(7444,1,'2016-03-12 08:26:16','2016-03-12 13:26:16','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nPrior to the past week, the previous two weeks of trading were painful for me. From the Boris Johnson BREXIT sell off in the cable, which was followed by severe ice storms which left me without either power or any ISP’s operating for two days. It took time to re-focus and gather one’s thoughts / patterns again.\r\n\r\nThankfully, this past week was a good one. In “my week in hell” All of my PREMIUM SERVICE pip gains for 2016 were erased and last week I replaced 75% of them. I am on a roll as they say in Vegas! I am still confident of generating 10,000 pips this year as I did in 2014 and 2015.\r\n\r\nAdding in my weekly weather check…. We are thawing here, just off the island of Montreal. Soon the snow and ice will be gone. My wife and I can walk the dogs again without fear of being run over by snow ploughs, and I can trade from the terrace in the sun close to a fully functional BBQ. Yes, the summer routine should be back in play very soon once again, with a bit of luck.\r\n\r\nFinally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong><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:            +1,546\r\n</strong><strong>NET PIPS THIS YEAR SO FAR:                +1,414</strong></p>\r\n<p style=\"text-align: center;\"><strong>NET PIPS 2015        +10,686\r\n</strong><strong>NET PIPS 2014        +11,209</strong></p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\n&nbsp;\r\n\r\nIf 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.\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\nWhat a feck of a week we just had.\r\n\r\nJesus, Mary and Joseph, I said last week that “CENTRAL BANKS TAKE CENTRE STAGE”, even one of my heroes, Mick Jagger, would have had difficulty managing and working that stage.\r\n\r\nWe had the BOC, RBNZ and ECB all dominating Forex traders minds regarding trading and to set the week off just prior to the BOC statement we had Mark Carney with testimony in front of a Treasury Select Committee hearing where Carney was talking about the BREXIT… deep joy and what fun.\r\n\r\nMy review of these four events is as follows: -\r\n\r\n&nbsp;\r\n\r\nUK TREASURY SELECT COMMITTEE HEARING:\r\n\r\nMy first comment about this was how awfully, “awfully” the chaps were. There was none of the GOP debate nonsense of small hands, calling people liars, chokers, no wetting one’s trousers’, no spray tans and the bible never came up once. The most heated it got was when Euro-skeptic MP Jacob Rees-Mogg addressed Carney with a “with due respect”.\r\n\r\nYou have got to love old blighty, the U.S. has Ted Cruz, Bernie Sanders, Donald Trump, Mitt Romney and Little Marco… the Brits have a Jacob Rees-Mogg, married to a Helena de Chair with a sibling named Annunziata Rees-Mogg. Bollocks to the U.S., the Brits have a history and they have names that age like a good bottle of Corton, which, is in complete contrast to the bottle of BUD comparison of the Teds, Bernie’s, Mitts and Donald’s of this world. I mean what sex is that sibling, it sounds female but is it? However, Jacob and Helena have a son named Tom Wentworth Somerset Dunstan Rees-Mogg, I would like to see how VISA and MasterCard cope with that!\r\n\r\nMoving on…\r\n\r\nThe 3 hours or so of questions and answers were the usual toing and froing that one sees in the UK. No rambles of statements pretending to be questions that Janet Yellen faces when she is giving her testimony on Capital Hill.\r\n\r\nCarney was accused of being pro-EU and he stood his ground. He had apparently not conducted through the BOE any scenarios of effects should the BREXIT occur. Brave man, however, I do not believe in a million years that not one single paper has been produced inside the BOE with what their strategies are.\r\n\r\n&nbsp;\r\n\r\nBOC:\r\n\r\nNo press conference this time and guess what? All is just fecking brilliant here in Canada. The snows are melting exposing potholes all over the roads here in Quebec. The mass of concrete that is so heavy in the crumbling infrastructure of Montreal, crumbles away some more. We had a massive sinkhole this week in Montreal. Jobs are disappearing from the prosperous provinces of Alberta and British Columbia. The chances of a housing bubble in Vancouver and Toronto are still there, prices are not giving up. However, from the thick pile cushioned carpets inside the BOC all are warm and cuddly.\r\n\r\nStephen Poloz is banking on Justin Trudeau’s first budget on the 22<sup>nd</sup> March to provide fiscal stimulus to cure all the issues facing the Canadian economy. Lets see how that goes.\r\n\r\nFor now rates are on hold.\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nGraeme Wheeler in a market surprise event cut interest rates by 0.25%. He promised more should matters Kiwi not improve. I notice that another 0.25% has been penciled in prior to the completion of Q2.\r\n\r\nThe one thing I noticed from reading the statement and listening to the press conference and parliament speech was the number of times China was mentioned. I don\'t think that Wheeler is planning a vacation, more just shitt**g his pants as China is New Zealand’s largest trading partner and the slowdown and hard landing that we all know is coming is starting to bite, and bite hard.\r\n\r\nSelling the NZD on spikes would seem to be a great trade for the time being.\r\n\r\n&nbsp;\r\n\r\nECB:\r\n\r\nWTF! - Draghi throws the kitchen sink in. He did not hold back and instead of the EUR weakening it strengthened. It shot up so fast off 1.0820, like a rat up a drain pipe, and it rallied from 1.0820 to over 1.1200, 4 cents in one session an unbelievable move.\r\n\r\nDraghi cut, added, added some more stimuli and at the end basically fecked up by saying that\'s about it, no more scope, nothing more to do now. At that point the EUR/USD and crosses spiked. I watched not believing the squeeze that took place.\r\n\r\nWho would be Draghi pouring out his fruit loops this morning reading all the media coverage about the press conference? Wiedmann at the Bundesbank, will be handing Mario a huge slice of I told you so soon, if he hasn’t already done so.\r\n\r\nWhat happened though has much wider implications, which I will look at later in the blog. The impact of post ECB has wider implications for Central Banks, Governments will take note, and, it filters all the way down to us Forex Traders on how we approach the markets moving forward.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>3.2: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\">IF NOT MONETARY POLICY… THEN WHAT?\r\n(This is a line taken from “IN DEFENCE OF MONETARY POLICY” written by Vitor Constancio, Vice President of the ECB. It was written the day following the latest ECB Press Conference)</p>\r\n&nbsp;\r\n\r\nThe latest ECB press conference was the second one from which the markets poo-pooed the ECB stimulus and the single currency strengthened instead of weakening. One occasion is a freak; the second is a pattern… but why?\r\n\r\nDraghi unleashed aggressive monetary stimulus.\r\n<p style=\"text-align: center;\"><strong>Refinancing Rate cut from 0% to 0.05%.</strong>\r\n<strong>Overnight deposit negative rates increased from -0.3% to -0.4%.</strong>\r\n<strong>QE increased to €80 billion per month from €60 billion per month.</strong>\r\n<strong> New 4 year TLTRO’s.</strong>\r\n<strong> Asset Purchases to now include Corporate Bonds</strong>\r\n<strong> He then also lowered 2016 and 2017 GDP and Inflation Forecasts.</strong></p>\r\n<p style=\"text-align: left;\">Lets face facts the above is strong stimulus and collectively they are worthy of the title “BAZOOKA”.</p>\r\nWhat went wrong?\r\n\r\nWhy did the market react the way it did?\r\n\r\nI have a hard time believing that a 4-cent rise in the EUR/USD exchange rate on the day could not all be attributed to the fact that the ECB believe that they have done enough. I say that in the complete knowledge that the FX market is at times mental and appears to outsiders, and us traders sometimes, to be totally dysfunctional.\r\n\r\nThe fact that Vitor Constancio released his memorandum the following day says it all for me. Briefly, he stated that the stimulus provided was in response to the vocal skepticism in the media and markets about the prior ECB package in play. He went on to say that fiscal and structural reforms are welcome but across all the member states of the EUROZONE would have implementation issues as parliaments are all different and different time lines would be in play and laws may be restrictive. Plus not all member states would adopt fiscal policy changes whether they needed to or not. Structural reforms are too long to implement.\r\n\r\nHe summarizes with the comments that in the EURO area, higher growth is urgently required to reduce negative output and unemployment gaps.\r\n\r\nHe ends his final sentence with IF NOT MONETARY POLICY, THEN WHAT?\r\n\r\nMy thoughts are, if central bank monetary policy no longer influences exchange rates, we have a huge problem.\r\n\r\nStock markets should have been flying as a result of the ECB stimulus. We got a sell off. This has wider implications for those people who have pensions etc linked into the stock market.\r\n\r\nThe same thing happened after the BOJ introduced negative overnight interest rates. A massive sell–off followed.\r\n\r\nThis is volatility that is not expected. One of the key roles and responsibility of a central bank is that of creating and maintaining price stability, and at the same time removing uncertainty.\r\n\r\nAfter the ECB and BOJ we have uncertainty. We now have risks that we never thought that we would have. Stimulus normally means stock market bullishness.\r\n\r\nWill this reaction to the ECB affect the FED and the SNB?\r\n\r\nWe have an FOMC meeting this week. The fact that Draghi and the ECB was so accommodative, one would think that if they wanted it to, this would have supported the FED being hawkish. I somehow believe that the FED will hold until the end of Q2 before raising again, although even if it raised rates this week I think it would have a minimal effect.\r\n\r\nThomas Jordan (SNB) must have been an interested on-looker last Thursday. I have no doubt he will NOT want the CHF to strengthen and intervention could happen at any time. Even with negative interest rates there could still be a safety play at some time for the CHF pairs. The EUR will weaken over time and Jordan will want to be proactive rather than reactive with his actions.\r\n\r\nStepping back…\r\n\r\nWhen you first start trading you are aware that central bank monetary policy is the cornerstone to a currencies behavior. If you cannot rely on that what do you have?\r\n\r\nIn my opinion, confusion and uncertainty come into play, which, I believe manifests itself as FEAR and GREED. FEAR and GREED rule FX at the best of times even when there is nothing to FEAR. If markets no longer take a Viagra pill on the back of currency stimulus we have to start re-thinking about correlations next.\r\n\r\nWithout doubt it means that we should be cautious and let the dust settle down for a few days. Certainly the FED meeting this week will be one event to follow with interest. Will the FED still demand respect?\r\n\r\nThe ECB is arguably the biggest central bank in the world. The BOJ is in the top three without doubt. If the FED gets paid lip service we do have a problem moving forward.\r\n\r\nThe risks across all markets should this be the case should not be under estimated. Should the equity markets move lower, the corrections could be greater than we thought possible and then we have FEAR, followed by GREED.\r\n\r\nWaiting for fiscal and structural changes may be the way, but they are not instant to re-invigorating an economy. They take time. If Central Bank monetary policy is truly now sterile and markets immune to the effects, we could end up in chaos with an unruly sell–off. There would be a run to both GOLD and CASH.\r\n\r\nPersonally, I have never traded in a period when central bank policies were almost ignored by the markets. With the FED meeting this week, its commentary takes on another level of interest and reaction in my eyes given what has recently happened with the BOJ and ECB.\r\n\r\nI do not want to get doom and gloom orientated but I do believe we have big issues facing markets in the near term. If monetary policy just isn’t enough on its own for the immediate future, we have issues to address.\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> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>5.1: 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: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: BOJ – Press Conference and Monetary Policy Statement.\r\nTUESDAY: USD – PPI and Retail Sales.\r\nTUESDAY: NZD – GDT Price Index.\r\n\r\nWEDNESDAY: GBP – Unemployment Data and Annual Budget.\r\nWEDNESDAY: USD – CPi and Core CPi.\r\nWEDNESDAY: USD – FOMC Statement, Rate, Projections &amp; Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: SNB – Libor Rate and Monetary Policy Statement.\r\nTHURSDAY: GBP – BOE Bank Rate and Policy Summary\r\n\r\nFRIDAY: CAD – Core Retail Sales and Core CPi.\r\n\r\n<strong> </strong>\r\n\r\n<u>5.2: 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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nThis week, I have decided to break the usual approach and look at monthly charts instead of daily charts. This is in response to feedback, when I was asked for a more macro level view.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1145\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/eurusd-m-12032016/\" rel=\"attachment wp-att-7428\"><img class=\"aligncenter size-large wp-image-7428\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-M-12032016-1024x509.png\" alt=\"EURUSD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4386\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/gbpusd-m-12032016/\" rel=\"attachment wp-att-7429\"><img class=\"aligncenter size-large wp-image-7429\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-M-12032016-1024x509.png\" alt=\"GBPUSD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7559\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/audusd-m-12032016/\" rel=\"attachment wp-att-7427\"><img class=\"aligncenter size-large wp-image-7427\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-M-12032016-1024x509.png\" alt=\"AUDUSD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6742\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/nzdusd-m-12032016/\" rel=\"attachment wp-att-7430\"><img class=\"aligncenter size-large wp-image-7430\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-M-12032016-1024x509.png\" alt=\"NZDUSD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3215\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/usdcad-m-12032016/\" rel=\"attachment wp-att-7431\"><img class=\"aligncenter size-large wp-image-7431\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-M-12032016-1024x509.png\" alt=\"USDCAD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/usdchf-m-12032016/\" rel=\"attachment wp-att-7432\"><img class=\"aligncenter size-large wp-image-7432\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-M-12032016-1024x509.png\" alt=\"USDCHF M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.81\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/usdjpy-m-12032016/\" rel=\"attachment wp-att-7433\"><img class=\"aligncenter size-large wp-image-7433\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-M-12032016-1024x509.png\" alt=\"USDJPY M 12032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nAnother big week for news lies ahead of us.\r\n\r\nWe have another three central banks with rate announcements, this time it’s the BOJ, SNB and BOE.\r\n\r\nUnless Thomas Jordan at the SNB does another “gob smacker”, I am expecting this week to be focused on the FED and the FOMC with Janet Yellen’s press conference.\r\n\r\nWe should also note that we have employment data from the GBP and AUD.\r\n\r\nAs always, be savvy…\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>DATE: 12<sup>th</sup> March 2016\r\nBLOG REFERENCE: #192 FREE NEWSLETTER','IF NOT MONETARY POLICY… THEN WHAT?','','inherit','closed','closed','','7442-revision-v1','','','2016-03-12 08:26:16','2016-03-12 13:26:16','',7442,'https://weeklyfxdrivethru.com/7442-revision-v1/',0,'revision','',0),(7443,1,'2016-03-12 08:24:47','2016-03-12 13:24:47','&nbsp;\r\n\r\n<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nPrior to the past week, the previous two weeks of trading were painful for me. From the Boris Johnson BREXIT sell off in the cable, which was followed by severe ice storms which left me without either power or any ISP’s operating for two days. It took time to re-focus and gather one’s thoughts / patterns again.\r\n\r\nThankfully, this past week was a good one. In “my week in hell” All of my PREMIUM SERVICE pip gains for 2016 were erased and last week I replaced 75% of them. I am on a roll as they say in Vegas! I am still confident of generating 10,000 pips this year as I did in 2014 and 2015.\r\n\r\nAdding in my weekly weather check…. We are thawing here, just off the island of Montreal. Soon the snow and ice will be gone. My wife and I can walk the dogs again without fear of being run over by snow ploughs, and I can trade from the terrace in the sun close to a fully functional BBQ. Yes, the summer routine should be back in play very soon once again, with a bit of luck.\r\n\r\nFinally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong><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:            +1,546</strong></p>\r\n<p style=\"text-align: center;\"><strong>NET PIPS THIS YEAR SO FAR:                +1,414</strong></p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><strong>NET PIPS 2015        +10,686</strong></p>\r\n<p style=\"text-align: center;\"><strong>NET PIPS 2014        +11,209</strong></p>\r\n<p style=\"text-align: center;\">(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\n&nbsp;\r\n\r\nIf 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.\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\nWhat a feck of a week we just had.\r\n\r\nJesus, Mary and Joseph, I said last week that “CENTRAL BANKS TAKE CENTRE STAGE”, even one of my heroes, Mick Jagger, would have had difficulty managing and working that stage.\r\n\r\nWe had the BOC, RBNZ and ECB all dominating Forex traders minds regarding trading and to set the week off just prior to the BOC statement we had Mark Carney with testimony in front of a Treasury Select Committee hearing where Carney was talking about the BREXIT… deep joy and what fun.\r\n\r\nMy review of these four events is as follows: -\r\n\r\n&nbsp;\r\n\r\nUK TREASURY SELECT COMMITTEE HEARING:\r\n\r\nMy first comment about this was how awfully, “awfully” the chaps were. There was none of the GOP debate nonsense of small hands, calling people liars, chokers, no wetting one’s trousers’, no spray tans and the bible never came up once. The most heated it got was when Euro-skeptic MP Jacob Rees-Mogg addressed Carney with a “with due respect”.\r\n\r\nYou have got to love old blighty, the U.S. has Ted Cruz, Bernie Sanders, Donald Trump, Mitt Romney and Little Marco… the Brits have a Jacob Rees-Mogg, married to a Helena de Chair with a sibling named Annunziata Rees-Mogg. Bollocks to the U.S., the Brits have a history and they have names that age like a good bottle of Corton, which, is in complete contrast to the bottle of BUD comparison of the Teds, Bernie’s, Mitts and Donald’s of this world. I mean what sex is that sibling, it sounds female but is it? However, Jacob and Helena have a son named Tom Wentworth Somerset Dunstan Rees-Mogg, I would like to see how VISA and MasterCard cope with that!\r\n\r\nMoving on…\r\n\r\nThe 3 hours or so of questions and answers were the usual toing and froing that one sees in the UK. No rambles of statements pretending to be questions that Janet Yellen faces when she is giving her testimony on Capital Hill.\r\n\r\nCarney was accused of being pro-EU and he stood his ground. He had apparently not conducted through the BOE any scenarios of effects should the BREXIT occur. Brave man, however, I do not believe in a million years that not one single paper has been produced inside the BOE with what their strategies are.\r\n\r\n&nbsp;\r\n\r\nBOC:\r\n\r\nNo press conference this time and guess what? All is just fecking brilliant here in Canada. The snows are melting exposing potholes all over the roads here in Quebec. The mass of concrete that is so heavy in the crumbling infrastructure of Montreal, crumbles away some more. We had a massive sinkhole this week in Montreal. Jobs are disappearing from the prosperous provinces of Alberta and British Columbia. The chances of a housing bubble in Vancouver and Toronto are still there, prices are not giving up. However, from the thick pile cushioned carpets inside the BOC all are warm and cuddly.\r\n\r\nStephen Poloz is banking on Justin Trudeau’s first budget on the 22<sup>nd</sup> March to provide fiscal stimulus to cure all the issues facing the Canadian economy. Lets see how that goes.\r\n\r\nFor now rates are on hold.\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nGraeme Wheeler in a market surprise event cut interest rates by 0.25%. He promised more should matters Kiwi not improve. I notice that another 0.25% has been penciled in prior to the completion of Q2.\r\n\r\nThe one thing I noticed from reading the statement and listening to the press conference and parliament speech was the number of times China was mentioned. I don\'t think that Wheeler is planning a vacation, more just shitt**g his pants as China is New Zealand’s largest trading partner and the slowdown and hard landing that we all know is coming is starting to bite, and bite hard.\r\n\r\nSelling the NZD on spikes would seem to be a great trade for the time being.\r\n\r\n&nbsp;\r\n\r\nECB:\r\n\r\nWTF! - Draghi throws the kitchen sink in. He did not hold back and instead of the EUR weakening it strengthened. It shot up so fast off 1.0820, like a rat up a drainpipe, and it rallied from 1.0820 to over 1.1200, 4 cents in one session an unbelievable move.\r\n\r\nDraghi cut, added, added some more stimuli and at the end basically fecked up by saying that\'s about it, no more scope, nothing more to do now. At that point the EUR/USD and crosses spiked. I watched not believing the squeeze that took place.\r\n\r\nWho would be Draghi pouring out his fruit loops this morning reading all the media coverage about the press conference? Wiedmann at the Bundesbank, will be handing Mario a huge slice of I told you so soon, if he hasn’t already done so.\r\n\r\nWhat happened though has much wider implications, which I will look at later in the blog. The impact of post ECB has wider implications for Central Banks, Governments will take note, and, it filters all the way down to us Forex Traders on how we approach the markets moving forward.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>3.2: WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\">IF NOT MONETARY POLICY… THEN WHAT?\r\n(This is a line taken from “IN DEFENCE OF MONETARY POLICY” written by Vitor Constancio, Vice President of the ECB. It was written the day following the latest ECB Press Conference)</p>\r\n&nbsp;\r\n\r\nThe latest ECB press conference was the second one from which the markets poo-pooed the ECB stimulus and the single currency strengthened instead of weakening. One occasion is a freak; the second is a pattern… but why?\r\n\r\nDraghi unleashed aggressive monetary stimulus.\r\n<p style=\"text-align: center;\"><strong>Refinancing Rate cut from 0% to 0.05%.</strong>\r\n<strong>Overnight deposit negative rates increased from -0.3% to -0.4%.</strong>\r\n<strong>QE increased to €80 billion per month from €60 billion per month.</strong>\r\n<strong> New 4 year TLTRO’s.</strong>\r\n<strong> Asset Purchases to now include Corporate Bonds</strong>\r\n<strong> He then also lowered 2016 and 2017 GDP and Inflation Forecasts.</strong></p>\r\n<p style=\"text-align: left;\">\r\nLets face facts the above is strong stimulus and collectively they are worthy of the title “BAZOOKA”.</p>\r\nWhat went wrong?\r\n\r\nWhy did the market react the way it did?\r\n\r\nI have a hard time believing that a 4-cent rise in the EUR/USD exchange rate on the day could not all be attributed to the fact that the ECB believe that they have done enough. I say that in the complete knowledge that the FX market is at times mental and appears to outsiders, and us traders sometimes, to be totally dysfunctional.\r\n\r\nThe fact that Vitor Constancio released his memorandum the following day says it all for me. Briefly, he stated that the stimulus provided was in response to the vocal skepticism in the media and markets about the prior ECB package in play. He went on to say that fiscal and structural reforms are welcome but across all the member states of the EUROZONE would have implementation issues as parliaments are all different and different time lines would be in play and laws may be restrictive. Plus not all member states would adopt fiscal policy changes whether they needed to or not. Structural reforms are too long to implement.\r\n\r\nHe summarizes with the comments that in the EURO area, higher growth is urgently required to reduce negative output and unemployment gaps.\r\n\r\nHe ends his final sentence with IF NOT MONETARY POLICY, THEN WHAT?\r\n\r\nMy thoughts are, if central bank monetary policy no longer influences exchange rates, we have a huge problem.\r\n\r\nStock markets should have been flying as a result of the ECB stimulus. We got a sell off. This has wider implications for those people who have pensions etc linked into the stock market.\r\n\r\nThe same thing happened after the BOJ introduced negative overnight interest rates. A massive sell–off followed.\r\n\r\nThis is volatility that is not expected. One of the key roles and responsibility of a central bank is that of creating and maintaining price stability, and at the same time removing uncertainty.\r\n\r\nAfter the ECB and BOJ we have uncertainty. We now have risks that we never thought that we would have. Stimulus normally means stock market bullishness.\r\n\r\nWill this reaction to the ECB affect the FED and the SNB?\r\n\r\nWe have an FOMC meeting this week. The fact that Draghi and the ECB was so accommodative, one would think that if they wanted it to, this would have supported the FED being hawkish. I somehow believe that the FED will hold until the end of Q2 before raising again, although even if it raised rates this week I think it would have a minimal effect.\r\n\r\nThomas Jordan (SNB) must have been an interested on-looker last Thursday. I have no doubt he will NOT want the CHF to strengthen and intervention could happen at any time. Even with negative interest rates there could still be a safety play at some time for the CHF pairs. The EUR will weaken over time and Jordan will want to be proactive rather than reactive with his actions.\r\n\r\nStepping back…\r\n\r\nWhen you first start trading you are aware that central bank monetary policy is the cornerstone to a currencies behavior. If you cannot rely on that what do you have?\r\n\r\nIn my opinion, confusion and uncertainty come into play, which, I believe manifests itself as FEAR and GREED. FEAR and GREED rule FX at the best of times even when there is nothing to FEAR. If markets no longer take a Viagra pill on the back of currency stimulus we have to start re-thinking about correlations next.\r\n\r\nWithout doubt it means that we should be cautious and let the dust settle down for a few days. Certainly the FED meeting this week will be one event to follow with interest. Will the FED still demand respect?\r\n\r\nThe ECB is arguably the biggest central bank in the world. The BOJ is in the top three without doubt. If the FED gets paid lip service we do have a problem moving forward.\r\n\r\nThe risks across all markets should this be the case should not be under estimated. Should the equity markets move lower, the corrections could be greater than we thought possible and then we have FEAR, followed by GREED.\r\n\r\nWaiting for fiscal and structural changes may be the way, but they are not instant to re-invigorating an economy. They take time. If Central Bank monetary policy is truly now sterile and markets immune to the effects, we could end up in chaos with an unruly sell–off. There would be a run to both GOLD and CASH.\r\n\r\nPersonally, I have never traded in a period when central bank policies were almost ignored by the markets. With the FED meeting this week, its commentary takes on another level of interest and reaction in my eyes given what has recently happened with the BOJ and ECB.\r\n\r\nI do not want to get doom and gloom orientated but I do believe we have big issues facing markets in the near term. If monetary policy just isn’t enough on its own for the immediate future, we have issues to address.\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> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>5.1: 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: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: BOJ – Press Conference and Monetary Policy Statement.\r\nTUESDAY: USD – PPI and Retail Sales.\r\nTUESDAY: NZD – GDT Price Index.\r\n\r\nWEDNESDAY: GBP – Unemployment Data and Annual Budget.\r\nWEDNESDAY: USD – CPi and Core CPi.\r\nWEDNESDAY: USD – FOMC Statement, Rate, Projections &amp; Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: SNB – Libor Rate and Monetary Policy Statement.\r\nTHURSDAY: GBP – BOE Bank Rate and Policy Summary\r\n\r\nFRIDAY: CAD – Core Retail Sales and Core CPi.\r\n\r\n<strong> </strong>\r\n\r\n<u>5.2: 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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nThis week, I have decided to break the usual approach and look at monthly charts instead of daily charts. This is in response to feedback, when I was asked for a more macro level view.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1145\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/eurusd-m-12032016/\" rel=\"attachment wp-att-7428\"><img class=\"aligncenter size-large wp-image-7428\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-M-12032016-1024x509.png\" alt=\"EURUSD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4386\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/gbpusd-m-12032016/\" rel=\"attachment wp-att-7429\"><img class=\"aligncenter size-large wp-image-7429\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-M-12032016-1024x509.png\" alt=\"GBPUSD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7559\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/audusd-m-12032016/\" rel=\"attachment wp-att-7427\"><img class=\"aligncenter size-large wp-image-7427\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-M-12032016-1024x509.png\" alt=\"AUDUSD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6742\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/nzdusd-m-12032016/\" rel=\"attachment wp-att-7430\"><img class=\"aligncenter size-large wp-image-7430\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-M-12032016-1024x509.png\" alt=\"NZDUSD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3215\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/usdcad-m-12032016/\" rel=\"attachment wp-att-7431\"><img class=\"aligncenter size-large wp-image-7431\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-M-12032016-1024x509.png\" alt=\"USDCAD M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/usdchf-m-12032016/\" rel=\"attachment wp-att-7432\"><img class=\"aligncenter size-large wp-image-7432\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-M-12032016-1024x509.png\" alt=\"USDCHF M 12032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.81\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/not-monetary-policy/usdjpy-m-12032016/\" rel=\"attachment wp-att-7433\"><img class=\"aligncenter size-large wp-image-7433\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-M-12032016-1024x509.png\" alt=\"USDJPY M 12032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nAnother big week for news lies ahead of us.\r\n\r\nWe have another three central banks with rate announcements, this time it’s the BOJ, SNB and BOE.\r\n\r\nUnless Thomas Jordan at the SNB does another “gob smacker”, I am expecting this week to be focused on the FED and the FOMC with Janet Yellen’s press conference.\r\n\r\nWe should also note that we have employment data from the GBP and AUD.\r\n\r\nAs always, be savvy…\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>DATE: 12<sup>th</sup> March 2016\r\nBLOG REFERENCE: #192 FREE NEWSLETTER','IF NOT MONETARY POLICY… THEN 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12:03:03','',7463,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-DAILY-19032016.png',0,'attachment','image/png',0),(7463,1,'2016-03-19 07:05:04','2016-03-19 12:05:04','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI pride myself upon telling it how it is for me as a trader, the good, the bad and the fecking ugly. Here we go again.\r\n\r\nLast week was a very mixed week of trading for me.\r\n\r\nIn the heat of the moment, following the FOMC statement I decided to enter the USD/CAD long using the down sloping support trend line around 1.3080-1.3100 as my stop. I am still beating myself up for entering this trade long even though technically it looked good. Fundamentally it was a poor trade as WTi was up 4% on the day looking to target $40 per barrel. What was I thinking? Jesus, Mary and Joseph, to add further stupidity I added a second long trade just above the trend line, thankfully that was just a quarter size position. Suffice to say the CAD was taken to the woodshed and spanked…. I should have gone there myself I took just over 300 pips loss on the two trades.\r\n\r\nAt the same time I was trying to pick a high with the NZD/USD going short. I am bearish the Kiwi. I still have those trades plus other NZD crosses in play. Whilst I am out of the money, I am being backed by the RBNZ with the direction based upon a very strong monetary policy statement from a week or so ago.\r\n\r\nAt times as a Forex trader, there are moments when I feel like smashing my head against a wall… I hope that I am not alone with that feeling! So, long story short; I gave back the pips that I had gained earlier in the week…. argh!!\r\n\r\nAdding in my weekly weather check…. We are still thawing here, just off the island of Montreal. The browny / green grass is starting to appear from under the white snowy blanket that has been in place for several months. My wife and I have stocked up on wine / Gin and Jack for the BBQ season that will shortly commence. I will be trading outside with my MacBook Air and iPad’s after the US open very soon, I hope.\r\n\r\nFinally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>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>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +1,511\r\nNET PIPS THIS YEAR SO FAR:                +1,379</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209</p>\r\n(Basically, I trade for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\r\n\r\n<strong> </strong>\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI have already alerted you to a brief overview of how I traded the FOMC last week; from my view it was pretty poorly if the truth were told. Overall it was a mixed week for me with highs and lows.\r\n\r\nLooking at the key events from my perspective: -\r\n\r\nBOJ PRESS CONFERENCE:\r\n\r\nIn my opinion it was a non-event. Then 24 hours later Kuroda spoke in Parliament (I think) and said that he will still increase the current negative interest rate of 0.10% to 0.50%. This was after, the prior day’s press conference when you could hear in the background the John Lennon (Plastic Ono Band) song, “Power to the people” playing. This was as a direct result of big and small businesses plus the common folk, saying how much they detested negative interest rates. This caused the BOJ to say that they weren’t going to touch them in the near-term and that they were going to review to whom the policy would apply… WTF.\r\n\r\nThen on Thursday last week, the USD/JPY broke below 111.00. It hit 110.66 and spiked to 112.00 (140 pips). The BOJ denied any involvement with that move… my arse no involvement. They must think that we (traders) are fecking idiots. They get somebody to do their work so they can proclaim a 2016 version of Pontius Pilate to the markets. For crying out loud, give us some savvy!!\r\n\r\nOh, what joy!!\r\n\r\n&nbsp;\r\n\r\nFOMC STATEMENT &amp; PRESS CONFERENCE:\r\n\r\nJanet Yellen and her team delivered a very DOVISH statement. From my perspective when she was speaking in the press conference, I found her more HAWKISH than the written statement. Nevertheless, it was a DOVISH statement; I stood in front of the bus and got whacked.\r\n\r\nThe one thing that is haunting me though is; is the U.S. economy in good shape?\r\n\r\nI am sick to the back teeth of listening to loud mouths telling me that the EUROZONE, UK and JAPAN are in the toilet and the U.S. is great.\r\n\r\nHere are my thoughts, followed by the question:\r\n\r\nAfter 7 years of QE (Quantitative Easing) following the financial crash, we are now advised that we (the U.S.) are in a period of normalization. Interest rates are at 0.25% and the markets are shit scared of a raise of another 0.25% to 0.50%.\r\n\r\nFor the greatest country in the world, isn’t this just a load of bollocks?\r\n\r\nInstead of shouting louder to get your views heard. Would it not be more appropriate to think first, before engaging your gobs?\r\n\r\nThe markets are crapping the bed over 3 or 4 rate hikes this year. Janet Yellen is pussy footing around the markets creating more uncertainty and dithering (like she did last year). She will no doubt be behind the curve, when she finally makes a move, and now, she is talking in terms of only 2 or 3 rate hikes in 2016. This change in the number of rate increases does beg the question, is this the best the U.S. has after 7 years of QE? when the markets have been wrapped in cotton wool and bubble-wrap. Does this indicate that all is not good and that we are on the brink of another recession?\r\n\r\nAll the “doom and gloomers” from earlier this year were probably correct with their thinking and prognosis.\r\n\r\nGet ready and take protection would be my thoughts at the moment. This is a U.S. election year with some right numpties looking to take office. The U.S. is going to have to make more than great deals to get itself out of the shit.\r\n\r\nThe FED must see the economy as weak and borderline looking forward, otherwise they would be pressing ahead with rate increases. The Stock market is NOT the U.S. economy.\r\n\r\n&nbsp;\r\n\r\nSNB POLICY ASSESSMENT:\r\n\r\nThis was a damp squib. Yada, yada, yada…we will do what we have to… the usual stuff from Thomas Jordan and co.\r\n\r\n&nbsp;\r\n\r\nBOE INTEREST RATE ANNOUNCEMENT:\r\n\r\nWith the springtime change I forgot all about this. The cable however, did rally off the news that the BOE now does not think that interest rates in the UK will rise for at least the next three years. I just hope to God that someone has alerted Mark Carney to that effect; I know that he is the bank governor but he is also the master of misleading everyone with his rather wild and off the cuff comments.\r\n\r\nLast Thursday’s move after the Interest rate announcement was impressive on the day, the cable had a move through the 1.42’s, 1.43’s, 1.44’s and 1.45’s, by any measurement that was impressive. However, moving forward, the UK will still to and fro with headlines relating to BREXIT and the gain may not remain on the books for long.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE INCHES CLOSER TO ITS IMPLOSION</strong></p>\r\nMaybe not as much as in previous years if at all in 2016, have I written about the EUROZONE, stating that it is in crapper, on the road to hell or about to fall off the cliff on the basis that it is on the precipice.\r\n\r\nIn my opinion, the EUROZONE has always been close to the precipice ever since the financial crash, 7/8 years ago. Recent events have me back on the soapbox once again and I really do think that implosion time is not that far away.\r\n\r\nI really do not want to dwell too much in the past with regards to the EUROZONE other than to briefly say, it was born at a time when the world was completely different from now. It was initially a trade agreement to bolster free trade restrictions within the European continent in competition with EFTA (The European Free Trade Association). The EUROZONE was originally called “The Common Market”.\r\n\r\nFrance and Germany geographically at the heart of Europe wanted to take “The Common Market” beyond trade, to include, social needs, banking and currency union, foreign policy, fiscal union, tax harmonization etc. The Common Market became the EEC (The European Economic Community) and for those countries who were members of the EEC they had a buy in time to join the single currency, the EUR by achieving a set of economic standards by a deadline such as Debt to GDP, Inflation, Unemployment etc. From this the EUROZONE was born in 1999 with 11 countries initially. The EEC then became just known as the European Union and countries who are users of the € (EUR) are often just referred to as member states. For the record, there are 28 member states (countries) in the European Union of which, 19 are members of the EUROZONE using the € single currency.\r\n\r\nIn my opinion, with such grand goals as tax harmonization, fiscal union and foreign policy alignment, the project referred to as the EUROZONE, was doomed from the outset.\r\n\r\nThe way I look at it, there are 19 countries spread throughout the European continent, all different in location mass, population build up and culture basically using the cheque book to manage their own economies and still expected to conform to a central policy… no chance.\r\n\r\nThe comparison of northern Europeans with those in the south with the Mediterranean culture is like comparing apples with oranges. The economies are different, natural resources vary, yet each member state had to balance the books and meet a criteria set down by Germany basically, the industrial powerhouse of the EUROZONE.\r\n\r\nTo cut a very long story short, the Mediterranean countries (GREECE, SPAIN, CYPRUS and although not geographically on the Mediterranean let me add PORTUGAL to this list) misled the EUROZONE group about their economic position, resilience and stability. The constraints of working with a central bank (the ECB) eventually came to the forefront and the cracks appeared.\r\n\r\nThe EUROZONE was a dream of both Germany and France where the agricultural dependency of the French farmers would be assured by introducing the CAP (the Common Agricultural Policy), this basically meant the EUROZONE would buy all production from the farmers whether it was needed in Europe or not for a guaranteed price. Do you remember, “The Butter Mountains”, “Wine Lakes”, “Milk Lakes” etc…? This was the result of the CAP. In return for the CAP the French basically offered 100% total support for Germany’s financial control of the EUROZONE.\r\n\r\nAt the outset the “European Dream” was not set-up in any way shape of form believing that it would have to withstand a financial downturn (crash) almost as severe as the 1930’s world recession.\r\n\r\nThe cracks in the EUROZONE were there before the 2008-9 crash; they were just papered over in classic EUROZONE style.\r\n\r\nGREECE, PORTUGAL and IRELAND all required cash bailouts from the ECB (basically Germany), to help them pull through the downturn.\r\n\r\nThe U.S. and UK introduced QE (Quantitative Easing / Asset Purchases) to flood the markets with cash support and help the financial centres and banks.\r\n\r\nThe EUROZONE under German leadership decided, AUSTERITY is the way to handle a downturn. Tighten ones belts, do not spend a penny, cut back on all things and weather it through. All this did was piss people off, make politicians very un-liked and deliver pain and suffering to the masses, all 338 million of them.\r\n\r\n“Happy fecking Christmas one and all, Love Angela”\r\n\r\nThe ECB had by this time switched president from the inaugural Jean Claude-Trichet, to Mario Draghi (God love him). Trichet was a bit of weird character to say the least; along with Alan Greenspan in the U.S. they spoke a different language. I am certain that was where Gene Roddenberry got the idea of Klingon from for Star Trek. Everything was a bit like code… it was hard to understand what they were getting at.\r\n\r\nDraghi and his counterpart at the FED Ben Bernanke were much easier to follow. Mario Draghi’s problem was the Bundesbank under Jens Wiedmann (President) probably under rule from Angela Merkel and her pit bull Wolfgang Schaeuble (German Finance Minister), who had their own ideas of how the ECB should operate and although its mandate was quite varied, they wanted a say in all matters and decisions. Draghi was to a large extent a puppet.\r\n\r\nAfter several years of AUSTERITY, it was finally cast aside, probably more based on fear of sitting governments and politicians not being re-elected more than anything else. In its place came QE, similar to the U.S. model that was at the end of its run after 7 years.\r\n\r\nYes, 7 years of AUSTERITY did feck all for growth in Europe. When you sit back and look at matters, it was no big surprise.\r\n\r\nMario Draghi’s big issues to address were: -\r\n\r\nDEFLATION – the sentiment and purchasing prices of raw materials and services were so bad there were no price rises on anything, it was survival mode only.\r\n\r\nGROWTH / GDP – a target of 2% was set. Like many G7 countries around the world, the EUROZONE has constantly projected growth and then wound the numbers back just as fast time after time.\r\n\r\nUNEMPLOYMENT - youth unemployment and longer-term hard-core unemployment in the EUROZONE were at levels never thought possible.\r\n\r\nCONFIDENCE – he needed to bring a more positive outlook to the EUROZONE to demonstrate that there is an there is a bright light at the end of the tunnel and that the tunnel does have an end.\r\n\r\nBANKING &amp; ECONOMIC STABILITY – he needed to bring an end to the uncertainty surrounding various banks of member states, carry out stress tests to show that the ECB has matters under control and that the banking system was strong and resilient and ready to lend money again.\r\n\r\nIt’s all basic stuff.\r\n\r\nSo, why am I saying that the EUROZONE is about to implode?\r\n\r\nOver the past couple of years I have blogged many times about the Mario Draghi position as being a puppet. His strings are being controlled by Berlin. He is being operated by a combination of Merkel, Schaeuble and Wiedmann. This is business; Germany controls the purse strings, it makes absolute common sense that they want to know what debt they will ultimately be responsible for.\r\n\r\nIn recent weeks we have seen the effects of central bank monetary policy not following through into the markets. The ECB made huge DOVISH moves in two out of the past three meetings. At the last meeting I argued the point that not only did Draghi throw the kitchen sink at the market by way of some extraordinary supportive measures and initiatives, he also threw in his “Granny” for good measure. The single currency should, in reality be trading below 1.0710, in fact below 1.0450 by now given the easing that the ECB has done. We are however trading around 1.1300, with some pundits talking in terms of 1.1800.\r\n\r\nSo ECB actions are now ignored, just the same way as the BOJ move to negative rates was rejected.\r\n\r\nDuring Mario Draghi’s last press conference after listing the ECB initiatives, he basically said, “That’s it… no more that\'s about all we can do”. The markets reacted to this statement by buying the single currency across the board. We live in strange times. Markets now expect on-going continuous free money and 100% un-dying Central Bank support to infinity. I blame Ben Bernanke for this expectation.\r\n\r\nMario Draghi stated after this market moving statement about “That’s it”, that now individual member states within the EUROZONE need to carry out a coordinated structural plan to reform to aid recovery and plant stakes in the ground for a return to growth normalization.\r\n\r\nWell…”Glaze my nipples and call me Rita”, there is little chance of this ever happening. We are talking about 19 different countries, as mentioned earlier they are all at different places on the curve, coordinated approach, FFS, these people can’t agree on whether the grass is green and the sky is blue!\r\n\r\nIn the name of sanity, what is going to happen, who is going to chair such an event. Given that it\'s odds on to be a failure, because, lets be very clear, the EUROZONE is managed by vote grabbing non-effective politicians, who are only interested in popularity and job security. They are not interested in 5 / 6 year medium term plans to turn things around, that, may cost money that they see no value for. They would rather spend that money on popular policies that will give them votes to ensure job security.\r\n\r\nThe EUROZONE is no way near to harmonization on any key function except pissing people off with bureaucracy and interference on little matters, like the meat content of a sausage!\r\n\r\nMinimum Health standards, Educational minimums, Employment contracts, Infrastructure minimums, Foreign Policy, Social Chapter harmonization, Tax harmonization, Coordinated bank policies, Fiscal changes and controls… the list is endless and since 1999, some 17 years ago, apart from free trade and an emasculated ECB what has been achieved; basically, bugger all. This in itself is a sad failure to all those involved in the project.\r\n\r\nSo to expect a coordinated policy on EUROZONE both fiscal and structural reforms is an extremely tall order.\r\n\r\nCoordination within the EUROZONE is a failure before it starts. The EUROZONE is famous for “Kicking the can down the road”. Historically, coordination can only succeed when managed centrally; again this comes back to the issue of so many countries being involved.\r\n\r\nLet me just highlight initially the two big issues that the EUROZONE is trying to deal with right now, plus I have added some of the on-going issues from my perspective looking in: -\r\n<ol>\r\n	<li>THE SYRIAN / LIBYIAN REFUGEE CRISIS: This is a huge cost borne in the main by the countries around the Mediterranean that are the most ill equipped countries in Europe to deal with such an issue. There are now border issues (Schengen) that were core factors when the union was formed. Never mind the stability and security issues this infiltration of refugees is placing on the union. The full affect of this has yet to be acknowledged.</li>\r\n</ol>\r\n<ol start=\"2\">\r\n	<li>BREXIT: The UK is a huge cash deliverer to the European Union. The UK is a net cash inputter to the union. The European Union does not want a BREXIT, as this will affect cash flow in the longer term. The UK leaving could cause a contagion effect with the European Union.</li>\r\n	<li>ECB BATTLES: It is no secret that Wiedmann (Bundesbank) and Draghi do NOT see eye to eye on ECB policy. There is an undermining of ECB policy by Weismann’s guy, actually a gal on the inside Sabine Lautenschlager.</li>\r\n	<li>DEFLATION: Despite millions and millions of euros being thrown at the EUROZONE economy, zero progress to defeat DEFLATION has been seen. Absolutely nothing, the EUROZONE is like a catfish at the bottom of a fish tank eating shite and crawling along the bottom.</li>\r\n	<li>LOOSE TALK: This sounds like a weak observation, but in my opinion, the continual failure of Wolfgang Schaeuble (German Finance Minister), Ewald Nowotny (Austrian CB President) and Jens Wiedmann (Bundesbank, President) plus others, does little for whatever attempts by the ECB to provide a stabilizing footing to move forward.</li>\r\n	<li>GREECE: This is classic EUROZONE. Three bailouts so far and continual uncertainty about its abilities to meet debt repayments and the strict reforms that were imposed in order to meet the bailout. Debt forgiveness is the only route to finally clear the Greeks of the financial burden they have, and frankly have little chance of repaying. It is odds on another bailout; Act IV will be required.</li>\r\n	<li>THE EFFECTS OF AUSTERITY: This has opened the door for more extreme political parties to get footholds in the political process. GREECE, PORTUGAL, SPAIN and ITALY all have issues now with what I call “The lunatic fringe” having a voice. In the past they would remain on the outside of popularity. Austerity and the years of hardship and neglect has changed the political landscape.</li>\r\n	<li>OVERALL POLITICAL STABILITY and UNCERTAINTIES: This issue is never fully covered, because, with so many member states, the changes in heads of state and finance ministers are a fairly consistent feature of the political debates in Brussels. New governments make many election promises with many different benefits to secure election victories with wide ranging manifestos. Many of these promises create uncertainty, and, a lack of consistencies in Brussels, as a countries viewpoint can change from one meeting to the next. This creates instability and uncertainty on centralized policy moving forward.\r\nLike the UK with David Cameron’s BREXIT, past agreements are always being re-worked to accommodate change and nothing moves forward.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nSo, the European Union, if anyone can tell me where the “union” is please write too me.\r\n\r\nThere are without doubt big changes ahead in Europe. There will be an attempt at member states level trying to make fiscal reforms to structurally change the way their economies move forward to hopefully increase growth and GDP. To fix and tackle the effects of DEFLATION is paramount to any measurement of success.\r\n\r\nThe $64,000.00 question is, does the EUROZONE have the time?\r\n\r\nNot a cat in hell’s chance as far as I am concerned.\r\n\r\nNow, I do believe that we still have central bank divergence. It is well hidden at the moment, but I do believe that the EUR/USD is heading below parity. I still think that within the next 12 months this is going to happen. The U.S. under Janet Yellen is going to raise interest rates and the ECB has pledged continual easing for several years to come, in fact, pretty soon I expect the EUROZONE version of “Helicopter Ben” to appear.\r\n\r\nTherefore the FED will help kick start the EUROZONE by enabling a weaker EUR/USD and EUR/JPY exchange rates.\r\n\r\nAfter this the rest is down to member states within the EUROZONE to demonstrate a commitment to change and force through growth related structural reforms. I would not hold my breath on this.\r\n\r\nCHANGE and PROGRESS are two words that appear in many European Union, documents, treaties, press announcements and speeches. However, in reality CHANGE and PROGRESS are great words but unless they actually mean something tangible they are just hot air.\r\n\r\nI see big changes ahead with the structure of the European Union and EUROZONE; the changes may be too big for it to survive. The union is being pushed to the precipice once again and there are huge issues on the horizon to manage.\r\n\r\nWill the EUROZONE muddle through?\r\n\r\nProbably, somehow the EUROZONE will kick a few cans and survive. However from my perspective, the likes of FINLAND, DENMARK, SWEDEN, THE NETHERLANDS, PORTUGAL, GREECE, ITALY, SPAIN, IRELAND and the UK may not be either members of the European Union or the EUROZONE when it is all said and done.\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>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\nVery little change this week from last weeks on pip volumes. I traded the FOMC badly and this cost around 400 pips, not much in the way of lost $$$ but the pip losses were both annoying and frustrating.\r\n\r\nI have had some feedback with regards to my re-think of PART-TIME TRADER TRADES. Looking at this year’s performance the returns from these trades even though I have not let them run because of major geopolitical changes, they have by far been great performers. We should not lose sight here; just two GBP/NZD trades caused about 90% of the pip losses this year with regards to FUNDAMENTAL TRADES so lets not lose a grip of the facts in front of us.\r\n\r\nI have been testing trades in a small but LIVE broker account for the past couple of months based upon the G7. These are arguably POSITION TRADES like the PART TIME TRADER TRADES but less of a mouthful!!\r\n\r\nI still believe in divergence but it requires a FED rate hike for the markets to believe in divergence once again. At the moment the markets believe that they are the economy! Stock and Bond Markets are NOT the economy.\r\n\r\nI am still reviewing the way forward, but to those of you who take the PART TRADES at the moment it will just be a name change, if that even gets done…. so panic over!\r\n\r\nMy brokers have been quiet and I know that they are hurting through reduced numbers of traders, but I have heard nothing new. In my marketing plan, I am not scheduled to speak with any of them until May / June.\r\n\r\nThe only recent broker issue of note was BLACKWELL GLOBAL had an issue with their bonus scheme. Only one of my subscribers had a communication in relation to it and it was sorted. I have since tried to get to the bottom of the issue and failed. Apparently, some traders (not in my group) were abusing the trading margin required. How this could be done baffles me, as this is under the broker software control and not in anyway an area that the trader can influence. Suffice to say nothing more has been heard.\r\n\r\nApart from that excitement for a few hours, I have nothing else at all to report other than I believe we will see consolidation of brokers soon. The white label brokers will start falling off the page soon in my opinion, as they simply cannot be turning enough cash to meet costs.\r\n\r\nFrom more of a trading perspective, I think that we are going through yet another change cycle. I have no doubt that central banks will once again have control, but, for now it looks like the manipulation war is starting to Pieter out and the next initiative will be the one to jolt matters again. To wait for politicians to bring structural reforms into law can take years.\r\n\r\nCentral Bank monetary policy is what fundamentally drives exchange rates. Nothing has changed dramatically and ultimately this short-term rejection that we have seen will just be short-term, as soon the effects of central bank policies will feed their way through markets. Maybe the decisive initial jolts that we are used to have disappeared for a while.\r\n\r\nI am very bearish the NZD. I think that this is no secret to any of you. I was hoping for the EUR/USD to hit around 1.1400 to enter short hoping that this would also allow a USD/CHF long around 0.9500. These latter trades are still in my mind but as more and more time passes without the push to my entry levels my attempts to pick the top and bottom may have been thwarted.\r\n\r\nThe USD/CAD around 1.2850 is also on my radar, moving forward.\r\n\r\nIn my own account I have traded the USD/JPY into and out of BOJ intervention quite nicely but these are really scalp trades on the back of 5-minute charts. These are of too short a time frame to work inside the constraints of the PREMIUM SERVICE.\r\n\r\nMoving forward, I am full of confidence with my longer-term objectives. For those of you who are traders with much shorter time horizons, I am sure you are as frustrated as I am. Having been around for 8 years, last year was not a big year in $$$ for me, and, this year it is a bit of a repeat so far. It is the usual ups and downs of trading and you have to trade with the full and complete understanding that this can happen.\r\n\r\nGenerating pips is half the story. It is balancing the smaller trades and the larger trades to yield both $$$ and pips which is hard to balance in a choppy market. Right now we are in a range bound choppy market environment, of that there is no doubt.\r\n\r\nAs stated earlier divergence is still there, fundamentally nothing has changed. As I have also stated many, many times one has to be patient with trading to succeed. Patience is required right now. Do not leap in; it is just not worth it.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-19032016/\" rel=\"attachment wp-att-7455\"><img class=\"aligncenter size-full wp-image-7455\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIVE-TRADES-19032016.png\" alt=\"PS LIVE TRADES 19032016\" width=\"699\" height=\"587\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-19032016/\" rel=\"attachment wp-att-7454\"><img class=\"aligncenter size-full wp-image-7454\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIMIT-ORDERS-19032016.png\" alt=\"PS LIMIT ORDERS 19032016\" width=\"694\" height=\"487\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>TRADES ON THE IMMEDIATE HORIZON ON MY RADAR:</strong>\r\n\r\nAt the start of the trading week, I have momentum style trades ready to place as follows: -\r\n\r\nSHORT: AUD/USD and EUR/USD\r\n\r\nLONG: USD/CAD and USD/CHF\r\n\r\nThere are also several LIMIT ORDER trades involving; AUD/USD, NZD/USD, EUR/USD, USD/CAD, USD/CHF and NZD/JPY.\r\n\r\nLonger-term trades (PART) I am looking at all of the above plus some of the commodity cross rates have confirmed moves away from support and resistance levels and they now may have moves of at least a swing trade potential. I will not be looking at the cross–rate pairs until the European session.\r\n\r\nThis coming week we are lighter on Economic data, but nevertheless the fact that OIL and GOLD, in particular, were active last week, I will be looking to see moves back into longer term trends or consolidation around existing levels as clues as to whether place trades or not. The cross-rates have been excessively choppy in the tight ranged market in which, we have been operating of late.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>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 – RBA Gov. Glenn Stevens, with words of wisdom.\r\n\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD - GDP.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1145\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-daily-19032016/\" rel=\"attachment wp-att-7457\"><img class=\"aligncenter size-large wp-image-7457\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-DAILY-19032016-1024x509.png\" alt=\"EURUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4386\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-daily-19032016/\" rel=\"attachment wp-att-7458\"><img class=\"aligncenter size-large wp-image-7458\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-DAILY-19032016-1024x509.png\" alt=\"GBPUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7559\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-daily-19032016/\" rel=\"attachment wp-att-7456\"><img class=\"aligncenter size-large wp-image-7456\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-DAILY-19032016-1024x509.png\" alt=\"AUDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6742\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-daily-19032016/\" rel=\"attachment wp-att-7459\"><img class=\"aligncenter size-large wp-image-7459\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-DAILY-19032016-1024x509.png\" alt=\"NZDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3215\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-daily-19032016/\" rel=\"attachment wp-att-7460\"><img class=\"aligncenter size-large wp-image-7460\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-DAILY-19032016-1024x509.png\" alt=\"USDCAD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-daily-19032016/\" rel=\"attachment wp-att-7461\"><img class=\"aligncenter size-large wp-image-7461\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-DAILY-19032016-1024x509.png\" alt=\"USDCHF DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.81\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/usdjpy-daily-19032016/\" rel=\"attachment wp-att-7462\"><img class=\"aligncenter size-large wp-image-7462\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-DAILY-19032016-1024x509.png\" alt=\"USDJPY DAILY 19032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNot a lot on the news calendar this week for me. I strongly suspect that we shall be at the mercy of OIL, GOLD and EQUITIES this week.\r\n\r\nI have a funny feeling about the EUROZONE and BREXIT…\r\n\r\nI expect that rumours and some wonderful sound byte quotes could be coming our way. In addition, do not forget to rule out the uncertainty that will be growing in the U.S. over the election this autumn / fall.\r\n\r\nI would really love to write what I think about the U.S. election circus, an X rated version, however until it affects Forex trading, my lips are zipped.\r\n\r\nAs always, be savvy…\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\nDATE: 19<sup>th</sup> March 2016\r\nBLOG REFERENCE: #94 PREMIUM SERVICE\r\n\r\n&nbsp;','THE EUROZONE INCHES CLOSER TO ITS IMPLOSION','','publish','open','closed','','7463-2','','','2016-03-19 07:05:04','2016-03-19 12:05:04','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7463',0,'member_posts','',0),(7464,1,'2016-03-19 07:03:26','2016-03-19 12:03:26','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI pride myself upon telling it how it is for me as a trader, the good, the bad and the fecking ugly. Here we go again.\r\n\r\nLast week was a very mixed week of trading for me.\r\n\r\nIn the heat of the moment, following the FOMC statement I decided to enter the USD/CAD long using the down sloping support trend line around 1.3080-1.3100 as my stop. I am still beating myself up for entering this trade long even though technically it looked good. Fundamentally it was a poor trade as WTi was up 4% on the day looking to target $40 per barrel. What was I thinking? Jesus, Mary and Joseph, to add further stupidity I added a second long trade just above the trend line, thankfully that was just a quarter size position. Suffice to say the CAD was taken to the woodshed and spanked…. I should have gone there myself I took just over 300 pips loss on the two trades.\r\n\r\nAt the same time I was trying to pick a high with the NZD/USD going short. I am bearish the Kiwi. I still have those trades plus other NZD crosses in play. Whilst I am out of the money, I am being backed by the RBNZ with the direction based upon a very strong monetary policy statement from a week or so ago.\r\n\r\nAt times as a Forex trader, there are moments when I feel like smashing my head against a wall… I hope that I am not alone with that feeling! So, long story short; I gave back the pips that I had gained earlier in the week…. argh!!\r\n\r\nAdding in my weekly weather check…. We are still thawing here, just off the island of Montreal. The browny / green grass is starting to appear from under the white snowy blanket that has been in place for several months. My wife and I have stocked up on wine / Gin and Jack for the BBQ season that will shortly commence. I will be trading outside with my MacBook Air and iPad’s after the US open very soon, I hope.\r\n\r\nFinally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>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>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +1,511\r\nNET PIPS THIS YEAR SO FAR:                +1,379</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209</p>\r\n(Basically, I trade for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\r\n\r\n<strong> </strong>\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI have already alerted you to a brief overview of how I traded the FOMC last week; from my view it was pretty poorly if the truth were told. Overall it was a mixed week for me with highs and lows.\r\n\r\nLooking at the key events from my perspective: -\r\n\r\nBOJ PRESS CONFERENCE:\r\n\r\nIn my opinion it was a non-event. Then 24 hours later Kuroda spoke in Parliament (I think) and said that he will still increase the current negative interest rate of 0.10% to 0.50%. This was after, the prior day’s press conference when you could hear in the background the John Lennon (Plastic Ono Band) song, “Power to the people” playing. This was as a direct result of big and small businesses plus the common folk, saying how much they detested negative interest rates. This caused the BOJ to say that they weren’t going to touch them in the near-term and that they were going to review to whom the policy would apply… WTF.\r\n\r\nThen on Thursday last week, the USD/JPY broke below 111.00. It hit 110.66 and spiked to 112.00 (140 pips). The BOJ denied any involvement with that move… my arse no involvement. They must think that we (traders) are fecking idiots. They get somebody to do their work so they can proclaim a 2016 version of Pontius Pilate to the markets. For crying out loud, give us some savvy!!\r\n\r\nOh, what joy!!\r\n\r\n&nbsp;\r\n\r\nFOMC STATEMENT &amp; PRESS CONFERENCE:\r\n\r\nJanet Yellen and her team delivered a very DOVISH statement. From my perspective when she was speaking in the press conference, I found her more HAWKISH than the written statement. Nevertheless, it was a DOVISH statement; I stood in front of the bus and got whacked.\r\n\r\nThe one thing that is haunting me though is; is the U.S. economy in good shape?\r\n\r\nI am sick to the back teeth of listening to loud mouths telling me that the EUROZONE, UK and JAPAN are in the toilet and the U.S. is great.\r\n\r\nHere are my thoughts, followed by the question:\r\n\r\nAfter 7 years of QE (Quantitative Easing) following the financial crash, we are now advised that we (the U.S.) are in a period of normalization. Interest rates are at 0.25% and the markets are shit scared of a raise of another 0.25% to 0.50%.\r\n\r\nFor the greatest country in the world, isn’t this just a load of bollocks?\r\n\r\nInstead of shouting louder to get your views heard. Would it not be more appropriate to think first, before engaging your gobs?\r\n\r\nThe markets are crapping the bed over 3 or 4 rate hikes this year. Janet Yellen is pussy footing around the markets creating more uncertainty and dithering (like she did last year). She will no doubt be behind the curve, when she finally makes a move, and now, she is talking in terms of only 2 or 3 rate hikes in 2016. This change in the number of rate increases does beg the question, is this the best the U.S. has after 7 years of QE? when the markets have been wrapped in cotton wool and bubble-wrap. Does this indicate that all is not good and that we are on the brink of another recession?\r\n\r\nAll the “doom and gloomers” from earlier this year were probably correct with their thinking and prognosis.\r\n\r\nGet ready and take protection would be my thoughts at the moment. This is a U.S. election year with some right numpties looking to take office. The U.S. is going to have to make more than great deals to get itself out of the shit.\r\n\r\nThe FED must see the economy as weak and borderline looking forward, otherwise they would be pressing ahead with rate increases. The Stock market is NOT the U.S. economy.\r\n\r\n&nbsp;\r\n\r\nSNB POLICY ASSESSMENT:\r\n\r\nThis was a damp squib. Yada, yada, yada…we will do what we have to… the usual stuff from Thomas Jordan and co.\r\n\r\n&nbsp;\r\n\r\nBOE INTEREST RATE ANNOUNCEMENT:\r\n\r\nWith the springtime change I forgot all about this. The cable however, did rally off the news that the BOE now does not think that interest rates in the UK will rise for at least the next three years. I just hope to God that someone has alerted Mark Carney to that effect; I know that he is the bank governor but he is also the master of misleading everyone with his rather wild and off the cuff comments.\r\n\r\nLast Thursday’s move after the Interest rate announcement was impressive on the day, the cable had a move through the 1.42’s, 1.43’s, 1.44’s and 1.45’s, by any measurement that was impressive. However, moving forward, the UK will still to and fro with headlines relating to BREXIT and the gain may not remain on the books for long.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE INCHES CLOSER TO ITS IMPLOSION</strong>\r\n</p>\r\nMaybe not as much as in previous years if at all in 2016, have I written about the EUROZONE, stating that it is in crapper, on the road to hell or about to fall off the cliff on the basis that it is on the precipice.\r\n\r\nIn my opinion, the EUROZONE has always been close to the precipice ever since the financial crash, 7/8 years ago. Recent events have me back on the soapbox once again and I really do think that implosion time is not that far away.\r\n\r\nI really do not want to dwell too much in the past with regards to the EUROZONE other than to briefly say, it was born at a time when the world was completely different from now. It was initially a trade agreement to bolster free trade restrictions within the European continent in competition with EFTA (The European Free Trade Association). The EUROZONE was originally called “The Common Market”.\r\n\r\nFrance and Germany geographically at the heart of Europe wanted to take “The Common Market” beyond trade, to include, social needs, banking and currency union, foreign policy, fiscal union, tax harmonization etc. The Common Market became the EEC (The European Economic Community) and for those countries who were members of the EEC they had a buy in time to join the single currency, the EUR by achieving a set of economic standards by a deadline such as Debt to GDP, Inflation, Unemployment etc. From this the EUROZONE was born in 1999 with 11 countries initially. The EEC then became just known as the European Union and countries who are users of the € (EUR) are often just referred to as member states. For the record, there are 28 member states (countries) in the European Union of which, 19 are members of the EUROZONE using the € single currency.\r\n\r\nIn my opinion, with such grand goals as tax harmonization, fiscal union and foreign policy alignment, the project referred to as the EUROZONE, was doomed from the outset.\r\n\r\nThe way I look at it, there are 19 countries spread throughout the European continent, all different in location mass, population build up and culture basically using the cheque book to manage their own economies and still expected to conform to a central policy… no chance.\r\n\r\nThe comparison of northern Europeans with those in the south with the Mediterranean culture is like comparing apples with oranges. The economies are different, natural resources vary, yet each member state had to balance the books and meet a criteria set down by Germany basically, the industrial powerhouse of the EUROZONE.\r\n\r\nTo cut a very long story short, the Mediterranean countries (GREECE, SPAIN, CYPRUS and although not geographically on the Mediterranean let me add PORTUGAL to this list) misled the EUROZONE group about their economic position, resilience and stability. The constraints of working with a central bank (the ECB) eventually came to the forefront and the cracks appeared.\r\n\r\nThe EUROZONE was a dream of both Germany and France where the agricultural dependency of the French farmers would be assured by introducing the CAP (the Common Agricultural Policy), this basically meant the EUROZONE would buy all production from the farmers whether it was needed in Europe or not for a guaranteed price. Do you remember, “The Butter Mountains”, “Wine Lakes”, “Milk Lakes” etc…? This was the result of the CAP. In return for the CAP the French basically offered 100% total support for Germany’s financial control of the EUROZONE.\r\n\r\nAt the outset the “European Dream” was not set-up in any way shape of form believing that it would have to withstand a financial downturn (crash) almost as severe as the 1930’s world recession.\r\n\r\nThe cracks in the EUROZONE were there before the 2008-9 crash; they were just papered over in classic EUROZONE style.\r\n\r\nGREECE, PORTUGAL and IRELAND all required cash bailouts from the ECB (basically Germany), to help them pull through the downturn.\r\n\r\nThe U.S. and UK introduced QE (Quantitative Easing / Asset Purchases) to flood the markets with cash support and help the financial centres and banks.\r\n\r\nThe EUROZONE under German leadership decided, AUSTERITY is the way to handle a downturn. Tighten ones belts, do not spend a penny, cut back on all things and weather it through. All this did was piss people off, make politicians very un-liked and deliver pain and suffering to the masses, all 338 million of them.\r\n\r\n“Happy fecking Christmas one and all, Love Angela”\r\n\r\nThe ECB had by this time switched president from the inaugural Jean Claude-Trichet, to Mario Draghi (God love him). Trichet was a bit of weird character to say the least; along with Alan Greenspan in the U.S. they spoke a different language. I am certain that was where Gene Roddenberry got the idea of Klingon from for Star Trek. Everything was a bit like code… it was hard to understand what they were getting at.\r\n\r\nDraghi and his counterpart at the FED Ben Bernanke were much easier to follow. Mario Draghi’s problem was the Bundesbank under Jens Wiedmann (President) probably under rule from Angela Merkel and her pit bull Wolfgang Schaeuble (German Finance Minister), who had their own ideas of how the ECB should operate and although its mandate was quite varied, they wanted a say in all matters and decisions. Draghi was to a large extent a puppet.\r\n\r\nAfter several years of AUSTERITY, it was finally cast aside, probably more based on fear of sitting governments and politicians not being re-elected more than anything else. In its place came QE, similar to the U.S. model that was at the end of its run after 7 years.\r\n\r\nYes, 7 years of AUSTERITY did feck all for growth in Europe. When you sit back and look at matters, it was no big surprise.\r\n\r\nMario Draghi’s big issues to address were: -\r\n\r\nDEFLATION – the sentiment and purchasing prices of raw materials and services were so bad there were no price rises on anything, it was survival mode only.\r\n\r\nGROWTH / GDP – a target of 2% was set. Like many G7 countries around the world, the EUROZONE has constantly projected growth and then wound the numbers back just as fast time after time.\r\n\r\nUNEMPLOYMENT - youth unemployment and longer-term hard-core unemployment in the EUROZONE were at levels never thought possible.\r\n\r\nCONFIDENCE – he needed to bring a more positive outlook to the EUROZONE to demonstrate that there is an there is a bright light at the end of the tunnel and that the tunnel does have an end.\r\n\r\nBANKING &amp; ECONOMIC STABILITY – he needed to bring an end to the uncertainty surrounding various banks of member states, carry out stress tests to show that the ECB has matters under control and that the banking system was strong and resilient and ready to lend money again.\r\n\r\nIt’s all basic stuff.\r\n\r\nSo, why am I saying that the EUROZONE is about to implode?\r\n\r\nOver the past couple of years I have blogged many times about the Mario Draghi position as being a puppet. His strings are being controlled by Berlin. He is being operated by a combination of Merkel, Schaeuble and Wiedmann. This is business; Germany controls the purse strings, it makes absolute common sense that they want to know what debt they will ultimately be responsible for.\r\n\r\nIn recent weeks we have seen the effects of central bank monetary policy not following through into the markets. The ECB made huge DOVISH moves in two out of the past three meetings. At the last meeting I argued the point that not only did Draghi throw the kitchen sink at the market by way of some extraordinary supportive measures and initiatives, he also threw in his “Granny” for good measure. The single currency should, in reality be trading below 1.0710, in fact below 1.0450 by now given the easing that the ECB has done. We are however trading around 1.1300, with some pundits talking in terms of 1.1800.\r\n\r\nSo ECB actions are now ignored, just the same way as the BOJ move to negative rates was rejected.\r\n\r\nDuring Mario Draghi’s last press conference after listing the ECB initiatives, he basically said, “That’s it… no more that\'s about all we can do”. The markets reacted to this statement by buying the single currency across the board. We live in strange times. Markets now expect on-going continuous free money and 100% un-dying Central Bank support to infinity. I blame Ben Bernanke for this expectation.\r\n\r\nMario Draghi stated after this market moving statement about “That’s it”, that now individual member states within the EUROZONE need to carry out a coordinated structural plan to reform to aid recovery and plant stakes in the ground for a return to growth normalization.\r\n\r\nWell…”Glaze my nipples and call me Rita”, there is little chance of this ever happening. We are talking about 19 different countries, as mentioned earlier they are all at different places on the curve, coordinated approach, FFS, these people can’t agree on whether the grass is green and the sky is blue!\r\n\r\nIn the name of sanity, what is going to happen, who is going to chair such an event. Given that it\'s odds on to be a failure, because, lets be very clear, the EUROZONE is managed by vote grabbing non-effective politicians, who are only interested in popularity and job security. They are not interested in 5 / 6 year medium term plans to turn things around, that, may cost money that they see no value for. They would rather spend that money on popular policies that will give them votes to ensure job security.\r\n\r\nThe EUROZONE is no way near to harmonization on any key function except pissing people off with bureaucracy and interference on little matters, like the meat content of a sausage!\r\n\r\nMinimum Health standards, Educational minimums, Employment contracts, Infrastructure minimums, Foreign Policy, Social Chapter harmonization, Tax harmonization, Coordinated bank policies, Fiscal changes and controls… the list is endless and since 1999, some 17 years ago, apart from free trade and an emasculated ECB what has been achieved; basically, bugger all. This in itself is a sad failure to all those involved in the project.\r\n\r\nSo to expect a coordinated policy on EUROZONE both fiscal and structural reforms is an extremely tall order.\r\n\r\nCoordination within the EUROZONE is a failure before it starts. The EUROZONE is famous for “Kicking the can down the road”. Historically, coordination can only succeed when managed centrally; again this comes back to the issue of so many countries being involved.\r\n\r\nLet me just highlight initially the two big issues that the EUROZONE is trying to deal with right now, plus I have added some of the on-going issues from my perspective looking in: -\r\n<ol>\r\n	<li>THE SYRIAN / LIBYIAN REFUGEE CRISIS: This is a huge cost borne in the main by the countries around the Mediterranean that are the most ill equipped countries in Europe to deal with such an issue. There are now border issues (Schengen) that were core factors when the union was formed. Never mind the stability and security issues this infiltration of refugees is placing on the union. The full affect of this has yet to be acknowledged.</li>\r\n</ol>\r\n<ol start=\"2\">\r\n	<li>BREXIT: The UK is a huge cash deliverer to the European Union. The UK is a net cash inputter to the union. The European Union does not want a BREXIT, as this will affect cash flow in the longer term. The UK leaving could cause a contagion effect with the European Union.</li>\r\n	<li>ECB BATTLES: It is no secret that Wiedmann (Bundesbank) and Draghi do NOT see eye to eye on ECB policy. There is an undermining of ECB policy by Weismann’s guy, actually a gal on the inside Sabine Lautenschlager.</li>\r\n	<li>DEFLATION: Despite millions and millions of euros being thrown at the EUROZONE economy, zero progress to defeat DEFALTION has been seen. Absolutely nothing, the EUROZONE is like a catfish at the bottom of a fish tank eating shite and crawling along the bottom.</li>\r\n	<li>LOOSE TALK: This sounds like a weak observation, but in my opinion, the continual failure of Wolfgang Schaeuble (German Finance Minister), Ewald Nowotny (Austrian CB President) and Jens Wiedmann (Bundesbank, President) plus others, does little for whatever attempts by the ECB to provide a stabilizing footing to move forward.</li>\r\n	<li>GREECE: This is classic EUROZONE. Three bailouts so far and continual uncertainty about its abilities to meet debt repayments and the strict reforms that were imposed in order to meet the bailout. Debt forgiveness is the only route to finally clear the Greeks of the financial burden they have, and frankly have little chance of repaying. It is odds on another bailout; Act IV will be required.</li>\r\n	<li>THE EFFECTS OF AUSTERITY: This has opened the door for more extreme political parties to get footholds in the political process. GREECE, PORTUGAL, SPAIN and ITALY all have issues now with what I call “The lunatic fringe” having a voice. In the past they would remain on the outside of popularity. Austerity and the years of hardship and neglect has changed the political landscape.</li>\r\n	<li>OVERALL POLITICAL STABILITY and UNCERTAINTIES: This issue is never fully covered, because, with so many member states, the changes in heads of state and finance ministers are a fairly consistent feature of the political debates in Brussels. New governments make many election promises with many different benefits to secure election victories with wide ranging manifestos. Many of these promises create uncertainty, and, a lack of consistencies in Brussels, as a countries viewpoint can change from one meeting to the next. This creates instability and uncertainty on centralized policy moving forward.\r\nLike the UK with David Cameron’s BREXIT, past agreements are always being re-worked to accommodate change and nothing moves forward.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nSo, the European Union, if anyone can tell me where the “union” is please write too me.\r\n\r\nThere are without doubt big changes ahead in Europe. There will be an attempt at member states level trying to make fiscal reforms to structurally change the way their economies move forward to hopefully increase growth and GDP. To fix and tackle the effects of DEFLLATION is paramount to any measurement of success.\r\n\r\nThe $64,000.00 question is, does the EUROZONE have the time?\r\n\r\nNot a cat in hell’s chance as far as I am concerned.\r\n\r\nNow, I do believe that we still have central bank divergence. It is well hidden at the moment, but I do believe that the EUR/USD is heading below parity. I still think that within the next 12 months this is going to happen. The U.S. under Janet Yellen is going to raise interest rates and the ECB has pledged continual easing for several years to come, in fact, pretty soon I expect the EUROZONE version of “Helicopter Ben” to appear.\r\n\r\nTherefore the FED will help kick start the EUROZONE by enabling a weaker EUR/USD and EUR/JPY exchange rates.\r\n\r\nAfter this the rest is down to member states within the EUROZONE to demonstrate a commitment to change and force through growth related structural reforms. I would not hold my breath on this.\r\n\r\nCHANGE and PROGRESS are two words that appear in many European Union, documents, treaties, press announcements and speeches. However, in reality CHANGE and PROGRESS are great words but unless they actually mean something tangible they are just hot air.\r\n\r\nI see big changes ahead with the structure of the European Union and EUROZONE; the changes may be too big for it to survive. The union is being pushed to the precipice once again and there are huge issues on the horizon to manage.\r\n\r\nWill the EUROZONE muddle through?\r\n\r\nProbably, somehow the EUROZONE will kick a few cans and survive. However from my perspective, the likes of FINLAND, DENMARK, SWEDEN, THE NETHERLANDS, PORTUGAL, GREECE, ITALY, SPAIN, IRELAND and the UK may not be either members of the European Union or the EUROZONE when it is all said and done.\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>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\nVery little change this week from last weeks on pip volumes. I traded the FOMC badly and this cost around 400 pips, not much in the way of lost $$$ but the pip losses were both annoying and frustrating.\r\n\r\nI have had some feedback with regards to my re-think of PART-TIME TRADER TRADES. Looking at this year’s performance the returns from these trades even though I have not let them run because of major geopolitical changes, they have by far been great performers. We should not lose sight here; just two GBP/NZD trades caused about 90% of the pip losses this year with regards to FUNDAMENTAL TRADES so lets not lose a grip of the facts in front of us.\r\n\r\nI have been testing trades in a small but LIVE broker account for the past couple of months based upon the G7. These are arguably POSITION TRADES like the PART TIME TRADER TRADES but less of a mouthful!!\r\n\r\nI still believe in divergence but it requires a FED rate hike for the markets to believe in divergence once again. At the moment the markets believe that they are the economy! Stock and Bond Markets are NOT the economy.\r\n\r\nI am still reviewing the way forward, but to those of you who take the PART TRADES at the moment it will just be a name change, if that even gets done…. so panic over!\r\n\r\nMy brokers have been quiet and I know that they are hurting through reduced numbers of traders, but I have heard nothing new. In my marketing plan, I am not scheduled to speak with any of them until May / June.\r\n\r\nThe only recent broker issue of note was BLACKWELL GLOBAL had an issue with their bonus scheme. Only one of my subscribers had a communication in relation to it and it was sorted. I have since tried to get to the bottom of the issue and failed. Apparently, some traders (not in my group) were abusing the trading margin required. How this could be done baffles me, as this is under the broker software control and not in anyway an area that the trader can influence. Suffice to say nothing more has been heard.\r\n\r\nApart from that excitement for a few hours, I have nothing else at all to report other than I believe we will see consolidation of brokers soon. The white label brokers will start falling off the page soon in my opinion, as they simply cannot be turning enough cash to meet costs.\r\n\r\nFrom more of a trading perspective, I think that we are going through yet another change cycle. I have no doubt that central banks will once again have control, but, for now it looks like the manipulation war is starting to Pieter out and the next initiative will be the one to jolt matters again. To wait for politicians to bring structural reforms into law can take years.\r\n\r\nCentral Bank monetary policy is what fundamentally drives exchange rates. Nothing has changed dramatically and ultimately this short-term rejection that we have seen will just be short-term, as soon the effects of central bank policies will feed their way through markets. Maybe the decisive initial jolts that we are used to have disappeared for a while.\r\n\r\nI am very bearish the NZD. I think that this is no secret to any of you. I was hoping for the EUR/USD to hit around 1.1400 to enter short hoping that this would also allow a USD/CHF long around 0.9500. These latter trades are still in my mind but as more and more time passes without the push to my entry levels my attempts to pick the top and bottom may have been thwarted.\r\n\r\nThe USD/CAD around 1.2850 is also on my radar, moving forward.\r\n\r\nIn my own account I have traded the USD/JPY into and out of BOJ intervention quite nicely but these are really scalp trades on the back of 5-minute charts. These are of too short a time frame to work inside the constraints of the PREMIUM SERVICE.\r\n\r\nMoving forward, I am full of confidence with my longer-term objectives. For those of you who are traders with much shorter time horizons, I am sure you are as frustrated as I am. Having been around for 8 years, last year was not a big year in $$$ for me, and, this year it is a bit of a repeat so far. It is the usual ups and downs of trading and you have to trade with the full and complete understanding that this can happen.\r\n\r\nGenerating pips is half the story. It is balancing the smaller trades and the larger trades to yield both $$$ and pips which is hard to balance in a choppy market. Right now we are in a range bound choppy market environment, of that there is no doubt.\r\n\r\nAs stated earlier divergence is still there, fundamentally nothing has changed. As I have also stated many, many times one has to be patient with trading to succeed. Patience is required right now. Do not leap in; it is just not worth it.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-19032016/\" rel=\"attachment wp-att-7455\"><img class=\"aligncenter size-full wp-image-7455\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIVE-TRADES-19032016.png\" alt=\"PS LIVE TRADES 19032016\" width=\"699\" height=\"587\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-19032016/\" rel=\"attachment wp-att-7454\"><img class=\"aligncenter size-full wp-image-7454\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIMIT-ORDERS-19032016.png\" alt=\"PS LIMIT ORDERS 19032016\" width=\"694\" height=\"487\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>TRADES ON THE IMMEDIATE HORIZON ON MY RADAR:</strong>\r\n\r\nAt the start of the trading week, I have momentum style trades ready to place as follows: -\r\n\r\nSHORT: AUD/USD and EUR/USD\r\n\r\nLONG: USD/CAD and USD/CHF\r\n\r\nThere are also several LIMIT ORDER trades involving; AUD/USD, NZD/USD, EUR/USD, USD/CAD, USD/CHF and NZD/JPY.\r\n\r\nLonger-term trades (PART) I am looking at all of the above plus some of the commodity cross rates have confirmed moves away from support and resistance levels and they now may have moves of at least a swing trade potential. I will not be looking at the cross–rate pairs until the European session.\r\n\r\nThis coming week we are lighter on Economic data, but nevertheless the fact that OIL and GOLD, in particular, were active last week, I will be looking to see moves back into longer term trends or consolidation around existing levels as clues as to whether place trades or not. The cross-rates have been excessively choppy in the tight ranged market in which, we have been operating of late.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>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 – RBA Gov. Glenn Stevens, with words of wisdom.\r\n\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD - GDP.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1145\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-daily-19032016/\" rel=\"attachment wp-att-7457\"><img class=\"aligncenter size-large wp-image-7457\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-DAILY-19032016-1024x509.png\" alt=\"EURUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4386\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-daily-19032016/\" rel=\"attachment wp-att-7458\"><img class=\"aligncenter size-large wp-image-7458\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-DAILY-19032016-1024x509.png\" alt=\"GBPUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7559\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-daily-19032016/\" rel=\"attachment wp-att-7456\"><img class=\"aligncenter size-large wp-image-7456\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-DAILY-19032016-1024x509.png\" alt=\"AUDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6742\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-daily-19032016/\" rel=\"attachment wp-att-7459\"><img class=\"aligncenter size-large wp-image-7459\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-DAILY-19032016-1024x509.png\" alt=\"NZDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3215\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-daily-19032016/\" rel=\"attachment wp-att-7460\"><img class=\"aligncenter size-large wp-image-7460\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-DAILY-19032016-1024x509.png\" alt=\"USDCAD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-daily-19032016/\" rel=\"attachment wp-att-7461\"><img class=\"aligncenter size-large wp-image-7461\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-DAILY-19032016-1024x509.png\" alt=\"USDCHF DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.81\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/usdjpy-daily-19032016/\" rel=\"attachment wp-att-7462\"><img class=\"aligncenter size-large wp-image-7462\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-DAILY-19032016-1024x509.png\" alt=\"USDJPY DAILY 19032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNot a lot on the news calendar this week for me. I strongly suspect that we shall be at the mercy of OIL, GOLD and EQUITIES this week.\r\n\r\nI have a funny feeling about the EUROZONE and BREXIT…\r\n\r\nI expect that rumours and some wonderful sound byte quotes could be coming our way. In addition, do not forget to rule out the uncertainty that will be growing in the U.S. over the election this autumn / fall.\r\n\r\nI would really love to write what I think about the U.S. election circus, an X rated version, however until it affects Forex trading, my lips are zipped.\r\n\r\nAs always, be savvy…\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\nDATE: 19<sup>th</sup> March 2016\r\nBLOG REFERENCE: #94 PREMIUM SERVICE\r\n\r\n&nbsp;','THE EUROZONE INCHES CLOSER TO ITS IMPLOSION','','inherit','closed','closed','','7463-revision-v1','','','2016-03-19 07:03:26','2016-03-19 12:03:26','',7463,'https://weeklyfxdrivethru.com/7463-revision-v1/',0,'revision','',0),(7465,1,'2016-03-19 07:04:40','2016-03-19 12:04:40','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI pride myself upon telling it how it is for me as a trader, the good, the bad and the fecking ugly. Here we go again.\r\n\r\nLast week was a very mixed week of trading for me.\r\n\r\nIn the heat of the moment, following the FOMC statement I decided to enter the USD/CAD long using the down sloping support trend line around 1.3080-1.3100 as my stop. I am still beating myself up for entering this trade long even though technically it looked good. Fundamentally it was a poor trade as WTi was up 4% on the day looking to target $40 per barrel. What was I thinking? Jesus, Mary and Joseph, to add further stupidity I added a second long trade just above the trend line, thankfully that was just a quarter size position. Suffice to say the CAD was taken to the woodshed and spanked…. I should have gone there myself I took just over 300 pips loss on the two trades.\r\n\r\nAt the same time I was trying to pick a high with the NZD/USD going short. I am bearish the Kiwi. I still have those trades plus other NZD crosses in play. Whilst I am out of the money, I am being backed by the RBNZ with the direction based upon a very strong monetary policy statement from a week or so ago.\r\n\r\nAt times as a Forex trader, there are moments when I feel like smashing my head against a wall… I hope that I am not alone with that feeling! So, long story short; I gave back the pips that I had gained earlier in the week…. argh!!\r\n\r\nAdding in my weekly weather check…. We are still thawing here, just off the island of Montreal. The browny / green grass is starting to appear from under the white snowy blanket that has been in place for several months. My wife and I have stocked up on wine / Gin and Jack for the BBQ season that will shortly commence. I will be trading outside with my MacBook Air and iPad’s after the US open very soon, I hope.\r\n\r\nFinally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>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>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +1,511\r\nNET PIPS THIS YEAR SO FAR:                +1,379</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209</p>\r\n(Basically, I trade for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\r\n\r\n<strong> </strong>\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI have already alerted you to a brief overview of how I traded the FOMC last week; from my view it was pretty poorly if the truth were told. Overall it was a mixed week for me with highs and lows.\r\n\r\nLooking at the key events from my perspective: -\r\n\r\nBOJ PRESS CONFERENCE:\r\n\r\nIn my opinion it was a non-event. Then 24 hours later Kuroda spoke in Parliament (I think) and said that he will still increase the current negative interest rate of 0.10% to 0.50%. This was after, the prior day’s press conference when you could hear in the background the John Lennon (Plastic Ono Band) song, “Power to the people” playing. This was as a direct result of big and small businesses plus the common folk, saying how much they detested negative interest rates. This caused the BOJ to say that they weren’t going to touch them in the near-term and that they were going to review to whom the policy would apply… WTF.\r\n\r\nThen on Thursday last week, the USD/JPY broke below 111.00. It hit 110.66 and spiked to 112.00 (140 pips). The BOJ denied any involvement with that move… my arse no involvement. They must think that we (traders) are fecking idiots. They get somebody to do their work so they can proclaim a 2016 version of Pontius Pilate to the markets. For crying out loud, give us some savvy!!\r\n\r\nOh, what joy!!\r\n\r\n&nbsp;\r\n\r\nFOMC STATEMENT &amp; PRESS CONFERENCE:\r\n\r\nJanet Yellen and her team delivered a very DOVISH statement. From my perspective when she was speaking in the press conference, I found her more HAWKISH than the written statement. Nevertheless, it was a DOVISH statement; I stood in front of the bus and got whacked.\r\n\r\nThe one thing that is haunting me though is; is the U.S. economy in good shape?\r\n\r\nI am sick to the back teeth of listening to loud mouths telling me that the EUROZONE, UK and JAPAN are in the toilet and the U.S. is great.\r\n\r\nHere are my thoughts, followed by the question:\r\n\r\nAfter 7 years of QE (Quantitative Easing) following the financial crash, we are now advised that we (the U.S.) are in a period of normalization. Interest rates are at 0.25% and the markets are shit scared of a raise of another 0.25% to 0.50%.\r\n\r\nFor the greatest country in the world, isn’t this just a load of bollocks?\r\n\r\nInstead of shouting louder to get your views heard. Would it not be more appropriate to think first, before engaging your gobs?\r\n\r\nThe markets are crapping the bed over 3 or 4 rate hikes this year. Janet Yellen is pussy footing around the markets creating more uncertainty and dithering (like she did last year). She will no doubt be behind the curve, when she finally makes a move, and now, she is talking in terms of only 2 or 3 rate hikes in 2016. This change in the number of rate increases does beg the question, is this the best the U.S. has after 7 years of QE? when the markets have been wrapped in cotton wool and bubble-wrap. Does this indicate that all is not good and that we are on the brink of another recession?\r\n\r\nAll the “doom and gloomers” from earlier this year were probably correct with their thinking and prognosis.\r\n\r\nGet ready and take protection would be my thoughts at the moment. This is a U.S. election year with some right numpties looking to take office. The U.S. is going to have to make more than great deals to get itself out of the shit.\r\n\r\nThe FED must see the economy as weak and borderline looking forward, otherwise they would be pressing ahead with rate increases. The Stock market is NOT the U.S. economy.\r\n\r\n&nbsp;\r\n\r\nSNB POLICY ASSESSMENT:\r\n\r\nThis was a damp squib. Yada, yada, yada…we will do what we have to… the usual stuff from Thomas Jordan and co.\r\n\r\n&nbsp;\r\n\r\nBOE INTEREST RATE ANNOUNCEMENT:\r\n\r\nWith the springtime change I forgot all about this. The cable however, did rally off the news that the BOE now does not think that interest rates in the UK will rise for at least the next three years. I just hope to God that someone has alerted Mark Carney to that effect; I know that he is the bank governor but he is also the master of misleading everyone with his rather wild and off the cuff comments.\r\n\r\nLast Thursday’s move after the Interest rate announcement was impressive on the day, the cable had a move through the 1.42’s, 1.43’s, 1.44’s and 1.45’s, by any measurement that was impressive. However, moving forward, the UK will still to and fro with headlines relating to BREXIT and the gain may not remain on the books for long.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE INCHES CLOSER TO ITS IMPLOSION</strong></p>\r\nMaybe not as much as in previous years if at all in 2016, have I written about the EUROZONE, stating that it is in crapper, on the road to hell or about to fall off the cliff on the basis that it is on the precipice.\r\n\r\nIn my opinion, the EUROZONE has always been close to the precipice ever since the financial crash, 7/8 years ago. Recent events have me back on the soapbox once again and I really do think that implosion time is not that far away.\r\n\r\nI really do not want to dwell too much in the past with regards to the EUROZONE other than to briefly say, it was born at a time when the world was completely different from now. It was initially a trade agreement to bolster free trade restrictions within the European continent in competition with EFTA (The European Free Trade Association). The EUROZONE was originally called “The Common Market”.\r\n\r\nFrance and Germany geographically at the heart of Europe wanted to take “The Common Market” beyond trade, to include, social needs, banking and currency union, foreign policy, fiscal union, tax harmonization etc. The Common Market became the EEC (The European Economic Community) and for those countries who were members of the EEC they had a buy in time to join the single currency, the EUR by achieving a set of economic standards by a deadline such as Debt to GDP, Inflation, Unemployment etc. From this the EUROZONE was born in 1999 with 11 countries initially. The EEC then became just known as the European Union and countries who are users of the € (EUR) are often just referred to as member states. For the record, there are 28 member states (countries) in the European Union of which, 19 are members of the EUROZONE using the € single currency.\r\n\r\nIn my opinion, with such grand goals as tax harmonization, fiscal union and foreign policy alignment, the project referred to as the EUROZONE, was doomed from the outset.\r\n\r\nThe way I look at it, there are 19 countries spread throughout the European continent, all different in location mass, population build up and culture basically using the cheque book to manage their own economies and still expected to conform to a central policy… no chance.\r\n\r\nThe comparison of northern Europeans with those in the south with the Mediterranean culture is like comparing apples with oranges. The economies are different, natural resources vary, yet each member state had to balance the books and meet a criteria set down by Germany basically, the industrial powerhouse of the EUROZONE.\r\n\r\nTo cut a very long story short, the Mediterranean countries (GREECE, SPAIN, CYPRUS and although not geographically on the Mediterranean let me add PORTUGAL to this list) misled the EUROZONE group about their economic position, resilience and stability. The constraints of working with a central bank (the ECB) eventually came to the forefront and the cracks appeared.\r\n\r\nThe EUROZONE was a dream of both Germany and France where the agricultural dependency of the French farmers would be assured by introducing the CAP (the Common Agricultural Policy), this basically meant the EUROZONE would buy all production from the farmers whether it was needed in Europe or not for a guaranteed price. Do you remember, “The Butter Mountains”, “Wine Lakes”, “Milk Lakes” etc…? This was the result of the CAP. In return for the CAP the French basically offered 100% total support for Germany’s financial control of the EUROZONE.\r\n\r\nAt the outset the “European Dream” was not set-up in any way shape of form believing that it would have to withstand a financial downturn (crash) almost as severe as the 1930’s world recession.\r\n\r\nThe cracks in the EUROZONE were there before the 2008-9 crash; they were just papered over in classic EUROZONE style.\r\n\r\nGREECE, PORTUGAL and IRELAND all required cash bailouts from the ECB (basically Germany), to help them pull through the downturn.\r\n\r\nThe U.S. and UK introduced QE (Quantitative Easing / Asset Purchases) to flood the markets with cash support and help the financial centres and banks.\r\n\r\nThe EUROZONE under German leadership decided, AUSTERITY is the way to handle a downturn. Tighten ones belts, do not spend a penny, cut back on all things and weather it through. All this did was piss people off, make politicians very un-liked and deliver pain and suffering to the masses, all 338 million of them.\r\n\r\n“Happy fecking Christmas one and all, Love Angela”\r\n\r\nThe ECB had by this time switched president from the inaugural Jean Claude-Trichet, to Mario Draghi (God love him). Trichet was a bit of weird character to say the least; along with Alan Greenspan in the U.S. they spoke a different language. I am certain that was where Gene Roddenberry got the idea of Klingon from for Star Trek. Everything was a bit like code… it was hard to understand what they were getting at.\r\n\r\nDraghi and his counterpart at the FED Ben Bernanke were much easier to follow. Mario Draghi’s problem was the Bundesbank under Jens Wiedmann (President) probably under rule from Angela Merkel and her pit bull Wolfgang Schaeuble (German Finance Minister), who had their own ideas of how the ECB should operate and although its mandate was quite varied, they wanted a say in all matters and decisions. Draghi was to a large extent a puppet.\r\n\r\nAfter several years of AUSTERITY, it was finally cast aside, probably more based on fear of sitting governments and politicians not being re-elected more than anything else. In its place came QE, similar to the U.S. model that was at the end of its run after 7 years.\r\n\r\nYes, 7 years of AUSTERITY did feck all for growth in Europe. When you sit back and look at matters, it was no big surprise.\r\n\r\nMario Draghi’s big issues to address were: -\r\n\r\nDEFLATION – the sentiment and purchasing prices of raw materials and services were so bad there were no price rises on anything, it was survival mode only.\r\n\r\nGROWTH / GDP – a target of 2% was set. Like many G7 countries around the world, the EUROZONE has constantly projected growth and then wound the numbers back just as fast time after time.\r\n\r\nUNEMPLOYMENT - youth unemployment and longer-term hard-core unemployment in the EUROZONE were at levels never thought possible.\r\n\r\nCONFIDENCE – he needed to bring a more positive outlook to the EUROZONE to demonstrate that there is an there is a bright light at the end of the tunnel and that the tunnel does have an end.\r\n\r\nBANKING &amp; ECONOMIC STABILITY – he needed to bring an end to the uncertainty surrounding various banks of member states, carry out stress tests to show that the ECB has matters under control and that the banking system was strong and resilient and ready to lend money again.\r\n\r\nIt’s all basic stuff.\r\n\r\nSo, why am I saying that the EUROZONE is about to implode?\r\n\r\nOver the past couple of years I have blogged many times about the Mario Draghi position as being a puppet. His strings are being controlled by Berlin. He is being operated by a combination of Merkel, Schaeuble and Wiedmann. This is business; Germany controls the purse strings, it makes absolute common sense that they want to know what debt they will ultimately be responsible for.\r\n\r\nIn recent weeks we have seen the effects of central bank monetary policy not following through into the markets. The ECB made huge DOVISH moves in two out of the past three meetings. At the last meeting I argued the point that not only did Draghi throw the kitchen sink at the market by way of some extraordinary supportive measures and initiatives, he also threw in his “Granny” for good measure. The single currency should, in reality be trading below 1.0710, in fact below 1.0450 by now given the easing that the ECB has done. We are however trading around 1.1300, with some pundits talking in terms of 1.1800.\r\n\r\nSo ECB actions are now ignored, just the same way as the BOJ move to negative rates was rejected.\r\n\r\nDuring Mario Draghi’s last press conference after listing the ECB initiatives, he basically said, “That’s it… no more that\'s about all we can do”. The markets reacted to this statement by buying the single currency across the board. We live in strange times. Markets now expect on-going continuous free money and 100% un-dying Central Bank support to infinity. I blame Ben Bernanke for this expectation.\r\n\r\nMario Draghi stated after this market moving statement about “That’s it”, that now individual member states within the EUROZONE need to carry out a coordinated structural plan to reform to aid recovery and plant stakes in the ground for a return to growth normalization.\r\n\r\nWell…”Glaze my nipples and call me Rita”, there is little chance of this ever happening. We are talking about 19 different countries, as mentioned earlier they are all at different places on the curve, coordinated approach, FFS, these people can’t agree on whether the grass is green and the sky is blue!\r\n\r\nIn the name of sanity, what is going to happen, who is going to chair such an event. Given that it\'s odds on to be a failure, because, lets be very clear, the EUROZONE is managed by vote grabbing non-effective politicians, who are only interested in popularity and job security. They are not interested in 5 / 6 year medium term plans to turn things around, that, may cost money that they see no value for. They would rather spend that money on popular policies that will give them votes to ensure job security.\r\n\r\nThe EUROZONE is no way near to harmonization on any key function except pissing people off with bureaucracy and interference on little matters, like the meat content of a sausage!\r\n\r\nMinimum Health standards, Educational minimums, Employment contracts, Infrastructure minimums, Foreign Policy, Social Chapter harmonization, Tax harmonization, Coordinated bank policies, Fiscal changes and controls… the list is endless and since 1999, some 17 years ago, apart from free trade and an emasculated ECB what has been achieved; basically, bugger all. This in itself is a sad failure to all those involved in the project.\r\n\r\nSo to expect a coordinated policy on EUROZONE both fiscal and structural reforms is an extremely tall order.\r\n\r\nCoordination within the EUROZONE is a failure before it starts. The EUROZONE is famous for “Kicking the can down the road”. Historically, coordination can only succeed when managed centrally; again this comes back to the issue of so many countries being involved.\r\n\r\nLet me just highlight initially the two big issues that the EUROZONE is trying to deal with right now, plus I have added some of the on-going issues from my perspective looking in: -\r\n<ol>\r\n	<li>THE SYRIAN / LIBYIAN REFUGEE CRISIS: This is a huge cost borne in the main by the countries around the Mediterranean that are the most ill equipped countries in Europe to deal with such an issue. There are now border issues (Schengen) that were core factors when the union was formed. Never mind the stability and security issues this infiltration of refugees is placing on the union. The full affect of this has yet to be acknowledged.</li>\r\n</ol>\r\n<ol start=\"2\">\r\n	<li>BREXIT: The UK is a huge cash deliverer to the European Union. The UK is a net cash inputter to the union. The European Union does not want a BREXIT, as this will affect cash flow in the longer term. The UK leaving could cause a contagion effect with the European Union.</li>\r\n	<li>ECB BATTLES: It is no secret that Wiedmann (Bundesbank) and Draghi do NOT see eye to eye on ECB policy. There is an undermining of ECB policy by Weismann’s guy, actually a gal on the inside Sabine Lautenschlager.</li>\r\n	<li>DEFLATION: Despite millions and millions of euros being thrown at the EUROZONE economy, zero progress to defeat DEFLATION has been seen. Absolutely nothing, the EUROZONE is like a catfish at the bottom of a fish tank eating shite and crawling along the bottom.</li>\r\n	<li>LOOSE TALK: This sounds like a weak observation, but in my opinion, the continual failure of Wolfgang Schaeuble (German Finance Minister), Ewald Nowotny (Austrian CB President) and Jens Wiedmann (Bundesbank, President) plus others, does little for whatever attempts by the ECB to provide a stabilizing footing to move forward.</li>\r\n	<li>GREECE: This is classic EUROZONE. Three bailouts so far and continual uncertainty about its abilities to meet debt repayments and the strict reforms that were imposed in order to meet the bailout. Debt forgiveness is the only route to finally clear the Greeks of the financial burden they have, and frankly have little chance of repaying. It is odds on another bailout; Act IV will be required.</li>\r\n	<li>THE EFFECTS OF AUSTERITY: This has opened the door for more extreme political parties to get footholds in the political process. GREECE, PORTUGAL, SPAIN and ITALY all have issues now with what I call “The lunatic fringe” having a voice. In the past they would remain on the outside of popularity. Austerity and the years of hardship and neglect has changed the political landscape.</li>\r\n	<li>OVERALL POLITICAL STABILITY and UNCERTAINTIES: This issue is never fully covered, because, with so many member states, the changes in heads of state and finance ministers are a fairly consistent feature of the political debates in Brussels. New governments make many election promises with many different benefits to secure election victories with wide ranging manifestos. Many of these promises create uncertainty, and, a lack of consistencies in Brussels, as a countries viewpoint can change from one meeting to the next. This creates instability and uncertainty on centralized policy moving forward.\r\nLike the UK with David Cameron’s BREXIT, past agreements are always being re-worked to accommodate change and nothing moves forward.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nSo, the European Union, if anyone can tell me where the “union” is please write too me.\r\n\r\nThere are without doubt big changes ahead in Europe. There will be an attempt at member states level trying to make fiscal reforms to structurally change the way their economies move forward to hopefully increase growth and GDP. To fix and tackle the effects of DEFLATION is paramount to any measurement of success.\r\n\r\nThe $64,000.00 question is, does the EUROZONE have the time?\r\n\r\nNot a cat in hell’s chance as far as I am concerned.\r\n\r\nNow, I do believe that we still have central bank divergence. It is well hidden at the moment, but I do believe that the EUR/USD is heading below parity. I still think that within the next 12 months this is going to happen. The U.S. under Janet Yellen is going to raise interest rates and the ECB has pledged continual easing for several years to come, in fact, pretty soon I expect the EUROZONE version of “Helicopter Ben” to appear.\r\n\r\nTherefore the FED will help kick start the EUROZONE by enabling a weaker EUR/USD and EUR/JPY exchange rates.\r\n\r\nAfter this the rest is down to member states within the EUROZONE to demonstrate a commitment to change and force through growth related structural reforms. I would not hold my breath on this.\r\n\r\nCHANGE and PROGRESS are two words that appear in many European Union, documents, treaties, press announcements and speeches. However, in reality CHANGE and PROGRESS are great words but unless they actually mean something tangible they are just hot air.\r\n\r\nI see big changes ahead with the structure of the European Union and EUROZONE; the changes may be too big for it to survive. The union is being pushed to the precipice once again and there are huge issues on the horizon to manage.\r\n\r\nWill the EUROZONE muddle through?\r\n\r\nProbably, somehow the EUROZONE will kick a few cans and survive. However from my perspective, the likes of FINLAND, DENMARK, SWEDEN, THE NETHERLANDS, PORTUGAL, GREECE, ITALY, SPAIN, IRELAND and the UK may not be either members of the European Union or the EUROZONE when it is all said and done.\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>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\nVery little change this week from last weeks on pip volumes. I traded the FOMC badly and this cost around 400 pips, not much in the way of lost $$$ but the pip losses were both annoying and frustrating.\r\n\r\nI have had some feedback with regards to my re-think of PART-TIME TRADER TRADES. Looking at this year’s performance the returns from these trades even though I have not let them run because of major geopolitical changes, they have by far been great performers. We should not lose sight here; just two GBP/NZD trades caused about 90% of the pip losses this year with regards to FUNDAMENTAL TRADES so lets not lose a grip of the facts in front of us.\r\n\r\nI have been testing trades in a small but LIVE broker account for the past couple of months based upon the G7. These are arguably POSITION TRADES like the PART TIME TRADER TRADES but less of a mouthful!!\r\n\r\nI still believe in divergence but it requires a FED rate hike for the markets to believe in divergence once again. At the moment the markets believe that they are the economy! Stock and Bond Markets are NOT the economy.\r\n\r\nI am still reviewing the way forward, but to those of you who take the PART TRADES at the moment it will just be a name change, if that even gets done…. so panic over!\r\n\r\nMy brokers have been quiet and I know that they are hurting through reduced numbers of traders, but I have heard nothing new. In my marketing plan, I am not scheduled to speak with any of them until May / June.\r\n\r\nThe only recent broker issue of note was BLACKWELL GLOBAL had an issue with their bonus scheme. Only one of my subscribers had a communication in relation to it and it was sorted. I have since tried to get to the bottom of the issue and failed. Apparently, some traders (not in my group) were abusing the trading margin required. How this could be done baffles me, as this is under the broker software control and not in anyway an area that the trader can influence. Suffice to say nothing more has been heard.\r\n\r\nApart from that excitement for a few hours, I have nothing else at all to report other than I believe we will see consolidation of brokers soon. The white label brokers will start falling off the page soon in my opinion, as they simply cannot be turning enough cash to meet costs.\r\n\r\nFrom more of a trading perspective, I think that we are going through yet another change cycle. I have no doubt that central banks will once again have control, but, for now it looks like the manipulation war is starting to Pieter out and the next initiative will be the one to jolt matters again. To wait for politicians to bring structural reforms into law can take years.\r\n\r\nCentral Bank monetary policy is what fundamentally drives exchange rates. Nothing has changed dramatically and ultimately this short-term rejection that we have seen will just be short-term, as soon the effects of central bank policies will feed their way through markets. Maybe the decisive initial jolts that we are used to have disappeared for a while.\r\n\r\nI am very bearish the NZD. I think that this is no secret to any of you. I was hoping for the EUR/USD to hit around 1.1400 to enter short hoping that this would also allow a USD/CHF long around 0.9500. These latter trades are still in my mind but as more and more time passes without the push to my entry levels my attempts to pick the top and bottom may have been thwarted.\r\n\r\nThe USD/CAD around 1.2850 is also on my radar, moving forward.\r\n\r\nIn my own account I have traded the USD/JPY into and out of BOJ intervention quite nicely but these are really scalp trades on the back of 5-minute charts. These are of too short a time frame to work inside the constraints of the PREMIUM SERVICE.\r\n\r\nMoving forward, I am full of confidence with my longer-term objectives. For those of you who are traders with much shorter time horizons, I am sure you are as frustrated as I am. Having been around for 8 years, last year was not a big year in $$$ for me, and, this year it is a bit of a repeat so far. It is the usual ups and downs of trading and you have to trade with the full and complete understanding that this can happen.\r\n\r\nGenerating pips is half the story. It is balancing the smaller trades and the larger trades to yield both $$$ and pips which is hard to balance in a choppy market. Right now we are in a range bound choppy market environment, of that there is no doubt.\r\n\r\nAs stated earlier divergence is still there, fundamentally nothing has changed. As I have also stated many, many times one has to be patient with trading to succeed. Patience is required right now. Do not leap in; it is just not worth it.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-19032016/\" rel=\"attachment wp-att-7455\"><img class=\"aligncenter size-full wp-image-7455\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIVE-TRADES-19032016.png\" alt=\"PS LIVE TRADES 19032016\" width=\"699\" height=\"587\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-19032016/\" rel=\"attachment wp-att-7454\"><img class=\"aligncenter size-full wp-image-7454\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIMIT-ORDERS-19032016.png\" alt=\"PS LIMIT ORDERS 19032016\" width=\"694\" height=\"487\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>TRADES ON THE IMMEDIATE HORIZON ON MY RADAR:</strong>\r\n\r\nAt the start of the trading week, I have momentum style trades ready to place as follows: -\r\n\r\nSHORT: AUD/USD and EUR/USD\r\n\r\nLONG: USD/CAD and USD/CHF\r\n\r\nThere are also several LIMIT ORDER trades involving; AUD/USD, NZD/USD, EUR/USD, USD/CAD, USD/CHF and NZD/JPY.\r\n\r\nLonger-term trades (PART) I am looking at all of the above plus some of the commodity cross rates have confirmed moves away from support and resistance levels and they now may have moves of at least a swing trade potential. I will not be looking at the cross–rate pairs until the European session.\r\n\r\nThis coming week we are lighter on Economic data, but nevertheless the fact that OIL and GOLD, in particular, were active last week, I will be looking to see moves back into longer term trends or consolidation around existing levels as clues as to whether place trades or not. The cross-rates have been excessively choppy in the tight ranged market in which, we have been operating of late.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>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 – RBA Gov. Glenn Stevens, with words of wisdom.\r\n\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD - GDP.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1145\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-daily-19032016/\" rel=\"attachment wp-att-7457\"><img class=\"aligncenter size-large wp-image-7457\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-DAILY-19032016-1024x509.png\" alt=\"EURUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4386\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-daily-19032016/\" rel=\"attachment wp-att-7458\"><img class=\"aligncenter size-large wp-image-7458\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-DAILY-19032016-1024x509.png\" alt=\"GBPUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7559\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-daily-19032016/\" rel=\"attachment wp-att-7456\"><img class=\"aligncenter size-large wp-image-7456\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-DAILY-19032016-1024x509.png\" alt=\"AUDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6742\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-daily-19032016/\" rel=\"attachment wp-att-7459\"><img class=\"aligncenter size-large wp-image-7459\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-DAILY-19032016-1024x509.png\" alt=\"NZDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3215\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-daily-19032016/\" rel=\"attachment wp-att-7460\"><img class=\"aligncenter size-large wp-image-7460\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-DAILY-19032016-1024x509.png\" alt=\"USDCAD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-daily-19032016/\" rel=\"attachment wp-att-7461\"><img class=\"aligncenter size-large wp-image-7461\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-DAILY-19032016-1024x509.png\" alt=\"USDCHF DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.81\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/usdjpy-daily-19032016/\" rel=\"attachment wp-att-7462\"><img class=\"aligncenter size-large wp-image-7462\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-DAILY-19032016-1024x509.png\" alt=\"USDJPY DAILY 19032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNot a lot on the news calendar this week for me. I strongly suspect that we shall be at the mercy of OIL, GOLD and EQUITIES this week.\r\n\r\nI have a funny feeling about the EUROZONE and BREXIT…\r\n\r\nI expect that rumours and some wonderful sound byte quotes could be coming our way. In addition, do not forget to rule out the uncertainty that will be growing in the U.S. over the election this autumn / fall.\r\n\r\nI would really love to write what I think about the U.S. election circus, an X rated version, however until it affects Forex trading, my lips are zipped.\r\n\r\nAs always, be savvy…\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\nDATE: 19<sup>th</sup> March 2016\r\nBLOG REFERENCE: #94 PREMIUM SERVICE\r\n\r\n&nbsp;','THE EUROZONE INCHES CLOSER TO ITS IMPLOSION','','inherit','closed','closed','','7463-revision-v1','','','2016-03-19 07:04:40','2016-03-19 12:04:40','',7463,'https://weeklyfxdrivethru.com/7463-revision-v1/',0,'revision','',0),(7471,1,'2016-03-19 07:19:44','2016-03-19 12:19:44','','PART1 19032016','','inherit','open','closed','','part1-19032016','','','2016-03-19 07:20:44','2016-03-19 12:20:44','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PART1-19032016.png',0,'attachment','image/png',0),(7472,1,'2016-03-19 07:19:48','2016-03-19 12:19:48','','PART2 19032016','','inherit','open','closed','','part2-19032016-2','','','2016-03-19 07:20:51','2016-03-19 12:20:51','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PART2-19032016-1.png',0,'attachment','image/png',0),(7475,1,'2016-03-19 07:37:57','2016-03-19 12:37:57','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI pride myself upon telling it how it is for me as a trader, the good, the bad and the fecking ugly. Here we go again.\r\n\r\nLast week was a very mixed week of trading for me.\r\n\r\nIn the heat of the moment, following the FOMC statement I decided to enter the USD/CAD long using the down sloping support trend line around 1.3080-1.3100 as my stop. I am still beating myself up for entering this trade long even though technically it looked good. Fundamentally it was a poor trade as WTi was up 4% on the day looking to target $40 per barrel. What was I thinking? Jesus, Mary and Joseph, to add further stupidity I added a second long trade just above the trend line, thankfully that was just a quarter size position. Suffice to say the CAD was taken to the woodshed and spanked…. I should have gone there myself I took just over 300 pips loss on the two trades.\r\n\r\nAt the same time I was trying to pick a high with the NZD/USD going short. I am bearish the Kiwi. I still have those trades plus other NZD crosses in play. Whilst I am out of the money, I am being backed by the RBNZ with the direction based upon a very strong monetary policy statement from a week or so ago.\r\n\r\nAt times as a Forex trader, there are moments when I feel like smashing my head against a wall… I hope that I am not alone with that feeling! So, long story short; I gave back the pips that I had gained earlier in the week…. argh!!\r\n\r\nAdding in my weekly weather check…. We are still thawing here, just off the island of Montreal. The browny / green grass is starting to appear from under the white snowy blanket that has been in place for several months. My wife and I have stocked up on wine / Gin and Jack for the BBQ season that will shortly commence. I will be trading outside with my MacBook Air and iPad’s after the US open very soon, I hope\r\n\r\nFinally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong>\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>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>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +1,511\r\nNET PIPS THIS YEAR SO FAR:                +1,379</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf 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.\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nI have already alerted you to a brief overview of how I traded the FOMC last week; from my view it was pretty poorly if the truth were told. Overall it was a mixed week for me with highs and lows.\r\n\r\nLooking at the key events from my perspective: -\r\n\r\n&nbsp;\r\n\r\nBOJ PRESS CONFERENCE:\r\n\r\nIn my opinion it was a non-event. Then 24 hours later Kuroda spoke in Parliament (I think) and said that he will still increase the current negative interest rate of 0.10% to 0.50%. This was after, the prior day’s press conference when you could hear in the background the John Lennon (Plastic Ono Band) song, “Power to the people” playing. This was as a direct result of big and small businesses plus the common folk, saying how much they detested negative interest rates. This caused the BOJ to say that they weren’t going to touch them in the near-term and that they were going to review to whom the policy would apply… WTF.\r\n\r\nThen on Thursday last week, the USD/JPY broke below 111.00. It hit 110.66 and spiked to 112.00 (140 pips). The BOJ denied any involvement with that move… my arse no involvement. They must think that we (traders) are fecking idiots. They get somebody to do their work so they can proclaim a 2016 version of Pontius Pilate to the markets. For crying out loud, give us some savvy!!\r\n\r\nOh, what joy!!\r\n\r\n&nbsp;\r\n\r\nFOMC STATEMENT &amp; PRESS CONFERENCE:\r\n\r\nJanet Yellen and her team delivered a very DOVISH statement. From my perspective when she was speaking in the press conference, I found her more HAWKISH than the written statement. Nevertheless, it was a DOVISH statement; I stood in front of the bus and got whacked.\r\n\r\nThe one thing that is haunting me though is; is the U.S. economy in good shape?\r\n\r\nI am sick to the back teeth of listening to loud mouths telling me that the EUROZONE, UK and JAPAN are in the toilet and the U.S. is great.\r\n\r\nHere are my thoughts, followed by the question:\r\n\r\nAfter 7 years of QE (Quantitative Easing) following the financial crash, we are now advised that we (the U.S.) are in a period of normalization. Interest rates are at 0.25% and the markets are shit scared of a raise of another 0.25% to 0.50%.\r\n\r\nFor the greatest country in the world, isn’t this just a load of bollocks?\r\n\r\nInstead of shouting louder to get your views heard. Would it not be more appropriate to think first, before engaging your gobs?\r\n\r\nThe markets are crapping the bed over 3 or 4 rate hikes this year. Janet Yellen is pussy footing around the markets creating more uncertainty and dithering (like she did last year). She will no doubt be behind the curve, when she finally makes a move, and now, she is talking in terms of only 2 or 3 rate hikes in 2016. This change in the number of rate increases does beg the question, is this the best the U.S. has after 7 years of QE?, when the markets have been wrapped in cotton wool and bubble-wrap. Does this indicate that all is not good and that we are on the brink of another recession?\r\n\r\nAll the “doom and gloomers” from earlier this year were probably correct with their thinking and prognosis.\r\n\r\nGet ready and take protection would be my thoughts at the moment. This is a U.S. election year with some right numpties looking to take office. The U.S. is going to have to make more than great deals to get itself out of the shit.\r\n\r\nThe FED must see the economy as weak and borderline looking forward, otherwise they would be pressing ahead with rate increases. The Stock market is NOT the U.S. economy.\r\n\r\n&nbsp;\r\n\r\nSNB POLICY ASSESSMENT:\r\n\r\nThis was a damp squib. Yada, yada, yada…we will do what we have to… the usual stuff from Thomas Jordan and co.\r\n\r\n&nbsp;\r\n\r\nBOE INTEREST RATE ANNOUNCEMENT:\r\n\r\nWith the spring time change I forgot all about this. The cable however, did rally off the news that the BOE now does not think that interest rates in the UK will rise for at least the next three years. I just hope to God that someone has alerted Mark Carney to that effect, I know that he is the bank governor but he is also the master of misleading everyone with his rather wild and off the cuff comments.\r\n\r\nLast Thursday’s move after the Interest rate announcement was impressive on the day, the cable had a move through the 1.42’s, 1.43’s, 1.44’s and 1.45’s, by any measurement that was impressive. However, moving forward, the UK will still to and fro with headlines relating to BREXIT and the gain may not remain on the books for long.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE INCHES CLOSER TO ITS IMPLOSION</strong></p>\r\nMaybe not as much as in previous years if at all in 2016, have I written about the EUROZONE, stating that it is in crapper, on the road to hell or about to fall off the cliff on the basis that it is on the precipice.\r\n\r\nIn my opinion, the EUROZONE has always been close to the precipice ever since the financial crash, 7/8 years ago. Recent events have me back on the soapbox once again and I really do think that implosion time is not that far away.\r\n\r\nI really do not want to dwell too much in the past with regards to the EUROZONE other than to briefly say, it was born at a time when the world was completely different from now. It was initially a trade agreement to bolster free trade restrictions within the European continent in competition with EFTA (The European Free Trade Association). The EUROZONE was originally called “The Common Market”.\r\n\r\nFrance and Germany geographically at the heart of Europe wanted to take “The Common Market” beyond trade, to include, social needs, banking and currency union, foreign policy, fiscal union, tax harmonization etc. The Common Market became the EEC (The European Economic Community) and for those countries who were members of the EEC they had a buy in time to join the single currency, the EUR by achieving a set of economic standards by a deadline such as Debt to GDP, Inflation, Unemployment etc. From this the EUROZONE was born in 1999 with 11 countries initially. The EEC then became just known as the European Union and countries who are users of the € (EUR) are often just referred to as member states. For the record, there are 28 member states (countries) in the European Union of which, 19 are members of the EUROZONE using the € single currency.\r\n\r\nIn my opinion, with such grand goals as tax harmonization, fiscal union and foreign policy alignment, the project referred to as the EUROZONE, was doomed from the outset.\r\n\r\nThe way I look at it, there are 19 countries spread throughout the European continent, all different in location mass, population build up and culture basically using the cheque book to manage their own economies and still expected to conform to a central policy… no chance.\r\n\r\nThe comparison of northern Europeans with those in the south with the Mediterranean culture is like comparing apples with oranges. The economies are different, natural resources vary, yet each member state had to balance the books and meet a criteria set down by Germany basically, the industrial powerhouse of the EUROZONE.\r\n\r\nTo cut a very long story short, the Mediterranean countries (GREECE, SPAIN, CYPRUS and although not geographically on the Mediterranean let me add PORTUGAL to this list) misled the EUROZONE group about their economic position, resilience and stability. The constraints of working with a central bank (the ECB) eventually came to the forefront and the cracks appeared.\r\n\r\nThe EUROZONE was a dream of both Germany and France where the agricultural dependency of the French farmers would be assured by introducing the CAP (the Common Agricultural Policy), this basically meant the EUROZONE would buy all production from the farmers whether it was needed in Europe or not for a guaranteed price. Do you remember, “The Butter Mountains”, “Wine Lakes”, “Milk Lakes” etc…? This was the result of the CAP. In return for the CAP the French basically offered 100% total support for Germany’s financial control of the EUROZONE.\r\n\r\nAt the outset the “European Dream” was not set-up in any way shape of form believing that it would have to withstand a financial downturn (crash) almost as severe as the 1930’s world recession.\r\n\r\nThe cracks in the EUROZONE were there before the 2008-9 crash; they were just papered over in classic EUROZONE style.\r\n\r\nGREECE, PORTUGAL and IRELAND all required cash bailouts from the ECB (basically Germany), to help them pull through the downturn.\r\n\r\nThe U.S. and UK introduced QE (Quantitative Easing / Asset Purchases) to flood the markets with cash support and help the financial centres and banks.\r\n\r\nThe EUROZONE under German leadership decided, AUSTERITY is the way to handle a downturn. Tighten ones belts, do not spend a penny, cut back on all things and weather it through. All this did was piss people off, make politicians very un-liked and deliver pain and suffering to the masses, all 338 million of them.\r\n\r\n“Happy fecking Christmas one and all, Love Angela”\r\n\r\nThe ECB had by this time switched president from the inaugural Jean Claude-Trichet, to Mario Draghi (God love him). Trichet was a bit of weird character to say the least; along with Alan Greenspan in the U.S. they spoke a different language. I am certain that was where Gene Roddenberry got the idea of Klingon from for Star Trek. Everything was a bit like code… it was hard to understand what they were getting at.\r\n\r\nDraghi and his counterpart at the FED Ben Bernanke, were much easier to follow. Mario Draghi’s problem was the Bundesbank under Jens Wiedmann (President) probably under rule from Angela Merkel and her pit bull Wolfgang Schaeuble (German Finance Minister), who had their own ideas of how the ECB should operate and although its mandate was quite varied, they wanted a say in all matters and decisions. Draghi was to a large extent a puppet.\r\n\r\nAfter several years of AUSTERITY, it was finally cast aside, probably more based on fear of sitting governments and politicians not being re-elected more than anything else. In its place came QE, similar to the U.S. model that was at the end of its run after 7 years.\r\n\r\nYes, 7 years of AUSTERITY did feck all for growth in Europe. When you sit back and look at matters, it was no big surprise.\r\n\r\nMario Draghi’s big issues to address were: -\r\n\r\nDEFLATION – the sentiment and purchasing prices of raw materials and services were so bad there were no price rises on anything, it was survival mode only.\r\n\r\nGROWTH / GDP – a target of 2% was set. Like many G7 countries around the world, the EUROZONE has constantly projected growth and then wound the numbers back just as fast time after time.\r\n\r\nUNEMPLOYMENT - youth unemployment and longer-term hard-core unemployment in the EUROZONE were at levels never thought possible.\r\n\r\nCONFIDENCE – he needed to bring a more positive outlook to the EUROZONE to demonstrate that there is an there is a bright light at the end of the tunnel and that the tunnel does have an end.\r\n\r\nBANKING &amp; ECONOMIC STABILITY – he needed to bring an end to the uncertainty surrounding various banks of member states, carry out stress tests to show that the ECB has matters under control and that the banking system was strong and resilient and ready to lend money again.\r\n\r\nIt’s all basic stuff.\r\n\r\nSo, why am I saying that the EUROZONE is about to implode?\r\n\r\nOver the past couple of years I have blogged many times about the Mario Draghi position as being a puppet. His strings are being controlled by Berlin. He is being operated by a combination of Merkel, Schaeuble and Wiedmann. This is business; Germany controls the purse strings, it makes absolute common sense that they want to know what debt they will ultimately be responsible for.\r\n\r\nIn recent weeks we have seen the effects of central bank monetary policy not following through into the markets. The ECB made huge DOVISH moves in two out of the past three meetings. At the last meeting I argued the point that not only did Draghi throw the kitchen sink at the market by way of some extraordinary supportive measures and initiatives, he also threw in his “Granny” for good measure. The single currency should, in reality be trading below 1.0710, in fact below 1.0450 by now given the easing that the ECB has done. We are however trading around 1.1300, with some pundits talking in terms of 1.1800.\r\n\r\nSo ECB actions are now ignored, just the same way as the BOJ move to negative rates was rejected.\r\n\r\nDuring Mario Draghi’s last press conference after listing the ECB initiatives, he basically said, “That’s it… no more that\'s about all we can do”. The markets reacted to this statement by buying the single currency across the board. We live in strange times. Markets now expect on-going continuous free money and 100% un-dying Central Bank support to infinity. I blame Ben Bernanke for this expectation.\r\n\r\nMario Draghi stated after this market moving statement about “That’s it”, that now individual member states within the EUROZONE need to carry out a coordinated structural plan to reform to aid recovery and plant stakes in the ground for a return to growth normalization.\r\n\r\nWell…”Glaze my nipples and call me Rita”, there is little chance of this ever happening. We are talking about 19 different countries, as mentioned earlier they are all at different places on the curve, coordinated approach, FFS, these people can’t agree on whether the grass is green and the sky is blue!\r\n\r\nIn the name of sanity, what is going to happen, who is going to chair such an event. Given that it\'s odds on to be a failure, because, lets be very clear, the EUROZONE is managed by vote grabbing non-effective politicians, who are only interested in popularity and job security. They are not interested in 5 / 6 year medium term plans to turn things around, that, may cost money that they see no value for. They would rather spend that money on popular policies that will give them votes to ensure job security.\r\n\r\nThe EUROZONE is no way near to harmonization on any key function except pissing people off with bureaucracy and interference on little matters, like the meat content of a sausage!\r\n\r\nMinimum Health standards, Educational minimums, Employment contracts, Infrastructure minimums, Foreign Policy, Social Chapter harmonization, Tax harmonization, Coordinated bank policies, Fiscal changes and controls… the list is endless and since 1999, some 17 years ago, apart from free trade and an emasculated ECB what has been achieved; basically, bugger all. This in itself is a sad failure to all those involved in the project.\r\n\r\nSo to expect a coordinated policy on EUROZONE both fiscal and structural reforms is an extremely tall order.\r\n\r\nCoordination within the EUROZONE is a failure before it starts. The EUROZONE is famous for “Kicking the can down the road”. Historically, coordination can only succeed when managed centrally, again this comes back to the issue of so many countries being involved.\r\n\r\nLet me just highlight initially the two big issues that the EUROZONE is trying to deal with right now, plus I have added some of the on-going issues from my perspective looking in: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>THE SYRIAN / LIBYIAN REFUGEE CRISIS: This is a huge cost borne in the main by the countries around the Mediterranean that are the most ill equipped countries in Europe to deal with such an issue. There are now border issues (Schengen) that were core factors when the union was formed. Never mind the stability and security issues this infiltration of refugees is placing on the union. The full affect of this has yet to be acknowledged.</li>\r\n</ol>\r\n<ol start=\"2\">\r\n	<li>BREXIT: The UK is a huge cash deliverer to the European Union. The UK is a net cash inputter to the union. The European Union does not want a BREXIT, as this will affect cash flow in the longer term. The UK leaving could cause a contagion effect with the European Union.</li>\r\n	<li>ECB BATTLES: It is no secret that Wiedmann (Bundesbank) and Draghi do NOT see eye to eye on ECB policy. There is an undermining of ECB policy by Weismann’s guy, actually a gal on the inside Sabine Lautenschlager.</li>\r\n	<li>DEFLATION: Despite millions and millions of euros being thrown at the EUROZONE economy, zero progress to defeat DEFLATION has been seen. Absolutely nothing, the EUROZONE is like a catfish at the bottom of a fish tank eating shite and crawling along the bottom.</li>\r\n	<li>LOOSE TALK: This sounds like a weak observation, but in my opinion, the continual failure of Wolfgang Schaeuble (German Finance Minister), Ewald Nowotny (Austrian CB President) and Jens Wiedmann (Bundesbank, President) plus others, does little for whatever attempts by the ECB to provide a stabilizing footing to move forward.</li>\r\n	<li>GREECE: This is classic EUROZONE. Three bailouts so far and continual uncertainty about its abilities to meet debt repayments and the strict reforms that were imposed in order to meet the bailout. Debt forgiveness is the only route to finally clear the Greeks of the financial burden they have, and frankly have little chance of repaying. It is odds on another bailout; Act IV will be required.</li>\r\n	<li>THE EFFECTS OF AUSTERITY: This has opened the door for more extreme political parties to get footholds in the political process. GREECE, PORTUGAL, SPAIN and ITALY all have issues now with what I call “The lunatic fringe” having a voice. In the past they would remain on the outside of popularity. Austerity and the years of hardship and neglect has changed the political landscape.</li>\r\n	<li>OVERALL POLITICAL STABILITY and UNCERTAINTIES: This issue is never fully covered, because, with so many member states, the changes in heads of state and finance ministers are a fairly consistent feature of the political debates in Brussels. New governments make many election promises with many different benefits to secure election victories with wide ranging manifestos. Many of these promises create uncertainty, and, a lack of consistencies in Brussels, as a countries viewpoint can change from one meeting to the next. This creates instability and uncertainty on centralized policy moving forward.\r\nLike the UK with David Cameron’s BREXIT, past agreements are always being re-worked to accommodate change and nothing moves forward.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nSo, the European Union, if anyone can tell me where the “union” is please write too me.\r\n\r\nThere are without doubt big changes ahead in Europe. There will be an attempt at member states level trying to make fiscal reforms to structurally change the way their economies move forward to hopefully increase growth and GDP. To fix and tackle the effects of DEFLATION is paramount to any measurement of success.\r\n\r\nThe $64,000.00 question is, does the EUROZONE have the time\r\n\r\nNot a cat in hell’s chance as far as I am concerned.\r\n\r\nNow, I do believe that we still have central bank divergence. It is well hidden at the moment, but I do believe that the EUR/USD is heading below parity. I still think that within the next 12 months this is going to happen. The U.S. under Janet Yellen is going to raise interest rates and the ECB has pledged continual easing for several years to come, in fact, pretty soon I expect the EUROZONE version of “Helicopter Ben” to appear.\r\n\r\nTherefore the FED will help kick start the EUROZONE by enabling a weaker EUR/USD and EUR/JPY exchange rates.\r\n\r\nAfter this the rest is down to member states within the EUROZONE to demonstrate a commitment to change and force through growth related structural reforms. I would not hold my breath on this.\r\n\r\nCHANGE and PROGRESS are two words that appear in many European Union, documents, treaties, press announcements and speeches. However, in reality CHANGE and PROGRESS are great words but unless they actually mean something tangible they are just hot air.\r\n\r\nI see big changes ahead with the structure of the European Union and EUROZONE; the changes may be too big for it to survive. The union is being pushed to the precipice once again and there are huge issues on the horizon to manage.\r\n\r\nWill the EUROZONE muddle through?\r\n\r\nProbably, somehow the EUROZONE will kick a few cans and survive. However from my perspective, the likes of FINLAND, DENMARK, SWEDEN, THE NETHERLANDS, PORTUGAL, GREECE, ITALY, SPAIN, IRELAND and the UK may not be either members of the European Union or the EUROZONE when it is all said and done.\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> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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 – RBA Gov. Glenn Stevens, with words of wisdom.\r\n\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD - GDP.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1145\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/eurusd-daily-19032016/\" rel=\"attachment wp-att-7457\"><img class=\"aligncenter size-large wp-image-7457\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-DAILY-19032016-1024x509.png\" alt=\"EURUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4386\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/gbpusd-daily-19032016/\" rel=\"attachment wp-att-7458\"><img class=\"aligncenter size-large wp-image-7458\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-DAILY-19032016-1024x509.png\" alt=\"GBPUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7559\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/audusd-daily-19032016/\" rel=\"attachment wp-att-7456\"><img class=\"aligncenter size-large wp-image-7456\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-DAILY-19032016-1024x509.png\" alt=\"AUDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6742\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/nzdusd-daily-19032016/\" rel=\"attachment wp-att-7459\"><img class=\"aligncenter size-large wp-image-7459\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-DAILY-19032016-1024x509.png\" alt=\"NZDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3215\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/usdcad-daily-19032016/\" rel=\"attachment wp-att-7460\"><img class=\"aligncenter size-large wp-image-7460\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-DAILY-19032016-1024x509.png\" alt=\"USDCAD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/usdchf-daily-19032016/\" rel=\"attachment wp-att-7461\"><img class=\"aligncenter size-large wp-image-7461\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-DAILY-19032016-1024x509.png\" alt=\"USDCHF DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.81\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/usdjpy-daily-19032016/\" rel=\"attachment wp-att-7462\"><img class=\"aligncenter size-large wp-image-7462\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-DAILY-19032016-1024x509.png\" alt=\"USDJPY DAILY 19032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNot a lot on the news calendar this week for me. I strongly suspect that we shall be at the mercy of OIL, GOLD and EQUITIES this week.\r\n\r\nI have a funny feeling about the EUROZONE and BREXIT…\r\n\r\nI expect that rumours and some wonderful sound byte quotes could be coming our way. In addition, do not forget to rule out the uncertainty that will be growing in the U.S. over the election this autumn / fall.\r\n\r\nI would really love to write what I think about the U.S. election circus, an X rated version, however until it affects Forex trading, my lips are zipped.\r\n\r\nAs always, be savvy…\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\n&nbsp;\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\nDATE: 19<sup>th</sup> March 2016\r\nBLOG REFERENCE: #193 FREE NEWSLETTER\r\n\r\n&nbsp;','THE EUROZONE INCHES CLOSER TO ITS IMPLOSION','','publish','open','closed','','eurozone-inches-closer-implosion','','','2016-03-19 07:37:57','2016-03-19 12:37:57','',0,'https://weeklyfxdrivethru.com/?p=7475',0,'post','',0),(7476,1,'2016-03-19 07:35:13','2016-03-19 12:35:13','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI pride myself upon telling it how it is for me as a trader, the good, the bad and the fecking ugly. Here we go again.\r\n\r\nLast week was a very mixed week of trading for me.\r\n\r\nIn the heat of the moment, following the FOMC statement I decided to enter the USD/CAD long using the down sloping support trend line around 1.3080-1.3100 as my stop. I am still beating myself up for entering this trade long even though technically it looked good. Fundamentally it was a poor trade as WTi was up 4% on the day looking to target $40 per barrel. What was I thinking? Jesus, Mary and Joseph, to add further stupidity I added a second long trade just above the trend line, thankfully that was just a quarter size position. Suffice to say the CAD was taken to the woodshed and spanked…. I should have gone there myself I took just over 300 pips loss on the two trades.\r\n\r\nAt the same time I was trying to pick a high with the NZD/USD going short. I am bearish the Kiwi. I still have those trades plus other NZD crosses in play. Whilst I am out of the money, I am being backed by the RBNZ with the direction based upon a very strong monetary policy statement from a week or so ago.\r\n\r\nAt times as a Forex trader, there are moments when I feel like smashing my head against a wall… I hope that I am not alone with that feeling! So, long story short; I gave back the pips that I had gained earlier in the week…. argh!!\r\n\r\nAdding in my weekly weather check…. We are still thawing here, just off the island of Montreal. The browny / green grass is starting to appear from under the white snowy blanket that has been in place for several months. My wife and I have stocked up on wine / Gin and Jack for the BBQ season that will shortly commence. I will be trading outside with my MacBook Air and iPad’s after the US open very soon, I hope\r\n\r\nFinally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong>\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>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>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +1,511\r\nNET PIPS THIS YEAR SO FAR:                +1,379</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf 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.\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nI have already alerted you to a brief overview of how I traded the FOMC last week; from my view it was pretty poorly if the truth were told. Overall it was a mixed week for me with highs and lows.\r\n\r\nLooking at the key events from my perspective: -\r\n\r\n&nbsp;\r\n\r\nBOJ PRESS CONFERENCE:\r\n\r\nIn my opinion it was a non-event. Then 24 hours later Kuroda spoke in Parliament (I think) and said that he will still increase the current negative interest rate of 0.10% to 0.50%. This was after, the prior day’s press conference when you could hear in the background the John Lennon (Plastic Ono Band) song, “Power to the people” playing. This was as a direct result of big and small businesses plus the common folk, saying how much they detested negative interest rates. This caused the BOJ to say that they weren’t going to touch them in the near-term and that they were going to review to whom the policy would apply… WTF.\r\n\r\nThen on Thursday last week, the USD/JPY broke below 111.00. It hit 110.66 and spiked to 112.00 (140 pips). The BOJ denied any involvement with that move… my arse no involvement. They must think that we (traders) are fecking idiots. They get somebody to do their work so they can proclaim a 2016 version of Pontius Pilate to the markets. For crying out loud, give us some savvy!!\r\n\r\nOh, what joy!!\r\n\r\n&nbsp;\r\n\r\nFOMC STATEMENT &amp; PRESS CONFERENCE:\r\n\r\nJanet Yellen and her team delivered a very DOVISH statement. From my perspective when she was speaking in the press conference, I found her more HAWKISH than the written statement. Nevertheless, it was a DOVISH statement; I stood in front of the bus and got whacked.\r\n\r\nThe one thing that is haunting me though is; is the U.S. economy in good shape?\r\n\r\nI am sick to the back teeth of listening to loud mouths telling me that the EUROZONE, UK and JAPAN are in the toilet and the U.S. is great.\r\n\r\nHere are my thoughts, followed by the question:\r\n\r\nAfter 7 years of QE (Quantitative Easing) following the financial crash, we are now advised that we (the U.S.) are in a period of normalization. Interest rates are at 0.25% and the markets are shit scared of a raise of another 0.25% to 0.50%.\r\n\r\nFor the greatest country in the world, isn’t this just a load of bollocks?\r\n\r\nInstead of shouting louder to get your views heard. Would it not be more appropriate to think first, before engaging your gobs?\r\n\r\nThe markets are crapping the bed over 3 or 4 rate hikes this year. Janet Yellen is pussy footing around the markets creating more uncertainty and dithering (like she did last year). She will no doubt be behind the curve, when she finally makes a move, and now, she is talking in terms of only 2 or 3 rate hikes in 2016. This change in the number of rate increases does beg the question, is this the best the U.S. has after 7 years of QE?, when the markets have been wrapped in cotton wool and bubble-wrap. Does this indicate that all is not good and that we are on the brink of another recession?\r\n\r\nAll the “doom and gloomers” from earlier this year were probably correct with their thinking and prognosis.\r\n\r\nGet ready and take protection would be my thoughts at the moment. This is a U.S. election year with some right numpties looking to take office. The U.S. is going to have to make more than great deals to get itself out of the shit.\r\n\r\nThe FED must see the economy as weak and borderline looking forward, otherwise they would be pressing ahead with rate increases. The Stock market is NOT the U.S. economy.\r\n\r\n&nbsp;\r\n\r\nSNB POLICY ASSESSMENT:\r\n\r\nThis was a damp squib. Yada, yada, yada…we will do what we have to… the usual stuff from Thomas Jordan and co.\r\n\r\n&nbsp;\r\n\r\nBOE INTEREST RATE ANNOUNCEMENT:\r\n\r\nWith the spring time change I forgot all about this. The cable however, did rally off the news that the BOE now does not think that interest rates in the UK will rise for at least the next three years. I just hope to God that someone has alerted Mark Carney to that effect, I know that he is the bank governor but he is also the master of misleading everyone with his rather wild and off the cuff comments.\r\n\r\nLast Thursday’s move after the Interest rate announcement was impressive on the day, the cable had a move through the 1.42’s, 1.43’s, 1.44’s and 1.45’s, by any measurement that was impressive. However, moving forward, the UK will still to and fro with headlines relating to BREXIT and the gain may not remain on the books for long.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE INCHES CLOSER TO ITS IMPLOSION</strong>\r\n</p>\r\nMaybe not as much as in previous years if at all in 2016, have I written about the EUROZONE, stating that it is in crapper, on the road to hell or about to fall off the cliff on the basis that it is on the precipice.\r\n\r\nIn my opinion, the EUROZONE has always been close to the precipice ever since the financial crash, 7/8 years ago. Recent events have me back on the soapbox once again and I really do think that implosion time is not that far away.\r\n\r\nI really do not want to dwell too much in the past with regards to the EUROZONE other than to briefly say, it was born at a time when the world was completely different from now. It was initially a trade agreement to bolster free trade restrictions within the European continent in competition with EFTA (The European Free Trade Association). The EUROZONE was originally called “The Common Market”.\r\n\r\nFrance and Germany geographically at the heart of Europe wanted to take “The Common Market” beyond trade, to include, social needs, banking and currency union, foreign policy, fiscal union, tax harmonization etc. The Common Market became the EEC (The European Economic Community) and for those countries who were members of the EEC they had a buy in time to join the single currency, the EUR by achieving a set of economic standards by a deadline such as Debt to GDP, Inflation, Unemployment etc. From this the EUROZONE was born in 1999 with 11 countries initially. The EEC then became just known as the European Union and countries who are users of the € (EUR) are often just referred to as member states. For the record, there are 28 member states (countries) in the European Union of which, 19 are members of the EUROZONE using the € single currency.\r\n\r\nIn my opinion, with such grand goals as tax harmonization, fiscal union and foreign policy alignment, the project referred to as the EUROZONE, was doomed from the outset.\r\n\r\nThe way I look at it, there are 19 countries spread throughout the European continent, all different in location mass, population build up and culture basically using the cheque book to manage their own economies and still expected to conform to a central policy… no chance.\r\n\r\nThe comparison of northern Europeans with those in the south with the Mediterranean culture is like comparing apples with oranges. The economies are different, natural resources vary, yet each member state had to balance the books and meet a criteria set down by Germany basically, the industrial powerhouse of the EUROZONE.\r\n\r\nTo cut a very long story short, the Mediterranean countries (GREECE, SPAIN, CYPRUS and although not geographically on the Mediterranean let me add PORTUGAL to this list) misled the EUROZONE group about their economic position, resilience and stability. The constraints of working with a central bank (the ECB) eventually came to the forefront and the cracks appeared.\r\n\r\nThe EUROZONE was a dream of both Germany and France where the agricultural dependency of the French farmers would be assured by introducing the CAP (the Common Agricultural Policy), this basically meant the EUROZONE would buy all production from the farmers whether it was needed in Europe or not for a guaranteed price. Do you remember, “The Butter Mountains”, “Wine Lakes”, “Milk Lakes” etc…? This was the result of the CAP. In return for the CAP the French basically offered 100% total support for Germany’s financial control of the EUROZONE.\r\n\r\nAt the outset the “European Dream” was not set-up in any way shape of form believing that it would have to withstand a financial downturn (crash) almost as severe as the 1930’s world recession.\r\n\r\nThe cracks in the EUROZONE were there before the 2008-9 crash; they were just papered over in classic EUROZONE style.\r\n\r\nGREECE, PORTUGAL and IRELAND all required cash bailouts from the ECB (basically Germany), to help them pull through the downturn.\r\n\r\nThe U.S. and UK introduced QE (Quantitative Easing / Asset Purchases) to flood the markets with cash support and help the financial centres and banks.\r\n\r\nThe EUROZONE under German leadership decided, AUSTERITY is the way to handle a downturn. Tighten ones belts, do not spend a penny, cut back on all things and weather it through. All this did was piss people off, make politicians very un-liked and deliver pain and suffering to the masses, all 338 million of them.\r\n\r\n“Happy fecking Christmas one and all, Love Angela”\r\n\r\nThe ECB had by this time switched president from the inaugural Jean Claude-Trichet, to Mario Draghi (God love him). Trichet was a bit of weird character to say the least; along with Alan Greenspan in the U.S. they spoke a different language. I am certain that was where Gene Roddenberry got the idea of Klingon from for Star Trek. Everything was a bit like code… it was hard to understand what they were getting at.\r\n\r\nDraghi and his counterpart at the FED Ben Bernanke, were much easier to follow. Mario Draghi’s problem was the Bundesbank under Jens Wiedmann (President) probably under rule from Angela Merkel and her pit bull Wolfgang Schaeuble (German Finance Minister), who had their own ideas of how the ECB should operate and although its mandate was quite varied, they wanted a say in all matters and decisions. Draghi was to a large extent a puppet.\r\n\r\nAfter several years of AUSTERITY, it was finally cast aside, probably more based on fear of sitting governments and politicians not being re-elected more than anything else. In its place came QE, similar to the U.S. model that was at the end of its run after 7 years.\r\n\r\nYes, 7 years of AUSTERITY did feck all for growth in Europe. When you sit back and look at matters, it was no big surprise.\r\n\r\nMario Draghi’s big issues to address were: -\r\n\r\nDEFLATION – the sentiment and purchasing prices of raw materials and services were so bad there were no price rises on anything, it was survival mode only.\r\n\r\nGROWTH / GDP – a target of 2% was set. Like many G7 countries around the world, the EUROZONE has constantly projected growth and then wound the numbers back just as fast time after time.\r\n\r\nUNEMPLOYMENT - youth unemployment and longer-term hard-core unemployment in the EUROZONE were at levels never thought possible.\r\n\r\nCONFIDENCE – he needed to bring a more positive outlook to the EUROZONE to demonstrate that there is an there is a bright light at the end of the tunnel and that the tunnel does have an end.\r\n\r\nBANKING &amp; ECONOMIC STABILITY – he needed to bring an end to the uncertainty surrounding various banks of member states, carry out stress tests to show that the ECB has matters under control and that the banking system was strong and resilient and ready to lend money again.\r\n\r\nIt’s all basic stuff.\r\n\r\nSo, why am I saying that the EUROZONE is about to implode?\r\n\r\nOver the past couple of years I have blogged many times about the Mario Draghi position as being a puppet. His strings are being controlled by Berlin. He is being operated by a combination of Merkel, Schaeuble and Wiedmann. This is business; Germany controls the purse strings, it makes absolute common sense that they want to know what debt they will ultimately be responsible for.\r\n\r\nIn recent weeks we have seen the effects of central bank monetary policy not following through into the markets. The ECB made huge DOVISH moves in two out of the past three meetings. At the last meeting I argued the point that not only did Draghi throw the kitchen sink at the market by way of some extraordinary supportive measures and initiatives, he also threw in his “Granny” for good measure. The single currency should, in reality be trading below 1.0710, in fact below 1.0450 by now given the easing that the ECB has done. We are however trading around 1.1300, with some pundits talking in terms of 1.1800.\r\n\r\nSo ECB actions are now ignored, just the same way as the BOJ move to negative rates was rejected.\r\n\r\nDuring Mario Draghi’s last press conference after listing the ECB initiatives, he basically said, “That’s it… no more that\'s about all we can do”. The markets reacted to this statement by buying the single currency across the board. We live in strange times. Markets now expect on-going continuous free money and 100% un-dying Central Bank support to infinity. I blame Ben Bernanke for this expectation.\r\n\r\nMario Draghi stated after this market moving statement about “That’s it”, that now individual member states within the EUROZONE need to carry out a coordinated structural plan to reform to aid recovery and plant stakes in the ground for a return to growth normalization.\r\n\r\nWell…”Glaze my nipples and call me Rita”, there is little chance of this ever happening. We are talking about 19 different countries, as mentioned earlier they are all at different places on the curve, coordinated approach, FFS, these people can’t agree on whether the grass is green and the sky is blue!\r\n\r\nIn the name of sanity, what is going to happen, who is going to chair such an event. Given that it\'s odds on to be a failure, because, lets be very clear, the EUROZONE is managed by vote grabbing non-effective politicians, who are only interested in popularity and job security. They are not interested in 5 / 6 year medium term plans to turn things around, that, may cost money that they see no value for. They would rather spend that money on popular policies that will give them votes to ensure job security.\r\n\r\nThe EUROZONE is no way near to harmonization on any key function except pissing people off with bureaucracy and interference on little matters, like the meat content of a sausage!\r\n\r\nMinimum Health standards, Educational minimums, Employment contracts, Infrastructure minimums, Foreign Policy, Social Chapter harmonization, Tax harmonization, Coordinated bank policies, Fiscal changes and controls… the list is endless and since 1999, some 17 years ago, apart from free trade and an emasculated ECB what has been achieved; basically, bugger all. This in itself is a sad failure to all those involved in the project.\r\n\r\nSo to expect a coordinated policy on EUROZONE both fiscal and structural reforms is an extremely tall order.\r\n\r\nCoordination within the EUROZONE is a failure before it starts. The EUROZONE is famous for “Kicking the can down the road”. Historically, coordination can only succeed when managed centrally, again this comes back to the issue of so many countries being involved.\r\n\r\nLet me just highlight initially the two big issues that the EUROZONE is trying to deal with right now, plus I have added some of the on-going issues from my perspective looking in: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>THE SYRIAN / LIBYIAN REFUGEE CRISIS: This is a huge cost borne in the main by the countries around the Mediterranean that are the most ill equipped countries in Europe to deal with such an issue. There are now border issues (Schengen) that were core factors when the union was formed. Never mind the stability and security issues this infiltration of refugees is placing on the union. The full affect of this has yet to be acknowledged.</li>\r\n</ol>\r\n<ol start=\"2\">\r\n	<li>BREXIT: The UK is a huge cash deliverer to the European Union. The UK is a net cash inputter to the union. The European Union does not want a BREXIT, as this will affect cash flow in the longer term. The UK leaving could cause a contagion effect with the European Union.</li>\r\n	<li>ECB BATTLES: It is no secret that Wiedmann (Bundesbank) and Draghi do NOT see eye to eye on ECB policy. There is an undermining of ECB policy by Weismann’s guy, actually a gal on the inside Sabine Lautenschlager.</li>\r\n	<li>DEFLATION: Despite millions and millions of euros being thrown at the EUROZONE economy, zero progress to defeat DEFALTION has been seen. Absolutely nothing, the EUROZONE is like a catfish at the bottom of a fish tank eating shite and crawling along the bottom.</li>\r\n	<li>LOOSE TALK: This sounds like a weak observation, but in my opinion, the continual failure of Wolfgang Schaeuble (German Finance Minister), Ewald Nowotny (Austrian CB President) and Jens Wiedmann (Bundesbank, President) plus others, does little for whatever attempts by the ECB to provide a stabilizing footing to move forward.</li>\r\n	<li>GREECE: This is classic EUROZONE. Three bailouts so far and continual uncertainty about its abilities to meet debt repayments and the strict reforms that were imposed in order to meet the bailout. Debt forgiveness is the only route to finally clear the Greeks of the financial burden they have, and frankly have little chance of repaying. It is odds on another bailout; Act IV will be required.</li>\r\n	<li>THE EFFECTS OF AUSTERITY: This has opened the door for more extreme political parties to get footholds in the political process. GREECE, PORTUGAL, SPAIN and ITALY all have issues now with what I call “The lunatic fringe” having a voice. In the past they would remain on the outside of popularity. Austerity and the years of hardship and neglect has changed the political landscape.</li>\r\n	<li>OVERALL POLITICAL STABILITY and UNCERTAINTIES: This issue is never fully covered, because, with so many member states, the changes in heads of state and finance ministers are a fairly consistent feature of the political debates in Brussels. New governments make many election promises with many different benefits to secure election victories with wide ranging manifestos. Many of these promises create uncertainty, and, a lack of consistencies in Brussels, as a countries viewpoint can change from one meeting to the next. This creates instability and uncertainty on centralized policy moving forward.\r\nLike the UK with David Cameron’s BREXIT, past agreements are always being re-worked to accommodate change and nothing moves forward.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nSo, the European Union, if anyone can tell me where the “union” is please write too me.\r\n\r\nThere are without doubt big changes ahead in Europe. There will be an attempt at member states level trying to make fiscal reforms to structurally change the way their economies move forward to hopefully increase growth and GDP. To fix and tackle the effects of DEFLLATION is paramount to any measurement of success.\r\n\r\nThe $64,000.00 question is, does the EUROZONE have the time\r\n\r\nNot a cat in hell’s chance as far as I am concerned.\r\n\r\nNow, I do believe that we still have central bank divergence. It is well hidden at the moment, but I do believe that the EUR/USD is heading below parity. I still think that within the next 12 months this is going to happen. The U.S. under Janet Yellen is going to raise interest rates and the ECB has pledged continual easing for several years to come, in fact, pretty soon I expect the EUROZONE version of “Helicopter Ben” to appear.\r\n\r\nTherefore the FED will help kick start the EUROZONE by enabling a weaker EUR/USD and EUR/JPY exchange rates.\r\n\r\nAfter this the rest is down to member states within the EUROZONE to demonstrate a commitment to change and force through growth related structural reforms. I would not hold my breath on this.\r\n\r\nCHANGE and PROGRESS are two words that appear in many European Union, documents, treaties, press announcements and speeches. However, in reality CHANGE and PROGRESS are great words but unless they actually mean something tangible they are just hot air.\r\n\r\nI see big changes ahead with the structure of the European Union and EUROZONE; the changes may be too big for it to survive. The union is being pushed to the precipice once again and there are huge issues on the horizon to manage.\r\n\r\nWill the EUROZONE muddle through?\r\n\r\nProbably, somehow the EUROZONE will kick a few cans and survive. However from my perspective, the likes of FINLAND, DENMARK, SWEDEN, THE NETHERLANDS, PORTUGAL, GREECE, ITALY, SPAIN, IRELAND and the UK may not be either members of the European Union or the EUROZONE when it is all said and done.\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> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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 – RBA Gov. Glenn Stevens, with words of wisdom.\r\n\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD - GDP.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1145\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/eurusd-daily-19032016/\" rel=\"attachment wp-att-7457\"><img class=\"aligncenter size-large wp-image-7457\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-DAILY-19032016-1024x509.png\" alt=\"EURUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4386\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/gbpusd-daily-19032016/\" rel=\"attachment wp-att-7458\"><img class=\"aligncenter size-large wp-image-7458\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-DAILY-19032016-1024x509.png\" alt=\"GBPUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7559\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/audusd-daily-19032016/\" rel=\"attachment wp-att-7456\"><img class=\"aligncenter size-large wp-image-7456\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-DAILY-19032016-1024x509.png\" alt=\"AUDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6742\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/nzdusd-daily-19032016/\" rel=\"attachment wp-att-7459\"><img class=\"aligncenter size-large wp-image-7459\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-DAILY-19032016-1024x509.png\" alt=\"NZDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3215\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/usdcad-daily-19032016/\" rel=\"attachment wp-att-7460\"><img class=\"aligncenter size-large wp-image-7460\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-DAILY-19032016-1024x509.png\" alt=\"USDCAD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/usdchf-daily-19032016/\" rel=\"attachment wp-att-7461\"><img class=\"aligncenter size-large wp-image-7461\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-DAILY-19032016-1024x509.png\" alt=\"USDCHF DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.81\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/usdjpy-daily-19032016/\" rel=\"attachment wp-att-7462\"><img class=\"aligncenter size-large wp-image-7462\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-DAILY-19032016-1024x509.png\" alt=\"USDJPY DAILY 19032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNot a lot on the news calendar this week for me. I strongly suspect that we shall be at the mercy of OIL, GOLD and EQUITIES this week.\r\n\r\nI have a funny feeling about the EUROZONE and BREXIT…\r\n\r\nI expect that rumours and some wonderful sound byte quotes could be coming our way. In addition, do not forget to rule out the uncertainty that will be growing in the U.S. over the election this autumn / fall.\r\n\r\nI would really love to write what I think about the U.S. election circus, an X rated version, however until it affects Forex trading, my lips are zipped.\r\n\r\nAs always, be savvy…\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\n&nbsp;\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\nDATE: 19<sup>th</sup> March 2016\r\nBLOG REFERENCE: #193 FREE NEWSLETTER\r\n\r\n&nbsp;','THE EUROZONE INCHES CLOSER TO ITS IMPLOSION','','inherit','closed','closed','','7475-revision-v1','','','2016-03-19 07:35:13','2016-03-19 12:35:13','',7475,'https://weeklyfxdrivethru.com/7475-revision-v1/',0,'revision','',0),(7477,1,'2016-03-19 07:36:38','2016-03-19 12:36:38','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI pride myself upon telling it how it is for me as a trader, the good, the bad and the fecking ugly. Here we go again.\r\n\r\nLast week was a very mixed week of trading for me.\r\n\r\nIn the heat of the moment, following the FOMC statement I decided to enter the USD/CAD long using the down sloping support trend line around 1.3080-1.3100 as my stop. I am still beating myself up for entering this trade long even though technically it looked good. Fundamentally it was a poor trade as WTi was up 4% on the day looking to target $40 per barrel. What was I thinking? Jesus, Mary and Joseph, to add further stupidity I added a second long trade just above the trend line, thankfully that was just a quarter size position. Suffice to say the CAD was taken to the woodshed and spanked…. I should have gone there myself I took just over 300 pips loss on the two trades.\r\n\r\nAt the same time I was trying to pick a high with the NZD/USD going short. I am bearish the Kiwi. I still have those trades plus other NZD crosses in play. Whilst I am out of the money, I am being backed by the RBNZ with the direction based upon a very strong monetary policy statement from a week or so ago.\r\n\r\nAt times as a Forex trader, there are moments when I feel like smashing my head against a wall… I hope that I am not alone with that feeling! So, long story short; I gave back the pips that I had gained earlier in the week…. argh!!\r\n\r\nAdding in my weekly weather check…. We are still thawing here, just off the island of Montreal. The browny / green grass is starting to appear from under the white snowy blanket that has been in place for several months. My wife and I have stocked up on wine / Gin and Jack for the BBQ season that will shortly commence. I will be trading outside with my MacBook Air and iPad’s after the US open very soon, I hope\r\n\r\nFinally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong>\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>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>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +1,511\r\nNET PIPS THIS YEAR SO FAR:                +1,379</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\nIf 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.\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nI have already alerted you to a brief overview of how I traded the FOMC last week; from my view it was pretty poorly if the truth were told. Overall it was a mixed week for me with highs and lows.\r\n\r\nLooking at the key events from my perspective: -\r\n\r\n&nbsp;\r\n\r\nBOJ PRESS CONFERENCE:\r\n\r\nIn my opinion it was a non-event. Then 24 hours later Kuroda spoke in Parliament (I think) and said that he will still increase the current negative interest rate of 0.10% to 0.50%. This was after, the prior day’s press conference when you could hear in the background the John Lennon (Plastic Ono Band) song, “Power to the people” playing. This was as a direct result of big and small businesses plus the common folk, saying how much they detested negative interest rates. This caused the BOJ to say that they weren’t going to touch them in the near-term and that they were going to review to whom the policy would apply… WTF.\r\n\r\nThen on Thursday last week, the USD/JPY broke below 111.00. It hit 110.66 and spiked to 112.00 (140 pips). The BOJ denied any involvement with that move… my arse no involvement. They must think that we (traders) are fecking idiots. They get somebody to do their work so they can proclaim a 2016 version of Pontius Pilate to the markets. For crying out loud, give us some savvy!!\r\n\r\nOh, what joy!!\r\n\r\n&nbsp;\r\n\r\nFOMC STATEMENT &amp; PRESS CONFERENCE:\r\n\r\nJanet Yellen and her team delivered a very DOVISH statement. From my perspective when she was speaking in the press conference, I found her more HAWKISH than the written statement. Nevertheless, it was a DOVISH statement; I stood in front of the bus and got whacked.\r\n\r\nThe one thing that is haunting me though is; is the U.S. economy in good shape?\r\n\r\nI am sick to the back teeth of listening to loud mouths telling me that the EUROZONE, UK and JAPAN are in the toilet and the U.S. is great.\r\n\r\nHere are my thoughts, followed by the question:\r\n\r\nAfter 7 years of QE (Quantitative Easing) following the financial crash, we are now advised that we (the U.S.) are in a period of normalization. Interest rates are at 0.25% and the markets are shit scared of a raise of another 0.25% to 0.50%.\r\n\r\nFor the greatest country in the world, isn’t this just a load of bollocks?\r\n\r\nInstead of shouting louder to get your views heard. Would it not be more appropriate to think first, before engaging your gobs?\r\n\r\nThe markets are crapping the bed over 3 or 4 rate hikes this year. Janet Yellen is pussy footing around the markets creating more uncertainty and dithering (like she did last year). She will no doubt be behind the curve, when she finally makes a move, and now, she is talking in terms of only 2 or 3 rate hikes in 2016. This change in the number of rate increases does beg the question, is this the best the U.S. has after 7 years of QE?, when the markets have been wrapped in cotton wool and bubble-wrap. Does this indicate that all is not good and that we are on the brink of another recession?\r\n\r\nAll the “doom and gloomers” from earlier this year were probably correct with their thinking and prognosis.\r\n\r\nGet ready and take protection would be my thoughts at the moment. This is a U.S. election year with some right numpties looking to take office. The U.S. is going to have to make more than great deals to get itself out of the shit.\r\n\r\nThe FED must see the economy as weak and borderline looking forward, otherwise they would be pressing ahead with rate increases. The Stock market is NOT the U.S. economy.\r\n\r\n&nbsp;\r\n\r\nSNB POLICY ASSESSMENT:\r\n\r\nThis was a damp squib. Yada, yada, yada…we will do what we have to… the usual stuff from Thomas Jordan and co.\r\n\r\n&nbsp;\r\n\r\nBOE INTEREST RATE ANNOUNCEMENT:\r\n\r\nWith the spring time change I forgot all about this. The cable however, did rally off the news that the BOE now does not think that interest rates in the UK will rise for at least the next three years. I just hope to God that someone has alerted Mark Carney to that effect, I know that he is the bank governor but he is also the master of misleading everyone with his rather wild and off the cuff comments.\r\n\r\nLast Thursday’s move after the Interest rate announcement was impressive on the day, the cable had a move through the 1.42’s, 1.43’s, 1.44’s and 1.45’s, by any measurement that was impressive. However, moving forward, the UK will still to and fro with headlines relating to BREXIT and the gain may not remain on the books for long.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE INCHES CLOSER TO ITS IMPLOSION</strong></p>\r\nMaybe not as much as in previous years if at all in 2016, have I written about the EUROZONE, stating that it is in crapper, on the road to hell or about to fall off the cliff on the basis that it is on the precipice.\r\n\r\nIn my opinion, the EUROZONE has always been close to the precipice ever since the financial crash, 7/8 years ago. Recent events have me back on the soapbox once again and I really do think that implosion time is not that far away.\r\n\r\nI really do not want to dwell too much in the past with regards to the EUROZONE other than to briefly say, it was born at a time when the world was completely different from now. It was initially a trade agreement to bolster free trade restrictions within the European continent in competition with EFTA (The European Free Trade Association). The EUROZONE was originally called “The Common Market”.\r\n\r\nFrance and Germany geographically at the heart of Europe wanted to take “The Common Market” beyond trade, to include, social needs, banking and currency union, foreign policy, fiscal union, tax harmonization etc. The Common Market became the EEC (The European Economic Community) and for those countries who were members of the EEC they had a buy in time to join the single currency, the EUR by achieving a set of economic standards by a deadline such as Debt to GDP, Inflation, Unemployment etc. From this the EUROZONE was born in 1999 with 11 countries initially. The EEC then became just known as the European Union and countries who are users of the € (EUR) are often just referred to as member states. For the record, there are 28 member states (countries) in the European Union of which, 19 are members of the EUROZONE using the € single currency.\r\n\r\nIn my opinion, with such grand goals as tax harmonization, fiscal union and foreign policy alignment, the project referred to as the EUROZONE, was doomed from the outset.\r\n\r\nThe way I look at it, there are 19 countries spread throughout the European continent, all different in location mass, population build up and culture basically using the cheque book to manage their own economies and still expected to conform to a central policy… no chance.\r\n\r\nThe comparison of northern Europeans with those in the south with the Mediterranean culture is like comparing apples with oranges. The economies are different, natural resources vary, yet each member state had to balance the books and meet a criteria set down by Germany basically, the industrial powerhouse of the EUROZONE.\r\n\r\nTo cut a very long story short, the Mediterranean countries (GREECE, SPAIN, CYPRUS and although not geographically on the Mediterranean let me add PORTUGAL to this list) misled the EUROZONE group about their economic position, resilience and stability. The constraints of working with a central bank (the ECB) eventually came to the forefront and the cracks appeared.\r\n\r\nThe EUROZONE was a dream of both Germany and France where the agricultural dependency of the French farmers would be assured by introducing the CAP (the Common Agricultural Policy), this basically meant the EUROZONE would buy all production from the farmers whether it was needed in Europe or not for a guaranteed price. Do you remember, “The Butter Mountains”, “Wine Lakes”, “Milk Lakes” etc…? This was the result of the CAP. In return for the CAP the French basically offered 100% total support for Germany’s financial control of the EUROZONE.\r\n\r\nAt the outset the “European Dream” was not set-up in any way shape of form believing that it would have to withstand a financial downturn (crash) almost as severe as the 1930’s world recession.\r\n\r\nThe cracks in the EUROZONE were there before the 2008-9 crash; they were just papered over in classic EUROZONE style.\r\n\r\nGREECE, PORTUGAL and IRELAND all required cash bailouts from the ECB (basically Germany), to help them pull through the downturn.\r\n\r\nThe U.S. and UK introduced QE (Quantitative Easing / Asset Purchases) to flood the markets with cash support and help the financial centres and banks.\r\n\r\nThe EUROZONE under German leadership decided, AUSTERITY is the way to handle a downturn. Tighten ones belts, do not spend a penny, cut back on all things and weather it through. All this did was piss people off, make politicians very un-liked and deliver pain and suffering to the masses, all 338 million of them.\r\n\r\n“Happy fecking Christmas one and all, Love Angela”\r\n\r\nThe ECB had by this time switched president from the inaugural Jean Claude-Trichet, to Mario Draghi (God love him). Trichet was a bit of weird character to say the least; along with Alan Greenspan in the U.S. they spoke a different language. I am certain that was where Gene Roddenberry got the idea of Klingon from for Star Trek. Everything was a bit like code… it was hard to understand what they were getting at.\r\n\r\nDraghi and his counterpart at the FED Ben Bernanke, were much easier to follow. Mario Draghi’s problem was the Bundesbank under Jens Wiedmann (President) probably under rule from Angela Merkel and her pit bull Wolfgang Schaeuble (German Finance Minister), who had their own ideas of how the ECB should operate and although its mandate was quite varied, they wanted a say in all matters and decisions. Draghi was to a large extent a puppet.\r\n\r\nAfter several years of AUSTERITY, it was finally cast aside, probably more based on fear of sitting governments and politicians not being re-elected more than anything else. In its place came QE, similar to the U.S. model that was at the end of its run after 7 years.\r\n\r\nYes, 7 years of AUSTERITY did feck all for growth in Europe. When you sit back and look at matters, it was no big surprise.\r\n\r\nMario Draghi’s big issues to address were: -\r\n\r\nDEFLATION – the sentiment and purchasing prices of raw materials and services were so bad there were no price rises on anything, it was survival mode only.\r\n\r\nGROWTH / GDP – a target of 2% was set. Like many G7 countries around the world, the EUROZONE has constantly projected growth and then wound the numbers back just as fast time after time.\r\n\r\nUNEMPLOYMENT - youth unemployment and longer-term hard-core unemployment in the EUROZONE were at levels never thought possible.\r\n\r\nCONFIDENCE – he needed to bring a more positive outlook to the EUROZONE to demonstrate that there is an there is a bright light at the end of the tunnel and that the tunnel does have an end.\r\n\r\nBANKING &amp; ECONOMIC STABILITY – he needed to bring an end to the uncertainty surrounding various banks of member states, carry out stress tests to show that the ECB has matters under control and that the banking system was strong and resilient and ready to lend money again.\r\n\r\nIt’s all basic stuff.\r\n\r\nSo, why am I saying that the EUROZONE is about to implode?\r\n\r\nOver the past couple of years I have blogged many times about the Mario Draghi position as being a puppet. His strings are being controlled by Berlin. He is being operated by a combination of Merkel, Schaeuble and Wiedmann. This is business; Germany controls the purse strings, it makes absolute common sense that they want to know what debt they will ultimately be responsible for.\r\n\r\nIn recent weeks we have seen the effects of central bank monetary policy not following through into the markets. The ECB made huge DOVISH moves in two out of the past three meetings. At the last meeting I argued the point that not only did Draghi throw the kitchen sink at the market by way of some extraordinary supportive measures and initiatives, he also threw in his “Granny” for good measure. The single currency should, in reality be trading below 1.0710, in fact below 1.0450 by now given the easing that the ECB has done. We are however trading around 1.1300, with some pundits talking in terms of 1.1800.\r\n\r\nSo ECB actions are now ignored, just the same way as the BOJ move to negative rates was rejected.\r\n\r\nDuring Mario Draghi’s last press conference after listing the ECB initiatives, he basically said, “That’s it… no more that\'s about all we can do”. The markets reacted to this statement by buying the single currency across the board. We live in strange times. Markets now expect on-going continuous free money and 100% un-dying Central Bank support to infinity. I blame Ben Bernanke for this expectation.\r\n\r\nMario Draghi stated after this market moving statement about “That’s it”, that now individual member states within the EUROZONE need to carry out a coordinated structural plan to reform to aid recovery and plant stakes in the ground for a return to growth normalization.\r\n\r\nWell…”Glaze my nipples and call me Rita”, there is little chance of this ever happening. We are talking about 19 different countries, as mentioned earlier they are all at different places on the curve, coordinated approach, FFS, these people can’t agree on whether the grass is green and the sky is blue!\r\n\r\nIn the name of sanity, what is going to happen, who is going to chair such an event. Given that it\'s odds on to be a failure, because, lets be very clear, the EUROZONE is managed by vote grabbing non-effective politicians, who are only interested in popularity and job security. They are not interested in 5 / 6 year medium term plans to turn things around, that, may cost money that they see no value for. They would rather spend that money on popular policies that will give them votes to ensure job security.\r\n\r\nThe EUROZONE is no way near to harmonization on any key function except pissing people off with bureaucracy and interference on little matters, like the meat content of a sausage!\r\n\r\nMinimum Health standards, Educational minimums, Employment contracts, Infrastructure minimums, Foreign Policy, Social Chapter harmonization, Tax harmonization, Coordinated bank policies, Fiscal changes and controls… the list is endless and since 1999, some 17 years ago, apart from free trade and an emasculated ECB what has been achieved; basically, bugger all. This in itself is a sad failure to all those involved in the project.\r\n\r\nSo to expect a coordinated policy on EUROZONE both fiscal and structural reforms is an extremely tall order.\r\n\r\nCoordination within the EUROZONE is a failure before it starts. The EUROZONE is famous for “Kicking the can down the road”. Historically, coordination can only succeed when managed centrally, again this comes back to the issue of so many countries being involved.\r\n\r\nLet me just highlight initially the two big issues that the EUROZONE is trying to deal with right now, plus I have added some of the on-going issues from my perspective looking in: -\r\n\r\n&nbsp;\r\n<ol>\r\n	<li>THE SYRIAN / LIBYIAN REFUGEE CRISIS: This is a huge cost borne in the main by the countries around the Mediterranean that are the most ill equipped countries in Europe to deal with such an issue. There are now border issues (Schengen) that were core factors when the union was formed. Never mind the stability and security issues this infiltration of refugees is placing on the union. The full affect of this has yet to be acknowledged.</li>\r\n</ol>\r\n<ol start=\"2\">\r\n	<li>BREXIT: The UK is a huge cash deliverer to the European Union. The UK is a net cash inputter to the union. The European Union does not want a BREXIT, as this will affect cash flow in the longer term. The UK leaving could cause a contagion effect with the European Union.</li>\r\n	<li>ECB BATTLES: It is no secret that Wiedmann (Bundesbank) and Draghi do NOT see eye to eye on ECB policy. There is an undermining of ECB policy by Weismann’s guy, actually a gal on the inside Sabine Lautenschlager.</li>\r\n	<li>DEFLATION: Despite millions and millions of euros being thrown at the EUROZONE economy, zero progress to defeat DEFLATION has been seen. Absolutely nothing, the EUROZONE is like a catfish at the bottom of a fish tank eating shite and crawling along the bottom.</li>\r\n	<li>LOOSE TALK: This sounds like a weak observation, but in my opinion, the continual failure of Wolfgang Schaeuble (German Finance Minister), Ewald Nowotny (Austrian CB President) and Jens Wiedmann (Bundesbank, President) plus others, does little for whatever attempts by the ECB to provide a stabilizing footing to move forward.</li>\r\n	<li>GREECE: This is classic EUROZONE. Three bailouts so far and continual uncertainty about its abilities to meet debt repayments and the strict reforms that were imposed in order to meet the bailout. Debt forgiveness is the only route to finally clear the Greeks of the financial burden they have, and frankly have little chance of repaying. It is odds on another bailout; Act IV will be required.</li>\r\n	<li>THE EFFECTS OF AUSTERITY: This has opened the door for more extreme political parties to get footholds in the political process. GREECE, PORTUGAL, SPAIN and ITALY all have issues now with what I call “The lunatic fringe” having a voice. In the past they would remain on the outside of popularity. Austerity and the years of hardship and neglect has changed the political landscape.</li>\r\n	<li>OVERALL POLITICAL STABILITY and UNCERTAINTIES: This issue is never fully covered, because, with so many member states, the changes in heads of state and finance ministers are a fairly consistent feature of the political debates in Brussels. New governments make many election promises with many different benefits to secure election victories with wide ranging manifestos. Many of these promises create uncertainty, and, a lack of consistencies in Brussels, as a countries viewpoint can change from one meeting to the next. This creates instability and uncertainty on centralized policy moving forward.\r\nLike the UK with David Cameron’s BREXIT, past agreements are always being re-worked to accommodate change and nothing moves forward.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nSo, the European Union, if anyone can tell me where the “union” is please write too me.\r\n\r\nThere are without doubt big changes ahead in Europe. There will be an attempt at member states level trying to make fiscal reforms to structurally change the way their economies move forward to hopefully increase growth and GDP. To fix and tackle the effects of DEFLATION is paramount to any measurement of success.\r\n\r\nThe $64,000.00 question is, does the EUROZONE have the time\r\n\r\nNot a cat in hell’s chance as far as I am concerned.\r\n\r\nNow, I do believe that we still have central bank divergence. It is well hidden at the moment, but I do believe that the EUR/USD is heading below parity. I still think that within the next 12 months this is going to happen. The U.S. under Janet Yellen is going to raise interest rates and the ECB has pledged continual easing for several years to come, in fact, pretty soon I expect the EUROZONE version of “Helicopter Ben” to appear.\r\n\r\nTherefore the FED will help kick start the EUROZONE by enabling a weaker EUR/USD and EUR/JPY exchange rates.\r\n\r\nAfter this the rest is down to member states within the EUROZONE to demonstrate a commitment to change and force through growth related structural reforms. I would not hold my breath on this.\r\n\r\nCHANGE and PROGRESS are two words that appear in many European Union, documents, treaties, press announcements and speeches. However, in reality CHANGE and PROGRESS are great words but unless they actually mean something tangible they are just hot air.\r\n\r\nI see big changes ahead with the structure of the European Union and EUROZONE; the changes may be too big for it to survive. The union is being pushed to the precipice once again and there are huge issues on the horizon to manage.\r\n\r\nWill the EUROZONE muddle through?\r\n\r\nProbably, somehow the EUROZONE will kick a few cans and survive. However from my perspective, the likes of FINLAND, DENMARK, SWEDEN, THE NETHERLANDS, PORTUGAL, GREECE, ITALY, SPAIN, IRELAND and the UK may not be either members of the European Union or the EUROZONE when it is all said and done.\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> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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 – RBA Gov. Glenn Stevens, with words of wisdom.\r\n\r\nWEDNESDAY: NZD – Trade Balance.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD - GDP.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1145\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/eurusd-daily-19032016/\" rel=\"attachment wp-att-7457\"><img class=\"aligncenter size-large wp-image-7457\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-DAILY-19032016-1024x509.png\" alt=\"EURUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4386\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/gbpusd-daily-19032016/\" rel=\"attachment wp-att-7458\"><img class=\"aligncenter size-large wp-image-7458\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-DAILY-19032016-1024x509.png\" alt=\"GBPUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7559\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/audusd-daily-19032016/\" rel=\"attachment wp-att-7456\"><img class=\"aligncenter size-large wp-image-7456\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-DAILY-19032016-1024x509.png\" alt=\"AUDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6742\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/nzdusd-daily-19032016/\" rel=\"attachment wp-att-7459\"><img class=\"aligncenter size-large wp-image-7459\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-DAILY-19032016-1024x509.png\" alt=\"NZDUSD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3215\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/usdcad-daily-19032016/\" rel=\"attachment wp-att-7460\"><img class=\"aligncenter size-large wp-image-7460\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-DAILY-19032016-1024x509.png\" alt=\"USDCAD DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/usdchf-daily-19032016/\" rel=\"attachment wp-att-7461\"><img class=\"aligncenter size-large wp-image-7461\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-DAILY-19032016-1024x509.png\" alt=\"USDCHF DAILY 19032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.81\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/7463-2/usdjpy-daily-19032016/\" rel=\"attachment wp-att-7462\"><img class=\"aligncenter size-large wp-image-7462\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-DAILY-19032016-1024x509.png\" alt=\"USDJPY DAILY 19032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNot a lot on the news calendar this week for me. I strongly suspect that we shall be at the mercy of OIL, GOLD and EQUITIES this week.\r\n\r\nI have a funny feeling about the EUROZONE and BREXIT…\r\n\r\nI expect that rumours and some wonderful sound byte quotes could be coming our way. In addition, do not forget to rule out the uncertainty that will be growing in the U.S. over the election this autumn / fall.\r\n\r\nI would really love to write what I think about the U.S. election circus, an X rated version, however until it affects Forex trading, my lips are zipped.\r\n\r\nAs always, be savvy…\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\n&nbsp;\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\nDATE: 19<sup>th</sup> March 2016\r\nBLOG REFERENCE: #193 FREE NEWSLETTER\r\n\r\n&nbsp;','THE EUROZONE INCHES CLOSER TO ITS IMPLOSION','','inherit','closed','closed','','7475-revision-v1','','','2016-03-19 07:36:38','2016-03-19 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26032016','','inherit','open','closed','','ps-live-trades-26032016','','','2016-03-26 08:38:03','2016-03-26 13:38:03','',7496,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIVE-TRADES-26032016.png',0,'attachment','image/png',0),(7499,1,'2016-03-26 08:42:56','2016-03-26 13:42:56','','EURUSD D 26032016','','inherit','open','closed','','eurusd-d-26032016','','','2016-03-26 08:44:03','2016-03-26 13:44:03','',7496,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-D-26032016.png',0,'attachment','image/png',0),(7500,1,'2016-03-26 08:42:59','2016-03-26 13:42:59','','GBPUSD D 26032016','','inherit','open','closed','','gbpusd-d-26032016','','','2016-03-26 08:44:12','2016-03-26 13:44:12','',7496,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-D-26032016.png',0,'attachment','image/png',0),(7501,1,'2016-03-26 08:43:01','2016-03-26 13:43:01','','NZDUSD D 26032016','','inherit','open','closed','','nzdusd-d-26032016','','','2016-03-26 08:44:29','2016-03-26 13:44:29','',7496,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-D-26032016.png',0,'attachment','image/png',0),(7502,1,'2016-03-26 08:43:04','2016-03-26 13:43:04','','USDCAD D 26032016','','inherit','open','closed','','usdcad-d-26032016','','','2016-03-26 08:44:36','2016-03-26 13:44:36','',7496,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-D-26032016.png',0,'attachment','image/png',0),(7503,1,'2016-03-26 08:43:06','2016-03-26 13:43:06','','USDCHF D 26032016','','inherit','open','closed','','usdchf-d-26032016','','','2016-03-26 08:44:43','2016-03-26 13:44:43','',7496,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-D-26032016.png',0,'attachment','image/png',0),(7504,1,'2016-03-26 08:43:08','2016-03-26 13:43:08','','USDJPY D 26032016','','inherit','open','closed','','usdjpy-d-26032016','','','2016-03-26 08:44:57','2016-03-26 13:44:57','',7496,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-D-26032016.png',0,'attachment','image/png',0),(7564,1,'2016-04-02 10:25:30','2016-04-02 15:25:30','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAm I the only trader who feels like he is on a roller coaster ride?\r\n\r\nI must be, all my twitter feeds seem to show everyone is making heaps of $$$, getting in at the top and getting out pretty much at the bottom. How do they do this? Not wanting to sound like Donald Trump but are they all lyin’ Ted’s!\r\n\r\nYou are not alone if you are on the same roller coaster as me. It is real and it’s all about adjusting and surviving!\r\n\r\nI am trading exactly the way that I have been doing for the past 5 years out of my 8 years of trading and I feel like I am being beaten up virtually every time I enter a trade, well at least it feels that way.\r\n\r\nAt the end of last month (February) all my 2016 pip gains were wiped out, following a combination of BREXIT fears and ice-storms that gave huge power outages in the area that I live in, 36 hours plus of connection issues. No power, no ISP’s, generators iced up and no cell phone coverage apart from emergency calls to 911.\r\n\r\nThis year’s month-by-month pips are below and they are cumulative:\r\n<p style=\"text-align: center;\">+1,399 pips on the 31<sup>st</sup> January 2016\r\nto\r\n-132 pips on the 29<sup>th</sup> February 2016\r\nand now to\r\n+1,710 pips on the 31<sup>st</sup> March 2016</p>\r\nIt sounds great but I feel that I am struggling. I am making pips but Holy Mother of God it’s just trying to keep your head above the water at times.\r\n\r\nI am more of a POSITION style trader than anything else and examining my trades, my longer-term PART-TIME TRADER trades are doing great. My RADAR trades are OK, but my FLASH trades are struggling. These are trades directly linked to the market chop!\r\n\r\nFUNDAMENTAL trades were the ones that suffered in February and in March I recovered more than 25% of the pain suffered in February, so I am happy about this fact.\r\n\r\nIt is the market chop that is eating me up and quite frankly I do not believe the lyin’ Ted’s on twitter are not affected.\r\n\r\nWhat do I do?\r\n\r\nOnly trade my trades with a longer-term perspective, would seem a reasonable suggestion.\r\n\r\nI am trying to give profitable trades air to breathe. I am probably guilty of not cutting out the loss making trades fast enough, although when I have cut them they spike up within minutes, and my losses taken could have in fact been profits. I am cutting position sizes, moving stops to ensure that my RISK EXPOSURE is maintained within my TRADING PLAN limits. I am still selling into strength buying pullbacks and the chop has been killing me.\r\n\r\nI hear you saying several things.\r\n<ul>\r\n	<li>Do not move your stops.</li>\r\n	<li>Just take 20-30 pips here and there and forget about measured moves</li>\r\n	<li>Forget about Fibonacci targets and levels.</li>\r\n	<li>Forget about Pivot Points.</li>\r\n</ul>\r\nThey all sound creditable in their own way to some extent.\r\n\r\nAction, clarification and ideas bouncing was required so I decided to arrange an emergency SKYPE call with my peer group.\r\n\r\nI have known these guys/gal for a few years now and usually once a month we have a conference call about all matters Forex. The group consists of an “Elliot Wave Trader” (I still don\'t get it), an ex. Bank long-term trader (longer than my perspective), a female “Swinger” (Swing Trader) and myself (The Scoucer).\r\n\r\nSetting the meeting, I was in control. My arse I was… within 10 seconds of establishing that all parties could hear each other, all I could hear was bitching about how bloody awful the market was and that when trying to establish positions it was basically a chop fest.\r\n\r\nYep…. Other traders, traders I know tell the truth, traders who have been around for a while, like me lost it all, got it back, suffered like hell and then experienced a hallelujah moment, these guys tell it as it is.\r\n\r\nSo… twitter is full of sh*t. For the past four / five months I have hardly been on twitter with @pipaccumulator, because frankly I was sick to the back teeth of hearing how fecking wonderful it was in the Forex markets. Granted, there will be a few who have great trades, I have had great trades but my core FLASH “bread and butter” trades have been suffering in the chop!!\r\n\r\nIn summary…\r\n\r\nI now know that I have NOT been losing my mind and, in addition, my thoughts about twitter are confirmed. There are some real numpties out there that have allegedly never lost money on trades. I keep deleting these from my following lists but somehow more appear, WTF. More importantly, my sanity remains intact.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nAlmost finally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/upcoming-live-events-seminars-training/tour-dates-2016/\" rel=\"attachment wp-att-7522\"><img class=\"aligncenter wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"820\" height=\"522\" /></a>\r\n\r\n&nbsp;\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>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> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the drop down tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n\r\nPREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks.\r\n\r\nPREMIUM SERVICE (GOLD):\r\n\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +1,710\r\nNET PIPS THIS YEAR SO FAR:                +1,578</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209</p>\r\n&nbsp;\r\n\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE – PART TIME TRADERS:</u>\r\n\r\nThe article below has just been updated on my website. I placed the initial article on my website at the end of 2015 to launch PART-TIME TRADER trades, which from April 4<sup>th</sup> 2016 will now be called POSITION trades.\r\n\r\nThe piece is self explanatory, basically, after completing Q1 2016, I wanted to review progress with this style of trade against the projection I published at the launch.\r\n\r\nThe full version of the history of PART-TIME TRADER trades (now POSITION TRADES) can be found by clicking on my website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn my landing page at the top there is tab titled PART-TIME FOREX (POSITION) TRADERS, if you select this the complete article is there. Below is just the Q1 addition to the original piece.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>ARE YOU A PART-TIME FOREX TRADER\r\nor\r\nWOULD YOU LIKE TO ADD ANOTHER INCOME STREAM TO YOUR HOUSEHOLD INCOME?</strong></p>\r\nWe are almost three months into 2016 trading and I thought that it would be a great idea to review the performance of my new trading category, that was launched in January this year; PART-TIME TRADER TRADES.\r\n\r\nBefore getting into the “nitty gritty” of projected numbers versus actual performance, I thought I should offer an overview to date.\r\n\r\nThis year trading has not been as clear-cut as I had hoped for. The divergent trade, which frankly launched this idea of the new trade set-up category, has not been as visible as I had hoped. In fact, there have been clear examples of central bank policy direction being ignored (BOJ and ECB). Coupled with some major geopolitical uncertainties, I have not had the confidence to let trades run as I had originally intended and I have cut trades short, mostly at the time they were profitable to bank $$$.\r\n\r\nMoving forward, I do see the divergent trade re-appearing because frankly, nothing has fundamentally changed. The FED is still progressing with monetary policy, that is, raising rates when the two other large central banks the ECB and BOJ are still easing with monetary policy through a long term quantitative easing program. From this perspective nothing has changed.\r\n\r\nHowever, one thing that I do want to change is the name given to these suggested trade set-ups moving forward. From April 4<sup>th</sup> 2016 they will be renamed as POSITION TRADES and no longer PART-TIME TRADER TRADES. They will now carry the prefix POS as suggested set-ups are posted to subscribers of the PREMIUM SERVICE.\r\n\r\nBelow is the PROJECTED PERFORMANCE versus the ACTUAL for Q1 2016. I have added a short commentary / summary on the chart and in the few short comments at the foot of the excel sheet.\r\n\r\nI am really pleased with this category of trade set-up. It has been by far my most successful trading style this year so far. This does make some sense in the fact that for most of this year I have been talking in my blogs and writing <strong>on </strong>Twitter about how choppy the markets have been and because of geopolitical uncertainties it has on many occasions been quite difficult to trade.\r\n\r\nThe actual performance for Q1 is in BLUE and the original projection is in BLACK. I have made no amendments to the original data.\r\n\r\nRoll on Q2 if it is half as good as Q1 there will be both pips and $$$$!!\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/part-time-forex-traders/position-trades-q1v2016-31032016/\" rel=\"attachment wp-att-7519\"><img class=\"aligncenter wp-image-7519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/POSITION-TRADES-Q1v2016-31032016.png\" alt=\"POSITION TRADES Q1v2016 31032016\" width=\"993\" height=\"760\" /></a></strong>\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nSo often when Non Farm Payrolls feature in the economic data releases for a week everything else pales into insignificance.\r\n\r\nAs far as I am concerned, this was the point last week with one exception. After the Easter holiday break on Tuesday, Janet Yellen spoke.\r\n\r\nIt was a turning point. Yellen delivered a DOVISH speech and the USD was whacked and it was continually whacked up to NFP data release.\r\n\r\nPersonally, I think just like the FED missed the moment in 2015 by raising in December, primarily so as not to lose face, they should have done it in July or September and December in my opinion.\r\n\r\nLast week Yellen, basically ruled out April, although the NFP data is good enough to hike. She has probably ruled out June because of the BREXIT fears in the UK.\r\n\r\nI show the weekly USD index (DXY) chart below. As you can see there is a bearish engulfing weekly candle. This could spell some more USD weakness at the start of this week, but the USD is well oversold at this point and we should at least be prepared for a possible bounce as we approach key support. If that support gives way at 93.15 all hell will break loose.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/dxy-weekly-chart-02042016/\" rel=\"attachment wp-att-7553\"><img class=\"aligncenter wp-image-7553\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/DXY-WEEKLY-CHART-02042016-1024x481.png\" alt=\"DXY WEEKLY CHART 02042016\" width=\"1265\" height=\"594\" /></a>\r\n\r\n&nbsp;\r\n\r\nReferring back to my peer group from the introduction, my ex Banker chappie, is quite adamant that what he calls “Value Buyers” should emerge before that level buying up a reverse move towards 96.00 and beyond.\r\n<p style=\"text-align: center;\">So in recap…</p>\r\n<p style=\"text-align: center;\">Yellen was DOVISH…</p>\r\n<p style=\"text-align: center;\">The USD got whacked…Tony Soprano style\r\nand, by the way\r\nNFP delivered great numbers\r\nChange was 215,000 versus expectations of 206,000\r\nAverage Hourly Rates up 0.3% expectations 0.2%\r\nUnemployment Rate ticked up from 4.9% to 5.0%\r\nplus,\r\nISM Manufacturing PMi beat 50.8 expectations at 51.8%</p>\r\nI still refer back to my blog from weeks ago, with the U.S. being the biggest economy in the world where we are constantly being told is in great shape, strong and resilient making excellent progress can’t stomach a 0.25% rate rise?\r\n\r\nGo figure that, because I think it’s mental.\r\n\r\nA 0.25% rise will not affect Main Street in my opinion, just Wall Street and therein lies the issue…\r\n\r\nThe market makers want zirp (0% for infinity). Janet Yellen must be scared shi*less if she cannot push through 0.25% now because it will be autumn (fall) before the next window comes around given the BREXIT situation and its potential effect on de-stabilizing the financial markets given London’s position.\r\n\r\nShe needs more than 0.25% behind the clock in case of a potential recession ahead. I think at least 1.00% by the end of 2016 is a minimum. I just cannot see that happening.\r\n\r\nWhat a fragile economy the U.S. must be, or is it driven by pressure groups and lobbyists at the highest level?\r\n\r\nAt least that was a month and quarter end out of the way, that\'s one way to view last week.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>MOVE OVER MARIO and HARUHIDO…JANET HAS THE BALLS!</strong></p>\r\nIf Janet Yellen was a bloke she would have really big balls. The last woman who would have had balls of steel was Margaret Thatcher.\r\n\r\nDon’t get me wrong Janet Yellen is not in that league (yet) but she does pack a powerful punch.\r\n\r\nThe ECB and BOJ failed recently to intervene in the markets and drive prices they way they want. With regards to Draghi had he not said “and that’s it” things may have been different but essentially it is what it is, or rather it was what it was. Both central bank presidents failed to get the buy in from the financial markets to their changes in monetary policy.\r\n\r\nLooking at Janet Yellen, she essentially gave Wall Street a rate cut without changing macro level monetary FED policy. That demonstrates without any contradiction the power of a central bank. In fact, most of us traders have grown up with this belief implanted into our brains.\r\n\r\nFair play Janet Yellen stood there; she knew exactly the effect her words would have. She gave Wall Street what it wanted.\r\n\r\nBut did she?\r\n\r\nThe constant stream of guests on BLOOMBERG and CNBC still rabbit on about uncertainty, dots, four rates hikes, two rate hikes, three rate hikes, no rate hikes…. Stop… give me time to draw breath and think.\r\n\r\nI wrote a few weeks ago about the FED’s dot plots on graphs being great to assure markets of continued support, but when trying to normalize it’s way too rigid. The FED is held to ransom over dots placed on bits of paper that can be months old.\r\n\r\nI just don’t get it; the Fed wants to normalize and yet the dithering is unbelievable for just 0.25%.\r\n\r\nForget about emerging markets; forget about the rest of the world. They all know interest rates in the US are going up, end of story. The Forex market is a future pricing mechanism, most of it is priced in, all that Janet Yellen does by dithering is create uncertainty. Markets do NOT like uncertainty.\r\n\r\nI always come back to the same position having gone around and around.\r\n\r\n&nbsp;\r\n<ul>\r\n	<li>Everyone knows the FED has changed its monetary policy position.</li>\r\n	<li>The world is expecting interest rate increases.</li>\r\n	<li>Data is relatively good.</li>\r\n	<li>The average hourlies from NFP will show that there is some inflation in the works.</li>\r\n	<li>Why are interest rate increases not happening?</li>\r\n	<li>What does the FED see that we do not?</li>\r\n	<li>Why the dithering?</li>\r\n	<li>We are only talking about 0.25% and that will not affect Main Street.</li>\r\n</ul>\r\nI can assume Wall Street pressure is influencing the supposedly impartial FED; am I right?\r\n\r\nWhat is Wall Street frightened of…. hard work?\r\n\r\nJanet Yellen just gave Wall Street by being so DOVISH, more uncertainty. Sure they grabbed the speech content made a few $$$ but are they any the wiser?\r\n\r\nAs mentioned, we now have increased uncertainty about interest rate hikes on our TV screens.\r\n\r\nFrankly, I am finding all of this rather strange.\r\n\r\nWe have BREXIT fears, a circus of a presidential election campaign, with a bunch of candidates I wouldn’t hire, a FED chair that dithers and bunch of Central bank governors/presidents dotted about the globe, who right now are about as useful as a chocolate teapot in establishing monetary policy.\r\n\r\nThe FED can still control and direct the market based upon commentary; but is it effective?\r\n\r\nOnly time will tell. Janet Yellen certainly packs a punch, for now at least, but I do think that she is missing another moment.\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>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\nI wanted to be very upbeat in this section this week.\r\n\r\nFrom a poor ending in February of -132 pips to now a positive of +1,710 at the end of Mach, is a great return. My goal is 1,000 pips per month.\r\n\r\nBut I am NOT elated.\r\n\r\nYes, longer-term trades via PART-TIME TRADER trades are holding up well and ahead of my 2016 target. But my core trades are suffering - FLASH trades in particular. I am of course comforted by the fact it is not just myself struggling through the chop fest, but at the end of the day, as Joe Walsh would say… so what!\r\n\r\nI can promise you 110% I am at my machines and screens 16-18 hours a day. I am constantly labeling charts setting timer and price guide alerts. For whatever reason its just NOT happening at the moment.\r\n\r\nIgnoring pips for now because they are just part of the picture. As you know from the information given, my position sizes on the shorter duration trades are larger than the position sizes I take on the longer-term trades. Therefore pips can be great but my $$$ return is not.\r\n\r\nIt will come good I have been around long enough to know that, but it is annoying and totally frustrating at times.\r\n\r\nMy process of finding high probability trades is the same as it has been for the past 5 years. I am more hesitant at the moment because of the chop and I believe this is a normal response to have.\r\n\r\nIt’s all about having patience and not chasing trades that would not usually come to the forefront with the trading criteria that you have. I get all of the trading manuals guidelines and policies and I am so careful not to sacrifice any of these principles.\r\n\r\nInside the PREMIUM SERVICE you can view all of March trading data. My PROFIT/LOSS TRADING RATIO in March was 78% profitable trades 22% loss making trades; YTD these numbers are 74/26%.\r\n\r\nI am now back to being in striking distance of the year on year pip comparison, 1,372 pips behind 2015 YTD.\r\n\r\nThere is lots of good news.\r\n\r\nI just want to be 100% across all areas and I suppose this will never be possible in the real world. I am going to try though!\r\n\r\nOther snippets are: -\r\n\r\nWith effect from April 4<sup>th</sup> PART-TIME TRADER TRADES will be called POSITION TRADES with the prefix POS. Essentially these trades are POSITION trades and moving forward I prefer them to be called this.\r\n\r\nPREMIUM SERVICE (SILVER) will be dropped, not sure of the date yet. I have loyal followers to GOLD and subscribers who hate twitter are still with me. The take up on SILVER was disappointing and therefore the administration time spent in that area can be put to better use as far as I am concerned.\r\n\r\nRegarding the UK and IRELAND tour, if any of you are around and able to show your face, I would love to meet and spend some time with you if it’s possible. I have had SKYPE conversations with many of you and have chatted on email many times, but being able to put a face to the name would be great.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-02042016/\" rel=\"attachment wp-att-7555\"><img class=\"aligncenter size-full wp-image-7555\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-02042016.png\" alt=\"PS LIVE TRADES 02042016\" width=\"900\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-02042016/\" rel=\"attachment wp-att-7554\"><img class=\"aligncenter size-full wp-image-7554\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-02042016.png\" alt=\"PS LIMIT ORDERS 02042016\" width=\"682\" height=\"459\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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: AUD – Building Approvals &amp; Retail Sales.\r\n\r\nMONDAY: AUD – Trade Balance.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: CAD – Trade Balance.\r\nTUESDAY: NZD – GDT Prices.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB) gives us words of wisdom.\r\nTHURSDAY: USD – Janet Yellen (FED) gives us words of wisdom.\r\n\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-daily-02042016/\" rel=\"attachment wp-att-7557\"><img class=\"aligncenter size-large wp-image-7557\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-DAILY-02042016-1024x509.png\" alt=\"EURUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4225\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-daily-02042016/\" rel=\"attachment wp-att-7558\"><img class=\"aligncenter size-large wp-image-7558\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-DAILY-02042016-1024x509.png\" alt=\"GBPUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7680\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-daily-02042016/\" rel=\"attachment wp-att-7556\"><img class=\"aligncenter size-large wp-image-7556\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-DAILY-02042016-1024x509.png\" alt=\"AUDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6899\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-daily-02042016/\" rel=\"attachment wp-att-7559\"><img class=\"aligncenter size-large wp-image-7559\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-DAILY-02042016-1024x509.png\" alt=\"NZDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3010\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-daily-02042016/\" rel=\"attachment wp-att-7560\"><img class=\"aligncenter size-large wp-image-7560\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-DAILY-02042016-1024x509.png\" alt=\"USDCAD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9574\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-daily-02042016/\" rel=\"attachment wp-att-7561\"><img class=\"aligncenter size-large wp-image-7561\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-DAILY-02042016-1024x509.png\" alt=\"USDCHF DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.60\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/usdjpy-daily-02042016/\" rel=\"attachment wp-att-7562\"><img class=\"aligncenter size-large wp-image-7562\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-DAILY-02042016-1024x509.png\" alt=\"USDJPY DAILY 02042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week we appear to be “down under” as we say for most of the big data. The Aussies have it this week; the RBA, Retail Sales, Building Approvals and Trade Balance numbers.\r\n\r\nDraghi and Yellen speak on Thursday; God only knows what they are going to add now?\r\n\r\nThe Canadian data, Jobs and Trade balance will be interesting to follow as the boy’s (Trudeau’s) recent budget passed off as bit of a whimper at the end of the day. I can see Stephen Poloz (BOC) finally being forced to grab the issue and bolster the Canadian economy sooner rather than later. Now that the snow is clearing away (finally), I think that the BOC will act. So this data, this week, will be interesting to digest.\r\n\r\nAs always, be savvy…\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\nDATE: 2<sup>nd</sup> April 2016\r\nBLOG REFERENCE: #96 PREMIUM SERVICE','MOVE OVER MARIO and HARUHIDO…  JANET HAS THE BALLS!','','publish','open','closed','','move-mario-haruhido-janet-balls','','','2016-04-02 10:25:30','2016-04-02 15:25:30','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7564',0,'member_posts','',0),(7496,1,'2016-03-26 08:46:45','2016-03-26 13:46:45','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nMy title for my main article in the blog last week was;\r\n\r\nTHE EUROZONE INCHES CLOSER TO ITS IMPLOSION\r\n\r\nSadly the events in Brussels, following on from those in Paris last year only re-affirm my point that after almost 20 years in existence the so called “union” in Europe is still no way near anything resembling satisfactory.\r\n\r\nSecurity sharing is still null and void. The EUROZONE is a shambolic excuse of a failed project, which has “free movement without borders (The Schengen agreement)” at its core, something that was perceived to be a huge advantage while travelling throughout Europe. I would imagine that this will be gone very soon as controls will need to be re-introduced to offer populations something noticeable for security.\r\n\r\nTake Schengen away; put back border controls and then ask what has been achieved in 20 years?\r\n\r\nBugger all of real note, as far as I can see. The single currency is not flexible enough for all participants. We also have a BREXIT (coming later in this blog), on the way so what is left?\r\n\r\nAfter taking away the layers of bureaucratic “jobs for the boys” which are purely justifying one’s existence, as far as I can see we are back at square one with a simple trade agreement.\r\n\r\nAfter BREXIT we will see EFTA (The European Free Trade Agreement) re-invigorated and probably the French and Germans along with Luxembourg and Belgium will keep the EEC (European Economic Community).\r\n\r\nIt will be like the last 50 years never happened. For those old enough to remember Europe it will be akin to that season of Dallas that was wiped clean after Bobby Ewing was shot, as the following season started with Bobby Ewing having a shower and the prior season was just a dream. In Europe it will be described as a bad dream… a really bad dream…a fecking awful dream.\r\n\r\nI will cover this later, but the BREXIT fears are now intensified as a result of the Brussels attacks.\r\n\r\nLooking at timescales, 5 years should un-wind the entire mess. Thankfully, feck all integration was actually completed in 20 years of the European Union and EUROZONE.\r\n\r\nPersonally, I just cannot see the “European Union” moving forward and should the BREXIT occur I predict a contagion effect.\r\n\r\nMoving on…\r\n\r\nI am delighted to announce that Derrick (derrickxxx@hotmail.com) is this month’s winner of the draw for the FREE PREMIUM SERVICE (SILVER) subscription. Emails, passwords and twitter feeds will be finalized over the next 24-48 hours.\r\n\r\nCongratulations to Derrick.\r\n\r\nYou could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>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>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions 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 PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n\r\nPREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks.\r\n\r\nPREMIUM SERVICE (GOLD):\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS THIS MONTH SO FAR:            +1,994\r\nNET PIPS THIS YEAR SO FAR:                +1,862\r\n\r\nNET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209\r\n\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nApart from the tragic news in Brussels, from a Forex perspective did anything happen last week?\r\n\r\nAs you may know I am originally from Liverpool. I am usually never short of a wisecrack, or comment (straight or sarcastic), however after nothing really happening last week, I am finding it extremely hard to string a few words together.\r\n\r\nLast week was dull, slow, tedious, boring and instantly forgettable week from a trading perspective. It was as if many institutions had decided to close shop earlier and have really long extended Easter breaks.\r\n\r\nPersonally, I had trading successes. I banked lots of pips. After my February huge pip loss on the back of two GBP/NZD trades following Boris Johnson\'s announcement to support the BREXIT campaign coupled with power and ISP outages here in Montreal with ice storms, my pip gains this month have been really good.\r\n\r\nAs mentioned, no news events stuck in my mind. No news events dramatically affected my open trades or triggered lots of limit orders.\r\n\r\nThe only exception was a little bit of FED speak. To raise or not to raise, is still the question. We had YES and NO members of the FOMC giving us their opinions. It was confirmed yet again that the April meeting will be a LIVE MEETING. So if the NFP numbers due this week are strong and the Average Hourly Rates show improvement the “will she / wont she” circus starts again.\r\n\r\nBut in real terms there was no news.\r\n\r\nSo, if it’s no news… it’s no thoughts.\r\n\r\nHowever…\r\n\r\nI do have some personal news. The PREMIUM SERVICE is hitting the road, later this year in June and early July in the UK and IRELAND.\r\n\r\nIt is in the very early stages of organization, but I am aiming to hold FREE presentations about trading Forex with THE PREMIUM SERVICE possibly in the following cities/towns/areas: -\r\n\r\nHEATHROW, GATWICK, READING/SWINDON, BRISTOL/BATH, BRENTWOOD and DUBLIN.\r\n\r\nAs soon as the dates and venues are confirmed, full details will be placed on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the LIVE EVENTS tab on my landing page.\r\n\r\nI am very excited about doing these presentations and I am looking forward to seeing/chatting to as many traders as possible.\r\n\r\nThe presentations are intended for all levels of traders, new, learning, intermediate and experienced Forex traders.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n\r\nBREXIT… HERE WE COME\r\n\r\nGoing back to Margaret Thatcher times in the Prime Ministers office in the UK, the Brits have always appeared from the outside to have had a long but strained relationship with mainland Europe.\r\n\r\nIn fact, fadó, fadó - when I was in the sixth form in school, I voted “NO” to joining the then “Common Market” when Maggie’s predecessor Ted Heath took the UK into Europe.\r\n\r\n(By the way, my school friend known as “Patto” accompanied me all the way from school to the voting station where he voted “YES” to cancel out my vote. So much for secret ballots; he was over me like a vulture watching where my “X” was placed triumphantly showing me his piece of paper with an “X” in the “YES” box… democracy was alive and well and at work!!)\r\n\r\nBack to my point…\r\n\r\nThe UK has never been comfortable with the thoughts of being managed by Brussels. The mere thought of the use of the term “the United States of Europe” is enough to make many Brits vomit. The simple fact that non-elected people can override your own parliament is not something that many Brits can stomach. Britannia rules the waves and all that jazz!\r\n\r\nIt is however a very valid point. Bureaucrats in Brussels should not have power over how the Brits manage the UK.\r\n\r\nIn the past, these bureaucrats because they cannot change, harmonize or integrate anything in Europe have focused on issues such as: -\r\n<ul>\r\n	<li>Should ladies tampons attract VAT (sales tax)? The UK under David Cameron says NO, however Brussels says YES.</li>\r\n	<li>Brussels and not the local butcher in the UK determine the percentage amount of meat in a sausage for it to be called a sausage. If a certain percentage is not meat it cannot be called a sausage!</li>\r\n</ul>\r\nYes, you ‘ve got it; Brussels tackles the really big issues. Is it worth the Brits paying £35 million a day for this?\r\n\r\nNow the UK does receive back subsidies and grants, the UK farmers receive money from the CAP (Common Agricultural Policy) and various research projects and infrastructural projects will also get cash back from Brussels. Last year, the UK received £5 billion back from Brussels after paying out £13 billion, therefore\r\n\r\nthe UK was a net contributor to Europe by about £8 billion in 2015.\r\n\r\nOf the 28 countries in the “Union” 10 are net contributors. Germany and are first and France second, the UK third with Holland fourth. So if the brits left it would leave a large hole to fill from a cash perspective.\r\n\r\nThe financial crash of 2008-2009 was a game changer all over the world. But the financial centres in Europe, London being at the heart, were hit hard.\r\n\r\nThe United States and the UK acted swiftly with QE (Quantitative Easing / Asset Purchasing) to keep the financial markets and banks liquid with cash to help ease pressure and to try to create a balance of stability and ease uncertainties.\r\n\r\nThe EUROZONE under the German’s direction, decided to feck up everyone’s lives with AUSTERITY. It was a painful approach that deepened the issues of unemployment, DEFLATION, poverty, lack of growth, reduced social welfare, pension payments being slashed, health cuts, cuts in education and in addition AUSTERITY halted infrastructure spending. Apart from this list AUSTERITY was fecking brilliant!\r\n\r\nAfter 6/7 years of AUSTERITY, the EUROZONE decided that it had achieved none of the longer term goals that it had hoped to achieve, like a move in GDP / growth and inflation. It was then decided just as the United States were about to return monetary policy back to normalization that the ECB would introduce QE.\r\n\r\nThe Brits must have looked on in horror…WTF.\r\n\r\nAs the number of EUROZONE countries has increased the power of the UK “veto” has weakened in Europe. What was unanimity is now a qualified majority. In real terms if you do not adopt the single currency you are an outsider as most of the EUROZONE woes are EUR (€) related. There is a two-speed Europe and not using the €, effectively places you in the slow lane.\r\n\r\nThis final point was nailed home in the last UK general election by the UKIP (UK Independence Party). They asked the question - Why are we paying into something that is badly run, offers poor value for money and where we have zero real influence? The UK is no longer at the heart of Europe (I must admit I never thought that the Brits were ever anywhere near the heart, but that was the cry from the hustings!).\r\n\r\nThere is and always has been an under current of Europe bashers in the UK. The recent, tragic events in Paris and Brussels, plus the shambles of managing security data, managing the financial crash, complete stagnation in trying to move forward on banking regulation, sales tax harmonization, border alignments (this one has definitely gone now in my opinion), social chapter policies, minimum wages, social security benefit swaps between countries as populations move to follow the job opportunities, foreign policy agreements, managing the ongoing GREEK debt problems…has only added to the list that the bashers continually roll out.\r\n\r\nAs the shambles kept on attracting more and more headlines, there comes a time, as I have noted so many times in these blogs, that the voters eventually question mainstream politics and look to the fringes for a voice that resonates more.\r\n\r\nIt is happening now with Donald Trump in the U.S. although I could not see the Brits ever tolerating such a character in UK politics the way the U.S. has so far. The politically correct U.S., where you can no longer say Happy Christmas without fear of offending someone, has got its head so far up it’s own arse, it can no longer hear what’s sensible or not anymore (Sorry for sitting on the fence).\r\n\r\nBack to the Brits…\r\n\r\nThe national interest is at stake, with voting powers changing, influence (whatever it was before) in Brussels, has now diminished and it’s all about National sovereignty. There was no chance that the Brits would ever give up the GBP (£), now that the focus will surely be on giving up sovereignty I expect the debates to be heated.\r\n\r\nIn my opinion the BREXIT debates will be focused on sovereignty.\r\n\r\nThe fear of a United States of Europe taking control of all aspects of your life will be aimed at the voters. You will not be able to complain to your local MP, as he or she will be in a wine bar in Brussels.\r\n\r\nThe status quo argument to remain inside Europe, but on the better terms negotiated by UK Prime Minister David Cameron (Safeguards for the city of London, Immigrant agreements and an opt out from tax harmonization etc.), will be argued as Europe is great for UK businesses, great for jobs and great for the financial services industry.\r\n\r\nThat will be countered by the fact that Europe needs our exports so we will do just as well outside, still trading than inside wasting money that could be spent on health and education.\r\n\r\nYou pick your argument and pick what box you are going to place your “X” in on June 23<sup>rd</sup> 2016.\r\n\r\nMy thoughts are that the BREXIT vote will be very close. Future uncertainty of a change versus we can be more effective on the outside retaining sovereignty are close calls to make.\r\n\r\nHowever, I think that the BREXIT has a great chance of success following the recent refugee crisis and handling of ISIS terrorists in mainland Europe. These issues will in my opinion, tip the scales.\r\n\r\nSo what happens on the 24<sup>th</sup> June and soon after should the BREXIT vote prevail?\r\n\r\nNote that Markets and big business are preparing for such an outcome should it occur.\r\n\r\nThe GBP would nose dive to 1.20-1.25 in my opinion. The crosses would nose dive as well and the EUR/GBP could be at parity in fairly short order. The EUR/GBP is one of the most liquid trading pairs in the FX market, that pair would be my “go to” trade.\r\n\r\nThe BOE and ECB would intervene in markets probably adding liquidity through more QE. The BOE would cut rates almost immediately.\r\n\r\nIt would probably take 18 months to two years to unwind the European Union connection legally. It would be the currency markets that should be having a field day.\r\n\r\nTrade would continue, people would still go to work, ride a bike to school, take the train to the beach whatever… The UK is a member of the WTO and a revised Free trade agreement will be readied for the European Union.\r\n\r\nIt is the extra add-ons that fascinate me.\r\n\r\nI believe that there would be a contagion effect. It would be harder for a single currency member to leave, but I guarantee you if the Brits do BREXIT there would be a contagion effect. Europe is ripe for fringe political parties to gather votes and influence. The inability of EUROPE to progress is astounding and with the security fears that are bound to result with the borders being re-instated again with Schengen gone, national sovereignty, which was previously not as high on the agenda will return to the mainland Europeans.\r\n\r\nThe fringe parties inside Germany (The Alternative for Germany), France (The National Front), Italy (Five Stars), Spain (Podemos), Netherlands (Party for Freedom) and Austria (Austrian Freedom Party), all want exits or have promised referendums on exits from the EUROZONE. Take it as read that GREECE and PORTUGAL are both the same as these counties that I have noted!\r\n\r\nInitially there would be turmoil either side of the English Channel, then a calm before the storm.\r\n\r\nI could write a book on this subject and no doubt before June 23<sup>rd</sup> this subject and the continuing woes inside the EUROZONE will be revisited several times again.\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>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\nWhat a boring week last week was from a trading perspective. It felt to me from the get go that it was all about winding down for Fridays holiday to start.\r\n\r\nIt was instantly forgettable. I added a few pips to the monthly total and little bit of cash but it was a slow week, very range bound by all accounts.\r\n\r\nSometimes the markets get this way and it is just a fact that you have to take the rough with the smooth.\r\n\r\nI am receiving feedback from you that the PDF copies of The WEEKLY FX DRIVE THRU that I email to you will not expand the trade charts when you click on them or they appear as little blue boxes with question marks in them. This is a word press issue and there is nothing that either my word press guru Claudia or myself can do about this. The PDF versions are issued for convenience and for those of you with non-static IP addresses. Sometimes they work and sometimes not, I am sorry. The website should always work 100% of the time. If that fails I will go to town with word press, but the PDF route is fraught with interference and compatibility issues from beginning to end. Some weeks OK others not.\r\n\r\nI am excited about hitting the road in June this year; it has been a little while since I did my short jaunt in Canada.\r\n\r\nIt would be great to meet with those of you based in the UK and IRELAND if that could be possible. Sadly time will be limited so I am really focusing on the M4, M23 and M25 areas and Dublin city on this trip. I wanted to get to Scotland to see my Scottish lads and lassies but alas not on this trip, maybe the next one.\r\n\r\nLooking back once again at trading, divergence is still there, as fundamentally nothing has changed. As I have also stated many, many times one has to be patient with trading to succeed. Patience is required right now. Do not leap in; it is just not worth it.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-26032016/\" rel=\"attachment wp-att-7487\"><img class=\"aligncenter size-full wp-image-7487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIVE-TRADES-26032016.png\" alt=\"PS LIVE TRADES 26032016\" width=\"898\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-26032016/\" rel=\"attachment wp-att-7486\"><img class=\"aligncenter size-full wp-image-7486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIMIT-ORDERS-26032016.png\" alt=\"PS LIMIT ORDERS 26032016\" width=\"970\" height=\"567\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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: USD – Consumer Confidence.\r\n\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\n\r\nTHURSDAY: CAD - GDP.\r\nTHURSDAY: CNY – PMi.\r\n\r\nFRIDAY: USD – Non-Farm Payrolls &amp; Average Hourly Earnings.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1164\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-26032016/\" rel=\"attachment wp-att-7499\"><img class=\"aligncenter size-large wp-image-7499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-D-26032016-1024x509.png\" alt=\"EURUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4099\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-d-26032016/\" rel=\"attachment wp-att-7500\"><img class=\"aligncenter size-large wp-image-7500\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-D-26032016-1024x509.png\" alt=\"GBPUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7504\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-d-26032016/\" rel=\"attachment wp-att-7498\"><img class=\"aligncenter size-large wp-image-7498\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-D-26032016-1024x509.png\" alt=\"AUDUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6654\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-d-26032016/\" rel=\"attachment wp-att-7501\"><img class=\"aligncenter size-large wp-image-7501\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-D-26032016-1024x509.png\" alt=\"NZDUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3254\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-d-26032016/\" rel=\"attachment wp-att-7502\"><img class=\"aligncenter size-large wp-image-7502\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-D-26032016-1024x509.png\" alt=\"USDCAD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9772\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-d-26032016/\" rel=\"attachment wp-att-7503\"><img class=\"aligncenter size-large wp-image-7503\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-D-26032016-1024x509.png\" alt=\"USDCHF D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.08\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/usdjpy-d-26032016/\" rel=\"attachment wp-att-7504\"><img class=\"aligncenter size-large wp-image-7504\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-D-26032016-1024x509.png\" alt=\"USDJPY D 26032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>CLOSING THOUGHTS:</u>\r\n\r\nU.S. Employment data are the big news events this week along with Consumer Confidence and the Chinese PMi data.\r\n\r\nIt should be a slow start to the week and liquidity will improve day by day as traders return from vacations.\r\n\r\nI am expecting the usual volatility around the jobs numbers because these will be taken into account vis-a-vis all the rumours regarding a FED rate hike in April, which we have been told is a LIVE MEETING. The mere fact it’s described, as a LIVE MEETING should dispel the clever dicks that state Janet Yellen will only raise rates when there is a press conference attached. I think we can safely say the FED chair has raised a single digit to poo-poo that idea.\r\n\r\nRemember it\'s the average hourly rates that will get scrutinized the most for growth. If these numbers are increasing it shows resilience and strength in the U.S. economy and brings a FED hike into play.\r\n\r\nAs always, be savvy…\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\nDATE: 26<sup>th</sup> March 2016\r\nBLOG REFERENCE: #95 PREMIUM SERVICE VERSION\r\n\r\n&nbsp;','BREXIT… HERE WE COME','','publish','open','closed','','brexit-here-we-come','','','2016-03-26 08:46:45','2016-03-26 13:46:45','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=7496',0,'member_posts','',0),(7497,1,'2016-03-26 08:40:11','2016-03-26 13:40:11','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nMy title for my main article in the blog last week was;\r\n\r\nTHE EUROZONE INCHES CLOSER TO ITS IMPLOSION\r\n\r\nSadly the events in Brussels, following on from those in Paris last year only re-affirm my point that after almost 20 years in existence the so called “union” in Europe is still no way near anything resembling satisfactory.\r\n\r\nSecurity sharing is still null and void. The EUROZONE is a shambolic excuse of a failed project, which has “free movement without borders (The Schengen agreement)” at its core, something that was perceived to be a huge advantage while travelling throughout Europe. I would imagine that this will be gone very soon as controls will need to be re-introduced to offer populations something noticeable for security.\r\n\r\nTake Schengen away; put back border controls and then ask what has been achieved in 20 years?\r\n\r\nBugger all of real note, as far as I can see. The single currency is not flexible enough for all participants. We also have a BREXIT (coming later in this blog), on the way so what is left?\r\n\r\nAfter taking away the layers of bureaucratic “jobs for the boys” which are purely justifying one’s existence, as far as I can see we are back at square one with a simple trade agreement.\r\n\r\nAfter BREXIT we will see EFTA (The European Free Trade Agreement) re-invigorated and probably the French and Germans along with Luxembourg and Belgium will keep the EEC (European Economic Community).\r\n\r\nIt will be like the last 50 years never happened. For those old enough to remember Europe it will be akin to that season of Dallas that was wiped clean after Bobby Ewing was shot, as the following season started with Bobby Ewing having a shower and the prior season was just a dream. In Europe it will be described as a bad dream… a really bad dream…a fecking awful dream.\r\n\r\nI will cover this later, but the BREXIT fears are now intensified as a result of the Brussels attacks.\r\n\r\nLooking at timescales, 5 years should un-wind the entire mess. Thankfully, feck all integration was actually completed in 20 years of the European Union and EUROZONE.\r\n\r\nPersonally, I just cannot see the “European Union” moving forward and should the BREXIT occur I predict a contagion effect.\r\n\r\nMoving on…\r\n\r\nI am delighted to announce that Derrick (derrickxxx@hotmail.com) is this month’s winner of the draw for the FREE PREMIUM SERVICE (SILVER) subscription. Emails, passwords and twitter feeds will be finalized over the next 24-48 hours.\r\n\r\nCongratulations to Derrick.\r\n\r\nYou could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>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>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions 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 PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n\r\nPREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks.\r\n\r\nPREMIUM SERVICE (GOLD):\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS THIS MONTH SO FAR:            +1,994\r\nNET PIPS THIS YEAR SO FAR:                +1,862\r\n\r\nNET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209\r\n\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nApart from the tragic news in Brussels, from a Forex perspective did anything happen last week?\r\n\r\nAs you may know I am originally from Liverpool. I am usually never short of a wisecrack, or comment (straight or sarcastic), however after nothing really happening last week, I am finding it extremely hard to string a few words together.\r\n\r\nLast week was dull, slow, tedious, boring and instantly forgettable week from a trading perspective. It was as if many institutions had decided to close shop earlier and have really long extended Easter breaks.\r\n\r\nPersonally, I had trading successes. I banked lots of pips. After my February huge pip loss on the back of two GBP/NZD trades following Boris Johnsons announcement to support the BREXIT campaign coupled with power and ISP outages here in Montreal with ice storms, my pip gains this month have been really good.\r\n\r\nAs mentioned, no news events stuck in my mind. No news events dramatically affected my open trades or triggered lots of limit orders.\r\n\r\nThe only exception was a little bit of FED speak. To raise or not to raise, is still the question. We had YES and NO members of the FOMC giving us their opinions. It was confirmed yet again that the April meeting will be a LIVE MEETING. So if the NFP numbers due this week are strong and the Average Hourly Rates show improvement the “will she / wont she” circus starts again.\r\n\r\nBut in real terms there was no news.\r\n\r\nSo, if it’s no news… it’s no thoughts.\r\n\r\nHowever…\r\n\r\nI do have some personal news. The PREMIUM SERVICE is hitting the road, later this year in June and early July in the UK and IRELAND.\r\n\r\nIt is in the very early stages of organization, but I am aiming to hold FREE presentations about trading Forex with THE PREMIUM SERVICE possibly in the following cities/towns/areas: -\r\n\r\nHEATHROW, GATWICK, READING/SWINDON, BRISTOL/BATH, BRENTWOOD and DUBLIN.\r\n\r\nAs soon as the dates and venues are confirmed, full details will be placed on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the LIVE EVENTS tab on my landing page.\r\n\r\nI am very excited about doing these presentations and I am looking forward to seeing/chatting to as many traders as possible.\r\n\r\nThe presentations are intended for all levels of traders, new, learning, intermediate and experienced Forex traders.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n\r\nBREXIT… HERE WE COME\r\n\r\nGoing back to Margaret Thatcher times in the Prime Ministers office in the UK, the Brits have always appeared from the outside to have had a long but strained relationship with mainland Europe.\r\n\r\nIn fact, fadó, fadó - when I was in the sixth form in school, I voted “NO” to joining the then “Common Market” when Maggie’s predecessor Ted Heath took the UK into Europe.\r\n\r\n(By the way, my school friend known as “Patto” accompanied me all the way from school to the voting station where he voted “YES” to cancel out my vote. So much for secret ballots; he was over me like a vulture watching where my “X” was placed triumphantly showing me his piece of paper with an “X” in the “YES” box… democracy was alive and well and at work!!)\r\n\r\nBack to my point…\r\n\r\nThe UK has never been comfortable with the thoughts of being managed by Brussels. The mere thought of the use of the term “the United States of Europe” is enough to make many Brits vomit. The simple fact that non-elected people can override your own parliament is not something that many Brits can stomach. Britannia rules the waves and all that jazz!\r\n\r\nIt is however a very valid point. Bureaucrats in Brussels should not have power over how the Brits manage the UK.\r\n\r\nIn the past, these bureaucrats because they cannot change, harmonize or integrate anything in Europe have focused on issues such as: -\r\n<ul>\r\n	<li>Should ladies tampons attract VAT (sales tax)? The UK under David Cameron says NO, however Brussels says YES.</li>\r\n	<li>Brussels and not the local butcher in the UK determine the percentage amount of meat in a sausage for it to be called a sausage. If a certain percentage is not meat it cannot be called a sausage!</li>\r\n</ul>\r\nYes, you ‘ve got it; Brussels tackles the really big issues. Is it worth the Brits paying £35 million a day for this?\r\n\r\nNow the UK does receive back subsidies and grants, the UK farmers receive money from the CAP (Common Agricultural Policy) and various research projects and infrastructural projects will also get cash back from Brussels. Last year, the UK received £5 billion back from Brussels after paying out £13 billion, therefore\r\n\r\nthe UK was a net contributor to Europe by about £8 billion in 2015.\r\n\r\nOf the 28 countries in the “Union” 10 are net contributors. Germany and are first and France second, the UK third with Holland fourth. So if the brits left it would leave a large hole to fill from a cash perspective.\r\n\r\nThe financial crash of 2008-2009 was a game changer all over the world. But the financial centres in Europe, London being at the heart, were hit hard.\r\n\r\nThe United States and the UK acted swiftly with QE (Quantitative Easing / Asset Purchasing) to keep the financial markets and banks liquid with cash to help ease pressure and to try to create a balance of stability and ease uncertainties.\r\n\r\nThe EUROZONE under the German’s direction, decided to feck up everyone’s lives with AUSTERITY. It was a painful approach that deepened the issues of unemployment, DEFLATION, poverty, lack of growth, reduced social welfare, pension payments being slashed, health cuts, cuts in education and in addition AUSTERITY halted infrastructure spending. Apart from this list AUSTERITY was fecking brilliant!\r\n\r\nAfter 6/7 years of AUSTERITY, the EUROZONE decided that it had achieved none of the longer term goals that it had hoped to achieve, like a move in GDP / growth and inflation. It was then decided just as the United States were about to return monetary policy back to normalization that the ECB would introduce QE.\r\n\r\nThe Brits must have looked on in horror…WTF.\r\n\r\nAs the number of EUROZONE countries has increased the power of the UK “veto” has weakened in Europe. What was unanimity is now a qualified majority. In real terms if you do not adopt the single currency you are an outsider as most of the EUROZONE woes are EUR (€) related. There is a two-speed Europe and not using the €, effectively places you in the slow lane.\r\n\r\nThis final point was nailed home in the last UK general election by the UKIP (UK Independence Party). They asked the question - Why are we paying into something that is badly run, offers poor value for money and where we have zero real influence? The UK is no longer at the heart of Europe (I must admit I never thought that the Brits were ever anywhere near the heart, but that was the cry from the hustings!).\r\n\r\nThere is and always has been an under current of Europe bashers in the UK. The recent, tragic events in Paris and Brussels, plus the shambles of managing security data, managing the financial crash, complete stagnation in trying to move forward on banking regulation, sales tax harmonization, border alignments (this one has definitely gone now in my opinion), social chapter policies, minimum wages, social security benefit swaps between countries as populations move to follow the job opportunities, foreign policy agreements, managing the ongoing GREEK debt problems…has only added to the list that the bashers continually roll out.\r\n\r\nAs the shambles kept on attracting more and more headlines, there comes a time, as I have noted so many times in these blogs, that the voters eventually question mainstream politics and look to the fringes for a voice that resonates more.\r\n\r\nIt is happening now with Donald Trump in the U.S. although I could not see the Brits ever tolerating such a character in UK politics the way the U.S. has so far. The politically correct U.S., where you can no longer say Happy Christmas without fear of offending someone, has got its head so far up it’s own arse, it can no longer hear what’s sensible or not anymore (Sorry for sitting on the fence).\r\n\r\nBack to the Brits…\r\n\r\nThe national interest is at stake, with voting powers changing, influence (whatever it was before) in Brussels, has now diminished and it’s all about National sovereignty. There was no chance that the Brits would ever give up the GBP (£), now that the focus will surely be on giving up sovereignty I expect the debates to be heated.\r\n\r\nIn my opinion the BREXIT debates will be focused on sovereignty.\r\n\r\nThe fear of a United States of Europe taking control of all aspects of your life will be aimed at the voters. You will not be able to complain to your local MP, as he or she will be in a wine bar in Brussels.\r\n\r\nThe status quo argument to remain inside Europe, but on the better terms negotiated by UK Prime Minister David Cameron (Safeguards for the city of London, Immigrant agreements and an opt out from tax harmonization etc.), will be argued as Europe is great for UK businesses, great for jobs and great for the financial services industry.\r\n\r\nThat will be countered by the fact that Europe needs our exports so we will do just as well outside, still trading than inside wasting money that could be spent on health and education.\r\n\r\nYou pick your argument and pick what box you are going to place your “X” in on June 23<sup>rd</sup> 2016.\r\n\r\nMy thoughts are that the BREXIT vote will be very close. Future uncertainty of a change versus we can be more effective on the outside retaining sovereignty are close calls to make.\r\n\r\nHowever, I think that the BREXXIT has a great chance of success following the recent refugee crisis and handling of ISIS terrorists in mainland Europe. These issues will in my opinion, tip the scales.\r\n\r\nSo what happens on the 24<sup>th</sup> June and soon after should the BREXIT vote prevail?\r\n\r\nNote that Markets and big business are preparing for such an outcome should it occur.\r\n\r\nThe GBP would nose dive to 1.20-1.25 in my opinion. The crosses would nose dive as well and the EUR/GBP could be at parity in fairly short order. The EUR/GBP is one of the most liquid trading pairs in the FX market, that pair would be my “go to” trade.\r\n\r\nThe BOE and ECB would intervene in markets probably adding liquidity through more QE. The BOE would cut rates almost immediately.\r\n\r\nIt would probably take 18 months to two years to unwind the European Union connection legally. It would be the currency markets that should be having a field day.\r\n\r\nTrade would continue, people would still go to work, ride a bike to school, take the train to the beach whatever… The UK is a member of the WTO and a revised Free trade agreement will be readied for the European Union.\r\n\r\nIt is the extra add-ons that fascinate me.\r\n\r\nI believe that there would be a contagion effect. It would be harder for a single currency member to leave, but I guarantee you if the Brits do BREXIT there would be a contagion effect. Europe is ripe for fringe political parties to gather votes and influence. The inability of EUROPE to progress is astounding and with the security fears that are bound to result with the borders being re-instated again with Schengen gone, national sovereignty, which was previously not as high on the agenda will return to the mainland Europeans.\r\n\r\nThe fringe parties inside Germany (The Alternative for Germany), France (The National Front), Italy (Five Stars), Spain (Podemos), Netherlands (Party for Freedom) and Austria (Austrian Freedom Party), all want exits or have promised referendums on exits from the EUROZONE. Take it as read that GREECE and PORTUGAL are both the same as these counties that I have noted!\r\n\r\nInitially there would be turmoil either side of the English Channel, then a calm before the storm.\r\n\r\nI could write a book on this subject and no doubt before June 23<sup>rd</sup> this subject and the continuing woes inside the EUROZONE will be revisited several times again.\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>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\nWhat a boring week last week was from a trading perspective. It felt to me from the get go that it was all about winding down for Fridays holiday to start.\r\n\r\nIt was instantly forgettable. I added a few pips to the monthly total and little bit of cash but it was a slow week, very range bound by all accounts.\r\n\r\nSometimes the markets get this way and it is just a fact that you have to take the rough with the smooth.\r\n\r\nI am receiving feedback from you that the PDF copies of The WEEKLY FX DRIVE THRU that I email to you will not expand the trade charts when you click on them or they appear as little blue boxes with question marks in them. This is a word press issue and there is nothing that either my word press guru Claudia or myself can do about this. The PDF versions are issued for convenience and for those of you with non-static IP addresses. Sometimes they work and sometimes not, I am sorry. The website should always work 100% of the time. If that fails I will go to town with word press, but the PDF route is fraught with interference and compatibility issues from beginning to end. Some weeks OK others not.\r\n\r\nI am excited about hitting the road in June this year; it has been a little while since I did my short jaunt in Canada.\r\n\r\nIt would be great to meet with those of you based in the UK and IRELAND if that could be possible. Sadly time will be limited so I am really focusing on the M4, M23 and M25 areas and Dublin city on this trip. I wanted to get to Scotland to see my Scottish lads and lassies but alas not on this trip, maybe the next one.\r\n\r\nLooking back once again at trading, divergence is still there, as fundamentally nothing has changed. As I have also stated many, many times one has to be patient with trading to succeed. Patience is required right now. Do not leap in; it is just not worth it.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-26032016/\" rel=\"attachment wp-att-7487\"><img class=\"aligncenter size-full wp-image-7487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIVE-TRADES-26032016.png\" alt=\"PS LIVE TRADES 26032016\" width=\"898\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-26032016/\" rel=\"attachment wp-att-7486\"><img class=\"aligncenter size-full wp-image-7486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIMIT-ORDERS-26032016.png\" alt=\"PS LIMIT ORDERS 26032016\" width=\"970\" height=\"567\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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: USD – Consumer Confidence.\r\n\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\n\r\nTHURSDAY: CAD - GDP.\r\nTHURSDAY: CNY – PMi.\r\n\r\nFRIDAY: USD – Non-Farm Payrolls &amp; Average Hourly Earnings.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1164\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.4099\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7504\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.6654\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3254\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9772\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 113.08\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>CLOSING THOUGHTS:</u>\r\n\r\n&nbsp;\r\n\r\nU.S. Employment data are the big news events this week along with Consumer Confidence and the Chinese PMi data.\r\n\r\n&nbsp;\r\n\r\nIt should be a slow start to the week and liquidity will improve day by day as traders return from vacations.\r\n\r\n&nbsp;\r\n\r\nI am expecting the usual volatility around the jobs numbers because these will be taken into account vis-a-vis all the rumours regarding a FED rate hike in April, which we have been told is a LIVE MEETING. The mere fact it’s described, as a LIVE MEETING should dispel the clever dicks that state Janet Yellen will only raise rates when there is a press conference attached. I think we can safely say the FED chair has raised a single digit to poo-poo that idea.\r\n\r\n&nbsp;\r\n\r\nRemember it\'s the average hourly rates that will get scrutinized the most for growth. If these numbers are increasing it shows resilience and strength in the U.S. economy and brings a FED hike into play.\r\n\r\n&nbsp;\r\n\r\nAs always, be savvy…\r\n\r\n&nbsp;\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\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\n\r\nThe Pip Accumulator\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\n&nbsp;\r\n\r\nDATE: 26<sup>th</sup> March 2016\r\nBLOG REFERENCE: #95 PREMIUM SERVICE VERSION\r\n\r\n&nbsp;','BREXIT… HERE WE COME','','inherit','closed','closed','','7496-revision-v1','','','2016-03-26 08:40:11','2016-03-26 13:40:11','',7496,'https://weeklyfxdrivethru.com/7496-revision-v1/',0,'revision','',0),(7498,1,'2016-03-26 08:42:53','2016-03-26 13:42:53','','AUDUSD D 26032016','','inherit','open','closed','','audusd-d-26032016','','','2016-03-26 08:44:21','2016-03-26 13:44:21','',7496,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-D-26032016.png',0,'attachment','image/png',0),(7505,1,'2016-03-26 08:46:45','2016-03-26 13:46:45','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nMy title for my main article in the blog last week was;\r\n\r\nTHE EUROZONE INCHES CLOSER TO ITS IMPLOSION\r\n\r\nSadly the events in Brussels, following on from those in Paris last year only re-affirm my point that after almost 20 years in existence the so called “union” in Europe is still no way near anything resembling satisfactory.\r\n\r\nSecurity sharing is still null and void. The EUROZONE is a shambolic excuse of a failed project, which has “free movement without borders (The Schengen agreement)” at its core, something that was perceived to be a huge advantage while travelling throughout Europe. I would imagine that this will be gone very soon as controls will need to be re-introduced to offer populations something noticeable for security.\r\n\r\nTake Schengen away; put back border controls and then ask what has been achieved in 20 years?\r\n\r\nBugger all of real note, as far as I can see. The single currency is not flexible enough for all participants. We also have a BREXIT (coming later in this blog), on the way so what is left?\r\n\r\nAfter taking away the layers of bureaucratic “jobs for the boys” which are purely justifying one’s existence, as far as I can see we are back at square one with a simple trade agreement.\r\n\r\nAfter BREXIT we will see EFTA (The European Free Trade Agreement) re-invigorated and probably the French and Germans along with Luxembourg and Belgium will keep the EEC (European Economic Community).\r\n\r\nIt will be like the last 50 years never happened. For those old enough to remember Europe it will be akin to that season of Dallas that was wiped clean after Bobby Ewing was shot, as the following season started with Bobby Ewing having a shower and the prior season was just a dream. In Europe it will be described as a bad dream… a really bad dream…a fecking awful dream.\r\n\r\nI will cover this later, but the BREXIT fears are now intensified as a result of the Brussels attacks.\r\n\r\nLooking at timescales, 5 years should un-wind the entire mess. Thankfully, feck all integration was actually completed in 20 years of the European Union and EUROZONE.\r\n\r\nPersonally, I just cannot see the “European Union” moving forward and should the BREXIT occur I predict a contagion effect.\r\n\r\nMoving on…\r\n\r\nI am delighted to announce that Derrick (derrickxxx@hotmail.com) is this month’s winner of the draw for the FREE PREMIUM SERVICE (SILVER) subscription. Emails, passwords and twitter feeds will be finalized over the next 24-48 hours.\r\n\r\nCongratulations to Derrick.\r\n\r\nYou could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>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>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions 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 PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n\r\nPREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks.\r\n\r\nPREMIUM SERVICE (GOLD):\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS THIS MONTH SO FAR:            +1,994\r\nNET PIPS THIS YEAR SO FAR:                +1,862\r\n\r\nNET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209\r\n\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nApart from the tragic news in Brussels, from a Forex perspective did anything happen last week?\r\n\r\nAs you may know I am originally from Liverpool. I am usually never short of a wisecrack, or comment (straight or sarcastic), however after nothing really happening last week, I am finding it extremely hard to string a few words together.\r\n\r\nLast week was dull, slow, tedious, boring and instantly forgettable week from a trading perspective. It was as if many institutions had decided to close shop earlier and have really long extended Easter breaks.\r\n\r\nPersonally, I had trading successes. I banked lots of pips. After my February huge pip loss on the back of two GBP/NZD trades following Boris Johnson\'s announcement to support the BREXIT campaign coupled with power and ISP outages here in Montreal with ice storms, my pip gains this month have been really good.\r\n\r\nAs mentioned, no news events stuck in my mind. No news events dramatically affected my open trades or triggered lots of limit orders.\r\n\r\nThe only exception was a little bit of FED speak. To raise or not to raise, is still the question. We had YES and NO members of the FOMC giving us their opinions. It was confirmed yet again that the April meeting will be a LIVE MEETING. So if the NFP numbers due this week are strong and the Average Hourly Rates show improvement the “will she / wont she” circus starts again.\r\n\r\nBut in real terms there was no news.\r\n\r\nSo, if it’s no news… it’s no thoughts.\r\n\r\nHowever…\r\n\r\nI do have some personal news. The PREMIUM SERVICE is hitting the road, later this year in June and early July in the UK and IRELAND.\r\n\r\nIt is in the very early stages of organization, but I am aiming to hold FREE presentations about trading Forex with THE PREMIUM SERVICE possibly in the following cities/towns/areas: -\r\n\r\nHEATHROW, GATWICK, READING/SWINDON, BRISTOL/BATH, BRENTWOOD and DUBLIN.\r\n\r\nAs soon as the dates and venues are confirmed, full details will be placed on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the LIVE EVENTS tab on my landing page.\r\n\r\nI am very excited about doing these presentations and I am looking forward to seeing/chatting to as many traders as possible.\r\n\r\nThe presentations are intended for all levels of traders, new, learning, intermediate and experienced Forex traders.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n\r\nBREXIT… HERE WE COME\r\n\r\nGoing back to Margaret Thatcher times in the Prime Ministers office in the UK, the Brits have always appeared from the outside to have had a long but strained relationship with mainland Europe.\r\n\r\nIn fact, fadó, fadó - when I was in the sixth form in school, I voted “NO” to joining the then “Common Market” when Maggie’s predecessor Ted Heath took the UK into Europe.\r\n\r\n(By the way, my school friend known as “Patto” accompanied me all the way from school to the voting station where he voted “YES” to cancel out my vote. So much for secret ballots; he was over me like a vulture watching where my “X” was placed triumphantly showing me his piece of paper with an “X” in the “YES” box… democracy was alive and well and at work!!)\r\n\r\nBack to my point…\r\n\r\nThe UK has never been comfortable with the thoughts of being managed by Brussels. The mere thought of the use of the term “the United States of Europe” is enough to make many Brits vomit. The simple fact that non-elected people can override your own parliament is not something that many Brits can stomach. Britannia rules the waves and all that jazz!\r\n\r\nIt is however a very valid point. Bureaucrats in Brussels should not have power over how the Brits manage the UK.\r\n\r\nIn the past, these bureaucrats because they cannot change, harmonize or integrate anything in Europe have focused on issues such as: -\r\n<ul>\r\n	<li>Should ladies tampons attract VAT (sales tax)? The UK under David Cameron says NO, however Brussels says YES.</li>\r\n	<li>Brussels and not the local butcher in the UK determine the percentage amount of meat in a sausage for it to be called a sausage. If a certain percentage is not meat it cannot be called a sausage!</li>\r\n</ul>\r\nYes, you ‘ve got it; Brussels tackles the really big issues. Is it worth the Brits paying £35 million a day for this?\r\n\r\nNow the UK does receive back subsidies and grants, the UK farmers receive money from the CAP (Common Agricultural Policy) and various research projects and infrastructural projects will also get cash back from Brussels. Last year, the UK received £5 billion back from Brussels after paying out £13 billion, therefore\r\n\r\nthe UK was a net contributor to Europe by about £8 billion in 2015.\r\n\r\nOf the 28 countries in the “Union” 10 are net contributors. Germany and are first and France second, the UK third with Holland fourth. So if the brits left it would leave a large hole to fill from a cash perspective.\r\n\r\nThe financial crash of 2008-2009 was a game changer all over the world. But the financial centres in Europe, London being at the heart, were hit hard.\r\n\r\nThe United States and the UK acted swiftly with QE (Quantitative Easing / Asset Purchasing) to keep the financial markets and banks liquid with cash to help ease pressure and to try to create a balance of stability and ease uncertainties.\r\n\r\nThe EUROZONE under the German’s direction, decided to feck up everyone’s lives with AUSTERITY. It was a painful approach that deepened the issues of unemployment, DEFLATION, poverty, lack of growth, reduced social welfare, pension payments being slashed, health cuts, cuts in education and in addition AUSTERITY halted infrastructure spending. Apart from this list AUSTERITY was fecking brilliant!\r\n\r\nAfter 6/7 years of AUSTERITY, the EUROZONE decided that it had achieved none of the longer term goals that it had hoped to achieve, like a move in GDP / growth and inflation. It was then decided just as the United States were about to return monetary policy back to normalization that the ECB would introduce QE.\r\n\r\nThe Brits must have looked on in horror…WTF.\r\n\r\nAs the number of EUROZONE countries has increased the power of the UK “veto” has weakened in Europe. What was unanimity is now a qualified majority. In real terms if you do not adopt the single currency you are an outsider as most of the EUROZONE woes are EUR (€) related. There is a two-speed Europe and not using the €, effectively places you in the slow lane.\r\n\r\nThis final point was nailed home in the last UK general election by the UKIP (UK Independence Party). They asked the question - Why are we paying into something that is badly run, offers poor value for money and where we have zero real influence? The UK is no longer at the heart of Europe (I must admit I never thought that the Brits were ever anywhere near the heart, but that was the cry from the hustings!).\r\n\r\nThere is and always has been an under current of Europe bashers in the UK. The recent, tragic events in Paris and Brussels, plus the shambles of managing security data, managing the financial crash, complete stagnation in trying to move forward on banking regulation, sales tax harmonization, border alignments (this one has definitely gone now in my opinion), social chapter policies, minimum wages, social security benefit swaps between countries as populations move to follow the job opportunities, foreign policy agreements, managing the ongoing GREEK debt problems…has only added to the list that the bashers continually roll out.\r\n\r\nAs the shambles kept on attracting more and more headlines, there comes a time, as I have noted so many times in these blogs, that the voters eventually question mainstream politics and look to the fringes for a voice that resonates more.\r\n\r\nIt is happening now with Donald Trump in the U.S. although I could not see the Brits ever tolerating such a character in UK politics the way the U.S. has so far. The politically correct U.S., where you can no longer say Happy Christmas without fear of offending someone, has got its head so far up it’s own arse, it can no longer hear what’s sensible or not anymore (Sorry for sitting on the fence).\r\n\r\nBack to the Brits…\r\n\r\nThe national interest is at stake, with voting powers changing, influence (whatever it was before) in Brussels, has now diminished and it’s all about National sovereignty. There was no chance that the Brits would ever give up the GBP (£), now that the focus will surely be on giving up sovereignty I expect the debates to be heated.\r\n\r\nIn my opinion the BREXIT debates will be focused on sovereignty.\r\n\r\nThe fear of a United States of Europe taking control of all aspects of your life will be aimed at the voters. You will not be able to complain to your local MP, as he or she will be in a wine bar in Brussels.\r\n\r\nThe status quo argument to remain inside Europe, but on the better terms negotiated by UK Prime Minister David Cameron (Safeguards for the city of London, Immigrant agreements and an opt out from tax harmonization etc.), will be argued as Europe is great for UK businesses, great for jobs and great for the financial services industry.\r\n\r\nThat will be countered by the fact that Europe needs our exports so we will do just as well outside, still trading than inside wasting money that could be spent on health and education.\r\n\r\nYou pick your argument and pick what box you are going to place your “X” in on June 23<sup>rd</sup> 2016.\r\n\r\nMy thoughts are that the BREXIT vote will be very close. Future uncertainty of a change versus we can be more effective on the outside retaining sovereignty are close calls to make.\r\n\r\nHowever, I think that the BREXIT has a great chance of success following the recent refugee crisis and handling of ISIS terrorists in mainland Europe. These issues will in my opinion, tip the scales.\r\n\r\nSo what happens on the 24<sup>th</sup> June and soon after should the BREXIT vote prevail?\r\n\r\nNote that Markets and big business are preparing for such an outcome should it occur.\r\n\r\nThe GBP would nose dive to 1.20-1.25 in my opinion. The crosses would nose dive as well and the EUR/GBP could be at parity in fairly short order. The EUR/GBP is one of the most liquid trading pairs in the FX market, that pair would be my “go to” trade.\r\n\r\nThe BOE and ECB would intervene in markets probably adding liquidity through more QE. The BOE would cut rates almost immediately.\r\n\r\nIt would probably take 18 months to two years to unwind the European Union connection legally. It would be the currency markets that should be having a field day.\r\n\r\nTrade would continue, people would still go to work, ride a bike to school, take the train to the beach whatever… The UK is a member of the WTO and a revised Free trade agreement will be readied for the European Union.\r\n\r\nIt is the extra add-ons that fascinate me.\r\n\r\nI believe that there would be a contagion effect. It would be harder for a single currency member to leave, but I guarantee you if the Brits do BREXIT there would be a contagion effect. Europe is ripe for fringe political parties to gather votes and influence. The inability of EUROPE to progress is astounding and with the security fears that are bound to result with the borders being re-instated again with Schengen gone, national sovereignty, which was previously not as high on the agenda will return to the mainland Europeans.\r\n\r\nThe fringe parties inside Germany (The Alternative for Germany), France (The National Front), Italy (Five Stars), Spain (Podemos), Netherlands (Party for Freedom) and Austria (Austrian Freedom Party), all want exits or have promised referendums on exits from the EUROZONE. Take it as read that GREECE and PORTUGAL are both the same as these counties that I have noted!\r\n\r\nInitially there would be turmoil either side of the English Channel, then a calm before the storm.\r\n\r\nI could write a book on this subject and no doubt before June 23<sup>rd</sup> this subject and the continuing woes inside the EUROZONE will be revisited several times again.\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>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\nWhat a boring week last week was from a trading perspective. It felt to me from the get go that it was all about winding down for Fridays holiday to start.\r\n\r\nIt was instantly forgettable. I added a few pips to the monthly total and little bit of cash but it was a slow week, very range bound by all accounts.\r\n\r\nSometimes the markets get this way and it is just a fact that you have to take the rough with the smooth.\r\n\r\nI am receiving feedback from you that the PDF copies of The WEEKLY FX DRIVE THRU that I email to you will not expand the trade charts when you click on them or they appear as little blue boxes with question marks in them. This is a word press issue and there is nothing that either my word press guru Claudia or myself can do about this. The PDF versions are issued for convenience and for those of you with non-static IP addresses. Sometimes they work and sometimes not, I am sorry. The website should always work 100% of the time. If that fails I will go to town with word press, but the PDF route is fraught with interference and compatibility issues from beginning to end. Some weeks OK others not.\r\n\r\nI am excited about hitting the road in June this year; it has been a little while since I did my short jaunt in Canada.\r\n\r\nIt would be great to meet with those of you based in the UK and IRELAND if that could be possible. Sadly time will be limited so I am really focusing on the M4, M23 and M25 areas and Dublin city on this trip. I wanted to get to Scotland to see my Scottish lads and lassies but alas not on this trip, maybe the next one.\r\n\r\nLooking back once again at trading, divergence is still there, as fundamentally nothing has changed. As I have also stated many, many times one has to be patient with trading to succeed. Patience is required right now. Do not leap in; it is just not worth it.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong><strong> </strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-26032016/\" rel=\"attachment wp-att-7487\"><img class=\"aligncenter size-full wp-image-7487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIVE-TRADES-26032016.png\" alt=\"PS LIVE TRADES 26032016\" width=\"898\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-26032016/\" rel=\"attachment wp-att-7486\"><img class=\"aligncenter size-full wp-image-7486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-LIMIT-ORDERS-26032016.png\" alt=\"PS LIMIT ORDERS 26032016\" width=\"970\" height=\"567\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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: USD – Consumer Confidence.\r\n\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\n\r\nTHURSDAY: CAD - GDP.\r\nTHURSDAY: CNY – PMi.\r\n\r\nFRIDAY: USD – Non-Farm Payrolls &amp; Average Hourly Earnings.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1164\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-d-26032016/\" rel=\"attachment wp-att-7499\"><img class=\"aligncenter size-large wp-image-7499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-D-26032016-1024x509.png\" alt=\"EURUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4099\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-d-26032016/\" rel=\"attachment wp-att-7500\"><img class=\"aligncenter size-large wp-image-7500\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-D-26032016-1024x509.png\" alt=\"GBPUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7504\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-d-26032016/\" rel=\"attachment wp-att-7498\"><img class=\"aligncenter size-large wp-image-7498\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-D-26032016-1024x509.png\" alt=\"AUDUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6654\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-d-26032016/\" rel=\"attachment wp-att-7501\"><img class=\"aligncenter size-large wp-image-7501\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-D-26032016-1024x509.png\" alt=\"NZDUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3254\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-d-26032016/\" rel=\"attachment wp-att-7502\"><img class=\"aligncenter size-large wp-image-7502\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-D-26032016-1024x509.png\" alt=\"USDCAD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9772\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-d-26032016/\" rel=\"attachment wp-att-7503\"><img class=\"aligncenter size-large wp-image-7503\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-D-26032016-1024x509.png\" alt=\"USDCHF D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.08\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/usdjpy-d-26032016/\" rel=\"attachment wp-att-7504\"><img class=\"aligncenter size-large wp-image-7504\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-D-26032016-1024x509.png\" alt=\"USDJPY D 26032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>CLOSING THOUGHTS:</u>\r\n\r\nU.S. Employment data are the big news events this week along with Consumer Confidence and the Chinese PMi data.\r\n\r\nIt should be a slow start to the week and liquidity will improve day by day as traders return from vacations.\r\n\r\nI am expecting the usual volatility around the jobs numbers because these will be taken into account vis-a-vis all the rumours regarding a FED rate hike in April, which we have been told is a LIVE MEETING. The mere fact it’s described, as a LIVE MEETING should dispel the clever dicks that state Janet Yellen will only raise rates when there is a press conference attached. I think we can safely say the FED chair has raised a single digit to poo-poo that idea.\r\n\r\nRemember it\'s the average hourly rates that will get scrutinized the most for growth. If these numbers are increasing it shows resilience and strength in the U.S. economy and brings a FED hike into play.\r\n\r\nAs always, be savvy…\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\nDATE: 26<sup>th</sup> March 2016\r\nBLOG REFERENCE: #95 PREMIUM SERVICE VERSION\r\n\r\n&nbsp;','BREXIT… HERE WE COME','','inherit','closed','closed','','7496-revision-v1','','','2016-03-26 08:46:45','2016-03-26 13:46:45','',7496,'https://weeklyfxdrivethru.com/7496-revision-v1/',0,'revision','',0),(7506,1,'2016-03-26 09:18:27','2016-03-26 14:18:27','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nMy title for my main article in the blog last week was;\r\n\r\nTHE EUROZONE INCHES CLOSER TO ITS IMPLOSION\r\n\r\nSadly the events in Brussels, following on from those in Paris last year only re-affirm my point that after almost 20 years in existence the so called “union” in Europe is still no way near anything resembling satisfactory.\r\n\r\nSecurity sharing is still null and void. The EUROZONE is a shambolic excuse of a failed project, which has “free movement without borders (The Schengen agreement)” at its core, something that was perceived to be a huge advantage while travelling throughout Europe. I would imagine that this will be gone very soon as controls will need to be re-introduced to offer populations something noticeable for security.\r\n\r\nTake Schengen away; put back border controls and then ask what has been achieved in 20 years?\r\n\r\nBugger all of real note, as far as I can see. The single currency is not flexible enough for all participants. We also have a BREXIT (coming later in this blog), on the way so what is left?\r\n\r\nAfter taking away the layers of bureaucratic “jobs for the boys” which are purely justifying one’s existence, as far as I can see we are back at square one with a simple trade agreement.\r\n\r\nAfter BREXIT we will see EFTA (The European Free Trade Agreement) re-invigorated and probably the French and Germans along with Luxembourg and Belgium will keep the EEC (European Economic Community).\r\n\r\nIt will be like the last 50 years never happened. For those old enough to remember Europe it will be akin to that season of Dallas that was wiped clean after Bobby Ewing was shot, as the following season started with Bobby Ewing having a shower and the prior season was just a dream. In Europe it will be described as a bad dream… a really bad dream…a fecking awful dream.\r\n\r\nI will cover this later, but the BREXIT fears are now intensified as a result of the Brussels attacks.\r\n\r\nLooking at timescales, 5 years should un-wind the entire mess. Thankfully, feck all integration was actually completed in 20 years of the European Union and EUROZONE.\r\n\r\nPersonally, I just cannot see the “European Union” moving forward and should the BREXIT occur I predict a contagion effect.\r\n\r\nMoving on…\r\n\r\nI am delighted to announce that Derrick (derrickxxx@hotmail.com) is this month’s winner of the draw for the FREE PREMIUM SERVICE (SILVER) subscription. Emails, passwords and twitter feeds will be finalized over the next 24-48 hours.\r\n\r\nCongratulations to Derrick.\r\n\r\nYou could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>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> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions 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 PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong>\r\n<strong> USD$100.00 every 4 weeks.</strong></p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong>\r\n<strong>USD$295.00 - 10 weeks (3 months)</strong>\r\n<strong> USD$495.00 - 20 weeks (6 months)</strong>\r\n<strong>USD$795.00 - 40 weeks (12 months)</strong>\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\"><strong>NET PIPS THIS MONTH SO FAR:            +1,994</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR:                +1,862</strong></p>\r\n<p style=\"text-align: center;\"><strong>NET PIPS 2015        +10,686</strong>\r\n<strong>NET PIPS 2014        +11,209</strong></p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nApart from the tragic news in Brussels, from a Forex perspective did anything happen last week?\r\n\r\nAs you may know I am originally from Liverpool. I am usually never short of a wisecrack, or comment (straight or sarcastic), however after nothing really happening last week, I am finding it extremely hard to string a few words together.\r\n\r\nLast week was dull, slow, tedious, boring and instantly forgettable week from a trading perspective. It was as if many institutions had decided to close shop earlier and have really long extended Easter breaks.\r\n\r\nPersonally, I had trading successes. I banked lots of pips. After my February huge pip loss on the back of two GBP/NZD trades following Boris Johnson\'s announcement to support the BREXIT campaign coupled with power and ISP outages here in Montreal with ice storms, my pip gains this month have been really good.\r\n\r\nAs mentioned, no news events stuck in my mind. No news events dramatically affected my open trades or triggered lots of limit orders.\r\n\r\nThe only exception was a little bit of FED speak. To raise or not to raise, is still the question. We had YES and NO members of the FOMC giving us their opinions. It was confirmed yet again that the April meeting will be a LIVE MEETING. So if the NFP numbers due this week are strong and the Average Hourly Rates show improvement the “will she / wont she” circus starts again.\r\n\r\nBut in real terms there was no news.\r\n\r\nSo, if it’s no news… it’s no thoughts.\r\n\r\nHowever…\r\n\r\nI do have some personal news. The PREMIUM SERVICE is hitting the road, later this year in June and early July in the UK and IRELAND.\r\n\r\nIt is in the very early stages of organization, but I am aiming to hold FREE presentations about trading Forex with THE PREMIUM SERVICE possibly in the following cities/towns/areas: -\r\n\r\nHEATHROW, GATWICK, READING/SWINDON, BRISTOL/BATH, BRENTWOOD and DUBLIN.\r\n\r\nAs soon as the dates and venues are confirmed, full details will be placed on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the LIVE EVENTS tab on my landing page.\r\n\r\nI am very excited about doing these presentations and I am looking forward to seeing/chatting to as many traders as possible.\r\n\r\nThe presentations are intended for all levels of traders, new, learning, intermediate and experienced Forex traders.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>BREXIT… HERE WE COME</strong></p>\r\nGoing back to Margaret Thatcher times in the Prime Ministers office in the UK, the Brits have always appeared from the outside to have had a long but strained relationship with mainland Europe.\r\n\r\nIn fact, fadó, fadó - when I was in the sixth form in school, I voted “NO” to joining the then “Common Market” when Maggie’s predecessor Ted Heath took the UK into Europe.\r\n\r\n(By the way, my school friend known as “Patto” accompanied me all the way from school to the voting station where he voted “YES” to cancel out my vote. So much for secret ballots; he was over me like a vulture watching where my “X” was placed triumphantly showing me his piece of paper with an “X” in the “YES” box… democracy was alive and well and at work!!)\r\n\r\nBack to my point…\r\n\r\nThe UK has never been comfortable with the thoughts of being managed by Brussels. The mere thought of the use of the term “the United States of Europe” is enough to make many Brits vomit. The simple fact that non-elected people can override your own parliament is not something that many Brits can stomach. Britannia rules the waves and all that jazz!\r\n\r\nIt is however a very valid point. Bureaucrats in Brussels should not have power over how the Brits manage the UK.\r\n\r\nIn the past, these bureaucrats because they cannot change, harmonize or integrate anything in Europe have focused on issues such as: -\r\n<ul>\r\n	<li>Should ladies tampons attract VAT (sales tax)? The UK under David Cameron says NO, however Brussels says YES.</li>\r\n	<li>Brussels and not the local butcher in the UK determine the percentage amount of meat in a sausage for it to be called a sausage. If a certain percentage is not meat it cannot be called a sausage!</li>\r\n</ul>\r\nYes, you ‘ve got it; Brussels tackles the really big issues. Is it worth the Brits paying £35 million a day for this?\r\n\r\nNow the UK does receive back subsidies and grants, the UK farmers receive money from the CAP (Common Agricultural Policy) and various research projects and infrastructural projects will also get cash back from Brussels. Last year, the UK received £5 billion back from Brussels after paying out £13 billion, therefore the UK was a net contributor to Europe by about £8 billion in 2015.\r\n\r\nOf the 28 countries in the “Union” 10 are net contributors. Germany and are first and France second, the UK third with Holland fourth. So if the brits left it would leave a large hole to fill from a cash perspective.\r\n\r\nThe financial crash of 2008-2009 was a game changer all over the world. But the financial centres in Europe, London being at the heart, were hit hard.\r\n\r\nThe United States and the UK acted swiftly with QE (Quantitative Easing / Asset Purchasing) to keep the financial markets and banks liquid with cash to help ease pressure and to try to create a balance of stability and ease uncertainties.\r\n\r\nThe EUROZONE under the German’s direction, decided to feck up everyone’s lives with AUSTERITY. It was a painful approach that deepened the issues of unemployment, DEFLATION, poverty, lack of growth, reduced social welfare, pension payments being slashed, health cuts, cuts in education and in addition AUSTERITY halted infrastructure spending. Apart from this list AUSTERITY was fecking brilliant!\r\n\r\nAfter 6/7 years of AUSTERITY, the EUROZONE decided that it had achieved none of the longer term goals that it had hoped to achieve, like a move in GDP / growth and inflation. It was then decided just as the United States were about to return monetary policy back to normalization that the ECB would introduce QE.\r\n\r\nThe Brits must have looked on in horror…WTF.\r\n\r\nAs the number of EUROZONE countries has increased the power of the UK “veto” has weakened in Europe. What was unanimity is now a qualified majority. In real terms if you do not adopt the single currency you are an outsider as most of the EUROZONE woes are EUR (€) related. There is a two-speed Europe and not using the €, effectively places you in the slow lane.\r\n\r\nThis final point was nailed home in the last UK general election by the UKIP (UK Independence Party). They asked the question - Why are we paying into something that is badly run, offers poor value for money and where we have zero real influence? The UK is no longer at the heart of Europe (I must admit I never thought that the Brits were ever anywhere near the heart, but that was the cry from the hustings!).\r\n\r\nThere is and always has been an under current of Europe bashers in the UK. The recent, tragic events in Paris and Brussels, plus the shambles of managing security data, managing the financial crash, complete stagnation in trying to move forward on banking regulation, sales tax harmonization, border alignments (this one has definitely gone now in my opinion), social chapter policies, minimum wages, social security benefit swaps between countries as populations move to follow the job opportunities, foreign policy agreements, managing the ongoing GREEK debt problems…has only added to the list that the bashers continually roll out.\r\n\r\nAs the shambles kept on attracting more and more headlines, there comes a time, as I have noted so many times in these blogs, that the voters eventually question mainstream politics and look to the fringes for a voice that resonates more.\r\n\r\nIt is happening now with Donald Trump in the U.S. although I could not see the Brits ever tolerating such a character in UK politics the way the U.S. has so far. The politically correct U.S., where you can no longer say Happy Christmas without fear of offending someone, has got its head so far up it’s own arse, it can no longer hear what’s sensible or not anymore (Sorry for sitting on the fence).\r\n\r\nBack to the Brits…\r\n\r\nThe national interest is at stake, with voting powers changing, influence (whatever it was before) in Brussels, has now diminished and it’s all about National sovereignty. There was no chance that the Brits would ever give up the GBP (£), now that the focus will surely be on giving up sovereignty I expect the debates to be heated.\r\n\r\nIn my opinion the BREXIT debates will be focused on sovereignty.\r\n\r\nThe fear of a United States of Europe taking control of all aspects of your life will be aimed at the voters. You will not be able to complain to your local MP, as he or she will be in a wine bar in Brussels.\r\n\r\nThe status quo argument to remain inside Europe, but on the better terms negotiated by UK Prime Minister David Cameron (Safeguards for the city of London, Immigrant agreements and an opt out from tax harmonization etc.), will be argued as Europe is great for UK businesses, great for jobs and great for the financial services industry.\r\n\r\nThat will be countered by the fact that Europe needs our exports so we will do just as well outside, still trading than inside wasting money that could be spent on health and education.\r\n\r\nYou pick your argument and pick what box you are going to place your “X” in on June 23<sup>rd</sup> 2016.\r\n\r\nMy thoughts are that the BREXIT vote will be very close. Future uncertainty of a change versus we can be more effective on the outside retaining sovereignty are close calls to make.\r\n\r\nHowever, I think that the BREXIT has a great chance of success following the recent refugee crisis and handling of ISIS terrorists in mainland Europe. These issues will in my opinion, tip the scales.\r\n\r\nSo what happens on the 24<sup>th</sup> June and soon after should the BREXIT vote prevail?\r\n\r\nNote that Markets and big business are preparing for such an outcome should it occur.\r\n\r\nThe GBP would nose dive to 1.20-1.25 in my opinion. The crosses would nose dive as well and the EUR/GBP could be at parity in fairly short order. The EUR/GBP is one of the most liquid trading pairs in the FX market, that pair would be my “go to” trade.\r\n\r\nThe BOE and ECB would intervene in markets probably adding liquidity through more QE. The BOE would cut rates almost immediately.\r\n\r\nIt would probably take 18 months to two years to unwind the European Union connection legally. It would be the currency markets that should be having a field day.\r\n\r\nTrade would continue, people would still go to work, ride a bike to school, take the train to the beach whatever… The UK is a member of the WTO and a revised Free trade agreement will be readied for the European Union.\r\n\r\nIt is the extra add-ons that fascinate me.\r\n\r\nI believe that there would be a contagion effect. It would be harder for a single currency member to leave, but I guarantee you if the Brits do BREXIT there would be a contagion effect. Europe is ripe for fringe political parties to gather votes and influence. The inability of EUROPE to progress is astounding and with the security fears that are bound to result with the borders being re-instated again with Schengen gone, national sovereignty, which was previously not as high on the agenda will return to the mainland Europeans.\r\n\r\nThe fringe parties inside Germany (The Alternative for Germany), France (The National Front), Italy (Five Stars), Spain (Podemos), Netherlands (Party for Freedom) and Austria (Austrian Freedom Party), all want exits or have promised referendums on exits from the EUROZONE. Take it as read that GREECE and PORTUGAL are both the same as these counties that I have noted!\r\n\r\nInitially there would be turmoil either side of the English Channel, then a calm before the storm.\r\n\r\nI could write a book on this subject and no doubt before June 23<sup>rd</sup> this subject and the continuing woes inside the EUROZONE will be revisited several times again.\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> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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: USD – Consumer Confidence.\r\n\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\n\r\nTHURSDAY: CAD - GDP.\r\nTHURSDAY: CNY – PMi.\r\n\r\nFRIDAY: USD – Non-Farm Payrolls &amp; Average Hourly Earnings.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1164\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/eurusd-d-26032016/\" rel=\"attachment wp-att-7499\"><img class=\"aligncenter size-large wp-image-7499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-D-26032016-1024x509.png\" alt=\"EURUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4099\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/gbpusd-d-26032016/\" rel=\"attachment wp-att-7500\"><img class=\"aligncenter size-large wp-image-7500\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-D-26032016-1024x509.png\" alt=\"GBPUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7504\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/audusd-d-26032016/\" rel=\"attachment wp-att-7498\"><img class=\"aligncenter size-large wp-image-7498\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-D-26032016-1024x509.png\" alt=\"AUDUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6654\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/nzdusd-d-26032016/\" rel=\"attachment wp-att-7501\"><img class=\"aligncenter size-large wp-image-7501\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-D-26032016-1024x509.png\" alt=\"NZDUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3254\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/usdcad-d-26032016/\" rel=\"attachment wp-att-7502\"><img class=\"aligncenter size-large wp-image-7502\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-D-26032016-1024x509.png\" alt=\"USDCAD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9772\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/usdchf-d-26032016/\" rel=\"attachment wp-att-7503\"><img class=\"aligncenter size-large wp-image-7503\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-D-26032016-1024x509.png\" alt=\"USDCHF D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.08\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/usdjpy-d-26032016/\" rel=\"attachment wp-att-7504\"><img class=\"aligncenter size-large wp-image-7504\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-D-26032016-1024x509.png\" alt=\"USDJPY D 26032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nU.S. Employment data are the big news events this week along with Consumer Confidence and the Chinese PMi data.\r\n\r\nIt should be a slow start to the week and liquidity will improve day by day as traders return from vacations.\r\n\r\nI am expecting the usual volatility around the jobs numbers because these will be taken into account vis-a-vis all the rumours regarding a FED rate hike in April, which we have been told is a LIVE MEETING. The mere fact it’s described, as a LIVE MEETING should dispel the clever dicks that state Janet Yellen will only raise rates when there is a press conference attached. I think we can safely say the FED chair has raised a single digit to poo-poo that idea.\r\n\r\nRemember it\'s the average hourly rates that will get scrutinized the most for growth. If these numbers are increasing it shows resilience and strength in the U.S. economy and brings a FED hike into play.\r\n\r\nAs always, be savvy…\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\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 26<sup>th</sup> March 2016\r\nBLOG REFERENCE: #194 FREE NEWSLETTER VERSION','BREXIT… HERE WE COME','','publish','open','closed','','brexit-here-we-come','','','2016-03-26 09:18:27','2016-03-26 14:18:27','',0,'https://weeklyfxdrivethru.com/?p=7506',0,'post','',0),(7507,1,'2016-03-26 09:18:27','2016-03-26 14:18:27','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nMy title for my main article in the blog last week was;\r\n\r\nTHE EUROZONE INCHES CLOSER TO ITS IMPLOSION\r\n\r\nSadly the events in Brussels, following on from those in Paris last year only re-affirm my point that after almost 20 years in existence the so called “union” in Europe is still no way near anything resembling satisfactory.\r\n\r\nSecurity sharing is still null and void. The EUROZONE is a shambolic excuse of a failed project, which has “free movement without borders (The Schengen agreement)” at its core, something that was perceived to be a huge advantage while travelling throughout Europe. I would imagine that this will be gone very soon as controls will need to be re-introduced to offer populations something noticeable for security.\r\n\r\nTake Schengen away; put back border controls and then ask what has been achieved in 20 years?\r\n\r\nBugger all of real note, as far as I can see. The single currency is not flexible enough for all participants. We also have a BREXIT (coming later in this blog), on the way so what is left?\r\n\r\nAfter taking away the layers of bureaucratic “jobs for the boys” which are purely justifying one’s existence, as far as I can see we are back at square one with a simple trade agreement.\r\n\r\nAfter BREXIT we will see EFTA (The European Free Trade Agreement) re-invigorated and probably the French and Germans along with Luxembourg and Belgium will keep the EEC (European Economic Community).\r\n\r\nIt will be like the last 50 years never happened. For those old enough to remember Europe it will be akin to that season of Dallas that was wiped clean after Bobby Ewing was shot, as the following season started with Bobby Ewing having a shower and the prior season was just a dream. In Europe it will be described as a bad dream… a really bad dream…a fecking awful dream.\r\n\r\nI will cover this later, but the BREXIT fears are now intensified as a result of the Brussels attacks.\r\n\r\nLooking at timescales, 5 years should un-wind the entire mess. Thankfully, feck all integration was actually completed in 20 years of the European Union and EUROZONE.\r\n\r\nPersonally, I just cannot see the “European Union” moving forward and should the BREXIT occur I predict a contagion effect.\r\n\r\nMoving on…\r\n\r\nI am delighted to announce that Derrick (derrickxxx@hotmail.com) is this month’s winner of the draw for the FREE PREMIUM SERVICE (SILVER) subscription. Emails, passwords and twitter feeds will be finalized over the next 24-48 hours.\r\n\r\nCongratulations to Derrick.\r\n\r\nYou could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>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> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions 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 PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (SILVER):</strong>\r\n<strong> USD$100.00 every 4 weeks.</strong></p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE (GOLD):</strong>\r\n<strong>USD$295.00 - 10 weeks (3 months)</strong>\r\n<strong> USD$495.00 - 20 weeks (6 months)</strong>\r\n<strong>USD$795.00 - 40 weeks (12 months)</strong>\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.</p>\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\"><strong>NET PIPS THIS MONTH SO FAR:            +1,994</strong>\r\n<strong>NET PIPS THIS YEAR SO FAR:                +1,862</strong></p>\r\n<p style=\"text-align: center;\"><strong>NET PIPS 2015        +10,686</strong>\r\n<strong>NET PIPS 2014        +11,209</strong></p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"3\">\r\n	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nApart from the tragic news in Brussels, from a Forex perspective did anything happen last week?\r\n\r\nAs you may know I am originally from Liverpool. I am usually never short of a wisecrack, or comment (straight or sarcastic), however after nothing really happening last week, I am finding it extremely hard to string a few words together.\r\n\r\nLast week was dull, slow, tedious, boring and instantly forgettable week from a trading perspective. It was as if many institutions had decided to close shop earlier and have really long extended Easter breaks.\r\n\r\nPersonally, I had trading successes. I banked lots of pips. After my February huge pip loss on the back of two GBP/NZD trades following Boris Johnson\'s announcement to support the BREXIT campaign coupled with power and ISP outages here in Montreal with ice storms, my pip gains this month have been really good.\r\n\r\nAs mentioned, no news events stuck in my mind. No news events dramatically affected my open trades or triggered lots of limit orders.\r\n\r\nThe only exception was a little bit of FED speak. To raise or not to raise, is still the question. We had YES and NO members of the FOMC giving us their opinions. It was confirmed yet again that the April meeting will be a LIVE MEETING. So if the NFP numbers due this week are strong and the Average Hourly Rates show improvement the “will she / wont she” circus starts again.\r\n\r\nBut in real terms there was no news.\r\n\r\nSo, if it’s no news… it’s no thoughts.\r\n\r\nHowever…\r\n\r\nI do have some personal news. The PREMIUM SERVICE is hitting the road, later this year in June and early July in the UK and IRELAND.\r\n\r\nIt is in the very early stages of organization, but I am aiming to hold FREE presentations about trading Forex with THE PREMIUM SERVICE possibly in the following cities/towns/areas: -\r\n\r\nHEATHROW, GATWICK, READING/SWINDON, BRISTOL/BATH, BRENTWOOD and DUBLIN.\r\n\r\nAs soon as the dates and venues are confirmed, full details will be placed on the website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the LIVE EVENTS tab on my landing page.\r\n\r\nI am very excited about doing these presentations and I am looking forward to seeing/chatting to as many traders as possible.\r\n\r\nThe presentations are intended for all levels of traders, new, learning, intermediate and experienced Forex traders.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>BREXIT… HERE WE COME</strong></p>\r\nGoing back to Margaret Thatcher times in the Prime Ministers office in the UK, the Brits have always appeared from the outside to have had a long but strained relationship with mainland Europe.\r\n\r\nIn fact, fadó, fadó - when I was in the sixth form in school, I voted “NO” to joining the then “Common Market” when Maggie’s predecessor Ted Heath took the UK into Europe.\r\n\r\n(By the way, my school friend known as “Patto” accompanied me all the way from school to the voting station where he voted “YES” to cancel out my vote. So much for secret ballots; he was over me like a vulture watching where my “X” was placed triumphantly showing me his piece of paper with an “X” in the “YES” box… democracy was alive and well and at work!!)\r\n\r\nBack to my point…\r\n\r\nThe UK has never been comfortable with the thoughts of being managed by Brussels. The mere thought of the use of the term “the United States of Europe” is enough to make many Brits vomit. The simple fact that non-elected people can override your own parliament is not something that many Brits can stomach. Britannia rules the waves and all that jazz!\r\n\r\nIt is however a very valid point. Bureaucrats in Brussels should not have power over how the Brits manage the UK.\r\n\r\nIn the past, these bureaucrats because they cannot change, harmonize or integrate anything in Europe have focused on issues such as: -\r\n<ul>\r\n	<li>Should ladies tampons attract VAT (sales tax)? The UK under David Cameron says NO, however Brussels says YES.</li>\r\n	<li>Brussels and not the local butcher in the UK determine the percentage amount of meat in a sausage for it to be called a sausage. If a certain percentage is not meat it cannot be called a sausage!</li>\r\n</ul>\r\nYes, you ‘ve got it; Brussels tackles the really big issues. Is it worth the Brits paying £35 million a day for this?\r\n\r\nNow the UK does receive back subsidies and grants, the UK farmers receive money from the CAP (Common Agricultural Policy) and various research projects and infrastructural projects will also get cash back from Brussels. Last year, the UK received £5 billion back from Brussels after paying out £13 billion, therefore the UK was a net contributor to Europe by about £8 billion in 2015.\r\n\r\nOf the 28 countries in the “Union” 10 are net contributors. Germany and are first and France second, the UK third with Holland fourth. So if the brits left it would leave a large hole to fill from a cash perspective.\r\n\r\nThe financial crash of 2008-2009 was a game changer all over the world. But the financial centres in Europe, London being at the heart, were hit hard.\r\n\r\nThe United States and the UK acted swiftly with QE (Quantitative Easing / Asset Purchasing) to keep the financial markets and banks liquid with cash to help ease pressure and to try to create a balance of stability and ease uncertainties.\r\n\r\nThe EUROZONE under the German’s direction, decided to feck up everyone’s lives with AUSTERITY. It was a painful approach that deepened the issues of unemployment, DEFLATION, poverty, lack of growth, reduced social welfare, pension payments being slashed, health cuts, cuts in education and in addition AUSTERITY halted infrastructure spending. Apart from this list AUSTERITY was fecking brilliant!\r\n\r\nAfter 6/7 years of AUSTERITY, the EUROZONE decided that it had achieved none of the longer term goals that it had hoped to achieve, like a move in GDP / growth and inflation. It was then decided just as the United States were about to return monetary policy back to normalization that the ECB would introduce QE.\r\n\r\nThe Brits must have looked on in horror…WTF.\r\n\r\nAs the number of EUROZONE countries has increased the power of the UK “veto” has weakened in Europe. What was unanimity is now a qualified majority. In real terms if you do not adopt the single currency you are an outsider as most of the EUROZONE woes are EUR (€) related. There is a two-speed Europe and not using the €, effectively places you in the slow lane.\r\n\r\nThis final point was nailed home in the last UK general election by the UKIP (UK Independence Party). They asked the question - Why are we paying into something that is badly run, offers poor value for money and where we have zero real influence? The UK is no longer at the heart of Europe (I must admit I never thought that the Brits were ever anywhere near the heart, but that was the cry from the hustings!).\r\n\r\nThere is and always has been an under current of Europe bashers in the UK. The recent, tragic events in Paris and Brussels, plus the shambles of managing security data, managing the financial crash, complete stagnation in trying to move forward on banking regulation, sales tax harmonization, border alignments (this one has definitely gone now in my opinion), social chapter policies, minimum wages, social security benefit swaps between countries as populations move to follow the job opportunities, foreign policy agreements, managing the ongoing GREEK debt problems…has only added to the list that the bashers continually roll out.\r\n\r\nAs the shambles kept on attracting more and more headlines, there comes a time, as I have noted so many times in these blogs, that the voters eventually question mainstream politics and look to the fringes for a voice that resonates more.\r\n\r\nIt is happening now with Donald Trump in the U.S. although I could not see the Brits ever tolerating such a character in UK politics the way the U.S. has so far. The politically correct U.S., where you can no longer say Happy Christmas without fear of offending someone, has got its head so far up it’s own arse, it can no longer hear what’s sensible or not anymore (Sorry for sitting on the fence).\r\n\r\nBack to the Brits…\r\n\r\nThe national interest is at stake, with voting powers changing, influence (whatever it was before) in Brussels, has now diminished and it’s all about National sovereignty. There was no chance that the Brits would ever give up the GBP (£), now that the focus will surely be on giving up sovereignty I expect the debates to be heated.\r\n\r\nIn my opinion the BREXIT debates will be focused on sovereignty.\r\n\r\nThe fear of a United States of Europe taking control of all aspects of your life will be aimed at the voters. You will not be able to complain to your local MP, as he or she will be in a wine bar in Brussels.\r\n\r\nThe status quo argument to remain inside Europe, but on the better terms negotiated by UK Prime Minister David Cameron (Safeguards for the city of London, Immigrant agreements and an opt out from tax harmonization etc.), will be argued as Europe is great for UK businesses, great for jobs and great for the financial services industry.\r\n\r\nThat will be countered by the fact that Europe needs our exports so we will do just as well outside, still trading than inside wasting money that could be spent on health and education.\r\n\r\nYou pick your argument and pick what box you are going to place your “X” in on June 23<sup>rd</sup> 2016.\r\n\r\nMy thoughts are that the BREXIT vote will be very close. Future uncertainty of a change versus we can be more effective on the outside retaining sovereignty are close calls to make.\r\n\r\nHowever, I think that the BREXIT has a great chance of success following the recent refugee crisis and handling of ISIS terrorists in mainland Europe. These issues will in my opinion, tip the scales.\r\n\r\nSo what happens on the 24<sup>th</sup> June and soon after should the BREXIT vote prevail?\r\n\r\nNote that Markets and big business are preparing for such an outcome should it occur.\r\n\r\nThe GBP would nose dive to 1.20-1.25 in my opinion. The crosses would nose dive as well and the EUR/GBP could be at parity in fairly short order. The EUR/GBP is one of the most liquid trading pairs in the FX market, that pair would be my “go to” trade.\r\n\r\nThe BOE and ECB would intervene in markets probably adding liquidity through more QE. The BOE would cut rates almost immediately.\r\n\r\nIt would probably take 18 months to two years to unwind the European Union connection legally. It would be the currency markets that should be having a field day.\r\n\r\nTrade would continue, people would still go to work, ride a bike to school, take the train to the beach whatever… The UK is a member of the WTO and a revised Free trade agreement will be readied for the European Union.\r\n\r\nIt is the extra add-ons that fascinate me.\r\n\r\nI believe that there would be a contagion effect. It would be harder for a single currency member to leave, but I guarantee you if the Brits do BREXIT there would be a contagion effect. Europe is ripe for fringe political parties to gather votes and influence. The inability of EUROPE to progress is astounding and with the security fears that are bound to result with the borders being re-instated again with Schengen gone, national sovereignty, which was previously not as high on the agenda will return to the mainland Europeans.\r\n\r\nThe fringe parties inside Germany (The Alternative for Germany), France (The National Front), Italy (Five Stars), Spain (Podemos), Netherlands (Party for Freedom) and Austria (Austrian Freedom Party), all want exits or have promised referendums on exits from the EUROZONE. Take it as read that GREECE and PORTUGAL are both the same as these counties that I have noted!\r\n\r\nInitially there would be turmoil either side of the English Channel, then a calm before the storm.\r\n\r\nI could write a book on this subject and no doubt before June 23<sup>rd</sup> this subject and the continuing woes inside the EUROZONE will be revisited several times again.\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> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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: USD – Consumer Confidence.\r\n\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\n\r\nTHURSDAY: CAD - GDP.\r\nTHURSDAY: CNY – PMi.\r\n\r\nFRIDAY: USD – Non-Farm Payrolls &amp; Average Hourly Earnings.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1164\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/eurusd-d-26032016/\" rel=\"attachment wp-att-7499\"><img class=\"aligncenter size-large wp-image-7499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/EURUSD-D-26032016-1024x509.png\" alt=\"EURUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4099\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/gbpusd-d-26032016/\" rel=\"attachment wp-att-7500\"><img class=\"aligncenter size-large wp-image-7500\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/GBPUSD-D-26032016-1024x509.png\" alt=\"GBPUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7504\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/audusd-d-26032016/\" rel=\"attachment wp-att-7498\"><img class=\"aligncenter size-large wp-image-7498\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/AUDUSD-D-26032016-1024x509.png\" alt=\"AUDUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6654\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/nzdusd-d-26032016/\" rel=\"attachment wp-att-7501\"><img class=\"aligncenter size-large wp-image-7501\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/NZDUSD-D-26032016-1024x509.png\" alt=\"NZDUSD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3254\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/usdcad-d-26032016/\" rel=\"attachment wp-att-7502\"><img class=\"aligncenter size-large wp-image-7502\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCAD-D-26032016-1024x509.png\" alt=\"USDCAD D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9772\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/usdchf-d-26032016/\" rel=\"attachment wp-att-7503\"><img class=\"aligncenter size-large wp-image-7503\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDCHF-D-26032016-1024x509.png\" alt=\"USDCHF D 26032016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.08\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/brexit-here-we-come/usdjpy-d-26032016/\" rel=\"attachment wp-att-7504\"><img class=\"aligncenter size-large wp-image-7504\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/USDJPY-D-26032016-1024x509.png\" alt=\"USDJPY D 26032016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nU.S. Employment data are the big news events this week along with Consumer Confidence and the Chinese PMi data.\r\n\r\nIt should be a slow start to the week and liquidity will improve day by day as traders return from vacations.\r\n\r\nI am expecting the usual volatility around the jobs numbers because these will be taken into account vis-a-vis all the rumours regarding a FED rate hike in April, which we have been told is a LIVE MEETING. The mere fact it’s described, as a LIVE MEETING should dispel the clever dicks that state Janet Yellen will only raise rates when there is a press conference attached. I think we can safely say the FED chair has raised a single digit to poo-poo that idea.\r\n\r\nRemember it\'s the average hourly rates that will get scrutinized the most for growth. If these numbers are increasing it shows resilience and strength in the U.S. economy and brings a FED hike into play.\r\n\r\nAs always, be savvy…\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\r\n<a href=\"https://weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 26<sup>th</sup> March 2016\r\nBLOG REFERENCE: #194 FREE NEWSLETTER VERSION','BREXIT… HERE WE COME','','inherit','closed','closed','','7506-revision-v1','','','2016-03-26 09:18:27','2016-03-26 14:18:27','',7506,'https://weeklyfxdrivethru.com/7506-revision-v1/',0,'revision','',0),(7517,1,'2016-03-26 10:51:28','2016-03-26 15:51:28','<h2>THE WEEKLY FX DRIVE-THRU\r\nPREMIUM SERVICE</h2>\r\n<h3>VIEWS AND COMMENTS IN THIS BLOG:</h3>\r\nAll the comments and views expressed in my blog are my thoughts and ideas only. They are based on my FUNDAMENTAL views of the markets and my thoughts on the individuals concerned on how they manage positions in the public domain. In addition, I have my own thoughts and views about what I think goes on behind closed doors. You should NOT base any trade ideas on my thoughts and views alone. As I have said on many occasions in my blog, I am a FUNDAMENTAL trader first, then a TECHNICAL trader second using chart analysis to establish what I believe to be excellent trade entry positions. However, you must make up your own mind and trade at your own risk deciding if the entry levels I refer to actually meet with your views and thoughts. This makes complete sense as the risk in trading your account is 100% owned by you.\r\n<h3>THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</h3>\r\nThere are a small number of companies with banners on my website. In the interests of full disclosure I have a reciprocal business arrangement with these companies to promote their products. Unlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise. By virtue of the fact, I work with these companies almost daily. I am more than confident to have them advertise on my website. Any reader who buys products or services from any advertiser via a banner on my website, www.weeklyfxdrivethru.com will automatically have my help and assistance with any issues that they may have with my partnered advertisers.\r\n<h3>TRADING &amp; PERFORMANCES DISCLAIMER:</h3>\r\nFLASH, RADAR, FUNDAMENTAL and POSITION trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.','Disclaimer','','inherit','closed','closed','','2781-revision-v1','','','2016-03-26 10:51:28','2016-03-26 15:51:28','',2781,'https://weeklyfxdrivethru.com/2781-revision-v1/',0,'revision','',0),(7519,1,'2016-03-31 11:12:35','2016-03-31 16:12:35','','POSITION TRADES Q1v2016 31032016','','inherit','open','closed','','position-trades-q1v2016-31032016','','','2016-03-31 11:14:20','2016-03-31 16:14:20','',6858,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/POSITION-TRADES-Q1v2016-31032016.png',0,'attachment','image/png',0),(9103,1,'2017-02-11 16:17:58','2017-02-11 21:17:58','<section class=\"one-sixth first\">\r\n<h4>Flash Trades Archives:</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Month\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/FLASH-12022017.png\"><img class=\"aligncenter size-large wp-image-9083\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/FLASH-12022017-746x1024.png\" alt=\"\" width=\"746\" height=\"1024\" /></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&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>Year to date\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FLASH-JANYTD2017.png\"><img class=\"aligncenter size-full wp-image-9046\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FLASH-JANYTD2017.png\" alt=\"\" width=\"856\" height=\"944\" /></a></h2>\r\n&nbsp;\r\n<h2>Previous Years</h2>\r\n<h2><img class=\"aligncenter size-full wp-image-8809\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/FLASH-2016-COMPLETE.png\" alt=\"\" width=\"872\" height=\"952\" />\r\n<img class=\"aligncenter wp-image-6987\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/FLASH-2015-COMP.png\" alt=\"FLASH 2015 COMP\" width=\"544\" height=\"576\" /></h2>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FLASH-2014-COMPLETE.png\"><img class=\"aligncenter size-full wp-image-8859\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FLASH-2014-COMPLETE.png\" alt=\"\" width=\"700\" height=\"744\" /></a>\r\n<h2></h2>\r\n</div>\r\n</section>','Flash Trades','','inherit','closed','closed','','2711-revision-v1','','','2017-02-11 16:17:58','2017-02-11 21:17:58','',2711,'http://weeklyfxdrivethru.com/2711-revision-v1/',0,'revision','',0),(8994,1,'2017-01-25 16:36:27','2017-01-25 21:36:27','','POS2 22012017','','inherit','open','closed','','pos2-22012017-2','','','2017-01-25 16:37:31','2017-01-25 21:37:31','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/POS2-22012017-1.png',0,'attachment','image/png',0),(7522,1,'2016-03-31 11:30:53','2016-03-31 16:30:53','','TOUR DATES 2016','','inherit','open','closed','','tour-dates-2016','','','2016-03-31 11:31:31','2016-03-31 16:31:31','',4239,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png',0,'attachment','image/png',0),(7525,1,'2016-03-31 13:19:26','2016-03-31 18:19:26','','PS PROFITS1 MARCH2016','','inherit','open','closed','','ps-profits1-march2016','','','2016-03-31 13:40:12','2016-03-31 18:40:12','',5000,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-PROFITS1-MARCH2016.png',0,'attachment','image/png',0),(7526,1,'2016-03-31 13:19:30','2016-03-31 18:19:30','','PREM SERV PROFITS2 MARCH2016','','inherit','open','closed','','prem-serv-profits2-march2016','','','2016-03-31 13:24:03','2016-03-31 18:24:03','',3012,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PREM-SERV-PROFITS2-MARCH2016.png',0,'attachment','image/png',0),(7527,1,'2016-03-31 13:19:48','2016-03-31 18:19:48','','RADAR 31032016','','inherit','open','closed','','radar-31032016','','','2016-03-31 13:32:36','2016-03-31 18:32:36','',2524,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/RADAR-31032016.png',0,'attachment','image/png',0),(7528,1,'2016-03-31 13:19:51','2016-03-31 18:19:51','','RADAR YTD MARCH2016','','inherit','open','closed','','radar-ytd-march2016','','','2016-03-31 13:32:49','2016-03-31 18:32:49','',2524,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/RADAR-YTD-MARCH2016.png',0,'attachment','image/png',0),(7529,1,'2016-03-31 13:19:54','2016-03-31 18:19:54','','FLASH 31032016','','inherit','open','closed','','flash-31032016','','','2016-03-31 13:30:39','2016-03-31 18:30:39','',2711,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/FLASH-31032016.png',0,'attachment','image/png',0),(7530,1,'2016-03-31 13:19:57','2016-03-31 18:19:57','','FLASH YTD MARCH2016','','inherit','open','closed','','flash-ytd-march2016','','','2016-03-31 13:30:52','2016-03-31 18:30:52','',2711,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/FLASH-YTD-MARCH2016.png',0,'attachment','image/png',0),(7531,1,'2016-03-31 13:20:02','2016-03-31 18:20:02','','FUN1 31032016','','inherit','open','closed','','fun1-31032016','','','2016-03-31 13:35:35','2016-03-31 18:35:35','',3106,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/FUN1-31032016.png',0,'attachment','image/png',0),(7532,1,'2016-03-31 13:20:05','2016-03-31 18:20:05','','FUN2 31032016','','inherit','open','closed','','fun2-31032016','','','2016-03-31 13:35:42','2016-03-31 18:35:42','',3106,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/FUN2-31032016.png',0,'attachment','image/png',0),(7533,1,'2016-03-31 13:20:07','2016-03-31 18:20:07','','FUN YTD MARCH2016','','inherit','open','closed','','fun-ytd-march2016','','','2016-03-31 13:36:00','2016-03-31 18:36:00','',3106,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/FUN-YTD-MARCH2016.png',0,'attachment','image/png',0),(7534,1,'2016-03-31 13:20:12','2016-03-31 18:20:12','','PART1 31032016','','inherit','open','closed','','part1-31032016','','','2016-03-31 13:38:00','2016-03-31 18:38:00','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PART1-31032016.png',0,'attachment','image/png',0),(7535,1,'2016-03-31 13:20:17','2016-03-31 18:20:17','','PART2 31032016','','inherit','open','closed','','part2-31032016','','','2016-03-31 13:38:10','2016-03-31 18:38:10','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PART2-31032016.png',0,'attachment','image/png',0),(7536,1,'2016-03-31 13:20:21','2016-03-31 18:20:21','','PART TIME TRADER YTD MARCH2016','','inherit','open','closed','','part-time-trader-ytd-march2016','','','2016-03-31 13:38:26','2016-03-31 18:38:26','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PART-TIME-TRADER-YTD-MARCH2016.png',0,'attachment','image/png',0),(7537,1,'2016-03-31 13:20:40','2016-03-31 18:20:40','','PS P&L MARCH2016','','inherit','open','closed','','ps-pl-march2016','','','2016-03-31 13:24:15','2016-03-31 18:24:15','',3012,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PS-PL-MARCH2016.png',0,'attachment','image/png',0),(7538,1,'2016-03-31 13:20:48','2016-03-31 18:20:48','','RISKREWARD MARCH2016','','inherit','open','closed','','riskreward-march2016','','','2016-03-31 13:24:26','2016-03-31 18:24:26','',3012,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/RISKREWARD-MARCH2016.png',0,'attachment','image/png',0),(7539,1,'2016-03-31 13:20:53','2016-03-31 18:20:53','','PIP COMPARISON MARCH2016','','inherit','open','closed','','pip-comparison-march2016','','','2016-03-31 13:45:54','2016-03-31 18:45:54','',3012,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/PIP-COMPARISON-MARCH2016.png',0,'attachment','image/png',0),(7546,1,'2016-05-31 14:09:59','2016-05-31 19:09:59','<section class=\"one-sixth first\">\n<h4>POSITION TRADES Archives:</h4>\n</section><section class=\"five-sixths\">\n<div class=\"one-half first\">\n<h2>This Month\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS1-31052016.png\"><img class=\"aligncenter size-full wp-image-8006\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS1-31052016.png\" alt=\"POS1 31052016\" width=\"451\" height=\"592\" /></a><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS2-31052016.png\"><img class=\"aligncenter size-full wp-image-8007\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS2-31052016.png\" alt=\"POS2 31052016\" width=\"472\" height=\"593\" /></a><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS3-31052016.png\"><img class=\"aligncenter size-full wp-image-8008\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS3-31052016.png\" alt=\"POS3 31052016\" width=\"521\" height=\"593\" /></a></h2>\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n</div>\n<div class=\"one-half\">\n<h2>Year to date\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POSITION-YTD-MAY2016.png\"><img class=\"aligncenter size-full wp-image-8009\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POSITION-YTD-MAY2016.png\" alt=\"POSITION YTD MAY2016\" width=\"402\" height=\"444\" /></a></h2>\n&nbsp;\n<h2>PREVIOUS YEARS</h2>\n</div>\n</section>','POSITION and \"POSITION G\" TRADES','','inherit','closed','closed','','6965-autosave-v1','','','2016-05-31 14:09:59','2016-05-31 19:09:59','',6965,'https://weeklyfxdrivethru.com/6965-autosave-v1/',0,'revision','',0),(7550,1,'2016-03-31 13:42:55','2016-03-31 18:42:55','<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/premium-service-2/riskreward-march2016/\" rel=\"attachment wp-att-7538\"><img class=\"aligncenter  wp-image-7538\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/RISKREWARD-MARCH2016.png\" alt=\"RISKREWARD MARCH2016\" width=\"539\" height=\"665\" /></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&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  wp-image-7054\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-31122015.png\" alt=\"PS RISK REWARD 31122015\" width=\"645\" height=\"796\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\"><img class=\"aligncenter  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=\"645\" height=\"804\" /></a></h2>\r\n</div>\r\n</section>','COMPLETED TRADES RISK / REWARD ANALYSIS','','inherit','closed','closed','','5006-revision-v1','','','2016-03-31 13:42:55','2016-03-31 18:42:55','',5006,'https://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(7553,1,'2016-04-02 09:03:18','2016-04-02 14:03:18','','DXY WEEKLY CHART 02042016','','inherit','open','closed','','dxy-weekly-chart-02042016','','','2016-04-02 10:18:36','2016-04-02 15:18:36','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/DXY-WEEKLY-CHART-02042016.png',0,'attachment','image/png',0),(7554,1,'2016-04-02 09:03:23','2016-04-02 14:03:23','','PS LIMIT ORDERS 02042016','','inherit','open','closed','','ps-limit-orders-02042016','','','2016-04-02 10:20:52','2016-04-02 15:20:52','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-02042016.png',0,'attachment','image/png',0),(7555,1,'2016-04-02 09:03:26','2016-04-02 14:03:26','','PS LIVE TRADES 02042016','','inherit','open','closed','','ps-live-trades-02042016','','','2016-04-02 10:20:41','2016-04-02 15:20:41','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-02042016.png',0,'attachment','image/png',0),(7556,1,'2016-04-02 09:05:20','2016-04-02 14:05:20','','AUDUSD DAILY 02042016','','inherit','open','closed','','audusd-daily-02042016','','','2016-04-02 10:21:35','2016-04-02 15:21:35','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-DAILY-02042016.png',0,'attachment','image/png',0),(7557,1,'2016-04-02 09:05:23','2016-04-02 14:05:23','','EURUSD DAILY 02042016','','inherit','open','closed','','eurusd-daily-02042016','','','2016-04-02 10:21:18','2016-04-02 15:21:18','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-DAILY-02042016.png',0,'attachment','image/png',0),(7558,1,'2016-04-02 09:05:25','2016-04-02 14:05:25','','GBPUSD DAILY 02042016','','inherit','open','closed','','gbpusd-daily-02042016','','','2016-04-02 10:21:28','2016-04-02 15:21:28','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-DAILY-02042016.png',0,'attachment','image/png',0),(7559,1,'2016-04-02 09:05:27','2016-04-02 14:05:27','','NZDUSD DAILY 02042016','','inherit','open','closed','','nzdusd-daily-02042016','','','2016-04-02 10:21:49','2016-04-02 15:21:49','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-DAILY-02042016.png',0,'attachment','image/png',0),(7560,1,'2016-04-02 09:05:29','2016-04-02 14:05:29','','USDCAD DAILY 02042016','','inherit','open','closed','','usdcad-daily-02042016','','','2016-04-02 10:21:57','2016-04-02 15:21:57','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-DAILY-02042016.png',0,'attachment','image/png',0),(7561,1,'2016-04-02 09:05:32','2016-04-02 14:05:32','','USDCHF DAILY 02042016','','inherit','open','closed','','usdchf-daily-02042016','','','2016-04-02 10:22:04','2016-04-02 15:22:04','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-DAILY-02042016.png',0,'attachment','image/png',0),(7562,1,'2016-04-02 09:05:34','2016-04-02 14:05:34','','USDJPY DAILY 02042016','','inherit','open','closed','','usdjpy-daily-02042016','','','2016-04-02 10:22:24','2016-04-02 15:22:24','',7564,'https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-DAILY-02042016.png',0,'attachment','image/png',0),(7565,1,'2016-04-02 10:22:44','2016-04-02 15:22:44','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAm I the only trader who feels like he is on a roller coaster ride?\r\n\r\nI must be, all my twitter feeds seem to show everyone is making heaps of $$$, getting in at the top and getting out pretty much at the bottom. How do they do this? Not wanting to sound like Donald Trump but are they all lyin’ Ted’s!\r\n\r\nYou are not alone if you are on the same roller coaster as me. It is real and it’s all about adjusting and surviving!\r\n\r\nI am trading exactly the way that I have been doing for the past 5 years out of my 8 years of trading and I feel like I am being beaten up virtually every time I enter a trade, well at least it feels that way.\r\n\r\nAt the end of last month (February) all my 2016 pip gains were wiped out, following a combination of BREXIT fears and ice-storms that gave huge power outages in the area that I live in, 36 hours plus of connection issues. No power, no ISP’s, generators iced up and no cell phone coverage apart from emergency calls to 911.\r\n\r\nThis year’s month-by-month pips are below and they are cumulative:\r\n<p style=\"text-align: center;\">+1,399 pips on the 31<sup>st</sup> January 2016\r\nto\r\n-132 pips on the 29<sup>th</sup> February 2016\r\nand now to\r\n+1,710 pips on the 31<sup>st</sup> March 2016</p>\r\nIt sounds great but I feel that I am struggling. I am making pips but Holy Mother of God it’s just trying to keep your head above the water at times.\r\n\r\nI am more of a POSTION style trader than anything else and examining my trades, my longer-term PART-TIME TRADER trades are doing great. My RADAR trades are OK, but my FLASH trades are struggling. These are trades directly linked to the market chop!\r\n\r\nFUNDAMENTAL trades were the ones that suffered in February and in March I recovered more than 25% of the pain suffered in February, so I am happy about this fact.\r\n\r\nIt is the market chop that is eating me up and quite frankly I do not believe the lyin’ Ted’s on twitter are not affected.\r\n\r\nWhat do I do?\r\n\r\nOnly trade my trades with a longer-term perspective, would seem a reasonable suggestion.\r\n\r\nI am trying to give profitable trades air to breathe. I am probably guilty of not cutting out the loss making trades fast enough, although when I have cut them they spike up within minutes, and my losses taken could have in fact been profits. I am cutting position sizes, moving stops to ensure that my RISK EXPOSURE is maintained within my TRADING PLAN limits. I am still selling into strength buying pullbacks and the chop has been killing me.\r\n\r\nI hear you saying several things.\r\n<ul>\r\n	<li>Do not move your stops.</li>\r\n	<li>Just take 20-30 pips here and there and forget about measured moves</li>\r\n	<li>Forget about Fibonacci targets and levels.</li>\r\n	<li>Forget about Pivot Points.</li>\r\n</ul>\r\nThey all sound creditable in their own way to some extent.\r\n\r\nAction, clarification and ideas bouncing was required so I decided to arrange an emergency SKYPE call with my peer group.\r\n\r\nI have known these guys/gal for a few years now and usually once a month we have a conference call about all matters Forex. The group consists of an “Elliot Wave Trader” (I still don\'t get it), an ex. Bank long-term trader (longer than my perspective), a female “Swinger” (Swing Trader) and myself (The Scoucer).\r\n\r\nSetting the meeting, I was in control. My arse I was… within 10 seconds of establishing that all parties could hear each other, all I could hear was bitching about how bloody awful the market was and that when trying to establish positions it was basically a chop fest.\r\n\r\nYep…. Other traders, traders I know tell the truth, traders who have been around for a while, like me lost it all, got it back, suffered like hell and then experienced a hallelujah moment, these guys tell it as it is.\r\n\r\nSo… twitter is full of sh*t. For the past four / five months I have hardly been on twitter with @pipaccumulator, because frankly I was sick to the back teeth of hearing how fecking wonderful it was in the Forex markets. Granted, there will be a few who have great trades, I have had great trades but my core FLASH “bread and butter” trades have been suffering in the chop!!\r\n\r\nIn summary…\r\n\r\nI now know that I have NOT been losing my mind and, in addition, my thoughts about twitter are confirmed. There are some real numpties out there that have allegedly never lost money on trades. I keep deleting these from my following lists but somehow more appear, WTF. More importantly, my sanity remains intact.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nAlmost finally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/upcoming-live-events-seminars-training/tour-dates-2016/\" rel=\"attachment wp-att-7522\"><img class=\"aligncenter  wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"820\" height=\"522\" /></a>\r\n\r\n&nbsp;\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>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> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions 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 PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n\r\nPREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks.\r\n\r\nPREMIUM SERVICE (GOLD):\r\n\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">\r\nNET PIPS THIS MONTH SO FAR:            +1,710\r\nNET PIPS THIS YEAR SO FAR:                +1,578</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209</p>\r\n&nbsp;\r\n\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE – PART TIME TRADERS:</u>\r\n\r\nThe article below has just been updated on my website. I placed the initial article on my website at the end of 2015 to launch PART-TIME TRADER trades, which from April 4<sup>th</sup> 2016 will now be called POSITION trades.\r\n\r\nThe piece is self explanatory, basically, after completing Q1 2016, I wanted to review progress with this style of trade against the projection I published at the launch.\r\n\r\nThe full version of the history of PART-TIME TRADER trades (now POSITION TRADES) can be found by clicking on my website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn my landing page at the top there is tab titled PART-TIME FOREX (POSITION) TRADERS, if you select this the complete article is there. Below is just the Q1 addition to the original piece.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>ARE YOU A PART-TIME FOREX TRADER\r\nor\r\nWOULD YOU LIKE TO ADD ANOTHER INCOME STREAM TO YOUR HOUSEHOLD INCOME?</strong></p>\r\nWe are almost three months into 2016 trading and I thought that it would be a great idea to review the performance of my new trading category, that was launched in January this year; PART-TIME TRADER TRADES.\r\n\r\nBefore getting into the “nitty gritty” of projected numbers versus actual performance, I thought I should offer an overview to date.\r\n\r\nThis year trading has not been as clear-cut as I had hoped for. The divergent trade, which frankly launched this idea of the new trade set-up category, has not been as visible as I had hoped. In fact, there have been clear examples of central bank policy direction being ignored (BOJ and ECB). Coupled with some major geopolitical uncertainties, I have not had the confidence to let trades run as I had originally intended and I have cut trades short, mostly at the time they were profitable to bank $$$.\r\n\r\nMoving forward, I do see the divergent trade re-appearing because frankly, nothing has fundamentally changed. The FED is still progressing with monetary policy, that is, raising rates when the two other large central banks the ECB and BOJ are still easing with monetary policy through a long term quantitative easing program. From this perspective nothing has changed.\r\n\r\nHowever, one thing that I do want to change is the name given to these suggested trade set-ups moving forward. From April 4<sup>th</sup> 2016 they will be renamed as POSITION TRADES and no longer PART-TIME TRADER TRADES. They will now carry the prefix POS as suggested set-ups are posted to subscribers of the PREMIUM SERVICE.\r\n\r\nBelow is the PROJECTED PERFORMANCE versus the ACTUAL for Q1 2016. I have added a short commentary / summary on the chart and in the few short comments at the foot of the excel sheet.\r\n\r\nI am really pleased with this category of trade set-up. It has been by far my most successful trading style this year so far. This does make some sense in the fact that for most of this year I have been talking in my blogs and writing <strong>on </strong>Twitter about how choppy the markets have been and because of geopolitical uncertainties it has on many occasions been quite difficult to trade.\r\n\r\nThe actual performance for Q1 is in BLUE and the original projection is in BLACK. I have made no amendments to the original data.\r\n\r\nRoll on Q2 if it is half as good as Q1 there will be both pips and $$$$!!\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/part-time-forex-traders/position-trades-q1v2016-31032016/\" rel=\"attachment wp-att-7519\"><img class=\"aligncenter  wp-image-7519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/POSITION-TRADES-Q1v2016-31032016.png\" alt=\"POSITION TRADES Q1v2016 31032016\" width=\"993\" height=\"760\" /></a></strong>\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nSo often when Non Farm Payrolls feature in the economic data releases for a week everything else pales into insignificance.\r\n\r\nAs far as I am concerned, this was the point last week with one exception. After the Easter holiday break on Tuesday, Janet Yellen spoke.\r\n\r\nIt was a turning point. Yellen delivered a DOVISH speech and the USD was whacked and it was continually whacked up to NFP data release.\r\n\r\nPersonally, I think just like the FED missed the moment in 2015 by raising in December, primarily so as not to lose face, they should have done it in July or September and December in my opinion.\r\n\r\nLast week Yellen, basically ruled out April, although the NFP data is good enough to hike. She has probably ruled out June because of the BREXIT fears in the UK.\r\n\r\nI show the weekly USD index (DXY) chart below. As you can see there is a bearish engulfing weekly candle. This could spell some more USD weakness at the start of this week, but the USD is well oversold at this point and we should at least be prepared for a possible bounce as we approach key support. If that support gives way at 93.15 all hell will break loose.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/dxy-weekly-chart-02042016/\" rel=\"attachment wp-att-7553\"><img class=\"aligncenter  wp-image-7553\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/DXY-WEEKLY-CHART-02042016-1024x481.png\" alt=\"DXY WEEKLY CHART 02042016\" width=\"1265\" height=\"594\" /></a>\r\n\r\n&nbsp;\r\n\r\nReferring back to my peer group from the introduction, my ex Banker chappie, is quite adamant that what he calls “Value Buyers” should emerge before that level buying up a reverse move towards 96.00 and beyond.\r\n<p style=\"text-align: center;\">So in recap…</p>\r\n<p style=\"text-align: center;\">Yellen was DOVISH…\r\n\r\nThe USD got whacked…Tony Soprano style\r\nand, by the way\r\nNFP delivered great numbers\r\nChange was 215,000 versus expectations of 206,000\r\nAverage Hourly Rates up 0.3% expectations 0.2%\r\nUnemployment Rate ticked up from 4.9% to 5.0%\r\nplus,\r\nISM Manufacturing PMi beat 50.8 expectations at 51.8%</p>\r\n<p style=\"text-align: center;\"></p>\r\nI still refer back to my blog from weeks ago, with the U.S. being the biggest economy in the world where we are constantly being told is in great shape, strong and resilient making excellent progress can’t stomach a 0.25% rate rise?\r\n\r\nGo figure that, because I think it’s mental.\r\n\r\nA 0.25% rise will not affect Main Street in my opinion, just Wall Street and therein lies the issue…\r\n\r\nThe market makers want zirp (0% for infinity). Janet Yellen must be scared shi*less if she cannot push through 0.25% now because it will be autumn (fall) before the next window comes around given the BREXIT situation and its potential effect on de-stabilizing the financial markets given London’s position.\r\n\r\nShe needs more than 0.25% behind the clock in case of a potential recession ahead. I think at least 1.00% by the end of 2016 is a minimum. I just cannot see that happening.\r\n\r\nWhat a fragile economy the U.S. must be, or is it driven by pressure groups and lobbyists at the highest level?\r\n\r\nAt least that was a month and quarter end out of the way, that\'s one way to view last week.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>MOVE OVER MARIO and HARUHIDO…JANET HAS THE BALLS!</strong></p>\r\n<p style=\"text-align: center;\"></p>\r\nIf Janet Yellen was a bloke she would have really big balls. The last woman who would have had balls of steel was Margaret Thatcher.\r\n\r\nDon’t get me wrong Janet Yellen is not in that league (yet) but she does pack a powerful punch.\r\n\r\nThe ECB and BOJ failed recently to intervene in the markets and drive prices they way they want. With regards to Draghi had he not said “and that’s it” things may have been different but essentially it is what it is, or rather it was what it was. Both central bank presidents failed to get the buy in from the financial markets to their changes in monetary policy.\r\n\r\nLooking at Janet Yellen, she essentially gave Wall Street a rate cut without changing macro level monetary FED policy. That demonstrates without any contradiction the power of a central bank. In fact, most of us traders have grown up with this belief implanted into our brains.\r\n\r\nFair play Janet Yellen stood there; she knew exactly the effect her words would have. She gave Wall Street what it wanted.\r\n\r\nBut did she?\r\n\r\nThe constant stream of guests on BLOOMBERG and CNBC still rabbit on about uncertainty, dots, four rates hikes, two rate hikes, three rate hikes, no rate hikes…. Stop… give me time to draw breath and think.\r\n\r\nI wrote a few weeks ago about the FED’s dot plots on graphs being great to assure markets of continued support, but when trying to normalize it’s way too rigid. The FED is held to ransom over dots placed on bits of paper that can be months old.\r\n\r\nI just don’t get it; the Fed wants to normalize and yet the dithering is unbelievable for just 0.25%.\r\n\r\nForget about emerging markets; forget about the rest of the world. They all know interest rates in the US are going up, end of story. The Forex market is a future pricing mechanism, most of it is priced in, all that Janet Yellen does by dithering is create uncertainty. Markets do NOT like uncertainty.\r\n\r\nI always come back to the same position having gone around and around.\r\n\r\n&nbsp;\r\n<ul>\r\n	<li>Everyone knows the FED has changed its monetary policy position.</li>\r\n	<li>The world is expecting interest rate increases.</li>\r\n	<li>Data is relatively good.</li>\r\n	<li>The average hourlies from NFP will show that there is some inflation in the works.</li>\r\n	<li>Why are interest rate increases not happening?</li>\r\n	<li>What does the FED see that we do not?</li>\r\n	<li>Why the dithering?</li>\r\n	<li>We are only talking about 0.25% and that will not affect Main Street.</li>\r\n</ul>\r\nI can assume Wall Street pressure is influencing the supposedly impartial FED; am I right?\r\n\r\nWhat is Wall Street frightened of…. hard work?\r\n\r\nJanet Yellen just gave Wall Street by being so DOVISH, more uncertainty. Sure they grabbed the speech content made a few $$$ but are they any the wiser?\r\n\r\nAs mentioned, we now have increased uncertainty about interest rate hikes on our TV screens.\r\n\r\nFrankly, I am finding all of this rather strange.\r\n\r\nWe have BREXIT fears, a circus of a presidential election campaign, with a bunch of candidates I wouldn’t hire, a FED chair that dithers and bunch of Central bank governors/presidents dotted about the globe, who right now are about as useful as a chocolate teapot in establishing monetary policy.\r\n\r\nThe FED can still control and direct the market based upon commentary; but is it effective?\r\n\r\nOnly time will tell. Janet Yellen certainly packs a punch, for now at least, but I do think that she is missing another moment.\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>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\nI wanted to be very upbeat in this section this week.\r\n\r\nFrom a poor ending in February of -132 pips to now a positive of +1,710 at the end of Mach, is a great return. My goal is 1,000 pips per month.\r\n\r\nBut I am NOT elated.\r\n\r\nYes, longer-term trades via PART-TIME TRADER trades are holding up well and ahead of my 2016 target. But my core trades are suffering - FLASH trades in particular. I am of course comforted by the fact it is not just myself struggling through the chop fest, but at the end of the day, as Joe Walsh would say… so what!\r\n\r\nI can promise you 110% I am at my machines and screens 16-18 hours a day. I am constantly labeling charts setting timer and price guide alerts. For whatever reason its just NOT happening at the moment.\r\n\r\nIgnoring pips for now because they are just part of the picture. As you know from the information given, my position sizes on the shorter duration trades are larger than the position sizes I take on the longer-term trades. Therefore pips can be great but my $$$ return is not.\r\n\r\nIt will come good I have been around long enough to know that, but it is annoying and totally frustrating at times.\r\n\r\nMy process of finding high probability trades is the same as it has been for the past 5 years. I am more hesitant at the moment because of the chop and I believe this is a normal response to have.\r\n\r\nIt’s all about having patience and not chasing trades that would not usually come to the forefront with the trading criteria that you have. I get all of the trading manuals guidelines and policies and I am so careful not to sacrifice any of these principles.\r\n\r\nInside the PREMIUM SERVICE you can view all of March trading data. My PROFIT/LOSS TRADING RATIO in March was 78% profitable trades 22% loss making trades; YTD these numbers are 74/26%.\r\n\r\nI am now back to being in striking distance of the year on year pip comparison, 1,372 pips behind 2015 YTD.\r\n\r\nThere is lots of good news.\r\n\r\nI just want to be 100% across all areas and I suppose this will never be possible in the real world. I am going to try though!\r\n\r\nOther snippets are: -\r\n\r\nWith effect from April 4<sup>th</sup> PART-TIME TRADER TRADES will be called POSITION TRADES with the prefix POS. Essentially these trades are POSITION trades and moving forward I prefer them to be called this.\r\n\r\nPREMIUM SERVICE (SILVER) will be dropped, not sure of the date yet. I have loyal followers to GOLD and subscribers who hate twitter are still with me. The take up on SILVER was disappointing and therefore the administration time spent in that area can be put to better use as far as I am concerned.\r\n\r\nRegarding the UK and IRELAND tour, if any of you are around and able to show your face, I would love to meet and spend some time with you if it’s possible. I have had SKYPE conversations with many of you and have chatted on email many times, but being able to put a face to the name would be great.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-02042016/\" rel=\"attachment wp-att-7555\"><img class=\"aligncenter size-full wp-image-7555\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-02042016.png\" alt=\"PS LIVE TRADES 02042016\" width=\"900\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-02042016/\" rel=\"attachment wp-att-7554\"><img class=\"aligncenter size-full wp-image-7554\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-02042016.png\" alt=\"PS LIMIT ORDERS 02042016\" width=\"682\" height=\"459\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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: AUD – Building Approvals &amp; Retail Sales.\r\n\r\nMONDAY: AUD – Trade Balance.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: CAD – Trade Balance.\r\nTUESDAY: NZD – GDT Prices.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB) gives us words of wisdom.\r\nTHURSDAY: USD – Janet Yellen (FED) gives us words of wisdom.\r\n\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-daily-02042016/\" rel=\"attachment wp-att-7557\"><img class=\"aligncenter size-large wp-image-7557\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-DAILY-02042016-1024x509.png\" alt=\"EURUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4225\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-daily-02042016/\" rel=\"attachment wp-att-7558\"><img class=\"aligncenter size-large wp-image-7558\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-DAILY-02042016-1024x509.png\" alt=\"GBPUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7680\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-daily-02042016/\" rel=\"attachment wp-att-7556\"><img class=\"aligncenter size-large wp-image-7556\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-DAILY-02042016-1024x509.png\" alt=\"AUDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6899\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-daily-02042016/\" rel=\"attachment wp-att-7559\"><img class=\"aligncenter size-large wp-image-7559\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-DAILY-02042016-1024x509.png\" alt=\"NZDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3010\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-daily-02042016/\" rel=\"attachment wp-att-7560\"><img class=\"aligncenter size-large wp-image-7560\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-DAILY-02042016-1024x509.png\" alt=\"USDCAD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9574\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-daily-02042016/\" rel=\"attachment wp-att-7561\"><img class=\"aligncenter size-large wp-image-7561\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-DAILY-02042016-1024x509.png\" alt=\"USDCHF DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.60\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/usdjpy-daily-02042016/\" rel=\"attachment wp-att-7562\"><img class=\"aligncenter size-large wp-image-7562\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-DAILY-02042016-1024x509.png\" alt=\"USDJPY DAILY 02042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week we appear to be “down under” as we say for most of the big data. The Aussies have it this week; the RBA, Retail Sales, Building Approvals and Trade Balance numbers.\r\n\r\nDraghi and Yellen speak on Thursday; God only knows what they are going to add now?\r\n\r\nThe Canadian data, Jobs and Trade balance will be interesting to follow as the boy’s (Trudeau’s) recent budget passed off as bit of a whimper at the end of the day. I can see Stephen Poloz (BOC) finally being forced to grab the issue and bolster the Canadian economy sooner rather than later. Now that the snow is clearing away (finally), I think that the BOC will act. So this data, this week, will be interesting to digest.\r\n\r\nAs always, be savvy…\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\nDATE: 2<sup>nd</sup> April 2016\r\nBLOG REFERENCE: #96 PREMIUM SERVICE','MOVE OVER MARIO and HARUHIDO…  JANET HAS THE BALLS!','','inherit','closed','closed','','7564-revision-v1','','','2016-04-02 10:22:44','2016-04-02 15:22:44','',7564,'https://weeklyfxdrivethru.com/7564-revision-v1/',0,'revision','',0),(7566,1,'2016-04-02 10:24:54','2016-04-02 15:24:54','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAm I the only trader who feels like he is on a roller coaster ride?\r\n\r\nI must be, all my twitter feeds seem to show everyone is making heaps of $$$, getting in at the top and getting out pretty much at the bottom. How do they do this? Not wanting to sound like Donald Trump but are they all lyin’ Ted’s!\r\n\r\nYou are not alone if you are on the same roller coaster as me. It is real and it’s all about adjusting and surviving!\r\n\r\nI am trading exactly the way that I have been doing for the past 5 years out of my 8 years of trading and I feel like I am being beaten up virtually every time I enter a trade, well at least it feels that way.\r\n\r\nAt the end of last month (February) all my 2016 pip gains were wiped out, following a combination of BREXIT fears and ice-storms that gave huge power outages in the area that I live in, 36 hours plus of connection issues. No power, no ISP’s, generators iced up and no cell phone coverage apart from emergency calls to 911.\r\n\r\nThis year’s month-by-month pips are below and they are cumulative:\r\n<p style=\"text-align: center;\">+1,399 pips on the 31<sup>st</sup> January 2016\r\nto\r\n-132 pips on the 29<sup>th</sup> February 2016\r\nand now to\r\n+1,710 pips on the 31<sup>st</sup> March 2016</p>\r\nIt sounds great but I feel that I am struggling. I am making pips but Holy Mother of God it’s just trying to keep your head above the water at times.\r\n\r\nI am more of a POSITION style trader than anything else and examining my trades, my longer-term PART-TIME TRADER trades are doing great. My RADAR trades are OK, but my FLASH trades are struggling. These are trades directly linked to the market chop!\r\n\r\nFUNDAMENTAL trades were the ones that suffered in February and in March I recovered more than 25% of the pain suffered in February, so I am happy about this fact.\r\n\r\nIt is the market chop that is eating me up and quite frankly I do not believe the lyin’ Ted’s on twitter are not affected.\r\n\r\nWhat do I do?\r\n\r\nOnly trade my trades with a longer-term perspective, would seem a reasonable suggestion.\r\n\r\nI am trying to give profitable trades air to breathe. I am probably guilty of not cutting out the loss making trades fast enough, although when I have cut them they spike up within minutes, and my losses taken could have in fact been profits. I am cutting position sizes, moving stops to ensure that my RISK EXPOSURE is maintained within my TRADING PLAN limits. I am still selling into strength buying pullbacks and the chop has been killing me.\r\n\r\nI hear you saying several things.\r\n<ul>\r\n	<li>Do not move your stops.</li>\r\n	<li>Just take 20-30 pips here and there and forget about measured moves</li>\r\n	<li>Forget about Fibonacci targets and levels.</li>\r\n	<li>Forget about Pivot Points.</li>\r\n</ul>\r\nThey all sound creditable in their own way to some extent.\r\n\r\nAction, clarification and ideas bouncing was required so I decided to arrange an emergency SKYPE call with my peer group.\r\n\r\nI have known these guys/gal for a few years now and usually once a month we have a conference call about all matters Forex. The group consists of an “Elliot Wave Trader” (I still don\'t get it), an ex. Bank long-term trader (longer than my perspective), a female “Swinger” (Swing Trader) and myself (The Scoucer).\r\n\r\nSetting the meeting, I was in control. My arse I was… within 10 seconds of establishing that all parties could hear each other, all I could hear was bitching about how bloody awful the market was and that when trying to establish positions it was basically a chop fest.\r\n\r\nYep…. Other traders, traders I know tell the truth, traders who have been around for a while, like me lost it all, got it back, suffered like hell and then experienced a hallelujah moment, these guys tell it as it is.\r\n\r\nSo… twitter is full of sh*t. For the past four / five months I have hardly been on twitter with @pipaccumulator, because frankly I was sick to the back teeth of hearing how fecking wonderful it was in the Forex markets. Granted, there will be a few who have great trades, I have had great trades but my core FLASH “bread and butter” trades have been suffering in the chop!!\r\n\r\nIn summary…\r\n\r\nI now know that I have NOT been losing my mind and, in addition, my thoughts about twitter are confirmed. There are some real numpties out there that have allegedly never lost money on trades. I keep deleting these from my following lists but somehow more appear, WTF. More importantly, my sanity remains intact.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nAlmost finally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/upcoming-live-events-seminars-training/tour-dates-2016/\" rel=\"attachment wp-att-7522\"><img class=\"aligncenter wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"820\" height=\"522\" /></a>\r\n\r\n&nbsp;\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>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> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the drop down tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n\r\nPREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks.\r\n\r\nPREMIUM SERVICE (GOLD):\r\n\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +1,710\r\nNET PIPS THIS YEAR SO FAR:                +1,578</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209</p>\r\n&nbsp;\r\n\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE – PART TIME TRADERS:</u>\r\n\r\nThe article below has just been updated on my website. I placed the initial article on my website at the end of 2015 to launch PART-TIME TRADER trades, which from April 4<sup>th</sup> 2016 will now be called POSITION trades.\r\n\r\nThe piece is self explanatory, basically, after completing Q1 2016, I wanted to review progress with this style of trade against the projection I published at the launch.\r\n\r\nThe full version of the history of PART-TIME TRADER trades (now POSITION TRADES) can be found by clicking on my website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn my landing page at the top there is tab titled PART-TIME FOREX (POSITION) TRADERS, if you select this the complete article is there. Below is just the Q1 addition to the original piece.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>ARE YOU A PART-TIME FOREX TRADER\r\nor\r\nWOULD YOU LIKE TO ADD ANOTHER INCOME STREAM TO YOUR HOUSEHOLD INCOME?</strong></p>\r\nWe are almost three months into 2016 trading and I thought that it would be a great idea to review the performance of my new trading category, that was launched in January this year; PART-TIME TRADER TRADES.\r\n\r\nBefore getting into the “nitty gritty” of projected numbers versus actual performance, I thought I should offer an overview to date.\r\n\r\nThis year trading has not been as clear-cut as I had hoped for. The divergent trade, which frankly launched this idea of the new trade set-up category, has not been as visible as I had hoped. In fact, there have been clear examples of central bank policy direction being ignored (BOJ and ECB). Coupled with some major geopolitical uncertainties, I have not had the confidence to let trades run as I had originally intended and I have cut trades short, mostly at the time they were profitable to bank $$$.\r\n\r\nMoving forward, I do see the divergent trade re-appearing because frankly, nothing has fundamentally changed. The FED is still progressing with monetary policy, that is, raising rates when the two other large central banks the ECB and BOJ are still easing with monetary policy through a long term quantitative easing program. From this perspective nothing has changed.\r\n\r\nHowever, one thing that I do want to change is the name given to these suggested trade set-ups moving forward. From April 4<sup>th</sup> 2016 they will be renamed as POSITION TRADES and no longer PART-TIME TRADER TRADES. They will now carry the prefix POS as suggested set-ups are posted to subscribers of the PREMIUM SERVICE.\r\n\r\nBelow is the PROJECTED PERFORMANCE versus the ACTUAL for Q1 2016. I have added a short commentary / summary on the chart and in the few short comments at the foot of the excel sheet.\r\n\r\nI am really pleased with this category of trade set-up. It has been by far my most successful trading style this year so far. This does make some sense in the fact that for most of this year I have been talking in my blogs and writing <strong>on </strong>Twitter about how choppy the markets have been and because of geopolitical uncertainties it has on many occasions been quite difficult to trade.\r\n\r\nThe actual performance for Q1 is in BLUE and the original projection is in BLACK. I have made no amendments to the original data.\r\n\r\nRoll on Q2 if it is half as good as Q1 there will be both pips and $$$$!!\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/part-time-forex-traders/position-trades-q1v2016-31032016/\" rel=\"attachment wp-att-7519\"><img class=\"aligncenter wp-image-7519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/POSITION-TRADES-Q1v2016-31032016.png\" alt=\"POSITION TRADES Q1v2016 31032016\" width=\"993\" height=\"760\" /></a></strong>\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nSo often when Non Farm Payrolls feature in the economic data releases for a week everything else pales into insignificance.\r\n\r\nAs far as I am concerned, this was the point last week with one exception. After the Easter holiday break on Tuesday, Janet Yellen spoke.\r\n\r\nIt was a turning point. Yellen delivered a DOVISH speech and the USD was whacked and it was continually whacked up to NFP data release.\r\n\r\nPersonally, I think just like the FED missed the moment in 2015 by raising in December, primarily so as not to lose face, they should have done it in July or September and December in my opinion.\r\n\r\nLast week Yellen, basically ruled out April, although the NFP data is good enough to hike. She has probably ruled out June because of the BREXIT fears in the UK.\r\n\r\nI show the weekly USD index (DXY) chart below. As you can see there is a bearish engulfing weekly candle. This could spell some more USD weakness at the start of this week, but the USD is well oversold at this point and we should at least be prepared for a possible bounce as we approach key support. If that support gives way at 93.15 all hell will break loose.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/dxy-weekly-chart-02042016/\" rel=\"attachment wp-att-7553\"><img class=\"aligncenter wp-image-7553\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/DXY-WEEKLY-CHART-02042016-1024x481.png\" alt=\"DXY WEEKLY CHART 02042016\" width=\"1265\" height=\"594\" /></a>\r\n\r\n&nbsp;\r\n\r\nReferring back to my peer group from the introduction, my ex Banker chappie, is quite adamant that what he calls “Value Buyers” should emerge before that level buying up a reverse move towards 96.00 and beyond.\r\n<p style=\"text-align: center;\">So in recap…</p>\r\n<p style=\"text-align: center;\">Yellen was DOVISH…</p>\r\n<p style=\"text-align: center;\">The USD got whacked…Tony Soprano style\r\nand, by the way\r\nNFP delivered great numbers\r\nChange was 215,000 versus expectations of 206,000\r\nAverage Hourly Rates up 0.3% expectations 0.2%\r\nUnemployment Rate ticked up from 4.9% to 5.0%\r\nplus,\r\nISM Manufacturing PMi beat 50.8 expectations at 51.8%</p>\r\nI still refer back to my blog from weeks ago, with the U.S. being the biggest economy in the world where we are constantly being told is in great shape, strong and resilient making excellent progress can’t stomach a 0.25% rate rise?\r\n\r\nGo figure that, because I think it’s mental.\r\n\r\nA 0.25% rise will not affect Main Street in my opinion, just Wall Street and therein lies the issue…\r\n\r\nThe market makers want zirp (0% for infinity). Janet Yellen must be scared shi*less if she cannot push through 0.25% now because it will be autumn (fall) before the next window comes around given the BREXIT situation and its potential effect on de-stabilizing the financial markets given London’s position.\r\n\r\nShe needs more than 0.25% behind the clock in case of a potential recession ahead. I think at least 1.00% by the end of 2016 is a minimum. I just cannot see that happening.\r\n\r\nWhat a fragile economy the U.S. must be, or is it driven by pressure groups and lobbyists at the highest level?\r\n\r\nAt least that was a month and quarter end out of the way, that\'s one way to view last week.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>MOVE OVER MARIO and HARUHIDO…JANET HAS THE BALLS!</strong></p>\r\nIf Janet Yellen was a bloke she would have really big balls. The last woman who would have had balls of steel was Margaret Thatcher.\r\n\r\nDon’t get me wrong Janet Yellen is not in that league (yet) but she does pack a powerful punch.\r\n\r\nThe ECB and BOJ failed recently to intervene in the markets and drive prices they way they want. With regards to Draghi had he not said “and that’s it” things may have been different but essentially it is what it is, or rather it was what it was. Both central bank presidents failed to get the buy in from the financial markets to their changes in monetary policy.\r\n\r\nLooking at Janet Yellen, she essentially gave Wall Street a rate cut without changing macro level monetary FED policy. That demonstrates without any contradiction the power of a central bank. In fact, most of us traders have grown up with this belief implanted into our brains.\r\n\r\nFair play Janet Yellen stood there; she knew exactly the effect her words would have. She gave Wall Street what it wanted.\r\n\r\nBut did she?\r\n\r\nThe constant stream of guests on BLOOMBERG and CNBC still rabbit on about uncertainty, dots, four rates hikes, two rate hikes, three rate hikes, no rate hikes…. Stop… give me time to draw breath and think.\r\n\r\nI wrote a few weeks ago about the FED’s dot plots on graphs being great to assure markets of continued support, but when trying to normalize it’s way too rigid. The FED is held to ransom over dots placed on bits of paper that can be months old.\r\n\r\nI just don’t get it; the Fed wants to normalize and yet the dithering is unbelievable for just 0.25%.\r\n\r\nForget about emerging markets; forget about the rest of the world. They all know interest rates in the US are going up, end of story. The Forex market is a future pricing mechanism, most of it is priced in, all that Janet Yellen does by dithering is create uncertainty. Markets do NOT like uncertainty.\r\n\r\nI always come back to the same position having gone around and around.\r\n\r\n&nbsp;\r\n<ul>\r\n	<li>Everyone knows the FED has changed its monetary policy position.</li>\r\n	<li>The world is expecting interest rate increases.</li>\r\n	<li>Data is relatively good.</li>\r\n	<li>The average hourlies from NFP will show that there is some inflation in the works.</li>\r\n	<li>Why are interest rate increases not happening?</li>\r\n	<li>What does the FED see that we do not?</li>\r\n	<li>Why the dithering?</li>\r\n	<li>We are only talking about 0.25% and that will not affect Main Street.</li>\r\n</ul>\r\nI can assume Wall Street pressure is influencing the supposedly impartial FED; am I right?\r\n\r\nWhat is Wall Street frightened of…. hard work?\r\n\r\nJanet Yellen just gave Wall Street by being so DOVISH, more uncertainty. Sure they grabbed the speech content made a few $$$ but are they any the wiser?\r\n\r\nAs mentioned, we now have increased uncertainty about interest rate hikes on our TV screens.\r\n\r\nFrankly, I am finding all of this rather strange.\r\n\r\nWe have BREXIT fears, a circus of a presidential election campaign, with a bunch of candidates I wouldn’t hire, a FED chair that dithers and bunch of Central bank governors/presidents dotted about the globe, who right now are about as useful as a chocolate teapot in establishing monetary policy.\r\n\r\nThe FED can still control and direct the market based upon commentary; but is it effective?\r\n\r\nOnly time will tell. Janet Yellen certainly packs a punch, for now at least, but I do think that she is missing another moment.\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>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\nI wanted to be very upbeat in this section this week.\r\n\r\nFrom a poor ending in February of -132 pips to now a positive of +1,710 at the end of Mach, is a great return. My goal is 1,000 pips per month.\r\n\r\nBut I am NOT elated.\r\n\r\nYes, longer-term trades via PART-TIME TRADER trades are holding up well and ahead of my 2016 target. But my core trades are suffering - FLASH trades in particular. I am of course comforted by the fact it is not just myself struggling through the chop fest, but at the end of the day, as Joe Walsh would say… so what!\r\n\r\nI can promise you 110% I am at my machines and screens 16-18 hours a day. I am constantly labeling charts setting timer and price guide alerts. For whatever reason its just NOT happening at the moment.\r\n\r\nIgnoring pips for now because they are just part of the picture. As you know from the information given, my position sizes on the shorter duration trades are larger than the position sizes I take on the longer-term trades. Therefore pips can be great but my $$$ return is not.\r\n\r\nIt will come good I have been around long enough to know that, but it is annoying and totally frustrating at times.\r\n\r\nMy process of finding high probability trades is the same as it has been for the past 5 years. I am more hesitant at the moment because of the chop and I believe this is a normal response to have.\r\n\r\nIt’s all about having patience and not chasing trades that would not usually come to the forefront with the trading criteria that you have. I get all of the trading manuals guidelines and policies and I am so careful not to sacrifice any of these principles.\r\n\r\nInside the PREMIUM SERVICE you can view all of March trading data. My PROFIT/LOSS TRADING RATIO in March was 78% profitable trades 22% loss making trades; YTD these numbers are 74/26%.\r\n\r\nI am now back to being in striking distance of the year on year pip comparison, 1,372 pips behind 2015 YTD.\r\n\r\nThere is lots of good news.\r\n\r\nI just want to be 100% across all areas and I suppose this will never be possible in the real world. I am going to try though!\r\n\r\nOther snippets are: -\r\n\r\nWith effect from April 4<sup>th</sup> PART-TIME TRADER TRADES will be called POSITION TRADES with the prefix POS. Essentially these trades are POSITION trades and moving forward I prefer them to be called this.\r\n\r\nPREMIUM SERVICE (SILVER) will be dropped, not sure of the date yet. I have loyal followers to GOLD and subscribers who hate twitter are still with me. The take up on SILVER was disappointing and therefore the administration time spent in that area can be put to better use as far as I am concerned.\r\n\r\nRegarding the UK and IRELAND tour, if any of you are around and able to show your face, I would love to meet and spend some time with you if it’s possible. I have had SKYPE conversations with many of you and have chatted on email many times, but being able to put a face to the name would be great.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nAs requested by a few of you I have re-instated the trade by trade excel summary sheets.\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-live-trades-02042016/\" rel=\"attachment wp-att-7555\"><img class=\"aligncenter size-full wp-image-7555\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIVE-TRADES-02042016.png\" alt=\"PS LIVE TRADES 02042016\" width=\"900\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/ps-limit-orders-02042016/\" rel=\"attachment wp-att-7554\"><img class=\"aligncenter size-full wp-image-7554\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/PS-LIMIT-ORDERS-02042016.png\" alt=\"PS LIMIT ORDERS 02042016\" width=\"682\" height=\"459\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>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: AUD – Building Approvals &amp; Retail Sales.\r\n\r\nMONDAY: AUD – Trade Balance.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: CAD – Trade Balance.\r\nTUESDAY: NZD – GDT Prices.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB) gives us words of wisdom.\r\nTHURSDAY: USD – Janet Yellen (FED) gives us words of wisdom.\r\n\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/eurusd-daily-02042016/\" rel=\"attachment wp-att-7557\"><img class=\"aligncenter size-large wp-image-7557\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-DAILY-02042016-1024x509.png\" alt=\"EURUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4225\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/gbpusd-daily-02042016/\" rel=\"attachment wp-att-7558\"><img class=\"aligncenter size-large wp-image-7558\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-DAILY-02042016-1024x509.png\" alt=\"GBPUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7680\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/audusd-daily-02042016/\" rel=\"attachment wp-att-7556\"><img class=\"aligncenter size-large wp-image-7556\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-DAILY-02042016-1024x509.png\" alt=\"AUDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6899\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/nzdusd-daily-02042016/\" rel=\"attachment wp-att-7559\"><img class=\"aligncenter size-large wp-image-7559\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-DAILY-02042016-1024x509.png\" alt=\"NZDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3010\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdcad-daily-02042016/\" rel=\"attachment wp-att-7560\"><img class=\"aligncenter size-large wp-image-7560\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-DAILY-02042016-1024x509.png\" alt=\"USDCAD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9574\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/usdchf-daily-02042016/\" rel=\"attachment wp-att-7561\"><img class=\"aligncenter size-large wp-image-7561\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-DAILY-02042016-1024x509.png\" alt=\"USDCHF DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.60\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/usdjpy-daily-02042016/\" rel=\"attachment wp-att-7562\"><img class=\"aligncenter size-large wp-image-7562\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-DAILY-02042016-1024x509.png\" alt=\"USDJPY DAILY 02042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week we appear to be “down under” as we say for most of the big data. The Aussies have it this week; the RBA, Retail Sales, Building Approvals and Trade Balance numbers.\r\n\r\nDraghi and Yellen speak on Thursday; God only knows what they are going to add now?\r\n\r\nThe Canadian data, Jobs and Trade balance will be interesting to follow as the boy’s (Trudeau’s) recent budget passed off as bit of a whimper at the end of the day. I can see Stephen Poloz (BOC) finally being forced to grab the issue and bolster the Canadian economy sooner rather than later. Now that the snow is clearing away (finally), I think that the BOC will act. So this data, this week, will be interesting to digest.\r\n\r\nAs always, be savvy…\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\nDATE: 2<sup>nd</sup> April 2016\r\nBLOG REFERENCE: #96 PREMIUM SERVICE','MOVE OVER MARIO and HARUHIDO…  JANET HAS THE BALLS!','','inherit','closed','closed','','7564-revision-v1','','','2016-04-02 10:24:54','2016-04-02 15:24:54','',7564,'https://weeklyfxdrivethru.com/7564-revision-v1/',0,'revision','',0),(7568,1,'2016-04-02 14:29:22','2016-04-02 19:29:22','<strong> </strong>\r\n<ol>\r\n	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAm I the only trader who feels like he is on a roller coaster ride?\r\n\r\nI must be, all my twitter feeds seem to show everyone is making heaps of $$$, getting in at the top and getting out pretty much at the bottom. How do they do this? Not wanting to sound like Donald Trump but are they all lyin’ Ted’s!\r\n\r\nYou are not alone if you are on the same roller coaster as me. It is real and it’s all about adjusting and surviving!\r\n\r\nI am trading exactly the way that I have been doing for the past 5 years out of my 8 years of trading and I feel like I am being beaten up virtually every time I enter a trade, well at least it feels that way.\r\n\r\nAt the end of last month (February) all my 2016 pip gains were wiped out, following a combination of BREXIT fears and ice-storms that gave huge power outages in the area that I live in, 36 hours plus of connection issues. No power, no ISP’s, generators iced up and no cell phone coverage apart from emergency calls to 911.\r\n\r\nThis year’s month-by-month pips are below and they are cumulative:\r\n<p style=\"text-align: center;\">+1,399 pips on the 31<sup>st</sup> January 2016\r\nto\r\n-132 pips on the 29<sup>th</sup> February 2016\r\nand now to\r\n+1,710 pips on the 31<sup>st</sup> March 2016</p>\r\nIt sounds great but I feel that I am struggling. I am making pips but Holy Mother of God it’s just trying to keep your head above the water at times.\r\n\r\nI am more of a POSITION style trader than anything else and examining my trades, my longer-term PART-TIME TRADER trades are doing great. My RADAR trades are OK, but my FLASH trades are struggling. These are trades directly linked to the market chop!\r\n\r\nFUNDAMENTAL trades were the ones that suffered in February and in March I recovered more than 25% of the pain suffered in February, so I am happy about this fact.\r\n\r\nIt is the market chop that is eating me up and quite frankly I do not believe the lyin’ Ted’s on twitter are not affected.\r\n\r\nWhat do I do?\r\n\r\nOnly trade my trades with a longer-term perspective, would seem a reasonable suggestion.\r\n\r\nI am trying to give profitable trades air to breathe. I am probably guilty of not cutting out the loss making trades fast enough, although when I have cut them they spike up within minutes, and my losses taken could have in fact been profits. I am cutting position sizes, moving stops to ensure that my RISK EXPOSURE is maintained within my TRADING PLAN limits. I am still selling into strength buying pullbacks and the chop has been killing me.\r\n\r\nI hear you saying several things.\r\n<ul>\r\n	<li>Do not move your stops.</li>\r\n	<li>Just take 20-30 pips here and there and forget about measured moves</li>\r\n	<li>Forget about Fibonacci targets and levels.</li>\r\n	<li>Forget about Pivot Points.</li>\r\n</ul>\r\nThey all sound creditable in their own way to some extent.\r\n\r\nAction, clarification and ideas bouncing was required so I decided to arrange an emergency SKYPE call with my peer group.\r\n\r\nI have known these guys/gal for a few years now and usually once a month we have a conference call about all matters Forex. The group consists of an “Elliot Wave Trader” (I still don\'t get it), an ex. Bank long-term trader (longer than my perspective), a female “Swinger” (Swing Trader) and myself (The Scoucer).\r\n\r\nSetting the meeting, I was in control. My arse I was… within 10 seconds of establishing that all parties could hear each other, all I could hear was bitching about how bloody awful the market was and that when trying to establish positions it was basically a chop fest.\r\n\r\nYep…. Other traders, traders I know tell the truth, traders who have been around for a while, like me lost it all, got it back, suffered like hell and then experienced a hallelujah moment, these guys tell it as it is.\r\n\r\nSo… twitter is full of sh*t. For the past four / five months I have hardly been on twitter with @pipaccumulator, because frankly I was sick to the back teeth of hearing how fecking wonderful it was in the Forex markets. Granted, there will be a few who have great trades, I have had great trades but my core FLASH “bread and butter” trades have been suffering in the chop!!\r\n\r\nIn summary…\r\n\r\nI now know that I have NOT been losing my mind and, in addition, my thoughts about twitter are confirmed. There are some real numpties out there that have allegedly never lost money on trades. I keep deleting these from my following lists but somehow more appear, WTF. More importantly, my sanity remains intact.\r\n\r\nIf you have been struggling in the 2016 chop fest, you are NOT alone… I am in there with you.\r\n\r\nAlmost finally, in this section, just to remind you; you could be the next winner of a free PREMIUM SERVICE (SILVER) subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE (SILVER).\r\n\r\nFinally, I am on tour… t-shirts are being printed (joke).\r\n\r\nI am going to the UK and IRELAND as mentioned last week to present myself and what the PREMIUM SERVICE can do for you regardless of what stage / level of trader you are. More about this as the dates come closer but below is an excel sheet with the tour schedule.\r\n\r\nSpaces are limited so to register for an event, please go to my landing page on <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and click on LIVE EVENTS. The drop down menu there has all the information that you will require. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/upcoming-live-events-seminars-training/tour-dates-2016/\" rel=\"attachment wp-att-7522\"><img class=\"aligncenter size-full wp-image-7522\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"624\" height=\"397\" /></a><strong> </strong>\r\n<ol start=\"2\">\r\n	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>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>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of SILVER &amp; GOLD subscriptions can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the drop down tab at the top of the page entitled PREMIUM SERVICE.\r\n\r\nI will be making changes within the next 30 days, to subscription options and costs. Details will appear here and on my website once the changes are ready to launch.\r\n\r\nThe current subscription costs are as follows: -\r\n\r\nPREMIUM SERVICE (SILVER):\r\nUSD$100.00 every 4 weeks.\r\n\r\nPREMIUM SERVICE (GOLD):\r\n\r\nUSD$295.00 10 weeks (3 months)\r\nUSD$495.00 20 weeks (6 months)\r\nUSD$795.00 40 weeks (12 months)\r\n\r\nI work for 40 weeks or so a year, the annual subscription is based on 40 published blogs of the WEEKLY FX DRIVE THRU. For the remaining 12 weeks in the year, I am usually around tweeting and managing existing LIVE trades.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +1,710\r\nNET PIPS THIS YEAR SO FAR:                +1,578</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015        +10,686\r\nNET PIPS 2014        +11,209</p>\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).\r\n\r\nIf 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.\r\n\r\n<u>PREMIUM SERVICE – PART TIME TRADERS:</u>\r\n\r\nThe article below has just been updated on my website. I placed the initial article on my website at the end of 2015 to launch PART-TIME TRADER trades, which from April 4<sup>th</sup> 2016 will now be called POSITION trades.\r\n\r\nThe piece is self explanatory, basically, after completing Q1 2016, I wanted to review progress with this style of trade against the projection I published at the launch.\r\n\r\nThe full version of the history of PART-TIME TRADER trades (now POSITION TRADES) can be found by clicking on my website at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nOn my landing page at the top there is tab titled PART-TIME FOREX (POSITION) TRADERS, if you select this the complete article is there. Below is just the Q1 addition to the original piece.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>ARE YOU A PART-TIME FOREX TRADER\r\nor\r\nWOULD YOU LIKE TO ADD ANOTHER INCOME STREAM TO YOUR\r\nHOUSEHOLD INCOME?</strong></p>\r\nWe are almost three months into 2016 trading and I thought that it would be a great idea to review the performance of my new trading category, that was launched in January this year; PART-TIME TRADER TRADES.\r\n\r\nBefore getting into the “nitty gritty” of projected numbers versus actual performance, I thought I should offer an overview to date.\r\n\r\nThis year trading has not been as clear-cut as I had hoped for. The divergent trade, which frankly launched this idea of the new trade set-up category, has not been as visible as I had hoped. In fact, there have been clear examples of central bank policy direction being ignored (BOJ and ECB). Coupled with some major geopolitical uncertainties, I have not had the confidence to let trades run as I had originally intended and I have cut trades short, mostly at the time they were profitable to bank $$$.\r\n\r\nMoving forward, I do see the divergent trade re-appearing because frankly, nothing has fundamentally changed. The FED is still progressing with monetary policy, that is, raising rates when the two other large central banks the ECB and BOJ are still easing with monetary policy through a long term quantitative easing program. From this perspective nothing has changed.\r\n\r\nHowever, one thing that I do want to change is the name given to these suggested trade set-ups moving forward. From April 4<sup>th</sup> 2016 they will be renamed as POSITION TRADES and no longer PART-TIME TRADER TRADES. They will now carry the prefix POS as suggested set-ups are posted to subscribers of the PREMIUM SERVICE.\r\n\r\nBelow is the PROJECTED PERFORMANCE versus the ACTUAL for Q1 2016. I have added a short commentary / summary on the chart and in the few short comments at the foot of the excel sheet.\r\n\r\nI am really pleased with this category of trade set-up. It has been by far my most successful trading style this year so far. This does make some sense in the fact that for most of this year I have been talking in my blogs and writing <strong>on </strong>Twitter about how choppy the markets have been and because of geopolitical uncertainties it has on many occasions been quite difficult to trade.\r\n\r\nThe actual performance for Q1 is in BLUE and the original projection is in BLACK. I have made no amendments to the original data.\r\n\r\nRoll on Q2 if it is half as good as Q1 there will be both pips and $$$$!!\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/part-time-forex-traders/position-trades-q1v2016-31032016/\" rel=\"attachment wp-att-7519\"><img class=\"aligncenter wp-image-7519\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/03/POSITION-TRADES-Q1v2016-31032016.png\" alt=\"POSITION TRADES Q1v2016 31032016\" width=\"767\" height=\"587\" /></a></strong>\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nSo often when Non Farm Payrolls feature in the economic data releases for a week everything else pales into insignificance.\r\n\r\nAs far as I am concerned, this was the point last week with one exception. After the Easter holiday break on Tuesday, Janet Yellen spoke.\r\n\r\nIt was a turning point. Yellen delivered a DOVISH speech and the USD was whacked and it was continually whacked up to NFP data release.\r\n\r\nPersonally, I think just like the FED missed the moment in 2015 by raising in December, primarily so as not to lose face, they should have done it in July or September and December in my opinion.\r\n\r\nLast week Yellen, basically ruled out April, although the NFP data is good enough to hike. She has probably ruled out June because of the BREXIT fears in the UK.\r\n\r\nI show the weekly USD index (DXY) chart below. As you can see there is a bearish engulfing weekly candle. This could spell some more USD weakness at the start of this week, but the USD is well oversold at this point and we should at least be prepared for a possible bounce as we approach key support. If that support gives way at 93.15 all hell will break loose.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/dxy-weekly-chart-02042016/\" rel=\"attachment wp-att-7553\"><img class=\"aligncenter size-large wp-image-7553\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/DXY-WEEKLY-CHART-02042016-1024x481.png\" alt=\"DXY WEEKLY CHART 02042016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\nReferring back to my peer group from the introduction, my ex Banker chappie, is quite adamant that what he calls “Value Buyers” should emerge before that level buying up a reverse move towards 96.00 and beyond.\r\n<p style=\"text-align: center;\">So in recap…</p>\r\n<p style=\"text-align: center;\">Yellen was DOVISH…</p>\r\n<p style=\"text-align: center;\">The USD got whacked…Tony Soprano style\r\nand, by the way\r\nNFP delivered great numbers\r\nChange was 215,000 versus expectations of 206,000\r\nAverage Hourly Rates up 0.3% expectations 0.2%\r\nUnemployment Rate ticked up from 4.9% to 5.0%\r\nplus\r\nISM Manufacturing PMi beat 50.8 expectations at 51.8%</p>\r\nI still refer back to my blog from weeks ago, with the U.S. being the biggest economy in the world where we are constantly being told is in great shape, strong and resilient making excellent progress can’t stomach a 0.25% rate rise?\r\n\r\nGo figure that, because I think it’s mental.\r\n\r\nA 0.25% rise will not affect Main Street in my opinion, just Wall Street and therein lies the issue…\r\n\r\nThe market makers want zirp (0% for infinity). Janet Yellen must be scared shi*less if she cannot push through 0.25% now because it will be autumn (fall) before the next window comes around given the BREXIT situation and its potential effect on de-stabilizing the financial markets given London’s position.\r\n\r\nShe needs more than 0.25% behind the clock in case of a potential recession ahead. I think at least 1.00% by the end of 2016 is a minimum. I just cannot see that happening.\r\n\r\nWhat a fragile economy the U.S. must be, or is it driven by pressure groups and lobbyists at the highest level?\r\n\r\nAt least that was a month and quarter end out of the way, that\'s one way to view last week.\r\n\r\n<strong> </strong>\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>MOVE OVER MARIO and HARUHIDO… JANET HAS THE BALLS!</strong></p>\r\nIf Janet Yellen was a bloke she would have really big balls. The last woman who would have had balls of steel was Margaret Thatcher.\r\n\r\nDon’t get me wrong Janet Yellen is not in that league (yet) but she does pack a powerful punch.\r\n\r\nThe ECB and BOJ failed recently to intervene in the markets and drive prices they way they want. With regards to Draghi had he not said “and that’s it” things may have been different but essentially it is what it is, or rather it was what it was. Both central bank presidents failed to get the buy in from the financial markets to their changes in monetary policy.\r\n\r\nLooking at Janet Yellen, she essentially gave Wall Street a rate cut without changing macro level monetary FED policy. That demonstrates without any contradiction the power of a central bank. In fact, most of us traders have grown up with this belief implanted into our brains.\r\n\r\nFair play Janet Yellen stood there; she knew exactly the effect her words would have. She gave Wall Street what it wanted.\r\n\r\nBut did she?\r\n\r\nThe constant stream of guests on BLOOMBERG and CNBC still rabbit on about uncertainty, dots, four rates hikes, two rate hikes, three rate hikes, no rate hikes…. Stop… give me time to draw breath and think.\r\n\r\nI wrote a few weeks ago about the FED’s dot plots on graphs being great to assure markets of continued support, but when trying to normalize it’s way too rigid. The FED is held to ransom over dots placed on bits of paper that can be months old.\r\n\r\nI just don’t get it; the Fed wants to normalize and yet the dithering is unbelievable for just 0.25%.\r\n\r\nForget about emerging markets; forget about the rest of the world. They all know interest rates in the US are going up, end of story. The Forex market is a future pricing mechanism, most of it is priced in, all that Janet Yellen does by dithering is create uncertainty. Markets do NOT like uncertainty.\r\n\r\nI always come back to the same position having gone around and around.\r\n<ul>\r\n	<li>Everyone knows the FED has changed its monetary policy position.</li>\r\n	<li>The world is expecting interest rate increases.</li>\r\n	<li>Data is relatively good.</li>\r\n	<li>The average hourlies from NFP will show that there is some inflation in the works.</li>\r\n	<li>Why are interest rate increases not happening?</li>\r\n	<li>What does the FED see that we do not?</li>\r\n	<li>Why the dithering?</li>\r\n	<li>We are only talking about 0.25% and that will not affect Main Street.</li>\r\n</ul>\r\nI can assume Wall Street pressure is influencing the supposedly impartial FED; am I right?\r\n\r\nWhat is Wall Street frightened of…. hard work?\r\n\r\nJanet Yellen just gave Wall Street by being so DOVISH, more uncertainty. Sure they grabbed the speech content made a few $$$ but are they any the wiser?\r\n\r\nAs mentioned, we now have increased uncertainty about interest rate hikes on our TV screens.\r\n\r\nFrankly, I am finding all of this rather strange.\r\n\r\nWe have BREXIT fears, a circus of a presidential election campaign, with a bunch of candidates I wouldn’t hire, a FED chair that dithers and bunch of Central bank governors/presidents dotted about the globe, who right now are about as useful as a chocolate teapot in establishing monetary policy\r\n\r\nThe FED can still control and direct the market based upon commentary; but is it effective?\r\n\r\nOnly time will tell. Janet Yellen certainly packs a punch, for now at least, but I do think that she is missing another moment.\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> </strong>\r\n<ol start=\"5\">\r\n	<li><strong> COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>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: AUD – Building Approvals &amp; Retail Sales.\r\n\r\nMONDAY: AUD – Trade Balance.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: CAD – Trade Balance.\r\nTUESDAY: NZD – GDT Prices.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB) gives us words of wisdom.\r\nTHURSDAY: USD – Janet Yellen (FED) gives us words of wisdom.\r\n\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </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\nMy comments are contained on the charts. If you have difficulty getting them to expand please let me know. Sometimes word press is difficult.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1393\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/eurusd-daily-02042016/\" rel=\"attachment wp-att-7557\"><img class=\"aligncenter size-large wp-image-7557\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/EURUSD-DAILY-02042016-1024x509.png\" alt=\"EURUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4225\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/gbpusd-daily-02042016/\" rel=\"attachment wp-att-7558\"><img class=\"aligncenter size-large wp-image-7558\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/GBPUSD-DAILY-02042016-1024x509.png\" alt=\"GBPUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7680\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/audusd-daily-02042016/\" rel=\"attachment wp-att-7556\"><img class=\"aligncenter size-large wp-image-7556\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/AUDUSD-DAILY-02042016-1024x509.png\" alt=\"AUDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6899\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/nzdusd-daily-02042016/\" rel=\"attachment wp-att-7559\"><img class=\"aligncenter size-large wp-image-7559\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/NZDUSD-DAILY-02042016-1024x509.png\" alt=\"NZDUSD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3010\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/usdcad-daily-02042016/\" rel=\"attachment wp-att-7560\"><img class=\"aligncenter size-large wp-image-7560\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCAD-DAILY-02042016-1024x509.png\" alt=\"USDCAD DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9574\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/usdchf-daily-02042016/\" rel=\"attachment wp-att-7561\"><img class=\"aligncenter size-large wp-image-7561\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDCHF-DAILY-02042016-1024x509.png\" alt=\"USDCHF DAILY 02042016\" width=\"1024\" height=\"509\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 111.60\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/member_posts/move-mario-haruhido-janet-balls/usdjpy-daily-02042016/\" rel=\"attachment wp-att-7562\"><img class=\"aligncenter size-large wp-image-7562\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/USDJPY-DAILY-02042016-1024x509.png\" alt=\"USDJPY DAILY 02042016\" width=\"1024\" height=\"509\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week we appear to be “down under” as we say for most of the big data. The Aussies have it this week; the RBA, Retail Sales, Building Approvals and Trade Balance numbers.\r\n\r\nDraghi and Yellen speak on Thursday; God only knows what they are going to add now?\r\n\r\nThe Canadian data, Jobs and Trade balance will be interesting to follow as the boy’s (Trudeau’s) recent budget passed off as bit of a whimper at the end of the day. I can see Stephen Poloz (BOC) finally being forced to grab the issue and bolster the Canadian economy sooner rather than later. Now that the snow is clearing away (finally), I think that the BOC will act. So this data, this week, will be interesting to digest.\r\n\r\nAs always, be savvy…\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\nDATE: 2<sup>nd</sup> April 2016\r\nBLOG REFERENCE: #195 FREE NEWSLETTER\r\n\r\n&nbsp;','MOVE OVER MARIO and HARUHIDO…  JANET HAS THE BALLS!','','publish','open','closed','','move-mario-haruhido-janet-balls','','','2016-04-02 14:29:22','2016-04-02 19:29:22','',0,'https://weeklyfxdrivethru.com/?p=7568',0,'post','',0),