despite continued rhetoric that any bad news is basically a blip and can be explained away with sometimes rather glib vocabulary, she maintains that U.S. economic recovery is still fragile in places but STILL moving forward. At some stage she has to stop saying for “An extended period of time”, or “In line with our expectations”. At some point the noise she is making will have to modify. The FED has to do more than taper, otherwise her continual build up of the U.S. economy will basically represent the FED providing a commentary that equates to a “Fur coat and no knickers” approach.\r\n\r\nDo I believe Janet Yellen? I believe her about as much as I believe Mario Draghi, and I do not trust a damn thing he says.\r\n\r\nThe Central Bank governors are celebs of sorts, the markets which are in constant need of reassurance and easing have elevated the central bank governor positions to be at times more important to a country’s economy than anything the political leaders can muster.\r\n\r\nThis is certainly true in Washington, the U.S. politicians are a disgrace most of the time, the party divide is more important than moving the U.S. economy forward. I wrote numerous times in the past 2/3 years about how I felt than Ben Bernanke was the most powerful man in the world, way more than Obama, basically because he had the ability to move world markets in an instant.\r\n\r\nUK politicians are most of the time divided but united on what is good for the country, when it matters.\r\n\r\nIn the EUROZONE, the cultural diversity means that basically there is never agreement on anything, I doubt they even agree on the types of cheese to be consumed or the wines selected at the numerous lavish buffet meetings that are held in Brussels (The capital of world hospitality companies and expertise).\r\n\r\nPoor Mario Draghi, attracts so much media because it was the ECB that really brought to the forefront the high profile press conference for central bank governors. Draghi though is just a puppet of Berlin….he has a chip planted that controls his actions / statements / and his body language gestures at all times. The Germans are very clever people they have this chip that allows the Bundesbank to speak directly to Draghi, he opens his mouth and the incoming German accent becomes an outgoing Italian accent, very, very clever.\r\n\r\nSo, Draghi is a puppet, in my terms a numpty, he has no real control at all. The ECB mandate that he constantly refers to, is his way of saying\r\n<p style=\"text-align: center;\"><em>“Look guys…my hands are tied, it’s Berlin that rules the ECB and runs the EUROZONE as a state of Germany, I have very limited powers, if any, however, I can create all these cool acronyms like LTRO, OMT, EPC, SEPA, PE-ACH, MIF, eSEPA, CSM and BIC…and there are loads more.”</em></p>\r\n What fun Draghi and his board members must have on a daily basis!!\r\n\r\nOn a serious point, the Financial crisis of 2008-9 is 5-6 years old, it affected the world. It is only now that ECB are considering easing to help grow the EUROZONE and fight DEFLATION, force the banks to lend money, tackle unemployment and try to bring down the strong single currency exchange rate.\r\n\r\nCarney may now be viewed as a HAWK, Yellen may still be viewed as a DOVE but in my opinion, maybe not all his fault, but Draghi is definitely a NUMPTY.\r\n\r\nThese people are well paid to get above the drama of political votes, because popularity is all that drives politicians. They have to rise above political pressure and tell it how it is, and NOT be economical with the truth. Above all I am sick to the back teeth of hearing about free market economies, who has these anymore as far as I can see 6 years after the crisis we are still too afraid to let them stand on their own feet. We will never know if things are good in an economy until we can see and debate economic matters without interference disguised in the names of easing or support.<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>ARE YOU FORCING TRADES?</strong></p>\r\nAt some point as a trader, you must have felt like the market is simply out to get you. Sometimes every trade you make goes against you and basically every time you place a trade it immediately goes into a loss and then never recovers. You take your pain with your stop and then almost immediately after you are out it moves in your original direction and had you extended your stop the trade would have come into profit. Basically, at times, nothing goes your way.\r\n\r\nWe have probably all been there in this position, I know that I have, what do I do?\r\n<ol>\r\n	<li>Firstly, I take a step back. I may take a few days break from trading to regain my focus.</li>\r\n	<li>What I do NOT do is revenge trade. (For further information please read some of the articles in the TRADING ESSENTIALS area of the website).</li>\r\n</ol>\r\nIf you revenge trade, you will more often than not be forcing trades. Rules, TRADE PLANS, RISK MANAGEMENT which, are all crucial, critical success factors for trading go out of the window.\r\n\r\nYou have to remain calm, through the frustration. It is as I have already said maybe a good time to take a break away from your computer\r\n\r\nIt is all about MANAGING YOUR EMOTIONS. This is what separates consistent good profitable traders from the rest.\r\n\r\nHere is my approach, and this will come as no surprise.\r\n\r\nExamine your TRADING PLAN, entry and exit levels, styles of trades, times of trades, position sizes, stop placements and your overall risk parameters. Ask yourself - Did you adhere to your plan?\r\n\r\nWere you chasing the market?\r\n\r\nYou have to let the market come to you. If you do not - you run the risk of placing your broker account under so much pressure that you run the risk of blowing your account.\r\n\r\nBasically, as with all things related to Forex trading, it is boring repetitive actions and controlled emotions that gives you the edge as a trader. Do not veer away from the tried and tested repetition. It works.\r\n\r\nYou cannot predict which way the market will move.\r\n\r\nYou can however, by using trading skills around Pivot points, SMA’s, Bollinger bands and Fibonacci levels and using your RISK ASSESSMENT skills increase your probabilities in trading. It is boring, but this is the reality of trading.\r\n\r\nIf you veer way from the disciples you have set in place via your TRADING PLAN, you are asking for trouble.\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\nFT135\r\nGBP/USD\r\nLong\r\nEntry: 1.7040\r\nStop Loss: 1.6985\r\nLimit / Target: 1.7250\r\nWeekly Closing Price: 1.7014\r\nPosition: -26 pips\r\n\r\nFT136\r\nAUD/USD\r\nShort\r\nEntry: 0.9400\r\nStop Loss: 0.9460\r\nLimit / Target: 0.8000\r\nWeekly Closing Position: 0.9387\r\nPosition: +13 pips\r\n\r\nFT137\r\nNZD/USD\r\nShort\r\nEntry: 0.8712\r\nStop Loss: 0.8780\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8695\r\nPosition: +17 pips\r\n\r\nFT139\r\nEUR/CAD\r\nShort\r\nEntry: 1.4623\r\nStop Loss: 1.4667\r\nLimit / Target: 1.4267\r\nWeekly Closing Price: 1.4631\r\nPosition: - 8 pips\r\n\r\nFT140\r\nCAD/CHF\r\nLong\r\nEntry: 0.8334\r\nStop Loss: 0.8250\r\nLimit / Target: 0.8580\r\nWeekly Closing Price: 0.8316\r\nPosition: -18 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT110\r\nAUD/NZD\r\nLong\r\nCost Average: 1.0825\r\nStop Loss: 1.0750\r\nLimit / Target: 1.1350\r\nWeekly Closing Price: 1.0794\r\nPosition: -31 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD (Hedged Trade)\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9559\r\nPosition: -241 pips\r\nFUN30\r\nGBP/AUD\r\nLong\r\nCost Average: 1.8115\r\nStop Loss: 1.7950\r\nLimit / Target: 1.8800 (261.8% extension)\r\nWeekly Closing Price: 1.8108\r\nPosition: -7 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe following trade set-ups listed below are placed with my brokers.\r\n\r\nRT108\r\nNZD/USD\r\nShort\r\nEntry at 0.8750\r\nStop at 0.8825\r\nLimit 0.8000\r\n\r\nRT109\r\nAUD/USD\r\nShort\r\nEntry at 0.9525\r\nStop at 0.9600\r\nLimit 0.8500\r\n\r\nRT114\r\nEUR/GBP\r\nShort\r\nEntry at 0.8050\r\nStop at 0.8090\r\nLimit 0.7800\r\n\r\nRT115\r\nUSD/NOK\r\nLong\r\nEntry at 6.0800\r\nStop at 6.0200\r\nLimit 6.2000\r\n\r\nRT116\r\nUSD/SEK\r\nLong\r\nEntry at 6.7000\r\nStop at 6.6450\r\nLimit 7.5700\r\n\r\nFUN29\r\nEUR/AUD\r\nLong\r\nEntry at 1.4550\r\nStop at 1.3950\r\nLimit at 1.7400\r\n\r\nFUN31\r\nEUR/CAD\r\nLong\r\nEntry at 1.4250\r\nStop at 1.3980\r\nLimit at 1.5500\r\n\r\nFUN33\r\nGBP/NZD\r\nLong\r\nEntry at 1.9380\r\nStop at 1.9000\r\nLimit at 2.0200\r\n\r\nFUN34\r\nEUR/NZD\r\nLong\r\nEntry at 1.5720\r\nStop at 1.5500\r\nLimit at 1.6550\r\n\r\n<strong> </strong>\r\n\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 1.3599.</strong> After all the shenanigans after FOMC, this pair basically finished last week almost at the same level as the week before. We now have a new trading range of 1.3500 to 1.3645\r\n\r\n<strong>GBP/USD: Closing Price 1.7014</strong>. We are in breakout territory as long as we remain over 1.6985. I think that we have the potential to get as high at 1.7200 – 1.7300. We need to pass 1.7042 first and this level of resistance has held very well so far. Therefore a new range of 1.6985 to 1.7042 is in place now.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9387</strong>. Not much of a change in the week on week closing price. We are however below 0.9390, which was a level of support I have been watching recently. Below 0.9350 and I will be a believer than we are heading lower and could breakdown a bit. For now 0.9350 to 0.9460 is the new range that we are currently trapped within.\r\n\r\n<strong>NZD/USD: Closing Price 0.8695</strong>. 0.8690 was my support level that has been on my radar almost all of the week. Resistance lies at 52-week highs at 0.8780. We may not get that high, so perhaps an interim resistance may offer some stops around 0.8740.<strong> </strong>\r\n\r\n<strong>USD/CAD: Closing Price 1.0757.</strong> Stellar, CAD economic data on Friday has pushed the CAD and all the crosses lower. 1.0750, just on the 200 Day SMA is holding as support for now, but do not rule out a move to 1.0700 early next week or even lower in sessions to come. I think that is a sentiment change on the CAD. Resistance is now 1.0810, which was previous support.\r\n\r\n<strong>USD/CHF: Closing Price 0.8946</strong>. The SNB was a wet fish earlier in the week. The press statement was boring, boring, boring. The USD/CHF is in a range of 0.8910 to 0.8985.\r\n\r\n<strong>USD/JPY: Closing Price 102.07. </strong>I have no inclination to get involved with any JPY pair never mind the USD/JPY. My gut is telling me because it is not breaking down that it must be getting ready to move higher. I have not even been watching it of late. It looks like very familiar numbers will contain this pair: 101.50 to 102.60.\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\">LONG:</span>\r\n\r\nCAD/JPY\r\nGBP/JPY\r\nUSD/NOK\r\nUSD/SEK\r\nEUR/NOK\r\nEUR/SEK\r\n\r\n<span style=\"text-decoration: underline;\">SHORT:\r\n\r\n</span>GBP/USD\r\nAUD/USD\r\nNZD/USD\r\nUSD/CAD\r\nEUR/GBP\r\nAUD/CAD\r\nEUR/CAD\r\nGBP/CAD\r\nEUR/CHF\r\nAUD/NZD\r\n<strong> </strong>\r\n\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nMONDAY: EUR – French and German Flash Manufacturing PMi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – The HAWK takes the stage…Carney speaks.\r\nTHURSDAY: NZD – Trade Balance.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nNot much on the news wires coming through next week. So, it looks like the equities markets and political sound-bytes will drive us. Oh, happy days.\r\n\r\nWe are still working our way through the World Cup calendar programme so trading volumes will be lower, and take in vacations for summer and the markets may drag.\r\n\r\nKeep your TRADING DISCIPLINE high…do <strong>NOT</strong> FORCE TRADES as the chances are you run a much higher risk than normal of being caught out on the wrong side.\r\n\r\nKeep your position sizes a little smaller and stops a little wider to allow for any lack of liquidity swings and hopefully you will get by.\r\n\r\nTake care and good luck.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday June 21st 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;','YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY','','inherit','open','closed','','3923-revision-v1','','','2014-06-21 14:18:18','2014-06-21 19:18:18','',3923,'https://weeklyfxdrivethru.com/3923-revision-v1/',0,'revision','',0),(3925,1,'2014-06-21 14:19:51','2014-06-21 19:19:51','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThankfully, some volatility returned to the Forex market last week. We had to wait for the FED to provide it via the FOMC press conference. I suppose when I look back Janet Yellen did what she had to do. In fact what most, if not all, central bank officials do best, is that look at their world through rose-tinted glasses and give opinions using a glossary of terms and basic dialogue, (which is now getting editors of the Universal Oxford Shorter English Dictionary really excited because of the new words introduced), to steady the markets, and lie through their teeth. I will revisit these thoughts later in the blog under the fundamental traders view (for PREMIUM SERVICE subscribers) or the view from my trading desk (for the free newsletter subscribers).\r\n\r\nThe SNB, produced a statement that was wetter than touching the wettest fish from the deepest part of the Pacific Ocean….a complete waste of time and to think I set my alarm to wake up for it!\r\n\r\nThe geopolitical news is still having it’s effect on the markets. However, not as much as I thought they would, Wall Street in particular appears to be immune to almost everything - tensions in Iraq included.\r\n\r\nOIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East. It is a stealth tax on consumers and it will have an effect on U.S. data, in particular personal spending and consumer confidence.\r\n\r\nThe problem is that although people will spend less and the world needs U.S. consumers to spend to drive the world forward, for Wall Street however, good news is good news and bad news is good news. As long as market makers believe that the FED will support the markets come what may, this at times, idiotic mentality that persists in Wall Street will continue. It is like Wall Street is inside it’s own little cuckoon sheltered from all matters outside.\r\nThe result is, that I think we will not move away from DEFLATION and RECESSION talk until the markets are left to stand up on their own. I have an article 50% written on this subject in more humorous and enlightening detail and I will use it soon.\r\n\r\nNevertheless, OIL is a future concern for several reasons (supply and retail price) and it will be interesting to see does its relationship with the USD remain somewhat intact.\r\n\r\nThe PREMIUM SERVICE has been a little quieter than usual on trades, in fact this week we only closed 7 additional trades. However, that is not really that surprising given the current trading conditions. The PREMIUM SERVICE is still adding $$$ each month and that is the right way, particularly as it took a small trading loss last week. Returns are a little behind the curve, but costs are more than covered. This year with so many traders falling away, this can only be viewed as positive and it should only get better as trading conditions to improve.\r\n\r\nWe are currently live in 9 trades with 9 limit orders in place. The key is to keep TRADING DISCIPLINE in place in all market conditions. It is harder at the moment and my trading expectation levels have been revised accordingly.\r\n\r\nSo despite the market I am still trying to “weed out” trades.\r\n\r\nI have decided after looking around at a great deal of economic data and Central Bank comments to set a new batch of FUNDAMENTAL TRADE set-ups in place that I am hoping to keep in place until the Fall (Autumn), or maybe longer. I am using hedging if required to maintain these positions, which I always find fascinating…what a weird mentality traders have to find hedging interesting!!\r\n\r\nOne final point on the PREMIUM SERVICE is that the $20.oo Trial Offer will be phased out over the next few days. It was only in place for the Spring and Summer is now upon us. So if you are thinking of trying the PREMIUM SERVICE you have only a few days left at this special option price.\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>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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 website.</p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\"><img class=\"aligncenter size-full wp-image-3915\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\" alt=\"PREM SERV PROFITS1 21062014\" width=\"438\" height=\"409\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\"><img class=\"aligncenter size-full wp-image-3916\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\" alt=\"PREM SERVICE PROFITS 2 21062014\" width=\"453\" height=\"422\" /></a>\r\n\r\n&nbsp;\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.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY</strong><strong> </strong></p>\r\nSo much credence is now placed on Central Bank governors around the world since the financial crisis that they have now taken on celebrity status.\r\n\r\nI am just waiting for OK / PEOPLE / HELLO / OLA magazines to show us pages of a day in the life….such as the following: -\r\n<p style=\"padding-left: 210px;\">Janet Yellen: telling her that where she lives there is just noise, noise, noise all about the back yard, but, the house if securely anchored.</p>\r\n<p style=\"padding-left: 210px;\">Mark Carney: fist in the air playing croquet (more likely hockey) on the lawn following his million-dollar move from Canada.</p>\r\n<p style=\"padding-left: 210px;\">Glenn Stevens having a beer throwing a shrimp on the Barbie.</p>\r\n<p style=\"padding-left: 210px;\">Graeme Wheeler: the master of wanting his cake and eating it, actually in a shop ordering a nice cake.</p>\r\n<p style=\"padding-left: 210px;\">Mario Draghi: Obviously my favourite, pictured kicking a can down the road.</p>\r\nI am not sure that the magazines would sell in any economical viable quantities, and it took me some time to come up with clean visions for a couple of the above, but these people do in my opinion attract paparazzi like a celebrity.\r\n\r\nMy question is; are they actually worthy of all this?\r\n\r\nOver the past two weeks since Carney’s moment in his recent Mansion House speech that has given him the same notoriety as Draghi’s “Whatever it takes”, “Do a Carney” has become a living and breathing phrase to use across a matter of things.\r\n\r\nAll Carney did was basically say that the markets are a little complacent in their views of when UK interest rates may rise and it will be earlier than they think. My God…..a central bank governor that is a HAWK…no longer accommodative in rhetoric. This is great, no more sucking up to the market makers that need to be surrounded in cotton wool and wrapped in bubble-wrap.\r\n\r\nThe FED, through Bernanke, offered support as fast as the UK when the financial crisis broke in 2008-9. The debate started immediately after Carneys speech will Yellen modify her language in the FOMC press conference in line with the UK? I wrote about this last week re: the dilemma facing the FED. What did Yellen do? Nada, nothing at all, she kept her commentary in line with previous statements and kept tapering at USD$10 million additional reduction.\r\n\r\nSo, Janet Yellen is a DOVE. Despite continued rhetoric that any bad news is basically a blip and can be explained away with sometimes rather glib vocabulary, she maintains that U.S. economic recovery is still fragile in places but STILL moving forward. At some stage she has to stop saying for “An extended period of time”, or “In line with our expectations”. At some point the noise she is making will have to modify. The FED has to do more than taper, otherwise her continual build up of the U.S. economy will basically represent the FED providing a commentary that equates to a “Fur coat and no knickers” approach.\r\n\r\nDo I believe Janet Yellen? I believe her about as much as I believe Mario Draghi, and I do not trust a damn thing he says.\r\n\r\nThe Central Bank governors are celebs of sorts, the markets which are in constant need of reassurance and easing have elevated the central bank governor positions to be at times more important to a country’s economy than anything the political leaders can muster.\r\n\r\nThis is certainly true in Washington, the U.S. politicians are a disgrace most of the time, the party divide is more important than moving the U.S. economy forward. I wrote numerous times in the past 2/3 years about how I felt than Ben Bernanke was the most powerful man in the world, way more than Obama, basically because he had the ability to move world markets in an instant.\r\n\r\nUK politicians are most of the time divided but united on what is good for the country, when it matters.\r\n\r\nIn the EUROZONE, the cultural diversity means that basically there is never agreement on anything, I doubt they even agree on the types of cheese to be consumed or the wines selected at the numerous lavish buffet meetings that are held in Brussels (The capital of world hospitality companies and expertise).\r\n\r\nPoor Mario Draghi, attracts so much media because it was the ECB that really brought to the forefront the high profile press conference for central bank governors. Draghi though is just a puppet of Berlin….he has a chip planted that controls his actions / statements / and his body language gestures at all times. The Germans are very clever people they have this chip that allows the Bundesbank to speak directly to Draghi, he opens his mouth and the incoming German accent becomes an outgoing Italian accent, very, very clever.\r\n\r\nSo, Draghi is a puppet, in my terms a numpty, he has no real control at all. The ECB mandate that he constantly refers to, is his way of saying\r\n<p style=\"text-align: center;\"><em>“Look guys…my hands are tied, it’s Berlin that rules the ECB and runs the EUROZONE as a state of Germany, I have very limited powers, if any, however, I can create all these cool acronyms like LTRO, OMT, EPC, SEPA, PE-ACH, MIF, eSEPA, CSM and BIC…and there are loads more.”</em></p>\r\n What fun Draghi and his board members must have on a daily basis!!\r\n\r\nOn a serious point, the Financial crisis of 2008-9 is 5-6 years old, it affected the world. It is only now that ECB are considering easing to help grow the EUROZONE and fight DEFLATION, force the banks to lend money, tackle unemployment and try to bring down the strong single currency exchange rate.\r\n\r\nCarney may now be viewed as a HAWK, Yellen may still be viewed as a DOVE but in my opinion, maybe not all his fault, but Draghi is definitely a NUMPTY.\r\n\r\nThese people are well paid to get above the drama of political votes, because popularity is all that drives politicians. They have to rise above political pressure and tell it how it is, and NOT be economical with the truth. Above all I am sick to the back teeth of hearing about free market economies, who has these anymore as far as I can see 6 years after the crisis we are still too afraid to let them stand on their own feet. We will never know if things are good in an economy until we can see and debate economic matters without interference disguised in the names of easing or support.<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>ARE YOU FORCING TRADES?</strong></p>\r\nAt some point as a trader, you must have felt like the market is simply out to get you. Sometimes every trade you make goes against you and basically every time you place a trade it immediately goes into a loss and then never recovers. You take your pain with your stop and then almost immediately after you are out it moves in your original direction and had you extended your stop the trade would have come into profit. Basically, at times, nothing goes your way.\r\n\r\nWe have probably all been there in this position, I know that I have, what do I do?\r\n<ol>\r\n	<li>Firstly, I take a step back. I may take a few days break from trading to regain my focus.</li>\r\n	<li>What I do NOT do is revenge trade. (For further information please read some of the articles in the TRADING ESSENTIALS area of the website).</li>\r\n</ol>\r\nIf you revenge trade, you will more often than not be forcing trades. Rules, TRADE PLANS, RISK MANAGEMENT which, are all crucial, critical success factors for trading go out of the window.\r\n\r\nYou have to remain calm, through the frustration. It is as I have already said maybe a good time to take a break away from your computer\r\n\r\nIt is all about MANAGING YOUR EMOTIONS. This is what separates consistent good profitable traders from the rest.\r\n\r\nHere is my approach, and this will come as no surprise.\r\n\r\nExamine your TRADING PLAN, entry and exit levels, styles of trades, times of trades, position sizes, stop placements and your overall risk parameters. Ask yourself - Did you adhere to your plan?\r\n\r\nWere you chasing the market?\r\n\r\nYou have to let the market come to you. If you do not - you run the risk of placing your broker account under so much pressure that you run the risk of blowing your account.\r\n\r\nBasically, as with all things related to Forex trading, it is boring repetitive actions and controlled emotions that gives you the edge as a trader. Do not veer away from the tried and tested repetition. It works.\r\n\r\nYou cannot predict which way the market will move.\r\n\r\nYou can however, by using trading skills around Pivot points, SMA’s, Bollinger bands and Fibonacci levels and using your RISK ASSESSMENT skills increase your probabilities in trading. It is boring, but this is the reality of trading.\r\n\r\nIf you veer way from the disciples you have set in place via your TRADING PLAN, you are asking for trouble.\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\nFT135\r\nGBP/USD\r\nLong\r\nEntry: 1.7040\r\nStop Loss: 1.6985\r\nLimit / Target: 1.7250\r\nWeekly Closing Price: 1.7014\r\nPosition: -26 pips\r\n\r\nFT136\r\nAUD/USD\r\nShort\r\nEntry: 0.9400\r\nStop Loss: 0.9460\r\nLimit / Target: 0.8000\r\nWeekly Closing Position: 0.9387\r\nPosition: +13 pips\r\n\r\nFT137\r\nNZD/USD\r\nShort\r\nEntry: 0.8712\r\nStop Loss: 0.8780\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8695\r\nPosition: +17 pips\r\n\r\nFT139\r\nEUR/CAD\r\nShort\r\nEntry: 1.4623\r\nStop Loss: 1.4667\r\nLimit / Target: 1.4267\r\nWeekly Closing Price: 1.4631\r\nPosition: - 8 pips\r\n\r\nFT140\r\nCAD/CHF\r\nLong\r\nEntry: 0.8334\r\nStop Loss: 0.8250\r\nLimit / Target: 0.8580\r\nWeekly Closing Price: 0.8316\r\nPosition: -18 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT110\r\nAUD/NZD\r\nLong\r\nCost Average: 1.0825\r\nStop Loss: 1.0750\r\nLimit / Target: 1.1350\r\nWeekly Closing Price: 1.0794\r\nPosition: -31 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD (Hedged Trade)\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9559\r\nPosition: -241 pips\r\nFUN30\r\nGBP/AUD\r\nLong\r\nCost Average: 1.8115\r\nStop Loss: 1.7950\r\nLimit / Target: 1.8800 (261.8% extension)\r\nWeekly Closing Price: 1.8108\r\nPosition: -7 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe following trade set-ups listed below are placed with my brokers.\r\n\r\nRT108\r\nNZD/USD\r\nShort\r\nEntry at 0.8750\r\nStop at 0.8825\r\nLimit 0.8000\r\n\r\nRT109\r\nAUD/USD\r\nShort\r\nEntry at 0.9525\r\nStop at 0.9600\r\nLimit 0.8500\r\n\r\nRT114\r\nEUR/GBP\r\nShort\r\nEntry at 0.8050\r\nStop at 0.8090\r\nLimit 0.7800\r\n\r\nRT115\r\nUSD/NOK\r\nLong\r\nEntry at 6.0800\r\nStop at 6.0200\r\nLimit 6.2000\r\n\r\nRT116\r\nUSD/SEK\r\nLong\r\nEntry at 6.7000\r\nStop at 6.6450\r\nLimit 7.5700\r\n\r\nFUN29\r\nEUR/AUD\r\nLong\r\nEntry at 1.4550\r\nStop at 1.3950\r\nLimit at 1.7400\r\n\r\nFUN31\r\nEUR/CAD\r\nLong\r\nEntry at 1.4250\r\nStop at 1.3980\r\nLimit at 1.5500\r\n\r\nFUN33\r\nGBP/NZD\r\nLong\r\nEntry at 1.9380\r\nStop at 1.9000\r\nLimit at 2.0200\r\n\r\nFUN34\r\nEUR/NZD\r\nLong\r\nEntry at 1.5720\r\nStop at 1.5500\r\nLimit at 1.6550\r\n\r\n<strong> </strong>\r\n\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 1.3599.</strong> After all the shenanigans after FOMC, this pair basically finished last week almost at the same level as the week before. We now have a new trading range of 1.3500 to 1.3645\r\n\r\n<strong>GBP/USD: Closing Price 1.7014</strong>. We are in breakout territory as long as we remain over 1.6985. I think that we have the potential to get as high at 1.7200 – 1.7300. We need to pass 1.7042 first and this level of resistance has held very well so far. Therefore a new range of 1.6985 to 1.7042 is in place now.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9387</strong>. Not much of a change in the week on week closing price. We are however below 0.9390, which was a level of support I have been watching recently. Below 0.9350 and I will be a believer than we are heading lower and could breakdown a bit. For now 0.9350 to 0.9460 is the new range that we are currently trapped within.\r\n\r\n<strong>NZD/USD: Closing Price 0.8695</strong>. 0.8690 was my support level that has been on my radar almost all of the week. Resistance lies at 52-week highs at 0.8780. We may not get that high, so perhaps an interim resistance may offer some stops around 0.8740.<strong> </strong>\r\n\r\n<strong>USD/CAD: Closing Price 1.0757.</strong> Stellar, CAD economic data on Friday has pushed the CAD and all the crosses lower. 1.0750, just on the 200 Day SMA is holding as support for now, but do not rule out a move to 1.0700 early next week or even lower in sessions to come. I think that is a sentiment change on the CAD. Resistance is now 1.0810, which was previous support.\r\n\r\n<strong>USD/CHF: Closing Price 0.8946</strong>. The SNB was a wet fish earlier in the week. The press statement was boring, boring, boring. The USD/CHF is in a range of 0.8910 to 0.8985.\r\n\r\n<strong>USD/JPY: Closing Price 102.07. </strong>I have no inclination to get involved with any JPY pair never mind the USD/JPY. My gut is telling me because it is not breaking down that it must be getting ready to move higher. I have not even been watching it of late. It looks like very familiar numbers will contain this pair: 101.50 to 102.60.\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\">LONG:</span>\r\n\r\nCAD/JPY\r\nGBP/JPY\r\nUSD/NOK\r\nUSD/SEK\r\nEUR/NOK\r\nEUR/SEK\r\n\r\n<span style=\"text-decoration: underline;\">SHORT:</span>\r\n\r\nGBP/USD\r\nAUD/USD\r\nNZD/USD\r\nUSD/CAD\r\nEUR/GBP\r\nAUD/CAD\r\nEUR/CAD\r\nGBP/CAD\r\nEUR/CHF\r\nAUD/NZD\r\n<strong> </strong>\r\n\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nMONDAY: EUR – French and German Flash Manufacturing PMi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – The HAWK takes the stage…Carney speaks.\r\nTHURSDAY: NZD – Trade Balance.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nNot much on the news wires coming through next week. So, it looks like the equities markets and political sound-bytes will drive us. Oh, happy days.\r\n\r\nWe are still working our way through the World Cup calendar programme so trading volumes will be lower, and take in vacations for summer and the markets may drag.\r\n\r\nKeep your TRADING DISCIPLINE high…do <strong>NOT</strong> FORCE TRADES as the chances are you run a much higher risk than normal of being caught out on the wrong side.\r\n\r\nKeep your position sizes a little smaller and stops a little wider to allow for any lack of liquidity swings and hopefully you will get by.\r\n\r\nTake care and good luck.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday June 21st 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;','YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY','','inherit','open','closed','','3923-revision-v1','','','2014-06-21 14:19:51','2014-06-21 19:19:51','',3923,'https://weeklyfxdrivethru.com/3923-revision-v1/',0,'revision','',0),(3926,1,'2014-06-21 14:21:01','2014-06-21 19:21:01','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThankfully, some volatility returned to the Forex market last week. We had to wait for the FED to provide it via the FOMC press conference. I suppose when I look back Janet Yellen did what she had to do. In fact what most, if not all, central bank officials do best, is that look at their world through rose-tinted glasses and give opinions using a glossary of terms and basic dialogue, (which is now getting editors of the Universal Oxford Shorter English Dictionary really excited because of the new words introduced), to steady the markets, and lie through their teeth. I will revisit these thoughts later in the blog under the fundamental traders view (for PREMIUM SERVICE subscribers) or the view from my trading desk (for the free newsletter subscribers).\r\n\r\nThe SNB, produced a statement that was wetter than touching the wettest fish from the deepest part of the Pacific Ocean….a complete waste of time and to think I set my alarm to wake up for it!\r\n\r\nThe geopolitical news is still having it’s effect on the markets. However, not as much as I thought they would, Wall Street in particular appears to be immune to almost everything - tensions in Iraq included.\r\n\r\nOIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East. It is a stealth tax on consumers and it will have an effect on U.S. data, in particular personal spending and consumer confidence.\r\n\r\nThe problem is that although people will spend less and the world needs U.S. consumers to spend to drive the world forward, for Wall Street however, good news is good news and bad news is good news. As long as market makers believe that the FED will support the markets come what may, this at times, idiotic mentality that persists in Wall Street will continue. It is like Wall Street is inside it’s own little cuckoon sheltered from all matters outside.\r\nThe result is, that I think we will not move away from DEFLATION and RECESSION talk until the markets are left to stand up on their own. I have an article 50% written on this subject in more humorous and enlightening detail and I will use it soon.\r\n\r\nNevertheless, OIL is a future concern for several reasons (supply and retail price) and it will be interesting to see does its relationship with the USD remain somewhat intact.\r\n\r\nThe PREMIUM SERVICE has been a little quieter than usual on trades, in fact this week we only closed 7 additional trades. However, that is not really that surprising given the current trading conditions. The PREMIUM SERVICE is still adding $$$ each month and that is the right way, particularly as it took a small trading loss last week. Returns are a little behind the curve, but costs are more than covered. This year with so many traders falling away, this can only be viewed as positive and it should only get better as trading conditions to improve.\r\n\r\nWe are currently live in 9 trades with 9 limit orders in place. The key is to keep TRADING DISCIPLINE in place in all market conditions. It is harder at the moment and my trading expectation levels have been revised accordingly.\r\n\r\nSo despite the market I am still trying to “weed out” trades.\r\n\r\nI have decided after looking around at a great deal of economic data and Central Bank comments to set a new batch of FUNDAMENTAL TRADE set-ups in place that I am hoping to keep in place until the Fall (Autumn), or maybe longer. I am using hedging if required to maintain these positions, which I always find fascinating…what a weird mentality traders have to find hedging interesting!!\r\n\r\nOne final point on the PREMIUM SERVICE is that the $20.oo Trial Offer will be phased out over the next few days. It was only in place for the Spring and Summer is now upon us. So if you are thinking of trying the PREMIUM SERVICE you have only a few days left at this special option price.\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>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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 website.</p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\"><img class=\"aligncenter size-full wp-image-3915\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\" alt=\"PREM SERV PROFITS1 21062014\" width=\"438\" height=\"409\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\"><img class=\"aligncenter size-full wp-image-3916\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\" alt=\"PREM SERVICE PROFITS 2 21062014\" width=\"453\" height=\"422\" /></a>\r\n\r\n&nbsp;\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.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY</strong><strong> </strong></p>\r\nSo much credence is now placed on Central Bank governors around the world since the financial crisis that they have now taken on celebrity status.\r\n\r\nI am just waiting for OK / PEOPLE / HELLO / OLA magazines to show us pages of a day in the life….such as the following: -\r\n<p style=\"padding-left: 210px;\">Janet Yellen: telling her that where she lives there is just noise, noise, noise all about the back yard, but, the house if securely anchored.</p>\r\n<p style=\"padding-left: 210px;\">Mark Carney: fist in the air playing croquet (more likely hockey) on the lawn following his million-dollar move from Canada.</p>\r\n<p style=\"padding-left: 210px;\">Glenn Stevens having a beer throwing a shrimp on the Barbie.</p>\r\n<p style=\"padding-left: 210px;\">Graeme Wheeler: the master of wanting his cake and eating it, actually in a shop ordering a nice cake.</p>\r\n<p style=\"padding-left: 210px;\">Mario Draghi: Obviously my favourite, pictured kicking a can down the road.</p>\r\nI am not sure that the magazines would sell in any economical viable quantities, and it took me some time to come up with clean visions for a couple of the above, but these people do in my opinion attract paparazzi like a celebrity.\r\n\r\nMy question is; are they actually worthy of all this?\r\n\r\nOver the past two weeks since Carney’s moment in his recent Mansion House speech that has given him the same notoriety as Draghi’s “Whatever it takes”, “Do a Carney” has become a living and breathing phrase to use across a matter of things.\r\n\r\nAll Carney did was basically say that the markets are a little complacent in their views of when UK interest rates may rise and it will be earlier than they think. My God…..a central bank governor that is a HAWK…no longer accommodative in rhetoric. This is great, no more sucking up to the market makers that need to be surrounded in cotton wool and wrapped in bubble-wrap.\r\n\r\nThe FED, through Bernanke, offered support as fast as the UK when the financial crisis broke in 2008-9. The debate started immediately after Carneys speech will Yellen modify her language in the FOMC press conference in line with the UK? I wrote about this last week re: the dilemma facing the FED. What did Yellen do? Nada, nothing at all, she kept her commentary in line with previous statements and kept tapering at USD$10 million additional reduction.\r\n\r\nSo, Janet Yellen is a DOVE. Despite continued rhetoric that any bad news is basically a blip and can be explained away with sometimes rather glib vocabulary, she maintains that U.S. economic recovery is still fragile in places but STILL moving forward. At some stage she has to stop saying for “An extended period of time”, or “In line with our expectations”. At some point the noise she is making will have to modify. The FED has to do more than taper, otherwise her continual build up of the U.S. economy will basically represent the FED providing a commentary that equates to a “Fur coat and no knickers” approach.\r\n\r\nDo I believe Janet Yellen? I believe her about as much as I believe Mario Draghi, and I do not trust a damn thing he says.\r\n\r\nThe Central Bank governors are celebs of sorts, the markets which are in constant need of reassurance and easing have elevated the central bank governor positions to be at times more important to a country’s economy than anything the political leaders can muster.\r\n\r\nThis is certainly true in Washington, the U.S. politicians are a disgrace most of the time, the party divide is more important than moving the U.S. economy forward. I wrote numerous times in the past 2/3 years about how I felt than Ben Bernanke was the most powerful man in the world, way more than Obama, basically because he had the ability to move world markets in an instant.\r\n\r\nUK politicians are most of the time divided but united on what is good for the country, when it matters.\r\n\r\nIn the EUROZONE, the cultural diversity means that basically there is never agreement on anything, I doubt they even agree on the types of cheese to be consumed or the wines selected at the numerous lavish buffet meetings that are held in Brussels (The capital of world hospitality companies and expertise).\r\n\r\nPoor Mario Draghi, attracts so much media because it was the ECB that really brought to the forefront the high profile press conference for central bank governors. Draghi though is just a puppet of Berlin….he has a chip planted that controls his actions / statements / and his body language gestures at all times. The Germans are very clever people they have this chip that allows the Bundesbank to speak directly to Draghi, he opens his mouth and the incoming German accent becomes an outgoing Italian accent, very, very clever.\r\n\r\nSo, Draghi is a puppet, in my terms a numpty, he has no real control at all. The ECB mandate that he constantly refers to, is his way of saying\r\n<p style=\"text-align: center;\"><em>“Look guys…my hands are tied, it’s Berlin that rules the ECB and runs the EUROZONE as a state of Germany, I have very limited powers, if any, however, I can create all these cool acronyms like LTRO, OMT, EPC, SEPA, PE-ACH, MIF, eSEPA, CSM and BIC…and there are loads more.”</em></p>\r\n What fun Draghi and his board members must have on a daily basis!!\r\n\r\nOn a serious point, the Financial crisis of 2008-9 is 5-6 years old, it affected the world. It is only now that ECB are considering easing to help grow the EUROZONE and fight DEFLATION, force the banks to lend money, tackle unemployment and try to bring down the strong single currency exchange rate.\r\n\r\nCarney may now be viewed as a HAWK, Yellen may still be viewed as a DOVE but in my opinion, maybe not all his fault, but Draghi is definitely a NUMPTY.\r\n\r\nThese people are well paid to get above the drama of political votes, because popularity is all that drives politicians. They have to rise above political pressure and tell it how it is, and NOT be economical with the truth. Above all I am sick to the back teeth of hearing about free market economies, who has these anymore as far as I can see 6 years after the crisis we are still too afraid to let them stand on their own feet. We will never know if things are good in an economy until we can see and debate economic matters without interference disguised in the names of easing or support.<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>ARE YOU FORCING TRADES?</strong></p>\r\nAt some point as a trader, you must have felt like the market is simply out to get you. Sometimes every trade you make goes against you and basically every time you place a trade it immediately goes into a loss and then never recovers. You take your pain with your stop and then almost immediately after you are out it moves in your original direction and had you extended your stop the trade would have come into profit. Basically, at times, nothing goes your way.\r\n\r\nWe have probably all been there in this position, I know that I have, what do I do?\r\n<ol>\r\n	<li>Firstly, I take a step back. I may take a few days break from trading to regain my focus.</li>\r\n	<li>What I do NOT do is revenge trade. (For further information please read some of the articles in the TRADING ESSENTIALS area of the website).</li>\r\n</ol>\r\nIf you revenge trade, you will more often than not be forcing trades. Rules, TRADE PLANS, RISK MANAGEMENT which, are all crucial, critical success factors for trading go out of the window.\r\n\r\nYou have to remain calm, through the frustration. It is as I have already said maybe a good time to take a break away from your computer\r\n\r\nIt is all about MANAGING YOUR EMOTIONS. This is what separates consistent good profitable traders from the rest.\r\n\r\nHere is my approach, and this will come as no surprise.\r\n\r\nExamine your TRADING PLAN, entry and exit levels, styles of trades, times of trades, position sizes, stop placements and your overall risk parameters. Ask yourself - Did you adhere to your plan?\r\n\r\nWere you chasing the market?\r\n\r\nYou have to let the market come to you. If you do not - you run the risk of placing your broker account under so much pressure that you run the risk of blowing your account.\r\n\r\nBasically, as with all things related to Forex trading, it is boring repetitive actions and controlled emotions that gives you the edge as a trader. Do not veer away from the tried and tested repetition. It works.\r\n\r\nYou cannot predict which way the market will move.\r\n\r\nYou can however, by using trading skills around Pivot points, SMA’s, Bollinger bands and Fibonacci levels and using your RISK ASSESSMENT skills increase your probabilities in trading. It is boring, but this is the reality of trading.\r\n\r\nIf you veer way from the disciples you have set in place via your TRADING PLAN, you are asking for trouble.\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\nFT135\r\nGBP/USD\r\nLong\r\nEntry: 1.7040\r\nStop Loss: 1.6985\r\nLimit / Target: 1.7250\r\nWeekly Closing Price: 1.7014\r\nPosition: -26 pips\r\n\r\nFT136\r\nAUD/USD\r\nShort\r\nEntry: 0.9400\r\nStop Loss: 0.9460\r\nLimit / Target: 0.8000\r\nWeekly Closing Position: 0.9387\r\nPosition: +13 pips\r\n\r\nFT137\r\nNZD/USD\r\nShort\r\nEntry: 0.8712\r\nStop Loss: 0.8780\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8695\r\nPosition: +17 pips\r\n\r\nFT139\r\nEUR/CAD\r\nShort\r\nEntry: 1.4623\r\nStop Loss: 1.4667\r\nLimit / Target: 1.4267\r\nWeekly Closing Price: 1.4631\r\nPosition: - 8 pips\r\n\r\nFT140\r\nCAD/CHF\r\nLong\r\nEntry: 0.8334\r\nStop Loss: 0.8250\r\nLimit / Target: 0.8580\r\nWeekly Closing Price: 0.8316\r\nPosition: -18 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT110\r\nAUD/NZD\r\nLong\r\nCost Average: 1.0825\r\nStop Loss: 1.0750\r\nLimit / Target: 1.1350\r\nWeekly Closing Price: 1.0794\r\nPosition: -31 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD (Hedged Trade)\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9559\r\nPosition: -241 pips\r\n\r\n&nbsp;\r\n\r\nFUN30\r\nGBP/AUD\r\nLong\r\nCost Average: 1.8115\r\nStop Loss: 1.7950\r\nLimit / Target: 1.8800 (261.8% extension)\r\nWeekly Closing Price: 1.8108\r\nPosition: -7 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe following trade set-ups listed below are placed with my brokers.\r\n\r\nRT108\r\nNZD/USD\r\nShort\r\nEntry at 0.8750\r\nStop at 0.8825\r\nLimit 0.8000\r\n\r\nRT109\r\nAUD/USD\r\nShort\r\nEntry at 0.9525\r\nStop at 0.9600\r\nLimit 0.8500\r\n\r\nRT114\r\nEUR/GBP\r\nShort\r\nEntry at 0.8050\r\nStop at 0.8090\r\nLimit 0.7800\r\n\r\nRT115\r\nUSD/NOK\r\nLong\r\nEntry at 6.0800\r\nStop at 6.0200\r\nLimit 6.2000\r\n\r\nRT116\r\nUSD/SEK\r\nLong\r\nEntry at 6.7000\r\nStop at 6.6450\r\nLimit 7.5700\r\n\r\nFUN29\r\nEUR/AUD\r\nLong\r\nEntry at 1.4550\r\nStop at 1.3950\r\nLimit at 1.7400\r\n\r\nFUN31\r\nEUR/CAD\r\nLong\r\nEntry at 1.4250\r\nStop at 1.3980\r\nLimit at 1.5500\r\n\r\nFUN33\r\nGBP/NZD\r\nLong\r\nEntry at 1.9380\r\nStop at 1.9000\r\nLimit at 2.0200\r\n\r\nFUN34\r\nEUR/NZD\r\nLong\r\nEntry at 1.5720\r\nStop at 1.5500\r\nLimit at 1.6550\r\n\r\n<strong> </strong>\r\n\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 1.3599.</strong> After all the shenanigans after FOMC, this pair basically finished last week almost at the same level as the week before. We now have a new trading range of 1.3500 to 1.3645\r\n\r\n<strong>GBP/USD: Closing Price 1.7014</strong>. We are in breakout territory as long as we remain over 1.6985. I think that we have the potential to get as high at 1.7200 – 1.7300. We need to pass 1.7042 first and this level of resistance has held very well so far. Therefore a new range of 1.6985 to 1.7042 is in place now.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9387</strong>. Not much of a change in the week on week closing price. We are however below 0.9390, which was a level of support I have been watching recently. Below 0.9350 and I will be a believer than we are heading lower and could breakdown a bit. For now 0.9350 to 0.9460 is the new range that we are currently trapped within.\r\n\r\n<strong>NZD/USD: Closing Price 0.8695</strong>. 0.8690 was my support level that has been on my radar almost all of the week. Resistance lies at 52-week highs at 0.8780. We may not get that high, so perhaps an interim resistance may offer some stops around 0.8740.<strong> </strong>\r\n\r\n<strong>USD/CAD: Closing Price 1.0757.</strong> Stellar, CAD economic data on Friday has pushed the CAD and all the crosses lower. 1.0750, just on the 200 Day SMA is holding as support for now, but do not rule out a move to 1.0700 early next week or even lower in sessions to come. I think that is a sentiment change on the CAD. Resistance is now 1.0810, which was previous support.\r\n\r\n<strong>USD/CHF: Closing Price 0.8946</strong>. The SNB was a wet fish earlier in the week. The press statement was boring, boring, boring. The USD/CHF is in a range of 0.8910 to 0.8985.\r\n\r\n<strong>USD/JPY: Closing Price 102.07. </strong>I have no inclination to get involved with any JPY pair never mind the USD/JPY. My gut is telling me because it is not breaking down that it must be getting ready to move higher. I have not even been watching it of late. It looks like very familiar numbers will contain this pair: 101.50 to 102.60.\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\">LONG:</span>\r\n\r\nCAD/JPY\r\nGBP/JPY\r\nUSD/NOK\r\nUSD/SEK\r\nEUR/NOK\r\nEUR/SEK\r\n\r\n<span style=\"text-decoration: underline;\">SHORT:</span>\r\n\r\nGBP/USD\r\nAUD/USD\r\nNZD/USD\r\nUSD/CAD\r\nEUR/GBP\r\nAUD/CAD\r\nEUR/CAD\r\nGBP/CAD\r\nEUR/CHF\r\nAUD/NZD\r\n<strong> </strong>\r\n\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nMONDAY: EUR – French and German Flash Manufacturing PMi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – The HAWK takes the stage…Carney speaks.\r\nTHURSDAY: NZD – Trade Balance.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nNot much on the news wires coming through next week. So, it looks like the equities markets and political sound-bytes will drive us. Oh, happy days.\r\n\r\nWe are still working our way through the World Cup calendar programme so trading volumes will be lower, and take in vacations for summer and the markets may drag.\r\n\r\nKeep your TRADING DISCIPLINE high…do <strong>NOT</strong> FORCE TRADES as the chances are you run a much higher risk than normal of being caught out on the wrong side.\r\n\r\nKeep your position sizes a little smaller and stops a little wider to allow for any lack of liquidity swings and hopefully you will get by.\r\n\r\nTake care and good luck.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday June 21st 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;','YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY','','inherit','open','closed','','3923-revision-v1','','','2014-06-21 14:21:01','2014-06-21 19:21:01','',3923,'https://weeklyfxdrivethru.com/3923-revision-v1/',0,'revision','',0),(3930,1,'2014-06-21 14:27:35','2014-06-21 19:27:35','<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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\">TRADING WITH A FLEXIBLE MINDSET</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PROBABILITIES-IN-TRADING.pdf\">PROBABILITIES IN TRADING</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf\">TRADING PSYCHOLOGY AND DRAWDOWNS</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-RECENCY-BIAS.pdf\">TRADING PSYCHOLOGY - RECENCY BIAS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/A-MATHEMATICAL-APPROACH-TO-ELIMINATING-EMOTIONS.pdf\">A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/ARE-YOU-FORCING-TRADES_.pdf\">ARE YOU FORCING TRADES_</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<div class=\"one-third\"></div>\r\n&nbsp;\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n</section>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-06-21 14:27:35','2014-06-21 19:27:35','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3932,1,'2014-06-21 14:30:37','2014-06-21 19:30:37','<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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\">TRADING WITH A FLEXIBLE MINDSET</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PROBABILITIES-IN-TRADING.pdf\">PROBABILITIES IN TRADING</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf\">TRADING PSYCHOLOGY AND DRAWDOWNS</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-RECENCY-BIAS.pdf\">TRADING PSYCHOLOGY - RECENCY BIAS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/A-MATHEMATICAL-APPROACH-TO-ELIMINATING-EMOTIONS.pdf\">A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/ARE-YOU-FORCING-TRADES_.pdf\">ARE YOU FORCING TRADES_</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<div class=\"one-third\"></div>\r\n&nbsp;\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n</section>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-06-21 14:30:37','2014-06-21 19:30:37','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3933,1,'2014-06-21 14:48:26','2014-06-21 19:48:26','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThankfully, some volatility returned to the Forex market last week. We had to wait for the FED to provide it via the FOMC press conference. I suppose when I look back Janet Yellen did what she had to do. In fact what most, if not all, central bank officials do best, is that look at their world through rose-tinted glasses and give opinions using a glossary of terms and basic dialogue, (which is now getting editors of the Universal Oxford Shorter English Dictionary really excited because of the new words introduced), to steady the markets, and lie through their teeth. I will revisit these thoughts later in the blog under the fundamental traders view (for PREMIUM SERVICE subscribers) or the view from my trading desk (for the free newsletter subscribers).\r\n\r\nThe SNB, produced a statement that was wetter than touching the wettest fish from the deepest part of the Pacific Ocean….a complete waste of time and to think I set my alarm to wake up for it!\r\n\r\nThe geopolitical news is still having it’s effect on the markets. However, not as much as I thought they would, Wall Street in particular appears to be immune to almost everything - tensions in Iraq included.\r\n\r\nOIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East. It is a stealth tax on consumers and it will have an effect on U.S. data, in particular personal spending and consumer confidence.\r\n\r\nThe problem is that although people will spend less and the world needs U.S. consumers to spend to drive the world forward, for Wall Street however, good news is good news and bad news is good news. As long as market makers believe that the FED will support the markets come what may, this at times, idiotic mentality that persists in Wall Street will continue. It is like Wall Street is inside it’s own little cuckoon sheltered from all matters outside.\r\nThe result is, that I think we will not move away from DEFLATION and RECESSION talk until the markets are left to stand up on their own. I have an article 50% written on this subject in more humorous and enlightening detail and I will use it soon.\r\n\r\nNevertheless, OIL is a future concern for several reasons (supply and retail price) and it will be interesting to see does its relationship with the USD remain somewhat intact.\r\n\r\nThe PREMIUM SERVICE has been a little quieter than usual on trades, in fact this week we only closed 7 additional trades. However, that is not really that surprising given the current trading conditions. The PREMIUM SERVICE is still adding $$$ each month and that is the right way, particularly as it took a small trading loss last week. Returns are a little behind the curve, but costs are more than covered. This year with so many traders falling away, this can only be viewed as positive and it should only get better as trading conditions to improve.\r\n\r\nWe are currently live in 9 trades with 9 limit orders in place. The key is to keep TRADING DISCIPLINE in place in all market conditions. It is harder at the moment and my trading expectation levels have been revised accordingly.\r\n\r\nSo despite the market I am still trying to “weed out” trades.\r\n\r\nI have decided after looking around at a great deal of economic data and Central Bank comments to set a new batch of FUNDAMENTAL TRADE set-ups in place that I am hoping to keep in place until the Fall (Autumn), or maybe longer. I am using hedging if required to maintain these positions, which I always find fascinating…what a weird mentality traders have to find hedging interesting!!\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADERS DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY</strong></p>\r\nSo much credence is now placed on Central Bank governors around the world since the financial crisis that they have now taken on celebrity status.\r\n\r\nI am just waiting for OK / PEOPLE / HELLO / OLA magazines to show us pages of a day in the life….such as the following: -\r\n<p style=\"text-align: center;\"><strong>Janet Yellen: telling her that where she lives there is just noise, noise, noise all about the back yard, but, the house if securely anchored.</strong>\r\n<strong>Mark Carney: fist in the air playing croquet (more likely hockey) on the lawn following his million-dollar move from Canada.</strong>\r\n<strong>Glenn Stevens having a beer throwing a shrimp on the Barbie.</strong>\r\n<strong>Graeme Wheeler: the master of wanting his cake and eating it, actually in a shop ordering a nice cake.</strong>\r\n<strong>Mario Draghi: Obviously my favourite, pictured kicking a can down the road.</strong></p>\r\n I am not sure that the magazines would sell in any economical viable quantities, and it took me some time to come up with clean visions for a couple of the above, but these people do in my opinion attract paparazzi like a celebrity.\r\n\r\nMy question is; are they actually worthy of all this?\r\n\r\nOver the past two weeks since Carney’s moment in his recent Mansion House speech that has given him the same notoriety as Draghi’s “Whatever it takes”, “Do a Carney” has become a living and breathing phrase to use across a matter of things.\r\n\r\nAll Carney did was basically say that the markets are a little complacent in their views of when UK interest rates may rise and it will be earlier than they think. My God…..a central bank governor that is a HAWK…no longer accommodative in rhetoric. This is great, no more sucking up to the market makers that need to be surrounded in cotton wool and wrapped in bubble-wrap.\r\n\r\nThe FED, through Bernanke, offered support as fast as the UK when the financial crisis broke in 2008-9. The debate started immediately after Carneys speech will Yellen modify her language in the FOMC press conference in line with the UK? I wrote about this last week re: the dilemma facing the FED. What did Yellen do? Nada, nothing at all, she kept her commentary in line with previous statements and kept tapering at USD$10 million additional reduction.\r\n\r\nSo, Janet Yellen is a DOVE. Despite continued rhetoric that any bad news is basically a blip and can be explained away with sometimes rather glib vocabulary, she maintains that U.S. economic recovery is still fragile in places but STILL moving forward. At some stage she has to stop saying for “An extended period of time”, or “In line with our expectations”. At some point the noise she is making will have to modify. The FED has to do more than taper, otherwise her continual build up of the U.S. economy will basically represent the FED providing a commentary that equates to a “Fur coat and no knickers” approach.\r\n\r\nDo I believe Janet Yellen? I believe her about as much as I believe Mario Draghi, and I do not trust a damn thing he says.\r\n\r\nThe Central Bank governors are celebs of sorts, the markets which are in constant need of reassurance and easing have elevated the central bank governor positions to be at times more important to a country’s economy than anything the political leaders can muster.\r\n\r\nThis is certainly true in Washington, the U.S. politicians are a disgrace most of the time, the party divide is more important than moving the U.S. economy forward. I wrote numerous times in the past 2/3 years about how I felt than Ben Bernanke was the most powerful man in the world, way more than Obama, basically because he had the ability to move world markets in an instant.\r\n\r\nUK politicians are most of the time divided but united on what is good for the country, when it matters.\r\n\r\nIn the EUROZONE, the cultural diversity means that basically there is never agreement on anything, I doubt they even agree on the types of cheese to be consumed or the wines selected at the numerous lavish buffet meetings that are held in Brussels (The capital of world hospitality companies and expertise).\r\n\r\nPoor Mario Draghi, attracts so much media because it was the ECB that really brought to the forefront the high profile press conference for central bank governors. Draghi though is just a puppet of Berlin….he has a chip planted that controls his actions / statements / and his body language gestures at all times. The Germans are very clever people they have this chip that allows the Bundesbank to speak directly to Draghi, he opens his mouth and the incoming German accent becomes an outgoing Italian accent, very, very clever.\r\n\r\nSo, Draghi is a puppet, in my terms a numpty, he has no real control at all. The ECB mandate that he constantly refers to, is his way of saying\r\n<p style=\"text-align: center;\"><strong><em>“Look guys…my hands are tied, it’s Berlin that rules the ECB and runs the EUROZONE as a state of Germany, I have very limited powers, if any, however, I can create all these cool acronyms like LTRO, OMT, EPC, SEPA, PE-ACH, MIF, eSEPA, CSM and BIC…and there are loads more.”</em></strong></p>\r\n What fun Draghi and his board members must have on a daily basis!!\r\n\r\nOn a serious point, the Financial crisis of 2008-9 is 5-6 years old, it affected the world. It is only now that ECB are considering easing to help grow the EUROZONE and fight DEFLATION, force the banks to lend money, tackle unemployment and try to bring down the strong single currency exchange rate.\r\n\r\nCarney may now be viewed as a HAWK, Yellen may still be viewed as a DOVE but in my opinion, maybe not all his fault, but Draghi is definitely a NUMPTY.\r\n\r\nThese people are well paid to get above the drama of political votes, because popularity is all that drives politicians. They have to rise above political pressure and tell it how it is, and NOT be economical with the truth. Above all I am sick to the back teeth of hearing about free market economies, who has these anymore as far as I can see 6 years after the crisis we are still too afraid to let them stand on their own feet. We will never know if things are good in an economy until we can see and debate economic matters without interference disguised in the names of easing or support.\r\n\r\n&nbsp;\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3599.</strong> After all the shenanigans after FOMC, this pair basically finished last week almost at the same level as the week before. We now have a new trading range of 1.3500 to 1.3645.\r\n\r\n<strong>GBP/USD: Closing Price 1.7014</strong>. We are in breakout territory as long as we remain over 1.6985. I think that we have the potential to get as high at 1.7200 – 1.7300. We need to pass 1.7042 first and this level of resistance has held very well so far. Therefore a new range of 1.6985 to 1.7042 is in place now<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9387</strong>. Not much of a change in the week on week closing price. We are however below 0.9390, which was a level of support I have been watching recently. Below 0.9350 and I will be a believer than we are heading lower and could breakdown a bit. For now 0.9350 to 0.9460 is the new range that we are currently trapped within.\r\n\r\n<strong>NZD/USD: Closing Price 0.8695</strong>. 0.8690 was my support level that has been on my radar almost all of the week. Resistance lies at 52-week highs at 0.8780. We may not get that high, so perhaps an interim resistance may offer some stops around 0.8740.\r\n\r\n<strong>USD/CAD: Closing Price 1.0757.</strong> Stellar, CAD economic data on Friday has pushed the CAD and all the crosses lower. 1.0750, just on the 200 Day SMA is holding as support for now, but do not rule out a move to 1.0700 early next week or even lower in sessions to come. I think that is a sentiment change on the CAD. Resistance is now 1.0810, which was previous support.\r\n\r\n<strong>USD/CHF: Closing Price 0.8946</strong>. The SNB was a wet fish earlier in the week. The press statement was boring, boring, boring. The USD/CHF is in a range of 0.8910 to 0.8985.\r\n\r\n<strong>USD/JPY: Closing Price 102.07. </strong>I have no inclination to get involved with any JPY pair never mind the USD/JPY. My gut is telling me because it is not breaking down that it must be getting ready to move higher. I have not even been watching it of late. It looks like very familiar numbers will contain this pair: 101.50 to 102.60.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nMONDAY: EUR – French and German Flash Manufacturing PMi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – The HAWK takes the stage…Carney speaks.\r\nTHURSDAY: NZD – Trade Balance.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. As I am always having new readers I thought it may be of value just to highlight one or two points relating to the PREMIUM SERVICE.\r\n\r\nThis is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website. If this something that interests you, I just want to also mention that the $20.00 four week trial subscription offer will end shortly. I have no plans to re-introduce this again this year.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></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. I also show you the year-to-date performance by trade style.\r\n\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\"><img class=\"aligncenter size-full wp-image-3915\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\" alt=\"PREM SERV PROFITS1 21062014\" width=\"438\" height=\"409\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\"><img class=\"aligncenter size-full wp-image-3916\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\" alt=\"PREM SERVICE PROFITS 2 21062014\" width=\"453\" height=\"422\" /></a>\r\n\r\n&nbsp;\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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nNot much on the news wires coming through next week. So, it looks like the equities markets and political sound-bytes will drive us. Oh, happy days.\r\n\r\nWe are still working our way through the World Cup calendar programme so trading volumes will be lower, and take in vacations for summer and the markets may drag.\r\n\r\nKeep your TRADING DISCIPLINE high…do <strong>NOT</strong> FORCE TRADES as the chances are you run a much higher risk than normal of being caught out on the wrong side.\r\n\r\nKeep your position sizes a little smaller and stops a little wider to allow for any lack of liquidity swings and hopefully you will get by.\r\n\r\nTake care and good luck.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday June 21st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\nDrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering','YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY','','publish','open','closed','','yellen-dove-carney-hawk-draghi-numpty','','','2014-06-21 14:56:14','2014-06-21 19:56:14','',0,'https://weeklyfxdrivethru.com/?p=3933',0,'post','',0),(3934,1,'2014-06-21 14:45:41','2014-06-21 19:45:41','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThankfully, some volatility returned to the Forex market last week. We had to wait for the FED to provide it via the FOMC press conference. I suppose when I look back Janet Yellen did what she had to do. In fact what most, if not all, central bank officials do best, is that look at their world through rose-tinted glasses and give opinions using a glossary of terms and basic dialogue, (which is now getting editors of the Universal Oxford Shorter English Dictionary really excited because of the new words introduced), to steady the markets, and lie through their teeth. I will revisit these thoughts later in the blog under the fundamental traders view (for PREMIUM SERVICE subscribers) or the view from my trading desk (for the free newsletter subscribers).\r\n\r\nThe SNB, produced a statement that was wetter than touching the wettest fish from the deepest part of the Pacific Ocean….a complete waste of time and to think I set my alarm to wake up for it!\r\n\r\nThe geopolitical news is still having it’s effect on the markets. However, not as much as I thought they would, Wall Street in particular appears to be immune to almost everything - tensions in Iraq included.\r\n\r\nOIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East. It is a stealth tax on consumers and it will have an effect on U.S. data, in particular personal spending and consumer confidence.\r\n\r\nThe problem is that although people will spend less and the world needs U.S. consumers to spend to drive the world forward, for Wall Street however, good news is good news and bad news is good news. As long as market makers believe that the FED will support the markets come what may, this at times, idiotic mentality that persists in Wall Street will continue. It is like Wall Street is inside it’s own little cuckoon sheltered from all matters outside.\r\nThe result is, that I think we will not move away from DEFLATION and RECESSION talk until the markets are left to stand up on their own. I have an article 50% written on this subject in more humorous and enlightening detail and I will use it soon.\r\n\r\nNevertheless, OIL is a future concern for several reasons (supply and retail price) and it will be interesting to see does its relationship with the USD remain somewhat intact.\r\n\r\nThe PREMIUM SERVICE has been a little quieter than usual on trades, in fact this week we only closed 7 additional trades. However, that is not really that surprising given the current trading conditions. The PREMIUM SERVICE is still adding $$$ each month and that is the right way, particularly as it took a small trading loss last week. Returns are a little behind the curve, but costs are more than covered. This year with so many traders falling away, this can only be viewed as positive and it should only get better as trading conditionsto improve.\r\n\r\nWe are currently live in 9 trades with 9 limit orders in place. The key is to keep TRADING DISCIPLINE in place in all market conditions. It is harder at the moment and my trading expectation levels have been revised accordingly.\r\n\r\nSo despite the market I am still trying to “weed out” trades.\r\n\r\nI have decided after looking around at a great deal of economic data and Central Bank comments to set a new batch of FUNDAMENTAL TRADE set-ups in place that I am hoping to keep in place until the Fall (Autumn), or maybe longer. I am using hedging if required to maintain these positions, which I always find fascinating…what a weird mentality traders have to find hedging interesting!!\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADERS DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY</strong></p>\r\nSo much credence is now placed on Central Bank governors around the world since the financial crisis that they have now taken on celebrity status.\r\n\r\nI am just waiting for OK / PEOPLE / HELLO / OLA magazines to show us pages of a day in the life….such as the following: -\r\n<p style=\"text-align: center;\"><strong>Janet Yellen: telling her that where she lives there is just noise, noise, noise all about the back yard, but, the house if securely anchored.</strong>\r\n<strong>Mark Carney: fist in the air playing croquet (more likely hockey) on the lawn following his million-dollar move from Canada.</strong>\r\n<strong>Glenn Stevens having a beer throwing a shrimp on the Barbie.</strong>\r\n<strong>Graeme Wheeler: the master of wanting his cake and eating it, actually in a shop ordering a nice cake.</strong>\r\n<strong>Mario Draghi: Obviously my favourite, pictured kicking a can down the road.</strong></p>\r\n I am not sure that the magazines would sell in any economical viable quantities, and it took me some time to come up with clean visions for a couple of the above, but these people do in my opinion attract paparazzi like a celebrity.\r\n\r\nMy question is; are they actually worthy of all this?\r\n\r\nOver the past two weeks since Carney’s moment in his recent Mansion House speech that has given him the same notoriety as Draghi’s “Whatever it takes”, “Do a Carney” has become a living and breathing phrase to use across a matter of things.\r\n\r\nAll Carney did was basically say that the markets are a little complacent in their views of when UK interest rates may rise and it will be earlier than they think. My God…..a central bank governor that is a HAWK…no longer accommodative in rhetoric. This is great, no more sucking up to the market makers that need to be surrounded in cotton wool and wrapped in bubble-wrap.\r\n\r\nThe FED, through Bernanke, offered support as fast as the UK when the financial crisis broke in 2008-9. The debate started immediately after Carneys speech will Yellen modify her language in the FOMC press conference in line with the UK? I wrote about this last week re: the dilemma facing the FED. What did Yellen do? Nada, nothing at all, she kept her commentary in line with previous statements and kept tapering at USD$10 million additional reduction.\r\n\r\nSo, Janet Yellen is a DOVE. Despite continued rhetoric that any bad news is basically a blip and can be explained away with sometimes rather glib vocabulary, she maintains that U.S. economic recovery is still fragile in places but STILL moving forward. At some stage she has to stop saying for “An extended period of time”, or “In line with our expectations”. At some point the noise she is making will have to modify. The FED has to do more than taper, otherwise her continual build up of the U.S. economy will basically represent the FED providing a commentary that equates to a “Fur coat and no knickers” approach.\r\n\r\nDo I believe Janet Yellen? I believe her about as much as I believe Mario Draghi, and I do not trust a damn thing he says.\r\n\r\nThe Central Bank governors are celebs of sorts, the markets which are in constant need of reassurance and easing have elevated the central bank governor positions to be at times more important to a country’s economy than anything the political leaders can muster.\r\n\r\nThis is certainly true in Washington, the U.S. politicians are a disgrace most of the time, the party divide is more important than moving the U.S. economy forward. I wrote numerous times in the past 2/3 years about how I felt than Ben Bernanke was the most powerful man in the world, way more than Obama, basically because he had the ability to move world markets in an instant.\r\n\r\nUK politicians are most of the time divided but united on what is good for the country, when it matters.\r\n\r\nIn the EUROZONE, the cultural diversity means that basically there is never agreement on anything, I doubt they even agree on the types of cheese to be consumed or the wines selected at the numerous lavish buffet meetings that are held in Brussels (The capital of world hospitality companies and expertise).\r\n\r\nPoor Mario Draghi, attracts so much media because it was the ECB that really brought to the forefront the high profile press conference for central bank governors. Draghi though is just a puppet of Berlin….he has a chip planted that controls his actions / statements / and his body language gestures at all times. The Germans are very clever people they have this chip that allows the Bundesbank to speak directly to Draghi, he opens his mouth and the incoming German accent becomes an outgoing Italian accent, very, very clever.\r\n\r\nSo, Draghi is a puppet, in my terms a numpty, he has no real control at all. The ECB mandate that he constantly refers to, is his way of saying\r\n<p style=\"text-align: center;\"><strong><em>“Look guys…my hands are tied, it’s Berlin that rules the ECB and runs the EUROZONE as a state of Germany, I have very limited powers, if any, however, I can create all these cool acronyms like LTRO, OMT, EPC, SEPA, PE-ACH, MIF, eSEPA, CSM and BIC…and there are loads more.”</em></strong></p>\r\n What fun Draghi and his board members must have on a daily basis!!\r\n\r\nOn a serious point, the Financial crisis of 2008-9 is 5-6 years old, it affected the world. It is only now that ECB are considering easing to help grow the EUROZONE and fight DEFLATION, force the banks to lend money, tackle unemployment and try to bring down the strong single currency exchange rate.\r\n\r\nCarney may now be viewed as a HAWK, Yellen may still be viewed as a DOVE but in my opinion, maybe not all his fault, but Draghi is definitely a NUMPTY.\r\n\r\nThese people are well paid to get above the drama of political votes, because popularity is all that drives politicians. They have to rise above political pressure and tell it how it is, and NOT be economical with the truth. Above all I am sick to the back teeth of hearing about free market economies, who has these anymore as far as I can see 6 years after the crisis we are still too afraid to let them stand on their own feet. We will never know if things are good in an economy until we can see and debate economic matters without interference disguised in the names of easing or support.\r\n\r\n&nbsp;\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3599.</strong> After all the shenanigans after FOMC, this pair basically finished last week almost at the same level as the week before. We now have a new trading range of 1.3500 to 1.3645.\r\n\r\n<strong>GBP/USD: Closing Price 1.7014</strong>. We are in breakout territory as long as we remain over 1.6985. I think that we have the potential to get as high at 1.7200 – 1.7300. We need to pass 1.7042 first and this level of resistance has held very well so far. Therefore a new range of 1.6985 to 1.7042 is in place now<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9387</strong>. Not much of a change in the week on week closing price. We are however below 0.9390, which was a level of support I have been watching recently. Below 0.9350 and I will be a believer than we are heading lower and could breakdown a bit. For now 0.9350 to 0.9460 is the new range that we are currently trapped within.\r\n\r\n<strong>NZD/USD: Closing Price 0.8695</strong>. 0.8690 was my support level that has been on my radar almost all of the week. Resistance lies at 52-week highs at 0.8780. We may not get that high, so perhaps an interim resistance may offer some stops around 0.8740.\r\n\r\n<strong>USD/CAD: Closing Price 1.0757.</strong> Stellar, CAD economic data on Friday has pushed the CAD and all the crosses lower. 1.0750, just on the 200 Day SMA is holding as support for now, but do not rule out a move to 1.0700 early next week or even lower in sessions to come. I think that is a sentiment change on the CAD. Resistance is now 1.0810, which was previous support.\r\n\r\n<strong>USD/CHF: Closing Price 0.8946</strong>. The SNB was a wet fish earlier in the week. The press statement was boring, boring, boring. The USD/CHF is in a range of 0.8910 to 0.8985.\r\n\r\n<strong>USD/JPY: Closing Price 102.07. </strong>I have no inclination to get involved with any JPY pair never mind the USD/JPY. My gut is telling me because it is not breaking down that it must be getting ready to move higher. I have not even been watching it of late. It looks like very familiar numbers will contain this pair: 101.50 to 102.60.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nMONDAY: EUR – French and German Flash Manufacturing PMi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – The HAWK takes the stage…Carney speaks.\r\nTHURSDAY: NZD – Trade Balance.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. As I am always having new readers I thought it may be of value just to highlight one or two points relating to the PREMIUM SERVICE.\r\n\r\nThis is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website. If this something that interests you, I just want to also mention that the $20.00 four week trial subscription offer will end shortly. I have no plans to re-introduce this again this year.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></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. I also show you the year-to-date performance by trade style.\r\n\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\"><img class=\"aligncenter size-full wp-image-3915\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\" alt=\"PREM SERV PROFITS1 21062014\" width=\"438\" height=\"409\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\"><img class=\"aligncenter size-full wp-image-3916\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\" alt=\"PREM SERVICE PROFITS 2 21062014\" width=\"453\" height=\"422\" /></a>\r\n\r\n&nbsp;\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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nNot much on the news wires coming through next week. So, it looks like the equities markets and political sound-bytes will drive us. Oh, happy days.\r\n\r\nWe are still working our way through the World Cup calendar programme so trading volumes will be lower, and take in vacations for summer and the markets may drag.\r\n\r\nKeep your TRADING DISCIPLINE high…do <strong>NOT</strong> FORCE TRADES as the chances are you run a much higher risk than normal of being caught out on the wrong side.\r\n\r\nKeep your position sizes a little smaller and stops a little wider to allow for any lack of liquidity swings and hopefully you will get by.\r\n\r\nTake care and good luck.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday June 21st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\nDrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering','YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY','','inherit','open','closed','','3933-revision-v1','','','2014-06-21 14:45:41','2014-06-21 19:45:41','',3933,'https://weeklyfxdrivethru.com/3933-revision-v1/',0,'revision','',0),(3935,1,'2014-06-21 14:48:26','2014-06-21 19:48:26','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThankfully, some volatility returned to the Forex market last week. We had to wait for the FED to provide it via the FOMC press conference. I suppose when I look back Janet Yellen did what she had to do. In fact what most, if not all, central bank officials do best, is that look at their world through rose-tinted glasses and give opinions using a glossary of terms and basic dialogue, (which is now getting editors of the Universal Oxford Shorter English Dictionary really excited because of the new words introduced), to steady the markets, and lie through their teeth. I will revisit these thoughts later in the blog under the fundamental traders view (for PREMIUM SERVICE subscribers) or the view from my trading desk (for the free newsletter subscribers).\r\n\r\nThe SNB, produced a statement that was wetter than touching the wettest fish from the deepest part of the Pacific Ocean….a complete waste of time and to think I set my alarm to wake up for it!\r\n\r\nThe geopolitical news is still having it’s effect on the markets. However, not as much as I thought they would, Wall Street in particular appears to be immune to almost everything - tensions in Iraq included.\r\n\r\nOIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East. It is a stealth tax on consumers and it will have an effect on U.S. data, in particular personal spending and consumer confidence.\r\n\r\nThe problem is that although people will spend less and the world needs U.S. consumers to spend to drive the world forward, for Wall Street however, good news is good news and bad news is good news. As long as market makers believe that the FED will support the markets come what may, this at times, idiotic mentality that persists in Wall Street will continue. It is like Wall Street is inside it’s own little cuckoon sheltered from all matters outside.\r\nThe result is, that I think we will not move away from DEFLATION and RECESSION talk until the markets are left to stand up on their own. I have an article 50% written on this subject in more humorous and enlightening detail and I will use it soon.\r\n\r\nNevertheless, OIL is a future concern for several reasons (supply and retail price) and it will be interesting to see does its relationship with the USD remain somewhat intact.\r\n\r\nThe PREMIUM SERVICE has been a little quieter than usual on trades, in fact this week we only closed 7 additional trades. However, that is not really that surprising given the current trading conditions. The PREMIUM SERVICE is still adding $$$ each month and that is the right way, particularly as it took a small trading loss last week. Returns are a little behind the curve, but costs are more than covered. This year with so many traders falling away, this can only be viewed as positive and it should only get better as trading conditions to improve.\r\n\r\nWe are currently live in 9 trades with 9 limit orders in place. The key is to keep TRADING DISCIPLINE in place in all market conditions. It is harder at the moment and my trading expectation levels have been revised accordingly.\r\n\r\nSo despite the market I am still trying to “weed out” trades.\r\n\r\nI have decided after looking around at a great deal of economic data and Central Bank comments to set a new batch of FUNDAMENTAL TRADE set-ups in place that I am hoping to keep in place until the Fall (Autumn), or maybe longer. I am using hedging if required to maintain these positions, which I always find fascinating…what a weird mentality traders have to find hedging interesting!!\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADERS DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY</strong></p>\r\nSo much credence is now placed on Central Bank governors around the world since the financial crisis that they have now taken on celebrity status.\r\n\r\nI am just waiting for OK / PEOPLE / HELLO / OLA magazines to show us pages of a day in the life….such as the following: -\r\n<p style=\"text-align: center;\"><strong>Janet Yellen: telling her that where she lives there is just noise, noise, noise all about the back yard, but, the house if securely anchored.</strong>\r\n<strong>Mark Carney: fist in the air playing croquet (more likely hockey) on the lawn following his million-dollar move from Canada.</strong>\r\n<strong>Glenn Stevens having a beer throwing a shrimp on the Barbie.</strong>\r\n<strong>Graeme Wheeler: the master of wanting his cake and eating it, actually in a shop ordering a nice cake.</strong>\r\n<strong>Mario Draghi: Obviously my favourite, pictured kicking a can down the road.</strong></p>\r\n I am not sure that the magazines would sell in any economical viable quantities, and it took me some time to come up with clean visions for a couple of the above, but these people do in my opinion attract paparazzi like a celebrity.\r\n\r\nMy question is; are they actually worthy of all this?\r\n\r\nOver the past two weeks since Carney’s moment in his recent Mansion House speech that has given him the same notoriety as Draghi’s “Whatever it takes”, “Do a Carney” has become a living and breathing phrase to use across a matter of things.\r\n\r\nAll Carney did was basically say that the markets are a little complacent in their views of when UK interest rates may rise and it will be earlier than they think. My God…..a central bank governor that is a HAWK…no longer accommodative in rhetoric. This is great, no more sucking up to the market makers that need to be surrounded in cotton wool and wrapped in bubble-wrap.\r\n\r\nThe FED, through Bernanke, offered support as fast as the UK when the financial crisis broke in 2008-9. The debate started immediately after Carneys speech will Yellen modify her language in the FOMC press conference in line with the UK? I wrote about this last week re: the dilemma facing the FED. What did Yellen do? Nada, nothing at all, she kept her commentary in line with previous statements and kept tapering at USD$10 million additional reduction.\r\n\r\nSo, Janet Yellen is a DOVE. Despite continued rhetoric that any bad news is basically a blip and can be explained away with sometimes rather glib vocabulary, she maintains that U.S. economic recovery is still fragile in places but STILL moving forward. At some stage she has to stop saying for “An extended period of time”, or “In line with our expectations”. At some point the noise she is making will have to modify. The FED has to do more than taper, otherwise her continual build up of the U.S. economy will basically represent the FED providing a commentary that equates to a “Fur coat and no knickers” approach.\r\n\r\nDo I believe Janet Yellen? I believe her about as much as I believe Mario Draghi, and I do not trust a damn thing he says.\r\n\r\nThe Central Bank governors are celebs of sorts, the markets which are in constant need of reassurance and easing have elevated the central bank governor positions to be at times more important to a country’s economy than anything the political leaders can muster.\r\n\r\nThis is certainly true in Washington, the U.S. politicians are a disgrace most of the time, the party divide is more important than moving the U.S. economy forward. I wrote numerous times in the past 2/3 years about how I felt than Ben Bernanke was the most powerful man in the world, way more than Obama, basically because he had the ability to move world markets in an instant.\r\n\r\nUK politicians are most of the time divided but united on what is good for the country, when it matters.\r\n\r\nIn the EUROZONE, the cultural diversity means that basically there is never agreement on anything, I doubt they even agree on the types of cheese to be consumed or the wines selected at the numerous lavish buffet meetings that are held in Brussels (The capital of world hospitality companies and expertise).\r\n\r\nPoor Mario Draghi, attracts so much media because it was the ECB that really brought to the forefront the high profile press conference for central bank governors. Draghi though is just a puppet of Berlin….he has a chip planted that controls his actions / statements / and his body language gestures at all times. The Germans are very clever people they have this chip that allows the Bundesbank to speak directly to Draghi, he opens his mouth and the incoming German accent becomes an outgoing Italian accent, very, very clever.\r\n\r\nSo, Draghi is a puppet, in my terms a numpty, he has no real control at all. The ECB mandate that he constantly refers to, is his way of saying\r\n<p style=\"text-align: center;\"><strong><em>“Look guys…my hands are tied, it’s Berlin that rules the ECB and runs the EUROZONE as a state of Germany, I have very limited powers, if any, however, I can create all these cool acronyms like LTRO, OMT, EPC, SEPA, PE-ACH, MIF, eSEPA, CSM and BIC…and there are loads more.”</em></strong></p>\r\n What fun Draghi and his board members must have on a daily basis!!\r\n\r\nOn a serious point, the Financial crisis of 2008-9 is 5-6 years old, it affected the world. It is only now that ECB are considering easing to help grow the EUROZONE and fight DEFLATION, force the banks to lend money, tackle unemployment and try to bring down the strong single currency exchange rate.\r\n\r\nCarney may now be viewed as a HAWK, Yellen may still be viewed as a DOVE but in my opinion, maybe not all his fault, but Draghi is definitely a NUMPTY.\r\n\r\nThese people are well paid to get above the drama of political votes, because popularity is all that drives politicians. They have to rise above political pressure and tell it how it is, and NOT be economical with the truth. Above all I am sick to the back teeth of hearing about free market economies, who has these anymore as far as I can see 6 years after the crisis we are still too afraid to let them stand on their own feet. We will never know if things are good in an economy until we can see and debate economic matters without interference disguised in the names of easing or support.\r\n\r\n&nbsp;\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3599.</strong> After all the shenanigans after FOMC, this pair basically finished last week almost at the same level as the week before. We now have a new trading range of 1.3500 to 1.3645.\r\n\r\n<strong>GBP/USD: Closing Price 1.7014</strong>. We are in breakout territory as long as we remain over 1.6985. I think that we have the potential to get as high at 1.7200 – 1.7300. We need to pass 1.7042 first and this level of resistance has held very well so far. Therefore a new range of 1.6985 to 1.7042 is in place now<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9387</strong>. Not much of a change in the week on week closing price. We are however below 0.9390, which was a level of support I have been watching recently. Below 0.9350 and I will be a believer than we are heading lower and could breakdown a bit. For now 0.9350 to 0.9460 is the new range that we are currently trapped within.\r\n\r\n<strong>NZD/USD: Closing Price 0.8695</strong>. 0.8690 was my support level that has been on my radar almost all of the week. Resistance lies at 52-week highs at 0.8780. We may not get that high, so perhaps an interim resistance may offer some stops around 0.8740.\r\n\r\n<strong>USD/CAD: Closing Price 1.0757.</strong> Stellar, CAD economic data on Friday has pushed the CAD and all the crosses lower. 1.0750, just on the 200 Day SMA is holding as support for now, but do not rule out a move to 1.0700 early next week or even lower in sessions to come. I think that is a sentiment change on the CAD. Resistance is now 1.0810, which was previous support.\r\n\r\n<strong>USD/CHF: Closing Price 0.8946</strong>. The SNB was a wet fish earlier in the week. The press statement was boring, boring, boring. The USD/CHF is in a range of 0.8910 to 0.8985.\r\n\r\n<strong>USD/JPY: Closing Price 102.07. </strong>I have no inclination to get involved with any JPY pair never mind the USD/JPY. My gut is telling me because it is not breaking down that it must be getting ready to move higher. I have not even been watching it of late. It looks like very familiar numbers will contain this pair: 101.50 to 102.60.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nMONDAY: EUR – French and German Flash Manufacturing PMi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – The HAWK takes the stage…Carney speaks.\r\nTHURSDAY: NZD – Trade Balance.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. As I am always having new readers I thought it may be of value just to highlight one or two points relating to the PREMIUM SERVICE.\r\n\r\nThis is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website. If this something that interests you, I just want to also mention that the $20.00 four week trial subscription offer will end shortly. I have no plans to re-introduce this again this year.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></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. I also show you the year-to-date performance by trade style.\r\n\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\"><img class=\"aligncenter size-full wp-image-3915\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\" alt=\"PREM SERV PROFITS1 21062014\" width=\"438\" height=\"409\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\"><img class=\"aligncenter size-full wp-image-3916\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\" alt=\"PREM SERVICE PROFITS 2 21062014\" width=\"453\" height=\"422\" /></a>\r\n\r\n&nbsp;\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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nNot much on the news wires coming through next week. So, it looks like the equities markets and political sound-bytes will drive us. Oh, happy days.\r\n\r\nWe are still working our way through the World Cup calendar programme so trading volumes will be lower, and take in vacations for summer and the markets may drag.\r\n\r\nKeep your TRADING DISCIPLINE high…do <strong>NOT</strong> FORCE TRADES as the chances are you run a much higher risk than normal of being caught out on the wrong side.\r\n\r\nKeep your position sizes a little smaller and stops a little wider to allow for any lack of liquidity swings and hopefully you will get by.\r\n\r\nTake care and good luck.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSunday June 21st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\nDrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering','YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY','','inherit','open','closed','','3933-revision-v1','','','2014-06-21 14:48:26','2014-06-21 19:48:26','',3933,'https://weeklyfxdrivethru.com/3933-revision-v1/',0,'revision','',0),(3936,1,'2014-06-21 14:56:14','2014-06-21 19:56:14','<strong> </strong>\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThankfully, some volatility returned to the Forex market last week. We had to wait for the FED to provide it via the FOMC press conference. I suppose when I look back Janet Yellen did what she had to do. In fact what most, if not all, central bank officials do best, is that look at their world through rose-tinted glasses and give opinions using a glossary of terms and basic dialogue, (which is now getting editors of the Universal Oxford Shorter English Dictionary really excited because of the new words introduced), to steady the markets, and lie through their teeth. I will revisit these thoughts later in the blog under the fundamental traders view (for PREMIUM SERVICE subscribers) or the view from my trading desk (for the free newsletter subscribers).\r\n\r\nThe SNB, produced a statement that was wetter than touching the wettest fish from the deepest part of the Pacific Ocean….a complete waste of time and to think I set my alarm to wake up for it!\r\n\r\nThe geopolitical news is still having it’s effect on the markets. However, not as much as I thought they would, Wall Street in particular appears to be immune to almost everything - tensions in Iraq included.\r\n\r\nOIL has been steadily drifting up in price this past week or so, on the back of supply issues from the Middle East. It is a stealth tax on consumers and it will have an effect on U.S. data, in particular personal spending and consumer confidence.\r\n\r\nThe problem is that although people will spend less and the world needs U.S. consumers to spend to drive the world forward, for Wall Street however, good news is good news and bad news is good news. As long as market makers believe that the FED will support the markets come what may, this at times, idiotic mentality that persists in Wall Street will continue. It is like Wall Street is inside it’s own little cuckoon sheltered from all matters outside.\r\nThe result is, that I think we will not move away from DEFLATION and RECESSION talk until the markets are left to stand up on their own. I have an article 50% written on this subject in more humorous and enlightening detail and I will use it soon.\r\n\r\nNevertheless, OIL is a future concern for several reasons (supply and retail price) and it will be interesting to see does its relationship with the USD remain somewhat intact.\r\n\r\nThe PREMIUM SERVICE has been a little quieter than usual on trades, in fact this week we only closed 7 additional trades. However, that is not really that surprising given the current trading conditions. The PREMIUM SERVICE is still adding $$$ each month and that is the right way, particularly as it took a small trading loss last week. Returns are a little behind the curve, but costs are more than covered. This year with so many traders falling away, this can only be viewed as positive and it should only get better as trading conditions to improve.\r\n\r\nWe are currently live in 9 trades with 9 limit orders in place. The key is to keep TRADING DISCIPLINE in place in all market conditions. It is harder at the moment and my trading expectation levels have been revised accordingly.\r\n\r\nSo despite the market I am still trying to “weed out” trades.\r\n\r\nI have decided after looking around at a great deal of economic data and Central Bank comments to set a new batch of FUNDAMENTAL TRADE set-ups in place that I am hoping to keep in place until the Fall (Autumn), or maybe longer. I am using hedging if required to maintain these positions, which I always find fascinating…what a weird mentality traders have to find hedging interesting!!\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADERS DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY</strong></p>\r\nSo much credence is now placed on Central Bank governors around the world since the financial crisis that they have now taken on celebrity status.\r\n\r\nI am just waiting for OK / PEOPLE / HELLO / OLA magazines to show us pages of a day in the life….such as the following: -\r\n<p style=\"text-align: center;\"><strong>Janet Yellen: telling her that where she lives there is just noise, noise, noise all about the back yard, but, the house if securely anchored.</strong>\r\n<strong>Mark Carney: fist in the air playing croquet (more likely hockey) on the lawn following his million-dollar move from Canada.</strong>\r\n<strong>Glenn Stevens having a beer throwing a shrimp on the Barbie.</strong>\r\n<strong>Graeme Wheeler: the master of wanting his cake and eating it, actually in a shop ordering a nice cake.</strong>\r\n<strong>Mario Draghi: Obviously my favourite, pictured kicking a can down the road.</strong></p>\r\n I am not sure that the magazines would sell in any economical viable quantities, and it took me some time to come up with clean visions for a couple of the above, but these people do in my opinion attract paparazzi like a celebrity.\r\n\r\nMy question is; are they actually worthy of all this?\r\n\r\nOver the past two weeks since Carney’s moment in his recent Mansion House speech that has given him the same notoriety as Draghi’s “Whatever it takes”, “Do a Carney” has become a living and breathing phrase to use across a matter of things.\r\n\r\nAll Carney did was basically say that the markets are a little complacent in their views of when UK interest rates may rise and it will be earlier than they think. My God…..a central bank governor that is a HAWK…no longer accommodative in rhetoric. This is great, no more sucking up to the market makers that need to be surrounded in cotton wool and wrapped in bubble-wrap.\r\n\r\nThe FED, through Bernanke, offered support as fast as the UK when the financial crisis broke in 2008-9. The debate started immediately after Carneys speech will Yellen modify her language in the FOMC press conference in line with the UK? I wrote about this last week re: the dilemma facing the FED. What did Yellen do? Nada, nothing at all, she kept her commentary in line with previous statements and kept tapering at USD$10 million additional reduction.\r\n\r\nSo, Janet Yellen is a DOVE. Despite continued rhetoric that any bad news is basically a blip and can be explained away with sometimes rather glib vocabulary, she maintains that U.S. economic recovery is still fragile in places but STILL moving forward. At some stage she has to stop saying for “An extended period of time”, or “In line with our expectations”. At some point the noise she is making will have to modify. The FED has to do more than taper, otherwise her continual build up of the U.S. economy will basically represent the FED providing a commentary that equates to a “Fur coat and no knickers” approach.\r\n\r\nDo I believe Janet Yellen? I believe her about as much as I believe Mario Draghi, and I do not trust a damn thing he says.\r\n\r\nThe Central Bank governors are celebs of sorts, the markets which are in constant need of reassurance and easing have elevated the central bank governor positions to be at times more important to a country’s economy than anything the political leaders can muster.\r\n\r\nThis is certainly true in Washington, the U.S. politicians are a disgrace most of the time, the party divide is more important than moving the U.S. economy forward. I wrote numerous times in the past 2/3 years about how I felt than Ben Bernanke was the most powerful man in the world, way more than Obama, basically because he had the ability to move world markets in an instant.\r\n\r\nUK politicians are most of the time divided but united on what is good for the country, when it matters.\r\n\r\nIn the EUROZONE, the cultural diversity means that basically there is never agreement on anything, I doubt they even agree on the types of cheese to be consumed or the wines selected at the numerous lavish buffet meetings that are held in Brussels (The capital of world hospitality companies and expertise).\r\n\r\nPoor Mario Draghi, attracts so much media because it was the ECB that really brought to the forefront the high profile press conference for central bank governors. Draghi though is just a puppet of Berlin….he has a chip planted that controls his actions / statements / and his body language gestures at all times. The Germans are very clever people they have this chip that allows the Bundesbank to speak directly to Draghi, he opens his mouth and the incoming German accent becomes an outgoing Italian accent, very, very clever.\r\n\r\nSo, Draghi is a puppet, in my terms a numpty, he has no real control at all. The ECB mandate that he constantly refers to, is his way of saying\r\n<p style=\"text-align: center;\"><strong><em>“Look guys…my hands are tied, it’s Berlin that rules the ECB and runs the EUROZONE as a state of Germany, I have very limited powers, if any, however, I can create all these cool acronyms like LTRO, OMT, EPC, SEPA, PE-ACH, MIF, eSEPA, CSM and BIC…and there are loads more.”</em></strong></p>\r\n What fun Draghi and his board members must have on a daily basis!!\r\n\r\nOn a serious point, the Financial crisis of 2008-9 is 5-6 years old, it affected the world. It is only now that ECB are considering easing to help grow the EUROZONE and fight DEFLATION, force the banks to lend money, tackle unemployment and try to bring down the strong single currency exchange rate.\r\n\r\nCarney may now be viewed as a HAWK, Yellen may still be viewed as a DOVE but in my opinion, maybe not all his fault, but Draghi is definitely a NUMPTY.\r\n\r\nThese people are well paid to get above the drama of political votes, because popularity is all that drives politicians. They have to rise above political pressure and tell it how it is, and NOT be economical with the truth. Above all I am sick to the back teeth of hearing about free market economies, who has these anymore as far as I can see 6 years after the crisis we are still too afraid to let them stand on their own feet. We will never know if things are good in an economy until we can see and debate economic matters without interference disguised in the names of easing or support.\r\n\r\n&nbsp;\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3599.</strong> After all the shenanigans after FOMC, this pair basically finished last week almost at the same level as the week before. We now have a new trading range of 1.3500 to 1.3645.\r\n\r\n<strong>GBP/USD: Closing Price 1.7014</strong>. We are in breakout territory as long as we remain over 1.6985. I think that we have the potential to get as high at 1.7200 – 1.7300. We need to pass 1.7042 first and this level of resistance has held very well so far. Therefore a new range of 1.6985 to 1.7042 is in place now<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9387</strong>. Not much of a change in the week on week closing price. We are however below 0.9390, which was a level of support I have been watching recently. Below 0.9350 and I will be a believer than we are heading lower and could breakdown a bit. For now 0.9350 to 0.9460 is the new range that we are currently trapped within.\r\n\r\n<strong>NZD/USD: Closing Price 0.8695</strong>. 0.8690 was my support level that has been on my radar almost all of the week. Resistance lies at 52-week highs at 0.8780. We may not get that high, so perhaps an interim resistance may offer some stops around 0.8740.\r\n\r\n<strong>USD/CAD: Closing Price 1.0757.</strong> Stellar, CAD economic data on Friday has pushed the CAD and all the crosses lower. 1.0750, just on the 200 Day SMA is holding as support for now, but do not rule out a move to 1.0700 early next week or even lower in sessions to come. I think that is a sentiment change on the CAD. Resistance is now 1.0810, which was previous support.\r\n\r\n<strong>USD/CHF: Closing Price 0.8946</strong>. The SNB was a wet fish earlier in the week. The press statement was boring, boring, boring. The USD/CHF is in a range of 0.8910 to 0.8985.\r\n\r\n<strong>USD/JPY: Closing Price 102.07. </strong>I have no inclination to get involved with any JPY pair never mind the USD/JPY. My gut is telling me because it is not breaking down that it must be getting ready to move higher. I have not even been watching it of late. It looks like very familiar numbers will contain this pair: 101.50 to 102.60.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nMONDAY: EUR – French and German Flash Manufacturing PMi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: GBP – The HAWK takes the stage…Carney speaks.\r\nTHURSDAY: NZD – Trade Balance.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. As I am always having new readers I thought it may be of value just to highlight one or two points relating to the PREMIUM SERVICE.\r\n\r\nThis is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website. If this something that interests you, I just want to also mention that the $20.00 four week trial subscription offer will end shortly. I have no plans to re-introduce this again this year.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></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. I also show you the year-to-date performance by trade style.\r\n\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\"><img class=\"aligncenter size-full wp-image-3915\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS1-21062014.png\" alt=\"PREM SERV PROFITS1 21062014\" width=\"438\" height=\"409\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\"><img class=\"aligncenter size-full wp-image-3916\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-21062014.png\" alt=\"PREM SERVICE PROFITS 2 21062014\" width=\"453\" height=\"422\" /></a>\r\n\r\n&nbsp;\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\nIn order to provide you with more information and clarification, 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>6. FINAL THOUGHTS:</strong>\r\n\r\nNot much on the news wires coming through next week. So, it looks like the equities markets and political sound-bytes will drive us. Oh, happy days.\r\n\r\nWe are still working our way through the World Cup calendar programme so trading volumes will be lower, and take in vacations for summer and the markets may drag.\r\n\r\nKeep your TRADING DISCIPLINE high…do <strong>NOT</strong> FORCE TRADES as the chances are you run a much higher risk than normal of being caught out on the wrong side.\r\n\r\nKeep your position sizes a little smaller and stops a little wider to allow for any lack of liquidity swings and hopefully you will get by.\r\n\r\nTake care and good luck.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday June 21st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\nDrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering','YELLEN IS A DOVE, CARNEY IS A HAWK AND DRAGHI IS A NUMPTY','','inherit','open','closed','','3933-revision-v1','','','2014-06-21 14:56:14','2014-06-21 19:56:14','',3933,'https://weeklyfxdrivethru.com/3933-revision-v1/',0,'revision','',0),(3937,1,'2014-06-23 07:34:35','2014-06-23 12:34:35','Good Day,\r\n\r\nWelcome to the new subscribers from over the weekend.\r\n\r\nThe membership / subscriber base is almost even based upon geographical location. Even when I compare TRIAL subscriptions to FULL -TIME subscriptions. We are in the 40\'s from North American and mid 40\'s from Rest of the World on the TRIAL subscribers.\r\nWith regards to FULL -TIME subscriptions Asia and Europe dominate.....but when added to gather they balance out with North American subscriptions. It just shows you how quiet and boring the market is that am breaking my analysis of members down to micro upon micro level.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nWe had movement off the back of HSBC Flash CNY PMi data a positive number above 50 and it broke the trend. The AUD jumped and took the NZD with it. I decided not to close AUD/USD and NZD/USD shorts neither the GBP/AUD long. I was tempted by decided against it. The AUD/USD and NZD/USD shorts I will add to my shorts if they break up to my resistance levels and the GBP/AUD is a very long-term FUNDAMENTAL TRADE. I will hedge if it goes negative  by 150 pips. This is a very small trade until it is over 150 pips profit so I am not too worried about this trade.\r\n\r\nEUR PMi data was weak from a few hours ago and this should keep the EUR/USD pressured...although as I am typing this it is firming...typical!!\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES OVERVIEW:</strong></span>\r\n\r\nNot adding more trades, not removing trades and ALL limit orders are still in play.\r\n\r\nI cannot get my charts to save at the moment..I will try once again later and tweet them with regards to the three trade ideas below. I am already long GBP/USD and I will add on dips and I am looking to get short USD/CAD on rallies.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\nIf you are not yet in the EUR/USD here is a trade idea.\r\n200 DAY SMA is at 1.3660.\r\nI have a <span style=\"text-decoration: underline;\"><strong>bearish bias</strong></span> and I think that below 1.3450 it get nasty for the EUR/USD.\r\nThe EUR is consolidating at the moment and it is in a tight trading range 1.3575 to 1.3620.\r\nPlay the range, but take small positions and place stops 15-20 pips above or below the limits.\r\n\r\nI AM NOT ADDING TO EXISTING SHORT POSITION SIZE.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\nThe breakout was at 1.6983.\r\n1.7040 was the 2009 high and this is really holding the topside.\r\n1.7065 the recent stop loss run above the 2009 highs is a 127% Fib extension.\r\nPlay the 1.6980 to 1.7040 range.\r\n\r\nCOULD BE GOOD TO BUY DIPS TO 1.6980.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n1.0610 is weekly Chart trend line support and 61.85 fib.\r\n1.0716 is the 161% Fib extension of the recent full move higher.\r\nThe 200 DAY SMA is at 1.0775.\r\n\r\nCOULD BE GOOD TO SELL RALLIES INTO THE 200 DAY SMA.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">FYi - LIMIT ORDER TRADES RT108 and RT109 are timed out. </span>\r\n\r\n&nbsp;\r\n\r\nGood luck today...as I am in 9 live trades my goal today will be to hopefully see them develop into profits after the CNY and EUR PMI data. There are also 7 limit order trades in place.\r\n\r\nScott','#56 - THE DAILY FX BLOG, Monday 23rd June 2014','','publish','open','closed','','56-daily-fx-blog-monday-23rd-june-2014','','','2014-06-23 07:36:00','2014-06-23 12:36:00','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3937',0,'member_posts','',0),(3938,1,'2014-06-23 07:27:13','2014-06-23 12:27:13','Good Day,\r\n\r\nWelcome to the new subscribers from over the weekend.\r\n\r\nThe membership / subscriber base is almost even based upon geographical location. Even when I compare TRIAL subscriptions to FULL -TIME subscriptions. We are in the 40\'s from North American and mid 40\'s from Rest of the World on the TRIAL subscribers.\r\nWith regards to FULL -TIME subscrpitions Asia and Europe dominate.....but when added to gather they balance out with North American subscriptions. It just shows you how quiet and boring the market is that am breaking my analysis of members down to micro upon micro level.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nWe had movement off the back of HSBC Flash CNY PMi data a positive number above 50 and it broke the trend. The AUD jumped and took the NZD with it. I decided not to close AUD/USD and NZD/USD shorts neither the GBP/AUD long. I was tempted by decided against it. The AUD/USD and NZD/USD shorts I will add to my shorts if they break up to my resistance levels and the GBP/AUD is a very long term FUNDAMENTAL TRADE. I will hedge if it goes negative  by 150 pips. This is a very small trade until it is over 150 pips profit so I am not too worried about this trade.\r\n\r\nEUR PMi data was weak from a few hours ago and this should keep the EUR/USD pressured...although as I am typing this it is firming...typical!!\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES OVERVIEW:</strong></span>\r\n\r\nNot adding more trades, not removing trades and ALL limit orders are still in play.\r\n\r\nI cannot get my charts to save at the moment..I will try later and tweet them with regards to the three trades below. I am already long GBP/USD but I will add on dips and I am looking to get short USD/CAD on rallies.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\nIf you are not yet in the EUR/USD here is a trade idea.\r\n200 DAY SMA is at 1.3660.\r\nI have a <span style=\"text-decoration: underline;\"><strong>bearish bias</strong></span> and I think that below 1.3450 it get nasty for the EUR/USD.\r\nThe EUR is consolidating at the moment and it is in a tight trading range 1.3575 to 1.3620.\r\nPlay the range, but take small positions and place stops 15-20 pips above or below the limits.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\nThe breakout was at 1.6983.\r\n1.7040 was the 2009 high and this is really holding the topside.\r\n1.7065 the recent stop loss run above the 2009 highs is a 127% Fib extension.\r\nPlay the 1.6980 to 1.7040 range.\r\n\r\nCOULD BE GOOD TO BUY DIPS TO 1.6980.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n1.0610 is weekly Chart trend line support and 61.85 fib.\r\n1.0716 is the 161% Fib extension of the recent full move higher.\r\nThe 200 DAY SMA is at 1.0775.\r\n\r\nCOULD BE GOOD TO SELL RALLIES INTO THE 200 DAY SMA.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#56 - THE DAILY FX BLOG, Monday 23rd June 2014','','inherit','open','closed','','3937-revision-v1','','','2014-06-23 07:27:13','2014-06-23 12:27:13','',3937,'https://weeklyfxdrivethru.com/3937-revision-v1/',0,'revision','',0),(3939,1,'2014-06-23 07:31:39','2014-06-23 12:31:39','Good Day,\r\n\r\nWelcome to the new subscribers from over the weekend.\r\n\r\nThe membership / subscriber base is almost even based upon geographical location. Even when I compare TRIAL subscriptions to FULL -TIME subscriptions. We are in the 40\'s from North American and mid 40\'s from Rest of the World on the TRIAL subscribers.\r\nWith regards to FULL -TIME subscrpitions Asia and Europe dominate.....but when added to gather they balance out with North American subscriptions. It just shows you how quiet and boring the market is that am breaking my analysis of members down to micro upon micro level.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nWe had movement off the back of HSBC Flash CNY PMi data a positive number above 50 and it broke the trend. The AUD jumped and took the NZD with it. I decided not to close AUD/USD and NZD/USD shorts neither the GBP/AUD long. I was tempted by decided against it. The AUD/USD and NZD/USD shorts I will add to my shorts if they break up to my resistance levels and the GBP/AUD is a very long term FUNDAMENTAL TRADE. I will hedge if it goes negative  by 150 pips. This is a very small trade until it is over 150 pips profit so I am not too worried about this trade.\r\n\r\nEUR PMi data was weak from a few hours ago and this should keep the EUR/USD pressured...although as I am typing this it is firming...typical!!\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES OVERVIEW:</strong></span>\r\n\r\nNot adding more trades, not removing trades and ALL limit orders are still in play.\r\n\r\nI cannot get my charts to save at the moment..I will try once again later and tweet them with regards to the three trade ideas below. I am already long GBP/USD and I will add on dips and I am looking to get short USD/CAD on rallies.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\nIf you are not yet in the EUR/USD here is a trade idea.\r\n200 DAY SMA is at 1.3660.\r\nI have a <span style=\"text-decoration: underline;\"><strong>bearish bias</strong></span> and I think that below 1.3450 it get nasty for the EUR/USD.\r\nThe EUR is consolidating at the moment and it is in a tight trading range 1.3575 to 1.3620.\r\nPlay the range, but take small positions and place stops 15-20 pips above or below the limits.\r\n\r\nI AM NOT ADDING TO EXISTING SHORT POSITION SIZE.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\nThe breakout was at 1.6983.\r\n1.7040 was the 2009 high and this is really holding the topside.\r\n1.7065 the recent stop loss run above the 2009 highs is a 127% Fib extension.\r\nPlay the 1.6980 to 1.7040 range.\r\n\r\nCOULD BE GOOD TO BUY DIPS TO 1.6980.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n1.0610 is weekly Chart trend line support and 61.85 fib.\r\n1.0716 is the 161% Fib extension of the recent full move higher.\r\nThe 200 DAY SMA is at 1.0775.\r\n\r\nCOULD BE GOOD TO SELL RALLIES INTO THE 200 DAY SMA.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#56 - THE DAILY FX BLOG, Monday 23rd June 2014','','inherit','open','closed','','3937-revision-v1','','','2014-06-23 07:31:39','2014-06-23 12:31:39','',3937,'https://weeklyfxdrivethru.com/3937-revision-v1/',0,'revision','',0),(3940,1,'2014-06-23 07:34:35','2014-06-23 12:34:35','Good Day,\r\n\r\nWelcome to the new subscribers from over the weekend.\r\n\r\nThe membership / subscriber base is almost even based upon geographical location. Even when I compare TRIAL subscriptions to FULL -TIME subscriptions. We are in the 40\'s from North American and mid 40\'s from Rest of the World on the TRIAL subscribers.\r\nWith regards to FULL -TIME subscriptions Asia and Europe dominate.....but when added to gather they balance out with North American subscriptions. It just shows you how quiet and boring the market is that am breaking my analysis of members down to micro upon micro level.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nWe had movement off the back of HSBC Flash CNY PMi data a positive number above 50 and it broke the trend. The AUD jumped and took the NZD with it. I decided not to close AUD/USD and NZD/USD shorts neither the GBP/AUD long. I was tempted by decided against it. The AUD/USD and NZD/USD shorts I will add to my shorts if they break up to my resistance levels and the GBP/AUD is a very long-term FUNDAMENTAL TRADE. I will hedge if it goes negative  by 150 pips. This is a very small trade until it is over 150 pips profit so I am not too worried about this trade.\r\n\r\nEUR PMi data was weak from a few hours ago and this should keep the EUR/USD pressured...although as I am typing this it is firming...typical!!\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES OVERVIEW:</strong></span>\r\n\r\nNot adding more trades, not removing trades and ALL limit orders are still in play.\r\n\r\nI cannot get my charts to save at the moment..I will try once again later and tweet them with regards to the three trade ideas below. I am already long GBP/USD and I will add on dips and I am looking to get short USD/CAD on rallies.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\nIf you are not yet in the EUR/USD here is a trade idea.\r\n200 DAY SMA is at 1.3660.\r\nI have a <span style=\"text-decoration: underline;\"><strong>bearish bias</strong></span> and I think that below 1.3450 it get nasty for the EUR/USD.\r\nThe EUR is consolidating at the moment and it is in a tight trading range 1.3575 to 1.3620.\r\nPlay the range, but take small positions and place stops 15-20 pips above or below the limits.\r\n\r\nI AM NOT ADDING TO EXISTING SHORT POSITION SIZE.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\nThe breakout was at 1.6983.\r\n1.7040 was the 2009 high and this is really holding the topside.\r\n1.7065 the recent stop loss run above the 2009 highs is a 127% Fib extension.\r\nPlay the 1.6980 to 1.7040 range.\r\n\r\nCOULD BE GOOD TO BUY DIPS TO 1.6980.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n1.0610 is weekly Chart trend line support and 61.85 fib.\r\n1.0716 is the 161% Fib extension of the recent full move higher.\r\nThe 200 DAY SMA is at 1.0775.\r\n\r\nCOULD BE GOOD TO SELL RALLIES INTO THE 200 DAY SMA.\r\n\r\nGood luck today...as I am in 9 live trades my goal today will be to hopefully see them develop into profits after the CNY and EUR PMI data. There are also 7 limit order trades in place.\r\n\r\nScott','#56 - THE DAILY FX BLOG, Monday 23rd June 2014','','inherit','open','closed','','3937-revision-v1','','','2014-06-23 07:34:35','2014-06-23 12:34:35','',3937,'https://weeklyfxdrivethru.com/3937-revision-v1/',0,'revision','',0),(3941,1,'2014-06-23 07:35:44','2014-06-23 12:35:44','Good Day,\n\nWelcome to the new subscribers from over the weekend.\n\nThe membership / subscriber base is almost even based upon geographical location. Even when I compare TRIAL subscriptions to FULL -TIME subscriptions. We are in the 40\'s from North American and mid 40\'s from Rest of the World on the TRIAL subscribers.\nWith regards to FULL -TIME subscriptions Asia and Europe dominate.....but when added to gather they balance out with North American subscriptions. It just shows you how quiet and boring the market is that am breaking my analysis of members down to micro upon micro level.\n\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\n\nWe had movement off the back of HSBC Flash CNY PMi data a positive number above 50 and it broke the trend. The AUD jumped and took the NZD with it. I decided not to close AUD/USD and NZD/USD shorts neither the GBP/AUD long. I was tempted by decided against it. The AUD/USD and NZD/USD shorts I will add to my shorts if they break up to my resistance levels and the GBP/AUD is a very long-term FUNDAMENTAL TRADE. I will hedge if it goes negative  by 150 pips. This is a very small trade until it is over 150 pips profit so I am not too worried about this trade.\n\nEUR PMi data was weak from a few hours ago and this should keep the EUR/USD pressured...although as I am typing this it is firming...typical!!\n\n&nbsp;\n\n<span style=\"text-decoration: underline;\"><strong>TRADES OVERVIEW:</strong></span>\n\nNot adding more trades, not removing trades and ALL limit orders are still in play.\n\nI cannot get my charts to save at the moment..I will try once again later and tweet them with regards to the three trade ideas below. I am already long GBP/USD and I will add on dips and I am looking to get short USD/CAD on rallies.\n\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\nIf you are not yet in the EUR/USD here is a trade idea.\n200 DAY SMA is at 1.3660.\nI have a <span style=\"text-decoration: underline;\"><strong>bearish bias</strong></span> and I think that below 1.3450 it get nasty for the EUR/USD.\nThe EUR is consolidating at the moment and it is in a tight trading range 1.3575 to 1.3620.\nPlay the range, but take small positions and place stops 15-20 pips above or below the limits.\n\nI AM NOT ADDING TO EXISTING SHORT POSITION SIZE.\n\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\nThe breakout was at 1.6983.\n1.7040 was the 2009 high and this is really holding the topside.\n1.7065 the recent stop loss run above the 2009 highs is a 127% Fib extension.\nPlay the 1.6980 to 1.7040 range.\n\nCOULD BE GOOD TO BUY DIPS TO 1.6980.\n\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\n1.0610 is weekly Chart trend line support and 61.85 fib.\n1.0716 is the 161% Fib extension of the recent full move higher.\nThe 200 DAY SMA is at 1.0775.\n\nCOULD BE GOOD TO SELL RALLIES INTO THE 200 DAY SMA.\n\n&nbsp;\n\nFYi - LIMIT ORDER TRADES RT108 and RT109 are timed out.\n\n&nbsp;\n\nGood luck today...as I am in 9 live trades my goal today will be to hopefully see them develop into profits after the CNY and EUR PMI data. There are also 7 limit order trades in place.\n\nScott','#56 - THE DAILY FX BLOG, Monday 23rd June 2014','','inherit','open','closed','','3937-autosave-v1','','','2014-06-23 07:35:44','2014-06-23 12:35:44','',3937,'https://weeklyfxdrivethru.com/3937-autosave-v1/',0,'revision','',0),(3942,1,'2014-06-23 07:36:00','2014-06-23 12:36:00','Good Day,\r\n\r\nWelcome to the new subscribers from over the weekend.\r\n\r\nThe membership / subscriber base is almost even based upon geographical location. Even when I compare TRIAL subscriptions to FULL -TIME subscriptions. We are in the 40\'s from North American and mid 40\'s from Rest of the World on the TRIAL subscribers.\r\nWith regards to FULL -TIME subscriptions Asia and Europe dominate.....but when added to gather they balance out with North American subscriptions. It just shows you how quiet and boring the market is that am breaking my analysis of members down to micro upon micro level.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nWe had movement off the back of HSBC Flash CNY PMi data a positive number above 50 and it broke the trend. The AUD jumped and took the NZD with it. I decided not to close AUD/USD and NZD/USD shorts neither the GBP/AUD long. I was tempted by decided against it. The AUD/USD and NZD/USD shorts I will add to my shorts if they break up to my resistance levels and the GBP/AUD is a very long-term FUNDAMENTAL TRADE. I will hedge if it goes negative  by 150 pips. This is a very small trade until it is over 150 pips profit so I am not too worried about this trade.\r\n\r\nEUR PMi data was weak from a few hours ago and this should keep the EUR/USD pressured...although as I am typing this it is firming...typical!!\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES OVERVIEW:</strong></span>\r\n\r\nNot adding more trades, not removing trades and ALL limit orders are still in play.\r\n\r\nI cannot get my charts to save at the moment..I will try once again later and tweet them with regards to the three trade ideas below. I am already long GBP/USD and I will add on dips and I am looking to get short USD/CAD on rallies.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\nIf you are not yet in the EUR/USD here is a trade idea.\r\n200 DAY SMA is at 1.3660.\r\nI have a <span style=\"text-decoration: underline;\"><strong>bearish bias</strong></span> and I think that below 1.3450 it get nasty for the EUR/USD.\r\nThe EUR is consolidating at the moment and it is in a tight trading range 1.3575 to 1.3620.\r\nPlay the range, but take small positions and place stops 15-20 pips above or below the limits.\r\n\r\nI AM NOT ADDING TO EXISTING SHORT POSITION SIZE.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\nThe breakout was at 1.6983.\r\n1.7040 was the 2009 high and this is really holding the topside.\r\n1.7065 the recent stop loss run above the 2009 highs is a 127% Fib extension.\r\nPlay the 1.6980 to 1.7040 range.\r\n\r\nCOULD BE GOOD TO BUY DIPS TO 1.6980.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n1.0610 is weekly Chart trend line support and 61.85 fib.\r\n1.0716 is the 161% Fib extension of the recent full move higher.\r\nThe 200 DAY SMA is at 1.0775.\r\n\r\nCOULD BE GOOD TO SELL RALLIES INTO THE 200 DAY SMA.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">FYi - LIMIT ORDER TRADES RT108 and RT109 are timed out. </span>\r\n\r\n&nbsp;\r\n\r\nGood luck today...as I am in 9 live trades my goal today will be to hopefully see them develop into profits after the CNY and EUR PMI data. There are also 7 limit order trades in place.\r\n\r\nScott','#56 - THE DAILY FX BLOG, Monday 23rd June 2014','','inherit','open','closed','','3937-revision-v1','','','2014-06-23 07:36:00','2014-06-23 12:36:00','',3937,'https://weeklyfxdrivethru.com/3937-revision-v1/',0,'revision','',0),(3944,1,'2014-06-24 05:57:33','2014-06-24 10:57:33','Hi everyone,\r\n\r\nI am finding this market vey difficult at the moment, and when I say at the moment I mean the past few months. Not only have we been through \"Chop Fest\" conditions as the equities markets influenced FX as they struggled with multi-year tops, that is still the case today, but in addition, the FX market being bored with the \"Chop Fest\" changed into a \"Snooze Fest\". We have one or two days when we have had market moving data but no real follow throughs at all.\r\n\r\nECB - Starts their version of easing paving the way for QE? At the same time in true ECB style it tells the market that 1.3800 was the average rate it wanted. Didn\'t make sense to me then and makes less sense now as there are increased calls to weaken the single currency. It\'s at 1.3600 and it appears to be clued there despite poor PMi data and today\'s IFO was weaker. The EUR/USD rallies !! What chance is there of a fall in its value?\r\n\r\nGBP - Carney at the time of wiring this article is failing to convince the UK Parliamentary committee on Finance that his \"I\'m a HAWK\' speech from the Mansion House a couple of weeks ago was a prudent thing to do given the economic data released between then and now. Was Mr Carney premature? Well his tone is much different and his approach to interest rate rises is by way of small bite sized chunks and not a \"wham bam thank you Mam\" approach, I think that we all knew that anyway.\r\n\r\nThe EUR/USD is stuck between 1.3570 and 1.3640.\r\nThe GBP/USD is stuck from just below it\'s recent break out point of 1.6970 and 1.7050.\r\n\r\nI really hate writing this but are we waiting for the next NFP?\r\n\r\nOvernight, I decided to start closing positions and just bank $$$$.\r\n\r\n<strong>FT140 - CAD/CHF long - closed at 0.8340 +6 pips.</strong>\r\n\r\n<strong>FT139 - EUR/CAD short - closed at 1.4582 +41 pips.</strong>\r\n\r\n<strong>FT137 - NZD/USD short - Closed at 0.8705 +7 pips.</strong>\r\n\r\n<strong>RT116 - USD/SEK long - closed at 6.7022 +23 pips.</strong>\r\n\r\n&nbsp;\r\n\r\nI wrote a few weeks in the blog under the TRADER TOPICS section about adjusting to the market conditions and trading within what you have. I think from now until the Fall we have just a \"PULLBACK STRATEGY\" market at best. So get ready for FLASH TRADES looking for just 20-25 pip moves, with stops moved up to protect. If the run they run, if not we have 20 or 25 pips per trade.\r\n\r\nRight now to do this is difficult. to achieve, moves like this are very hard to come by.\r\n\r\nMy pressure charts are very mixed, here are the front-line currency pairs when the Short, Medium and Long term charts are in the same direction.\r\n\r\nLONG:\r\n\r\nSHORT:','#57 - THE DAILY FX POST, Tuesday 24th June 2014','','inherit','open','closed','','3943-revision-v1','','','2014-06-24 05:57:33','2014-06-24 10:57:33','',3943,'https://weeklyfxdrivethru.com/3943-revision-v1/',0,'revision','',0),(3945,1,'2014-06-24 06:38:35','2014-06-24 11:38:35','Hi everyone,\r\n\r\nI am finding this market vey difficult at the moment, and when I say at the moment I mean the past few months. Not only have we been through \"Chop Fest\" conditions as the equities markets influenced FX as they struggled with multi-year tops, that is still the case today, but in addition, the FX market being bored with the \"Chop Fest\" changed into a \"Snooze Fest\". We have one or two days when we have had market moving data but no real follow throughs at all.\r\n\r\n<span style=\"text-decoration: underline;\">ECB</span> - Starts their version of easing paving the way for QE? At the same time in true ECB style it tells the market that 1.3800 was the average rate it wanted. Didn\'t make sense to me then and makes less sense now as there are increased calls to weaken the single currency. It\'s at 1.3600 and it appears to be clued there despite poor PMi data and today\'s IFO was weaker. The EUR/USD rallies !! What chance is there of a fall in its value?\r\n\r\n<span style=\"text-decoration: underline;\">GBP</span> - Carney at the time of wiring this article is failing to convince the UK Parliamentary committee on Finance that his \"I\'m a HAWK\' speech from the Mansion House a couple of weeks ago was a prudent thing to do given the economic data released between then and now. He is fumbling and totally defensive. Was Carney premature? Personally, I think he moved the markets too far, too fast Well his tone today was much different and his approach to interest rate rises he says is by way of small bite sized chunks and not a \"wham bam thank you Mam\" approach, I think that we all knew that anyway. A complete change in charachter in 10 days or so.\r\n\r\nThe EUR/USD is stuck between 1.3570 and 1.3640.\r\nThe GBP/USD is stuck from just below it\'s recent break out point of 1.6970 and 1.7050.\r\n\r\nI really hate writing this but are we waiting for the next NFP?\r\n\r\nOvernight, I decided to start closing positions and just bank $$$$.\r\n\r\n<strong>FT140 - CAD/CHF long - closed at 0.8340 +6 pips.</strong>\r\n\r\n<strong>FT139 - EUR/CAD short - closed at 1.4582 +41 pips.</strong>\r\n\r\n<strong>FT137 - NZD/USD short - Closed at 0.8705 +7 pips.</strong>\r\n\r\n<strong>RT116 - USD/SEK long - closed at 6.7022 +23 pips.</strong>\r\n\r\nI wrote a few weeks in the blog under the TRADER TOPICS section about adjusting to the market conditions and trading within what you have. I think from now until the Fall we have just a \"PULLBACK STRATEGY\" market at best. So get ready for FLASH TRADES looking for just 20-25 pip moves, with stops moved up to protect. If the run they run, if not we have 20 or 25 pips per trade.\r\n\r\nRight now to do this is difficult. to achieve, moves like this are very hard to come by.\r\n\r\nMy pressure charts are very mixed and there is not much to go on apart from the CAD. Here are the front-line currency pairs when the Short, Medium and Long term charts are all in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LONG:</strong></span> NZD/USD, CAD/JPY, NZD/JPY, USD/SEK, EUR/NOK and EUR/SEK.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span> USD/CAD, AUD/CAD, EUR/CAD and GBP/CAD.\r\n\r\n&nbsp;\r\n\r\nI will tweet if anything jumps out at me to trade, but I have a feeling things will be quiet today.\r\n\r\nGood luck,\r\n\r\n&nbsp;\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#57 - THE DAILY FX POST, Tuesday 24th June 2014','','inherit','open','closed','','3943-revision-v1','','','2014-06-24 06:38:35','2014-06-24 11:38:35','',3943,'https://weeklyfxdrivethru.com/3943-revision-v1/',0,'revision','',0),(3946,1,'2014-06-24 06:39:12','2014-06-24 11:39:12','Hi everyone,\r\n\r\nI am finding this market very difficult at the moment, and when I say at the moment I mean the past few months. Not only have we been through \"Chop Fest\" conditions as the equities markets influenced FX as they struggled with multi-year tops, that is still the case today, but in addition, the FX market being bored with the \"Chop Fest\" changed into a \"Snooze Fest\". We have one or two days when we have had market moving data but no real follow through at all.\r\n\r\n<span style=\"text-decoration: underline;\">ECB</span> - Starts their version of easing paving the way for QE? At the same time in true ECB style it tells the market that 1.3800 was the average rate it wanted. Didn\'t make sense to me then and makes less sense now as there are increased calls to weaken the single currency. It\'s at 1.3600 and it appears to be clued there despite poor PMi data and today\'s IFO was weaker. The EUR/USD rallies !! What chance is there of a fall in its value?\r\n\r\n<span style=\"text-decoration: underline;\">GBP</span> - Carney at the time of wiring this article is failing to convince the UK Parliamentary committee on Finance that his \"I\'m a HAWK\' speech from the Mansion House a couple of weeks ago was a prudent thing to do given the economic data released between then and now. He is fumbling and totally defensive. Was Carney premature? Personally, I think he moved the markets too far, too fast Well his tone today was much different and his approach to interest rate rises he says is by way of small bite sized chunks and not a \"wham bam thank you Mam\" approach, I think that we all knew that anyway. A complete change in character in 10 days or so.\r\n\r\nThe EUR/USD is stuck between 1.3570 and 1.3640.\r\nThe GBP/USD is stuck from just below it\'s recent break out point of 1.6970 and 1.7050.\r\n\r\nI really hate writing this but are we waiting for the next NFP?\r\n\r\nOvernight, I decided to start closing positions and just bank $$$$.\r\n\r\n<strong>FT140 - CAD/CHF long - closed at 0.8340 +6 pips.</strong>\r\n\r\n<strong>FT139 - EUR/CAD short - closed at 1.4582 +41 pips.</strong>\r\n\r\n<strong>FT137 - NZD/USD short - Closed at 0.8705 +7 pips.</strong>\r\n\r\n<strong>RT116 - USD/SEK long - closed at 6.7022 +23 pips.</strong>\r\n\r\nI wrote a few weeks in the blog under the TRADER TOPICS section about adjusting to the market conditions and trading within what you have. I think from now until the Fall we have just a \"PULLBACK STRATEGY\" market at best. So get ready for FLASH TRADES looking for just 20-25 pip moves, with stops moved up to protect. If the run they run, if not we have 20 or 25 pips per trade.\r\n\r\nRight now to do this is difficult. to achieve, moves like this are very hard to come by.\r\n\r\nMy pressure charts are very mixed and there is not much to go on apart from the CAD. Here are the front-line currency pairs when the Short, Medium and Long term charts are all in the same direction.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LONG:</strong></span> NZD/USD, CAD/JPY, NZD/JPY, USD/SEK, EUR/NOK and EUR/SEK.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span> USD/CAD, AUD/CAD, EUR/CAD and GBP/CAD.\r\n\r\n&nbsp;\r\n\r\nI will tweet if anything jumps out at me to trade, but I have a feeling things will be quiet today.\r\n\r\nGood luck,\r\n\r\n&nbsp;\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#57 - THE DAILY FX POST, Tuesday 24th June 2014','','inherit','open','closed','','3943-revision-v1','','','2014-06-24 06:39:12','2014-06-24 11:39:12','',3943,'https://weeklyfxdrivethru.com/3943-revision-v1/',0,'revision','',0),(4026,1,'2014-07-03 06:30:37','2014-07-03 11:30:37','Good Day everyone,\r\n\r\nThe bid day is finally here an ECB Press Conference and U.S. Non Farm Payrolls. The North American session closes at 1PM today so it is a very quick \"wham -bam\" of a day. I am also conscious that many traders are already away for the 4th July vacation. This means lower liquidity and potential for wild moves. I am at this stage 50-50 whether I trade or not.\r\n\r\nLast evening (for me) I traded (scalped), the AUD/USD short and added to my EUR/AUD long and also added to my AUD/USD short, it was too fast and furious to tweet at the same time, but I made my weeks goals in about 15 minutes. Earlier I forgot to wake up on-time for SEK news and missed the Riksbank cut rates by 0.50%. (Here is my best ever wooda...coulda...shoulda...had I left my trades in the USD/SEK, USD/NOK and EUR/SEK  in play from last week over 4,000 pips would have been in the total move had I closed them after the news had settled).  The USD/SEK moved by a staggering 2% on the rate cut over 1,400 pips  on the news alone.\r\n\r\nBack to today; how much will Draghi attempt verbal intervention to talk down the EUR fair value? Will NFP beat the circa 215,000 new jobs gaol? Will the Unemployment Rate rise and will the hourly rate go down?....Lots of questions. It is difficult to trade these news events combined, so if you are going to trade I would highly recommend waiting a little to review after the knee jerk reactions.\r\n\r\nThe more I write and think about today the more the likelihood that I will not trade.\r\n\r\nI do have this feeling that the ECB news may be quite forward today, Draghi will have to try verbal intervention as his policies from last month have NOT done a thing. He will have to bring forward his timetable for other measures. But as I have said so many times, he needs to act rather than talk...talk is cheap.\r\n\r\n<span style=\"text-decoration: underline;\">TRADES ON MY RADAR:</span>\r\n\r\nI am looking at the GBP and CAD related trades, especially the following and if I do tweet trades or set-ups they will probably be based around the following pairs: -\r\n\r\nGBP/USD\r\nGBP/CHF\r\nEUR/GBP\r\nUSD/CAD\r\nEUR/CAD\r\nGBP/CAD\r\nUSD/SEK\r\nUSD/NOK\r\nEUR/SEK\r\n\r\nAs stated, I may just watch today.\r\n\r\n<span style=\"text-decoration: underline;\">LIVE TRADES STILL IN PLAY:</span>\r\n\r\nNZD/USD - Short\r\nGBP/NZD - Long\r\nAUD/NZD - Long\r\nAUD/USD - Short\r\n\r\nGood luck today,\r\n\r\nScott','#63 - THE DAILY FX POST, Thursday July 3rd 2013.','','publish','open','closed','','63-daily-fx-post-thursday-july-3rd-2013','','','2014-07-03 06:30:37','2014-07-03 11:30:37','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=4026',0,'member_posts','',0),(3951,1,'2014-06-25 07:26:07','2014-06-25 12:26:07','Good Day everyone,\r\n\r\nHoly Mother of God...is this market slow or what?\r\n\r\nDaily ranges so far are as follows: EUR/USD 20 pips, AUD/USD 20 pips, CAD/USD 15 pips and GBP/USD 30 pips.......\r\n\r\nYesterday we have a technical term for what happened in equities which is a \"Outside reversal day\"...which means, we broke into new highs and then pulled back and broke previous days lows....this is according to my training BEARISH......\r\n\r\nThere are 4 trades that I want to mention this morning: -\r\n\r\nEUR/AUD - we are now long (FUN29).  The 240M down trend line has been taken out and should we break back above 1.4550 we could see a big move higher. Keep this on your radar.\r\n\r\nUSD/JPY - (and by inference all JPY pairs) If the USD/JPY breaks and holds below 101.80, it will drag other JPY pairs with it. Watch JPY strength today.\r\n\r\nUSD/CAD - 1.0780 is a key level if the EUR/USD breaks below 1.3600 and heads towards 1.3550 the USD/CAD could elevate. I am not too certain on whether it would squeeze beyond 1.0780 and break 1.0800 but at 1.0780 it could be a great short, as it has been trading very heavy of late. At this point I would also look at EUR/CAD and NZD/CAD again as shorts.\r\n\r\nGBP/USD - The chart below shows the levels that I am looking at. Here is my trade set up: -\r\n\r\nRT119\r\nGBP/USD\r\nSHORT\r\nEntry at 1.6985\r\nStop Loss 1.7050\r\nLimit 1.6750\r\n\r\nI will be adding on a break below 1.6920 previous support / resistance.\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-240MINUTE-CHART-25062014.png\"><img class=\"aligncenter size-large wp-image-3950\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-240MINUTE-CHART-25062014-1024x417.png\" alt=\"GBPUSD 240MINUTE CHART 25062014\" width=\"1024\" height=\"417\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGood luck with your trading today, take care do not get carried away.\r\n\r\nI will tweet any new trades / amendments etc....\r\n\r\nScott','#58 - THE DAILY FX POST, Wednesday 25th June 2014','','publish','open','closed','','58-daily-fx-post-wednesday-25th-june-2014','','','2014-06-25 07:26:07','2014-06-25 12:26:07','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3951',0,'member_posts','',0),(3952,1,'2014-06-25 07:24:39','2014-06-25 12:24:39','Good Day everyone,\r\n\r\nHoly Mother of God...is this market slow or what?\r\n\r\nDaily ranges so far are as follows: EUR/USD 20 pips, AUD/USD 20 pips, CAD/USD 15 pips and GBP/USD 30 pips.......\r\n\r\nYesterday we have a technical term for what happened in equities which is a \"Outside reversal day\"...which means, we broke into new highs and then pulled back and broke previous days lows....this is according to my training BEARISH......\r\n\r\nThere are 4 trades that I want to mention this morning: -\r\n\r\nEUR/AUD - we are now long (FUN29).  The 240M down trend line has been taken out and should ewe break back above 1.4550 we could see a big move higher. Keep this on your radar.\r\n\r\nUSD/JPY - (and by inference all JPY pairs) If the USD/JPY breaks and holds below 101.80, it will drag other JPY pairs with it. Watch JPY strength today.\r\n\r\nUSD/CAD - 1.0780 is a key level if the EUR/USD breaks below 1.3600 and heads towards 1.3550 the USD/CAD could elevate. I am not too certain on whether it would squeeze beyond 1.0780 and break 1.0800 but at 1.0780 it could be a great short, as it has been trading very heavy of late. At this point I would also look at EUR/CAD and NZD/CAD again as shorts.\r\n\r\nGBP/USD - The chart below shows the levels that I am looking at. Here is my trade set up: -\r\n\r\nRT119\r\nGBP/USD\r\nSHORT\r\nEntry at 1.6985\r\nStop Loss 1.7050\r\nLimit 1.6750\r\n\r\nI will be added on a break below 1.6920 previous support / resistance.\r\n\r\n&nbsp;\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-240MINUTE-CHART-25062014.png\"><img class=\"aligncenter size-large wp-image-3950\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-240MINUTE-CHART-25062014-1024x417.png\" alt=\"GBPUSD 240MINUTE CHART 25062014\" width=\"1024\" height=\"417\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGood luck with your trading today, take care do not get carried away.\r\n\r\nI will tweet any new trades / amendments etc....\r\n\r\nScott','#58 - THE DAILY FX POST, Wednesday 25th June 2014','','inherit','open','closed','','3951-revision-v1','','','2014-06-25 07:24:39','2014-06-25 12:24:39','',3951,'https://weeklyfxdrivethru.com/3951-revision-v1/',0,'revision','',0),(3953,1,'2014-06-25 07:26:07','2014-06-25 12:26:07','Good Day everyone,\r\n\r\nHoly Mother of God...is this market slow or what?\r\n\r\nDaily ranges so far are as follows: EUR/USD 20 pips, AUD/USD 20 pips, CAD/USD 15 pips and GBP/USD 30 pips.......\r\n\r\nYesterday we have a technical term for what happened in equities which is a \"Outside reversal day\"...which means, we broke into new highs and then pulled back and broke previous days lows....this is according to my training BEARISH......\r\n\r\nThere are 4 trades that I want to mention this morning: -\r\n\r\nEUR/AUD - we are now long (FUN29).  The 240M down trend line has been taken out and should we break back above 1.4550 we could see a big move higher. Keep this on your radar.\r\n\r\nUSD/JPY - (and by inference all JPY pairs) If the USD/JPY breaks and holds below 101.80, it will drag other JPY pairs with it. Watch JPY strength today.\r\n\r\nUSD/CAD - 1.0780 is a key level if the EUR/USD breaks below 1.3600 and heads towards 1.3550 the USD/CAD could elevate. I am not too certain on whether it would squeeze beyond 1.0780 and break 1.0800 but at 1.0780 it could be a great short, as it has been trading very heavy of late. At this point I would also look at EUR/CAD and NZD/CAD again as shorts.\r\n\r\nGBP/USD - The chart below shows the levels that I am looking at. Here is my trade set up: -\r\n\r\nRT119\r\nGBP/USD\r\nSHORT\r\nEntry at 1.6985\r\nStop Loss 1.7050\r\nLimit 1.6750\r\n\r\nI will be adding on a break below 1.6920 previous support / resistance.\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-240MINUTE-CHART-25062014.png\"><img class=\"aligncenter size-large wp-image-3950\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-240MINUTE-CHART-25062014-1024x417.png\" alt=\"GBPUSD 240MINUTE CHART 25062014\" width=\"1024\" height=\"417\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGood luck with your trading today, take care do not get carried away.\r\n\r\nI will tweet any new trades / amendments etc....\r\n\r\nScott','#58 - THE DAILY FX POST, Wednesday 25th June 2014','','inherit','open','closed','','3951-revision-v1','','','2014-06-25 07:26:07','2014-06-25 12:26:07','',3951,'https://weeklyfxdrivethru.com/3951-revision-v1/',0,'revision','',0),(3957,1,'2014-06-27 06:37:00','2014-06-27 11:37:00','Good day,\r\n\r\nPlease accept my apologies about lack of data yesterday from about 6AM EDT through to 1PM EDT. I had massive locking problems on my internet connections. Not too sure why I have numerous Cisco Business Style WAPs around the house so that signals on the network are strong no matter where you are inside the house or out stand to about 20 metres from the terraces etc. My trading room is hard-wired as well as wi-fi.  I re-booted and re-booted..get the picture......I eventually changed the router. We have a back-up generator that has been in action a little of late with all the storms taking out power, maybe the nano second transfer time has eventually taken its toll on the device and waved its white flag. Anyway, I changed the router and all seems good so far.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nAfter missing about 99.9999999% of the action on the back of BULLARDS comments yesterday, we went into a period of stagnation again. NZD (Trade Balance) news didn\'t really do much last night and through the night we have seen a little bit of JPY and USD strength.\r\n\r\nThe CAD is trading very heavy, but a word of caution is required. I was expecting quite a drop as we broke below 1.0700. It never really happened and now we are consolidating to a point. It looks like we will go lower but I am not 100% convinced. I am set up for it, with my trades USD/CAD short and CAD/JPY long.\r\n\r\nI added further NZD/USD and AUD/USD  shorts to my trades, as well as adding to my existing NZD/USD short near the highs last night.\r\n\r\nIn addition, I took the EUR/GBP short a few hours ago. There is a compelling reason for this, which, will feature in tomorrows WEEKLY FX DRIVE THRU blog....\r\n\r\nThe equity markets look tired at these levels, it is becoming very difficult to see how much further they can go.\r\n\r\nIf it were not for U.S. companies repurchasing stock, who is actually buying shares? The only reason companies are doing this is to improve EPS at the cost of re-hiring.....eventually the chickens will come home to roost.  Most of the charts are looking exhausted to me. I know that I have been on this soap box for a while but there is so much headwind coming up there should be a deep correction soon in my opinion.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRAINING:</strong></span>\r\n\r\nI had a request from Aroon (UK) for some help on POSITION SIZING and RISK MANAGEMENT. I have had two responses to a webinar on this subject so far. Unless numbers increase I will do this privately with Aroon  over SKYPE or FaceTime. I will close the webinar option on Sunday night.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nLive in 13 trades......no limit orders.\r\n\r\nI want to say at this point, the USD/NOK and USD/SEK. I was so tempted to chase these earlier in the week and did not. I know that Yang (HK) , Svetlana (Berlin) and Raul (Brazil) all three of you did and congratulations. You were about 2,000 pips to the positive last I heard...well done guys.\r\n\r\nTake care trading today, it\'s a Friday and getting closer to the month end positioning.\r\n\r\nScott','#59 - THE DAILY FX POST, Friday 27th June 2014','','inherit','open','closed','','3955-revision-v1','','','2014-06-27 06:37:00','2014-06-27 11:37:00','',3955,'https://weeklyfxdrivethru.com/3955-revision-v1/',0,'revision','',0),(3956,1,'2014-06-27 06:35:46','2014-06-27 11:35:46','Good day,\r\n\r\nPlease accept my apologies about lack of data yesterday from about 6AM EDT through to 1PM EDT. I had massive locking problems on my internet connections. Not too sure why I have numerous Cisco Business Style WAPs around the house so that signals on the network are strong no matter where you are inside the house or out stand to about 20 metres from the terraces etc. My trading room is hard-wired as well as wi-fi.  I re-booted and re-booted..get the picture......I eventually changed the router. We have a back-up generator that has been in action a little of late with all the storms taking out power, maybe the nano second transfer time has eventually taken its toll on the device and waved its white flag. Anyway, I changed the router and all seems good so far.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nAfter missing about 99.9999999% of the action on the back of BULLARDS comments yesterday, we went into a period of stagnation again. NZD (Trade Balance) news didn\'t really do much last night and through the night we have seen a little bit of JPY and USD strength.\r\n\r\nThe CAD is trading very heavy, but a word of caution is required. I was expecting quite a drop as we broke below 1.0700. It never really happened and now we are consolidating to a point. It looks like we will go lower but I am not 100% convinced. I am set up for it, with my trades USD/CAD short and CAD/JPY long.\r\n\r\nI added further NZD/USD and AUD/USD  shorts to my trades, as well as adding to my existing NZD/USD short near the highs last night.\r\n\r\nIn addition, I took the EUR/GBP short a few hours ago. There is a compelling reason for this, which, will feature in tomorrows WEEKLY FX DRIVE THRU blog....\r\n\r\nThe equity markets look tired at these levels, it is becoming very difficult to see how much further they can go.\r\n\r\nIf it were not for U.S. companies re-putchasing stock, who is actually buying shares? The only reason companies are doing this is to improve EPS at the expense of re-hiring.....eventually the chickens will come home to roost.  Most of the charts are looking exhausted to me. I know that I have been on this soap box for quite a while but there is so much headwind coming up there should be a deep correction soon in my opinion.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRAINING:</strong></span>\r\n\r\nI had a request from Aroon (UK) for some help on POSITION SIZING and RISK MANAGEMENT. I have had two responses to a webinar on this subject so far. Unless numbers increase I will do this privately with Aroon  over SKYPE or FaceTime. I will close the webinar option on Sunday night.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nLive in 13 trades......no limit orders.\r\n\r\nI want to say at this point, the USD/NOK and USD/SEK. I was so tempted to chase these earlier in the week and did not. I know that Yang (HK) , Svetlana (Berlin) and Raul (Brazil) all three of you did and congratulations. You were about 2,000 pips to the positive last I heard...well done guys.\r\n\r\nTake care trading today, it\'s a Friday and getting closer to the month end positioning.\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong> </strong></span>','#59 - THE DAILY FX POST, Friday 27th June 2014','','inherit','open','closed','','3955-revision-v1','','','2014-06-27 06:35:46','2014-06-27 11:35:46','',3955,'https://weeklyfxdrivethru.com/3955-revision-v1/',0,'revision','',0),