(7114,1,'2016-01-09 05:58:52','2016-01-09 10:58:52','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nIf you are a new reader I would like to welcome you, and if you are a regular reader welcome back and I wish all readers some great Forex Trading in 2016.\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo, as a winner in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you\r\n\r\nFor 2016, I have slightly altered the format of WEEKLY FX DRIVE THRU in response to feedback from several of my PREMIUM SERVICE subscribers. I hope that you find these small modifications beneficial and that they do not in anyway take away from the previous structure. There are still a couple of changes to implement and I will do these over the next few weeks.\r\n\r\nFrom my perspective it is always good to change things up a bit from time to time as things can run a little stale after a while. The fundamental idea behind these changes was to free up more time for me to concentrate more on trading. The old blog would take in total some 8-10 hours to gather the information write, review, check, validate, transfer, upload, download, post and finally alert all receivers of the blog that it was posted.\r\n\r\nMy fee-paying subscribers are still receiving a “full-on” Forex review; in fact this year there is more content each week for them than there was in last year’s blog.\r\n\r\nI am always open to feedback; so if you have any comments about the new structure, do not think twice about airing these.\r\n\r\nOverall, if I am able to retain the same impact but shave 2-3 hours off my administration time piecing the blog together, I would call that a result!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: CHINA:</u>\r\n\r\nObviously the big news from last week was based around China. It makes me laugh. Like many traders, I believe that the economic data released by China may as well be compiled by one of my Labradors (Ozzy or Aoife). What gets me is that for a country that many people believe everything it does with data and its markets in general is “fixed”, it sure does hold the rest of the worlds markets in panic mode… fascinating.\r\n\r\nMoving on…\r\n\r\nIt stands to reason that China data should be suffering; for God’s sake no one is buying anything, so what is the point of manufacturing finished goods that people aren’t buying.\r\n\r\nAdd to that the restrictions in the equity markets that the Chinese authorities are trying to modify. The circuit breakers in Shanghai created havoc earlier last week but were removed, as they were inappropriate for the swings in the China equity markets. This fact alone created sell-offs worldwide.\r\n\r\nChina is trying to accommodate, integrate and facilitate changes in many, many areas. If you want to blame someone for the Chinese volatility blame the IMF. Since “on her way to court” IMF president Christine Lagarde decided to include the Yuan in the SDR basket, it was the green light for the Chinese government to further weaken the Yuan. The reason for this is very simple they a shi**ing bricks because of the economic slowdown. The Yuan like every other currency around the world is a government policy tool. Monetary easing (manipulation) is here to stay, at least for the medium–term, many would argue longer.\r\n\r\nAfter the PBOC consistently weakened the reference rate early in the week, on Thursday it set the rate a fraction stronger. They are playing games with us!!\r\n\r\nIt remains to be seen what effect all of this will have on the FED tightening but for now the PBOC / Chinese government are creating tsunami style waves in the financial markets.\r\n\r\n<u>2.1.2: CABLE:</u>\r\n\r\nLast week we also witnessed the cable continue to move lower, 8 days in a row about 400 pips or so being the range over that timeframe. As regular readers know, I hate trading the GBP currency. The only GBP trades I like are the cross-rates. However, the GBP sell off created a monumental move higher in the EUR/GBP that broke through a 3-year trend line resistance. This is a big market breakout and should not be ignored. I have now gone from bearish to bullish on the EUR/GBP as a result.\r\n\r\nThere are big issues this year for the UK to cope with, not just with the economy but also with the merry-go-round “circus” of a potential rate increase plus all the “Brexit” debates. All of this creates uncertainty and the markets do not like uncertainty. As a result the GBP is pressured at multi year lows against the USD.\r\n\r\n<u>2.1.3: NFP:</u>\r\n\r\nFinally last week we had the US Non-Farm Payrolls.\r\n\r\nGreat numbers were posted 292,000 jobs against the consensus of 203,000.\r\n\r\nHowever wages aren’t going up; I think that the introduction of the increased minimum wage levels that many states have introduced, if going to have a positive effect may take some time to filter through.\r\n\r\nI think had the average hourly rate increased in line with the 0.2% prediction this would have given the FED a very positive light on inflation. It however, remained unchanged.\r\n\r\nHowever, the “blow-out” numbers themselves could be the factor that makes it “real to the markets” that 4 x FED rate hikes are on the way in 2016. Interesting times ahead.\r\n&nbsp;\r\n\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – BOE Bank Rate and Monetary Policy Summary.\r\n\r\nFRIDAY: USD – Retail Sales and PPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nEUR/USD - Weekly Closing Price: 1.0928\r\nFrom the chart below, you can see that we are testing the first of two trend lines, the first is at 1.0940. This level has held prices before but the closing candle is very bullish and I think that we test 1.1060 (previous highs) before a move higher is capped. The second trend line is at 1.1100. This pair is a tough read at the moment. The strength in the single currency as we see it now could be easily and instantly reversed by a good old kick in the nuts if Draghi or Nowotny make one of their famous sound-bytes to a European journalist. I am sure that they are watching this latest squeeze move higher with interest. So be careful and do not rule this out.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/eurusd-d-09012016/\" rel=\"attachment wp-att-7099\"><img class=\"aligncenter size-large wp-image-7099\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-09012016-1024x492.png\" alt=\"EURUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4528\r\n\r\nHoly Crap. Oversold, Relative Strength and Stochastic issues are chart analysts delight. This pair is in trouble. I could not get an effective Fibonacci extension to work. Horizontal support is the best that I can muster. 1.4235, 1.4040 and then 1.4000 is all I can say.\r\n\r\nNow let me add a few lines of caution. Regular followers will know my thoughts on the cable. Basically it is the mistress of false breakdowns and breakouts. We have the BOE meeting this week and with Carney at the helm, be prepared for the bounce. Carney is great at misleading the markets. He loves the term forward guidance but hasn\'t got a fecking clue what it means. We could get a handsome bounce followed by a massive sell-off to 1.4000.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/gbpusd-d-09012016/\" rel=\"attachment wp-att-7098\"><img class=\"aligncenter size-large wp-image-7098\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-09012016-1024x492.png\" alt=\"GBPUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6950\r\n\r\nChina and the commodity sell-off are weighing heavily on the Aussie. This is a target currency for me this coming week for a short trade on a small bounce. I see a move lower to test the lows on the chart below 0.6885 as very doable.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/audusd-d-09012016/\" rel=\"attachment wp-att-7100\"><img class=\"aligncenter size-large wp-image-7100\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-09012016-1024x492.png\" alt=\"AUDUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6540\r\n\r\nThis pair is very similar to the Aussie in my eyes. Like the Aussie the Kiwi relies on China, in fact I think probably more as China is the largest trading partner of New Zealand. I see a test of the November 2015 lows of 0.6428 as a target in the coming weeks. In addition, because unlike the Aussie the China effect may not be factored in as much as it is to the NZD currency, the move lower with this pair could be exacerbated. September 2015 lows of 0.6240 could be the equivalent of the star trek tractor beam for this pair.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/nzdusd-d-09012016/\" rel=\"attachment wp-att-7097\"><img class=\"aligncenter size-large wp-image-7097\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-09012016-1024x492.png\" alt=\"NZDUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4172\r\n\r\nOn the chart below I have attempted to draw out the measured move for the cup and handle formation that is evident on the monthly chart. The measured move target is about 1.6000.\r\n\r\nThis pair stopped on its last move higher just short of 1.4500. It will try again as I believe that Oil still has further to fall, plus the Canadian economy is NOT as good as “Head in the sand” BOC governor Stephen Poloz would have us all believe. I see rate cuts coming. Oil plus rate cuts places this pair within the target area of completing the cup and handle formation.\r\n\r\nThere is a PART-TIME TRADER trade on the horizon this week. Plus other trades based on pullbacks.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/usdcad-m-09012016/\" rel=\"attachment wp-att-7096\"><img class=\"aligncenter size-large wp-image-7096\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-09012016-1024x492.png\" alt=\"USDCAD M 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9946\r\n\r\nI am still very bullish this pair. Which means, bearish the CHF. I expect SNB intervention soon with regards to the EUR/CHF. The chart below shows clearly what the risks are with long side trades. We have an upward sloping trend line at 0.9900 and good Fibonacci and horizontal support at 0.9850. Longer-term this year I see this pair above 1.1000, maybe up to 1.1350-1.1400.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/usdchf-d-09012016/\" rel=\"attachment wp-att-7095\"><img class=\"aligncenter size-large wp-image-7095\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-09012016-1024x492.png\" alt=\"USDCHF D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 117.47\r\n\r\nFrom the chart below the double top / double bottom measured move highlights a potential A+B target of 116.50. This pair looks very bearish. It represents a true flight to safety on the back of the China headlines.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/usdjpy-d-09012016/\" rel=\"attachment wp-att-7094\"><img class=\"aligncenter size-large wp-image-7094\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-09012016-1024x492.png\" alt=\"USDJPY D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom nearly all the charts this week there are lots of opportunities. However, it is not just a case of jumping straight in and shorting or going long. Set your entry and exit levels and patiently wait, let the trades come to you.\r\n\r\n&nbsp;\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>NOTHING LIKE GENTLY EASING YOURSELF BACK</strong>\r\n<strong>INTO A NEW YEAR OF TRADING!</strong>\r\n\r\n<strong> GEOPOLITICAL NEWS DOMINATES</strong></p>\r\nHoly Mother God. I notified my subscribers that I would ease my way back in last week, as this weekend’s blog is the official 2016 start. I placed limit orders (2 x PART-TIME TRADER and 2 x RADAR trades) and after the FOMC minutes I took 2 x FLASH trades to add to an existing one making 3 FLASH trades in total.\r\n\r\nAs always, hindsight trading is the best… woulda, coulda, shoulda trades don’t you just love them? Yes, if you trade you have probably been here before, the 3 FLASH trades were all profitable and I did not take profits. Then, overnight, I checked in on the 3 FLASH trades - all was good. I went back to sleep woke up after a blood bath had erupted in Asia, the two RADAR trades had triggered, two of the FLASH trades had already hit stop losses, the third and the two RADAR trades moved like crazy and together they all hit stop loss levels, before I could catch up on the news. My first five trades of 2016 were all loss making trades, what a great start.\r\n\r\nSo that was my easing back into matters Forex!\r\n\r\nI am basically a fundamental trader first then a technical trader, therefore, the geopolitical events that have dominated the markets recently I have found interesting to follow.\r\n\r\nDuring my Christmas break, I spent a lot of time looking at central bank divergence and charting levels to enter trades with the following pairs AUD/USD, NZD/USD, GBP/USD and EUR/GBP. In addition, I am expecting a stock market pullback so I was looking across the JPY pairs for nice entries. I believe that buying the JPY currency could be an interesting trade this year. My plan was to write about all of these thoughts in my first blog of 2016, and at the same time use these trades as the catalyst to launch my PART-TIME TRADER trade set-ups.\r\n\r\nWell, as you can imagine all of those thoughts and levels have gone out of the window given the events of the past week and now I am looking at bounces to sell into and my launch of my new trade set-ups will be more of a drip-feed rather than a David Bowie “Suffragette City - Wham bam, thank you man”.\r\n\r\nChina I have spoken about earlier in the blog and I feel that this will remain a news item as the Chinese Government through the PBOC uses the Yuan as an economic tool. I read last Friday that several analysts more familiar with how China operates are looking for a further weakness of the Yuan by as high as an additional 15%. As mentioned earlier no one really has a handle on exactly what the Chinese economy looks like. What we do know is that the Chinese are worried given their actions.\r\n\r\nAfter China we have a worry about Oil. Saudi Arabia and Iran are in the middle of a huge diplomatic squabble. Tensions are high and Middle East stability is important for oil. Right now however, there is so much of the black stuff knocking around tankers and storage facilities worldwide, that the West Texas and Brent Crude prices are continuing to fall, this despite the Middle East unrest. Nevertheless, we should not let this news disappear, as tensions are so high it could escalate. Remember the Saudis are still active in Yemen and there are rumours that the UK are working alongside them in that location. This could escalate very quickly and potentially could be about more than oil.\r\n\r\nMiddle East stability is vital. The west really screwed up on handling Iraq, Afghanistan, Syria, Libya and ISIS. Right now we have the ostrich approach in operation, because of the wests consistent inability to respect cultures amongst other factors. All we need is Israel dragged into this dispute somehow and off we go!\r\n\r\nNext, we have North Korea, was it an A-bomb or an H-bomb? (At the time of writing I had not seen confirmation of one or the other).\r\n\r\nYer man, Kim Jong-un couldn’t give a rats a** about the United Nations, China, The USA, South Korea, or Japan. In fact, people were dancing in the streets following the bomb test! Unbelievable.\r\n\r\nThe threat of increased sanctions is like water off a ducks back to the North Korean regime. A change in approach is required, and frankly I am just not sure that the world’s leaders have the stomach for dealing with this regime. My big fear looking forward is, could you imagine the response if the “Donald” was the U.S. president?\r\n\r\nAll the above really places the whether the FED will hike 2 or 4 times in 2016 into perspective.\r\n\r\nSo what are the trades?\r\n\r\nSafety trades is the answer in my opinion; the USD and JPY in particular. Over the next 48 hours I have quite a number of LIMIT ORDER (RADAR, FUNDAMENTAL and PART-TIME TRADER) trades to post for my subscribers.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">\r\n<strong>NET PIPS THIS MONTH SO FAR: (148)</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR: (148)</strong></p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:\r\n</u><u>4.2.2: FLASH TRADES:\r\n</u><u>4.2.3: FUNDAMENTAL TRADES:\r\n</u><u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n<u>4.3.1: RADAR TRADES:\r\n4.3.2: FLASH TRADES:\r\n</u><u>4.3.3: FUNDAMENTAL TRADES:</u><u>\r\n4.3.4: PART-TIME TRADER TRADES:\r\n</u><u>4.3.5: MONTH TO DATE- SUMMARY OF PERFORMANCE:\r\n</u><u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:\r\n</u><u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:\r\n</u><u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:\r\n</u><u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n</strong>(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:\r\n</strong><u>4.8.1: RADAR LIMIT ORDER TRADES:\r\n</u><u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:\r\n</u><u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES:</u>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:\r\n\r\n</strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nNot much front-line economic data this coming week. What news there is are all market movers, but there is just not the volume of news items.\r\n\r\nAs a Forex trader I think we will be held captive to geopolitical events and the equity markets. Whilst, it would be correct to say that liquidity should be improving day by day, I still think that we have to remain vigilant at all times especially in the Asian market time zone. At the best of times Asia is a little starved of participants and a large order can really create havoc.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG #183','THE WEEKLY FX DRIVE THRU','','inherit','closed','closed','','7113-revision-v1','','','2016-01-09 05:58:52','2016-01-09 10:58:52','',7113,'https://weeklyfxdrivethru.com/7113-revision-v1/',0,'revision','',0),(7115,1,'2016-01-09 06:00:32','2016-01-09 11:00:32','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nIf you are a new reader I would like to welcome you, and if you are a regular reader welcome back and I wish all readers some great Forex Trading in 2016.\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo, as a winner in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you\r\n\r\nFor 2016, I have slightly altered the format of WEEKLY FX DRIVE THRU in response to feedback from several of my PREMIUM SERVICE subscribers. I hope that you find these small modifications beneficial and that they do not in anyway take away from the previous structure. There are still a couple of changes to implement and I will do these over the next few weeks.\r\n\r\nFrom my perspective it is always good to change things up a bit from time to time as things can run a little stale after a while. The fundamental idea behind these changes was to free up more time for me to concentrate more on trading. The old blog would take in total some 8-10 hours to gather the information write, review, check, validate, transfer, upload, download, post and finally alert all receivers of the blog that it was posted.\r\n\r\nMy fee-paying subscribers are still receiving a “full-on” Forex review; in fact this year there is more content each week for them than there was in last year’s blog.\r\n\r\nI am always open to feedback; so if you have any comments about the new structure, do not think twice about airing these.\r\n\r\nOverall, if I am able to retain the same impact but shave 2-3 hours off my administration time piecing the blog together, I would call that a result!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: CHINA:</u>\r\n\r\nObviously the big news from last week was based around China. It makes me laugh. Like many traders, I believe that the economic data released by China may as well be compiled by one of my Labradors (Ozzy or Aoife). What gets me is that for a country that many people believe everything it does with data and its markets in general is “fixed”, it sure does hold the rest of the worlds markets in panic mode… fascinating.\r\n\r\nMoving on…\r\n\r\nIt stands to reason that China data should be suffering; for God’s sake no one is buying anything, so what is the point of manufacturing finished goods that people aren’t buying.\r\n\r\nAdd to that the restrictions in the equity markets that the Chinese authorities are trying to modify. The circuit breakers in Shanghai created havoc earlier last week but were removed, as they were inappropriate for the swings in the China equity markets. This fact alone created sell-offs worldwide.\r\n\r\nChina is trying to accommodate, integrate and facilitate changes in many, many areas. If you want to blame someone for the Chinese volatility blame the IMF. Since “on her way to court” IMF president Christine Lagarde decided to include the Yuan in the SDR basket, it was the green light for the Chinese government to further weaken the Yuan. The reason for this is very simple they a shi**ing bricks because of the economic slowdown. The Yuan like every other currency around the world is a government policy tool. Monetary easing (manipulation) is here to stay, at least for the medium–term, many would argue longer.\r\n\r\nAfter the PBOC consistently weakened the reference rate early in the week, on Thursday it set the rate a fraction stronger. They are playing games with us!!\r\n\r\nIt remains to be seen what effect all of this will have on the FED tightening but for now the PBOC / Chinese government are creating tsunami style waves in the financial markets.\r\n\r\n<u>2.1.2: CABLE:</u>\r\n\r\nLast week we also witnessed the cable continue to move lower, 8 days in a row about 400 pips or so being the range over that timeframe. As regular readers know, I hate trading the GBP currency. The only GBP trades I like are the cross-rates. However, the GBP sell off created a monumental move higher in the EUR/GBP that broke through a 3-year trend line resistance. This is a big market breakout and should not be ignored. I have now gone from bearish to bullish on the EUR/GBP as a result.\r\n\r\nThere are big issues this year for the UK to cope with, not just with the economy but also with the merry-go-round “circus” of a potential rate increase plus all the “Brexit” debates. All of this creates uncertainty and the markets do not like uncertainty. As a result the GBP is pressured at multi year lows against the USD.\r\n\r\n<u>2.1.3: NFP:</u>\r\n\r\nFinally last week we had the US Non-Farm Payrolls.\r\n\r\nGreat numbers were posted 292,000 jobs against the consensus of 203,000.\r\n\r\nHowever wages aren’t going up; I think that the introduction of the increased minimum wage levels that many states have introduced, if going to have a positive effect may take some time to filter through.\r\n\r\nI think had the average hourly rate increased in line with the 0.2% prediction this would have given the FED a very positive light on inflation. It however, remained unchanged.\r\n\r\nHowever, the “blow-out” numbers themselves could be the factor that makes it “real to the markets” that 4 x FED rate hikes are on the way in 2016. Interesting times ahead.\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – BOE Bank Rate and Monetary Policy Summary.\r\n\r\nFRIDAY: USD – Retail Sales and PPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nEUR/USD - Weekly Closing Price: 1.0928\r\nFrom the chart below, you can see that we are testing the first of two trend lines, the first is at 1.0940. This level has held prices before but the closing candle is very bullish and I think that we test 1.1060 (previous highs) before a move higher is capped. The second trend line is at 1.1100. This pair is a tough read at the moment. The strength in the single currency as we see it now could be easily and instantly reversed by a good old kick in the nuts if Draghi or Nowotny make one of their famous sound-bytes to a European journalist. I am sure that they are watching this latest squeeze move higher with interest. So be careful and do not rule this out.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/eurusd-d-09012016/\" rel=\"attachment wp-att-7099\"><img class=\"aligncenter size-large wp-image-7099\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-09012016-1024x492.png\" alt=\"EURUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4528\r\n\r\nHoly Crap. Oversold, Relative Strength and Stochastic issues are chart analysts delight. This pair is in trouble. I could not get an effective Fibonacci extension to work. Horizontal support is the best that I can muster. 1.4235, 1.4040 and then 1.4000 is all I can say.\r\n\r\nNow let me add a few lines of caution. Regular followers will know my thoughts on the cable. Basically it is the mistress of false breakdowns and breakouts. We have the BOE meeting this week and with Carney at the helm, be prepared for the bounce. Carney is great at misleading the markets. He loves the term forward guidance but hasn\'t got a fecking clue what it means. We could get a handsome bounce followed by a massive sell-off to 1.4000.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/gbpusd-d-09012016/\" rel=\"attachment wp-att-7098\"><img class=\"aligncenter size-large wp-image-7098\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-09012016-1024x492.png\" alt=\"GBPUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6950\r\n\r\nChina and the commodity sell-off are weighing heavily on the Aussie. This is a target currency for me this coming week for a short trade on a small bounce. I see a move lower to test the lows on the chart below 0.6885 as very doable.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/audusd-d-09012016/\" rel=\"attachment wp-att-7100\"><img class=\"aligncenter size-large wp-image-7100\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-09012016-1024x492.png\" alt=\"AUDUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6540\r\n\r\nThis pair is very similar to the Aussie in my eyes. Like the Aussie the Kiwi relies on China, in fact I think probably more as China is the largest trading partner of New Zealand. I see a test of the November 2015 lows of 0.6428 as a target in the coming weeks. In addition, because unlike the Aussie the China effect may not be factored in as much as it is to the NZD currency, the move lower with this pair could be exacerbated. September 2015 lows of 0.6240 could be the equivalent of the star trek tractor beam for this pair.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/nzdusd-d-09012016/\" rel=\"attachment wp-att-7097\"><img class=\"aligncenter size-large wp-image-7097\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-09012016-1024x492.png\" alt=\"NZDUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4172\r\n\r\nOn the chart below I have attempted to draw out the measured move for the cup and handle formation that is evident on the monthly chart. The measured move target is about 1.6000.\r\n\r\nThis pair stopped on its last move higher just short of 1.4500. It will try again as I believe that Oil still has further to fall, plus the Canadian economy is NOT as good as “Head in the sand” BOC governor Stephen Poloz would have us all believe. I see rate cuts coming. Oil plus rate cuts places this pair within the target area of completing the cup and handle formation.\r\n\r\nThere is a PART-TIME TRADER trade on the horizon this week. Plus other trades based on pullbacks.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/usdcad-m-09012016/\" rel=\"attachment wp-att-7096\"><img class=\"aligncenter size-large wp-image-7096\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-09012016-1024x492.png\" alt=\"USDCAD M 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9946\r\n\r\nI am still very bullish this pair. Which means, bearish the CHF. I expect SNB intervention soon with regards to the EUR/CHF. The chart below shows clearly what the risks are with long side trades. We have an upward sloping trend line at 0.9900 and good Fibonacci and horizontal support at 0.9850. Longer-term this year I see this pair above 1.1000, maybe up to 1.1350-1.1400.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/usdchf-d-09012016/\" rel=\"attachment wp-att-7095\"><img class=\"aligncenter size-large wp-image-7095\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-09012016-1024x492.png\" alt=\"USDCHF D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 117.47\r\n\r\nFrom the chart below the double top / double bottom measured move highlights a potential A+B target of 116.50. This pair looks very bearish. It represents a true flight to safety on the back of the China headlines.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/usdjpy-d-09012016/\" rel=\"attachment wp-att-7094\"><img class=\"aligncenter size-large wp-image-7094\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-09012016-1024x492.png\" alt=\"USDJPY D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom nearly all the charts this week there are lots of opportunities. However, it is not just a case of jumping straight in and shorting or going long. Set your entry and exit levels and patiently wait, let the trades come to you.\r\n\r\n&nbsp;\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>NOTHING LIKE GENTLY EASING YOURSELF BACK</strong>\r\n<strong>INTO A NEW YEAR OF TRADING!</strong></p>\r\n<strong> GEOPOLITICAL NEWS DOMINATES</strong>\r\n\r\nHoly Mother God. I notified my subscribers that I would ease my way back in last week, as this weekend’s blog is the official 2016 start. I placed limit orders (2 x PART-TIME TRADER and 2 x RADAR trades) and after the FOMC minutes I took 2 x FLASH trades to add to an existing one making 3 FLASH trades in total.\r\n\r\nAs always, hindsight trading is the best… woulda, coulda, shoulda trades don’t you just love them? Yes, if you trade you have probably been here before, the 3 FLASH trades were all profitable and I did not take profits. Then, overnight, I checked in on the 3 FLASH trades - all was good. I went back to sleep woke up after a blood bath had erupted in Asia, the two RADAR trades had triggered, two of the FLASH trades had already hit stop losses, the third and the two RADAR trades moved like crazy and together they all hit stop loss levels, before I could catch up on the news. My first five trades of 2016 were all loss making trades, what a great start.\r\n\r\nSo that was my easing back into matters Forex!\r\n\r\nI am basically a fundamental trader first then a technical trader, therefore, the geopolitical events that have dominated the markets recently I have found interesting to follow.\r\n\r\nDuring my Christmas break, I spent a lot of time looking at central bank divergence and charting levels to enter trades with the following pairs AUD/USD, NZD/USD, GBP/USD and EUR/GBP. In addition, I am expecting a stock market pullback so I was looking across the JPY pairs for nice entries. I believe that buying the JPY currency could be an interesting trade this year. My plan was to write about all of these thoughts in my first blog of 2016, and at the same time use these trades as the catalyst to launch my PART-TIME TRADER trade set-ups.\r\n\r\nWell, as you can imagine all of those thoughts and levels have gone out of the window given the events of the past week and now I am looking at bounces to sell into and my launch of my new trade set-ups will be more of a drip-feed rather than a David Bowie “Suffragette City - Wham bam, thank you man”.\r\n\r\nChina I have spoken about earlier in the blog and I feel that this will remain a news item as the Chinese Government through the PBOC uses the Yuan as an economic tool. I read last Friday that several analysts more familiar with how China operates are looking for a further weakness of the Yuan by as high as an additional 15%. As mentioned earlier no one really has a handle on exactly what the Chinese economy looks like. What we do know is that the Chinese are worried given their actions.\r\n\r\nAfter China we have a worry about Oil. Saudi Arabia and Iran are in the middle of a huge diplomatic squabble. Tensions are high and Middle East stability is important for oil. Right now however, there is so much of the black stuff knocking around tankers and storage facilities worldwide, that the West Texas and Brent Crude prices are continuing to fall, this despite the Middle East unrest. Nevertheless, we should not let this news disappear, as tensions are so high it could escalate. Remember the Saudis are still active in Yemen and there are rumours that the UK are working alongside them in that location. This could escalate very quickly and potentially could be about more than oil.\r\n\r\nMiddle East stability is vital. The west really screwed up on handling Iraq, Afghanistan, Syria, Libya and ISIS. Right now we have the ostrich approach in operation, because of the \"west\'s\" consistent inability to respect cultures amongst other factors. All we need is Israel dragged into this dispute somehow and off we go!\r\n\r\nNext, we have North Korea, was it an A-bomb or an H-bomb? (At the time of writing I had not seen confirmation of one or the other).\r\n\r\nYer man, Kim Jong-un couldn’t give a rats a** about the United Nations, China, The USA, South Korea, or Japan. In fact, people were dancing in the streets following the bomb test! Unbelievable.\r\n\r\nThe threat of increased sanctions is like water off a ducks back to the North Korean regime. A change in approach is required, and frankly I am just not sure that the world’s leaders have the stomach for dealing with this regime. My big fear looking forward is, could you imagine the response if the “Donald” was the U.S. president?\r\n\r\nAll the above really places the whether the FED will hike 2 or 4 times in 2016 into perspective.\r\n\r\nSo what are the trades?\r\n\r\nSafety trades is the answer in my opinion; the USD and JPY in particular. Over the next 48 hours I have quite a number of LIMIT ORDER (RADAR, FUNDAMENTAL and PART-TIME TRADER) trades to post for my subscribers.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\"><strong>NET PIPS THIS MONTH SO FAR: (148)</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR: (148)</strong></p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:\r\n</u><u>4.2.2: FLASH TRADES:\r\n</u><u>4.2.3: FUNDAMENTAL TRADES:\r\n</u><u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n<u>4.3.1: RADAR TRADES:\r\n4.3.2: FLASH TRADES:\r\n</u><u>4.3.3: FUNDAMENTAL TRADES:</u><u>\r\n4.3.4: PART-TIME TRADER TRADES:\r\n</u><u>4.3.5: MONTH TO DATE  SUMMARY OF PERFORMANCE:\r\n</u><u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:\r\n</u><u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:\r\n</u><u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:\r\n</u><u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n</strong>(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:\r\n</strong><u>4.8.1: RADAR LIMIT ORDER TRADES:\r\n</u><u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:\r\n</u><u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES:</u>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nNot much front-line economic data this coming week. What news there is are all market movers, but there is just not the volume of news items.\r\n\r\nAs a Forex trader I think we will be held captive to geopolitical events and the equity markets. Whilst, it would be correct to say that liquidity should be improving day by day, I still think that we have to remain vigilant at all times especially in the Asian market time zone. At the best of times Asia is a little starved of participants and a large order can really create havoc.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG #183','THE WEEKLY FX DRIVE THRU','','inherit','closed','closed','','7113-revision-v1','','','2016-01-09 06:00:32','2016-01-09 11:00:32','',7113,'https://weeklyfxdrivethru.com/7113-revision-v1/',0,'revision','',0),(7116,1,'2016-01-09 06:02:21','2016-01-09 11:02:21','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nIf you are a new reader I would like to welcome you, and if you are a regular reader welcome back and I wish all readers some great Forex Trading in 2016.\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo, as a winner in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you\r\n\r\nFor 2016, I have slightly altered the format of WEEKLY FX DRIVE THRU in response to feedback from several of my PREMIUM SERVICE subscribers. I hope that you find these small modifications beneficial and that they do not in anyway take away from the previous structure. There are still a couple of changes to implement and I will do these over the next few weeks.\r\n\r\nFrom my perspective it is always good to change things up a bit from time to time as things can run a little stale after a while. The fundamental idea behind these changes was to free up more time for me to concentrate more on trading. The old blog would take in total some 8-10 hours to gather the information write, review, check, validate, transfer, upload, download, post and finally alert all receivers of the blog that it was posted.\r\n\r\nMy fee-paying subscribers are still receiving a “full-on” Forex review; in fact this year there is more content each week for them than there was in last year’s blog.\r\n\r\nI am always open to feedback; so if you have any comments about the new structure, do not think twice about airing these.\r\n\r\nOverall, if I am able to retain the same impact but shave 2-3 hours off my administration time piecing the blog together, I would call that a result!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: CHINA:</u>\r\n\r\nObviously the big news from last week was based around China. It makes me laugh. Like many traders, I believe that the economic data released by China may as well be compiled by one of my Labradors (Ozzy or Aoife). What gets me is that for a country that many people believe everything it does with data and its markets in general is “fixed”, it sure does hold the rest of the worlds markets in panic mode… fascinating.\r\n\r\nMoving on…\r\n\r\nIt stands to reason that China data should be suffering; for God’s sake no one is buying anything, so what is the point of manufacturing finished goods that people aren’t buying.\r\n\r\nAdd to that the restrictions in the equity markets that the Chinese authorities are trying to modify. The circuit breakers in Shanghai created havoc earlier last week but were removed, as they were inappropriate for the swings in the China equity markets. This fact alone created sell-offs worldwide.\r\n\r\nChina is trying to accommodate, integrate and facilitate changes in many, many areas. If you want to blame someone for the Chinese volatility blame the IMF. Since “on her way to court” IMF president Christine Lagarde decided to include the Yuan in the SDR basket, it was the green light for the Chinese government to further weaken the Yuan. The reason for this is very simple they a shi**ing bricks because of the economic slowdown. The Yuan like every other currency around the world is a government policy tool. Monetary easing (manipulation) is here to stay, at least for the medium–term, many would argue longer.\r\n\r\nAfter the PBOC consistently weakened the reference rate early in the week, on Thursday it set the rate a fraction stronger. They are playing games with us!!\r\n\r\nIt remains to be seen what effect all of this will have on the FED tightening but for now the PBOC / Chinese government are creating tsunami style waves in the financial markets.\r\n\r\n<u>2.1.2: CABLE:</u>\r\n\r\nLast week we also witnessed the cable continue to move lower, 8 days in a row about 400 pips or so being the range over that timeframe. As regular readers know, I hate trading the GBP currency. The only GBP trades I like are the cross-rates. However, the GBP sell off created a monumental move higher in the EUR/GBP that broke through a 3-year trend line resistance. This is a big market breakout and should not be ignored. I have now gone from bearish to bullish on the EUR/GBP as a result.\r\n\r\nThere are big issues this year for the UK to cope with, not just with the economy but also with the merry-go-round “circus” of a potential rate increase plus all the “Brexit” debates. All of this creates uncertainty and the markets do not like uncertainty. As a result the GBP is pressured at multi year lows against the USD.\r\n\r\n<u>2.1.3: NFP:</u>\r\n\r\nFinally last week we had the US Non-Farm Payrolls.\r\n\r\nGreat numbers were posted 292,000 jobs against the consensus of 203,000.\r\n\r\nHowever wages aren’t going up; I think that the introduction of the increased minimum wage levels that many states have introduced, if going to have a positive effect may take some time to filter through.\r\n\r\nI think had the average hourly rate increased in line with the 0.2% prediction this would have given the FED a very positive light on inflation. It however, remained unchanged.\r\n\r\nHowever, the “blow-out” numbers themselves could be the factor that makes it “real to the markets” that 4 x FED rate hikes are on the way in 2016. Interesting times ahead.\r\n\r\n&nbsp;\r\n\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – BOE Bank Rate and Monetary Policy Summary.\r\n\r\nFRIDAY: USD – Retail Sales and PPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nEUR/USD - Weekly Closing Price: 1.0928\r\nFrom the chart below, you can see that we are testing the first of two trend lines, the first is at 1.0940. This level has held prices before but the closing candle is very bullish and I think that we test 1.1060 (previous highs) before a move higher is capped. The second trend line is at 1.1100. This pair is a tough read at the moment. The strength in the single currency as we see it now could be easily and instantly reversed by a good old kick in the nuts if Draghi or Nowotny make one of their famous sound-bytes to a European journalist. I am sure that they are watching this latest squeeze move higher with interest. So be careful and do not rule this out.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/eurusd-d-09012016/\" rel=\"attachment wp-att-7099\"><img class=\"aligncenter size-large wp-image-7099\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-09012016-1024x492.png\" alt=\"EURUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4528\r\n\r\nHoly Crap. Oversold, Relative Strength and Stochastic issues are chart analysts delight. This pair is in trouble. I could not get an effective Fibonacci extension to work. Horizontal support is the best that I can muster. 1.4235, 1.4040 and then 1.4000 is all I can say.\r\n\r\nNow let me add a few lines of caution. Regular followers will know my thoughts on the cable. Basically it is the mistress of false breakdowns and breakouts. We have the BOE meeting this week and with Carney at the helm, be prepared for the bounce. Carney is great at misleading the markets. He loves the term forward guidance but hasn\'t got a fecking clue what it means. We could get a handsome bounce followed by a massive sell-off to 1.4000.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/gbpusd-d-09012016/\" rel=\"attachment wp-att-7098\"><img class=\"aligncenter size-large wp-image-7098\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-09012016-1024x492.png\" alt=\"GBPUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6950\r\n\r\nChina and the commodity sell-off are weighing heavily on the Aussie. This is a target currency for me this coming week for a short trade on a small bounce. I see a move lower to test the lows on the chart below 0.6885 as very doable.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/audusd-d-09012016/\" rel=\"attachment wp-att-7100\"><img class=\"aligncenter size-large wp-image-7100\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-09012016-1024x492.png\" alt=\"AUDUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6540\r\n\r\nThis pair is very similar to the Aussie in my eyes. Like the Aussie the Kiwi relies on China, in fact I think probably more as China is the largest trading partner of New Zealand. I see a test of the November 2015 lows of 0.6428 as a target in the coming weeks. In addition, because unlike the Aussie the China effect may not be factored in as much as it is to the NZD currency, the move lower with this pair could be exacerbated. September 2015 lows of 0.6240 could be the equivalent of the star trek tractor beam for this pair.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/nzdusd-d-09012016/\" rel=\"attachment wp-att-7097\"><img class=\"aligncenter size-large wp-image-7097\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-09012016-1024x492.png\" alt=\"NZDUSD D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4172\r\n\r\nOn the chart below I have attempted to draw out the measured move for the cup and handle formation that is evident on the monthly chart. The measured move target is about 1.6000.\r\n\r\nThis pair stopped on its last move higher just short of 1.4500. It will try again as I believe that Oil still has further to fall, plus the Canadian economy is NOT as good as “Head in the sand” BOC governor Stephen Poloz would have us all believe. I see rate cuts coming. Oil plus rate cuts places this pair within the target area of completing the cup and handle formation.\r\n\r\nThere is a PART-TIME TRADER trade on the horizon this week. Plus other trades based on pullbacks.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/usdcad-m-09012016/\" rel=\"attachment wp-att-7096\"><img class=\"aligncenter size-large wp-image-7096\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-09012016-1024x492.png\" alt=\"USDCAD M 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9946\r\n\r\nI am still very bullish this pair. Which means, bearish the CHF. I expect SNB intervention soon with regards to the EUR/CHF. The chart below shows clearly what the risks are with long side trades. We have an upward sloping trend line at 0.9900 and good Fibonacci and horizontal support at 0.9850. Longer-term this year I see this pair above 1.1000, maybe up to 1.1350-1.1400.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/usdchf-d-09012016/\" rel=\"attachment wp-att-7095\"><img class=\"aligncenter size-large wp-image-7095\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-09012016-1024x492.png\" alt=\"USDCHF D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 117.47\r\n\r\nFrom the chart below the double top / double bottom measured move highlights a potential A+B target of 116.50. This pair looks very bearish. It represents a true flight to safety on the back of the China headlines.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/the-weekly-fx-drive-thru/usdjpy-d-09012016/\" rel=\"attachment wp-att-7094\"><img class=\"aligncenter size-large wp-image-7094\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-09012016-1024x492.png\" alt=\"USDJPY D 09012016\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom nearly all the charts this week there are lots of opportunities. However, it is not just a case of jumping straight in and shorting or going long. Set your entry and exit levels and patiently wait, let the trades come to you.\r\n\r\n&nbsp;\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>NOTHING LIKE GENTLY EASING YOURSELF BACK</strong>\r\n<strong>INTO A NEW YEAR OF TRADING!</strong></p>\r\n<strong> GEOPOLITICAL NEWS DOMINATES</strong>\r\n\r\nHoly Mother God. I notified my subscribers that I would ease my way back in last week, as this weekend’s blog is the official 2016 start. I placed limit orders (2 x PART-TIME TRADER and 2 x RADAR trades) and after the FOMC minutes I took 2 x FLASH trades to add to an existing one making 3 FLASH trades in total.\r\n\r\nAs always, hindsight trading is the best… woulda, coulda, shoulda trades don’t you just love them? Yes, if you trade you have probably been here before, the 3 FLASH trades were all profitable and I did not take profits. Then, overnight, I checked in on the 3 FLASH trades - all was good. I went back to sleep woke up after a blood bath had erupted in Asia, the two RADAR trades had triggered, two of the FLASH trades had already hit stop losses, the third and the two RADAR trades moved like crazy and together they all hit stop loss levels, before I could catch up on the news. My first five trades of 2016 were all loss making trades, what a great start.\r\n\r\nSo that was my easing back into matters Forex!\r\n\r\nI am basically a fundamental trader first then a technical trader, therefore, the geopolitical events that have dominated the markets recently I have found interesting to follow.\r\n\r\nDuring my Christmas break, I spent a lot of time looking at central bank divergence and charting levels to enter trades with the following pairs AUD/USD, NZD/USD, GBP/USD and EUR/GBP. In addition, I am expecting a stock market pullback so I was looking across the JPY pairs for nice entries. I believe that buying the JPY currency could be an interesting trade this year. My plan was to write about all of these thoughts in my first blog of 2016, and at the same time use these trades as the catalyst to launch my PART-TIME TRADER trade set-ups.\r\n\r\nWell, as you can imagine all of those thoughts and levels have gone out of the window given the events of the past week and now I am looking at bounces to sell into and my launch of my new trade set-ups will be more of a drip-feed rather than a David Bowie “Suffragette City - Wham bam, thank you man”.\r\n\r\nChina I have spoken about earlier in the blog and I feel that this will remain a news item as the Chinese Government through the PBOC uses the Yuan as an economic tool. I read last Friday that several analysts more familiar with how China operates are looking for a further weakness of the Yuan by as high as an additional 15%. As mentioned earlier no one really has a handle on exactly what the Chinese economy looks like. What we do know is that the Chinese are worried given their actions.\r\n\r\nAfter China we have a worry about Oil. Saudi Arabia and Iran are in the middle of a huge diplomatic squabble. Tensions are high and Middle East stability is important for oil. Right now however, there is so much of the black stuff knocking around tankers and storage facilities worldwide, that the West Texas and Brent Crude prices are continuing to fall, this despite the Middle East unrest. Nevertheless, we should not let this news disappear, as tensions are so high it could escalate. Remember the Saudis are still active in Yemen and there are rumours that the UK are working alongside them in that location. This could escalate very quickly and potentially could be about more than oil.\r\n\r\nMiddle East stability is vital. The west really screwed up on handling Iraq, Afghanistan, Syria, Libya and ISIS. Right now we have the ostrich approach in operation, because of the \"west\'s\" consistent inability to respect cultures amongst other factors. All we need is Israel dragged into this dispute somehow and off we go!\r\n\r\nNext, we have North Korea, was it an A-bomb or an H-bomb? (At the time of writing I had not seen confirmation of one or the other).\r\n\r\nYer man, Kim Jong-un couldn’t give a rats a** about the United Nations, China, The USA, South Korea, or Japan. In fact, people were dancing in the streets following the bomb test! Unbelievable.\r\n\r\nThe threat of increased sanctions is like water off a ducks back to the North Korean regime. A change in approach is required, and frankly I am just not sure that the world’s leaders have the stomach for dealing with this regime. My big fear looking forward is, could you imagine the response if the “Donald” was the U.S. president?\r\n\r\nAll the above really places the whether the FED will hike 2 or 4 times in 2016 into perspective.\r\n\r\nSo what are the trades?\r\n\r\nSafety trades is the answer in my opinion; the USD and JPY in particular. Over the next 48 hours I have quite a number of LIMIT ORDER (RADAR, FUNDAMENTAL and PART-TIME TRADER) trades to post for my subscribers.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\"><strong>NET PIPS THIS MONTH SO FAR: (148)</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR: (148)</strong></p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:\r\n</u><u>4.2.2: FLASH TRADES:\r\n</u><u>4.2.3: FUNDAMENTAL TRADES:\r\n</u><u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n<u>4.3.1: RADAR TRADES:\r\n4.3.2: FLASH TRADES:\r\n</u><u>4.3.3: FUNDAMENTAL TRADES:</u><u>\r\n4.3.4: PART-TIME TRADER TRADES:\r\n</u><u>4.3.5: MONTH TO DATE  SUMMARY OF PERFORMANCE:\r\n</u><u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:\r\n</u><u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:\r\n</u><u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:\r\n</u><u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:\r\n</strong>(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:\r\n</strong><u>4.8.1: RADAR LIMIT ORDER TRADES:\r\n</u><u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:\r\n</u><u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES:</u>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nNot much front-line economic data this coming week. What news there is are all market movers, but there is just not the volume of news items.\r\n\r\nAs a Forex trader I think we will be held captive to geopolitical events and the equity markets. Whilst, it would be correct to say that liquidity should be improving day by day, I still think that we have to remain vigilant at all times especially in the Asian market time zone. At the best of times Asia is a little starved of participants and a large order can really create havoc.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG #183','THE WEEKLY FX DRIVE THRU','','inherit','closed','closed','','7113-revision-v1','','','2016-01-09 06:02:21','2016-01-09 11:02:21','',7113,'https://weeklyfxdrivethru.com/7113-revision-v1/',0,'revision','',0),(7120,1,'2016-01-16 12:22:29','2016-01-16 17:22:29','','PSPROFITS2 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17:42:59','',7141,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-M-16012016.png',0,'attachment','image/png',0),(7136,1,'2016-01-16 12:26:57','2016-01-16 17:26:57','','AUDCAD M 16012016','','inherit','open','closed','','audcad-m-16012016','','','2016-01-16 12:38:19','2016-01-16 17:38:19','',7141,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDCAD-M-16012016.png',0,'attachment','image/png',0),(7137,1,'2016-01-16 12:26:59','2016-01-16 17:26:59','','CADJPY M 16012016','','inherit','open','closed','','cadjpy-m-16012016','','','2016-01-16 12:38:32','2016-01-16 17:38:32','',7141,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-M-16012016.png',0,'attachment','image/png',0),(7138,1,'2016-01-16 12:27:01','2016-01-16 17:27:01','','EURCAD M 16012016','','inherit','open','closed','','eurcad-m-16012016','','','2016-01-16 12:38:41','2016-01-16 17:38:41','',7141,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURCAD-M-16012016.png',0,'attachment','image/png',0),(7139,1,'2016-01-16 12:27:03','2016-01-16 17:27:03','','GBPCAD M 16012016','','inherit','open','closed','','gbpcad-m-16012016','','','2016-01-16 12:38:54','2016-01-16 17:38:54','',7141,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPCAD-M-16012016.png',0,'attachment','image/png',0),(7140,1,'2016-01-16 12:27:05','2016-01-16 17:27:05','','NZDCAD W 16012016','','inherit','open','closed','','nzdcad-w-16012016-2','','','2016-01-16 12:37:39','2016-01-16 17:37:39','',7141,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCAD-W-16012016-1.png',0,'attachment','image/png',0),(7141,1,'2016-01-16 12:50:40','2016-01-16 17:50:40','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 16<sup>th</sup> January 2016\r\nBLOG REFERENCE: #84 PREMIUM SERVICE\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am still making what I call subtle changes to the blog format. I received a few snippets of feedback from last week’s blog, which were generally positive. I also had the following questions:\r\n<ol>\r\n	<li>The content of the WEEKLY FX DRIVE THRU on the website <a href=\"http://www.forextell.com\">forextell.com</a> is different from the content on your own website and the copy I connect to through twitter, why?It is a shortened version on ForexTell because the advertising content is removed. I am not allowed for example to advertise THE PREMIUM SERVICE on ForexTell for obvious reasons as it competes with products that Sean Lee already has.</li>\r\n	<li>Can I list my preferred brokers in my preference order with regards to the current FX PROMOTION?</li>\r\n</ol>\r\nUnfortunately, I cannot list my preferred FX Brokers in a ranking order\r\nThe way that I see it, there are many factors that go together to make up what I call “a broker score” such as, service, slippage, rate spreads, number of currencies available to trade, platform responsiveness in periods of high volatility…. the list goes on and on. What is important to me may not be as important to you and by my scoring the brokers it opens up a complete can of worms based upon my criteria alone.\r\n\r\nRegular readers will know that from time to time I have expressed dis-belief at times at some of the things that brokers get up to.\r\n\r\nOn a case-by-case basis if I am made aware of what criteria is the most important for you as a trader, then I will help the best that I can. I have not received anything negative from subscribers with regards to the current broker list. If I do and I cannot help resolving the issue, and said issue is important the broker will be removed from my list. I only want good experiences for my subscribers.\r\n\r\nMoving onwards,\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: OIL AND IT’S EFFECTS ON THE BROADER MARKETS:</u>\r\n\r\nThe big news item that dominated the financial news last week was without question oil. We saw prices fall below $30 a barrel. Oil is the most hedged, artificially priced market that there is on the planet. It is the most discussed when prices are high and no surprise the most discussed when prices are low.\r\n\r\nAt the moment, we have a lot of geopolitical news and market uncertainty and as a result oil has taken on the mantle of being the cause for everything negative or positive on the worlds stage.\r\n\r\nWithout doubt there are opinions on “Has oil bottomed now just below $30 now that this price level has been taken out?”, “Where is the bottom in oil?”, ”Where will the price be in 6 months time?”. All you have to do is watch CNBC or BLOOMBERG or turn on regular TV and there will be a reference to oil.\r\n\r\nThere is no doubt that of all the commodities on this planet oil is a key driver of economies. Its relationship to equities, currencies, other commodities, raw material costs, transport, … the list is just endless. Is it any wonder that when oil pricing reaches extremes that the world markets to coin a CNBC title are in “Turmoil”?\r\n\r\nSo with oil below $30.00 the obvious FX trades involve the CAD, NOK and MXN.\r\n\r\nTo an outsider, it seems to be the easiest trade inside the FX market. Oil prices moving lower buy USD/CAD, USD/MXN and USD/NOK. Unfortunately it’s just not that simple, and whilst I know that the exchange rates with these pairs can still move higher, we are so over-cooked, value is no longer equitable. I am not saying that these pairs cannot move much higher. For example extreme as it sounds, the USD/CAD could move up to 1.5000 and perhaps beyond. Therefore, we should be careful as we are over-stretched and the pullbacks can be without warning and violent, never mind sudden to boot.\r\n\r\nBy the way, oil could fall to $15-$20 a barrel, however, we may have bottomed already. Like every other trader out there my opinion counts for nothing in this market. What I can tell you without any fear of being contradicted is that the fundamentals for higher oil prices are not good. We have a classic economic law in play, called the law of Supply and Demand. Nothing has fundamentally changed in 12 months in fact with more suppliers of crude oil in the market it has gotten worse. Over supply and less demand = lower prices. As far as I can see all the strategic stockpiles the whole world over are full. There is little to no storage left. This is NOT rocket science.\r\n\r\nHowever, we must NOT forget, there are thousands of “high-stakes” gamblers around the world, most of them hedge fund managers with some clients having more money than sense looking for a high-risk trade that will give a better return than the usual market indexes. There are bottom pickers out there. When oil is pushing lower due to basic economics, this is an irrelevance to the speculators. They will buy in a one-sided bear market like oil believing they have the bottom price as support.\r\n\r\nBe prepared. Trading in oil or trading oil related currencies right now involves a higher than usual degree of risk. There are always counter-trend traders trying to be heroes. This is gambling. It is not being clever. It has more to do with ego than logic and technical analysis supported by economic fundamentals.\r\n\r\n<u>2.1.2: CHINA:</u>\r\n\r\nStill in the news, but in my eyes relegated to second position this week.\r\n\r\nChina is in transition. As long as China remains in transition mode the stability outlook in the Far East will be grim. China production is falling. GDP of 7% is a pipe dream, the revisions lower to 5% as far as I can ascertain will also be impossible to achieve. Not wanting to worry anyone, but is the Chinese government hinting that GDP could be lower still? What the true actual GDP number is and what we are told it is may still, in my opinion, could be two vastly different numbers.\r\n\r\nDevaluation of the currency is still the preferred tool to use to stimulate. This will be with us all this year and probably into 2017 as well.\r\n\r\n<u> </u>\r\n\r\n<u>2.1.3: US RETAIL SALES and PRODUCER PRICES:</u>\r\n\r\nBasically on Friday last week the market was reeling from WTi under $30.00 and all the markets were looking for was weak data to really sell off. US Core retail sales expected at +0.2% came in at -0.1%. PPI and Retail Sales came in on line at -0.2% and -0.1%, but the core numbers created a massive DXY sell off. In addition, the Nasdaq, S&amp;P, Dow and DAX indicies plunged to lower levels.\r\n\r\nOn Friday morning before this news broke I closed out of all of my open trades bar one (EUR/CHF - long). I took the decision, advised subscribers that following a good trading week I felt that we could have a “bloodbath” type of day and that I did not want to participate. This decision was also taken because of the fact it was a Friday going into a long weekend with MLK day on Monday plus there is so much geopolitical news hanging over the markets I just do not see the need to have so much risk exposure when it can be avoided.\r\n\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: CNY GDP.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: NZD – Dairy Auction Prices and CPi.\r\n\r\nWEDNESDAY: GBP – Employment Data.\r\nWEDNESDAY: USD – CPi.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n\r\nTHURSDAY: EUR – Interest Rate &amp; ECB Press Conference..\r\n\r\nFRIDAY: CAD - CPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nThe market is very stretched “over-cooked” as some people describe it plus we have a long weekend in the U.S.\r\n\r\nIf you are trading be very careful at this weeks open. I am expecting a great deal of volatility in the Asian session given the huge sell off in equities on Wall Street last Friday. Many of the pairs are hard to read as they are simply so oversold. Extremes are even behind the closing levels last Friday. Extreme caution should be taken in particular in the thinner volume markets.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0910\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-16012016/\" rel=\"attachment wp-att-7129\"><img class=\"aligncenter size-large wp-image-7129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-16012016-1024x570.png\" alt=\"EURUSD D 16012016\" width=\"1024\" height=\"570\" /></a>\r\nGBP/USD - Weekly Closing Price: 1.4260\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-m-16012016/\" rel=\"attachment wp-att-7130\"><img class=\"aligncenter size-large wp-image-7130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-M-16012016-1024x570.png\" alt=\"GBPUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6868\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-m-16012016/\" rel=\"attachment wp-att-7128\"><img class=\"aligncenter size-large wp-image-7128\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-M-16012016-1024x570.png\" alt=\"AUDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6467\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-m-16012016/\" rel=\"attachment wp-att-7142\"><img class=\"aligncenter size-large wp-image-7142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-M-16012016-1024x570.png\" alt=\"NZDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4530\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\nUSD/CHF - Weekly Closing Price: 1.0016\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-240m-16012016/\" rel=\"attachment wp-att-7133\"><img class=\"aligncenter size-large wp-image-7133\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-240M-16012016-1024x570.png\" alt=\"USDCHF 240M 16012016\" width=\"1024\" height=\"570\" /></a>\r\nUSD/JPY - Weekly Closing Price: 116.95\r\n\r\n&nbsp;\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/usdjpy-w-16012016/\" rel=\"attachment wp-att-7134\"><img class=\"aligncenter size-large wp-image-7134\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-W-16012016-1024x570.png\" alt=\"USDJPY W 16012016\" width=\"1024\" height=\"570\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THIS WEDNESDAY…</strong>\r\n<strong>ALL EYES ON STEPHEN POLOZ</strong></p>\r\nIn a week when Mario Draghi has a press conference it is a very unique and strange position for me to be writing about another central bank and central bank president instead.\r\n\r\nBeating the ECB by a day, the BOC have a rate announcement, statement and press conference this Wednesday. Make a note in your diary this is probably the biggest BOC day for some time, and it is without doubt Stephen Poloz’s “Grand Day Out”. It is not going to put him into the household mane bracket like Thomas Jordan (SNB) who a year ago last Friday removed the EUR/CHF 1.2000 peg, but Wednesday is a big day for the Canadian dollar for a number of reasons.\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>This time last year, Poloz surprised / shocked the markets with a 0.25% rate cut. Since that date the Canadian people have gone though a general election when twice winner Stephen Harper was ousted in October 2015 by literally the new kid on the block Justin Trudeau.For most of 2015, I was calling for further cuts and a further 0.25% cut was provided in July 2015 to take the BOC overnight rate to 0.5%. More was required, but as the general election came closer the chances of this happening became less and less. Canada had been in a technical recession for the first half of 2015 and the fear is we are already in another one right now as oil prices plunge and the economy slows.</li>\r\n	<li>Despite all the smiling faces the Canadian economy is in trouble. Oil prices are plunging, the CAD currency (the loonie), is getting weaker and weaker daily as oil prices plummet below $30.00. Both oil and the loonie are trading around 12 year lows.</li>\r\n	<li>As the exchange rate between the USD and CAD weakens the costs of bringing fresh produce north of the border increases. There has been price-gouging, price fixing in the Canadian economy. Consumer confidence is low. The lower oil prices have not been reflected at the pumps as the provinces have taxed and taxed gas/ petrol prices so much even at sub $30 a barrel pump prices are still above CAD$1.00 a litre. That’s the equivalent of well over USD$3.86 a gallon, where prices are now around USD$1.70 a gallon, which equates to CAD$0.44 cents a litre.CAD$0.44 cents versus CAD$1.00 actual is one hell of a difference in the eyes of a Canadian given that Canada is a world producer of oil.Whichever way you look at this, Canadians think that they are getting a rough deal. No tax breaks on gas prices to fund increasing food costs. This is not good news for a new government.</li>\r\n</ol>\r\n<ol start=\"4\">\r\n	<li>Consumer spending is therefore slowing down. This will be reflected in home improvements, which will filter down faster than you can imagine into the general economy. No matter what the Trudeau spin-doctors spin -facts are facts. NO confidence = no spending = existing oil related economic problems are just exacerbated.</li>\r\n	<li>Trudeau’s Liberals came to power promising to spend up to $10 billion on infrastructure amongst other things. I live in Montreal Quebec, which has been starved of money or it has been corrupted away. The centre of Montreal needs more than a facelift. Bridges have fallen, the roads are full of potholes, brickwork from the sides of buildings fall onto sidewalks etc. Its just not a pretty picture. I know that Quebec brings a lot of the problems on itself and it may be an extreme example, but generally speaking across Canada to varying degrees the infrastructure requires serious attention, rather than a repeat of botch job repairs that do not last.I fear that the money promised to infrastructure will be re-directed towards stimulus projects instead.</li>\r\n	<li>Right now the only winners inside the Canadian economy are the exporters.</li>\r\n</ol>\r\nIs this failure to act by the BOC and Poloz earlier tantamount to “Burying one’s head in the sand”? I have been writing about this very point for months.\r\n\r\nCanada was seen by the other G7 countries when the crash of 2008 happened, to be the golden bollocks of world economies because it had sound economic policies and a highly capitalized banking sector that indemnified it from the financial crash. That is a far cry from todays picture. What happened?\r\n\r\nFrom my perspective no one could see (albeit the supply and demand data was there for all to read and analyze) that oil prices were in trouble. There was a belief that speculators would drive the price upwards. The simple facts that ruled were simple economic supply and demand and the small fact there was not a infinite supply of storage facilities.\r\n\r\nFor most of 2015 Poloz kept repeating that the prior interest rate cut effects were still working their way through the Canadian economy and therefore no more cuts would be required. This was pure “Head in the sand” economics in my opinion.\r\n\r\nNow the headline writers are saying that this week the BOC could reduce rates to 0.25% now with 0% before the year-end plus introduce Quantitative Easing and also negative interest rates.\r\n\r\nHoly mother of God… The golden bollocks of managing a countries economics my arse…what the feck is going on?\r\n\r\nFrom a trading perspective where could this leave the CAD?\r\n\r\n(For subscribers I have placed later in the blog the charts with levels that I will be looking at across the USD/CAD, EUR/CAD, GBP/CAD, AUD/CAD CAD/JPY and NZD/CAD).\r\n\r\nWell let me put it quite simply.\r\n\r\nIf you think that the loonie ripped higher when oil dropped below $40.00 and then subsequently $30, and if you think that when we had the surprise cut in Canadian Interest rates in 2015 the loonie stormed higher….”You aint seen nothin’ yet” as Randy Bachman would sing…\r\n\r\nWe currently sit around 1.4500 in the USD/CAD. A move towards 1.5000 a nice big round number is on the cards and would make a great algorithmic objective. The cross rates would in my opinion (except GBP which is under real pressure) move even stronger to levels not seen for decades.\r\n\r\nWednesday could be a big day.\r\n\r\nIf Poloz does nothing and tries to jawbone the markets he could be out of a job inside 90 days, if not sooner. Now that is what I call high stakes gambling.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<strong>NET PIPS THIS MONTH SO FAR: +633</strong>\r\n<strong> NET PIPS THIS YEAR SO FAR: +633</strong>\r\n\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\n(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nAs per my comments in section 2.3, below are the following charts with comments contained thereon: -\r\n\r\nUSD/CAD, AUD/CAD, EUR/CAD, GBP/CAD, NZD/CAD and CAD/JPY.\r\n\r\nI will be writing and charting more as this Wednesday approaches.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audcad-m-16012016/\" rel=\"attachment wp-att-7136\"><img class=\"aligncenter size-large wp-image-7136\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDCAD-M-16012016-1024x570.png\" alt=\"AUDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadjpy-m-16012016/\" rel=\"attachment wp-att-7137\"><img class=\"aligncenter size-large wp-image-7137\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-M-16012016-1024x570.png\" alt=\"CADJPY M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurcad-m-16012016/\" rel=\"attachment wp-att-7138\"><img class=\"aligncenter size-large wp-image-7138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURCAD-M-16012016-1024x570.png\" alt=\"EURCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpcad-m-16012016/\" rel=\"attachment wp-att-7139\"><img class=\"aligncenter size-large wp-image-7139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPCAD-M-16012016-1024x570.png\" alt=\"GBPCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdcad-w-16012016-2/\" rel=\"attachment wp-att-7140\"><img class=\"aligncenter size-large wp-image-7140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCAD-W-16012016-1-1024x570.png\" alt=\"NZDCAD W 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:</u>\r\n\r\nThese are pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<u>4.2.2: FLASH TRADES:</u>\r\n\r\nMainly simply, opportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.\r\nThe goal is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\nSome FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\nIn addition in 2016, some FLASH TRADES can be of a longer duration, with very specific goals.\r\n\r\n<u>4.2.3: FUNDAMENTAL TRADES:</u>\r\n\r\nThese will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels.\r\nThese trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n<u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\nThese trade set-ups are intended to have a longer-term trading perspective. They are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n\r\nMy goal is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest to take some profits along the way, but hopefully at the same time letting trades run as far as possible.\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n<u>4.3.1: RADAR TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/radar-16012016/\" rel=\"attachment wp-att-7121\"><img class=\"aligncenter size-full wp-image-7121\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR-16012016.png\" alt=\"RADAR 16012016\" width=\"521\" height=\"572\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3.2: FLASH TRADES:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/flash-16012016/\" rel=\"attachment wp-att-7122\"><img class=\"aligncenter size-full wp-image-7122\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FLASH-16012016.png\" alt=\"FLASH 16012016\" width=\"492\" height=\"571\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.3: FUNDAMENTAL TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/fun-16012016/\" rel=\"attachment wp-att-7123\"><img class=\"aligncenter size-full wp-image-7123\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FUN-16012016.png\" alt=\"FUN 16012016\" width=\"498\" height=\"552\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3.4: PART-TIME TRADER TRADES:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/parttime-16012015/\" rel=\"attachment wp-att-7124\"><img class=\"aligncenter size-full wp-image-7124\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PARTTIME-16012015.png\" alt=\"PARTTIME 16012015\" width=\"489\" height=\"540\" /></a>\r\n\r\n<u>4.3.5: MONTH TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-profits1-160102016/\" rel=\"attachment wp-att-7119\"><img class=\"aligncenter size-full wp-image-7119\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS1-160102016.png\" alt=\"PS PROFITS1 160102016\" width=\"535\" height=\"507\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u> </u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/psprofits2-16012016/\" rel=\"attachment wp-att-7120\"><img class=\"aligncenter size-full wp-image-7120\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PSPROFITS2-16012016.png\" alt=\"PSPROFITS2 16012016\" width=\"512\" height=\"502\" /></a>\r\n\r\n<u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:</u><u></u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n&nbsp;\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\nI have no contact with my brokers this week and therefore there are no updated comments for you to be made aware of.\r\n\r\n&nbsp;\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/trending-pairs-16092016/\" rel=\"attachment wp-att-7127\"><img class=\"aligncenter size-full wp-image-7127\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/TRENDING-PAIRS-16092016.png\" alt=\"TRENDING PAIRS 16092016\" width=\"480\" height=\"563\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/live-trades-16012016/\" rel=\"attachment wp-att-7125\"><img class=\"aligncenter size-full wp-image-7125\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/LIVE-TRADES-16012016.png\" alt=\"LIVE TRADES 16012016\" width=\"698\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/limits-16012016/\" rel=\"attachment wp-att-7126\"><img class=\"aligncenter size-full wp-image-7126\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/LIMITS-16012016.png\" alt=\"LIMITS 16012016\" width=\"687\" height=\"436\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<u>4.8.1: RADAR LIMIT ORDER TRADES:</u>\r\n\r\nRT616 – USD/CAD: I have left this set-up in position, in case we see a pullback with this pair. It is presently much further away from the market than when it was originally posted. Should the BOC jawbone on Wednesday whilst this seems a long way away from present levels, do not rule out extreme volatility. This set-up may be amended ahead of the BOC announcement.\r\n\r\nRT618 – NZD/USD: This trade is still at the moment very much in play. We could see a commodity currency bounce this week. At the moment they are all in extremely oversold conditions.\r\n\r\nRT619 – GBP/USD: If we do not see a bounce with the cable early this week this set-up will be cancelled. It is now a long way away from the current market.\r\n\r\n<u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:</u>\r\n\r\nFUN246 – USD/JPY: My entry at 118.75 may be amended lower to reflect the current market position. I will be reviewing this trade very early this week.\r\n\r\n<u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES: </u>\r\n\r\nPART001 – EUR/USD: This trade is still in play with the posted levels.\r\n\r\nPART007 – USD/CAD: I have left this set-up in position, in case we see a pullback with this pair. It is presently much further away from the market than when it was originally posted. Should the BOC jawbone on Wednesday whilst this seems a long way away from present levels, do not rule out extreme volatility. This set-up may be amended ahead of the BOC announcement.\r\n\r\nPART011 – NZD/USD:This trade is still at the moment very much in play. We could see a commodity currency bounce this week. At the moment they are all in extremely oversold conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\nThe EUR/GBP is the only chart that has my immediate interest. JPY crosses require a pullback for me to get interested, and, the commodity cross rates are either in overbought or oversold conditions at the moment.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurgbp-m-16012016/\" rel=\"attachment wp-att-7135\"><img class=\"aligncenter size-large wp-image-7135\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-M-16012016-1024x570.png\" alt=\"EURGBP M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>5. TIME OUT: AT THE END OF THE DAY:</strong>\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment. Last Friday, I really kept well away from the markets, I did not want to get involved and it was difficult.\r\n\r\nWe have a long weekend this weekend for the U.S. due to Martin Luther King Day. Markets will be thinner in the U.S. as participants will be fewer. Given the moves last Friday there will be an Asian reaction and spill over in the European session.\r\n\r\nThe BOC is Wednesday and the ECB on Thursday. But oil volatility will be everyday and Chinese news can break at anytime.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\n&nbsp;','THIS WEDNESDAY…  ALL EYES ON STEPHEN POLOZ','','publish','open','closed','','this-wednesday-all-eyes-on-stephen-poloz','','','2016-01-16 12:50:40','2016-01-16 17:50:40','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7141',0,'member_posts','',0),(7143,1,'2016-01-16 12:45:31','2016-01-16 17:45:31','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 16<sup>th</sup> January 2016\r\nBLOG REFERENCE: #84 PREMIUM SERVICE\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am still making what I call subtle changes to the blog format. I received a few snippets of feedback from last week’s blog, which were generally positive. I also had the following questions:\r\n<ol>\r\n	<li>The content of the WEEKLY FX DRIVE THRU on the website <a href=\"http://www.forextell.com\">forextell.com</a> is different from the content on your own website and the copy I connect to through twitter, why?It is a shortened version on ForexTell because the advertising content is removed. I am not allowed for example to advertise THE PREMIUM SERVICE on ForexTell for obvious reasons as it competes with products that Sean Lee already has.</li>\r\n	<li>Can I list my preferred brokers in my preference order with regards to the current FX PROMOTION?</li>\r\n</ol>\r\nUnfortunately, I cannot list my preferred FX Brokers in a ranking order\r\nThe way that I see it, there are many factors that go together to make up what I call “a broker score” such as, service, slippage, rate spreads, number of currencies available to trade, platform responsiveness in periods of high volatility…. the list goes on and on. What is important to me may not be as important to you and by my scoring the brokers it opens up a complete can of worms based upon my criteria alone.\r\n\r\nRegular readers will know that from time to time I have expressed dis-belief at times at some of the things that brokers get up to.\r\n\r\nOn a case-by-case basis if I am made aware of what criteria is the most important for you as a trader, then I will help the best that I can. I have not received anything negative from subscribers with regards to the current broker list. If I do and I cannot help resolving the issue, and said issue is important the broker will be removed from my list. I only want good experiences for my subscribers.\r\n\r\nMoving onwards,\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: OIL AND IT’S EFFECTS ON THE BROADER MARKETS:</u>\r\n\r\nThe big news item that dominated the financial news last week was without question oil. We saw prices fall below $30 a barrel. Oil is the most hedged, artificially priced market that there is on the planet. It is the most discussed when prices are high and no surprise the most discussed when prices are low.\r\n\r\nAt the moment, we have a lot of geopolitical news and market uncertainty and as a result oil has taken on the mantle of being the cause for everything negative or positive on the worlds stage.\r\n\r\nWithout doubt there are opinions on “Has oil bottomed now just below $30 now that this price level has been taken out?”, “Where is the bottom in oil?”, ”Where will the price be in 6 months time?”. All you have to do is watch CNBC or BLOOMBERG or turn on regular TV and there will be a reference to oil.\r\n\r\nThere is no doubt that of all the commodities on this planet oil is a key driver of economies. Its relationship to equities, currencies, other commodities, raw material costs, transport, … the list is just endless. Is it any wonder that when oil pricing reaches extremes that the world markets to coin a CNBC title are in “Turmoil”?\r\n\r\nSo with oil below $30.00 the obvious FX trades involve the CAD, NOK and MXN.\r\n\r\nTo an outsider, it seems to be the easiest trade inside the FX market. Oil prices moving lower buy USD/CAD, USD/MXN and USD/NOK. Unfortunately it’s just not that simple, and whilst I know that the exchange rates with these pairs can still move higher, we are so over-cooked, value is no longer equitable. I am not saying that these pairs cannot move much higher. For example extreme as it sounds, the USD/CAD could move up to 1.5000 and perhaps beyond. Therefore, we should be careful as we are over-stretched and the pullbacks can be without warning and violent, never mind sudden to boot.\r\n\r\nBy the way, oil could fall to $15-$20 a barrel, however, we may have bottomed already. Like every other trader out there my opinion counts for nothing in this market. What I can tell you without any fear of being contradicted is that the fundamentals for higher oil prices are not good. We have a classic economic law in play, called the law of Supply and Demand. Nothing has fundamentally changed in 12 months in fact with more suppliers of crude oil in the market it has gotten worse. Over supply and less demand = lower prices. As far as I can see all the strategic stockpiles the whole world over are full. There is little to no storage left. This is NOT rocket science.\r\n\r\nHowever, we must NOT forget, there are thousands of “high-stakes” gamblers around the world, most of them hedge fund managers with some clients having more money than sense looking for a high-risk trade that will give a better return than the usual market indexes. There are bottom pickers out there. When oil is pushing lower due to basic economics, this is an irrelevance to the speculators. They will buy in a one-sided bear market like oil believing they have the bottom price as support.\r\n\r\nBe prepared. Trading in oil or trading oil related currencies right now involves a higher than usual degree of risk. There are always counter-trend traders trying to be heroes. This is gambling. It is not being clever. It has more to do with ego than logic and technical analysis supported by economic fundamentals.\r\n\r\n<u>2.1.2: CHINA:</u>\r\n\r\nStill in the news, but in my eyes relegated to second position this week.\r\n\r\nChina is in transition. As long as China remains in transition mode the stability outlook in the Far East will be grim. China production is falling. GDP of 7% is a pipedream, the revisions lower to 5% as far as I can ascertain will also be impossible to achieve. Not wanting to worry anyone, but is the Chinese government hinting that GDP could be lower still? What the true actual GDP number is and what we are told it is may still, in my opinion, could be two vastly different numbers.\r\n\r\nDevaluation of the currency is still the preferred tool to use to stimulate. This will be with us all this year and probably into 2017 as well.\r\n\r\n<u> </u>\r\n\r\n<u>2.1.3: US RETAIL SALES and PRODUCER PRICES:</u>\r\n\r\nBasically on Friday last week the market was reeling from WTi under $30.00 and all the markets were looking for was weak data to really sell off. US Core retail sales expected at +0.2% came in at -0.1%. PPI and Retail Sales came in on line at -0.2% and -0.1%, but the core numbers created a massive DXY sell off. In addition, the Nasdaq, S&amp;P, Dow and DAX indicies plunged to lower levels.\r\n\r\nOn Friday morning before this news broke I closed out of all of my open trades bar one (EUR/CHF - long). I took the decision, advised subscribers that following a good trading week I felt that we could have a “bloodbath” type of day and that I did not want to participate. This decision was also taken because of the fact it was a Friday going into a long weekend with MLK day on Monday plus there is so much geopolitical news hanging over the markets I just do not see the need to have so much risk exposure when it can be avoided.\r\n\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: CNY GDP.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: NZD – Dairy Auction Prices and CPi.\r\n\r\nWEDNESDAY: GBP – Employment Data.\r\nWEDNESDAY: USD – CPi.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n\r\nTHURSDAY: EUR – Interest Rate &amp; ECB Press Conference..\r\n\r\nFRIDAY: CAD - CPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nThe market is very stretched “over-cooked” as some people describe it plus we have a long weekend in the U.S.\r\n\r\nIf you are trading be very careful at this weeks open. I am expecting a great deal of volatility in the Asian session given the huge sell off in equities on Wall Street last Friday. Many of the pairs are hard to read as they are simply so oversold. Extremes are even behind the closing levels last Friday. Extreme caution should be taken in particular in the thinner volume markets.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0910\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-16012016/\" rel=\"attachment wp-att-7129\"><img class=\"aligncenter size-large wp-image-7129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-16012016-1024x570.png\" alt=\"EURUSD D 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4260\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-m-16012016/\" rel=\"attachment wp-att-7130\"><img class=\"aligncenter size-large wp-image-7130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-M-16012016-1024x570.png\" alt=\"GBPUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6868\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-m-16012016/\" rel=\"attachment wp-att-7128\"><img class=\"aligncenter size-large wp-image-7128\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-M-16012016-1024x570.png\" alt=\"AUDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6467\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-m-16012016/\" rel=\"attachment wp-att-7142\"><img class=\"aligncenter size-large wp-image-7142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-M-16012016-1024x570.png\" alt=\"NZDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4530\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0016\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-240m-16012016/\" rel=\"attachment wp-att-7133\"><img class=\"aligncenter size-large wp-image-7133\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-240M-16012016-1024x570.png\" alt=\"USDCHF 240M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 116.95\r\n\r\n&nbsp;\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/usdjpy-w-16012016/\" rel=\"attachment wp-att-7134\"><img class=\"aligncenter size-large wp-image-7134\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-W-16012016-1024x570.png\" alt=\"USDJPY W 16012016\" width=\"1024\" height=\"570\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THIS WEDNESDAY…</strong>\r\n<strong>ALL EYES ON STEPHEN POLOZ</strong></p>\r\nIn a week when Mario Draghi has a press conference it is a very unique and strange position for me to be writing about another central bank and central bank president instead.\r\n\r\nBeating the ECB by a day, the BOC have a rate announcement, statement and press conference this Wednesday. Make a note in your dairy this is probably the biggest BOC day for some time, and it is without doubt Stephen Poloz’s “Grand Day Out”. It is not going to put him into the household mane bracket like Thomas Jordan (SNB) who a year ago last Friday removed the EUR/CHF 1.2000 peg, but Wednesday is a big day for the Canadian dollar for a number of reasons.\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>This time last year, Poloz surprised / shocked the markets with a 0.25% rate cut. Since that date the Canadian people have gone though a general election when twice winner Stephen Harper was ousted in October 2015 by literally the new kid on the block Justin Trudeau.For most of 2015, I was calling for further cuts and a further 0.25% cut was provided in July 2015 to take the BOC overnight rate to 0.5%. More was required, but as the general election came closer the chances of this happening became less and less. Canada had been in a technical recession for the first half of 2015 and the fear is we are already in another one right now as oil prices plunge and the economy slows.</li>\r\n	<li>Despite all the smiling faces the Canadian economy is in trouble. Oil prices are plunging, the CAD currency (the loonie), is getting weaker and weaker daily as oil prices plummet below $30.00. Both oil and the loonie are trading around 12 year lows.</li>\r\n	<li>As the exchange rate between the USD and CAD weakens the costs of bringing fresh produce north of the border increases. There has been price-gouging, price fixing in the Canadian economy. Consumer confidence is low. The lower oil prices have not been reflected at the pumps as the provinces have taxed and taxed gas/ petrol prices so much even at sub $30 a barrel pump prices are still above CAD$1.00 a litre. That’s the equivalent of well over USD$3.86 a gallon, where prices are now around USD$1.70 a gallon, which equates to CAD$0.44 cents a litre.\r\n\r\nCAD$0.44 cents versus CAD$1.00 actual is one hell of a difference in the eyes of a Canadian given that Canada is a world producer of oil.\r\n\r\nWhichever way you look at this, Canadians think that they are getting a rough deal. No tax breaks on gas prices to fund increasing food costs. This is not good news for a new government.</li>\r\n</ol>\r\n<ol start=\"4\">\r\n	<li>Consumer spending is therefore slowing down. This will be reflected in home improvements, which will filter down faster than you can imagine into the general economy. No matter what the Trudeau spin-doctors spin -facts are facts. NO confidence = no spending = existing oil related economic problems are just exacerbated.</li>\r\n	<li>Trudeau’s Liberals came to power promising to spend up to $10 billion on infrastructure amongst other things. I live in Montreal Quebec, which has been starved of money or it has been corrupted away. The centre of Montreal needs more than a facelift. Bridges have fallen, the roads are full of potholes, brickwork from the sides of buildings fall onto sidewalks etc. Its just not a pretty picture. I know that Quebec brings a lot of the problems on itself and it may be an extreme example, but generally speaking across Canada to varying degrees the infrastructure requires serious attention, rather than a repeat of botch job repairs that do not last.I fear that the money promised to infrastructure will be re-directed towards stimulus projects instead.</li>\r\n	<li>Right now the only winners inside the Canadian economy are the exporters.</li>\r\n</ol>\r\nIs this failure to act by the BOC and Poloz earlier tantamount to “Burying one’s head in the sand”? I have been writing about this very point for months.\r\n\r\nCanada was seen by the other G7 countries when the crash of 2008 happened, to be the golden bollocks of world economies because it had sound economic policies and a highly capitalized banking sector that indemnified it from the financial crash. That is a far cry from todays picture. What happened?\r\n\r\nFrom my perspective no one could see (albeit the supply and demand data was there for all to read and analyze) that oil prices were in trouble. There was a belief that speculators would drive the price upwards. The simple facts that ruled were simple economic supply and demand and the small fact there was not a infinite supply of storage facilities.\r\n\r\nFor most of 2015 Poloz kept repeating that the prior interest rate cut effects were still working their way through the Canadian economy and therefore no more cuts would be required. This was pure “Head in the sand” economics in my opinion.\r\n\r\nNow the headline writers are saying that this week the BOC could reduce rates to 0.25% now with 0% before the year-end plus introduce Quantitative Easing and also negative interest rates.\r\n\r\nHoly mother of God… The golden bollocks of managing a countries economics my arse…what the feck is going on?\r\n\r\nFrom a trading perspective where could this leave the CAD?\r\n\r\n(For subscribers I have placed later in the blog the charts with levels that I will be looking at across the USD/CAD, EUR/CAD, GBP/CAD, AUD/CAD CAD/JPY and NZD/CAD).\r\n\r\nWell let me put it quite simply.\r\n\r\nIf you think that the loonie ripped higher when oil dropped below $40.00 and then subsequently $30, and if you think that when we had the surprise cut in Canadian Interest rates in 2015 the loonie stormed higher….”You aint seen nothin’ yet” as Randy Bachman would sing…\r\n\r\nWe currently sit around 1.4500 in the USD/CAD. A move towards 1.5000 a nice big round number is on the cards and would make a great algorithmic objective. The cross rates would in my opinion (except GBP which is under real pressure) move even stronger to levels not seen for decades.\r\n\r\nWednesday could be a big day.\r\n\r\nIf Poloz does nothing and tries to jawbone the markets he could be out of a job inside 90 days, if not sooner. Now that is what I call high stakes gambling.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS THIS MONTH SO FAR: +633\r\nNET PIPS THIS YEAR SO FAR: +633\r\n\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\n(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nAs per my comments in section 2.3, below are the following charts with comments contained thereon: -\r\n\r\nUSD/CAD, AUD/CAD, EUR/CAD, GBO/CAD, NZD/CAD and CAD/JPY.\r\n\r\nI will be writing and charting more as this Wednesday approaches.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audcad-m-16012016/\" rel=\"attachment wp-att-7136\"><img class=\"aligncenter size-large wp-image-7136\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDCAD-M-16012016-1024x570.png\" alt=\"AUDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadjpy-m-16012016/\" rel=\"attachment wp-att-7137\"><img class=\"aligncenter size-large wp-image-7137\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-M-16012016-1024x570.png\" alt=\"CADJPY M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurcad-m-16012016/\" rel=\"attachment wp-att-7138\"><img class=\"aligncenter size-large wp-image-7138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURCAD-M-16012016-1024x570.png\" alt=\"EURCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpcad-m-16012016/\" rel=\"attachment wp-att-7139\"><img class=\"aligncenter size-large wp-image-7139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPCAD-M-16012016-1024x570.png\" alt=\"GBPCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdcad-w-16012016-2/\" rel=\"attachment wp-att-7140\"><img class=\"aligncenter size-large wp-image-7140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCAD-W-16012016-1-1024x570.png\" alt=\"NZDCAD W 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:</u>\r\n\r\nThese are pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<u>4.2.2: FLASH TRADES:</u>\r\n\r\nMainly simply, opportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.\r\nThe goal is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\nSome FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\nIn addition in 2016, some FLASH TRADES can be of a longer duration, with very specific goals.\r\n\r\n<u>4.2.3: FUNDAMENTAL TRADES:</u>\r\n\r\nThese will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels.\r\nThese trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n<u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\nThese trade set-ups are intended to have a longer-term trading perspective. They are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n\r\nMy goal is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest to take some profits along the way, but hopefully at the same time letting trades run as far as possible.\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n<u>4.3.1: RADAR TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/radar-16012016/\" rel=\"attachment wp-att-7121\"><img class=\"aligncenter size-full wp-image-7121\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR-16012016.png\" alt=\"RADAR 16012016\" width=\"521\" height=\"572\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3.2: FLASH TRADES:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/flash-16012016/\" rel=\"attachment wp-att-7122\"><img class=\"aligncenter size-full wp-image-7122\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FLASH-16012016.png\" alt=\"FLASH 16012016\" width=\"492\" height=\"571\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.3: FUNDAMENTAL TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/fun-16012016/\" rel=\"attachment wp-att-7123\"><img class=\"aligncenter size-full wp-image-7123\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FUN-16012016.png\" alt=\"FUN 16012016\" width=\"498\" height=\"552\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3.4: PART-TIME TRADER TRADES:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/parttime-16012015/\" rel=\"attachment wp-att-7124\"><img class=\"aligncenter size-full wp-image-7124\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PARTTIME-16012015.png\" alt=\"PARTTIME 16012015\" width=\"489\" height=\"540\" /></a>\r\n\r\n<u>4.3.5: MONTH TO DATE- SUMMARY OF PERFORMANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-profits1-160102016/\" rel=\"attachment wp-att-7119\"><img class=\"aligncenter size-full wp-image-7119\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS1-160102016.png\" alt=\"PS PROFITS1 160102016\" width=\"535\" height=\"507\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u> </u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/psprofits2-16012016/\" rel=\"attachment wp-att-7120\"><img class=\"aligncenter size-full wp-image-7120\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PSPROFITS2-16012016.png\" alt=\"PSPROFITS2 16012016\" width=\"512\" height=\"502\" /></a>\r\n\r\n<u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:</u><u>\r\n\r\n</u>Not until the end of the month.\r\n\r\n<u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n&nbsp;\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\nI have no contact with my brokers this week and therefore there are no updated comments for you to be made aware of.\r\n\r\n&nbsp;\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/trending-pairs-16092016/\" rel=\"attachment wp-att-7127\"><img class=\"aligncenter size-full wp-image-7127\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/TRENDING-PAIRS-16092016.png\" alt=\"TRENDING PAIRS 16092016\" width=\"480\" height=\"563\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/live-trades-16012016/\" rel=\"attachment wp-att-7125\"><img class=\"aligncenter size-full wp-image-7125\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/LIVE-TRADES-16012016.png\" alt=\"LIVE TRADES 16012016\" width=\"698\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/limits-16012016/\" rel=\"attachment wp-att-7126\"><img class=\"aligncenter size-full wp-image-7126\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/LIMITS-16012016.png\" alt=\"LIMITS 16012016\" width=\"687\" height=\"436\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<u>4.8.1: RADAR LIMIT ORDER TRADES:</u>\r\n\r\nRT616 – USD/CAD: I have left this set-up in position, in case we see a pullback with this pair. It is presently much further away from the market than when it was originally posted. Should the BOC jawbone on Wednesday whilst this seems a long way away from present levels, do not rule out extreme volatility. This set-up may be amended ahead of the BOC announcement.\r\n\r\nRT618 – NZD/USD: This trade is still at the moment very much in play. We could see a commodity currency bounce this week. At the moment they are all in extremely oversold conditions.\r\n\r\nRT619 – GBP/USD: If we do not see a bounce with the cable early this week this set-up will be cancelled. It is now a long way away from the current market.\r\n\r\n<u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:</u>\r\n\r\nFUN246 – USD/JPY: My entry at 118.75 may be amended lower to reflect the current market position. I will be reviewing this trade very early this week.\r\n\r\n<u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES: </u>\r\n\r\nPART001 – EUR/USD: This trade is still in play with the posted levels.\r\n\r\nPART007 – USD/CAD: I have left this set-up in position, in case we see a pullback with this pair. It is presently much further away from the market than when it was originally posted. Should the BOC jawbone on Wednesday whilst this seems a long way away from present levels, do not rule out extreme volatility. This set-up may be amended ahead of the BOC announcement.\r\n\r\nPART011 – NZD/USD:This trade is still at the moment very much in play. We could see a commodity currency bounce this week. At the moment they are all in extremely oversold conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\nThe EUR/GBP is the only chart that has my immediate interest. JPY crosses require a pullback for me to get interested, and, the commodity cross rates are either in overbought or oversold conditions at the moment.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurgbp-m-16012016/\" rel=\"attachment wp-att-7135\"><img class=\"aligncenter size-large wp-image-7135\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-M-16012016-1024x570.png\" alt=\"EURGBP M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>5. TIME OUT: AT THE END OF THE DAY:</strong>\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment. Last Friday, I really kept well away from the markets, I did not want to get involved and it was difficult.\r\n\r\nWe have a long weekend this weekend for the U.S. due to Martin Luther King Day. Markets will be thinner in the U.S. as participants will be fewer. Given the moves last Friday there will be an Asian reaction and spill over in the European session.\r\n\r\nThe BOC is Wednesday and the ECB on Thursday. But oil volatility will be everyday and Chinese news can break at anytime.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\n&nbsp;','THIS WEDNESDAY…  ALL EYES ON STEPHEN POLOZ','','inherit','closed','closed','','7141-revision-v1','','','2016-01-16 12:45:31','2016-01-16 17:45:31','',7141,'https://weeklyfxdrivethru.com/7141-revision-v1/',0,'revision','',0);
INSERT INTO `vp_backup_wp_posts` VALUES (7144,1,'2016-01-16 12:50:19','2016-01-16 17:50:19','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 16<sup>th</sup> January 2016\r\nBLOG REFERENCE: #84 PREMIUM SERVICE\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am still making what I call subtle changes to the blog format. I received a few snippets of feedback from last week’s blog, which were generally positive. I also had the following questions:\r\n<ol>\r\n	<li>The content of the WEEKLY FX DRIVE THRU on the website <a href=\"http://www.forextell.com\">forextell.com</a> is different from the content on your own website and the copy I connect to through twitter, why?It is a shortened version on ForexTell because the advertising content is removed. I am not allowed for example to advertise THE PREMIUM SERVICE on ForexTell for obvious reasons as it competes with products that Sean Lee already has.</li>\r\n	<li>Can I list my preferred brokers in my preference order with regards to the current FX PROMOTION?</li>\r\n</ol>\r\nUnfortunately, I cannot list my preferred FX Brokers in a ranking order\r\nThe way that I see it, there are many factors that go together to make up what I call “a broker score” such as, service, slippage, rate spreads, number of currencies available to trade, platform responsiveness in periods of high volatility…. the list goes on and on. What is important to me may not be as important to you and by my scoring the brokers it opens up a complete can of worms based upon my criteria alone.\r\n\r\nRegular readers will know that from time to time I have expressed dis-belief at times at some of the things that brokers get up to.\r\n\r\nOn a case-by-case basis if I am made aware of what criteria is the most important for you as a trader, then I will help the best that I can. I have not received anything negative from subscribers with regards to the current broker list. If I do and I cannot help resolving the issue, and said issue is important the broker will be removed from my list. I only want good experiences for my subscribers.\r\n\r\nMoving onwards,\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: OIL AND IT’S EFFECTS ON THE BROADER MARKETS:</u>\r\n\r\nThe big news item that dominated the financial news last week was without question oil. We saw prices fall below $30 a barrel. Oil is the most hedged, artificially priced market that there is on the planet. It is the most discussed when prices are high and no surprise the most discussed when prices are low.\r\n\r\nAt the moment, we have a lot of geopolitical news and market uncertainty and as a result oil has taken on the mantle of being the cause for everything negative or positive on the worlds stage.\r\n\r\nWithout doubt there are opinions on “Has oil bottomed now just below $30 now that this price level has been taken out?”, “Where is the bottom in oil?”, ”Where will the price be in 6 months time?”. All you have to do is watch CNBC or BLOOMBERG or turn on regular TV and there will be a reference to oil.\r\n\r\nThere is no doubt that of all the commodities on this planet oil is a key driver of economies. Its relationship to equities, currencies, other commodities, raw material costs, transport, … the list is just endless. Is it any wonder that when oil pricing reaches extremes that the world markets to coin a CNBC title are in “Turmoil”?\r\n\r\nSo with oil below $30.00 the obvious FX trades involve the CAD, NOK and MXN.\r\n\r\nTo an outsider, it seems to be the easiest trade inside the FX market. Oil prices moving lower buy USD/CAD, USD/MXN and USD/NOK. Unfortunately it’s just not that simple, and whilst I know that the exchange rates with these pairs can still move higher, we are so over-cooked, value is no longer equitable. I am not saying that these pairs cannot move much higher. For example extreme as it sounds, the USD/CAD could move up to 1.5000 and perhaps beyond. Therefore, we should be careful as we are over-stretched and the pullbacks can be without warning and violent, never mind sudden to boot.\r\n\r\nBy the way, oil could fall to $15-$20 a barrel, however, we may have bottomed already. Like every other trader out there my opinion counts for nothing in this market. What I can tell you without any fear of being contradicted is that the fundamentals for higher oil prices are not good. We have a classic economic law in play, called the law of Supply and Demand. Nothing has fundamentally changed in 12 months in fact with more suppliers of crude oil in the market it has gotten worse. Over supply and less demand = lower prices. As far as I can see all the strategic stockpiles the whole world over are full. There is little to no storage left. This is NOT rocket science.\r\n\r\nHowever, we must NOT forget, there are thousands of “high-stakes” gamblers around the world, most of them hedge fund managers with some clients having more money than sense looking for a high-risk trade that will give a better return than the usual market indexes. There are bottom pickers out there. When oil is pushing lower due to basic economics, this is an irrelevance to the speculators. They will buy in a one-sided bear market like oil believing they have the bottom price as support.\r\n\r\nBe prepared. Trading in oil or trading oil related currencies right now involves a higher than usual degree of risk. There are always counter-trend traders trying to be heroes. This is gambling. It is not being clever. It has more to do with ego than logic and technical analysis supported by economic fundamentals.\r\n\r\n<u>2.1.2: CHINA:</u>\r\n\r\nStill in the news, but in my eyes relegated to second position this week.\r\n\r\nChina is in transition. As long as China remains in transition mode the stability outlook in the Far East will be grim. China production is falling. GDP of 7% is a pipe dream, the revisions lower to 5% as far as I can ascertain will also be impossible to achieve. Not wanting to worry anyone, but is the Chinese government hinting that GDP could be lower still? What the true actual GDP number is and what we are told it is may still, in my opinion, could be two vastly different numbers.\r\n\r\nDevaluation of the currency is still the preferred tool to use to stimulate. This will be with us all this year and probably into 2017 as well.\r\n\r\n<u> </u>\r\n\r\n<u>2.1.3: US RETAIL SALES and PRODUCER PRICES:</u>\r\n\r\nBasically on Friday last week the market was reeling from WTi under $30.00 and all the markets were looking for was weak data to really sell off. US Core retail sales expected at +0.2% came in at -0.1%. PPI and Retail Sales came in on line at -0.2% and -0.1%, but the core numbers created a massive DXY sell off. In addition, the Nasdaq, S&amp;P, Dow and DAX indicies plunged to lower levels.\r\n\r\nOn Friday morning before this news broke I closed out of all of my open trades bar one (EUR/CHF - long). I took the decision, advised subscribers that following a good trading week I felt that we could have a “bloodbath” type of day and that I did not want to participate. This decision was also taken because of the fact it was a Friday going into a long weekend with MLK day on Monday plus there is so much geopolitical news hanging over the markets I just do not see the need to have so much risk exposure when it can be avoided.\r\n\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: CNY GDP.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: NZD – Dairy Auction Prices and CPi.\r\n\r\nWEDNESDAY: GBP – Employment Data.\r\nWEDNESDAY: USD – CPi.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n\r\nTHURSDAY: EUR – Interest Rate &amp; ECB Press Conference..\r\n\r\nFRIDAY: CAD - CPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nThe market is very stretched “over-cooked” as some people describe it plus we have a long weekend in the U.S.\r\n\r\nIf you are trading be very careful at this weeks open. I am expecting a great deal of volatility in the Asian session given the huge sell off in equities on Wall Street last Friday. Many of the pairs are hard to read as they are simply so oversold. Extremes are even behind the closing levels last Friday. Extreme caution should be taken in particular in the thinner volume markets.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0910\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-16012016/\" rel=\"attachment wp-att-7129\"><img class=\"aligncenter size-large wp-image-7129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-16012016-1024x570.png\" alt=\"EURUSD D 16012016\" width=\"1024\" height=\"570\" /></a>\r\nGBP/USD - Weekly Closing Price: 1.4260\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-m-16012016/\" rel=\"attachment wp-att-7130\"><img class=\"aligncenter size-large wp-image-7130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-M-16012016-1024x570.png\" alt=\"GBPUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6868\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-m-16012016/\" rel=\"attachment wp-att-7128\"><img class=\"aligncenter size-large wp-image-7128\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-M-16012016-1024x570.png\" alt=\"AUDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6467\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-m-16012016/\" rel=\"attachment wp-att-7142\"><img class=\"aligncenter size-large wp-image-7142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-M-16012016-1024x570.png\" alt=\"NZDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4530\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\nUSD/CHF - Weekly Closing Price: 1.0016\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-240m-16012016/\" rel=\"attachment wp-att-7133\"><img class=\"aligncenter size-large wp-image-7133\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-240M-16012016-1024x570.png\" alt=\"USDCHF 240M 16012016\" width=\"1024\" height=\"570\" /></a>\r\nUSD/JPY - Weekly Closing Price: 116.95\r\n\r\n&nbsp;\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/usdjpy-w-16012016/\" rel=\"attachment wp-att-7134\"><img class=\"aligncenter size-large wp-image-7134\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-W-16012016-1024x570.png\" alt=\"USDJPY W 16012016\" width=\"1024\" height=\"570\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THIS WEDNESDAY…</strong>\r\n<strong>ALL EYES ON STEPHEN POLOZ</strong></p>\r\nIn a week when Mario Draghi has a press conference it is a very unique and strange position for me to be writing about another central bank and central bank president instead.\r\n\r\nBeating the ECB by a day, the BOC have a rate announcement, statement and press conference this Wednesday. Make a note in your diary this is probably the biggest BOC day for some time, and it is without doubt Stephen Poloz’s “Grand Day Out”. It is not going to put him into the household mane bracket like Thomas Jordan (SNB) who a year ago last Friday removed the EUR/CHF 1.2000 peg, but Wednesday is a big day for the Canadian dollar for a number of reasons.\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>This time last year, Poloz surprised / shocked the markets with a 0.25% rate cut. Since that date the Canadian people have gone though a general election when twice winner Stephen Harper was ousted in October 2015 by literally the new kid on the block Justin Trudeau.For most of 2015, I was calling for further cuts and a further 0.25% cut was provided in July 2015 to take the BOC overnight rate to 0.5%. More was required, but as the general election came closer the chances of this happening became less and less. Canada had been in a technical recession for the first half of 2015 and the fear is we are already in another one right now as oil prices plunge and the economy slows.</li>\r\n	<li>Despite all the smiling faces the Canadian economy is in trouble. Oil prices are plunging, the CAD currency (the loonie), is getting weaker and weaker daily as oil prices plummet below $30.00. Both oil and the loonie are trading around 12 year lows.</li>\r\n	<li>As the exchange rate between the USD and CAD weakens the costs of bringing fresh produce north of the border increases. There has been price-gouging, price fixing in the Canadian economy. Consumer confidence is low. The lower oil prices have not been reflected at the pumps as the provinces have taxed and taxed gas/ petrol prices so much even at sub $30 a barrel pump prices are still above CAD$1.00 a litre. That’s the equivalent of well over USD$3.86 a gallon, where prices are now around USD$1.70 a gallon, which equates to CAD$0.44 cents a litre.CAD$0.44 cents versus CAD$1.00 actual is one hell of a difference in the eyes of a Canadian given that Canada is a world producer of oil.\r\n\r\nWhichever way you look at this, Canadians think that they are getting a rough deal. No tax breaks on gas prices to fund increasing food costs. This is not good news for a new government.</li>\r\n</ol>\r\n<ol start=\"4\">\r\n	<li>Consumer spending is therefore slowing down. This will be reflected in home improvements, which will filter down faster than you can imagine into the general economy. No matter what the Trudeau spin-doctors spin -facts are facts. NO confidence = no spending = existing oil related economic problems are just exacerbated.</li>\r\n	<li>Trudeau’s Liberals came to power promising to spend up to $10 billion on infrastructure amongst other things. I live in Montreal Quebec, which has been starved of money or it has been corrupted away. The centre of Montreal needs more than a facelift. Bridges have fallen, the roads are full of potholes, brickwork from the sides of buildings fall onto sidewalks etc. Its just not a pretty picture. I know that Quebec brings a lot of the problems on itself and it may be an extreme example, but generally speaking across Canada to varying degrees the infrastructure requires serious attention, rather than a repeat of botch job repairs that do not last.I fear that the money promised to infrastructure will be re-directed towards stimulus projects instead.</li>\r\n	<li>Right now the only winners inside the Canadian economy are the exporters.</li>\r\n</ol>\r\nIs this failure to act by the BOC and Poloz earlier tantamount to “Burying one’s head in the sand”? I have been writing about this very point for months.\r\n\r\nCanada was seen by the other G7 countries when the crash of 2008 happened, to be the golden bollocks of world economies because it had sound economic policies and a highly capitalized banking sector that indemnified it from the financial crash. That is a far cry from todays picture. What happened?\r\n\r\nFrom my perspective no one could see (albeit the supply and demand data was there for all to read and analyze) that oil prices were in trouble. There was a belief that speculators would drive the price upwards. The simple facts that ruled were simple economic supply and demand and the small fact there was not a infinite supply of storage facilities.\r\n\r\nFor most of 2015 Poloz kept repeating that the prior interest rate cut effects were still working their way through the Canadian economy and therefore no more cuts would be required. This was pure “Head in the sand” economics in my opinion.\r\n\r\nNow the headline writers are saying that this week the BOC could reduce rates to 0.25% now with 0% before the year-end plus introduce Quantitative Easing and also negative interest rates.\r\n\r\nHoly mother of God… The golden bollocks of managing a countries economics my arse…what the feck is going on?\r\n\r\nFrom a trading perspective where could this leave the CAD?\r\n\r\n(For subscribers I have placed later in the blog the charts with levels that I will be looking at across the USD/CAD, EUR/CAD, GBP/CAD, AUD/CAD CAD/JPY and NZD/CAD).\r\n\r\nWell let me put it quite simply.\r\n\r\nIf you think that the loonie ripped higher when oil dropped below $40.00 and then subsequently $30, and if you think that when we had the surprise cut in Canadian Interest rates in 2015 the loonie stormed higher….”You aint seen nothin’ yet” as Randy Bachman would sing…\r\n\r\nWe currently sit around 1.4500 in the USD/CAD. A move towards 1.5000 a nice big round number is on the cards and would make a great algorithmic objective. The cross rates would in my opinion (except GBP which is under real pressure) move even stronger to levels not seen for decades.\r\n\r\nWednesday could be a big day.\r\n\r\nIf Poloz does nothing and tries to jawbone the markets he could be out of a job inside 90 days, if not sooner. Now that is what I call high stakes gambling.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<strong>NET PIPS THIS MONTH SO FAR: +633</strong>\r\n<strong> NET PIPS THIS YEAR SO FAR: +633</strong>\r\n\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\n(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nAs per my comments in section 2.3, below are the following charts with comments contained thereon: -\r\n\r\nUSD/CAD, AUD/CAD, EUR/CAD, GBP/CAD, NZD/CAD and CAD/JPY.\r\n\r\nI will be writing and charting more as this Wednesday approaches.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audcad-m-16012016/\" rel=\"attachment wp-att-7136\"><img class=\"aligncenter size-large wp-image-7136\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDCAD-M-16012016-1024x570.png\" alt=\"AUDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadjpy-m-16012016/\" rel=\"attachment wp-att-7137\"><img class=\"aligncenter size-large wp-image-7137\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-M-16012016-1024x570.png\" alt=\"CADJPY M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurcad-m-16012016/\" rel=\"attachment wp-att-7138\"><img class=\"aligncenter size-large wp-image-7138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURCAD-M-16012016-1024x570.png\" alt=\"EURCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpcad-m-16012016/\" rel=\"attachment wp-att-7139\"><img class=\"aligncenter size-large wp-image-7139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPCAD-M-16012016-1024x570.png\" alt=\"GBPCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdcad-w-16012016-2/\" rel=\"attachment wp-att-7140\"><img class=\"aligncenter size-large wp-image-7140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCAD-W-16012016-1-1024x570.png\" alt=\"NZDCAD W 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:</u>\r\n\r\nThese are pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<u>4.2.2: FLASH TRADES:</u>\r\n\r\nMainly simply, opportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.\r\nThe goal is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\nSome FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\nIn addition in 2016, some FLASH TRADES can be of a longer duration, with very specific goals.\r\n\r\n<u>4.2.3: FUNDAMENTAL TRADES:</u>\r\n\r\nThese will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels.\r\nThese trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n<u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\nThese trade set-ups are intended to have a longer-term trading perspective. They are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n\r\nMy goal is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest to take some profits along the way, but hopefully at the same time letting trades run as far as possible.\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n<u>4.3.1: RADAR TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/radar-16012016/\" rel=\"attachment wp-att-7121\"><img class=\"aligncenter size-full wp-image-7121\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR-16012016.png\" alt=\"RADAR 16012016\" width=\"521\" height=\"572\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3.2: FLASH TRADES:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/flash-16012016/\" rel=\"attachment wp-att-7122\"><img class=\"aligncenter size-full wp-image-7122\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FLASH-16012016.png\" alt=\"FLASH 16012016\" width=\"492\" height=\"571\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.3: FUNDAMENTAL TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/fun-16012016/\" rel=\"attachment wp-att-7123\"><img class=\"aligncenter size-full wp-image-7123\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FUN-16012016.png\" alt=\"FUN 16012016\" width=\"498\" height=\"552\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3.4: PART-TIME TRADER TRADES:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/parttime-16012015/\" rel=\"attachment wp-att-7124\"><img class=\"aligncenter size-full wp-image-7124\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PARTTIME-16012015.png\" alt=\"PARTTIME 16012015\" width=\"489\" height=\"540\" /></a>\r\n\r\n<u>4.3.5: MONTH TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-profits1-160102016/\" rel=\"attachment wp-att-7119\"><img class=\"aligncenter size-full wp-image-7119\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS1-160102016.png\" alt=\"PS PROFITS1 160102016\" width=\"535\" height=\"507\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u> </u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/psprofits2-16012016/\" rel=\"attachment wp-att-7120\"><img class=\"aligncenter size-full wp-image-7120\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PSPROFITS2-16012016.png\" alt=\"PSPROFITS2 16012016\" width=\"512\" height=\"502\" /></a>\r\n\r\n<u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:</u><u></u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n&nbsp;\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\nI have no contact with my brokers this week and therefore there are no updated comments for you to be made aware of.\r\n\r\n&nbsp;\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/trending-pairs-16092016/\" rel=\"attachment wp-att-7127\"><img class=\"aligncenter size-full wp-image-7127\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/TRENDING-PAIRS-16092016.png\" alt=\"TRENDING PAIRS 16092016\" width=\"480\" height=\"563\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/live-trades-16012016/\" rel=\"attachment wp-att-7125\"><img class=\"aligncenter size-full wp-image-7125\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/LIVE-TRADES-16012016.png\" alt=\"LIVE TRADES 16012016\" width=\"698\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/limits-16012016/\" rel=\"attachment wp-att-7126\"><img class=\"aligncenter size-full wp-image-7126\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/LIMITS-16012016.png\" alt=\"LIMITS 16012016\" width=\"687\" height=\"436\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<u>4.8.1: RADAR LIMIT ORDER TRADES:</u>\r\n\r\nRT616 – USD/CAD: I have left this set-up in position, in case we see a pullback with this pair. It is presently much further away from the market than when it was originally posted. Should the BOC jawbone on Wednesday whilst this seems a long way away from present levels, do not rule out extreme volatility. This set-up may be amended ahead of the BOC announcement.\r\n\r\nRT618 – NZD/USD: This trade is still at the moment very much in play. We could see a commodity currency bounce this week. At the moment they are all in extremely oversold conditions.\r\n\r\nRT619 – GBP/USD: If we do not see a bounce with the cable early this week this set-up will be cancelled. It is now a long way away from the current market.\r\n\r\n<u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:</u>\r\n\r\nFUN246 – USD/JPY: My entry at 118.75 may be amended lower to reflect the current market position. I will be reviewing this trade very early this week.\r\n\r\n<u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES: </u>\r\n\r\nPART001 – EUR/USD: This trade is still in play with the posted levels.\r\n\r\nPART007 – USD/CAD: I have left this set-up in position, in case we see a pullback with this pair. It is presently much further away from the market than when it was originally posted. Should the BOC jawbone on Wednesday whilst this seems a long way away from present levels, do not rule out extreme volatility. This set-up may be amended ahead of the BOC announcement.\r\n\r\nPART011 – NZD/USD:This trade is still at the moment very much in play. We could see a commodity currency bounce this week. At the moment they are all in extremely oversold conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\nThe EUR/GBP is the only chart that has my immediate interest. JPY crosses require a pullback for me to get interested, and, the commodity cross rates are either in overbought or oversold conditions at the moment.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurgbp-m-16012016/\" rel=\"attachment wp-att-7135\"><img class=\"aligncenter size-large wp-image-7135\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-M-16012016-1024x570.png\" alt=\"EURGBP M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>5. TIME OUT: AT THE END OF THE DAY:</strong>\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment. Last Friday, I really kept well away from the markets, I did not want to get involved and it was difficult.\r\n\r\nWe have a long weekend this weekend for the U.S. due to Martin Luther King Day. Markets will be thinner in the U.S. as participants will be fewer. Given the moves last Friday there will be an Asian reaction and spill over in the European session.\r\n\r\nThe BOC is Wednesday and the ECB on Thursday. But oil volatility will be everyday and Chinese news can break at anytime.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\n&nbsp;','THIS WEDNESDAY…  ALL EYES ON STEPHEN POLOZ','','inherit','closed','closed','','7141-revision-v1','','','2016-01-16 12:50:19','2016-01-16 17:50:19','',7141,'https://weeklyfxdrivethru.com/7141-revision-v1/',0,'revision','',0),(7145,1,'2016-01-16 12:50:40','2016-01-16 17:50:40','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 16<sup>th</sup> January 2016\r\nBLOG REFERENCE: #84 PREMIUM SERVICE\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am still making what I call subtle changes to the blog format. I received a few snippets of feedback from last week’s blog, which were generally positive. I also had the following questions:\r\n<ol>\r\n	<li>The content of the WEEKLY FX DRIVE THRU on the website <a href=\"http://www.forextell.com\">forextell.com</a> is different from the content on your own website and the copy I connect to through twitter, why?It is a shortened version on ForexTell because the advertising content is removed. I am not allowed for example to advertise THE PREMIUM SERVICE on ForexTell for obvious reasons as it competes with products that Sean Lee already has.</li>\r\n	<li>Can I list my preferred brokers in my preference order with regards to the current FX PROMOTION?</li>\r\n</ol>\r\nUnfortunately, I cannot list my preferred FX Brokers in a ranking order\r\nThe way that I see it, there are many factors that go together to make up what I call “a broker score” such as, service, slippage, rate spreads, number of currencies available to trade, platform responsiveness in periods of high volatility…. the list goes on and on. What is important to me may not be as important to you and by my scoring the brokers it opens up a complete can of worms based upon my criteria alone.\r\n\r\nRegular readers will know that from time to time I have expressed dis-belief at times at some of the things that brokers get up to.\r\n\r\nOn a case-by-case basis if I am made aware of what criteria is the most important for you as a trader, then I will help the best that I can. I have not received anything negative from subscribers with regards to the current broker list. If I do and I cannot help resolving the issue, and said issue is important the broker will be removed from my list. I only want good experiences for my subscribers.\r\n\r\nMoving onwards,\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: OIL AND IT’S EFFECTS ON THE BROADER MARKETS:</u>\r\n\r\nThe big news item that dominated the financial news last week was without question oil. We saw prices fall below $30 a barrel. Oil is the most hedged, artificially priced market that there is on the planet. It is the most discussed when prices are high and no surprise the most discussed when prices are low.\r\n\r\nAt the moment, we have a lot of geopolitical news and market uncertainty and as a result oil has taken on the mantle of being the cause for everything negative or positive on the worlds stage.\r\n\r\nWithout doubt there are opinions on “Has oil bottomed now just below $30 now that this price level has been taken out?”, “Where is the bottom in oil?”, ”Where will the price be in 6 months time?”. All you have to do is watch CNBC or BLOOMBERG or turn on regular TV and there will be a reference to oil.\r\n\r\nThere is no doubt that of all the commodities on this planet oil is a key driver of economies. Its relationship to equities, currencies, other commodities, raw material costs, transport, … the list is just endless. Is it any wonder that when oil pricing reaches extremes that the world markets to coin a CNBC title are in “Turmoil”?\r\n\r\nSo with oil below $30.00 the obvious FX trades involve the CAD, NOK and MXN.\r\n\r\nTo an outsider, it seems to be the easiest trade inside the FX market. Oil prices moving lower buy USD/CAD, USD/MXN and USD/NOK. Unfortunately it’s just not that simple, and whilst I know that the exchange rates with these pairs can still move higher, we are so over-cooked, value is no longer equitable. I am not saying that these pairs cannot move much higher. For example extreme as it sounds, the USD/CAD could move up to 1.5000 and perhaps beyond. Therefore, we should be careful as we are over-stretched and the pullbacks can be without warning and violent, never mind sudden to boot.\r\n\r\nBy the way, oil could fall to $15-$20 a barrel, however, we may have bottomed already. Like every other trader out there my opinion counts for nothing in this market. What I can tell you without any fear of being contradicted is that the fundamentals for higher oil prices are not good. We have a classic economic law in play, called the law of Supply and Demand. Nothing has fundamentally changed in 12 months in fact with more suppliers of crude oil in the market it has gotten worse. Over supply and less demand = lower prices. As far as I can see all the strategic stockpiles the whole world over are full. There is little to no storage left. This is NOT rocket science.\r\n\r\nHowever, we must NOT forget, there are thousands of “high-stakes” gamblers around the world, most of them hedge fund managers with some clients having more money than sense looking for a high-risk trade that will give a better return than the usual market indexes. There are bottom pickers out there. When oil is pushing lower due to basic economics, this is an irrelevance to the speculators. They will buy in a one-sided bear market like oil believing they have the bottom price as support.\r\n\r\nBe prepared. Trading in oil or trading oil related currencies right now involves a higher than usual degree of risk. There are always counter-trend traders trying to be heroes. This is gambling. It is not being clever. It has more to do with ego than logic and technical analysis supported by economic fundamentals.\r\n\r\n<u>2.1.2: CHINA:</u>\r\n\r\nStill in the news, but in my eyes relegated to second position this week.\r\n\r\nChina is in transition. As long as China remains in transition mode the stability outlook in the Far East will be grim. China production is falling. GDP of 7% is a pipe dream, the revisions lower to 5% as far as I can ascertain will also be impossible to achieve. Not wanting to worry anyone, but is the Chinese government hinting that GDP could be lower still? What the true actual GDP number is and what we are told it is may still, in my opinion, could be two vastly different numbers.\r\n\r\nDevaluation of the currency is still the preferred tool to use to stimulate. This will be with us all this year and probably into 2017 as well.\r\n\r\n<u> </u>\r\n\r\n<u>2.1.3: US RETAIL SALES and PRODUCER PRICES:</u>\r\n\r\nBasically on Friday last week the market was reeling from WTi under $30.00 and all the markets were looking for was weak data to really sell off. US Core retail sales expected at +0.2% came in at -0.1%. PPI and Retail Sales came in on line at -0.2% and -0.1%, but the core numbers created a massive DXY sell off. In addition, the Nasdaq, S&amp;P, Dow and DAX indicies plunged to lower levels.\r\n\r\nOn Friday morning before this news broke I closed out of all of my open trades bar one (EUR/CHF - long). I took the decision, advised subscribers that following a good trading week I felt that we could have a “bloodbath” type of day and that I did not want to participate. This decision was also taken because of the fact it was a Friday going into a long weekend with MLK day on Monday plus there is so much geopolitical news hanging over the markets I just do not see the need to have so much risk exposure when it can be avoided.\r\n\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: CNY GDP.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: NZD – Dairy Auction Prices and CPi.\r\n\r\nWEDNESDAY: GBP – Employment Data.\r\nWEDNESDAY: USD – CPi.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n\r\nTHURSDAY: EUR – Interest Rate &amp; ECB Press Conference..\r\n\r\nFRIDAY: CAD - CPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nThe market is very stretched “over-cooked” as some people describe it plus we have a long weekend in the U.S.\r\n\r\nIf you are trading be very careful at this weeks open. I am expecting a great deal of volatility in the Asian session given the huge sell off in equities on Wall Street last Friday. Many of the pairs are hard to read as they are simply so oversold. Extremes are even behind the closing levels last Friday. Extreme caution should be taken in particular in the thinner volume markets.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0910\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-16012016/\" rel=\"attachment wp-att-7129\"><img class=\"aligncenter size-large wp-image-7129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-16012016-1024x570.png\" alt=\"EURUSD D 16012016\" width=\"1024\" height=\"570\" /></a>\r\nGBP/USD - Weekly Closing Price: 1.4260\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-m-16012016/\" rel=\"attachment wp-att-7130\"><img class=\"aligncenter size-large wp-image-7130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-M-16012016-1024x570.png\" alt=\"GBPUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6868\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-m-16012016/\" rel=\"attachment wp-att-7128\"><img class=\"aligncenter size-large wp-image-7128\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-M-16012016-1024x570.png\" alt=\"AUDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6467\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-m-16012016/\" rel=\"attachment wp-att-7142\"><img class=\"aligncenter size-large wp-image-7142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-M-16012016-1024x570.png\" alt=\"NZDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4530\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\nUSD/CHF - Weekly Closing Price: 1.0016\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-240m-16012016/\" rel=\"attachment wp-att-7133\"><img class=\"aligncenter size-large wp-image-7133\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-240M-16012016-1024x570.png\" alt=\"USDCHF 240M 16012016\" width=\"1024\" height=\"570\" /></a>\r\nUSD/JPY - Weekly Closing Price: 116.95\r\n\r\n&nbsp;\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/usdjpy-w-16012016/\" rel=\"attachment wp-att-7134\"><img class=\"aligncenter size-large wp-image-7134\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-W-16012016-1024x570.png\" alt=\"USDJPY W 16012016\" width=\"1024\" height=\"570\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THIS WEDNESDAY…</strong>\r\n<strong>ALL EYES ON STEPHEN POLOZ</strong></p>\r\nIn a week when Mario Draghi has a press conference it is a very unique and strange position for me to be writing about another central bank and central bank president instead.\r\n\r\nBeating the ECB by a day, the BOC have a rate announcement, statement and press conference this Wednesday. Make a note in your diary this is probably the biggest BOC day for some time, and it is without doubt Stephen Poloz’s “Grand Day Out”. It is not going to put him into the household mane bracket like Thomas Jordan (SNB) who a year ago last Friday removed the EUR/CHF 1.2000 peg, but Wednesday is a big day for the Canadian dollar for a number of reasons.\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>This time last year, Poloz surprised / shocked the markets with a 0.25% rate cut. Since that date the Canadian people have gone though a general election when twice winner Stephen Harper was ousted in October 2015 by literally the new kid on the block Justin Trudeau.For most of 2015, I was calling for further cuts and a further 0.25% cut was provided in July 2015 to take the BOC overnight rate to 0.5%. More was required, but as the general election came closer the chances of this happening became less and less. Canada had been in a technical recession for the first half of 2015 and the fear is we are already in another one right now as oil prices plunge and the economy slows.</li>\r\n	<li>Despite all the smiling faces the Canadian economy is in trouble. Oil prices are plunging, the CAD currency (the loonie), is getting weaker and weaker daily as oil prices plummet below $30.00. Both oil and the loonie are trading around 12 year lows.</li>\r\n	<li>As the exchange rate between the USD and CAD weakens the costs of bringing fresh produce north of the border increases. There has been price-gouging, price fixing in the Canadian economy. Consumer confidence is low. The lower oil prices have not been reflected at the pumps as the provinces have taxed and taxed gas/ petrol prices so much even at sub $30 a barrel pump prices are still above CAD$1.00 a litre. That’s the equivalent of well over USD$3.86 a gallon, where prices are now around USD$1.70 a gallon, which equates to CAD$0.44 cents a litre.CAD$0.44 cents versus CAD$1.00 actual is one hell of a difference in the eyes of a Canadian given that Canada is a world producer of oil.Whichever way you look at this, Canadians think that they are getting a rough deal. No tax breaks on gas prices to fund increasing food costs. This is not good news for a new government.</li>\r\n</ol>\r\n<ol start=\"4\">\r\n	<li>Consumer spending is therefore slowing down. This will be reflected in home improvements, which will filter down faster than you can imagine into the general economy. No matter what the Trudeau spin-doctors spin -facts are facts. NO confidence = no spending = existing oil related economic problems are just exacerbated.</li>\r\n	<li>Trudeau’s Liberals came to power promising to spend up to $10 billion on infrastructure amongst other things. I live in Montreal Quebec, which has been starved of money or it has been corrupted away. The centre of Montreal needs more than a facelift. Bridges have fallen, the roads are full of potholes, brickwork from the sides of buildings fall onto sidewalks etc. Its just not a pretty picture. I know that Quebec brings a lot of the problems on itself and it may be an extreme example, but generally speaking across Canada to varying degrees the infrastructure requires serious attention, rather than a repeat of botch job repairs that do not last.I fear that the money promised to infrastructure will be re-directed towards stimulus projects instead.</li>\r\n	<li>Right now the only winners inside the Canadian economy are the exporters.</li>\r\n</ol>\r\nIs this failure to act by the BOC and Poloz earlier tantamount to “Burying one’s head in the sand”? I have been writing about this very point for months.\r\n\r\nCanada was seen by the other G7 countries when the crash of 2008 happened, to be the golden bollocks of world economies because it had sound economic policies and a highly capitalized banking sector that indemnified it from the financial crash. That is a far cry from todays picture. What happened?\r\n\r\nFrom my perspective no one could see (albeit the supply and demand data was there for all to read and analyze) that oil prices were in trouble. There was a belief that speculators would drive the price upwards. The simple facts that ruled were simple economic supply and demand and the small fact there was not a infinite supply of storage facilities.\r\n\r\nFor most of 2015 Poloz kept repeating that the prior interest rate cut effects were still working their way through the Canadian economy and therefore no more cuts would be required. This was pure “Head in the sand” economics in my opinion.\r\n\r\nNow the headline writers are saying that this week the BOC could reduce rates to 0.25% now with 0% before the year-end plus introduce Quantitative Easing and also negative interest rates.\r\n\r\nHoly mother of God… The golden bollocks of managing a countries economics my arse…what the feck is going on?\r\n\r\nFrom a trading perspective where could this leave the CAD?\r\n\r\n(For subscribers I have placed later in the blog the charts with levels that I will be looking at across the USD/CAD, EUR/CAD, GBP/CAD, AUD/CAD CAD/JPY and NZD/CAD).\r\n\r\nWell let me put it quite simply.\r\n\r\nIf you think that the loonie ripped higher when oil dropped below $40.00 and then subsequently $30, and if you think that when we had the surprise cut in Canadian Interest rates in 2015 the loonie stormed higher….”You aint seen nothin’ yet” as Randy Bachman would sing…\r\n\r\nWe currently sit around 1.4500 in the USD/CAD. A move towards 1.5000 a nice big round number is on the cards and would make a great algorithmic objective. The cross rates would in my opinion (except GBP which is under real pressure) move even stronger to levels not seen for decades.\r\n\r\nWednesday could be a big day.\r\n\r\nIf Poloz does nothing and tries to jawbone the markets he could be out of a job inside 90 days, if not sooner. Now that is what I call high stakes gambling.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<strong>NET PIPS THIS MONTH SO FAR: +633</strong>\r\n<strong> NET PIPS THIS YEAR SO FAR: +633</strong>\r\n\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\n(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nAs per my comments in section 2.3, below are the following charts with comments contained thereon: -\r\n\r\nUSD/CAD, AUD/CAD, EUR/CAD, GBP/CAD, NZD/CAD and CAD/JPY.\r\n\r\nI will be writing and charting more as this Wednesday approaches.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audcad-m-16012016/\" rel=\"attachment wp-att-7136\"><img class=\"aligncenter size-large wp-image-7136\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDCAD-M-16012016-1024x570.png\" alt=\"AUDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadjpy-m-16012016/\" rel=\"attachment wp-att-7137\"><img class=\"aligncenter size-large wp-image-7137\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-M-16012016-1024x570.png\" alt=\"CADJPY M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurcad-m-16012016/\" rel=\"attachment wp-att-7138\"><img class=\"aligncenter size-large wp-image-7138\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURCAD-M-16012016-1024x570.png\" alt=\"EURCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpcad-m-16012016/\" rel=\"attachment wp-att-7139\"><img class=\"aligncenter size-large wp-image-7139\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPCAD-M-16012016-1024x570.png\" alt=\"GBPCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdcad-w-16012016-2/\" rel=\"attachment wp-att-7140\"><img class=\"aligncenter size-large wp-image-7140\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCAD-W-16012016-1-1024x570.png\" alt=\"NZDCAD W 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:</u>\r\n\r\nThese are pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<u>4.2.2: FLASH TRADES:</u>\r\n\r\nMainly simply, opportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.\r\nThe goal is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\nSome FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\nIn addition in 2016, some FLASH TRADES can be of a longer duration, with very specific goals.\r\n\r\n<u>4.2.3: FUNDAMENTAL TRADES:</u>\r\n\r\nThese will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels.\r\nThese trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n<u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\nThese trade set-ups are intended to have a longer-term trading perspective. They are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n\r\nMy goal is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest to take some profits along the way, but hopefully at the same time letting trades run as far as possible.\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n<u>4.3.1: RADAR TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/radar-16012016/\" rel=\"attachment wp-att-7121\"><img class=\"aligncenter size-full wp-image-7121\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR-16012016.png\" alt=\"RADAR 16012016\" width=\"521\" height=\"572\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3.2: FLASH TRADES:</span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/flash-16012016/\" rel=\"attachment wp-att-7122\"><img class=\"aligncenter size-full wp-image-7122\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FLASH-16012016.png\" alt=\"FLASH 16012016\" width=\"492\" height=\"571\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.3: FUNDAMENTAL TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/fun-16012016/\" rel=\"attachment wp-att-7123\"><img class=\"aligncenter size-full wp-image-7123\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FUN-16012016.png\" alt=\"FUN 16012016\" width=\"498\" height=\"552\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\">4.3.4: PART-TIME TRADER TRADES:</span>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/parttime-16012015/\" rel=\"attachment wp-att-7124\"><img class=\"aligncenter size-full wp-image-7124\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PARTTIME-16012015.png\" alt=\"PARTTIME 16012015\" width=\"489\" height=\"540\" /></a>\r\n\r\n<u>4.3.5: MONTH TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-profits1-160102016/\" rel=\"attachment wp-att-7119\"><img class=\"aligncenter size-full wp-image-7119\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS1-160102016.png\" alt=\"PS PROFITS1 160102016\" width=\"535\" height=\"507\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u> </u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/psprofits2-16012016/\" rel=\"attachment wp-att-7120\"><img class=\"aligncenter size-full wp-image-7120\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PSPROFITS2-16012016.png\" alt=\"PSPROFITS2 16012016\" width=\"512\" height=\"502\" /></a>\r\n\r\n<u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:</u><u></u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n&nbsp;\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\nI have no contact with my brokers this week and therefore there are no updated comments for you to be made aware of.\r\n\r\n&nbsp;\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/trending-pairs-16092016/\" rel=\"attachment wp-att-7127\"><img class=\"aligncenter size-full wp-image-7127\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/TRENDING-PAIRS-16092016.png\" alt=\"TRENDING PAIRS 16092016\" width=\"480\" height=\"563\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/live-trades-16012016/\" rel=\"attachment wp-att-7125\"><img class=\"aligncenter size-full wp-image-7125\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/LIVE-TRADES-16012016.png\" alt=\"LIVE TRADES 16012016\" width=\"698\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/limits-16012016/\" rel=\"attachment wp-att-7126\"><img class=\"aligncenter size-full wp-image-7126\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/LIMITS-16012016.png\" alt=\"LIMITS 16012016\" width=\"687\" height=\"436\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<u>4.8.1: RADAR LIMIT ORDER TRADES:</u>\r\n\r\nRT616 – USD/CAD: I have left this set-up in position, in case we see a pullback with this pair. It is presently much further away from the market than when it was originally posted. Should the BOC jawbone on Wednesday whilst this seems a long way away from present levels, do not rule out extreme volatility. This set-up may be amended ahead of the BOC announcement.\r\n\r\nRT618 – NZD/USD: This trade is still at the moment very much in play. We could see a commodity currency bounce this week. At the moment they are all in extremely oversold conditions.\r\n\r\nRT619 – GBP/USD: If we do not see a bounce with the cable early this week this set-up will be cancelled. It is now a long way away from the current market.\r\n\r\n<u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:</u>\r\n\r\nFUN246 – USD/JPY: My entry at 118.75 may be amended lower to reflect the current market position. I will be reviewing this trade very early this week.\r\n\r\n<u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES: </u>\r\n\r\nPART001 – EUR/USD: This trade is still in play with the posted levels.\r\n\r\nPART007 – USD/CAD: I have left this set-up in position, in case we see a pullback with this pair. It is presently much further away from the market than when it was originally posted. Should the BOC jawbone on Wednesday whilst this seems a long way away from present levels, do not rule out extreme volatility. This set-up may be amended ahead of the BOC announcement.\r\n\r\nPART011 – NZD/USD:This trade is still at the moment very much in play. We could see a commodity currency bounce this week. At the moment they are all in extremely oversold conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\nThe EUR/GBP is the only chart that has my immediate interest. JPY crosses require a pullback for me to get interested, and, the commodity cross rates are either in overbought or oversold conditions at the moment.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurgbp-m-16012016/\" rel=\"attachment wp-att-7135\"><img class=\"aligncenter size-large wp-image-7135\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-M-16012016-1024x570.png\" alt=\"EURGBP M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>5. TIME OUT: AT THE END OF THE DAY:</strong>\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment. Last Friday, I really kept well away from the markets, I did not want to get involved and it was difficult.\r\n\r\nWe have a long weekend this weekend for the U.S. due to Martin Luther King Day. Markets will be thinner in the U.S. as participants will be fewer. Given the moves last Friday there will be an Asian reaction and spill over in the European session.\r\n\r\nThe BOC is Wednesday and the ECB on Thursday. But oil volatility will be everyday and Chinese news can break at anytime.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\n&nbsp;','THIS WEDNESDAY…  ALL EYES ON STEPHEN POLOZ','','inherit','closed','closed','','7141-revision-v1','','','2016-01-16 12:50:40','2016-01-16 17:50:40','',7141,'https://weeklyfxdrivethru.com/7141-revision-v1/',0,'revision','',0),(7151,1,'2016-01-16 13:17:07','2016-01-16 18:17:07','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 16<sup>th</sup> January 2016\r\nBLOG REFERENCE: FREE NEWSLETTER #184\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am still making what I call subtle changes to the blog format. I received a few snippets of feedback from last week’s blog, which were generally positive. I also had the following questions:\r\n<ol>\r\n	<li>The content of the WEEKLY FX DRIVE THRU on the website <a href=\"http://www.forextell.com\">forextell.com</a> is different from the content on your own website and the copy I connect to through twitter, why?It is a shortened version on ForexTell because the advertising content is removed. I am not allowed for example to advertise THE PREMIUM SERVICE on ForexTell for obvious reasons as it competes with products that Sean Lee already has.</li>\r\n	<li>Can I list my preferred brokers in my preference order with regards to the current FX PROMOTION?</li>\r\n</ol>\r\nUnfortunately, I cannot list my preferred FX Brokers in a ranking order\r\nThe way that I see it, there are many factors that go together to make up what I call “a broker score” such as, service, slippage, rate spreads, number of currencies available to trade, platform responsiveness in periods of high volatility…. the list goes on and on. What is important to me may not be as important to you and by my scoring the brokers it opens up a complete can of worms based upon my criteria alone.\r\n\r\nRegular readers will know that from time to time I have expressed dis-belief at times at some of the things that brokers get up to.\r\n\r\nOn a case-by-case basis if I am made aware of what criteria is the most important for you as a trader, then I will help the best that I can. I have not received anything negative from subscribers with regards to the current broker list. If I do and I cannot help resolving the issue, and said issue is important the broker will be removed from my list. I only want good experiences for my subscribers.\r\n\r\nMoving onwards,\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: OIL AND IT’S EFFECTS ON THE BROADER MARKETS:</u>\r\n\r\nThe big news item that dominated the financial news last week was without question oil. We saw prices fall below $30 a barrel. Oil is the most hedged, artificially priced market that there is on the planet. It is the most discussed when prices are high and no surprise the most discussed when prices are low.\r\n\r\nAt the moment, we have a lot of geopolitical news and market uncertainty and as a result oil has taken on the mantle of being the cause for everything negative or positive on the worlds stage.\r\n\r\nWithout doubt there are opinions on “Has oil bottomed now just below $30 now that this price level has been taken out?”, “Where is the bottom in oil?”, ”Where will the price be in 6 months time?”. All you have to do is watch CNBC or BLOOMBERG or turn on regular TV and there will be a reference to oil.\r\n\r\nThere is no doubt that of all the commodities on this planet oil is a key driver of economies. Its relationship to equities, currencies, other commodities, raw material costs, transport, … the list is just endless. Is it any wonder that when oil pricing reaches extremes that the world markets to coin a CNBC title are in “Turmoil”?\r\n\r\nSo with oil below $30.00 the obvious FX trades involve the CAD, NOK and MXN.\r\n\r\nTo an outsider, it seems to be the easiest trade inside the FX market. Oil prices moving lower buy USD/CAD, USD/MXN and USD/NOK. Unfortunately it’s just not that simple, and whilst I know that the exchange rates with these pairs can still move higher, we are so over-cooked, value is no longer equitable. I am not saying that these pairs cannot move much higher. For example extreme as it sounds, the USD/CAD could move up to 1.5000 and perhaps beyond. Therefore, we should be careful as we are over-stretched and the pullbacks can be without warning and violent, never mind sudden to boot.\r\n\r\nBy the way, oil could fall to $15-$20 a barrel, however, we may have bottomed already. Like every other trader out there my opinion counts for nothing in this market. What I can tell you without any fear of being contradicted is that the fundamentals for higher oil prices are not good. We have a classic economic law in play, called the law of Supply and Demand. Nothing has fundamentally changed in 12 months in fact with more suppliers of crude oil in the market it has gotten worse. Over supply and less demand = lower prices. As far as I can see all the strategic stockpiles the whole world over are full. There is little to no storage left. This is NOT rocket science.\r\n\r\nHowever, we must NOT forget, there are thousands of “high-stakes” gamblers around the world, most of them hedge fund managers with some clients having more money than sense looking for a high-risk trade that will give a better return than the usual market indexes. There are bottom pickers out there. When oil is pushing lower due to basic economics, this is an irrelevance to the speculators. They will buy in a one-sided bear market like oil believing they have the bottom price as support.\r\n\r\nBe prepared. Trading in oil or trading oil related currencies right now involves a higher than usual degree of risk. There are always counter-trend traders trying to be heroes. This is gambling. It is not being clever. It has more to do with ego than logic and technical analysis supported by economic fundamentals.\r\n\r\n&nbsp;\r\n\r\n<u>2.1.2: CHINA:</u>\r\n\r\nStill in the news, but in my eyes relegated to second position this week.\r\n\r\nChina is in transition. As long as China remains in transition mode the stability outlook in the Far East will be grim. China production is falling. GDP of 7% is a pipe dream, the revisions lower to 5% as far as I can ascertain will also be impossible to achieve. Not wanting to worry anyone, but is the Chinese government hinting that GDP could be lower still? What the true actual GDP number is and what we are told it is may still, in my opinion, could be two vastly different numbers.\r\n\r\nDevaluation of the currency is still the preferred tool to use to stimulate. This will be with us all this year and probably into 2017 as well.\r\n\r\n<u> </u>\r\n\r\n<u>2.1.3: US RETAIL SALES and PRODUCER PRICES:</u>\r\n\r\nBasically on Friday last week the market was reeling from WTi under $30.00 and all the markets were looking for was weak data to really sell off. US Core retail sales expected at +0.2% came in at -0.1%. PPI and Retail Sales came in on line at -0.2% and -0.1%, but the core numbers created a massive DXY sell off. In addition, the Nasdaq, S&amp;P, Dow and DAX indicies plunged to lower levels.\r\n\r\nOn Friday morning before this news broke I closed out of all of my open trades bar one (EUR/CHF - long). I took the decision, advised subscribers that following a good trading week I felt that we could have a “bloodbath” type of day and that I did not want to participate. This decision was also taken because of the fact it was a Friday going into a long weekend with MLK day on Monday plus there is so much geopolitical news hanging over the markets I just do not see the need to have so much risk exposure when it can be avoided.\r\n\r\n&nbsp;\r\n\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: CNY GDP.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: NZD – Dairy Auction Prices and CPi.\r\n\r\nWEDNESDAY: GBP – Employment Data.\r\nWEDNESDAY: USD – CPi.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n\r\nTHURSDAY: EUR – Interest Rate &amp; ECB Press Conference.\r\n\r\nFRIDAY: CAD - CPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nThe market is very stretched “over-cooked” as some people describe it plus we have a long weekend in the U.S.\r\n\r\nIf you are trading be very careful at this weeks open. I am expecting a great deal of volatility in the Asian session given the huge sell off in equities on Wall Street last Friday. Many of the pairs are hard to read as they are simply so oversold. Extremes are even behind the closing levels last Friday. Extreme caution should be taken in particular in the thinner volume markets.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.0910\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/eurusd-d-16012016/\" rel=\"attachment wp-att-7129\"><img class=\"aligncenter size-large wp-image-7129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-16012016-1024x570.png\" alt=\"EURUSD D 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4260\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/gbpusd-m-16012016/\" rel=\"attachment wp-att-7130\"><img class=\"aligncenter size-large wp-image-7130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-M-16012016-1024x570.png\" alt=\"GBPUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6868\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/audusd-m-16012016/\" rel=\"attachment wp-att-7128\"><img class=\"aligncenter size-large wp-image-7128\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-M-16012016-1024x570.png\" alt=\"AUDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6467\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/nzdusd-m-16012016/\" rel=\"attachment wp-att-7142\"><img class=\"aligncenter size-large wp-image-7142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-M-16012016-1024x570.png\" alt=\"NZDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4530\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0016\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/usdchf-240m-16012016/\" rel=\"attachment wp-att-7133\"><img class=\"aligncenter size-large wp-image-7133\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-240M-16012016-1024x570.png\" alt=\"USDCHF 240M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 116.95\r\n\r\n&nbsp;\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/usdjpy-w-16012016/\" rel=\"attachment wp-att-7134\"><img class=\"aligncenter size-large wp-image-7134\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-W-16012016-1024x570.png\" alt=\"USDJPY W 16012016\" width=\"1024\" height=\"570\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THIS WEDNESDAY…\r\n</strong><strong>ALL EYES ON STEPHEN POLOZ</strong></p>\r\nIn a week when Mario Draghi has a press conference it is a very unique and strange position for me to be writing about another central bank and central bank president instead.\r\n\r\nBeating the ECB by a day, the BOC have a rate announcement, statement and press conference this Wednesday. Make a note in your diary this is probably the biggest BOC day for some time, and it is without doubt Stephen Poloz’s “Grand Day Out”. It is not going to put him into the household mane bracket like Thomas Jordan (SNB) who a year ago last Friday removed the EUR/CHF 1.2000 peg, but Wednesday is a big day for the Canadian dollar for a number of reasons.\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>This time last year, Poloz surprised / shocked the markets with a 0.25% rate cut. Since that date the Canadian people have gone though a general election when twice winner Stephen Harper was ousted in October 2015 by literally the new kid on the block Justin Trudeau.For most of 2015, I was calling for further cuts and a further 0.25% cut was provided in July 2015 to take the BOC overnight rate to 0.5%. More was required, but as the general election came closer the chances of this happening became less and less. Canada had been in a technical recession for the first half of 2015 and the fear is we are already in another one right now as oil prices plunge and the economy slows.</li>\r\n	<li>Despite all the smiling faces the Canadian economy is in trouble. Oil prices are plunging, the CAD currency (the loonie), is getting weaker and weaker daily as oil prices plummet below $30.00. Both oil and the loonie are trading around 12 year lows.</li>\r\n	<li>As the exchange rate between the USD and CAD weakens the costs of bringing fresh produce north of the border increases. There has been price-gouging, price fixing in the Canadian economy. Consumer confidence is low. The lower oil prices have not been reflected at the pumps as the provinces have taxed and taxed gas/ petrol prices so much even at sub $30 a barrel pump prices are still above CAD$1.00 a litre. That’s the equivalent of well over USD$3.86 a gallon, where prices are now around USD$1.70 a gallon, which equates to CAD$0.44 cents a litre.CAD$0.44 cents versus CAD$1.00 actual is one hell of a difference in the eyes of a Canadian given that Canada is a world producer of oil.\r\n\r\nWhichever way you look at this, Canadians think that they are getting a rough deal. No tax breaks on gas prices to fund increasing food costs. This is not good news for a new government.</li>\r\n</ol>\r\n<ol start=\"4\">\r\n	<li>Consumer spending is therefore slowing down. This will be reflected in home improvements, which will filter down faster than you can imagine into the general economy. No matter what the Trudeau spin-doctors spin, facts are facts. NO confidence = no spending = existing oil related economic problems are just exacerbated.</li>\r\n	<li>Trudeau’s Liberals came to power promising to spend up to $10 billion on infrastructure amongst other things. I live in Montreal Quebec, which has been starved of money or it has been corrupted away. The centre of Montreal needs more than a facelift. Bridges have fallen; the roads are full of potholes, brickwork from the sides of buildings fall onto sidewalks etc. Its just not a pretty picture. I know that Quebec brings a lot of the problems on itself and it may be an extreme example, but generally speaking across Canada to varying degrees the infrastructure requires serious attention, rather than a repeat of botch job repairs that do not last.I fear that the money promised to infrastructure will be re-directed towards stimulus projects instead.</li>\r\n	<li>Right now the only winners inside the Canadian economy are the exporters.</li>\r\n</ol>\r\nIs this failure to act by the BOC and Poloz earlier tantamount to “Burying one’s head in the sand”? I have been writing about this very point for months.\r\n\r\nCanada was seen by the other G7 countries when the crash of 2008 happened, to be the golden bollocks of world economies because it had sound economic policies and a highly capitalized banking sector that indemnified it from the financial crash. That is a far cry from todays picture. What happened?\r\n\r\nFrom my perspective no one could see (albeit the supply and demand data was there for all to read and analyze) that oil prices were in trouble. There was a belief that speculators would drive the price upwards. The simple facts that ruled were simple economic supply and demand and the small fact there was not an infinite supply of storage facilities.\r\n\r\nFor most of 2015 Poloz kept repeating that the prior interest rate cut effects were still working their way through the Canadian economy and therefore no more cuts would be required. This was pure “Head in the sand” economics in my opinion.\r\n\r\nNow the headline writers are saying that this week the BOC could reduce rates to 0.25% now with 0% before the year-end plus introduce Quantitative Easing and also negative interest rates.\r\n\r\nHoly mother of God… The golden bollocks of managing a countries economics my arse…what the feck is going on?\r\n\r\nFrom a trading perspective where could this leave the CAD?\r\n\r\n(For subscribers I have placed later in the blog the charts with levels that I will be looking at across the USD/CAD, EUR/CAD, GBP/CAD, AUD/CAD CAD/JPY and NZD/CAD).\r\n\r\nWell let me put it quite simply.\r\n\r\nIf you think that the loonie ripped higher when oil dropped below $40.00 and then subsequently $30, and if you think that when we had the surprise cut in Canadian Interest rates in 2015 the loonie stormed higher….”You aint seen nothin’ yet” as Randy Bachman would sing…\r\n\r\nWe currently sit around 1.4500 in the USD/CAD. A move towards 1.5000 a nice big round number is on the cards and would make a great algorithmic objective. The cross rates would in my opinion (except GBP which is under real pressure) move even stronger to levels not seen for decades.\r\n\r\nWednesday could be a big day.\r\n\r\nIf Poloz does nothing and tries to jawbone the markets he could be out of a job inside 90 days, if not sooner. Now that is what I call high stakes gambling.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\"><strong>NET PIPS THIS MONTH SO FAR: +633</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR: +633</strong></p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n<strong>4.6: LIVE TRADES:\r\n</strong>\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThe BOC and ECB dominate the news this week as far as I am concerned. Not forgetting the price of oil.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment. Last Friday, I really kept well away from the markets, I did not want to get involved and it was difficult.\r\n\r\nWe have a long weekend this weekend for the U.S. due to Martin Luther King Day. Markets will be thinner in the U.S. as participants will be fewer. Given the moves last Friday there will be an Asian reaction and spill over in the European session.\r\n\r\nThe BOC is Wednesday and the ECB on Thursday. But oil volatility will be everyday and Chinese news can break at anytime.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>','THIS WEDNESDAY…  ALL EYES ON STEPHEN POLOZ','','publish','open','closed','','this-wednesday-all-eyes-on-stephen-poloz','','','2016-01-16 13:17:07','2016-01-16 18:17:07','',0,'https://weeklyfxdrivethru.com/?p=7151',0,'post','',0),(7152,1,'2016-01-16 13:15:40','2016-01-16 18:15:40','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 16<sup>th</sup> January 2016\r\nBLOG REFERENCE: FREE NEWSLETTER #184\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am still making what I call subtle changes to the blog format. I received a few snippets of feedback from last week’s blog, which were generally positive. I also had the following questions:\r\n<ol>\r\n	<li>The content of the WEEKLY FX DRIVE THRU on the website <a href=\"http://www.forextell.com\">forextell.com</a> is different from the content on your own website and the copy I connect to through twitter, why?\r\n\r\nIt is a shortened version on ForexTell because the advertising content is removed. I am not allowed for example to advertise THE PREMIUM SERVICE on ForexTell for obvious reasons as it competes with products that Sean Lee already has.</li>\r\n	<li>Can I list my preferred brokers in my preference order with regards to the current FX PROMOTION?</li>\r\n</ol>\r\nUnfortunately, I cannot list my preferred FX Brokers in a ranking order\r\nThe way that I see it, there are many factors that go together to make up what I call “a broker score” such as, service, slippage, rate spreads, number of currencies available to trade, platform responsiveness in periods of high volatility…. the list goes on and on. What is important to me may not be as important to you and by my scoring the brokers it opens up a complete can of worms based upon my criteria alone.\r\n\r\nRegular readers will know that from time to time I have expressed dis-belief at times at some of the things that brokers get up to.\r\n\r\nOn a case-by-case basis if I am made aware of what criteria is the most important for you as a trader, then I will help the best that I can. I have not received anything negative from subscribers with regards to the current broker list. If I do and I cannot help resolving the issue, and said issue is important the broker will be removed from my list. I only want good experiences for my subscribers.\r\n\r\nMoving onwards,\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: OIL AND IT’S EFFECTS ON THE BROADER MARKETS:</u>\r\n\r\nThe big news item that dominated the financial news last week was without question oil. We saw prices fall below $30 a barrel. Oil is the most hedged, artificially priced market that there is on the planet. It is the most discussed when prices are high and no surprise the most discussed when prices are low.\r\n\r\nAt the moment, we have a lot of geopolitical news and market uncertainty and as a result oil has taken on the mantle of being the cause for everything negative or positive on the worlds stage.\r\n\r\nWithout doubt there are opinions on “Has oil bottomed now just below $30 now that this price level has been taken out?”, “Where is the bottom in oil?”, ”Where will the price be in 6 months time?”. All you have to do is watch CNBC or BLOOMBERG or turn on regular TV and there will be a reference to oil.\r\n\r\nThere is no doubt that of all the commodities on this planet oil is a key driver of economies. Its relationship to equities, currencies, other commodities, raw material costs, transport, … the list is just endless. Is it any wonder that when oil pricing reaches extremes that the world markets to coin a CNBC title are in “Turmoil”?\r\n\r\nSo with oil below $30.00 the obvious FX trades involve the CAD, NOK and MXN.\r\n\r\nTo an outsider, it seems to be the easiest trade inside the FX market. Oil prices moving lower buy USD/CAD, USD/MXN and USD/NOK. Unfortunately it’s just not that simple, and whilst I know that the exchange rates with these pairs can still move higher, we are so over-cooked, value is no longer equitable. I am not saying that these pairs cannot move much higher. For example extreme as it sounds, the USD/CAD could move up to 1.5000 and perhaps beyond. Therefore, we should be careful as we are over-stretched and the pullbacks can be without warning and violent, never mind sudden to boot.\r\n\r\nBy the way, oil could fall to $15-$20 a barrel, however, we may have bottomed already. Like every other trader out there my opinion counts for nothing in this market. What I can tell you without any fear of being contradicted is that the fundamentals for higher oil prices are not good. We have a classic economic law in play, called the law of Supply and Demand. Nothing has fundamentally changed in 12 months in fact with more suppliers of crude oil in the market it has gotten worse. Over supply and less demand = lower prices. As far as I can see all the strategic stockpiles the whole world over are full. There is little to no storage left. This is NOT rocket science.\r\n\r\nHowever, we must NOT forget, there are thousands of “high-stakes” gamblers around the world, most of them hedge fund managers with some clients having more money than sense looking for a high-risk trade that will give a better return than the usual market indexes. There are bottom pickers out there. When oil is pushing lower due to basic economics, this is an irrelevance to the speculators. They will buy in a one-sided bear market like oil believing they have the bottom price as support.\r\n\r\nBe prepared. Trading in oil or trading oil related currencies right now involves a higher than usual degree of risk. There are always counter-trend traders trying to be heroes. This is gambling. It is not being clever. It has more to do with ego than logic and technical analysis supported by economic fundamentals.\r\n\r\n&nbsp;\r\n\r\n<u>2.1.2: CHINA:</u>\r\n\r\nStill in the news, but in my eyes relegated to second position this week.\r\n\r\nChina is in transition. As long as China remains in transition mode the stability outlook in the Far East will be grim. China production is falling. GDP of 7% is a pipedream, the revisions lower to 5% as far as I can ascertain will also be impossible to achieve. Not wanting to worry anyone, but is the Chinese government hinting that GDP could be lower still? What the true actual GDP number is and what we are told it is may still, in my opinion, could be two vastly different numbers.\r\n\r\nDevaluation of the currency is still the preferred tool to use to stimulate. This will be with us all this year and probably into 2017 as well.\r\n\r\n<u> </u>\r\n\r\n<u>2.1.3: US RETAIL SALES and PRODUCER PRICES:</u>\r\n\r\nBasically on Friday last week the market was reeling from WTi under $30.00 and all the markets were looking for was weak data to really sell off. US Core retail sales expected at +0.2% came in at -0.1%. PPI and Retail Sales came in on line at -0.2% and -0.1%, but the core numbers created a massive DXY sell off. In addition, the Nasdaq, S&amp;P, Dow and DAX indicies plunged to lower levels.\r\n\r\nOn Friday morning before this news broke I closed out of all of my open trades bar one (EUR/CHF - long). I took the decision, advised subscribers that following a good trading week I felt that we could have a “bloodbath” type of day and that I did not want to participate. This decision was also taken because of the fact it was a Friday going into a long weekend with MLK day on Monday plus there is so much geopolitical news hanging over the markets I just do not see the need to have so much risk exposure when it can be avoided.\r\n\r\n&nbsp;\r\n\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: CNY GDP.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: NZD – Dairy Auction Prices and CPi.\r\n\r\nWEDNESDAY: GBP – Employment Data.\r\nWEDNESDAY: USD – CPi.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n\r\nTHURSDAY: EUR – Interest Rate &amp; ECB Press Conference.\r\n\r\nFRIDAY: CAD - CPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nThe market is very stretched “over-cooked” as some people describe it plus we have a long weekend in the U.S.\r\n\r\nIf you are trading be very careful at this weeks open. I am expecting a great deal of volatility in the Asian session given the huge sell off in equities on Wall Street last Friday. Many of the pairs are hard to read as they are simply so oversold. Extremes are even behind the closing levels last Friday. Extreme caution should be taken in particular in the thinner volume markets.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.0910\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/eurusd-d-16012016/\" rel=\"attachment wp-att-7129\"><img class=\"aligncenter size-large wp-image-7129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-16012016-1024x570.png\" alt=\"EURUSD D 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4260\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/gbpusd-m-16012016/\" rel=\"attachment wp-att-7130\"><img class=\"aligncenter size-large wp-image-7130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-M-16012016-1024x570.png\" alt=\"GBPUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6868\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/audusd-m-16012016/\" rel=\"attachment wp-att-7128\"><img class=\"aligncenter size-large wp-image-7128\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-M-16012016-1024x570.png\" alt=\"AUDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6467\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/nzdusd-m-16012016/\" rel=\"attachment wp-att-7142\"><img class=\"aligncenter size-large wp-image-7142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-M-16012016-1024x570.png\" alt=\"NZDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4530\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0016\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/usdchf-240m-16012016/\" rel=\"attachment wp-att-7133\"><img class=\"aligncenter size-large wp-image-7133\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-240M-16012016-1024x570.png\" alt=\"USDCHF 240M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 116.95\r\n\r\n&nbsp;\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/usdjpy-w-16012016/\" rel=\"attachment wp-att-7134\"><img class=\"aligncenter size-large wp-image-7134\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-W-16012016-1024x570.png\" alt=\"USDJPY W 16012016\" width=\"1024\" height=\"570\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THIS WEDNESDAY…\r\n</strong><strong>ALL EYES ON STEPHEN POLOZ</strong></p>\r\nIn a week when Mario Draghi has a press conference it is a very unique and strange position for me to be writing about another central bank and central bank president instead.\r\n\r\nBeating the ECB by a day, the BOC have a rate announcement, statement and press conference this Wednesday. Make a note in your diary this is probably the biggest BOC day for some time, and it is without doubt Stephen Poloz’s “Grand Day Out”. It is not going to put him into the household mane bracket like Thomas Jordan (SNB) who a year ago last Friday removed the EUR/CHF 1.2000 peg, but Wednesday is a big day for the Canadian dollar for a number of reasons.\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>This time last year, Poloz surprised / shocked the markets with a 0.25% rate cut. Since that date the Canadian people have gone though a general election when twice winner Stephen Harper was ousted in October 2015 by literally the new kid on the block Justin Trudeau.\r\n\r\nFor most of 2015, I was calling for further cuts and a further 0.25% cut was provided in July 2015 to take the BOC overnight rate to 0.5%. More was required, but as the general election came closer the chances of this happening became less and less. Canada had been in a technical recession for the first half of 2015 and the fear is we are already in another one right now as oil prices plunge and the economy slows.</li>\r\n	<li>Despite all the smiling faces the Canadian economy is in trouble. Oil prices are plunging, the CAD currency (the loonie), is getting weaker and weaker daily as oil prices plummet below $30.00. Both oil and the loonie are trading around 12 year lows.</li>\r\n	<li>As the exchange rate between the USD and CAD weakens the costs of bringing fresh produce north of the border increases. There has been price-gouging, price fixing in the Canadian economy. Consumer confidence is low. The lower oil prices have not been reflected at the pumps as the provinces have taxed and taxed gas/ petrol prices so much even at sub $30 a barrel pump prices are still above CAD$1.00 a litre. That’s the equivalent of well over USD$3.86 a gallon, where prices are now around USD$1.70 a gallon, which equates to CAD$0.44 cents a litre.\r\n\r\nCAD$0.44 cents versus CAD$1.00 actual is one hell of a difference in the eyes of a Canadian given that Canada is a world producer of oil.\r\n\r\nWhichever way you look at this, Canadians think that they are getting a rough deal. No tax breaks on gas prices to fund increasing food costs. This is not good news for a new government.</li>\r\n</ol>\r\n<ol start=\"4\">\r\n	<li>Consumer spending is therefore slowing down. This will be reflected in home improvements, which will filter down faster than you can imagine into the general economy. No matter what the Trudeau spin-doctors spin -facts are facts. NO confidence = no spending = existing oil related economic problems are just exacerbated.</li>\r\n	<li>Trudeau’s Liberals came to power promising to spend up to $10 billion on infrastructure amongst other things. I live in Montreal Quebec, which has been starved of money or it has been corrupted away. The centre of Montreal needs more than a facelift. Bridges have fallen; the roads are full of potholes, brickwork from the sides of buildings fall onto sidewalks etc. Its just not a pretty picture. I know that Quebec brings a lot of the problems on itself and it may be an extreme example, but generally speaking across Canada to varying degrees the infrastructure requires serious attention, rather than a repeat of botch job repairs that do not last.\r\n\r\nI fear that the money promised to infrastructure will be re-directed towards stimulus projects instead.</li>\r\n	<li>Right now the only winners inside the Canadian economy are the exporters.</li>\r\n</ol>\r\nIs this failure to act by the BOC and Poloz earlier tantamount to “Burying one’s head in the sand”? I have been writing about this very point for months.\r\n\r\nCanada was seen by the other G7 countries when the crash of 2008 happened, to be the golden bollocks of world economies because it had sound economic policies and a highly capitalized banking sector that indemnified it from the financial crash. That is a far cry from todays picture. What happened?\r\n\r\nFrom my perspective no one could see (albeit the supply and demand data was there for all to read and analyze) that oil prices were in trouble. There was a belief that speculators would drive the price upwards. The simple facts that ruled were simple economic supply and demand and the small fact there was not an infinite supply of storage facilities.\r\n\r\nFor most of 2015 Poloz kept repeating that the prior interest rate cut effects were still working their way through the Canadian economy and therefore no more cuts would be required. This was pure “Head in the sand” economics in my opinion.\r\n\r\nNow the headline writers are saying that this week the BOC could reduce rates to 0.25% now with 0% before the year-end plus introduce Quantitative Easing and also negative interest rates.\r\n\r\nHoly mother of God… The golden bollocks of managing a countries economics my arse…what the feck is going on?\r\n\r\nFrom a trading perspective where could this leave the CAD?\r\n\r\n(For subscribers I have placed later in the blog the charts with levels that I will be looking at across the USD/CAD, EUR/CAD, GBP/CAD, AUD/CAD CAD/JPY and NZD/CAD).\r\n\r\nWell let me put it quite simply.\r\n\r\nIf you think that the loonie ripped higher when oil dropped below $40.00 and then subsequently $30, and if you think that when we had the surprise cut in Canadian Interest rates in 2015 the loonie stormed higher….”You aint seen nothin’ yet” as Randy Bachman would sing…\r\n\r\nWe currently sit around 1.4500 in the USD/CAD. A move towards 1.5000 a nice big round number is on the cards and would make a great algorithmic objective. The cross rates would in my opinion (except GBP which is under real pressure) move even stronger to levels not seen for decades.\r\n\r\nWednesday could be a big day.\r\n\r\nIf Poloz does nothing and tries to jawbone the markets he could be out of a job inside 90 days, if not sooner. Now that is what I call high stakes gambling.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">\r\n<strong>NET PIPS THIS MONTH SO FAR: +633</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR: +633</strong></p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n<strong>4.6: LIVE TRADES:\r\n</strong>\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:\r\n\r\n</strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThe BOC and ECB dominate the news this week as far as I am concerned. Not forgetting the price of oil.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment. Last Friday, I really kept well away from the markets, I did not want to get involved and it was difficult.\r\n\r\nWe have a long weekend this weekend for the U.S. due to Martin Luther King Day. Markets will be thinner in the U.S. as participants will be fewer. Given the moves last Friday there will be an Asian reaction and spill over in the European session.\r\n\r\nThe BOC is Wednesday and the ECB on Thursday. But oil volatility will be everyday and Chinese news can break at anytime.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>','THIS WEDNESDAY…  ALL EYES ON STEPHEN POLOZ','','inherit','closed','closed','','7151-revision-v1','','','2016-01-16 13:15:40','2016-01-16 18:15:40','',7151,'https://weeklyfxdrivethru.com/7151-revision-v1/',0,'revision','',0),(7153,1,'2016-01-16 13:17:07','2016-01-16 18:17:07','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 16<sup>th</sup> January 2016\r\nBLOG REFERENCE: FREE NEWSLETTER #184\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am still making what I call subtle changes to the blog format. I received a few snippets of feedback from last week’s blog, which were generally positive. I also had the following questions:\r\n<ol>\r\n	<li>The content of the WEEKLY FX DRIVE THRU on the website <a href=\"http://www.forextell.com\">forextell.com</a> is different from the content on your own website and the copy I connect to through twitter, why?It is a shortened version on ForexTell because the advertising content is removed. I am not allowed for example to advertise THE PREMIUM SERVICE on ForexTell for obvious reasons as it competes with products that Sean Lee already has.</li>\r\n	<li>Can I list my preferred brokers in my preference order with regards to the current FX PROMOTION?</li>\r\n</ol>\r\nUnfortunately, I cannot list my preferred FX Brokers in a ranking order\r\nThe way that I see it, there are many factors that go together to make up what I call “a broker score” such as, service, slippage, rate spreads, number of currencies available to trade, platform responsiveness in periods of high volatility…. the list goes on and on. What is important to me may not be as important to you and by my scoring the brokers it opens up a complete can of worms based upon my criteria alone.\r\n\r\nRegular readers will know that from time to time I have expressed dis-belief at times at some of the things that brokers get up to.\r\n\r\nOn a case-by-case basis if I am made aware of what criteria is the most important for you as a trader, then I will help the best that I can. I have not received anything negative from subscribers with regards to the current broker list. If I do and I cannot help resolving the issue, and said issue is important the broker will be removed from my list. I only want good experiences for my subscribers.\r\n\r\nMoving onwards,\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>2.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>2.1.1: OIL AND IT’S EFFECTS ON THE BROADER MARKETS:</u>\r\n\r\nThe big news item that dominated the financial news last week was without question oil. We saw prices fall below $30 a barrel. Oil is the most hedged, artificially priced market that there is on the planet. It is the most discussed when prices are high and no surprise the most discussed when prices are low.\r\n\r\nAt the moment, we have a lot of geopolitical news and market uncertainty and as a result oil has taken on the mantle of being the cause for everything negative or positive on the worlds stage.\r\n\r\nWithout doubt there are opinions on “Has oil bottomed now just below $30 now that this price level has been taken out?”, “Where is the bottom in oil?”, ”Where will the price be in 6 months time?”. All you have to do is watch CNBC or BLOOMBERG or turn on regular TV and there will be a reference to oil.\r\n\r\nThere is no doubt that of all the commodities on this planet oil is a key driver of economies. Its relationship to equities, currencies, other commodities, raw material costs, transport, … the list is just endless. Is it any wonder that when oil pricing reaches extremes that the world markets to coin a CNBC title are in “Turmoil”?\r\n\r\nSo with oil below $30.00 the obvious FX trades involve the CAD, NOK and MXN.\r\n\r\nTo an outsider, it seems to be the easiest trade inside the FX market. Oil prices moving lower buy USD/CAD, USD/MXN and USD/NOK. Unfortunately it’s just not that simple, and whilst I know that the exchange rates with these pairs can still move higher, we are so over-cooked, value is no longer equitable. I am not saying that these pairs cannot move much higher. For example extreme as it sounds, the USD/CAD could move up to 1.5000 and perhaps beyond. Therefore, we should be careful as we are over-stretched and the pullbacks can be without warning and violent, never mind sudden to boot.\r\n\r\nBy the way, oil could fall to $15-$20 a barrel, however, we may have bottomed already. Like every other trader out there my opinion counts for nothing in this market. What I can tell you without any fear of being contradicted is that the fundamentals for higher oil prices are not good. We have a classic economic law in play, called the law of Supply and Demand. Nothing has fundamentally changed in 12 months in fact with more suppliers of crude oil in the market it has gotten worse. Over supply and less demand = lower prices. As far as I can see all the strategic stockpiles the whole world over are full. There is little to no storage left. This is NOT rocket science.\r\n\r\nHowever, we must NOT forget, there are thousands of “high-stakes” gamblers around the world, most of them hedge fund managers with some clients having more money than sense looking for a high-risk trade that will give a better return than the usual market indexes. There are bottom pickers out there. When oil is pushing lower due to basic economics, this is an irrelevance to the speculators. They will buy in a one-sided bear market like oil believing they have the bottom price as support.\r\n\r\nBe prepared. Trading in oil or trading oil related currencies right now involves a higher than usual degree of risk. There are always counter-trend traders trying to be heroes. This is gambling. It is not being clever. It has more to do with ego than logic and technical analysis supported by economic fundamentals.\r\n\r\n&nbsp;\r\n\r\n<u>2.1.2: CHINA:</u>\r\n\r\nStill in the news, but in my eyes relegated to second position this week.\r\n\r\nChina is in transition. As long as China remains in transition mode the stability outlook in the Far East will be grim. China production is falling. GDP of 7% is a pipe dream, the revisions lower to 5% as far as I can ascertain will also be impossible to achieve. Not wanting to worry anyone, but is the Chinese government hinting that GDP could be lower still? What the true actual GDP number is and what we are told it is may still, in my opinion, could be two vastly different numbers.\r\n\r\nDevaluation of the currency is still the preferred tool to use to stimulate. This will be with us all this year and probably into 2017 as well.\r\n\r\n<u> </u>\r\n\r\n<u>2.1.3: US RETAIL SALES and PRODUCER PRICES:</u>\r\n\r\nBasically on Friday last week the market was reeling from WTi under $30.00 and all the markets were looking for was weak data to really sell off. US Core retail sales expected at +0.2% came in at -0.1%. PPI and Retail Sales came in on line at -0.2% and -0.1%, but the core numbers created a massive DXY sell off. In addition, the Nasdaq, S&amp;P, Dow and DAX indicies plunged to lower levels.\r\n\r\nOn Friday morning before this news broke I closed out of all of my open trades bar one (EUR/CHF - long). I took the decision, advised subscribers that following a good trading week I felt that we could have a “bloodbath” type of day and that I did not want to participate. This decision was also taken because of the fact it was a Friday going into a long weekend with MLK day on Monday plus there is so much geopolitical news hanging over the markets I just do not see the need to have so much risk exposure when it can be avoided.\r\n\r\n&nbsp;\r\n\r\n<strong>2.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>2.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME AND WHY:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: CNY GDP.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: NZD – Dairy Auction Prices and CPi.\r\n\r\nWEDNESDAY: GBP – Employment Data.\r\nWEDNESDAY: USD – CPi.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\n\r\nTHURSDAY: EUR – Interest Rate &amp; ECB Press Conference.\r\n\r\nFRIDAY: CAD - CPi.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nThe market is very stretched “over-cooked” as some people describe it plus we have a long weekend in the U.S.\r\n\r\nIf you are trading be very careful at this weeks open. I am expecting a great deal of volatility in the Asian session given the huge sell off in equities on Wall Street last Friday. Many of the pairs are hard to read as they are simply so oversold. Extremes are even behind the closing levels last Friday. Extreme caution should be taken in particular in the thinner volume markets.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.0910\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/eurusd-d-16012016/\" rel=\"attachment wp-att-7129\"><img class=\"aligncenter size-large wp-image-7129\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-16012016-1024x570.png\" alt=\"EURUSD D 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4260\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/gbpusd-m-16012016/\" rel=\"attachment wp-att-7130\"><img class=\"aligncenter size-large wp-image-7130\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-M-16012016-1024x570.png\" alt=\"GBPUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.6868\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/audusd-m-16012016/\" rel=\"attachment wp-att-7128\"><img class=\"aligncenter size-large wp-image-7128\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-M-16012016-1024x570.png\" alt=\"AUDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6467\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/nzdusd-m-16012016/\" rel=\"attachment wp-att-7142\"><img class=\"aligncenter size-large wp-image-7142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-M-16012016-1024x570.png\" alt=\"NZDUSD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4530\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/usdcad-m-16012016/\" rel=\"attachment wp-att-7132\"><img class=\"aligncenter size-large wp-image-7132\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-M-16012016-1024x570.png\" alt=\"USDCAD M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0016\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/usdchf-240m-16012016/\" rel=\"attachment wp-att-7133\"><img class=\"aligncenter size-large wp-image-7133\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-240M-16012016-1024x570.png\" alt=\"USDCHF 240M 16012016\" width=\"1024\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 116.95\r\n\r\n&nbsp;\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/member_posts/this-wednesday-all-eyes-on-stephen-poloz/usdjpy-w-16012016/\" rel=\"attachment wp-att-7134\"><img class=\"aligncenter size-large wp-image-7134\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-W-16012016-1024x570.png\" alt=\"USDJPY W 16012016\" width=\"1024\" height=\"570\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THIS WEDNESDAY…\r\n</strong><strong>ALL EYES ON STEPHEN POLOZ</strong></p>\r\nIn a week when Mario Draghi has a press conference it is a very unique and strange position for me to be writing about another central bank and central bank president instead.\r\n\r\nBeating the ECB by a day, the BOC have a rate announcement, statement and press conference this Wednesday. Make a note in your diary this is probably the biggest BOC day for some time, and it is without doubt Stephen Poloz’s “Grand Day Out”. It is not going to put him into the household mane bracket like Thomas Jordan (SNB) who a year ago last Friday removed the EUR/CHF 1.2000 peg, but Wednesday is a big day for the Canadian dollar for a number of reasons.\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>This time last year, Poloz surprised / shocked the markets with a 0.25% rate cut. Since that date the Canadian people have gone though a general election when twice winner Stephen Harper was ousted in October 2015 by literally the new kid on the block Justin Trudeau.For most of 2015, I was calling for further cuts and a further 0.25% cut was provided in July 2015 to take the BOC overnight rate to 0.5%. More was required, but as the general election came closer the chances of this happening became less and less. Canada had been in a technical recession for the first half of 2015 and the fear is we are already in another one right now as oil prices plunge and the economy slows.</li>\r\n	<li>Despite all the smiling faces the Canadian economy is in trouble. Oil prices are plunging, the CAD currency (the loonie), is getting weaker and weaker daily as oil prices plummet below $30.00. Both oil and the loonie are trading around 12 year lows.</li>\r\n	<li>As the exchange rate between the USD and CAD weakens the costs of bringing fresh produce north of the border increases. There has been price-gouging, price fixing in the Canadian economy. Consumer confidence is low. The lower oil prices have not been reflected at the pumps as the provinces have taxed and taxed gas/ petrol prices so much even at sub $30 a barrel pump prices are still above CAD$1.00 a litre. That’s the equivalent of well over USD$3.86 a gallon, where prices are now around USD$1.70 a gallon, which equates to CAD$0.44 cents a litre.CAD$0.44 cents versus CAD$1.00 actual is one hell of a difference in the eyes of a Canadian given that Canada is a world producer of oil.\r\n\r\nWhichever way you look at this, Canadians think that they are getting a rough deal. No tax breaks on gas prices to fund increasing food costs. This is not good news for a new government.</li>\r\n</ol>\r\n<ol start=\"4\">\r\n	<li>Consumer spending is therefore slowing down. This will be reflected in home improvements, which will filter down faster than you can imagine into the general economy. No matter what the Trudeau spin-doctors spin, facts are facts. NO confidence = no spending = existing oil related economic problems are just exacerbated.</li>\r\n	<li>Trudeau’s Liberals came to power promising to spend up to $10 billion on infrastructure amongst other things. I live in Montreal Quebec, which has been starved of money or it has been corrupted away. The centre of Montreal needs more than a facelift. Bridges have fallen; the roads are full of potholes, brickwork from the sides of buildings fall onto sidewalks etc. Its just not a pretty picture. I know that Quebec brings a lot of the problems on itself and it may be an extreme example, but generally speaking across Canada to varying degrees the infrastructure requires serious attention, rather than a repeat of botch job repairs that do not last.I fear that the money promised to infrastructure will be re-directed towards stimulus projects instead.</li>\r\n	<li>Right now the only winners inside the Canadian economy are the exporters.</li>\r\n</ol>\r\nIs this failure to act by the BOC and Poloz earlier tantamount to “Burying one’s head in the sand”? I have been writing about this very point for months.\r\n\r\nCanada was seen by the other G7 countries when the crash of 2008 happened, to be the golden bollocks of world economies because it had sound economic policies and a highly capitalized banking sector that indemnified it from the financial crash. That is a far cry from todays picture. What happened?\r\n\r\nFrom my perspective no one could see (albeit the supply and demand data was there for all to read and analyze) that oil prices were in trouble. There was a belief that speculators would drive the price upwards. The simple facts that ruled were simple economic supply and demand and the small fact there was not an infinite supply of storage facilities.\r\n\r\nFor most of 2015 Poloz kept repeating that the prior interest rate cut effects were still working their way through the Canadian economy and therefore no more cuts would be required. This was pure “Head in the sand” economics in my opinion.\r\n\r\nNow the headline writers are saying that this week the BOC could reduce rates to 0.25% now with 0% before the year-end plus introduce Quantitative Easing and also negative interest rates.\r\n\r\nHoly mother of God… The golden bollocks of managing a countries economics my arse…what the feck is going on?\r\n\r\nFrom a trading perspective where could this leave the CAD?\r\n\r\n(For subscribers I have placed later in the blog the charts with levels that I will be looking at across the USD/CAD, EUR/CAD, GBP/CAD, AUD/CAD CAD/JPY and NZD/CAD).\r\n\r\nWell let me put it quite simply.\r\n\r\nIf you think that the loonie ripped higher when oil dropped below $40.00 and then subsequently $30, and if you think that when we had the surprise cut in Canadian Interest rates in 2015 the loonie stormed higher….”You aint seen nothin’ yet” as Randy Bachman would sing…\r\n\r\nWe currently sit around 1.4500 in the USD/CAD. A move towards 1.5000 a nice big round number is on the cards and would make a great algorithmic objective. The cross rates would in my opinion (except GBP which is under real pressure) move even stronger to levels not seen for decades.\r\n\r\nWednesday could be a big day.\r\n\r\nIf Poloz does nothing and tries to jawbone the markets he could be out of a job inside 90 days, if not sooner. Now that is what I call high stakes gambling.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>3.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>3.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\"><strong>NET PIPS THIS MONTH SO FAR: +633</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR: +633</strong></p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>3.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong>\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n<strong>4.6: LIVE TRADES:\r\n</strong>\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThe BOC and ECB dominate the news this week as far as I am concerned. Not forgetting the price of oil.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment. Last Friday, I really kept well away from the markets, I did not want to get involved and it was difficult.\r\n\r\nWe have a long weekend this weekend for the U.S. due to Martin Luther King Day. Markets will be thinner in the U.S. as participants will be fewer. Given the moves last Friday there will be an Asian reaction and spill over in the European session.\r\n\r\nThe BOC is Wednesday and the ECB on Thursday. But oil volatility will be everyday and Chinese news can break at anytime.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>','THIS WEDNESDAY…  ALL EYES ON STEPHEN POLOZ','','inherit','closed','closed','','7151-revision-v1','','','2016-01-16 13:17:07','2016-01-16 18:17:07','',7151,'https://weeklyfxdrivethru.com/7151-revision-v1/',0,'revision','',0),(7168,1,'2016-01-22 14:49:43','2016-01-22 19:49:43','','PS TRENDING PAIRS 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15:35:40','',7186,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-D-23012016.png',0,'attachment','image/png',0),(7181,1,'2016-01-22 17:19:57','2016-01-22 22:19:57','','CHFJPY D 23012016','','inherit','open','closed','','chfjpy-d-23012016','','','2016-01-23 10:35:50','2016-01-23 15:35:50','',7186,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CHFJPY-D-23012016.png',0,'attachment','image/png',0),(7182,1,'2016-01-22 17:20:00','2016-01-22 22:20:00','','EURCAD W 23012016','','inherit','open','closed','','eurcad-w-23012016','','','2016-01-23 10:35:58','2016-01-23 15:35:58','',7186,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURCAD-W-23012016.png',0,'attachment','image/png',0),(7183,1,'2016-01-22 17:20:04','2016-01-22 22:20:04','','EURGBP D 23012016','','inherit','open','closed','','eurgbp-d-23012016','','','2016-01-23 10:36:11','2016-01-23 15:36:11','',7186,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-D-23012016.png',0,'attachment','image/png',0),(7184,1,'2016-01-22 17:20:06','2016-01-22 22:20:06','','NZDCHF W 23012016','','inherit','open','closed','','nzdchf-w-23012016','','','2016-01-23 10:36:19','2016-01-23 15:36:19','',7186,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCHF-W-23012016.png',0,'attachment','image/png',0),(7185,1,'2016-01-22 17:20:09','2016-01-22 22:20:09','','NZDJPY D 23012016','','inherit','open','closed','','nzdjpy-d-23012016','','','2016-01-23 10:36:28','2016-01-23 15:36:28','',7186,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDJPY-D-23012016.png',0,'attachment','image/png',0),(7186,1,'2016-01-23 10:40:19','2016-01-23 15:40:19','<strong><u>THE WEEKLY FX DRIVE THRU\r\n</u></strong>BLOG: PREMIUM SERVICE #86\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe major changes I thought would be in place this week to the blog did not materialize. Unfortunately, my scheduled SKYPE meeting with my subscriber work group was cancelled at the last minute.\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\nThe first draw will take place next week and to keep myself impartial we have friends over next Thursday / Friday, I shall ask one of them to pick at random. The winner will be contacted and fully set up within 24 hours.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>2.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>\r\n2.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS THIS MONTH SO FAR: +1,097\r\nNET PIPS THIS YEAR SO FAR: +1,097\r\n\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>\r\n2.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>3.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>3.1.1: THE BANK OF CANADA – INTEREST RATE DECISION:</u>\r\n\r\nAs Stephen Fry once said in an episode of the TV comedy series Blackadder; “Well, glaze my nipples and call me Rita!”\r\n\r\nTo say that I was stunned and shocked with the news that interest rates were left unchanged would be an understatement. It appears that Stephen Poloz has decided that the stimulus to the Canadian economy will come from fiscal stimulus as a result of the boy’s (Justin Trudeau) first budget in which, based on his election manifesto he plans to spend big. Sadly for Canadian’s, and I’m one of them, although he promised big money spending on infrastructure, this may now not happen. I hope that the allocated budget goes to infrastructure and also that there are additional funds put to one side to fix the economic issues. Sadly with oil revenues down, I cannot see anything other than a huge political backlash if he creates a deficit that will require many years to repay.\r\n\r\nWe shall see, but I still think that central bank involvement will be required.\r\n\r\nBasically, Poloz believes that that Canadian economy is in relatively good shape. My response is very simple: Can we all have some of what he’s smoking. I really think he and the BOC committee have lost the plot. Even during the Canadian economy’s recession last year he was upbeat. It can’t be alcohol; it must be a substance he’s taking. I drink and I think that the economy is sliding towards the abyss. I don’t smoke maybe that’s what is missing.\r\n\r\nBear in mind that the Canadian economy is that good, GDP targets / expectations were reduced…yup in great shape. Nothing to look at here!\r\n\r\nAs I have said many times the BOC policy committee are so deep in thick pile carpets, potted plants and decanters of sherry, plus their offices are so high up the air is thin and the real world is so far away. They bury their heads in the sand.\r\n\r\nWe shall see…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.2: ECB – DRAGHI PRESS CONFERENCE:</u>\r\n\r\nMario Draghi put it out there again. “The ECB will review and possibly reconsider” monetary policy at it’s next meeting in March”.\r\n\r\nHint bloody hint…\r\n\r\nInitially the EUR/USD collapsed about 100 pips and for reasons I still do not know it bounced 65-70 pips on Thursday afternoon after the announcement.\r\n\r\nThese markets (all of them), are so skittish, moves are unfathomable at times.\r\n\r\nAnyways, these comments from Draghi should keep the EUR/USD pressured lower towards 1.0710. The range as far as I am concerned is now 1.0710 to 1.1000. Lets work with this for the next while.\r\n\r\nAt least up until the next FED statement next week!\r\n\r\n<u> </u>\r\n\r\n<u>3.1.3: OIL:</u>\r\n\r\nIran came on-line last weekend and by Tuesday was offering discounts to parts of Europe who wanted to purchase its oil.\r\n\r\nHappy days…\r\n\r\nNo surprise therefore that the oil roller-coaster party continued to ride last week. We hit new lows of $27.57 and then bounced above $30.00, which had the doom and gloom, end of the world as we know it pundits running for the hills. The bounce continued through to Friday and held above $30.00 for most of the day and closed the week above $31.00.\r\n\r\nDo not be fooled….\r\n\r\nThe oil fundamentals are all still there, nothing has changed. It will take months to pull this around from a supply and demand perspective, and, never forget, oil is a corrupt, high stakes poker gamble by mega risk-takers wanting to show they can control the market and turn around bottoms.\r\n\r\nOne can see these guys walking around Wall Street and Chicago; they are easily identified. These are the guys pushing wheelbarrows in front of themselves that are carrying their huge balls. By comparison, I am a more conservative and cautious trader; a couple of eggcups would satisfy my bravery.\r\n\r\nGod love me…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.4: MARK CARNEY:</u>\r\n\r\nLast Tuesday at the Queen Mary, University in London, the oracle of Threadneedle Street and head JCB operator for the BOE stated that the BOE would not be raising interest rates.\r\n\r\nHis quote was “Now is not the time to raise interest rates”\r\n\r\nHe cited, oil, China, moderation in UK growth and wages as being the contributing factors to conclude that not enough progress had been made to warrant a tightening of monetary policy.\r\n\r\nSo there you have it…the position for this month!\r\n\r\nClear forward guidance from Carney; let us see how long this lasts.\r\n\r\n&nbsp;\r\n\r\n<strong>3.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>3.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD - CPi.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – Interest Rate and Statement.\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: JPY – BOJ Press Conference, Policy Statement etc.\r\n\r\nFRIDAY: CAD - GDP.\r\nFRIDAY: USD – GDP.\r\n\r\n&nbsp;\r\n\r\n<u>3.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0796\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-23012016/\" rel=\"attachment wp-att-7170\"><img class=\"aligncenter size-large wp-image-7170\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-23012016-1024x538.png\" alt=\"EURUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4262\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-d-23012016/\" rel=\"attachment wp-att-7171\"><img class=\"aligncenter size-large wp-image-7171\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-23012016-1024x538.png\" alt=\"GBPUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7002\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-d-23012016/\" rel=\"attachment wp-att-7169\"><img class=\"aligncenter size-large wp-image-7169\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-23012016-1024x538.png\" alt=\"AUDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6487\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-d-23012016/\" rel=\"attachment wp-att-7172\"><img class=\"aligncenter size-large wp-image-7172\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-23012016-1024x538.png\" alt=\"NZDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4121\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-d-2302016/\" rel=\"attachment wp-att-7173\"><img class=\"aligncenter size-large wp-image-7173\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-D-2302016-1024x538.png\" alt=\"USDCAD D 2302016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0162\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-d-23012016/\" rel=\"attachment wp-att-7174\"><img class=\"aligncenter size-large wp-image-7174\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-23012016-1024x538.png\" alt=\"USDCHF D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 118.75\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdjpy-d-23012016/\" rel=\"attachment wp-att-7175\"><img class=\"aligncenter size-large wp-image-7175\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-23012016-1024x538.png\" alt=\"USDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>3.3: WHAT’S ON MY MIND:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IT’S ALL NOISE… NOTHING HAS</strong>\r\n<strong>FUNDAMENTALLY CHANGED</strong></p>\r\nTo all of you traders who went out spending lavish amounts of cash on KRUG Champagne, dining in the finest restaurants that you could find, booking first class air tickets and holidaying in the finest hotels at luxurious white sandy beaches taking in the rays from the sun knocking back exotic cocktails, believing the naysayer’s that the end of the world was upon us….\r\n\r\nI bet you feel like prized “pillocks” now…\r\n\r\nYes, we have seen crude oil move lower and yes, the markets have decided that crude rules and yes, the crude oil market is really a one-sided market. All we are doing with this bounce back above $30.00 is seeing a squeeze. However, fundamentally nothing has changed. We have so much stockpiled and in reserves all over the world, it’s crazy. Another year or so without a supplier behavioral change and we will have more stored above the ground than what there is left in the ground… maybe not quite but you get my point.\r\n\r\nI even had a knock on the door yesterday from an Exxon representative looking for spare bins to store crude in…. joking for now.\r\n\r\nMoving on…\r\n\r\nThis year so far has been a crazy trading environment no matter what market you trade. As a Forex trader it has been bizarre. That is the best description I can come up with. Moves have been swift, volatile and at times even if you consider yourself to be a very accomplished technical trader, levels meant little at times.\r\n\r\nWhat has held however, are the bigger trading ranges. There are of course one or two exceptions and there always are but basically the wider trading ranges held.\r\n<ul>\r\n	<li>EUR/USD: 1.0710 to 1.1060 held.</li>\r\n	<li>GBP/USD: Was the big exception it sold off to 1.4100, about 800 pips so far.</li>\r\n	<li>AUD/USD: Broke previous 52-week lows and has pulled back inside range.</li>\r\n	<li>NZD/USD: 0.6240 to 0.6880 held.</li>\r\n	<li>USD/CAD: with oil falling it broke to new 52-week highs, now back in range.</li>\r\n	<li>USD/CHF: 0.9850 to 1.0330 held.</li>\r\n	<li>USD/JPY: 116.00 to 120.00 held.</li>\r\n</ul>\r\nWhat we have is a market full of uncertainties and FEAR…. plus a good dose of GREED.\r\n\r\nWe have known for months that China has been slowing and that the GDP objectives had been revised to 7%. In the months running up to the full year figure being released China had been in slowdown mode. The vast majority of the economic data released was always falling short of expectations. It was obvious that with this as a backdrop the final GDP figure would be pressured.\r\n\r\nFrom my own perspective, I wonder what the true GDP figure actually is 5%, 5.5%, 6% or 6.5%... Frankly, the markets debate the published data as if Moses brought it down from Mount Sinai scorched into tablets of stone. When pushed not very many analysts will admit that they actually believe the data we are given.\r\n\r\nQuite bizarre really, we don\'t believe the data yet we react as if it’s accurate.\r\n\r\nThen of course the PBOC (Strings held by the Chinese government) uses the Yuan as a tool to play with economic stimulus into the Chinese economy. They (PBOC) weaken the reference rate to stimulate… to us normal folk that means currency manipulation.\r\n\r\nYes…Currency wars are all over the world and still going strong.\r\n\r\nSo the beginning of 2016, gave us Chinese GDP that slightly missed expectations, so as a pre-cursor probably knowing what figure they were going to announce as final GDP, the PBOC decided to aggressively have a shot at weakening their currency initially to make Chinese finished goods more competitive in the Asian markets, where they can measure immediate growth.\r\n\r\nA GDP miss and currency manipulation is like a red rag to a bull in the equity markets. Then add to this cocktail the sudden realization that the oil market does operate within the boundaries of the economic laws of supply and demand   and we had a sell-off. A sell-off exacerbated by Iranian oil coming back on line and within 48 hours of returning to the export market the Iranians were offering discounts beyond the quoted market price to some European governments.\r\n\r\nChaos, panic, fear, greed, stupidity and large testicles were all the word’s I was using to describe what was going on day after day.\r\n\r\nCommon sense… forget that!\r\n\r\nGod love her, Mandy Drury from CNBC was uttering “Buy the dip, buy the dip”, I remember shouting to my wife one lunch-time on hearing the CNBC call of buy the dip… “Buy the fecking dip for God’s sake give me a fecking break”. Of course at this point in proceedings, program guests made references to 2008-2009!\r\n\r\nHoly Mother of God….\r\n\r\nNow I do not want to be accused of being blasé or complacent, but I believe all the smart money is in cash at the moment. This makes perfect sense to me despite what CNBC and BLOOMBERG anchors state, cash is a position. The volumes in the sell-offs were higher volumes than usual trading volumes. The bounces were on the other hand, conducted with much smaller volumes and this is possible as the markets are essentially one –sided.\r\n\r\nWhat does this tell me?\r\n\r\nMainly lack of conviction and non-belief in the move. The main upside moves last week were on the back of Mario Draghi rhetoric and not on the market fundamentals. Until this subtle change is made I am afraid to say that volatility will remain in situ.\r\n\r\nI am sick of hearing that the American economy is in good shape. The stock market is not the economy and maybe this realization is starting to hit home. Wall Street and Main Street have always been two different places as far as I am concerned. It is taking the markets some time to realize this difference.\r\n\r\nIf you are looking to blame anyone for this, blame the FED, blame Janet Yellen and her lads.\r\n\r\nMoving to normalization will take time and it\'s a learning curve with pain and because we have had zero / zirp for years and years many of the “experts” on Wall Street and the likes know nothing other than “Buy the Dip”…”Buy the Dip”… “Buy the Dip”.\r\n\r\nWe have Central Bank divergence and we have a swoop of traders on Wall Street and the like who have had their hands held and bottoms wiped for them for the past 7-8 years. They need to learn new tricks.\r\n\r\nSo as Forex traders we have normalization to deal with as the Fed increases interest rates this year. Despite all the talk on the TV the FOMC policy committee, have between 4 and 6 rate hikes in 2016-17. As long as employment remains within guidelines and the data continues not to surprise too much and at least shows a trending consistency in the FOMC preferred direction, rates are increasing…. that is a fact.\r\n\r\nWe have great opportunities ahead.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nWhilst I have added $$$ and pips in this past week and almost completely eroded my losses from December 2015, I am still not 100% happy with the PREMIUM SERVICE performance so far.\r\n\r\nI know that last year was last year and I should move on, but December last year haunts me. At least clearing those losses makes me feel much better.\r\n\r\nI have my personal goal of 1,000 pips per month. Basically 10 months trading a year and 10,000 pips per annum goal, so I am on target and happy generally.\r\n\r\nMy fine-tuning points moving forward…\r\n<ol>\r\n	<li>I have not let the PART-TIME TRADER trades run as far as I should have. My only excuse / reason for this are the skittish markets. I have the very basic desire to succeed and not fail. I trade to make money not lose money and for these basic reasons while the markets have been so weird these initial two weeks or so I have not been prepared to let these trades run.</li>\r\n	<li>I have now more clearly defined in my head the set-ups for PART-TIME TRADER trades and FUNDAMENTAL trades as there are some overlaps. This may not be important to you but to me this is a paramount decision, which I am glad to say that I have defined.</li>\r\n	<li>I will try to be more specific with my daily TRADE PLAN tweets. I think that it is beneficial for you to see what I am thinking about. I prefer to write this as the European markets slow down and before the U.S. markets open.</li>\r\n</ol>\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:</u>\r\n\r\nThese are pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<u>4.2.2: FLASH TRADES:</u>\r\n\r\nMainly simply, opportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.\r\nThe goal is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\nSome FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\nIn addition in 2016, some FLASH TRADES can be of a longer duration, with very specific goals.\r\n\r\n<u>4.2.3: FUNDAMENTAL TRADES:</u>\r\n\r\nThese will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels.\r\nThese trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n<u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\nThese trade set-ups are intended to have a longer-term trading perspective. They are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n\r\nMy goal is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest to take some profits along the way, but hopefully at the same time letting trades run as far as possible.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong><u>\r\n</u>\r\n<u>4.3.1: RADAR TRADES:</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/radar1-23012016/\" rel=\"attachment wp-att-7161\"><img class=\"aligncenter size-full wp-image-7161\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR1-23012016.png\" alt=\"RADAR1 23012016\" width=\"519\" height=\"566\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/radar2-23012016/\" rel=\"attachment wp-att-7162\"><img class=\"aligncenter size-full wp-image-7162\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR2-23012016.png\" alt=\"RADAR2 23012016\" width=\"491\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.3.2: FLASH TRADES:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/flash-23012016/\" rel=\"attachment wp-att-7163\"><img class=\"aligncenter size-full wp-image-7163\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FLASH-23012016.png\" alt=\"FLASH 23012016\" width=\"492\" height=\"572\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.3: FUNDAMENTAL TRADES:</u>\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/fun-23012016/\" rel=\"attachment wp-att-7164\"><img class=\"aligncenter size-full wp-image-7164\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FUN-23012016.png\" alt=\"FUN 23012016\" width=\"500\" height=\"557\" /></a>\r\n</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.4: PART-TIME TRADER TRADES: </u>\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/ptttrades-23012016/\" rel=\"attachment wp-att-7165\"><img class=\"aligncenter size-full wp-image-7165\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PTTTRADES-23012016.png\" alt=\"PTTTRADES 23012016\" width=\"490\" height=\"543\" /></a>\r\n</u>\r\n\r\n<u>4.3.5: MONTH TO DATE- SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/ps-profits1-23012016/\" rel=\"attachment wp-att-7159\"><img class=\"aligncenter size-full wp-image-7159\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS1-23012016.png\" alt=\"PS PROFITS1 23012016\" width=\"536\" height=\"527\" /></a>\r\n</u>\r\n\r\n<u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u> </u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/ps-profits2-23012016/\" rel=\"attachment wp-att-7160\"><img class=\"aligncenter size-full wp-image-7160\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS2-23012016.png\" alt=\"PS PROFITS2 23012016\" width=\"512\" height=\"506\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:</u><u></u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n&nbsp;\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\nI have had no contact with my brokers this week and therefore there are no updated comments for you to be made aware of.\r\n\r\nThis week I will be talking with Investors Group, Vantage FX and Hantec Markets. Should any of you have questions / issues you would like me to raise please contact me.\r\n\r\n&nbsp;\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-trending-pairs-23012016/\" rel=\"attachment wp-att-7168\"><img class=\"aligncenter size-full wp-image-7168\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-TRENDING-PAIRS-23012016.png\" alt=\"PS TRENDING PAIRS 23012016\" width=\"488\" height=\"559\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-23012016/\" rel=\"attachment wp-att-7167\"><img class=\"aligncenter size-full wp-image-7167\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-LIVE-TRADES-23012016.png\" alt=\"PS LIVE TRADES 23012016\" width=\"699\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-23012016/\" rel=\"attachment wp-att-7166\"><img class=\"aligncenter size-full wp-image-7166\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-LIMIT-ORDERS-23012016.png\" alt=\"PS LIMIT ORDERS 23012016\" width=\"685\" height=\"437\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<u>4.8.1: RADAR LIMIT ORDER TRADES:</u>\r\n\r\nRT625 – USD/CHF:\r\nEven though this pair has looked to have broken free of the constraints of 1.0120 on Friday last week, I still believe the set-up is still valid given the FOMC statement due this Wednesday.\r\n\r\n<u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:\r\n</u>\r\n\r\nFUN249 – EUR/GBP:\r\nThis trade is now some way from the current market. It is still a valid trade for the future and as such for now I will leave it in position.\r\n\r\n<u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES: </u>\r\n\r\nPART001 – EUR/USD:\r\nThis trade is still in play given the FOMC policy statement this Wednesday.\r\n\r\nPART017 – GBP/CHF:\r\nThis trade is now some way from the current market. It is still a valid trade for the future and as such for now I will leave it in position.\r\n\r\nPART018 – EUR/GBP:\r\nThis trade is now some way from the current market. It is still a valid trade for the future and as such for now I will leave it in position.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\n&nbsp;\r\n\r\nMy comments (if any) are included on the charts. There are quite a few this week. I could be very busy Monday and Tuesday with admin placing these potential trades.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audchf-d-23012016/\" rel=\"attachment wp-att-7176\"><img class=\"aligncenter size-large wp-image-7176\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDCHF-D-23012016-1024x538.png\" alt=\"AUDCHF D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audjpy-d-23012016/\" rel=\"attachment wp-att-7177\"><img class=\"aligncenter size-large wp-image-7177\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDJPY-D-23012016-1024x538.png\" alt=\"AUDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audnzd-d-23012016/\" rel=\"attachment wp-att-7178\"><img class=\"aligncenter size-large wp-image-7178\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDNZD-D-23012016-1024x538.png\" alt=\"AUDNZD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadchf-w-23012016/\" rel=\"attachment wp-att-7179\"><img class=\"aligncenter size-large wp-image-7179\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADCHF-W-23012016-1024x538.png\" alt=\"CADCHF W 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadjpy-d-23012016/\" rel=\"attachment wp-att-7180\"><img class=\"aligncenter size-large wp-image-7180\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-D-23012016-1024x538.png\" alt=\"CADJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/chfjpy-d-23012016/\" rel=\"attachment wp-att-7181\"><img class=\"aligncenter size-large wp-image-7181\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CHFJPY-D-23012016-1024x538.png\" alt=\"CHFJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurcad-w-23012016/\" rel=\"attachment wp-att-7182\"><img class=\"aligncenter size-large wp-image-7182\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURCAD-W-23012016-1024x538.png\" alt=\"EURCAD W 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurgbp-d-23012016/\" rel=\"attachment wp-att-7183\"><img class=\"aligncenter size-large wp-image-7183\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-D-23012016-1024x538.png\" alt=\"EURGBP D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdchf-w-23012016/\" rel=\"attachment wp-att-7184\"><img class=\"aligncenter size-large wp-image-7184\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCHF-W-23012016-1024x538.png\" alt=\"NZDCHF W 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdjpy-d-23012016/\" rel=\"attachment wp-att-7185\"><img class=\"aligncenter size-large wp-image-7185\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDJPY-D-23012016-1024x538.png\" alt=\"NZDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThe Central Banks are in control again this week as they were last week. This time last week it was the BOC and the ECB, this week it’s the FED and the RBNZ both on Wednesday within an hour of each other.\r\n\r\nI have written many times in this blog about the markets being both volatile and skittish. For these reasons I would tread carefully.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>','IT’S ALL NOISE… NOTHING HAS FUNDAMENTALLY CHANGED','','publish','open','closed','','7186-2','','','2016-01-23 10:40:19','2016-01-23 15:40:19','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7186',0,'member_posts','',0),(7187,1,'2016-01-23 10:37:41','2016-01-23 15:37:41','<strong><u>THE WEEKLY FX DRIVE THRU\r\n</u></strong>BLOG PREMIUM SERVICE #86\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe major changes I thought would be in place this week to the blog did not materialize. Unfortunately, my scheduled SKYPE meeting with my subscriber work group was cancelled at the last minute.\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\nThe first draw will take place next week and to keep myself impartial we have friends over next Thursday / Friday, I shall ask one of them to pick at random. The winner will be contacted and fully set up within 24 hours.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>2.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>\r\n2.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS THIS MONTH SO FAR: +1,097\r\nNET PIPS THIS YEAR SO FAR: +1,097\r\n\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>\r\n2.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>3.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>3.1.1: THE BANK OF CANADA – INTEREST RATE DECISION:</u>\r\n\r\nAs Stephen Fry once said in an episode of the TV comedy series Blackadder; “Well, glaze my nipples and call me Rita!”\r\n\r\nTo say that I was stunned and shocked with the news that interest rates were left unchanged would be an understatement. It appears that Stephen Poloz has decided that the stimulus to the Canadian economy will come from fiscal stimulus as a result of the boy’s (Justin Trudeau) first budget in which, based on his election manifesto he plans to spend big. Sadly for Canadian’s, and I’m one of them, although he promised big money spending on infrastructure, this may now not happen. I hope that the allocated budget goes to infrastructure and also that there are additional funds put to one side to fix the economic issues. Sadly with oil revenues down, I cannot see anything other than a huge political backlash if he creates a deficit that will require many years to repay.\r\n\r\nWe shall see, but I still think that central bank involvement will be required.\r\n\r\nBasically, Poloz believes that that Canadian economy is in relatively good shape. My response is very simple: Can we all have some of what he’s smoking. I really think he and the BOC committee have lost the plot. Even during the Canadian economy’s recession last year he was upbeat. It can’t be alcohol; it must be a substance he’s taking. I drink and I think that the economy is sliding towards the abyss. I don’t smoke maybe that’s what is missing.\r\n\r\nBear in mind that the Canadian economy is that good, GDP targets / expectations were reduced…yup in great shape. Nothing to look at here!\r\n\r\nAs I have said many times the BOC policy committee are so deep in thick pile carpets, potted plants and decanters of sherry, plus their offices are so high up the air is thin and the real world is so far away. They bury their heads in the sand.\r\n\r\nWe shall see…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.2: ECB – DRAGHI PRESS CONFERENCE:</u>\r\n\r\nMario Draghi put it out there again. “The ECB will review and possibly reconsider” monetary policy at it’s next meeting in March”.\r\n\r\nHint bloody hint…\r\n\r\nInitially the EUR/USD collapsed about 100 pips and for reasons I still do not know it bounced 65-70 pips on Thursday afternoon after the announcement.\r\n\r\nThese markets (all of them), are so skittish, moves are unfathomable at times.\r\n\r\nAnyways, these comments from Draghi should keep the EUR/USD pressured lower towards 1.0710. The range as far as I am concerned is now 1.0710 to 1.1000. Lets work with this for the next while.\r\n\r\nAt least up until the next FED statement next week!\r\n\r\n<u> </u>\r\n\r\n<u>3.1.3: OIL:</u>\r\n\r\nIran came on-line last weekend and by Tuesday was offering discounts to parts of Europe who wanted to purchase its oil.\r\n\r\nHappy days…\r\n\r\nNo surprise therefore that the oil roller-coaster party continued to ride last week. We hit new lows of $27.57 and then bounced above $30.00, which had the doom and gloom, end of the world as we know it pundits running for the hills. The bounce continued through to Friday and held above $30.00 for most of the day and closed the week above $31.00.\r\n\r\nDo not be fooled….\r\n\r\nThe oil fundamentals are all still there, nothing has changed. It will take months to pull this around from a supply and demand perspective, and, never forget, oil is a corrupt, high stakes poker gamble by mega risk-takers wanting to show they can control the market and turn around bottoms.\r\n\r\nOne can see these guys walking around Wall Street and Chicago; they are easily identified. These are the guys pushing wheelbarrows in front of themselves that are carrying their huge balls. By comparison, I am a more conservative and cautious trader; a couple of eggcups would satisfy my bravery.\r\n\r\nGod love me…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.4: MARK CARNEY:</u>\r\n\r\nLast Tuesday at the Queen Mary, University in London, the oracle of Threadneedle Street and head JCB operator for the BOE stated that the BOE would not be raising interest rates.\r\n\r\nHis quote was “Now is not the time to raise interest rates”\r\n\r\nHe cited, oil, China, moderation in UK growth and wages as being the contributing factors to conclude that not enough progress had been made to warrant a tightening of monetary policy.\r\n\r\nSo there you have it…the position for this month!\r\n\r\nClear forward guidance from Carney; let us see how long this lasts.\r\n\r\n&nbsp;\r\n\r\n<strong>3.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>3.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD - CPi.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – Interest Rate and Statement.\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: JPY – BOJ Press Conference, Policy Statement etc.\r\n\r\nFRIDAY: CAD - GDP.\r\nFRIDAY: USD – GDP.\r\n\r\n&nbsp;\r\n\r\n<u>3.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0796\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-23012016/\" rel=\"attachment wp-att-7170\"><img class=\"aligncenter size-large wp-image-7170\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-23012016-1024x538.png\" alt=\"EURUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4262\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-d-23012016/\" rel=\"attachment wp-att-7171\"><img class=\"aligncenter size-large wp-image-7171\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-23012016-1024x538.png\" alt=\"GBPUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7002\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-d-23012016/\" rel=\"attachment wp-att-7169\"><img class=\"aligncenter size-large wp-image-7169\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-23012016-1024x538.png\" alt=\"AUDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6487\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-d-23012016/\" rel=\"attachment wp-att-7172\"><img class=\"aligncenter size-large wp-image-7172\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-23012016-1024x538.png\" alt=\"NZDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4121\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-d-2302016/\" rel=\"attachment wp-att-7173\"><img class=\"aligncenter size-large wp-image-7173\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-D-2302016-1024x538.png\" alt=\"USDCAD D 2302016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0162\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-d-23012016/\" rel=\"attachment wp-att-7174\"><img class=\"aligncenter size-large wp-image-7174\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-23012016-1024x538.png\" alt=\"USDCHF D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 118.75\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdjpy-d-23012016/\" rel=\"attachment wp-att-7175\"><img class=\"aligncenter size-large wp-image-7175\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-23012016-1024x538.png\" alt=\"USDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>3.3: WHAT’S ON MY MIND:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IT’S ALL NOISE… NOTHING HAS</strong>\r\n<strong>FUNDAMENTALLY CHANGED</strong></p>\r\nTo all of you traders who went out spending lavish amounts of cash on KRUG Champagne, dining in the finest restaurants that you could find, booking first class air tickets and holidaying in the finest hotels at luxurious white sandy beaches taking in the rays from the sun knocking back exotic cocktails, believing the naysayer’s that the end of the world was upon us….\r\n\r\nI bet you feel like prized “pillocks” now…\r\n\r\nYes, we have seen crude oil move lower and yes, the markets have decided that crude rules and yes, the crude oil market is really a one-sided market. All we are doing with this bounce back above $30.00 is seeing a squeeze. However, fundamentally nothing has changed. We have so much stockpiled and in reserves all over the world, it’s crazy. Another year or so without a supplier behavioral change and we will have more stored above the ground than what there is left in the ground… maybe not quite but you get my point.\r\n\r\nI even had a knock on the door yesterday from an Exxon representative looking for spare bins to store crude in…. joking for now.\r\n\r\nMoving on…\r\n\r\nThis year so far has been a crazy trading environment no matter what market you trade. As a Forex trader it has been bizarre. That is the best description I can come up with. Moves have been swift, volatile and at times even if you consider yourself to be a very accomplished technical trader, levels meant little at times.\r\n\r\nWhat has held however, are the bigger trading ranges. There are of course one or two exceptions and there always are but basically the wider trading ranges held.\r\n<ul>\r\n	<li>EUR/USD: 1.0710 to 1.1060 held.</li>\r\n	<li>GBP/USD: Was the big exception it sold off to 1.4100, about 800 pips so far.</li>\r\n	<li>AUD/USD: Broke previous 52-week lows and has pulled back inside range.</li>\r\n	<li>NZD/USD: 0.6240 to 0.6880 held.</li>\r\n	<li>USD/CAD: with oil falling it broke to new 52-week highs, now back in range.</li>\r\n	<li>USD/CHF: 0.9850 to 1.0330 held.</li>\r\n	<li>USD/JPY: 116.00 to 120.00 held.</li>\r\n</ul>\r\nWhat we have is a market full of uncertainties and FEAR…. plus a good dose of GREED.\r\n\r\nWe have known for months that China has been slowing and that the GDP objectives had been revised to 7%. In the months running up to the full year figure being released China had been in slowdown mode. The vast majority of the economic data released was always falling short of expectations. It was obvious that with this as a backdrop the final GDP figure would be pressured.\r\n\r\nFrom my own perspective, I wonder what the true GDP figure actually is 5%, 5.5%, 6% or 6.5%... Frankly, the markets debate the published data as if Moses brought it down from Mount Sinai scorched into tablets of stone. When pushed not very many analysts will admit that they actually believe the data we are given.\r\n\r\nQuite bizarre really, we don\'t believe the data yet we react as if it’s accurate.\r\n\r\nThen of course the PBOC (Strings held by the Chinese government) uses the Yuan as a tool to play with economic stimulus into the Chinese economy. They (PBOC) weaken the reference rate to stimulate… to us normal folk that means currency manipulation.\r\n\r\nYes…Currency wars are all over the world and still going strong.\r\n\r\nSo the beginning of 2016, gave us Chinese GDP that slightly missed expectations, so as a pre-cursor probably knowing what figure they were going to announce as final GDP, the PBOC decided to aggressively have a shot at weakening their currency initially to make Chinese finished goods more competitive in the Asian markets, where they can measure immediate growth.\r\n\r\nA GDP miss and currency manipulation is like a red rag to a bull in the equity markets. Then add to this cocktail the sudden realization that the oil market does operate within the boundaries of the economic laws of supply and demand   and we had a sell-off. A sell-off exacerbated by Iranian oil coming back on line and within 48 hours of returning to the export market the Iranians were offering discounts beyond the quoted market price to some European governments.\r\n\r\nChaos, panic, fear, greed, stupidity and large testicles were all the word’s I was using to describe what was going on day after day.\r\n\r\nCommon sense… forget that!\r\n\r\nGod love her, Mandy Drury from CNBC was uttering “Buy the dip, buy the dip”, I remember shouting to my wife one lunch-time on hearing the CNBC call of buy the dip… “Buy the fecking dip for God’s sake give me a fecking break”. Of course at this point in proceedings, program guests made references to 2008-2009!\r\n\r\nHoly Mother of God….\r\n\r\nNow I do not want to be accused of being blasé or complacent, but I believe all the smart money is in cash at the moment. This makes perfect sense to me despite what CNBC and BLOOMBERG anchors state, cash is a position. The volumes in the sell-offs were higher volumes than usual trading volumes. The bounces were on the other hand, conducted with much smaller volumes and this is possible as the markets are essentially one –sided.\r\n\r\nWhat does this tell me?\r\n\r\nMainly lack of conviction and non-belief in the move. The main upside moves last week were on the back of Mario Draghi rhetoric and not on the market fundamentals. Until this subtle change is made I am afraid to say that volatility will remain in situ.\r\n\r\nI am sick of hearing that the American economy is in good shape. The stock market is not the economy and maybe this realization is starting to hit home. Wall Street and Main Street have always been two different places as far as I am concerned. It is taking the markets some time to realize this difference.\r\n\r\nIf you are looking to blame anyone for this, blame the FED, blame Janet Yellen and her lads.\r\n\r\nMoving to normalization will take time and it\'s a learning curve with pain and because we have had zero / zirp for years and years many of the “experts” on Wall Street and the likes know nothing other than “Buy the Dip”…”Buy the Dip”… “Buy the Dip”.\r\n\r\nWe have Central Bank divergence and we have a swoop of traders on Wall Street and the like who have had their hands held and bottoms wiped for them for the past 7-8 years. They need to learn new tricks.\r\n\r\nSo as Forex traders we have normalization to deal with as the Fed increases interest rates this year. Despite all the talk on the TV the FOMC policy committee, have between 4 and 6 rate hikes in 2016-17. As long as employment remains within guidelines and the data continues not to surprise too much and at least shows a trending consistency in the FOMC preferred direction, rates are increasing…. that is a fact.\r\n\r\nWe have great opportunities ahead.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nWhilst I have added $$$ and pips in this past week and almost completely eroded my losses from December 2015, I am still not 100% happy with the PREMIUM SERVICE performance so far.\r\n\r\nI know that last year was last year and I should move on, but December last year haunts me. At least clearing those losses makes me feel much better.\r\n\r\nI have my personal goal of 1,000 pips per month. Basically 10 months trading a year and 10,000 pips per annum goal, so I am on target and happy generally.\r\n\r\nMy fine-tuning points moving forward…\r\n<ol>\r\n	<li>I have not let the PART-TIME TRADER trades run as far as I should have. My only excuse / reason for this are the skittish markets. I have the very basic desire to succeed and not fail. I trade to make money not lose money and for these basic reasons while the markets have been so weird these initial two weeks or so I have not been prepared to let these trades run.</li>\r\n	<li>I have now more clearly defined in my head the set-ups for PART-TIME TRADER trades and FUNDAMENTAL trades as there are some overlaps. This may not be important to you but to me this is a paramount decision, which I am glad to say that I have defined.</li>\r\n	<li>I will try to be more specific with my daily TRADE PLAN tweets. I think that it is beneficial for you to see what I am thinking about. I prefer to write this as the European markets slow down and before the U.S. markets open.</li>\r\n</ol>\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:\r\n\r\n</u>These are pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<u>4.2.2: FLASH TRADES:\r\n\r\n</u>Mainly simply, opportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.\r\nThe goal is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\nSome FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\nIn addition in 2016, some FLASH TRADES can be of a longer duration, with very specific goals.\r\n\r\n<u>4.2.3: FUNDAMENTAL TRADES:\r\n\r\n</u>These will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels.\r\nThese trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n<u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\nThese trade set-ups are intended to have a longer-term trading perspective. They are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n\r\nMy goal is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest to take some profits along the way, but hopefully at the same time letting trades run as far as possible.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong><u>\r\n</u>\r\n<u>4.3.1: RADAR TRADES:</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/radar1-23012016/\" rel=\"attachment wp-att-7161\"><img class=\"aligncenter size-full wp-image-7161\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR1-23012016.png\" alt=\"RADAR1 23012016\" width=\"519\" height=\"566\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/radar2-23012016/\" rel=\"attachment wp-att-7162\"><img class=\"aligncenter size-full wp-image-7162\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR2-23012016.png\" alt=\"RADAR2 23012016\" width=\"491\" height=\"570\" /></a>\r\n\r\n<u>\r\n\r\n4.3.2: FLASH TRADES:</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/flash-23012016/\" rel=\"attachment wp-att-7163\"><img class=\"aligncenter size-full wp-image-7163\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FLASH-23012016.png\" alt=\"FLASH 23012016\" width=\"492\" height=\"572\" /></a>\r\n\r\n</u>\r\n\r\n<u>4.3.3: FUNDAMENTAL TRADES:</u>\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/fun-23012016/\" rel=\"attachment wp-att-7164\"><img class=\"aligncenter size-full wp-image-7164\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FUN-23012016.png\" alt=\"FUN 23012016\" width=\"500\" height=\"557\" /></a>\r\n</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.4: PART-TIME TRADER TRADES: </u>\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/ptttrades-23012016/\" rel=\"attachment wp-att-7165\"><img class=\"aligncenter size-full wp-image-7165\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PTTTRADES-23012016.png\" alt=\"PTTTRADES 23012016\" width=\"490\" height=\"543\" /></a>\r\n</u>\r\n\r\n<u>4.3.5: MONTH TO DATE- SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/ps-profits1-23012016/\" rel=\"attachment wp-att-7159\"><img class=\"aligncenter size-full wp-image-7159\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS1-23012016.png\" alt=\"PS PROFITS1 23012016\" width=\"536\" height=\"527\" /></a>\r\n</u>\r\n\r\n<u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u> </u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/ps-profits2-23012016/\" rel=\"attachment wp-att-7160\"><img class=\"aligncenter size-full wp-image-7160\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS2-23012016.png\" alt=\"PS PROFITS2 23012016\" width=\"512\" height=\"506\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:</u><u>\r\n\r\n</u>Not until the end of the month.\r\n\r\n<u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n&nbsp;\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\nI have had no contact with my brokers this week and therefore there are no updated comments for you to be made aware of.\r\n\r\nThis week I will be talking with Investors Group, Vantage FX and Hantec Markets. Should any of you have questions / issues you would like me to raise please contact me.\r\n\r\n&nbsp;\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-trending-pairs-23012016/\" rel=\"attachment wp-att-7168\"><img class=\"aligncenter size-full wp-image-7168\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-TRENDING-PAIRS-23012016.png\" alt=\"PS TRENDING PAIRS 23012016\" width=\"488\" height=\"559\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.6: LIVE TRADES:\r\n\r\n</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-23012016/\" rel=\"attachment wp-att-7167\"><img class=\"aligncenter size-full wp-image-7167\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-LIVE-TRADES-23012016.png\" alt=\"PS LIVE TRADES 23012016\" width=\"699\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:\r\n\r\n</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-23012016/\" rel=\"attachment wp-att-7166\"><img class=\"aligncenter size-full wp-image-7166\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-LIMIT-ORDERS-23012016.png\" alt=\"PS LIMIT ORDERS 23012016\" width=\"685\" height=\"437\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<u>4.8.1: RADAR LIMIT ORDER TRADES:\r\n\r\n</u>RT625 – USD/CHF:\r\nEven though this pair has looked to have broken free of the constraints of 1.0120 on Friday last week, I still believe the set-up is still valid given the FOMC statement due this Wednesday.\r\n\r\n<u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:\r\n</u>\r\n\r\nFUN249 – EUR/GBP:\r\nThis trade is now some way from the current market. It is still a valid trade for the future and as such for now I will leave it in position.\r\n\r\n<u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES: </u>\r\n\r\nPART001 – EUR/USD:\r\nThis trade is still in play given the FOMC policy statement this Wednesday.\r\n\r\nPART017 – GBP/CHF:\r\nThis trade is now some way from the current market. It is still a valid trade for the future and as such for now I will leave it in position.\r\n\r\nPART018 – EUR/GBP:\r\nThis trade is now some way from the current market. It is still a valid trade for the future and as such for now I will leave it in position.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:\r\n\r\n</strong>\r\n\r\nMy comments (if any) are included on the charts. There are quite a few this week. I could be very busy Monday and Tuesday with admin placing these potential trades.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audchf-d-23012016/\" rel=\"attachment wp-att-7176\"><img class=\"aligncenter size-large wp-image-7176\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDCHF-D-23012016-1024x538.png\" alt=\"AUDCHF D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audjpy-d-23012016/\" rel=\"attachment wp-att-7177\"><img class=\"aligncenter size-large wp-image-7177\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDJPY-D-23012016-1024x538.png\" alt=\"AUDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audnzd-d-23012016/\" rel=\"attachment wp-att-7178\"><img class=\"aligncenter size-large wp-image-7178\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDNZD-D-23012016-1024x538.png\" alt=\"AUDNZD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadchf-w-23012016/\" rel=\"attachment wp-att-7179\"><img class=\"aligncenter size-large wp-image-7179\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADCHF-W-23012016-1024x538.png\" alt=\"CADCHF W 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadjpy-d-23012016/\" rel=\"attachment wp-att-7180\"><img class=\"aligncenter size-large wp-image-7180\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-D-23012016-1024x538.png\" alt=\"CADJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/chfjpy-d-23012016/\" rel=\"attachment wp-att-7181\"><img class=\"aligncenter size-large wp-image-7181\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CHFJPY-D-23012016-1024x538.png\" alt=\"CHFJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurcad-w-23012016/\" rel=\"attachment wp-att-7182\"><img class=\"aligncenter size-large wp-image-7182\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURCAD-W-23012016-1024x538.png\" alt=\"EURCAD W 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurgbp-d-23012016/\" rel=\"attachment wp-att-7183\"><img class=\"aligncenter size-large wp-image-7183\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-D-23012016-1024x538.png\" alt=\"EURGBP D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdchf-w-23012016/\" rel=\"attachment wp-att-7184\"><img class=\"aligncenter size-large wp-image-7184\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCHF-W-23012016-1024x538.png\" alt=\"NZDCHF W 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdjpy-d-23012016/\" rel=\"attachment wp-att-7185\"><img class=\"aligncenter size-large wp-image-7185\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDJPY-D-23012016-1024x538.png\" alt=\"NZDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThe Central Banks are in control again this week as they were last week. This time last week it was the BOC and the ECB, this week it’s the FED and the RBNZ both on Wednesday within an hour of each other.\r\n\r\nI have written many times in this blog about the markets being both volatile and skittish. For these reasons I would tread carefully.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>','IT’S ALL NOISE… NOTHING HAS FUNDAMENTALLY CHANGED','','inherit','closed','closed','','7186-revision-v1','','','2016-01-23 10:37:41','2016-01-23 15:37:41','',7186,'https://weeklyfxdrivethru.com/7186-revision-v1/',0,'revision','',0),(7188,1,'2016-01-23 10:40:19','2016-01-23 15:40:19','<strong><u>THE WEEKLY FX DRIVE THRU\r\n</u></strong>BLOG: PREMIUM SERVICE #86\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe major changes I thought would be in place this week to the blog did not materialize. Unfortunately, my scheduled SKYPE meeting with my subscriber work group was cancelled at the last minute.\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\nThe first draw will take place next week and to keep myself impartial we have friends over next Thursday / Friday, I shall ask one of them to pick at random. The winner will be contacted and fully set up within 24 hours.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>2.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>\r\n2.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS THIS MONTH SO FAR: +1,097\r\nNET PIPS THIS YEAR SO FAR: +1,097\r\n\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>\r\n2.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>3.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>3.1.1: THE BANK OF CANADA – INTEREST RATE DECISION:</u>\r\n\r\nAs Stephen Fry once said in an episode of the TV comedy series Blackadder; “Well, glaze my nipples and call me Rita!”\r\n\r\nTo say that I was stunned and shocked with the news that interest rates were left unchanged would be an understatement. It appears that Stephen Poloz has decided that the stimulus to the Canadian economy will come from fiscal stimulus as a result of the boy’s (Justin Trudeau) first budget in which, based on his election manifesto he plans to spend big. Sadly for Canadian’s, and I’m one of them, although he promised big money spending on infrastructure, this may now not happen. I hope that the allocated budget goes to infrastructure and also that there are additional funds put to one side to fix the economic issues. Sadly with oil revenues down, I cannot see anything other than a huge political backlash if he creates a deficit that will require many years to repay.\r\n\r\nWe shall see, but I still think that central bank involvement will be required.\r\n\r\nBasically, Poloz believes that that Canadian economy is in relatively good shape. My response is very simple: Can we all have some of what he’s smoking. I really think he and the BOC committee have lost the plot. Even during the Canadian economy’s recession last year he was upbeat. It can’t be alcohol; it must be a substance he’s taking. I drink and I think that the economy is sliding towards the abyss. I don’t smoke maybe that’s what is missing.\r\n\r\nBear in mind that the Canadian economy is that good, GDP targets / expectations were reduced…yup in great shape. Nothing to look at here!\r\n\r\nAs I have said many times the BOC policy committee are so deep in thick pile carpets, potted plants and decanters of sherry, plus their offices are so high up the air is thin and the real world is so far away. They bury their heads in the sand.\r\n\r\nWe shall see…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.2: ECB – DRAGHI PRESS CONFERENCE:</u>\r\n\r\nMario Draghi put it out there again. “The ECB will review and possibly reconsider” monetary policy at it’s next meeting in March”.\r\n\r\nHint bloody hint…\r\n\r\nInitially the EUR/USD collapsed about 100 pips and for reasons I still do not know it bounced 65-70 pips on Thursday afternoon after the announcement.\r\n\r\nThese markets (all of them), are so skittish, moves are unfathomable at times.\r\n\r\nAnyways, these comments from Draghi should keep the EUR/USD pressured lower towards 1.0710. The range as far as I am concerned is now 1.0710 to 1.1000. Lets work with this for the next while.\r\n\r\nAt least up until the next FED statement next week!\r\n\r\n<u> </u>\r\n\r\n<u>3.1.3: OIL:</u>\r\n\r\nIran came on-line last weekend and by Tuesday was offering discounts to parts of Europe who wanted to purchase its oil.\r\n\r\nHappy days…\r\n\r\nNo surprise therefore that the oil roller-coaster party continued to ride last week. We hit new lows of $27.57 and then bounced above $30.00, which had the doom and gloom, end of the world as we know it pundits running for the hills. The bounce continued through to Friday and held above $30.00 for most of the day and closed the week above $31.00.\r\n\r\nDo not be fooled….\r\n\r\nThe oil fundamentals are all still there, nothing has changed. It will take months to pull this around from a supply and demand perspective, and, never forget, oil is a corrupt, high stakes poker gamble by mega risk-takers wanting to show they can control the market and turn around bottoms.\r\n\r\nOne can see these guys walking around Wall Street and Chicago; they are easily identified. These are the guys pushing wheelbarrows in front of themselves that are carrying their huge balls. By comparison, I am a more conservative and cautious trader; a couple of eggcups would satisfy my bravery.\r\n\r\nGod love me…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.4: MARK CARNEY:</u>\r\n\r\nLast Tuesday at the Queen Mary, University in London, the oracle of Threadneedle Street and head JCB operator for the BOE stated that the BOE would not be raising interest rates.\r\n\r\nHis quote was “Now is not the time to raise interest rates”\r\n\r\nHe cited, oil, China, moderation in UK growth and wages as being the contributing factors to conclude that not enough progress had been made to warrant a tightening of monetary policy.\r\n\r\nSo there you have it…the position for this month!\r\n\r\nClear forward guidance from Carney; let us see how long this lasts.\r\n\r\n&nbsp;\r\n\r\n<strong>3.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>3.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD - CPi.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – Interest Rate and Statement.\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: JPY – BOJ Press Conference, Policy Statement etc.\r\n\r\nFRIDAY: CAD - GDP.\r\nFRIDAY: USD – GDP.\r\n\r\n&nbsp;\r\n\r\n<u>3.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0796\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-23012016/\" rel=\"attachment wp-att-7170\"><img class=\"aligncenter size-large wp-image-7170\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-23012016-1024x538.png\" alt=\"EURUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4262\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-d-23012016/\" rel=\"attachment wp-att-7171\"><img class=\"aligncenter size-large wp-image-7171\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-23012016-1024x538.png\" alt=\"GBPUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7002\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-d-23012016/\" rel=\"attachment wp-att-7169\"><img class=\"aligncenter size-large wp-image-7169\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-23012016-1024x538.png\" alt=\"AUDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6487\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-d-23012016/\" rel=\"attachment wp-att-7172\"><img class=\"aligncenter size-large wp-image-7172\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-23012016-1024x538.png\" alt=\"NZDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4121\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-d-2302016/\" rel=\"attachment wp-att-7173\"><img class=\"aligncenter size-large wp-image-7173\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-D-2302016-1024x538.png\" alt=\"USDCAD D 2302016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0162\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-d-23012016/\" rel=\"attachment wp-att-7174\"><img class=\"aligncenter size-large wp-image-7174\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-23012016-1024x538.png\" alt=\"USDCHF D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 118.75\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdjpy-d-23012016/\" rel=\"attachment wp-att-7175\"><img class=\"aligncenter size-large wp-image-7175\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-23012016-1024x538.png\" alt=\"USDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>3.3: WHAT’S ON MY MIND:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IT’S ALL NOISE… NOTHING HAS</strong>\r\n<strong>FUNDAMENTALLY CHANGED</strong></p>\r\nTo all of you traders who went out spending lavish amounts of cash on KRUG Champagne, dining in the finest restaurants that you could find, booking first class air tickets and holidaying in the finest hotels at luxurious white sandy beaches taking in the rays from the sun knocking back exotic cocktails, believing the naysayer’s that the end of the world was upon us….\r\n\r\nI bet you feel like prized “pillocks” now…\r\n\r\nYes, we have seen crude oil move lower and yes, the markets have decided that crude rules and yes, the crude oil market is really a one-sided market. All we are doing with this bounce back above $30.00 is seeing a squeeze. However, fundamentally nothing has changed. We have so much stockpiled and in reserves all over the world, it’s crazy. Another year or so without a supplier behavioral change and we will have more stored above the ground than what there is left in the ground… maybe not quite but you get my point.\r\n\r\nI even had a knock on the door yesterday from an Exxon representative looking for spare bins to store crude in…. joking for now.\r\n\r\nMoving on…\r\n\r\nThis year so far has been a crazy trading environment no matter what market you trade. As a Forex trader it has been bizarre. That is the best description I can come up with. Moves have been swift, volatile and at times even if you consider yourself to be a very accomplished technical trader, levels meant little at times.\r\n\r\nWhat has held however, are the bigger trading ranges. There are of course one or two exceptions and there always are but basically the wider trading ranges held.\r\n<ul>\r\n	<li>EUR/USD: 1.0710 to 1.1060 held.</li>\r\n	<li>GBP/USD: Was the big exception it sold off to 1.4100, about 800 pips so far.</li>\r\n	<li>AUD/USD: Broke previous 52-week lows and has pulled back inside range.</li>\r\n	<li>NZD/USD: 0.6240 to 0.6880 held.</li>\r\n	<li>USD/CAD: with oil falling it broke to new 52-week highs, now back in range.</li>\r\n	<li>USD/CHF: 0.9850 to 1.0330 held.</li>\r\n	<li>USD/JPY: 116.00 to 120.00 held.</li>\r\n</ul>\r\nWhat we have is a market full of uncertainties and FEAR…. plus a good dose of GREED.\r\n\r\nWe have known for months that China has been slowing and that the GDP objectives had been revised to 7%. In the months running up to the full year figure being released China had been in slowdown mode. The vast majority of the economic data released was always falling short of expectations. It was obvious that with this as a backdrop the final GDP figure would be pressured.\r\n\r\nFrom my own perspective, I wonder what the true GDP figure actually is 5%, 5.5%, 6% or 6.5%... Frankly, the markets debate the published data as if Moses brought it down from Mount Sinai scorched into tablets of stone. When pushed not very many analysts will admit that they actually believe the data we are given.\r\n\r\nQuite bizarre really, we don\'t believe the data yet we react as if it’s accurate.\r\n\r\nThen of course the PBOC (Strings held by the Chinese government) uses the Yuan as a tool to play with economic stimulus into the Chinese economy. They (PBOC) weaken the reference rate to stimulate… to us normal folk that means currency manipulation.\r\n\r\nYes…Currency wars are all over the world and still going strong.\r\n\r\nSo the beginning of 2016, gave us Chinese GDP that slightly missed expectations, so as a pre-cursor probably knowing what figure they were going to announce as final GDP, the PBOC decided to aggressively have a shot at weakening their currency initially to make Chinese finished goods more competitive in the Asian markets, where they can measure immediate growth.\r\n\r\nA GDP miss and currency manipulation is like a red rag to a bull in the equity markets. Then add to this cocktail the sudden realization that the oil market does operate within the boundaries of the economic laws of supply and demand   and we had a sell-off. A sell-off exacerbated by Iranian oil coming back on line and within 48 hours of returning to the export market the Iranians were offering discounts beyond the quoted market price to some European governments.\r\n\r\nChaos, panic, fear, greed, stupidity and large testicles were all the word’s I was using to describe what was going on day after day.\r\n\r\nCommon sense… forget that!\r\n\r\nGod love her, Mandy Drury from CNBC was uttering “Buy the dip, buy the dip”, I remember shouting to my wife one lunch-time on hearing the CNBC call of buy the dip… “Buy the fecking dip for God’s sake give me a fecking break”. Of course at this point in proceedings, program guests made references to 2008-2009!\r\n\r\nHoly Mother of God….\r\n\r\nNow I do not want to be accused of being blasé or complacent, but I believe all the smart money is in cash at the moment. This makes perfect sense to me despite what CNBC and BLOOMBERG anchors state, cash is a position. The volumes in the sell-offs were higher volumes than usual trading volumes. The bounces were on the other hand, conducted with much smaller volumes and this is possible as the markets are essentially one –sided.\r\n\r\nWhat does this tell me?\r\n\r\nMainly lack of conviction and non-belief in the move. The main upside moves last week were on the back of Mario Draghi rhetoric and not on the market fundamentals. Until this subtle change is made I am afraid to say that volatility will remain in situ.\r\n\r\nI am sick of hearing that the American economy is in good shape. The stock market is not the economy and maybe this realization is starting to hit home. Wall Street and Main Street have always been two different places as far as I am concerned. It is taking the markets some time to realize this difference.\r\n\r\nIf you are looking to blame anyone for this, blame the FED, blame Janet Yellen and her lads.\r\n\r\nMoving to normalization will take time and it\'s a learning curve with pain and because we have had zero / zirp for years and years many of the “experts” on Wall Street and the likes know nothing other than “Buy the Dip”…”Buy the Dip”… “Buy the Dip”.\r\n\r\nWe have Central Bank divergence and we have a swoop of traders on Wall Street and the like who have had their hands held and bottoms wiped for them for the past 7-8 years. They need to learn new tricks.\r\n\r\nSo as Forex traders we have normalization to deal with as the Fed increases interest rates this year. Despite all the talk on the TV the FOMC policy committee, have between 4 and 6 rate hikes in 2016-17. As long as employment remains within guidelines and the data continues not to surprise too much and at least shows a trending consistency in the FOMC preferred direction, rates are increasing…. that is a fact.\r\n\r\nWe have great opportunities ahead.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW:\r\n</strong>(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nWhilst I have added $$$ and pips in this past week and almost completely eroded my losses from December 2015, I am still not 100% happy with the PREMIUM SERVICE performance so far.\r\n\r\nI know that last year was last year and I should move on, but December last year haunts me. At least clearing those losses makes me feel much better.\r\n\r\nI have my personal goal of 1,000 pips per month. Basically 10 months trading a year and 10,000 pips per annum goal, so I am on target and happy generally.\r\n\r\nMy fine-tuning points moving forward…\r\n<ol>\r\n	<li>I have not let the PART-TIME TRADER trades run as far as I should have. My only excuse / reason for this are the skittish markets. I have the very basic desire to succeed and not fail. I trade to make money not lose money and for these basic reasons while the markets have been so weird these initial two weeks or so I have not been prepared to let these trades run.</li>\r\n	<li>I have now more clearly defined in my head the set-ups for PART-TIME TRADER trades and FUNDAMENTAL trades as there are some overlaps. This may not be important to you but to me this is a paramount decision, which I am glad to say that I have defined.</li>\r\n	<li>I will try to be more specific with my daily TRADE PLAN tweets. I think that it is beneficial for you to see what I am thinking about. I prefer to write this as the European markets slow down and before the U.S. markets open.</li>\r\n</ol>\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:</u>\r\n\r\nThese are pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<u>4.2.2: FLASH TRADES:</u>\r\n\r\nMainly simply, opportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.\r\nThe goal is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\nSome FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\nIn addition in 2016, some FLASH TRADES can be of a longer duration, with very specific goals.\r\n\r\n<u>4.2.3: FUNDAMENTAL TRADES:</u>\r\n\r\nThese will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels.\r\nThese trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n<u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\nThese trade set-ups are intended to have a longer-term trading perspective. They are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n\r\nMy goal is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest to take some profits along the way, but hopefully at the same time letting trades run as far as possible.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong><u>\r\n</u>\r\n<u>4.3.1: RADAR TRADES:</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/radar1-23012016/\" rel=\"attachment wp-att-7161\"><img class=\"aligncenter size-full wp-image-7161\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR1-23012016.png\" alt=\"RADAR1 23012016\" width=\"519\" height=\"566\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/radar2-23012016/\" rel=\"attachment wp-att-7162\"><img class=\"aligncenter size-full wp-image-7162\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR2-23012016.png\" alt=\"RADAR2 23012016\" width=\"491\" height=\"570\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.3.2: FLASH TRADES:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/flash-23012016/\" rel=\"attachment wp-att-7163\"><img class=\"aligncenter size-full wp-image-7163\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FLASH-23012016.png\" alt=\"FLASH 23012016\" width=\"492\" height=\"572\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.3: FUNDAMENTAL TRADES:</u>\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/fun-23012016/\" rel=\"attachment wp-att-7164\"><img class=\"aligncenter size-full wp-image-7164\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FUN-23012016.png\" alt=\"FUN 23012016\" width=\"500\" height=\"557\" /></a>\r\n</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.4: PART-TIME TRADER TRADES: </u>\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/ptttrades-23012016/\" rel=\"attachment wp-att-7165\"><img class=\"aligncenter size-full wp-image-7165\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PTTTRADES-23012016.png\" alt=\"PTTTRADES 23012016\" width=\"490\" height=\"543\" /></a>\r\n</u>\r\n\r\n<u>4.3.5: MONTH TO DATE- SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/ps-profits1-23012016/\" rel=\"attachment wp-att-7159\"><img class=\"aligncenter size-full wp-image-7159\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS1-23012016.png\" alt=\"PS PROFITS1 23012016\" width=\"536\" height=\"527\" /></a>\r\n</u>\r\n\r\n<u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u> </u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/ps-profits2-23012016/\" rel=\"attachment wp-att-7160\"><img class=\"aligncenter size-full wp-image-7160\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS2-23012016.png\" alt=\"PS PROFITS2 23012016\" width=\"512\" height=\"506\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:</u><u></u>\r\n\r\nNot until the end of the month.\r\n\r\n<u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNot until the end of the month.\r\n\r\n&nbsp;\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\nI have had no contact with my brokers this week and therefore there are no updated comments for you to be made aware of.\r\n\r\nThis week I will be talking with Investors Group, Vantage FX and Hantec Markets. Should any of you have questions / issues you would like me to raise please contact me.\r\n\r\n&nbsp;\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-trending-pairs-23012016/\" rel=\"attachment wp-att-7168\"><img class=\"aligncenter size-full wp-image-7168\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-TRENDING-PAIRS-23012016.png\" alt=\"PS TRENDING PAIRS 23012016\" width=\"488\" height=\"559\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-23012016/\" rel=\"attachment wp-att-7167\"><img class=\"aligncenter size-full wp-image-7167\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-LIVE-TRADES-23012016.png\" alt=\"PS LIVE TRADES 23012016\" width=\"699\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-23012016/\" rel=\"attachment wp-att-7166\"><img class=\"aligncenter size-full wp-image-7166\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-LIMIT-ORDERS-23012016.png\" alt=\"PS LIMIT ORDERS 23012016\" width=\"685\" height=\"437\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<u>4.8.1: RADAR LIMIT ORDER TRADES:</u>\r\n\r\nRT625 – USD/CHF:\r\nEven though this pair has looked to have broken free of the constraints of 1.0120 on Friday last week, I still believe the set-up is still valid given the FOMC statement due this Wednesday.\r\n\r\n<u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:\r\n</u>\r\n\r\nFUN249 – EUR/GBP:\r\nThis trade is now some way from the current market. It is still a valid trade for the future and as such for now I will leave it in position.\r\n\r\n<u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES: </u>\r\n\r\nPART001 – EUR/USD:\r\nThis trade is still in play given the FOMC policy statement this Wednesday.\r\n\r\nPART017 – GBP/CHF:\r\nThis trade is now some way from the current market. It is still a valid trade for the future and as such for now I will leave it in position.\r\n\r\nPART018 – EUR/GBP:\r\nThis trade is now some way from the current market. It is still a valid trade for the future and as such for now I will leave it in position.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:</strong>\r\n\r\n&nbsp;\r\n\r\nMy comments (if any) are included on the charts. There are quite a few this week. I could be very busy Monday and Tuesday with admin placing these potential trades.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audchf-d-23012016/\" rel=\"attachment wp-att-7176\"><img class=\"aligncenter size-large wp-image-7176\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDCHF-D-23012016-1024x538.png\" alt=\"AUDCHF D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audjpy-d-23012016/\" rel=\"attachment wp-att-7177\"><img class=\"aligncenter size-large wp-image-7177\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDJPY-D-23012016-1024x538.png\" alt=\"AUDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audnzd-d-23012016/\" rel=\"attachment wp-att-7178\"><img class=\"aligncenter size-large wp-image-7178\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDNZD-D-23012016-1024x538.png\" alt=\"AUDNZD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadchf-w-23012016/\" rel=\"attachment wp-att-7179\"><img class=\"aligncenter size-large wp-image-7179\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADCHF-W-23012016-1024x538.png\" alt=\"CADCHF W 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadjpy-d-23012016/\" rel=\"attachment wp-att-7180\"><img class=\"aligncenter size-large wp-image-7180\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-D-23012016-1024x538.png\" alt=\"CADJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/chfjpy-d-23012016/\" rel=\"attachment wp-att-7181\"><img class=\"aligncenter size-large wp-image-7181\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CHFJPY-D-23012016-1024x538.png\" alt=\"CHFJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurcad-w-23012016/\" rel=\"attachment wp-att-7182\"><img class=\"aligncenter size-large wp-image-7182\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURCAD-W-23012016-1024x538.png\" alt=\"EURCAD W 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurgbp-d-23012016/\" rel=\"attachment wp-att-7183\"><img class=\"aligncenter size-large wp-image-7183\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-D-23012016-1024x538.png\" alt=\"EURGBP D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdchf-w-23012016/\" rel=\"attachment wp-att-7184\"><img class=\"aligncenter size-large wp-image-7184\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCHF-W-23012016-1024x538.png\" alt=\"NZDCHF W 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdjpy-d-23012016/\" rel=\"attachment wp-att-7185\"><img class=\"aligncenter size-large wp-image-7185\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDJPY-D-23012016-1024x538.png\" alt=\"NZDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThe Central Banks are in control again this week as they were last week. This time last week it was the BOC and the ECB, this week it’s the FED and the RBNZ both on Wednesday within an hour of each other.\r\n\r\nI have written many times in this blog about the markets being both volatile and skittish. For these reasons I would tread carefully.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>','IT’S ALL NOISE… NOTHING HAS FUNDAMENTALLY CHANGED','','inherit','closed','closed','','7186-revision-v1','','','2016-01-23 10:40:19','2016-01-23 15:40:19','',7186,'https://weeklyfxdrivethru.com/7186-revision-v1/',0,'revision','',0),(7194,1,'2016-01-23 11:08:23','2016-01-23 16:08:23','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 23rd January 2016\r\nBLOG REFERENCE: FREE NEWSLETTER #185\r\n\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe major changes I thought would be in place this week to the blog did not materialize. Unfortunately, my scheduled SKYPE meeting with my subscriber work group was cancelled at the last minute.\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\nThe first draw will take place next week and to keep myself impartial we have friends over next Thursday / Friday, I shall ask one of them to pick at random. The winner will be contacted and fully set up within 24 hours.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>2.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>2.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\"><strong>NET PIPS THIS MONTH SO FAR: +1,097</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR: +1,097</strong></p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>2.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>3.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>3.1.1: THE BANK OF CANADA – INTEREST RATE DECISION:</u>\r\n\r\nAs Stephen Fry once said in an episode of the TV comedy series Blackadder; “Well, glaze my nipples and call me Rita!”\r\n\r\nTo say that I was stunned and shocked with the news that interest rates were left unchanged would be an understatement. It appears that Stephen Poloz has decided that the stimulus to the Canadian economy will come from fiscal stimulus as a result of the boy’s (Justin Trudeau) first budget in which, based on his election manifesto he plans to spend big. Sadly for Canadian’s, and I’m one of them, although he promised big money spending on infrastructure, this may now not happen. I hope that the allocated budget goes to infrastructure and also that there are additional funds put to one side to fix the economic issues. Sadly with oil revenues down, I cannot see anything other than a huge political backlash if he creates a deficit that will require many years to repay.\r\n\r\nWe shall see, but I still think that central bank involvement will be required.<strong> </strong>\r\n\r\nBasically, Poloz believes that that Canadian economy is in relatively good shape. My response is very simple: Can we all have some of what he’s smoking. I really think he and the BOC committee have lost the plot. Even during the Canadian economy’s recession last year he was upbeat. It can’t be alcohol; it must be a substance he’s taking. I drink and I think that the economy is sliding towards the abyss. I don’t smoke maybe that’s what is missing.\r\n\r\nBear in mind that the Canadian economy is that good, GDP targets / expectations were reduced…yup in great shape. Nothing to look at here!\r\n\r\nAs I have said many times the BOC policy committee are so deep in thick pile carpets, potted plants and decanters of sherry, plus their offices are so high up the air is thin and the real world is so far away. They bury their heads in the sand.\r\n\r\nWe shall see…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.2: ECB – DRAGHI PRESS CONFERENCE:</u>\r\n\r\nMario Draghi put it out there again. “The ECB will review and possibly reconsider” monetary policy at it’s next meeting in March”.\r\n\r\nHint bloody hint…\r\n\r\nInitially the EUR/USD collapsed about 100 pips and for reasons I still do not know it bounced 65-70 pips on Thursday afternoon after the announcement.\r\n\r\nThese markets (all of them), are so skittish, moves are unfathomable at times.\r\n\r\nAnyways, these comments from Draghi should keep the EUR/USD pressured lower towards 1.0710. The range as far as I am concerned is now 1.0710 to 1.1000. Lets work with this for the next while.\r\n\r\nAt least up until the next FED statement next week!\r\n\r\n<u> </u>\r\n\r\n<u>3.1.3: OIL:</u>\r\n\r\nIran came on-line last weekend and by Tuesday was offering discounts to parts of Europe who wanted to purchase its oil.\r\n\r\nHappy days…\r\n\r\nNo surprise therefore that the oil roller-coaster party continued to ride last week. We hit new lows of $27.57 and then bounced above $30.00, which had the doom and gloom, end of the world as we know it pundits running for the hills. The bounce continued through to Friday and held above $30.00 for most of the day and closed the week above $31.00.\r\n\r\nDo not be fooled….\r\n\r\nThe oil fundamentals are all still there, nothing has changed. It will take months to pull this around from a supply and demand perspective, and, never forget, oil is a corrupt, high stakes poker gamble by mega risk-takers wanting to show they can control the market and turn around bottoms.\r\n\r\nOne can see these guys walking around Wall Street and Chicago; they are easily identified. These are the guys pushing wheelbarrows in front of themselves that are carrying their huge balls. By comparison, I am a more conservative and cautious trader; a couple of eggcups would satisfy my bravery.\r\n\r\nGod love me…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.4: MARK CARNEY:</u>\r\n\r\nLast Tuesday at the Queen Mary, University in London, the oracle of Threadneedle Street and head JCB operator for the BOE stated that the BOE would not be raising interest rates.\r\n\r\nHis quote was “Now is not the time to raise interest rates”\r\n\r\nHe cited, oil, China, moderation in UK growth and wages as being the contributing factors to conclude that not enough progress had been made to warrant a tightening of monetary policy.\r\n\r\nSo there you have it…the position for this month!\r\n\r\nClear forward guidance from Carney; let us see how long this lasts.\r\n\r\n&nbsp;\r\n\r\n<strong>3.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>3.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD - CPi.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – Interest Rate and Statement.\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: JPY – BOJ Press Conference, Policy Statement etc.\r\n\r\nFRIDAY: CAD - GDP.\r\nFRIDAY: USD – GDP.\r\n\r\n&nbsp;\r\n\r\n<u>3.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0796\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/eurusd-d-23012016/\" rel=\"attachment wp-att-7170\"><img class=\"aligncenter size-large wp-image-7170\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-23012016-1024x538.png\" alt=\"EURUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4262\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/gbpusd-d-23012016/\" rel=\"attachment wp-att-7171\"><img class=\"aligncenter size-large wp-image-7171\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-23012016-1024x538.png\" alt=\"GBPUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7002\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/audusd-d-23012016/\" rel=\"attachment wp-att-7169\"><img class=\"aligncenter size-large wp-image-7169\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-23012016-1024x538.png\" alt=\"AUDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6487\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/nzdusd-d-23012016/\" rel=\"attachment wp-att-7172\"><img class=\"aligncenter size-large wp-image-7172\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-23012016-1024x538.png\" alt=\"NZDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4121\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/usdcad-d-2302016/\" rel=\"attachment wp-att-7173\"><img class=\"aligncenter size-large wp-image-7173\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-D-2302016-1024x538.png\" alt=\"USDCAD D 2302016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0162\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/usdchf-d-23012016/\" rel=\"attachment wp-att-7174\"><img class=\"aligncenter size-large wp-image-7174\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-23012016-1024x538.png\" alt=\"USDCHF D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 118.75\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/usdjpy-d-23012016/\" rel=\"attachment wp-att-7175\"><img class=\"aligncenter size-large wp-image-7175\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-23012016-1024x538.png\" alt=\"USDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>3.3: WHAT’S ON MY MIND:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IT’S ALL NOISE… NOTHING HAS</strong>\r\n<strong>FUNDAMENTALLY CHANGED</strong></p>\r\nTo all of you traders who went out spending lavish amounts of cash on KRUG Champagne, dining in the finest restaurants that you could find, booking first class air tickets and holidaying in the finest hotels at luxurious white sandy beaches taking in the rays from the sun knocking back exotic cocktails, believing the naysayer’s that the end of the world was upon us….\r\n\r\nI bet you feel like prized “pillocks” now…\r\n\r\nYes, we have seen crude oil move lower and yes, the markets have decided that crude rules and yes, the crude oil market is really a one-sided market. All we are doing with this bounce back above $30.00 is seeing a squeeze. However, fundamentally nothing has changed. We have so much stockpiled and in reserves all over the world, it’s crazy. Another year or so without a supplier behavioral change and we will have more stored above the ground than what there is left in the ground… maybe not quite but you get my point.\r\n\r\nI even had a knock on the door yesterday from an Exxon representative looking for spare bins to store crude in…. joking for now.\r\n\r\nMoving on…\r\n\r\nThis year so far has been a crazy trading environment no matter what market you trade. As a Forex trader it has been bizarre. That is the best description I can come up with. Moves have been swift, volatile and at times even if you consider yourself to be a very accomplished technical trader, levels meant little at times.\r\n\r\nWhat has held however, are the bigger trading ranges. There are of course one or two exceptions and there always are but basically the wider trading ranges held.\r\n<ul>\r\n	<li>EUR/USD: 1.0710 to 1.1060 held.</li>\r\n	<li>GBP/USD: Was the big exception it sold off to 1.4100, about 800 pips so far.</li>\r\n	<li>AUD/USD: Broke previous 52-week lows and has pulled back inside range.</li>\r\n	<li>NZD/USD: 0.6240 to 0.6880 held.</li>\r\n	<li>USD/CAD: with oil falling it broke to new 52-week highs, now back in range.</li>\r\n	<li>USD/CHF: 0.9850 to 1.0330 held.</li>\r\n	<li>USD/JPY: 116.00 to 120.00 held.</li>\r\n</ul>\r\nWhat we have is a market full of uncertainties and FEAR…. plus a good dose of GREED.\r\n\r\nWe have known for months that China has been slowing and that the GDP objectives had been revised to 7%. In the months running up to the full year figure being released China had been in slowdown mode. The vast majority of the economic data released was always falling short of expectations. It was obvious that with this as a backdrop the final GDP figure would be pressured.\r\n\r\nFrom my own perspective, I wonder what the true GDP figure actually is 5%, 5.5%, 6% or 6.5%... Frankly, the markets debate the published data as if Moses brought it down from Mount Sinai scorched into tablets of stone. When pushed not very many analysts will admit that they actually believe the data we are given.\r\n\r\nQuite bizarre really, we don\'t believe the data yet we react as if it’s accurate.\r\n\r\nThen of course the PBOC (Strings held by the Chinese government) uses the Yuan as a tool to play with economic stimulus into the Chinese economy. They (PBOC) weaken the reference rate to stimulate… to us normal folk that means currency manipulation.\r\n\r\nYes…Currency wars are all over the world and still going strong.\r\n\r\nSo the beginning of 2016, gave us Chinese GDP that slightly missed expectations, so as a pre-cursor probably knowing what figure they were going to announce as final GDP, the PBOC decided to aggressively have a shot at weakening their currency initially to make Chinese finished goods more competitive in the Asian markets, where they can measure immediate growth.\r\n\r\nA GDP miss and currency manipulation is like a red rag to a bull in the equity markets. Then add to this cocktail the sudden realization that the oil market does operate within the boundaries of the economic laws of supply and demand   and we had a sell-off. A sell-off exacerbated by Iranian oil coming back on line and within 48 hours of returning to the export market the Iranians were offering discounts beyond the quoted market price to some European governments.\r\n\r\nChaos, panic, fear, greed, stupidity and large testicles were all the word’s I was using to describe what was going on day after day.\r\n\r\nCommon sense… forget that!\r\n\r\nGod love her, Mandy Drury from CNBC was uttering “Buy the dip, buy the dip”, I remember shouting to my wife one lunch-time on hearing the CNBC call of buy the dip… “Buy the fecking dip for God’s sake give me a fecking break”. Of course at this point in proceedings, program guests made references to 2008-2009!\r\n\r\nHoly Mother of God….\r\n\r\nNow I do not want to be accused of being blasé or complacent, but I believe all the smart money is in cash at the moment. This makes perfect sense to me despite what CNBC and BLOOMBERG anchors state, cash is a position. The volumes in the sell-offs were higher volumes than usual trading volumes. The bounces were on the other hand, conducted with much smaller volumes and this is possible as the markets are essentially one –sided.\r\n\r\nWhat does this tell me?\r\n\r\nMainly lack of conviction and non-belief in the move. The main upside moves last week were on the back of Mario Draghi rhetoric and not on the market fundamentals. Until this subtle change is made I am afraid to say that volatility will remain in situ.\r\n\r\nI am sick of hearing that the American economy is in good shape. The stock market is not the economy and maybe this realization is starting to hit home. Wall Street and Main Street have always been two different places as far as I am concerned. It is taking the markets some time to realize this difference.\r\n\r\nIf you are looking to blame anyone for this, blame the FED, blame Janet Yellen and her lads.\r\n\r\nMoving to normalization will take time and it\'s a learning curve with pain and because we have had zero / zirp for years and years many of the “experts” on Wall Street and the likes know nothing other than “Buy the Dip”…”Buy the Dip”… “Buy the Dip”.\r\n\r\nWe have Central Bank divergence and we have a swoop of traders on Wall Street and the like who have had their hands held and bottoms wiped for them for the past 7-8 years. They need to learn new tricks.\r\n\r\nSo as Forex traders we have normalization to deal with as the Fed increases interest rates this year. Despite all the talk on the TV the FOMC policy committee, have between 4 and 6 rate hikes in 2016-17. As long as employment remains within guidelines and the data continues not to surprise too much and at least shows a trending consistency in the FOMC preferred direction, rates are increasing…. that is a fact.\r\n\r\nWe have great opportunities ahead.<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThe Central Banks are in control again this week as they were last week. This time last week it was the BOC and the ECB, this week it’s the FED and the RBNZ both on Wednesday within an hour of each other.\r\n\r\nI have written many times in this blog about the markets being both volatile and skittish. For these reasons I would tread carefully.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>','IT’S ALL NOISE… NOTHING HAS FUNDAMENTALLY CHANGED','','publish','open','closed','','its-all-noise-nothing-has-fundamentally-changed','','','2016-01-23 11:08:23','2016-01-23 16:08:23','',0,'https://weeklyfxdrivethru.com/?p=7194',0,'post','',0),(7195,1,'2016-01-23 11:06:41','2016-01-23 16:06:41','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 23rd January 2016\r\nBLOG REFERENCE: FREE NEWSLETTER #185\r\n\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe major changes I thought would be in place this week to the blog did not materialize. Unfortunately, my scheduled SKYPE meeting with my subscriber work group was cancelled at the last minute.\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\nThe first draw will take place next week and to keep myself impartial we have friends over next Thursday / Friday, I shall ask one of them to pick at random. The winner will be contacted and fully set up within 24 hours.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>2.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>2.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">\r\n<strong>NET PIPS THIS MONTH SO FAR: +1,097</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR: +1,097</strong></p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>2.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>3.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>3.1.1: THE BANK OF CANADA – INTEREST RATE DECISION:</u>\r\n\r\nAs Stephen Fry once said in an episode of the TV comedy series Blackadder; “Well, glaze my nipples and call me Rita!”\r\n\r\nTo say that I was stunned and shocked with the news that interest rates were left unchanged would be an understatement. It appears that Stephen Poloz has decided that the stimulus to the Canadian economy will come from fiscal stimulus as a result of the boy’s (Justin Trudeau) first budget in which, based on his election manifesto he plans to spend big. Sadly for Canadian’s, and I’m one of them, although he promised big money spending on infrastructure, this may now not happen. I hope that the allocated budget goes to infrastructure and also that there are additional funds put to one side to fix the economic issues. Sadly with oil revenues down, I cannot see anything other than a huge political backlash if he creates a deficit that will require many years to repay.\r\n\r\nWe shall see, but I still think that central bank involvement will be required.<strong> </strong>\r\n\r\nBasically, Poloz believes that that Canadian economy is in relatively good shape. My response is very simple: Can we all have some of what he’s smoking. I really think he and the BOC committee have lost the plot. Even during the Canadian economy’s recession last year he was upbeat. It can’t be alcohol; it must be a substance he’s taking. I drink and I think that the economy is sliding towards the abyss. I don’t smoke maybe that’s what is missing.\r\n\r\nBear in mind that the Canadian economy is that good, GDP targets / expectations were reduced…yup in great shape. Nothing to look at here!\r\n\r\nAs I have said many times the BOC policy committee are so deep in thick pile carpets, potted plants and decanters of sherry, plus their offices are so high up the air is thin and the real world is so far away. They bury their heads in the sand.\r\n\r\nWe shall see…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.2: ECB – DRAGHI PRESS CONFERENCE:</u>\r\n\r\nMario Draghi put it out there again. “The ECB will review and possibly reconsider” monetary policy at it’s next meeting in March”.\r\n\r\nHint bloody hint…\r\n\r\nInitially the EUR/USD collapsed about 100 pips and for reasons I still do not know it bounced 65-70 pips on Thursday afternoon after the announcement.\r\n\r\nThese markets (all of them), are so skittish, moves are unfathomable at times.\r\n\r\nAnyways, these comments from Draghi should keep the EUR/USD pressured lower towards 1.0710. The range as far as I am concerned is now 1.0710 to 1.1000. Lets work with this for the next while.\r\n\r\nAt least up until the next FED statement next week!\r\n\r\n<u> </u>\r\n\r\n<u>3.1.3: OIL:</u>\r\n\r\nIran came on-line last weekend and by Tuesday was offering discounts to parts of Europe who wanted to purchase its oil.\r\n\r\nHappy days…\r\n\r\nNo surprise therefore that the oil roller-coaster party continued to ride last week. We hit new lows of $27.57 and then bounced above $30.00, which had the doom and gloom, end of the world as we know it pundits running for the hills. The bounce continued through to Friday and held above $30.00 for most of the day and closed the week above $31.00.\r\n\r\nDo not be fooled….\r\n\r\nThe oil fundamentals are all still there, nothing has changed. It will take months to pull this around from a supply and demand perspective, and, never forget, oil is a corrupt, high stakes poker gamble by mega risk-takers wanting to show they can control the market and turn around bottoms.\r\n\r\nOne can see these guys walking around Wall Street and Chicago; they are easily identified. These are the guys pushing wheelbarrows in front of themselves that are carrying their huge balls. By comparison, I am a more conservative and cautious trader; a couple of eggcups would satisfy my bravery.\r\n\r\nGod love me…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.4: MARK CARNEY:</u>\r\n\r\nLast Tuesday at the Queen Mary, University in London, the oracle of Threadneedle Street and head JCB operator for the BOE stated that the BOE would not be raising interest rates.\r\n\r\nHis quote was “Now is not the time to raise interest rates”\r\n\r\nHe cited, oil, China, moderation in UK growth and wages as being the contributing factors to conclude that not enough progress had been made to warrant a tightening of monetary policy.\r\n\r\nSo there you have it…the position for this month!\r\n\r\nClear forward guidance from Carney; let us see how long this lasts.\r\n\r\n&nbsp;\r\n\r\n<strong>3.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>3.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD - CPi.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – Interest Rate and Statement.\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: JPY – BOJ Press Conference, Policy Statement etc.\r\n\r\nFRIDAY: CAD - GDP.\r\nFRIDAY: USD – GDP.\r\n\r\n&nbsp;\r\n\r\n<u>3.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0796\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/eurusd-d-23012016/\" rel=\"attachment wp-att-7170\"><img class=\"aligncenter size-large wp-image-7170\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-23012016-1024x538.png\" alt=\"EURUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4262\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/gbpusd-d-23012016/\" rel=\"attachment wp-att-7171\"><img class=\"aligncenter size-large wp-image-7171\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-23012016-1024x538.png\" alt=\"GBPUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7002\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/audusd-d-23012016/\" rel=\"attachment wp-att-7169\"><img class=\"aligncenter size-large wp-image-7169\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-23012016-1024x538.png\" alt=\"AUDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6487\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/nzdusd-d-23012016/\" rel=\"attachment wp-att-7172\"><img class=\"aligncenter size-large wp-image-7172\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-23012016-1024x538.png\" alt=\"NZDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4121\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/usdcad-d-2302016/\" rel=\"attachment wp-att-7173\"><img class=\"aligncenter size-large wp-image-7173\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-D-2302016-1024x538.png\" alt=\"USDCAD D 2302016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0162\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/usdchf-d-23012016/\" rel=\"attachment wp-att-7174\"><img class=\"aligncenter size-large wp-image-7174\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-23012016-1024x538.png\" alt=\"USDCHF D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 118.75\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/usdjpy-d-23012016/\" rel=\"attachment wp-att-7175\"><img class=\"aligncenter size-large wp-image-7175\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-23012016-1024x538.png\" alt=\"USDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>3.3: WHAT’S ON MY MIND:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IT’S ALL NOISE… NOTHING HAS</strong>\r\n<strong>FUNDAMENTALLY CHANGED</strong></p>\r\nTo all of you traders who went out spending lavish amounts of cash on KRUG Champagne, dining in the finest restaurants that you could find, booking first class air tickets and holidaying in the finest hotels at luxurious white sandy beaches taking in the rays from the sun knocking back exotic cocktails, believing the naysayer’s that the end of the world was upon us….\r\n\r\nI bet you feel like prized “pillocks” now…\r\n\r\nYes, we have seen crude oil move lower and yes, the markets have decided that crude rules and yes, the crude oil market is really a one-sided market. All we are doing with this bounce back above $30.00 is seeing a squeeze. However, fundamentally nothing has changed. We have so much stockpiled and in reserves all over the world, it’s crazy. Another year or so without a supplier behavioral change and we will have more stored above the ground than what there is left in the ground… maybe not quite but you get my point.\r\n\r\nI even had a knock on the door yesterday from an Exxon representative looking for spare bins to store crude in…. joking for now.\r\n\r\nMoving on…\r\n\r\nThis year so far has been a crazy trading environment no matter what market you trade. As a Forex trader it has been bizarre. That is the best description I can come up with. Moves have been swift, volatile and at times even if you consider yourself to be a very accomplished technical trader, levels meant little at times.\r\n\r\nWhat has held however, are the bigger trading ranges. There are of course one or two exceptions and there always are but basically the wider trading ranges held.\r\n<ul>\r\n	<li>EUR/USD: 1.0710 to 1.1060 held.</li>\r\n	<li>GBP/USD: Was the big exception it sold off to 1.4100, about 800 pips so far.</li>\r\n	<li>AUD/USD: Broke previous 52-week lows and has pulled back inside range.</li>\r\n	<li>NZD/USD: 0.6240 to 0.6880 held.</li>\r\n	<li>USD/CAD: with oil falling it broke to new 52-week highs, now back in range.</li>\r\n	<li>USD/CHF: 0.9850 to 1.0330 held.</li>\r\n	<li>USD/JPY: 116.00 to 120.00 held.</li>\r\n</ul>\r\nWhat we have is a market full of uncertainties and FEAR…. plus a good dose of GREED.\r\n\r\nWe have known for months that China has been slowing and that the GDP objectives had been revised to 7%. In the months running up to the full year figure being released China had been in slowdown mode. The vast majority of the economic data released was always falling short of expectations. It was obvious that with this as a backdrop the final GDP figure would be pressured.\r\n\r\nFrom my own perspective, I wonder what the true GDP figure actually is 5%, 5.5%, 6% or 6.5%... Frankly, the markets debate the published data as if Moses brought it down from Mount Sinai scorched into tablets of stone. When pushed not very many analysts will admit that they actually believe the data we are given.\r\n\r\nQuite bizarre really, we don\'t believe the data yet we react as if it’s accurate.\r\n\r\nThen of course the PBOC (Strings held by the Chinese government) uses the Yuan as a tool to play with economic stimulus into the Chinese economy. They (PBOC) weaken the reference rate to stimulate… to us normal folk that means currency manipulation.\r\n\r\nYes…Currency wars are all over the world and still going strong.\r\n\r\nSo the beginning of 2016, gave us Chinese GDP that slightly missed expectations, so as a pre-cursor probably knowing what figure they were going to announce as final GDP, the PBOC decided to aggressively have a shot at weakening their currency initially to make Chinese finished goods more competitive in the Asian markets, where they can measure immediate growth.\r\n\r\nA GDP miss and currency manipulation is like a red rag to a bull in the equity markets. Then add to this cocktail the sudden realization that the oil market does operate within the boundaries of the economic laws of supply and demand   and we had a sell-off. A sell-off exacerbated by Iranian oil coming back on line and within 48 hours of returning to the export market the Iranians were offering discounts beyond the quoted market price to some European governments.\r\n\r\nChaos, panic, fear, greed, stupidity and large testicles were all the word’s I was using to describe what was going on day after day.\r\n\r\nCommon sense… forget that!\r\n\r\nGod love her, Mandy Drury from CNBC was uttering “Buy the dip, buy the dip”, I remember shouting to my wife one lunch-time on hearing the CNBC call of buy the dip… “Buy the fecking dip for God’s sake give me a fecking break”. Of course at this point in proceedings, program guests made references to 2008-2009!\r\n\r\nHoly Mother of God….\r\n\r\nNow I do not want to be accused of being blasé or complacent, but I believe all the smart money is in cash at the moment. This makes perfect sense to me despite what CNBC and BLOOMBERG anchors state, cash is a position. The volumes in the sell-offs were higher volumes than usual trading volumes. The bounces were on the other hand, conducted with much smaller volumes and this is possible as the markets are essentially one –sided.\r\n\r\nWhat does this tell me?\r\n\r\nMainly lack of conviction and non-belief in the move. The main upside moves last week were on the back of Mario Draghi rhetoric and not on the market fundamentals. Until this subtle change is made I am afraid to say that volatility will remain in situ.\r\n\r\nI am sick of hearing that the American economy is in good shape. The stock market is not the economy and maybe this realization is starting to hit home. Wall Street and Main Street have always been two different places as far as I am concerned. It is taking the markets some time to realize this difference.\r\n\r\nIf you are looking to blame anyone for this, blame the FED, blame Janet Yellen and her lads.\r\n\r\nMoving to normalization will take time and it\'s a learning curve with pain and because we have had zero / zirp for years and years many of the “experts” on Wall Street and the likes know nothing other than “Buy the Dip”…”Buy the Dip”… “Buy the Dip”.\r\n\r\nWe have Central Bank divergence and we have a swoop of traders on Wall Street and the like who have had their hands held and bottoms wiped for them for the past 7-8 years. They need to learn new tricks.\r\n\r\nSo as Forex traders we have normalization to deal with as the Fed increases interest rates this year. Despite all the talk on the TV the FOMC policy committee, have between 4 and 6 rate hikes in 2016-17. As long as employment remains within guidelines and the data continues not to surprise too much and at least shows a trending consistency in the FOMC preferred direction, rates are increasing…. that is a fact.\r\n\r\nWe have great opportunities ahead.<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThe Central Banks are in control again this week as they were last week. This time last week it was the BOC and the ECB, this week it’s the FED and the RBNZ both on Wednesday within an hour of each other.\r\n\r\nI have written many times in this blog about the markets being both volatile and skittish. For these reasons I would tread carefully.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>','IT’S ALL NOISE… NOTHING HAS FUNDAMENTALLY CHANGED','','inherit','closed','closed','','7194-revision-v1','','','2016-01-23 11:06:41','2016-01-23 16:06:41','',7194,'https://weeklyfxdrivethru.com/7194-revision-v1/',0,'revision','',0),(7196,1,'2016-01-23 11:08:23','2016-01-23 16:08:23','<strong><u>THE WEEKLY FX DRIVE THRU</u></strong>\r\n\r\nDATE: 23rd January 2016\r\nBLOG REFERENCE: FREE NEWSLETTER #185\r\n\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe major changes I thought would be in place this week to the blog did not materialize. Unfortunately, my scheduled SKYPE meeting with my subscriber work group was cancelled at the last minute.\r\n\r\nJust a point of note that may interest some of you, if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\nSo as a winner, in addition to having free access to my blog you will also receive my trade set ups (Subscription cost for 4 weeks = $100.00) which could be a game changer for you.\r\n\r\nThe first draw will take place next week and to keep myself impartial we have friends over next Thursday / Friday, I shall ask one of them to pick at random. The winner will be contacted and fully set up within 24 hours.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>2.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>2.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\"><strong>NET PIPS THIS MONTH SO FAR: +1,097</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR: +1,097</strong></p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>2.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>3.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>3.1.1: THE BANK OF CANADA – INTEREST RATE DECISION:</u>\r\n\r\nAs Stephen Fry once said in an episode of the TV comedy series Blackadder; “Well, glaze my nipples and call me Rita!”\r\n\r\nTo say that I was stunned and shocked with the news that interest rates were left unchanged would be an understatement. It appears that Stephen Poloz has decided that the stimulus to the Canadian economy will come from fiscal stimulus as a result of the boy’s (Justin Trudeau) first budget in which, based on his election manifesto he plans to spend big. Sadly for Canadian’s, and I’m one of them, although he promised big money spending on infrastructure, this may now not happen. I hope that the allocated budget goes to infrastructure and also that there are additional funds put to one side to fix the economic issues. Sadly with oil revenues down, I cannot see anything other than a huge political backlash if he creates a deficit that will require many years to repay.\r\n\r\nWe shall see, but I still think that central bank involvement will be required.<strong> </strong>\r\n\r\nBasically, Poloz believes that that Canadian economy is in relatively good shape. My response is very simple: Can we all have some of what he’s smoking. I really think he and the BOC committee have lost the plot. Even during the Canadian economy’s recession last year he was upbeat. It can’t be alcohol; it must be a substance he’s taking. I drink and I think that the economy is sliding towards the abyss. I don’t smoke maybe that’s what is missing.\r\n\r\nBear in mind that the Canadian economy is that good, GDP targets / expectations were reduced…yup in great shape. Nothing to look at here!\r\n\r\nAs I have said many times the BOC policy committee are so deep in thick pile carpets, potted plants and decanters of sherry, plus their offices are so high up the air is thin and the real world is so far away. They bury their heads in the sand.\r\n\r\nWe shall see…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.2: ECB – DRAGHI PRESS CONFERENCE:</u>\r\n\r\nMario Draghi put it out there again. “The ECB will review and possibly reconsider” monetary policy at it’s next meeting in March”.\r\n\r\nHint bloody hint…\r\n\r\nInitially the EUR/USD collapsed about 100 pips and for reasons I still do not know it bounced 65-70 pips on Thursday afternoon after the announcement.\r\n\r\nThese markets (all of them), are so skittish, moves are unfathomable at times.\r\n\r\nAnyways, these comments from Draghi should keep the EUR/USD pressured lower towards 1.0710. The range as far as I am concerned is now 1.0710 to 1.1000. Lets work with this for the next while.\r\n\r\nAt least up until the next FED statement next week!\r\n\r\n<u> </u>\r\n\r\n<u>3.1.3: OIL:</u>\r\n\r\nIran came on-line last weekend and by Tuesday was offering discounts to parts of Europe who wanted to purchase its oil.\r\n\r\nHappy days…\r\n\r\nNo surprise therefore that the oil roller-coaster party continued to ride last week. We hit new lows of $27.57 and then bounced above $30.00, which had the doom and gloom, end of the world as we know it pundits running for the hills. The bounce continued through to Friday and held above $30.00 for most of the day and closed the week above $31.00.\r\n\r\nDo not be fooled….\r\n\r\nThe oil fundamentals are all still there, nothing has changed. It will take months to pull this around from a supply and demand perspective, and, never forget, oil is a corrupt, high stakes poker gamble by mega risk-takers wanting to show they can control the market and turn around bottoms.\r\n\r\nOne can see these guys walking around Wall Street and Chicago; they are easily identified. These are the guys pushing wheelbarrows in front of themselves that are carrying their huge balls. By comparison, I am a more conservative and cautious trader; a couple of eggcups would satisfy my bravery.\r\n\r\nGod love me…\r\n\r\n&nbsp;\r\n\r\n<u>3.1.4: MARK CARNEY:</u>\r\n\r\nLast Tuesday at the Queen Mary, University in London, the oracle of Threadneedle Street and head JCB operator for the BOE stated that the BOE would not be raising interest rates.\r\n\r\nHis quote was “Now is not the time to raise interest rates”\r\n\r\nHe cited, oil, China, moderation in UK growth and wages as being the contributing factors to conclude that not enough progress had been made to warrant a tightening of monetary policy.\r\n\r\nSo there you have it…the position for this month!\r\n\r\nClear forward guidance from Carney; let us see how long this lasts.\r\n\r\n&nbsp;\r\n\r\n<strong>3.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>3.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: AUD - CPi.\r\n\r\nWEDNESDAY: USD – FOMC Statement.\r\nWEDNESDAY: NZD – Interest Rate and Statement.\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: JPY – BOJ Press Conference, Policy Statement etc.\r\n\r\nFRIDAY: CAD - GDP.\r\nFRIDAY: USD – GDP.\r\n\r\n&nbsp;\r\n\r\n<u>3.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0796\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/eurusd-d-23012016/\" rel=\"attachment wp-att-7170\"><img class=\"aligncenter size-large wp-image-7170\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-23012016-1024x538.png\" alt=\"EURUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4262\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/gbpusd-d-23012016/\" rel=\"attachment wp-att-7171\"><img class=\"aligncenter size-large wp-image-7171\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-23012016-1024x538.png\" alt=\"GBPUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7002\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/audusd-d-23012016/\" rel=\"attachment wp-att-7169\"><img class=\"aligncenter size-large wp-image-7169\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-23012016-1024x538.png\" alt=\"AUDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6487\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/nzdusd-d-23012016/\" rel=\"attachment wp-att-7172\"><img class=\"aligncenter size-large wp-image-7172\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-23012016-1024x538.png\" alt=\"NZDUSD D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.4121\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/usdcad-d-2302016/\" rel=\"attachment wp-att-7173\"><img class=\"aligncenter size-large wp-image-7173\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-D-2302016-1024x538.png\" alt=\"USDCAD D 2302016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0162\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/usdchf-d-23012016/\" rel=\"attachment wp-att-7174\"><img class=\"aligncenter size-large wp-image-7174\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-23012016-1024x538.png\" alt=\"USDCHF D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 118.75\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7186-2/usdjpy-d-23012016/\" rel=\"attachment wp-att-7175\"><img class=\"aligncenter size-large wp-image-7175\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-23012016-1024x538.png\" alt=\"USDJPY D 23012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>3.3: WHAT’S ON MY MIND:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IT’S ALL NOISE… NOTHING HAS</strong>\r\n<strong>FUNDAMENTALLY CHANGED</strong></p>\r\nTo all of you traders who went out spending lavish amounts of cash on KRUG Champagne, dining in the finest restaurants that you could find, booking first class air tickets and holidaying in the finest hotels at luxurious white sandy beaches taking in the rays from the sun knocking back exotic cocktails, believing the naysayer’s that the end of the world was upon us….\r\n\r\nI bet you feel like prized “pillocks” now…\r\n\r\nYes, we have seen crude oil move lower and yes, the markets have decided that crude rules and yes, the crude oil market is really a one-sided market. All we are doing with this bounce back above $30.00 is seeing a squeeze. However, fundamentally nothing has changed. We have so much stockpiled and in reserves all over the world, it’s crazy. Another year or so without a supplier behavioral change and we will have more stored above the ground than what there is left in the ground… maybe not quite but you get my point.\r\n\r\nI even had a knock on the door yesterday from an Exxon representative looking for spare bins to store crude in…. joking for now.\r\n\r\nMoving on…\r\n\r\nThis year so far has been a crazy trading environment no matter what market you trade. As a Forex trader it has been bizarre. That is the best description I can come up with. Moves have been swift, volatile and at times even if you consider yourself to be a very accomplished technical trader, levels meant little at times.\r\n\r\nWhat has held however, are the bigger trading ranges. There are of course one or two exceptions and there always are but basically the wider trading ranges held.\r\n<ul>\r\n	<li>EUR/USD: 1.0710 to 1.1060 held.</li>\r\n	<li>GBP/USD: Was the big exception it sold off to 1.4100, about 800 pips so far.</li>\r\n	<li>AUD/USD: Broke previous 52-week lows and has pulled back inside range.</li>\r\n	<li>NZD/USD: 0.6240 to 0.6880 held.</li>\r\n	<li>USD/CAD: with oil falling it broke to new 52-week highs, now back in range.</li>\r\n	<li>USD/CHF: 0.9850 to 1.0330 held.</li>\r\n	<li>USD/JPY: 116.00 to 120.00 held.</li>\r\n</ul>\r\nWhat we have is a market full of uncertainties and FEAR…. plus a good dose of GREED.\r\n\r\nWe have known for months that China has been slowing and that the GDP objectives had been revised to 7%. In the months running up to the full year figure being released China had been in slowdown mode. The vast majority of the economic data released was always falling short of expectations. It was obvious that with this as a backdrop the final GDP figure would be pressured.\r\n\r\nFrom my own perspective, I wonder what the true GDP figure actually is 5%, 5.5%, 6% or 6.5%... Frankly, the markets debate the published data as if Moses brought it down from Mount Sinai scorched into tablets of stone. When pushed not very many analysts will admit that they actually believe the data we are given.\r\n\r\nQuite bizarre really, we don\'t believe the data yet we react as if it’s accurate.\r\n\r\nThen of course the PBOC (Strings held by the Chinese government) uses the Yuan as a tool to play with economic stimulus into the Chinese economy. They (PBOC) weaken the reference rate to stimulate… to us normal folk that means currency manipulation.\r\n\r\nYes…Currency wars are all over the world and still going strong.\r\n\r\nSo the beginning of 2016, gave us Chinese GDP that slightly missed expectations, so as a pre-cursor probably knowing what figure they were going to announce as final GDP, the PBOC decided to aggressively have a shot at weakening their currency initially to make Chinese finished goods more competitive in the Asian markets, where they can measure immediate growth.\r\n\r\nA GDP miss and currency manipulation is like a red rag to a bull in the equity markets. Then add to this cocktail the sudden realization that the oil market does operate within the boundaries of the economic laws of supply and demand   and we had a sell-off. A sell-off exacerbated by Iranian oil coming back on line and within 48 hours of returning to the export market the Iranians were offering discounts beyond the quoted market price to some European governments.\r\n\r\nChaos, panic, fear, greed, stupidity and large testicles were all the word’s I was using to describe what was going on day after day.\r\n\r\nCommon sense… forget that!\r\n\r\nGod love her, Mandy Drury from CNBC was uttering “Buy the dip, buy the dip”, I remember shouting to my wife one lunch-time on hearing the CNBC call of buy the dip… “Buy the fecking dip for God’s sake give me a fecking break”. Of course at this point in proceedings, program guests made references to 2008-2009!\r\n\r\nHoly Mother of God….\r\n\r\nNow I do not want to be accused of being blasé or complacent, but I believe all the smart money is in cash at the moment. This makes perfect sense to me despite what CNBC and BLOOMBERG anchors state, cash is a position. The volumes in the sell-offs were higher volumes than usual trading volumes. The bounces were on the other hand, conducted with much smaller volumes and this is possible as the markets are essentially one –sided.\r\n\r\nWhat does this tell me?\r\n\r\nMainly lack of conviction and non-belief in the move. The main upside moves last week were on the back of Mario Draghi rhetoric and not on the market fundamentals. Until this subtle change is made I am afraid to say that volatility will remain in situ.\r\n\r\nI am sick of hearing that the American economy is in good shape. The stock market is not the economy and maybe this realization is starting to hit home. Wall Street and Main Street have always been two different places as far as I am concerned. It is taking the markets some time to realize this difference.\r\n\r\nIf you are looking to blame anyone for this, blame the FED, blame Janet Yellen and her lads.\r\n\r\nMoving to normalization will take time and it\'s a learning curve with pain and because we have had zero / zirp for years and years many of the “experts” on Wall Street and the likes know nothing other than “Buy the Dip”…”Buy the Dip”… “Buy the Dip”.\r\n\r\nWe have Central Bank divergence and we have a swoop of traders on Wall Street and the like who have had their hands held and bottoms wiped for them for the past 7-8 years. They need to learn new tricks.\r\n\r\nSo as Forex traders we have normalization to deal with as the Fed increases interest rates this year. Despite all the talk on the TV the FOMC policy committee, have between 4 and 6 rate hikes in 2016-17. As long as employment remains within guidelines and the data continues not to surprise too much and at least shows a trending consistency in the FOMC preferred direction, rates are increasing…. that is a fact.\r\n\r\nWe have great opportunities ahead.<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:\r\n</strong>(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)</li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThe Central Banks are in control again this week as they were last week. This time last week it was the BOC and the ECB, this week it’s the FED and the RBNZ both on Wednesday within an hour of each other.\r\n\r\nI have written many times in this blog about the markets being both volatile and skittish. For these reasons I would tread carefully.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>','IT’S ALL NOISE… NOTHING HAS FUNDAMENTALLY CHANGED','','inherit','closed','closed','','7194-revision-v1','','','2016-01-23 11:08:23','2016-01-23 16:08:23','',7194,'https://weeklyfxdrivethru.com/7194-revision-v1/',0,'revision','',0),(7258,1,'2016-02-05 16:41:58','2016-02-05 21:41:58','','PS PERF1 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15:20:32','',7252,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPJPY-D-30012016.png',0,'attachment','image/png',0),(7231,1,'2016-01-29 18:02:05','2016-01-29 23:02:05','','NZDCAD DAILY 30012016','','inherit','open','closed','','nzdcad-daily-30012016','','','2016-01-30 10:20:21','2016-01-30 15:20:21','',7252,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCAD-DAILY-30012016.png',0,'attachment','image/png',0),(7232,1,'2016-01-29 18:02:08','2016-01-29 23:02:08','','NZDCHF WEEKLY 30012016','','inherit','open','closed','','nzdchf-weekly-30012016','','','2016-01-30 10:20:11','2016-01-30 15:20:11','',7252,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCHF-WEEKLY-30012016.png',0,'attachment','image/png',0),(7233,1,'2016-01-29 18:02:11','2016-01-29 23:02:11','','NZDJPY D 30012016','','inherit','open','closed','','nzdjpy-d-30012016','','','2016-01-30 10:20:02','2016-01-30 15:20:02','',7252,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDJPY-D-30012016.png',0,'attachment','image/png',0),(7244,1,'2016-01-30 06:58:03','2016-01-30 11:58:03','<section class=\"one-sixth first\">\r\n<h4>Completed Trades Risk/Reward Analysis Archives:</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Year\r\n<a href=\"https://weeklyfxdrivethru.com/premserv-riskreward-jan16/\" rel=\"attachment wp-att-7211\"><img class=\"aligncenter size-full wp-image-7211\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PREMSERV-RISKREWARD-JAN16.png\" alt=\"PREMSERV  RISKREWARD  JAN16\" width=\"423\" height=\"529\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>PREVIOUS YEARS\r\n<a href=\"https://weeklyfxdrivethru.com/completed-trades-risk-reward-analysis/ps-risk-reward-31122015/\" rel=\"attachment wp-att-7054\"><img class=\"aligncenter size-full wp-image-7054\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-31122015.png\" alt=\"PS RISK REWARD 31122015\" width=\"420\" height=\"518\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\"><img class=\"aligncenter size-full wp-image-4964\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\" alt=\"PREM SERV RISK-REWARD 31122014 YTD\" width=\"436\" height=\"543\" /></a></h2>\r\n</div>\r\n</section>','COMPLETED TRADES RISK / REWARD ANALYSIS','','inherit','closed','closed','','5006-revision-v1','','','2016-01-30 06:58:03','2016-01-30 11:58:03','',5006,'https://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(7249,1,'2016-01-30 07:17:10','2016-01-30 12:17:10','','PS PROFITS2 JAN16','','inherit','open','closed','','ps-profits2-jan16','','','2016-01-30 07:17:47','2016-01-30 12:17:47','',5000,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS2-JAN16.png',0,'attachment','image/png',0),(7252,1,'2016-01-30 10:25:52','2016-01-30 15:25:52','<h3 style=\"text-align: center;\"><strong><u>THE WEEKLY FX DRIVE THRU</u></strong></h3>\r\n<h5><strong> </strong>DATE: 30th January 2016\r\nBLOG REFERENCE: PREMIUM SERVICE #87</h5>\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nThe first monthly draw winner to receive a PREMIUM SERVICE (SILVER) subscription was: ericxxxxx@hotmail.com\r\n\r\nAn email was sent yesterday to advise “Eric” and his access to the PREMIUM SERVICE is now complete and ready to receive trade set-ups for the next 4 weeks free of charge, congratulations Eric.\r\n\r\nTo be a winner of a free subscription; if you subscribe to receive this blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> to receive all publications, you are automatically entered into a free monthly draw. Each month during 2016 one lucky subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER). It costs nothing to subscribe via my website and it could be you that wins!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>2.1: WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a PayPal account.\r\n\r\n<u>\r\n2.2: PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: left;\">NET PIPS THIS MONTH SO FAR: +1,399\r\nNET PIPS THIS YEAR SO FAR: +1,399</p>\r\nIf you want more data or detail about the performance and my website does not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<u>2.3: PREMIUM SERVICE SUBSCRIBER PROMOTION:</u>\r\n\r\nPlease note that until the end of February 2016, I have in place a very special subscription offer. This can be checked out on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by clicking on the FX PROMOTIONS tab at the top of the page.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>3.1: LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\n<u>3.1.1: THE FOMC RATE &amp; POLICY STATEMENT: </u>\r\n\r\nIt seems such a long time ago since last Wednesday; that\'s either a sign of age, tiredness or a couple of nights on the booze celebrating my wife’s birthday.\r\n\r\nAs expected Janet Yellen left interest rates unchanged. This was very widely expected; the focus was on the written content of the statement for future clues as to when the FOMC would next raise rates.\r\n\r\nI am finding a lot of this statement scrutiny a little boring, but essentially the committee now states that they are “Closely monitoring global economic and financial developments” and for me the biggest line was the fact that they no longer view the US economy as “Expanding at moderate pace” but replaced this with “Growth slowed late last year”. In addition the FOMC is no longer “Reasonably confident” that inflation will hit 2%...I think that maybe the oil effect is starting to hit home and resonate with them.\r\n\r\nThank God for this, I was getting sick of hearing the word transitory when it came to the effects on inflation by oil. Transitory my arse; more like permanent!\r\n\r\nNow the books are open on whether or not the FED will hike again in March 2016. It’s data dependent we all know that and dot dependent we all know that as well.\r\n\r\nI feel really sorry for the FOMC following the Bernanke approach of making the FED transparent. Transparency is fine in a market that requires continual support, but when things are improving I believe that transparency is a hindrance. Historical economic opinions (e.g. “the dots”) by the FOMC are being used to hold them almost to ransom on future decisions and expectancy.\r\n\r\nAnalysts on Wall Street change opinions with the same frequency as the wind direction, yet the FOMC are pushing themselves into a corner. They have it out there that there should be between 4 and 6 rate hikes in 2016, with many more planned in 2017.\r\n\r\nIn my opinion, this type of communication should just be verbal, if at all, by Janet Yellen at press conferences.\r\n\r\nI am not saying lets get back to the good old days of Alan Greenspan and Jean-Claude Trichet, when we all needed a codebook to understand what was being said, but maybe a middle ground would benefit not just the FOMC but the markets as well.\r\n\r\nI think I may need to lie down, I cannot believe I was offering consideration to a central bank.\r\n\r\n&nbsp;\r\n\r\n<u>3.1.2: THE RBNZ RATE &amp; POLICY STATEMENT:</u>\r\n\r\nRates left unchanged and like every central bank the RBNZ are worried about reaching their inflation target.\r\n\r\nThis hints at more accommodation to support the NZD this year. The Kiwi fell on the data release but like Lazarus it rose from the dead and erased the losses with the NZD/USD within 24 hours.\r\n\r\n<u> </u>\r\n\r\n<u>3.1.3: OIL:</u>\r\n\r\nOil squeezed above $30 and stopped around $35 in a rather frantic hour when it came all the way back down again, then bounced up to around $33 where it looks to be hovering prior to deciding what the next move will be.\r\n\r\nI don\'t know about the symbol WTi it’s more like WTF. Whoever, trades this commodity and makes money I congratulate you. It’s not my cup of tea at all.\r\n\r\nThe movement in the oil price played and continually plays havoc in particular with the USD/CAD and its crosses. 150+ pips moves a day in the USD/CAD are now fairly frequent.\r\n\r\nOil is still pushing and pulling the markets around; it’s “The Big Kahuna”.\r\n\r\nThere are rumours, denials and more rumours about an oil production cut. Yup, I can see that happening… NOT. Well maybe a token, but not enough to bring the supply and demand relationship in line and frankly oil production would have to cease 100% for a few months to rectify the imbalance. Is there that commitment in the dog eat dog environment of oil producers?\r\n\r\nI think that there is more chance of Megyn Kelly voting for Donald Trump, in fact there is more chance of Megyn Kelly having Donald Trump’s babies.\r\n\r\n&nbsp;\r\n\r\n<u>3.1.4: BOJ OUTLOOK REPORT &amp; PRESS CONFERENCE:</u>\r\n\r\nI am covering this later in the blog.\r\n\r\n&nbsp;\r\n\r\n<strong>3.2: THIS WEEK’S NEWS:</strong>\r\n\r\n<u>3.2.1: THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\nSUNDAY: CNY – Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: USD – Manufacturing PMi.\r\nMONDAY: AUD – RBA Rate Statement.\r\n\r\nTUESDAY: GBP – Construction PMI.\r\nTUESDAY: NZD - Dairy Prices &amp; Employment Data.\r\nTUESDAY: AUD – Trade Balance.\r\n\r\nWEDNESDAY: GBP – Services PMi.\r\nWEDNESDAY: USD – ADP NON-FARM Employment Data.\r\nWEDNESDAY: USD – ISM Non-Manufacturing PMi.\r\nWEDNESDAY: USD – Crude Oil Inventories.\r\n\r\nTHURSDAY: GBP – BOE Inflation Report, Bank Rate and Policy Summary.\r\nTHURSDAY: GBP – BOE Mark Carney speaks…\r\nTHURSDAY: AUD – RBA monetary Policy Statement and Retail Sales\r\n\r\nFRIDAY: CAD – Trade Balance and Employment Data.\r\nFRIDAY: USD – Trade balance and Non-Farm Employment Data.\r\n\r\n&nbsp;\r\n\r\n<u>3.2.2: THE USD MAJORS SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease).\r\n\r\nThis week all my comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0828\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-30012016/\" rel=\"attachment wp-att-7218\"><img class=\"aligncenter size-large wp-image-7218\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURUSD-D-30012016-1024x538.png\" alt=\"EURUSD D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4241\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-d-30012016/\" rel=\"attachment wp-att-7219\"><img class=\"aligncenter size-large wp-image-7219\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPUSD-D-30012016-1024x538.png\" alt=\"GBPUSD D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7081\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-d-30012016/\" rel=\"attachment wp-att-7216\"><img class=\"aligncenter size-large wp-image-7216\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDUSD-D-30012016-1024x538.png\" alt=\"AUDUSD D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6479\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-d-30012016/\" rel=\"attachment wp-att-7220\"><img class=\"aligncenter size-large wp-image-7220\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDUSD-D-30012016-1024x538.png\" alt=\"NZDUSD D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3968\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-d-30012016/\" rel=\"attachment wp-att-7221\"><img class=\"aligncenter size-large wp-image-7221\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCAD-D-30012016-1024x538.png\" alt=\"USDCAD D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0227\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-d-30012016/\" rel=\"attachment wp-att-7222\"><img class=\"aligncenter size-large wp-image-7222\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDCHF-D-30012016-1024x538.png\" alt=\"USDCHF D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 121.11<strong> </strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/usdjpy-d-30012016/\" rel=\"attachment wp-att-7223\"><img class=\"aligncenter size-large wp-image-7223\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/USDJPY-D-30012016-1024x538.png\" alt=\"USDJPY D 30012016\" width=\"1024\" height=\"538\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>3.3: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THERE ARE NO CURRENCY WARS UNTIL A CENTRAL BANK SAYS SO… YEAH RIGHT!</strong></p>\r\nYet another sarcastic title for my featured article; originally from Liverpool sarcasm comes naturally to me and of course heaps of cynicism for good measure.\r\n\r\nSince the start of this year I have three blog articles ready to go in my mind:\r\n<ul>\r\n	<li>GREECE and the contagion revisited</li>\r\n	<li>CENTRAL BANK policies are polarizing</li>\r\n	<li>MAJOR BANKS and INSTITUTIONS FX targets 2016</li>\r\n</ul>\r\nThis year so far, and we are not out of January yet has been so volatile and confusing at times to make sense of moves, it’s starting to make Thomas Jordan the SNB Chairman’s day in the history books last year look almost like a non-event. Well maybe not a non-event but the move by the SNB was a game changer event that has kept the central bank easing moves at the top of the agenda each month since last January.\r\n\r\nOnly the GREEK bailout tragedy / saga has had more time devoted to it. By the way before the end of 2016 there will be another bailout… ACT IV is on the way.\r\n\r\nMoving on and rather annoyingly as I was not at my desk…\r\n\r\nThursday evening / Friday morning (EST) up steps BOJ governor Haruhiko Kuroda for his press conference and completely surprised the markets with NIRP (Negative Interest Rate Policy).\r\n\r\nIn a copy cat move already made by the SNB, Riksbank (Sweden) and Denmark National Bank he announced NIRP to the token level of 0.1% for banks and other financial institutions holding YEN on deposit. This move he hopes will force lending, purchasing, manufacturing, increased sales and then inflation.\r\n\r\nQuoting our good friend Mario Draghi (ECB)… Kuroda stated he would do “whatever it takes to reflate the economy and achieve the 2% inflation goal” and for good measure re extended once again (3<sup>rd</sup> time in 12 months) the target to achieve this 2% goal; it’s now mid 2017.\r\n\r\nTaking a page from the SNB book of spin, on 21<sup>st</sup> January 2016 in Davos, he said that there was no way that he would be looking at negative interest rates.\r\n\r\nSo copying Draghi’s words and using denials of change similar to the way the SNB played the markets ahead of the EUR/CHF peg removal, did Kuroda say or do anything original?\r\n\r\nBasically, lets not get carried away here. Yes, there was a massive move in the Nikkei equities and the FX JPY pairs understandably so, but after the initial gasp of breath the equity markets rallied, gave back and moved up a little again but basically settled down. Only FX really remained elevated; in my words, elevated = selling opportunities.\r\n\r\n0.1% is not a huge NIRP considering the SNB is at 0.75%.\r\n\r\nI think what we have to look at here are the future intentions of the BOJ. It is only a matter of time before most central banks will have a NIRP… in my opinion.\r\n\r\nWith Kuroda’s book of spin open on page one, chapter one titled: -\r\n<p style=\"text-align: left;\"><strong>HOW TO TALK BOLLOCKS</strong></p>\r\nHe passed with flying colours in Davos, the world was snowy and a wee bit chilly but back in Japan all was well, the economy was moving forward moderately in line with all the expectations and negative interest rates were not being considered as an option.\r\n\r\nNow on page two, chapter two: -\r\n\r\n<strong>HOW TO INCREASE THE INTENSITY IN THE CURRENCY WARS WITHOUT SAYING IT\'S A CURRENCY WAR</strong>\r\n\r\nHats off once again, nothing to do with currency devaluation it was all to do with inflation. Such a step-over would make Cristiano Ronaldo and Gerald Deulofeu proud.\r\n\r\nWhat surprises me is that the BOJ has been fighting, dare I say it, DEFLATION since the early 1990’s. These Central Bankers are so good it’s only taken some 25 years to find a new policy weapon that may help.\r\n\r\nOil, China slowdown, emerging markets were also highlighted as reasons for this bold NIRP approach.\r\n\r\nThere is no doubt in my mind that despite central bank pleas to the contrary the actions by the BOJ should increase the currency wars with central banks around the world as they each try to outdo one another by achieving a sustained competitive devaluation to set against the backdrop of slowing world trade and failing commodity prices. The jury is out on whether NIRP will eventually help create inflation, but it has sent a clear message to the markets about the intentions of the BOJ.\r\n\r\nSo what now for the FED?\r\n\r\nMore importantly what does Mario Draghi do now at the ECB by way of response?\r\n\r\nWe shall wait and see. There is quite sometime now until the next ECB press conference and interest rate announcement, which is in early, March. Would you not just love to be a fly on the wall in Draghi’s office? Can you imagine the conversations that have and will be taking place between Frankfurt and Berlin about what to do in response?\r\n\r\nIf Draghi responds aggressively, I think that it’s fair to say GAME ON.\r\n\r\nFrom a trading perspective, subscribers to the PREMIUM SERVICE will know that for about the last week or so I had been lining up short trades of the JPY pairs at higher levels. I still intend to do this and my updated charts are contained later in the blog in the PREMIUM SERVICE subscriber section.\r\n\r\nOn a general note, I do consider the moves upwards all fadeable. I rather foolishly left a limit order USD/JPY short open in one of my accounts and I was away for the BOJ release. I took a hit on this trade without even seeing it open and stop me out…argh!!\r\n\r\nThe USD/JPY was the only JPY pair that was in my short “sell zone” area. This coming week I will be looking to establish short trades in most JPY pairs if my price levels are reached.\r\n\r\nWe should remember that there will be the usual pushing and pulling in price action after a central bank policy shift so it makes sense to wait and not rush in until matters have calmed a little.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n	<li><strong> PREMIUM SERVICE (GOLD) EXCLUSIVE CONTENT:</strong></li>\r\n</ol>\r\n(This area contains exclusive content for PREMIUM SERVICE (GOLD) subscribers)\r\n\r\n<strong>4.1: THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\n(This section can cover a multitude of points / facts etc. Basically it’s a 360-degree review, which I think should interest subscribers):\r\n\r\nWith January now completed I am happy that 1,399 pips of profit were generated.\r\n\r\nI now have to work on the fine-tuning I referred to last week.\r\n\r\nIn general terms, I am delighted to have such a good start to the trading year, although I am 414 pips behind the 2015 performance at this stage, if you recall January last year was a “stonker” of a start all things considered.\r\n\r\nThanks for all the feedback, it is very much appreciated, keeps me motivated and confident in what I am trying to achieve.\r\n\r\nI am very confident moving forward and see many opportunities in the months ahead.\r\n\r\nOver the past couple of weeks one or two of you have contacted me stating that charts from the emailed PDF copy, cannot be expanded and an error 404 message is given. I have checked this out with my higher authority and we have discovered that it is an intermittent issue not just to my pages. If you get the message, try logging out and login again or try refreshing the page. It comes through on the second attempt. Last weekend when the error message was pointed out to me I found no error message when I tried to expand the chart. Then mid-week I did. I do not know what to say other than be patient with it, it does come back. Hopefully there will be a bug fix very soon.\r\n\r\n&nbsp;\r\n\r\n<strong>4.2: TRADE STYLE DEFINITIONS:</strong>\r\n\r\n<u>4.2.1: RADAR TRADES:</u>\r\n\r\nThese are pre-meditated entry trades set from either Fibonacci levels, pivot points or previous support and resistance based off a combination of horizontal or trend line support or resistance.\r\nThe goal is always if possible to swing trade these trades by establishing a position that if market conditions apply allow the trade to gather traction and develop into a longer-term position trade.\r\n\r\n<u>4.2.2: FLASH TRADES:</u>\r\n\r\nMainly simply, opportunist trades in LIVE market conditions. These trades are either based off a pullback strategy, a GIMME10 strategy, or off momentum in a trading pair at the time of entry.\r\nThe goal is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\nSome FLASH TRADES may form part of an overall trading plan with a given currency pair, but the entry could not be made via a LIMIT ORDER.\r\n\r\nIn addition in 2016, some FLASH TRADES can be of a longer duration, with very specific goals.\r\n\r\n<u>4.2.3: FUNDAMENTAL TRADES:</u>\r\n\r\nThese will be trades based off my TRADING PLAN goals for trades in line with my longer-term market views.\r\nTrades in this area will use in addition Fibonacci levels, Pivot points, trend lines and prior support and resistance levels, weekly and monthly ATR’s (Average True Ranges) when setting Stop Loss levels.\r\nThese trades are hopefully of a longer-term nature. They will be initially “single-lot” sized trades due to the wider stop placements that will be applied.\r\n\r\n<u>4.2.4: PART-TIME TRADER TRADES:</u>\r\n\r\nThese trade set-ups are intended to have a longer-term trading perspective. They are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n\r\nMy goal is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest to take some profits along the way, but hopefully at the same time letting trades run as far as possible.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4.3: THE PREMIUM SERVICE PERFORMANCE SPREADSHEETS:</strong><u>\r\n</u>\r\n<u>4.3.1: RADAR TRADES:</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/radar-trades/radar1-jan16/\" rel=\"attachment wp-att-7200\"><img class=\"aligncenter size-full wp-image-7200\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR1-JAN16.png\" alt=\"RADAR1 JAN16\" width=\"513\" height=\"573\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/radar-trades/radar2-jan16/\" rel=\"attachment wp-att-7201\"><img class=\"aligncenter size-full wp-image-7201\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR2-JAN16.png\" alt=\"RADAR2 JAN16\" width=\"488\" height=\"571\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/radar-trades/radar-ytd-jan16/\" rel=\"attachment wp-att-7202\"><img class=\"aligncenter size-full wp-image-7202\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/RADAR-YTD-JAN16.png\" alt=\"RADAR YTD JAN16\" width=\"423\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.3.2: FLASH TRADES:\r\n\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/flash-trades-2/flash-jan16/\" rel=\"attachment wp-att-7203\"><img class=\"aligncenter size-full wp-image-7203\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FLASH-JAN16.png\" alt=\"FLASH JAN16\" width=\"492\" height=\"573\" /></a>\r\n</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/flash-trades-2/flash-ytd-jan16/\" rel=\"attachment wp-att-7204\"><img class=\"aligncenter size-full wp-image-7204\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FLASH-YTD-JAN16.png\" alt=\"FLASH YTD JAN16\" width=\"421\" height=\"449\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.3: FUNDAMENTAL TRADES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/fundamental-trades/fun-january-2016/\" rel=\"attachment wp-att-7205\"><img class=\"aligncenter size-full wp-image-7205\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FUN-JANUARY-2016.png\" alt=\"FUN JANUARY 2016\" width=\"502\" height=\"554\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/fundamental-trades/fun-ytd-jan16/\" rel=\"attachment wp-att-7206\"><img class=\"aligncenter size-full wp-image-7206\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/FUN-YTD-JAN16.png\" alt=\"FUN YTD JAN16\" width=\"433\" height=\"443\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.3.4: PART-TIME TRADER TRADES:<u></u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/part-time-trader-trades/parttime1-jan16/\" rel=\"attachment wp-att-7207\"><img class=\"aligncenter size-full wp-image-7207\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PARTTIME1-JAN16.png\" alt=\"PARTTIME1 JAN16\" width=\"489\" height=\"546\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/part-time-trader-trades/parttime2-jan16/\" rel=\"attachment wp-att-7208\"><img class=\"aligncenter size-full wp-image-7208\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PARTTIME2-JAN16.png\" alt=\"PARTTIME2 JAN16\" width=\"499\" height=\"544\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/part-time-trader-trades/parttime-ytd-jan16/\" rel=\"attachment wp-att-7209\"><img class=\"aligncenter size-full wp-image-7209\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PARTTIME-YTD-JAN16.png\" alt=\"PARTTIME YTD JAN16\" width=\"416\" height=\"446\" /></a>\r\n\r\n<u>4.3.5: MONTH TO DATE  SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/combined-trades-profit/prem-serv-profits1-30012016/\" rel=\"attachment wp-att-7198\"><img class=\"aligncenter size-full wp-image-7198\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PREM-SERV-PROFITS1-30012016.png\" alt=\"PREM SERV PROFITS1 30012016\" width=\"551\" height=\"530\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.3.6: YEAR TO DATE SUMMARY OF PERFORMANCE:</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/combined-trades-profit/ps-profits2-jan16/\" rel=\"attachment wp-att-7249\"><img class=\"aligncenter size-full wp-image-7249\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PROFITS2-JAN16.png\" alt=\"PS PROFITS2 JAN16\" width=\"515\" height=\"525\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u> </u>\r\n\r\n<u>4.3.7: PROFIT/LOSS TRADE RATIOS BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/completed-trades-profit-loss-ratios/ps-pl-ratios-jan2016/\" rel=\"attachment wp-att-7212\"><img class=\"aligncenter size-full wp-image-7212\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PL-RATIOS-JAN2016.png\" alt=\"PS P&amp;L RATIOS JAN2016\" width=\"405\" height=\"512\" /></a>\r\n\r\n<u> </u>\r\n\r\n<u>4.3.8: RISK/REWARD REVIEW BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\n&nbsp;\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/completed-trades-risk-reward-analysis/premserv-riskreward-jan16/\" rel=\"attachment wp-att-7211\"><img class=\"aligncenter size-full wp-image-7211\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PREMSERV-RISKREWARD-JAN16.png\" alt=\"PREMSERV RISKREWARD JAN16\" width=\"423\" height=\"529\" /></a></u>\r\n\r\n<u>4.3.9: PIP COMPARISON 2016 versus 2015 BY MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/6869-2/ps-pip-comparison-jan16/\" rel=\"attachment wp-att-7214\"><img class=\"aligncenter size-full wp-image-7214\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-PIP-COMPARISON-JAN16.png\" alt=\"PS PIP COMPARISON JAN16\" width=\"594\" height=\"434\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n&nbsp;\r\n\r\n<strong>4.4: THE PREMIUM SERVICE - PREFERRED FX BROKER NEWS UPDATES:</strong>\r\n\r\nI did not manage to speak with Investors Europe, however from the others there is nothing really to report other than they seem to indicate a slower start to 2016 than previous years, in both new traders and volumes.\r\n\r\nFewer traders makes a lot of sense to me. I know after the EUR/CHF peg removal many traders gave up and moved to other markets.\r\n\r\nLast year was a particularly difficult trading year and the peg removal was the straw that broke the camels back for many traders. I also think that around that time many of the gamblers left FX as well. Betting on a sure thing like the SNB was not such a sure safe bet after all!\r\n\r\nI strongly suspect that the brokers are suffering more than they let on as I see margin percentages being increased by one broker or another almost daily now.\r\n\r\nFrom my groups perspective with my brokers I am told all is good.\r\n\r\n&nbsp;\r\n\r\n<strong>4.5: USD MAJOR PAIRS WITH LONGER-TERM MATCHING TRENDS:</strong>\r\n\r\n(The following USD majors have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction).\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-trending-pairs-30012016/\" rel=\"attachment wp-att-7215\"><img class=\"aligncenter size-full wp-image-7215\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-TRENDING-PAIRS-30012016.png\" alt=\"PS TRENDING PAIRS 30012016\" width=\"491\" height=\"580\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>4.6: LIVE TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\nThere are no LIVE trades at the moment.\r\n\r\n&nbsp;\r\n\r\n<strong>4.7: LIMIT ORDER TRADES:</strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/ps-live-trades-30012016/\" rel=\"attachment wp-att-7213\"><img class=\"aligncenter size-full wp-image-7213\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/PS-LIVE-TRADES-30012016.png\" alt=\"PS LIVE TRADES 30012016\" width=\"686\" height=\"432\" /></a> </strong>\r\n\r\n<strong>4.8: REVIEW OF OPEN LIMIT ORDER TRADES NOT YET TRIGGERED:</strong>\r\n\r\n<u>4.8.1: RADAR LIMIT ORDER TRADES:</u>\r\n\r\nRT625 – USD/CHF:\r\nI am still holding this, but will cancel next week if the breakout with the CHF continues.\r\n\r\n<u>4.8.2: FUNDAMENTAL LIMIT ORDER TRADES:</u>\r\n\r\nFUN253 – AUD/NZD:\r\nI desperately want this trade to trigger. I see this as one of the trades of 2016 if all the ducks line up ready!\r\n\r\nFUN256 – EUR/GBP:\r\nThis trade is still valid as it is this pair’s resistance level, where I believe the pair will turn lower.\r\n\r\n<u>4.8.3: PART-TIME TRADER LIMIT ORDER TRADES: </u>\r\n\r\nPART001 – EUR/USD:\r\nThis trade is still in play given that up until last Friday morning, I though that I had a 50-50 chance of it triggering. I will leave for now.\r\n\r\nPART022 – AUD/NZD:\r\nI desperately want this trade to trigger. I see this as one of the trades of 2016 if all the ducks line up ready!\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>4.9: CHARTS THAT ARE INTERESTING TO ME, THAT COULD BECOME A TRADE SET-UP IN THE NEAR FUTURE:\r\n</strong>\r\n\r\nMy comments (if any) are included on the charts. There are quite a few this week, I have including my revised JPY target entry levels.\r\n\r\nDo not expect a bucketful of trades Sunday evening. It is a very busy economic data release this week.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/chfjpy-daily-30012016/\" rel=\"attachment wp-att-7236\"><img class=\"aligncenter size-large wp-image-7236\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CHFJPY-DAILY-30012016-1024x538.png\" alt=\"CHFJPY DAILY 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdjpy-d-30012016/\" rel=\"attachment wp-att-7233\"><img class=\"aligncenter size-large wp-image-7233\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDJPY-D-30012016-1024x538.png\" alt=\"NZDJPY D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdchf-weekly-30012016/\" rel=\"attachment wp-att-7232\"><img class=\"aligncenter size-large wp-image-7232\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCHF-WEEKLY-30012016-1024x538.png\" alt=\"NZDCHF WEEKLY 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdcad-daily-30012016/\" rel=\"attachment wp-att-7231\"><img class=\"aligncenter size-large wp-image-7231\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/NZDCAD-DAILY-30012016-1024x538.png\" alt=\"NZDCAD DAILY 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpjpy-d-30012016/\" rel=\"attachment wp-att-7230\"><img class=\"aligncenter size-large wp-image-7230\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/GBPJPY-D-30012016-1024x538.png\" alt=\"GBPJPY D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurjpy-d-30012016/\" rel=\"attachment wp-att-7229\"><img class=\"aligncenter size-large wp-image-7229\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURJPY-D-30012016-1024x538.png\" alt=\"EURJPY D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurgbp-d-30012016/\" rel=\"attachment wp-att-7228\"><img class=\"aligncenter size-large wp-image-7228\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/EURGBP-D-30012016-1024x538.png\" alt=\"EURGBP D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadjpy-d-30012016/\" rel=\"attachment wp-att-7226\"><img class=\"aligncenter size-large wp-image-7226\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADJPY-D-30012016-1024x538.png\" alt=\"CADJPY D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/cadchf-weekly-30012016/\" rel=\"attachment wp-att-7225\"><img class=\"aligncenter size-large wp-image-7225\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/CADCHF-WEEKLY-30012016-1024x538.png\" alt=\"CADCHF WEEKLY 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audjpy-d-30012016/\" rel=\"attachment wp-att-7224\"><img class=\"aligncenter size-large wp-image-7224\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/01/AUDJPY-D-30012016-1024x538.png\" alt=\"AUDJPY D 30012016\" width=\"1024\" height=\"538\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong> TIME OUT – “AT THE END OF THE DAY”:</strong></li>\r\n</ol>\r\nThis is a big week for economic data on the back of the FED, RBNZ and BOJ. We have the BOE and RBA this week as well NFP and a cluster of PMi reports and Trade balance numbers, plus a few other employment reports away from the U.S.\r\n\r\nI expect increasing volatility, especially after the BOJ policy shift. Do not be surprised to see and hear several ECB related quotes this week as the reaction to the BOJ change filters across.\r\n\r\nIt will be an interesting week, but also one that we must be careful with. The divergent trade is still in place. I do not see Janet Yellen reversing course. This is not how a central bank operates. It would however, not surprise me to see some commentary being unofficially released vis-à-vis the “Currency Wars” discussions / debates that will flood the news channels and Sunday morning financial programs on TV.\r\n\r\nAs traders we really have to be careful trading. Lower position sizes and don’t trade for the sake of trading. We really need to let the trades come to us, rather than chase. Believe me, I know that it is very tempting to chase these currencies at the moment.\r\n\r\nThere is only one solution in my opinion, trade lean and remain keen – that means trade with smaller positions with wider stops and be alert to moves.\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\n&nbsp;','THERE ARE NO CURRENCY WARS UNTIL A CENTRAL BANK SAYS SO… YEAH RIGHT!','','publish','open','closed','','there-are-no-currency-wars-until-a-central-bank-says-so-yeah-right','','','2016-01-30 10:25:52','2016-01-30 15:25:52','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7252',0,'member_posts','',0),