&nbsp;
<ol>
 	<li><strong>INTRODUCTION:</strong></li>
</ol>
Last week’s title for my blog was: -

<strong>WILL THE ECB PULL IT OFF?</strong>

The answer was a resounding “Yes” ….

Despite the odds stacked against him Mario Draghi did a modern-day Houdini act. He delivered a “THUNDERBOLT” to the markets and silenced EURO bulls inside a minute.

I will comment more about this later.

Last week was like the week before lots of pips and $$$ being generated, primarily on the back of NZD weakness across the board.

I cleared my 4 x HEDGED trades (2 x EUR/NZD, GBP/NZD and GBP/AUD) with net profits, only to enter three more on the back of the BOC last Wednesday. I am still a believer that the USD/CAD will be going lower than 1.2000 and that the BOC will surprise hike once again. Having not hedged trades for over two years to jump in with 7 in the same month is a bit of a nose-bleed situation.

I personally view HEDGING as a trading tool to effectively “park” trades that you are in, that are moving sideways or against you but FUNDAMENTALLY you believe that you are directionally correct.

On many occasions, you can be focused on trades that are “up in your face” and let other trades go by. HEDGING removes this. I hedged last Wednesday, and I am still waiting to activate my exit strategy.

Moving on.

The PREMIUM SERVICE has now achieved its annual target of net 10,000 pips.

<strong>The total for 2017 now stands at 10,702 pips</strong>

I am delighted with this because I have achieved this despite the fact that I moved home this year, trekking 13 hours across Canada out of Quebec into Nova Scotia, which took up a lot of my time. Plus, the move was followed by a 25-day trip to Australia and New Zealand, moving to a new house, with all the planning and scheduling with the trip as well, certainly placed an additional stress on trading. Remote trading is at the best of time very stressful. It was when all said and done about a three-month event, therefore to hit target with over two months of the year left is pleasing.

As my good friend, Roger would say “Happy Days”, I would add “Fecking” into the middle of his little saying.

The following section was in last week’s blog and I am leaving it unchanged (except for Italics) again this week, with the added couple of comments: -
<ul>
 	<li>As we enter the final couple of months in 2017, If you are thinking about FX trading as an additional income stream, why not get on board now? Get used to the way I do things, get familiar with the PREMIUM SERVICE system and get ready for blast off in 2018.</li>
 	<li>Between now and the end of 2017 there are still pips to be gathered and $$$ to make!</li>
</ul>
<em>My annual target of 10,000 pips is in sight</em><em>, however, nothing can be taken for granted and given that my position sizing this year has been smaller due to the markets having greater RISK attached, my income from trading will be lower this year… but, there should be an income barring any disasters in the run up to the year end.</em>

<em>My point here as I mention every year is that those of you who trade with smaller account sizes can still make some money from trading Forex.</em>

<em>Single MINI LOT trades                                 = USD$1.00 each
PREMIUM SERVICE Annual target               = 10,000 pips</em>

<em>Anticipated Gross Income                            = USD$10,000 (10,000 pips x USD$1)</em>

<em>Less PREMIUM SERVICE</em>

<em>Annual subscription                                       = USD$1,000 (equivalent)</em><em>
NET TRADING INCOME                               = USD$9,000</em>

<em>Working on the 50% rule
Should you can only capture:
</em><em>50% of my suggested trades
</em><em>50% of my entries on time
</em><em>50% of my exits on time
</em><em>You could still generate a NET INCOME
</em><em>after subscription                                            of USD$4,0000</em>

<em> </em><em>Obviously, you would need in the first year to open and adequately fund a broker account to meet the trading criteria you have set yourself. I would say to trade MINI LOT trades you would require a minimum of a USD$6,000 account for you first year after one year you should be able to trade and operate your account on trading income and then as the year’s progress increase your trading size to say 2 or 3 MINI LOTS but at the same time you must remember increased POSITION SIZES = INCREASED RISK.</em>

<em>RISK MANAGEMENT is crucial to FX trading. Without it you fail.</em>

<strong> </strong>

<strong>2. THE FX MARKET PLACE:


</strong><u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>

Here is what tickled my fancy in the news last week as a currency trader.

&nbsp;

<strong><u>BOC</u></strong><u>: INTEREST RATE DECISION.

</u>

The Bank of Canada left interest rates unchanged last week. This was not a complete surprise as recent financial data had been sliding away.

Stephen Poloz, BOC Governor, was quite dovish, but now that I understand him a little better he was really being nothing other than “matter of fact” with his language. Nevertheless, the CAD weakened like crazy, moving the USD/CAD about 150 pips higher to 1.2800. Potentially there is the chance of a 1.3000 re-test especially if you add in USD strength.

Whilst, I think he sounded dovish, Poloz also amended forward forecasting quite a bit. Both the 2017 growth was revised up and the same for 2018, he also was very clear stating that less monetary stimulus would be required into the Canadian Economy.

The old chestnuts about Inflation risks to the downside, excess capacity in the Labour Market, softness in wage growth and elevated household debt all featured vis-a-vis the effects on these from higher interest rates.

Poloz focused a great deal on lower inflation so reading between the lines the chances of another hike in 2017 look a little optimistic at this stage. We should not get too carried away here as 4 weeks ago we were expecting another hike this year, it could all turn around again in the next 2/3 weeks and a December move once again becomes a possibility.

One thing I have learned in trading FX for 10 years is never say never; even with a Central Bank.

My bias with the CAD, referring to USD/CAD is short-term Canadian weakness to be replaced at the turn of next year at the latest with CAD strength and the USD/CAD moving back lower towards 1.2000 once again.

&nbsp;

<strong><u>EUR:</u></strong><u> ECB INTEREST RATE &amp; PRESS CONFERENCE.</u>

<u>THE DRAGHI THUNDERBOLT:</u>

Fair play the Pizza Boy pulled it off!

As mentioned last week the forward guidance provided was pretty much in line with what Draghi regurgitated to the assembled unsullied in Frankfurt.

The key takeaway was that the asset purchases would fall from the current €60 billion per month to €30 billion per month with effect from January 2018 and run at least until September 2018 or beyond. Expiring maturing securities that the ECB currently owns will be re-invested.

The key phrase from Draghi that was used on a number of occasions was “Extended period of time”, I was looking out for a well-used FED term “Transitory” and at times I was a little distracted but I do not recall a “Transitory” being used. However, “Extended period of time” for as long as necessary featured quite a bit.

Draghi stated that there would be NO interest rate increase until the end of the Asset Purchases (QE) that means October 2018 at the earliest. That was like a knife straight through the middle of all the aspiring Euro bull’s hearts.

Basically, Draghi was as dovish as he could be highlighting the only thing that he could highlight as an area of concern that was keeping the ECB accommodative moving forward, that was inflation, or rather the lack of it. He could not focus on other economic data as generally speaking all EUROZONE data has been improving of late. The only blemish is inflation. This was his focus.

The EUR/USD fell on his prepared statement and subsequent Q &amp; A through his press conference just a few pips shy of 200 pips. I would say that if I still lived in Marbella, Spain I would be able to hear the “Draghi” champagne corks popping all the way from Frankfurt.

<strong><u>
EUR:</u></strong><u> CATALONIA.</u>

This is going to be made into a Christmas pantomime.

Puidgemont was going to announce independence then he wasn't … wait 30 minutes longer and he was definitely going to announce it.

Well…

He didn’t and the best that I can make out is that he wants more elections that Madrid won’t agree to!

I think that we are back at square one.

There are meetings scheduled and discussions within the Catalan parliament but with Madrid holding all the keys now it all seems rather old news to me now.

The funniest piece of news last Friday, was that at the same time as the Catalonian government were voting on declaring independence the Madrid parliament was voting through Article 155 to take away all the powers of Catalonia.

Late Friday, I noticed on the wires that Puidgemont could get a jail sentence of up to 30 years for his recent actions.

You couldn’t make this stuff up.

&nbsp;

<strong><u>USD</u></strong><u>: JANET YELLEN’S REPLACEMENT.</u>

Who is it going to be?

Take your pick.

JANET YELLEN
GARY COHN
JEROME POWELL
KEVIN WARSH
JOHN TAYLOR

That was last week’s list….

Here is this week’s list….

JEROME POWELL
JOHN TAYLOR

As far as I can gather it’s an either-or decision for the president who believes his key roles under his job description as leader of the free world are: -

Keep the Stock Market going up at all costs.
Keep interest rates low.
Argue on twitter with as many people as possible.

Insult families of service people who have made the ultimate sacrifice for their country.

Slag off the press. Unless he likes the reporting its “FAKE NEWS”

Last Friday an unnamed White House source said that THE DONALD was leaning towards POWELL. Is this FAKE NEWS? Rule nothing out at all. Just because BLOOMBERG who delivered the news believes that they were given an exclusive means nothing vis-à-vis this administration.

The bookies still have POWELL &amp; TAYLOR as the dream ticket possibly filling the CHAIR and VICE CHAIR roles. It could be more like a fecking nightmare for them with TRUMP as President if this is true and plays out.

&nbsp;

<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u>

<u>
2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECONOMIC-DATA-29102017.png"><img class="aligncenter size-large wp-image-10267" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECONOMIC-DATA-29102017-1024x934.png" alt="" width="1024" height="934" /></a>

&nbsp;

<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/T-CHART-29102017.png"><img class="aligncenter size-large wp-image-10268" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/T-CHART-29102017-1024x844.png" alt="" width="1024" height="844" /></a>

&nbsp;

<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>

The charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.

<strong>
</strong>EUR/USD:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-29102017.png"><img class="aligncenter size-large wp-image-10282" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-29102017-1024x422.png" alt="" width="1024" height="422" /></a>

&nbsp;

GBP/USD:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-29102017.png"><img class="aligncenter size-large wp-image-10283" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-29102017-1024x422.png" alt="" width="1024" height="422" /></a>

&nbsp;

AUD/USD:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-29102017.png"><img class="aligncenter size-large wp-image-10281" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-29102017-1024x422.png" alt="" width="1024" height="422" /></a>

&nbsp;

NZD/USD:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-29102017.png"><img class="aligncenter size-large wp-image-10284" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-29102017-1024x422.png" alt="" width="1024" height="422" /></a>

&nbsp;

USD/CAD:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-29102017.png"><img class="aligncenter size-large wp-image-10285" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-29102017-1024x422.png" alt="" width="1024" height="422" /></a>

&nbsp;

USD/CHF:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-29102017.png"><img class="aligncenter size-large wp-image-10286" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-29102017-1024x422.png" alt="" width="1024" height="422" /></a>

&nbsp;

USD/JPY:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-29102017.png"><img class="aligncenter size-large wp-image-10287" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-29102017-1024x422.png" alt="" width="1024" height="422" /></a>

&nbsp;

&nbsp;

<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:

</u>This week is packed and will be volatile, there are key events dotted throughout the week. The following are the pick from my perspective and the ones that interest me the most.

<strong><u>CAD:</u></strong><u> GDP &amp; EMPLOYMENT DATA</u>.

GDP is on Tuesday and the jobs data is released the same as NFP on Friday.

The CAD$ is weak following some poor data and then a very dovish BOC policy statement last week. Positioning for the CAD was very heavily based on CAD strength, I am one of those traders, in fact I have hedged my CAD short positions for the shorter term. I have NOT ruled out a hike before the end of 2017 and the data that the market feeds off has little impact on how the BOC thinks. The last interest rate hike for example was a surprise.

CAD banks have re-positioned themselves, vis-à-vis their thoughts on interest rate increases and whilst in the main they see hikes early into 2018 only a couple are still believing that December 2017 should NOT be ruled out.

The data this week will either place what many would call the final nail in the coffin on no rate hikes in 2017, or if data is good maybe positioning will change.

The previous reading on GDP was 0%
This month the expectation is for 0.1%
Employment last month was +10,000
This Month the market is expecting +13,600

<strong><u>GBP:</u></strong><u> MANUFACTURING, CONSTRUCTION &amp; SERVICES PMi.</u>

My God that was a quick month…

It only seems a week or so ago I was predicting and got right, what I am about to predict again.

Last month: -

Manufacturing 55.1
Construction 48.1
Services 53.6

This month the market expects: -

Manufacturing 55.9
Construction 48.9
Services 53.3

This month I expect to see more of the same. Manufacturing and Construction to miss estimates and Services in line.

This information although backward looking is good from a BREXIT position, although PMi data is rather over-shadowed this week by the clatter of BOE data, none more important than the eagerly awaited interest rate decision.

&nbsp;

<strong><u>GBP:</u></strong><u> INFLATION REPORT, INTEREST RATE, MPC VOTES &amp; CARNEY.</u>

This is it; Carneys biggest meeting so far. For me this is bigger than his 2 “mile” walk down the BOE corridor the day after the BREXIT vote, to announce more QE and a rate cut.

He is now on the brink of raising rates solely because inflation is a 3% above the 2% objective. Everything else in the UK is up in the air both politically and economically.

The GBP/USD has strengthened of late on the back of the expected rate increase, although USD strength is pulling it back towards 1.3000 again.

BREXIT is still a shambles and the chances of a “NO DEAL” is quickly becoming what many believe will be the outcome. I have always said that the two-year time scale to tie up the loose ends to exit was challenging. Leave it to politicians and we have what can only be expected… a huge fu*k up.

Many people have argued in the media that a 0.25% basis point increase will do nothing to stop inflation rising as it is “transitory”, if that's the case DO NOT raise rates!

Wage growth is a full 1% behind inflation and the proposed 0.25% rate increase will no doubt be passed on in full to households, increasing household debt and further pressures on family budgets will be felt.

I make no apologies for raising this point again. BREXIT negotiations have NOT got past how much the divorce will cost, never mind the actual issues to address. WE haven’t even heard the word TRADE much of late. The trade deal will be so complex to manage and agree upon.

Carney must see this. He must see the timetable for BREXIT = better than 50% chance of a NO DEAL. To raise interest rates with this backdrop could go down in the history books as foolish and seriously lacking of any vision.

It will be a very interesting announcement this Thursday. The market is anticipating a 0.25% rate increase and 9-0 on the MPC votes in favour of the increase.

&nbsp;

<strong><u>AUD:</u></strong><u> TRADE BALANCE &amp; RETAIL SALES.</u>

Political calamities appear all over the globe. The Malcolm Turnbull government has now lost control of parliament following a legal intervention precluding dual nationality citizens living in Australia the ability to represent in parliament.

The High court ruled that Deputy Prime Minister Barnaby Joyce is ineligible to remain in Parliament as he has both Aussie and Kiwi citizenships. A bi-election now takes place and Turnbull is now looking for support from minorities to vote with his party to keep the government in play.

This political development over hangs the economic data with the view to sentiment moving forward as rallies will probably be sold into should data releases be good for the economy. The political uncertainty will trump economic data and therefore I would use rallies as selling opportunities.

The numbers expected are:

Retail Sales 0.6% last month was a dreadful -0.5%
Trade balance AUD$1.20 Billion versus last month AUD$0.99 Billion

&nbsp;

<strong><u>USD:</u></strong><u> ADP, NON-FARM EMPLOYMENT DATA &amp; AVERAGE EARNINGS.</u>

The TRUMP circus continues, with the next round of U.S. employment data. The focus will be on average hourly earnings to see if the economy can generate some inflation.

Janet Yellen’s “transitory” beliefs will be put to the test as we hit the next round of Inflation and jobs data.

We all wait with baited breath.

Bottom line, she is raising rates in December come hell or very high water.

ADP Expected 191,000, last month it was 135,000.
NFP Expected 311,000, last month it was -33,000.
Average Hourly Earnings this month 0.2% last month it was 0.5%

&nbsp;

<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>

We are jam packed with news events this coming week so you will probably not be too surprised with my thoughts for the coming week
<ol>
 	<li>The EUR/USD has triggered a Head and Shoulders pattern. It will NOT be a straightforward drop lower to its measured move target. At the same time the DXY (USD Index) has an inverted Head and Shoulders pattern in play (see chart below). This will NOT be a fast move higher either.


<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-29102017.png"><img class="aligncenter size-large wp-image-10269" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-29102017-1024x493.png" alt="" width="1024" height="493" /></a></li>
 	<li>The appointment of the FED CHAIR / VICE CHAIR rumoured to be POWELL / TAYLOR, the “dream team” ticket is being viewed widely as USD positive.

This news if released this week should therefore support the Inverted Head and Shoulders move with the DXY.</li>
 	<li>For good measure, we have an FOMC Statement this week. How many “transitory’s” will there be this time around. Yellen will probably announce at this release that she is NOT extending her stay at the FED beyond February 2018.

Will the FOMC be USD positive? I would say YES. She cannot suddenly turn dovish after her last Oscar winning performance… or can she?</li>
 	<li>S. employment is always a bit of a lottery and last month the adverse weather was used in advance to say that the numbers should be treated basically as meaningless.

This month however a more usual number is expected. The question is will it be USD positive or negative?

If I knew the answer to that question, I would not be writing this blog!</li>
 	<li>We have a major BOE announcement on Thursday. How Carney deals with the peripherals not as much the rate decision is of greater importance to me moving forward.

Nevertheless; this is the MAJOR piece of data this week. However, GBP moves should remain very focused to GBP related pairs.</li>
 	<li>We have CAD jobs at the same time as NFP, the opportunity for a double whammy exists with the CAD should the Cad jobs data be weak and the US data strong.

Moves with antipodean currencies on NZD and AUD should just affect local crosses as well.

I would view any “RIPS” with AUD and NZD opportunities to sell into and obtain good shorting prices.</li>
</ol>
SUMMARY:

When you look at my bullet points I am giving a very USD positive (strength) viewpoint and for the time being I am biased that way. However, DO NOT LEAP in with full sized positions and here is why.

TRUMP is on a goodwill mission to Asia at the end of the week, heaping TRUMP LOVE all over Asia.

TRUMP is full of himself, full of shite and full of bravado, he is a Mr. Magoo character, leaving chaos and disorder behind wherever he treads. He cannot help himself. The TWEETS will be flowing. Before he leaves, the TWEETS about how great he is will be flowing.

Trade smaller positions, stay on your toes. TRUMP has a FED announcement before he goes on his “goodwill Trip” and nothing ever passes off smoothly.

In my opinion, as time has moved forward his true colours are being displayed and having given him the benefit of the doubt for so long, my opinion of him is just that he is no more than at best a walking, talking, tweeting hemorrhoid. I am sure he must have great qualities somewhere, but I can’t see them.

Moving on…

Look at cross-rate pairs to trade and stay away from currencies that will be directly affected by TRUMP fuck ups… USD, JPY and CHF.

&nbsp;
<ol start="3">
 	<li><strong> THE PREMIUM SERVICE:</strong></li>
</ol>
The PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.
Full details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and 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 HISTORY &amp; PERFORMANCE tab.
<p style="padding-left: 120px;"><u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>
LAST WEEKS PIP TOTAL:             +1,543 net pips
OCTOBER 2017 TO DATE:           +2,655 net pips
YEAR TO DATE 2017:                    +10,702 net pips
</p>
Further information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>
Alternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.

<a href="http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>

To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.
<ol start="4">
 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>
</ol>
(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)

<u>4.1: TRADING REVIEW:</u>

10,702 pips for 2017 to date…

Happy fecking days…

I still must work off the USD/CAD hedges, which will not be easy as I am still bullish the CAD medium / longer-term and believe that I should have added more long trades in on the BOC Rate decision day as it was telegraphed what was going to happen. I was a little stupid when that was happening. I played that news poorly.

It was a great couple of weeks with the cross rates really delivering. We are in consolidation mode at the moment and are waiting for the next move.

Cable will be of interest this week. I have read that many commentators and analysts believe that the 0.25% hike is already baked into the GBP/USD. My arse it is. I want to be ready on Thursday to capture pips on GBP cross rates.

If Carney does NOT hike the GBP should be decimated. You can have a negative outcome on a rate hike, rare, but possible. I am not expecting this as things stand at the moment with cable.

It is a busy week this coming week and we enter the week lighter than usual with LIVE trades.

I mentioned on several occasions recently, and, I know some of you thought that I was leaving the party early, that my reasons for exiting many of the open trades early last week were based upon the fact that we had reached over bought and over sold conditions. Plus, we had a Draghi moment to consider.

I DID NOT participate on ECB day, I could not get 20-30 pip pullbacks with the EUR/USD, in particular, to let me in and also the crosses were suffering across the board. I decided to do something else and be a voyeur trader from time to time during the day.

Friday was a crap shoot. It was nothing more than a Las Vegas day in Forex. I will NO LONGER participate in those days any more. Even NFP has more sentiment and direction, for me to write that is huge.<u>

</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:

</u>

So, the last two weeks were “Win-Win” situations vis-à-vis the NZD. Now we move forward.

My focus remains with the NZD and now the GBP as well.

NZD: I expect a pullback before we head lower towards 0.6500 in NZD/USD. We can and probably will go even lower. Nothing from the media news in New Zealand suggests anything remotely positive for the NZD currency, “RALLIES” “SPIKES” and “RIPS” are to be sold into.

I will be adding but I will try my best to be as selective as possible and not be a NZD slut trader!!

GBP: There are opportunities here this week. Thursday is Carney’s biggest moment. As stated earlier in the blog it’s not about the hike it's the statement and how the BOE view matters moving forward.

DO NOT think because it’s an interest rate increase that the only way is up! It can be a GBP negative hike… stranger things have happened. I am not expecting this result but it has NOT been ruled out.

I intend to be ready and loaded…

Without stating the bloody obvious the market loves the USD at the moment. Sentiment is most definitely skewed towards buying the USD. As mentioned in several places I believe this to be a short to medium term shift, probably until the end of 2017.

After that I see USD weakness being driven through the markets through Presidential intervention via jaw-boning and interference.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/SENTIMENT-29102017.png"><img class="aligncenter size-large wp-image-10280" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/SENTIMENT-29102017-775x1024.png" alt="" width="775" height="1024" /></a>

<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>

I am STILL bearish the CAD and NZD currencies.

The CAD is on the back burner for now. I have three HEDGED trades to work through. I have just the one HEDGED TRADE with an “OUT” trade in play. I am to coin a phrase “HEDGING my approach to my HEDGES” if that makes sense.

The NZD I am waiting for a pullback to use that opportunity to read.

<strong><u>THE CAD:</u></strong>

Currently, I am live the following: -

3 x live short USD/CAD trades. All three are HEDGED and one has an “OUT” trade attached.

MY PLAN: These trades will remain on the back burner this week unless there is an opportunity to try and steal 100 pips here or there to offset the HEDGED amounts. I do not see these HEDGES in the same light as the GBP/NZD, EUR/NZD and GBP/AUD hedges. They were far more straightforward to exit without too much thought and strategy planning. These CAD HEDGES could be around for some time.

I have no plans currently to place CAD related trades against other pairs. This may change soon, but for now nada!!

<strong><u>THE NZD</u></strong>:

Currently I have 3 x live long AUD/NZD trades and a NZD/JPY short trade.

Plus: - I have 2 x AUD/NZD trades and a GBP/NZD and NZD/USD limit order trades in position.

MY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.

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<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u><u>

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CURRENT LIVE TRADES:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/LIVE-29102017.png"><img class="aligncenter size-large wp-image-10271" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/LIVE-29102017-889x1024.png" alt="" width="889" height="1024" /></a>


CURRENT LIMIT ORDER TRADES:

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/LIMIT-29102017.png"><img class="aligncenter size-large wp-image-10270" src="https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/LIMIT-29102017-1024x1018.png" alt="" width="1024" height="1018" /></a>

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<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>

I heard from two brokers.

Volumes from major banks are lower and the recent period of lack of volatility in the market confirms this view.

There is absolutely nothing that the brokers can do in this regard. They are suffering through lower retail volumes because the numbers of retail traders have gradually decreased since the EUR/CHF peg removal.

I am being reminded about the FXCM removal from the US market also being pivotal, as the mistrust of a high-profile broker was huge, never mind all the white label brokers!!

There are plenty of cowboys out there, of that there is no doubt.

I am trading with 5 brokers, 7 separate accounts at the moment and all is well ... touch wood. My two MT4 brokers VANTAGE FX (Australia) and HANTEC MARKETS (UK) continue to provide me with excellent service. My other TRADE STATION brokers are just excellent to work with.

If you are looking to open a separate broker account for PREMIUM SERVICE trades in 2018, take a look at VANTAGE FX or HANTEC MARKETS, signing up through my website link gives you fee advantages with VANTAGE FX.

Going back…

Whenever I hear about reduced volumes, I immediately think consolidation….

Let’s see what happens.

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<strong> </strong>
<ol start="5">
 	<li><strong> THE FINISHING LINE:</strong></li>
</ol>
<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>

If you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>

<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>

If you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.

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<u>5.3: CLOSING THOUGHTS:</u>

Nothing more to add here, I have said enough except,

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.

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Scott Pickering
The Pip Accumulator
Twitter: @ThePremService

<a href="http://weeklyfxdrivethru.com/disclaimer/">http://weeklyfxdrivethru.com/disclaimer/</a>

BLOG VERSION: #153 PREMIUM SERVICE
29th October 2017

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