&nbsp;

<strong>1. INTRODUCTION:</strong>

That was some week.

“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

I 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.

It was a fascinating hour or so, however, why did the turnaround happen?

I have read so many articles and listened to so many comments following the
Press Conference. I am no clearer…was it: -
<ul>
	<li>Hedge funds involvement?</li>
	<li>Option Barriers?</li>
	<li>Only a Pea Shooter with the promise of a Bazooka?</li>
	<li>Was it Draghi stating that the ECB was basing EUR/USD exchange rate average estimate for 2014 at 1.3800?</li>
	<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>
</ul>
Basically, 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.

It 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.

I 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!

I 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.

I 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.

Then 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.

Staying 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.

I 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).

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<strong>2. TRADING SUMMARY:</strong><strong> </strong>
<p style="text-align: center;"><strong>RADAR, FLASH and FUNDAMENTAL TRADES
</strong><strong>JUNE 2014 and YEAR to date:</strong></p>
<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>
  <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>

<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>

The above examples are for illustration purposes only:

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

Just to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.

I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.

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

<strong> </strong><strong> </strong>

<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>
<p style="text-align: center;"><strong>WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED</strong></p>
I 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.

The 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.

Last 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.

Now it is time to sit back and review, plan and strategize ahead.

The 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.

Without 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.

The Non-Farm Payroll numbers were also market moving and affected all currency pairs but moves were in the main muted.

So where do we go from here?

Basically a little consolidation time in the Forex markets, the new levels need to be confirmed.

Usually, 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.

Below, for everyone, I show you what I do and give examples on three pairs; EUR/USD, GBP/USD and AUD/USD.

I 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.

<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>

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<span style="text-decoration: underline;"><strong>EUR/USD:</strong></span>

From the monthly chart below, resistance is now on the down sloping trend line at 1.3775.

I 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.

<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>

<span style="text-decoration: underline;"><strong>GBP/USD:</strong></span>

From 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?

<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> </strong><strong> </strong>

<span style="text-decoration: underline;"><strong>AUD/USD:</strong></span>

From 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.
A 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.

<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>

&nbsp;

From 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.

Fundamentally 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.

With 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.

Suffice to say, I use recent key Fibonacci levels, and other key resistance /support levels seen recently.

I 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!

<strong> </strong>

<strong>4. TRADER TOPICS:</strong>
<p style="text-align: center;"><strong>A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</strong></p>
Most 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.

Like 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.

For 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.

Being 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.

For example: -

Let’s assume a $10,000.00 trading account where 10 trades are placed, and $100.00 (1%) is put at risk for each trade….

If the risk to reward ratio is 1-to-1, then a 50% profitable trades ratio will result in a “Break-even” return….

10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.

10 trades placed x 50% profitable trades = 5 profits x $100.00 = $500.00 profit.

$500.00 profit - $500.00 loss = $0.00.

If the risk to reward ratio is 1-to1.5, then the same 50% ratio of profitable trades will result in a positive return….

10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.

10 trades placed X 50% profitable trades = 5 profits x $150.00 = $750.00 profit.
$750.00 profit - $500.00 loss = $250.00 profit.

I

n 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….

10 trades placed x 50% loss trades = 5 losses x $300.00 = $1,500.00 loss.

10 trades placed x 50% profitable trades = 5 profits x $450.00 = $2,250.00 profit.

$2,250.00 profit - $1,500.00 loss = $750.00 profit.

&nbsp;

Conversely, 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…

10 trades placed x 20% loss trades = 2 losses x $300.00 = $600.00 loss.

10 trades placed x 80% profitable trades = 8 profits x $150.00 = $1,200.00 profit.

$1,200.00 profit - $600.00 loss = $600.00 profit.

&nbsp;

So 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.

Hopefully, 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.

Another 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.

&nbsp;

<strong> </strong>

<strong>5. MY CURRENT LIVE TRADES:</strong>

<strong>FLASH TRADES:</strong>

I have no flash trades at the moment<strong> </strong>

&nbsp;

<strong>RADAR TRADES:</strong>

RT99
NZD/USD
Short
Cost Average / Entry Level: 0.8440
Stop Loss: 0.8550
Limit / Target: 0.8000
Weekly Closing Price: 0.8497
Position: -57 pips

RT100
AUD/NZD
Long
Cost Average: 1.0965
Stop Loss: 1.0885
Limit: 1.1350
Weekly Closing Position: 1.0974
Position: +9 pips

&nbsp;

<strong>FUNDAMENTAL TRADES:</strong>

FUN14
GBP/NZD
Long
Cost Average: 1.9800
Stop Loss: 1.9000
Limit / Target: 2.2350
Weekly Closing Price: 1.9741
Position: - 59 pips

<strong> </strong>

<strong> </strong><strong> </strong>

<strong>6. TRADES THAT ARE ON MY RADAR:</strong>

The 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.

EUR/USD (see chart)

Short
Entry at 1.3750 (just ahead of trend line resistance)
Stop at 1.3850
Limit 1.3500

<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>

&nbsp;

GBP/USD (see chart)
Short
Entry at 1.6870
Stop at 1.6990
Limit 1.6500

<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>

&nbsp;

AUD/USD (see chart)
Short
Entry at 0.9360
Stop at 0.9450
Limit 0.8500

<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>

&nbsp;

EUR/GBP (see chart)
Long
Entry at 0.8130
Stop at 0.8185
Limit 0.7800
<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>

EUR/AUD (see chart)
Long
Entry at 1.4725
Stop at 1.4500
Limit 1.5200

<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>

&nbsp;

EUR/NZD (see chart)
Long
Entry at 1.6140
Stop at 1.5850
Limit 1.6450 ( This will be adjusted once the trade starts breaking higher)

<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>

&nbsp;

GBP/CAD (see chart)
Long
Entry at 1.8350
Stop at 1.8220
Limit 1.8670

<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>

&nbsp;

In addition to these pairs, as requested by Roger from the UK, here are the ones I looked at and decided not to proceed with.

EUR/CAD – The charts are far too messy.
USD/CHF – This pair is way too risky to short at the moment with SNB in the background with action possibly quite soon.
USD/JPY – I am ignoring JPY pairs at the moment…too many bad experiences.
USD/CAD – This pair is stuck in a range…boring, boring, boring.
USD/SEK – Waiting for new cycle to start.
EUR/SEK – Waiting for new cycle to start.
USD/NOK - Waiting for new cycle to start.

&nbsp;

<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>

<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.

<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>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.

<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.

<strong>USD/CAD: Closing Price 1.0932.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0960.

<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>

<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.

&nbsp;

<strong> </strong>

<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong>

I 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)

The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.
<p style="text-align: center;"><span style="text-decoration: underline;"><strong>LONG:</strong></span></p>
<p style="text-align: center;">GBP/USD
AUD/USD
AUD/JPY
GBP/JPY</p>
<p style="text-align: center;"><span style="text-decoration: underline;"><strong>SHORT:</strong></span></p>
<p style="text-align: center;">EUR/GBP
EUR/AUD
GBP/AUD
USD/NOK
EUR/NOK<strong> </strong></p>
<p style="text-align: center;"></p>
<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong><strong> </strong>

SUNDAY: N/A.

MONDAY: AUD – RBA Governor Stevens speaks &amp; New Business Confidence.
MONDAY: CNY – CPi.

TUESDAY: N/A.

WEDNESDAY: GBP – Unemployment Rates.
WEDNESDAY: NZD – RBNZ Cash Rate and Policy Statement..
WEDNESDAY: AUD – Unemployment Rates.

THURSDAY: USD – Core Retails Sales.

FRIDAY: N/A.

<strong> </strong><strong> </strong>

<strong>10. FINAL THOUGHTS:</strong>

Next week is a little slower on news, but I feel that the fallout from the ECB meeting last week will roll over.

This 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.

Take care and good luck. Be careful with position sizes.

For 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…..

&nbsp;

Scott Pickering
The Pip Accumulator
Saturday June 7th 2014

EMAIL / FOLLOW ME AT:
premiumservice@weeklyfxdrivethru.com
Twitter: @pipaccumulator
Twitter: @ThePremService
Google+/scottpickering

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