<strong> </strong>
<ol>
 	<li><strong> INTRODUCTION:</strong></li>
</ol>
I have made one or two structural changes to my blog this week. I am finding that with increasing numbers of subscribers to the PREMIUM SERVICE my administration time is increasing. This is eating into my sleep time and the knock-on effect is that the 7/8 hours that the blog requires to write and the administration involved in posting it takes, needs to be reduced by a couple of hours at least. What great problems to have… not too sure about the lack of sleep but increasing subscriber numbers is great news.

One thing increased subscribers brings in is great interaction. People/Traders subscribe for a multitude of reasons; to improve trade entries / exits, restore self-belief / confidence, observe another traders thoughts / views on the market and get a better understanding of RISK MANAGEMENT, POSITION SIZING, TRADE PLANS and how to survive the markets and have trading longevity… amongst other factors.

It would be true to say that many of the new subscribers joining from early September had been “chopped up” in the summer trading chop fest. To call the summer a range trading environment is probably accurate but it was more than that. It was a highly volatile market at times and whilst we had an overall trading range we had mini ranges that were broken that were then noted as false breakouts and breakdowns. The Commodity currencies AUD, NZD and CAD lead the market with this activity. This cut up a lot of traders. It was purely a scalper market. To have longer-term trades was the answer but with smaller position sizes to enable wider stops to be put in place. At least that was my solution.

Added to this overview, extremely thin market participation was in play with very low liquidity, which manifested itself recently in Asian trading with the cable crash. This occurred away from the summer months. It just shows how Forex trading in the background is evolving. Remember throughout 2015 -2016 the major banks have been reducing FX exposure due to reduced profitability and volatility.

Brokers are increasing margin requirements every time that there is a major geopolitical event (BREXIT and now the U.S. Presidential Election). Since the CHF PEG REMOVAL, brokers have struggled, in many cases to exist with lower volumes and acquisitions have taken place. Regulations have tightened. Forex trading is going through a lot of changes.

I still have people talk to me about ROBOT trading. My answer has not altered. If these robots were so good and did what is claimed, do you not think that the banks would have bought them? Because, let’s face facts, they are looking for the slightest excuse to sack hundreds of analysts and traders worldwide. That just has NOT happened. You need instinct to trade but at the same time you need to trade without emotion.

Back on track…

I am not a gambler. I am probably too cautious with my trading. I miss lots of trades because they do not meet my chosen entry levels. I constantly adapt my trading style to what I believe the market is giving me.

Many traders are lured into Forex Trading by the promises of quick and easy financial gains. In most of these cases this is known as gambling. That is why I removed the trial period from the PREMIUM SERVICE. All I attracted was gamblers looking for 20 trades a day, that they would ignore RISK MANAGEMENT on and OVERSIZE their trade positions.

I view myself as a RISK MANAGER. I will have as many as 20 trades open at any one time, but many of these will be small positions with wider stops looking for a move.

I have a PLAN and I trade my PLAN. I wait for the trades to come to me rather than chase. Trading is simple, repetitive, and one could say at times quite boring. It is above all else applying DISCIPLINE.

The one constant in Forex Trading however is that the markets are continually evolving and it is how we as traders move with the markets as they change that matters. The best example I can give of a changing market environment is Central Bank Monetary Policy. Most Central Banks have lost credibility with the markets. This is huge news. We have still to feel the ramifications of this in my opinion. Even the FED has lost credibility in my opinion. There will be a Forex equivalent of Tsunami’s to regain this credibility. Watch this space.

Moving on…

Just a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.

To stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a><strong>  </strong>

You are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.

<strong> </strong>
<ol start="2">
 	<li><strong> THE PREMIUM SERVICE:</strong></li>
</ol>
<u>WHAT IS THE PREMIUM SERVICE:</u>

The 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.

Full 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.

Additional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.

<u> </u>
<p style="text-align: center;"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>
<p style="text-align: center;">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>
<p style="text-align: center;">PREMIUM SERVICE subscription costs are as follows: -</p>
<p style="text-align: center;">CAD$240.00 - 4 weeks (1 month)
CAD$500.00 - 10 weeks (3 months)
CAD$750.00 - 20 weeks (6 months)
CAD$1,250.00 - 40 weeks (12 months)
<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00

I work for about 40 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>
<p style="text-align: center;"></p>
<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>

I am not saying that posting a monthly loss in trading is a “good thing” but, after posting a small loss in September, this month has been a really great response. My annual 10,000 pip objective has now been passed and at the close last Friday (14<sup>th</sup>) the year to date pip total for the PREMIUM SERVICE was 11,033 pips.

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/PS-PREF-TO-15102106.png"><img class="aligncenter size-large wp-image-8475" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/PS-PREF-TO-15102106-808x1024.png" alt="ps-pref-to-15102106" width="808" height="1024" /></a>

&nbsp;

Obviously, the year is not yet over and the performance can grow further or fall back a little. However, in 2014 and 2015 my 10,000 pip target was achieved and this year baring a catastrophe all should be good.

Looking at the chart above here are a few takeaways: -
<ol>
 	<li>Not everyone can trade with accounts with balances over $10,000 or $100,000.</li>
 	<li>Whatever lot style you trade from MICRO through to STANDARD lots you can still make money.</li>
 	<li>Even if you traded 3 x micro lots at $0.30 cents cost per trade, after paying a PREMIUM SERVICE subscription, this year to date you would have an additional $2,359.90 in your trading account. This could be done with an account with a starting balance of $5,000.00. At the moment a net income after costs of almost 50% could have been achieved.</li>
 	<li>I trade a very long hours and I am never far from a trading device. I add and cover positions at all hours, therefore you must consider this when looking at your projected performance. Most of my trade entries are via limit orders but my exits can be at any time.</li>
 	<li>To trade with MINI lots, I would say that given the number of trades that can be “LIVE” at any one time, an account of between $10,000 and $12,000 should be used as a minimum to trade 3 lots a trade.</li>
 	<li>Remember as well. If you decide to follow the PREMIUM SERVICE trade set ups, in year two (if subscribe annually) your renewal subscription is at a reduced rate, which gives you greater profitability potential moving forward.</li>
</ol>
&nbsp;
<p style="text-align: center;"><strong>PRESENT AND HISTORICAL QUICK PREMIUM SERVICE STATS:</strong></p>
<p style="text-align: center;"><strong>NET PIPS THIS MONTH SO FAR:            +2,048 pips</strong>
<strong>NET PIPS 2016 TODATE:              +11,033 pips</strong></p>
<p style="text-align: center;"><strong>NET PIPS 2015:       +10,686 pips</strong>
<strong>NET PIPS 2014:       +11,209 pips</strong></p>
If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.

<strong> </strong>
<ol start="3">
 	<li><strong> LOOKING BACKWARDS: THE FX MARKET PLACE</strong></li>
</ol>
<strong>LAST WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong>

THE FOMC MINUTES:
<p style="text-align: center;"><strong>FED: DICTATORSHIP OR COMMITTEE?</strong></p>
The biggest news for me last week was the release of the FOMC Meeting Minutes from the last FED meeting. What did we learn?

From my perspective bugger all.

My view has not altered for months now, in fact not since September 2015 when Yellen had the chance to increase rates and dithered. She took the last chance saloon rise in December 2015 only to save face and retain credibility with the markets.

This year she has dithered and dithered and just when you think she can dither no more… she does.

We are therefore looking at yet another December rate hike.

I do not want to sound like a broken record, but louder than loud “Americans” are spouting off that the rest of the world is up sh*t creek without a paddle and that the US economy is strong. Actions speak louder than words. The FED wants 4 aces in the hand or a running flush before the dovish influence in the FOMC yields.

Economies always have mixed data, and markets are so interrelated nowadays that you have to accept this as fact. The FOMC doves want a perfect run. It is so easy to be a dove. You can always find something not to move forward.

However there comes a point when this is seen as dithering and a credibility issue. We are past this in my opinion.

From last week’s minutes we learnt that the FED is as divided as the US political parties are in Washington. The bookies are out stating an 80% chance of a rate hike in December and about 15% just prior to Presidential election in November.

Who knows. If Yellen and co. say no to either, the USD will be destroyed and the FED’s credibility will be seriously damaged. Once again they have backed themselves into a corner entirely of their own doing.

From a trading perspective what did we gain from the minutes?

Going into the actual meeting I would have said that there were more voting members that were HAWKISH – Fischer, Dudley, Powell, Mester, George and Rosengren. The DOVES were – Yellen, Brainard and Tarullo, with Bullard being neutral in my opinion.
<p style="text-align: center;"><strong>That's 6 HAWKS; 3 DOVES and 1 on the fence.</strong>
<strong>When I worked in a multi-national company, that would have been seen as a vote for a hike!</strong></p>
It’s pretty obvious what went on and was reflected in the minutes is that when a vote was required, although discussions were open, several members voted with Yellen instead of their opinions, when getting their 15 minutes of fame on TV.

As stated earlier it is much easier being dove.

Given the facts in place right now – I think it's a “buy the USD on the dips” market.

&nbsp;

U.S. RETAIL SALES:

This was a beat and should set up more pro rate hike sound bytes for the coming weeks.

&nbsp;

CHINA EXPORTS:

September 2016 versus September 2015 shows a mammoth 10% reduction in China export numbers. Imports are declining. The trade surplus fell $42 billion.

What can we take away from this? In my opinion it places another question mark over China GDP growth.

For me this is a short the NZD trade.

&nbsp;

OPEC and the OIL PRODUCTION LIMITS:

This was never far out of the news cycle last week. Production output ceilings, are you kidding me… from OPEC? give me a break! … Think about it who is going to measure this? In the past these have failed miserably. Why will it be different this time? It won’t.

OPEC are being cute whores as they say in Ireland, they are raising media awareness and speculation of a production ceiling. This has inflated the Oil price and it remains above $50.00 per barrel. Job done so far.

November 30<sup>th</sup> 2016 is the date we receive all the data about who is maxing out and who isn’t. I am very, very skeptical about this. Let’s wait and see.

&nbsp;

&nbsp;

THE U.S. PRESIDENTIAL ELECTION:

Unbelievable. It's a reality show. If I ever hear an American tell me their political system is to be copied because it is so perfect, I will play them the recording of last Sundays debate between DONALD THE OCTOPUS and CROOKED HILLARY. What a shambles. The markets appear to love Clinton on the basis that she is a known entity, whether effective or not, over Trump who is a loose cannon amongst other things.

It is incredible, Clinton is going to tie Wall Street in knots of more layers of bureaucracy and legislation and the markets fear Trump so much, this is the preferred option.

This is such a shambles, I have read that brokers are tightening up margins ahead of November 8<sup>th</sup> in case the outcome is closer than the opinion polls are currently suggesting.

&nbsp;

BREXIT:

Theresa May backed down only 72 hours after the Tory party conference to announce that parliament will debate and vote on the BREXIT conditions she hopes to negotiate out of the EUROPEAN UNION.

Is it just me…?

Isn’t she going to lay down in public debate, noted in “the Hansard” for the whole of the EU to see the British start position and hopefully the fallback position that would be acceptable to MP’s before any negotiations actually start?

Great job… what a fecking joke!!

&nbsp;

<strong>THIS WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong>

<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>

(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).

SUNDAY: N/A.

MONDAY: EUR – Mario Draghi (ECB) speaks.
MONDAY: AUD -  Lowe (RBA) speaks &amp; RBA Monetary Policy Meeting minutes.
MONDAY: NZD – CPi.

TUESDAY: GBP - CPi.
TUESDAY: USD – CPi and core CPi.
TUESDAY: NZD – GDT (Dairy Auction results).
TUESDAY: CNY – GDP and Industrial Production.

WEDNESDAY: GBP – Employment numbers.
WEDNESDAY: CAD – BOC Rate Statement and Press Conference.
WEDNESDAY: AUD – Employment numbers.

THURSDAY: GBP – Retail Sales.
THURSDAY: EUR – ECB Press Conference and Interest Rate Statement.

FRIDAY: CAD – CPi and core CPi data.

It's a big week for news. An ECB Press conference with employment numbers from the UK and Australia.

There is a nice mix of data from all over.

The standout for me is the BOC. I wrote last week about the housing bubble in the Canadian economy. House prices are falling back, probably at a greater rate than the government and the BOC would like as this will affect Retail Sales and Consumer Confidence if people believe that the value of their homes is pulling back too fast and too far.

The BOC are always reactionary and well behind the curve. It has to be a full on problem before they act. So if they were to cut interest rates this coming week it would indicate that things must be worse than we know and than the BOC are admitting to.

Also expect U.S. Presidential news to add some spice. The third and final debate happens this week.

I would expect BREXIT news to remain near the top of the news pile as we move forward. The trigger end date of March 2017 may be an anti-climax at the end of the day, however, until the negotiations with the EU are completed and signed off, uncertainty will rule the day.

<strong> </strong>
<ol start="4">
 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong><strong> </strong></li>
</ol>
<ol start="5">
 	<li><strong> LOOKING FORWARDS: THE USD MAJORS MY THOUGHTS and VIEWS:</strong></li>
</ol>
<strong> </strong>

<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>

(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)

My comments are contained on the charts.

EUR/USD - Weekly Closing Price: 1.0971

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-15102016.png"><img class="aligncenter size-large wp-image-8477" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-15102016-1024x477.png" alt="eurusd-daily-15102016" width="1024" height="477" /></a>

GBP/USD - Weekly Closing Price: 1.2188

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-15102016.png"><img class="aligncenter size-large wp-image-8478" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-15102016-1024x477.png" alt="gbpusd-daily-15102016" width="1024" height="477" /></a>

AUD/USD - Weekly Closing Price: 0.7615

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-15102016.png"><img class="aligncenter size-large wp-image-8476" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-15102016-1024x477.png" alt="audusd-daily-15102016" width="1024" height="477" /></a>

NZD/USD - Weekly Closing Price: 0.7085

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-15102016.png"><img class="aligncenter size-large wp-image-8479" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-15102016-1024x477.png" alt="nzdusd-daily-15102016" width="1024" height="477" /></a>

USD/CAD - Weekly Closing Price: 1.3142

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-15102016.png"><img class="aligncenter size-large wp-image-8480" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-15102016-1024x477.png" alt="usdcad-daily-15102016" width="1024" height="477" /></a>

USD/CHF - Weekly Closing Price: 0.9903

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-15102016.png"><img class="aligncenter size-large wp-image-8481" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-15102016-1024x477.png" alt="usdchf-daily-15102016" width="1024" height="477" /></a>

USD/JPY - Weekly Closing Price: 104.17

<u><a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-15102016.png"><img class="aligncenter size-large wp-image-8482" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-15102016-1024x477.png" alt="usdjpy-daily-15102016" width="1024" height="477" /></a></u>

<u> </u>

<u> </u>
<ol start="6">
 	<li><strong> MY CLOSING THOUGHTS:</strong></li>
</ol>
Whatever happens this week do not get suckered into trades. Plan your trades and trade your plan. Wait for the trades to come to you. This market is 100% unforgiving and can easily wipe out longs and shorts in the market in less than a trading session.

There is a lot of geopolitical news hanging over the markets. Remember no-one (me included) has a clue about what is going to happen and why. It’s all opinions until we have facts and even then the markets can still go off in the wrong direction based on fundamentals.

As usual…

Always 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.

Take care,

Scott Pickering
The Pip Accumulator
<a href="http://weeklyfxdrivethru.com/disclaimer/">http://weeklyfxdrivethru.com/disclaimer/
</a>DATE: 15th October 2016
BLOG VERSION: #218 FREE NEWSLETTER