(7888,1,'2016-05-14 12:26:19','2016-05-14 17:26:19','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe USD came back with a vengeance last week. All you have to do is look at the DXY chart below to see that there is a desire to own the greenback once again.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016.png\"><img class=\"aligncenter size-large wp-image-7865\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016-1024x429.png\" alt=\"DXY 15052016\" width=\"1024\" height=\"429\" /></a>\r\n\r\n&nbsp;\r\n\r\nOn the DXY weekly chart above, I have placed a few comments regarding my thoughts and target levels.\r\n\r\nI decided on Friday last week to take profits on my RADAR and FUNDAMENTAL trades after U.S. retail sales numbers were posted. The longer-term POSITION trades are still in play and I am hoping for some larger moves in line with my FUNDAMENTAL views for 2016-2017. All in all a good week for trading, although I find myself writing this a great deal now, one has to be patient and wait more so then ever for trades to materialize and develop.\r\n\r\nAs I have said for over two years now, my approach is a ’Steady Eddie” one. My goals are very simply 10,000 pips per year for the 10 months of the year that I trade, which, breaks down to 1,000 pips a month. This month we are at 786 pips of net profit generated with 4,600 pips year to date.\r\n\r\nRemember, the ice storms and power and ISP outages that I suffered here in Montreal in February?\r\n\r\nThe PREMIUM SERVICE account was reduced to zero pips as a result of that; look where it is today, back on target: - How?\r\n<ul>\r\n 	<li>Patience</li>\r\n 	<li>High probability trading</li>\r\n 	<li>Taking a longer-term wider stop perspective during the continual chop fest and range bound trading conditions.</li>\r\n</ul>\r\nAll of this has contributed to the “Lazarus” effect!!\r\n\r\nMy G20 aka “G” trades have yet to be added to my broker account. I am so conscious that my 1.0 trades had great entries at range extremes but now that we have pulled in from the limits I am like a spoilt child that has “spat his dummy out” because I can\'t have those great entries once again. They will appear soon.\r\n\r\nMoving on…\r\n\r\nThe PREMIUM SERVICE has moved to CAD$ and I have my own server with my Word Press host upgraded, not that any of this has been easy to do. My website has been up and down more times than a pair of hookers knickers over the past week. Very frustrating and at times really annoying, I am told it’s all to do with my SSL and my new payment gateway. Hopefully its all fixed now… fingers crossed.\r\n\r\nI apologize if you had difficulty navigating my website over these past few days. As mentioned, the upgrades have NOT been without incident and I am still not 100% convinced yet that all things are good.\r\n\r\nBTW: - If anyone is looking at Blue Host to host a website, my two pennies on this matter are very simple - do not. Blue Host will not telephone you; they send emails only from no-reply email addresses. Your issues go into a group pot, they are not “completer finishers” because no one owns the issue, and no one has the responsibility. They are NOT sales or account management focused.\r\nNever do what I have done in the past, which is to believe their sales people. Every upgrade has been a disaster. My alleged seamless transition from a cloud based server to a VPS (Virtual Private server), supposedly taking 3 hours resulted in my website breaking and my email database from my address book being lost. After 48 hours they still had their heads so far up their arse’s dealing with crap, they could not offer any resolution, more importantly no apologies and NO understanding of the frustration that this paid upgrade was causing. If that is seamless, it requires a new definition in the Oxford dictionary. My guru Claudia fixed things for them.\r\n\r\nShifting to more pleasant matters…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are gathering a pace and my power point software skills are being pushed to the limits, never mind the continual refining of the presentation content.\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\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\nPlease note that because of the TOUR, copies of this blog will have a revised format on the following dates: -\r\n\r\n18<sup>th</sup> June 2016\r\n25<sup>th</sup> June 2016\r\n2<sup>nd</sup> July 2016\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\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 credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)</p>\r\n<p style=\"text-align: center;\">CAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00</p>\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 of the year, I am usually around tweeting and managing existing LIVE trades.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +786\r\nNET PIPS THIS YEAR SO FAR:                +4,600</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</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\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\nFrom my perspective last week was all about continued USD strength. There is once again a wish / want / desire to own the USD.\r\n\r\nRBNZ:\r\n\r\nAfter Mark Carney (Part-time JCB operative) at the BOE, the RBNZ with governor Graeme Wheeler must be the second most annoying central bank with mixed messages that confuse the crap out of traders.\r\n\r\nNot that this has changed, but he is now worried and emphasizing Auckland property prices. Is it just me, or did we not hear the same rhetoric from Glenn Stevens at the RBA a couple of months ago vis-à-vis the Sydney housing issue.\r\n\r\nI think 4-6 weeks later the RBA were running to hide under desks on Prozac as the boom / bust / bubble hit home and now we are looking beyond a surprise rate cut that happened this month for at least one more very soon and maybe another before the end of the year.\r\n\r\nIs the same going to happen with the RBNZ?\r\n\r\nLast Tuesday’s presentation of the stability report which had a hold on rates, was what I can only describe as the most laid back, boring, watching paint dry event Yup it was stable alright, the damn RBNZ team were fecking rigid it was that stable. Nothing against accountants, but you know what I mean; when you get the desk sucking, pen pushing, jotter blotters in charge even the most tea-total observers must be considering at least just one drink of alcohol to get me through?\r\n\r\nFrom a trading perspective of course, not for the first time, Wheeler screwed up my open trades for 36 hours or so.\r\n\r\nOverall, the goal with the RBNZ is to send the NZD weaker. I think that you need to be patient with this currency moving forward. I am constantly re-assessing my longer-term objectives with this currency, but I do feel sub. 0.6000 is on before the end of 2016.\r\n\r\nBOE:\r\n\r\nI basically listened and observed the huff ‘n puff out of Carney. As a precaution, I exited a EUR/GBP trade with +50 pips given that he (Carney) is a misleader of the markets.\r\n\r\nWhat surprised me about the BOE data release was that were no dissenters, all the MPC members voted in harmony. The result of this was a spike, then fall, then spike and then fall again with most GBP related pairs, followed by the return to the range. My fear was for a dissenter amongst the ranks so I closed my EUR/GBP as a precaution…argh!!\r\n\r\nI am now looking to re-enter if possible above 0.7900.\r\n\r\nU.S. RETAIL SALES and PPi:\r\n\r\nSurprisingly good numbers; I was expecting weaker numbers as confidence as spending in the U.S. (the ultimate consumer spending society in the world), I thought may have been hit my higher gas (petrol) prices as WTi has inched higher of late. Apparently not put off, the numbers were really good and have bucked the trend of recent U.S, economic data, which, I would describe as weak.\r\n\r\nCORE RETAIL:         Actual 0.8% - Expected 0.6%\r\nRETAIL SALES:        Actual 1.3% - Expected -0.3%\r\nCORE PPi:               Actual 0.1% - Expected 0.1%\r\nPPi:                             Actual 0.2% - Expected 0.3% (slight miss)\r\n\r\nLooking back over the week it was the same old same old but the directional move of the USD actually stabilized the markets, some uncertainty was removed as traders appeared to get on board with the fact that the DXY was over sold and that some sort of retracement was required. That may be a rather over simplistic view of matters, but I came from the “keep it simple” school of trading and understanding market fundamentals and correlations.\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>THE BULLY BOYS ARE OUT REGARDING THE BREXIT</strong></p>\r\nAs most of you regular readers will know, I am dual citizen, UK and Canada.\r\n\r\nHaving only lived here in Montreal for about 10 years, I have more friends back in blighty and I keep in touch on a regular basis by SKYPE, FACETIME, email and telephone.\r\n\r\nI am constantly being advised that the BREXIT / REMAIN vote will be close. Many friends also tell me, that they hear of people wanting out of the European Union much more so than having conversations talking about staying within the EU.\r\n\r\nIs this normal? I am not sure I know what is normal anymore when the likes of the US Presidential race is nothing more than a circus. Basically it is reality TV regurgitated in its worst format for an alleged world leading economy, with the world looking on, it\'s a farce, in my opinion. To think that the U.S. has the damn nerve to go around the world to non-democratic countries saying “do it the way we do it, it is the best democracy ever”. Are you kidding me? Is that some kind of joke? One thing that is for sure is that the true colours of the U.S. are being shown to all and sundry. Massive uncertainty for the world economic environment lies ahead.\r\n\r\nWhether you like what is happening or not, the fact that the GOP (Republican) hierarchy are basically saying to voters vote the way we tell you because you are all ignorant of the facts and stupid, is hardly an example of a democracy. So normal, to me requires a re-definition in the dictionary because what I thought was normal is nothing like it at the moment.\r\n\r\nGetting back on track…\r\n\r\nI think matters will intensify in the UK moving forward now for a number of reasons.\r\n<ol>\r\n 	<li>TV debates are beginning this week. There are three scheduled on the BBC – 19<sup>th</sup> May, 15<sup>th</sup> June and 21<sup>st</sup>\r\nThis by themselves will allow voters the opportunity to see close hand the key points and allow comparisons of viewpoints. Do not expect a Donald Trump spoiled brat approach of he said / she said and he said it first, style of debate. The UK is not Disney for adults.</li>\r\n 	<li>Voices from the EUROZONE are getting louder. I think that the realization that the EZ could take a giant step backwards is scaring the crap out of thinkers (there aren’t many of those in the EUROZONE as we know). The effects inside the EUROZONE would be catastrophic. Anyone who says not…just think about it in a little detail.\r\nSECURITY\r\nCASH…money into the EUROZONE\r\nFINANCIAL MARKETS\r\nSTABILITY in EUROPE\r\nTRADEAll of the above are uncertainties for the UK and the EUROZONE. This has NEVER been done before so it’s all a little bit of guesswork.Whilst referencing the EUROZONE the biggest concern that leaders inside must be worrying about is the CONTAGION effect. If the UK votes BREXIT, will other member states be forced into similar referendums?</li>\r\n 	<li>We are starting to see more extreme claims from both sides vis-à-vis what would happen if a BREXIT would be voted for. Obviously the REMAINS make it look like Armageddon and the BREXIT make it look like a rose garden of limitless opportunity. This attracts media attention and the headline grabbing statements certainly opens up more qualified debate.</li>\r\n 	<li>Like school children MP’s in the UK have lots of holidays. They break from Parliament from the 26<sup>th</sup> May until the 6<sup>th</sup> June and then again from the 15<sup>th</sup> June until the 27<sup>th</sup> These breaks mean that increased focus on the issues will be front and centre as the usual MP day-to-day routines are abandoned.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nThe REMAINS have called in the big guns like the IMF to lobby on their behalf as well. Some have said it is a little bullying in the approach taken on the basis that wild statements without any supporting data are being thrown at the electorate, such as no follow up on examples of impact.\r\n<ul>\r\n 	<li>House prices will plummet</li>\r\n 	<li>Financial Markets will be in chaos</li>\r\n 	<li>The UK world stage status will change?</li>\r\n 	<li>The impact of a BREXIT is not pretty bad but very bad… the IMF has dire thoughts over this.</li>\r\n</ul>\r\nI can rabbit on here for pages about this subject.\r\n\r\nI do love and respect the fact that cross party lines have gone when it comes to the debate. This is true democracy at work and most if not all MP’s in the UK are asking their constituents their thoughts, rather than just trying to be a part of the sound-byte TV agenda that many politicians like to feature in.\r\n\r\nThe fact that you can have two opposition leaders fighting the same fight on the same sides so passionately is great to watch\r\n\r\nWithout doubt moving forward news about the BREXIT will intensify and whilst the vote remains tight, the last one I have seen says:\r\n<p style=\"text-align: center;\">STAY (REMAIN) 46%\r\nLEAVE (BREXIT) 43%.</p>\r\nI believe that uncertainty will dominate the Forex market as we edge closer to the June 23<sup>rd</sup> voting date. At the end of the day it is all about RISK as we get closer to the referendum date.\r\n\r\nIt’s about your own RISK appetite. Mine will be quite low; I will NOT be trading the GBP/USD at all. The only trades GBP related I have at the moment are EUR/GBP and GBP/NZD. I do not intend to add further GBP trades other than a GBP/CHF trade which is inverted to the EUR/GBP.\r\n\r\nThe GBP/NZD is more about the NZD than the GBP. My fundamental views on the New Zealand economy are poor.\r\n\r\nThe EUR/GBP is a trade based upon the fact that I believe that when a push comes to a shove, the UK will vote to REMAIN. This will sky rocket the GBP/USD and should send the EUR/GBP lower towards 0.7000.\r\n\r\nWe are now in mid-May about 5 weeks away from the vote. If you are not already thinking about how you will manage the 23<sup>rd</sup> of June from a trading perspective, it will soon be time to do this.\r\n\r\nThere will be sound-bytes from all over, as every area in the globe has an interest in the outcome. It should be fun moving forward.<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:\r\n</strong>(No content available for this FREE NEWSLETTER version of the WEEKLY FX DRIVE THRU BLOG)</li>\r\n</ol>\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: USD – CPi and Core CPi.\r\nTUESDAY: NZD – GDT (Dairy Auction prices) and PPi.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\n\r\nFRIDAY: CAD – Core Retail Sales and Retail Sales.\r\n\r\n<u> </u>\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1306\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7870\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016-1024x481.png\" alt=\"EURUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4362\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7871\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016-1024x481.png\" alt=\"GBPUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7869\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016-1024x481.png\" alt=\"AUDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6770\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7872\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016-1024x481.png\" alt=\"NZDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2932\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7873\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016-1024x481.png\" alt=\"USDCAD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9755\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7874\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016-1024x481.png\" alt=\"USDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.64\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7875\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016-1024x481.png\" alt=\"USDJPY D 15052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have had some directional trading again courtesy of the USD strength.\r\n\r\nThis is not the time to get carried away. Last week I mentioned 6/7 high profile events due to occur in the next 60-90 days. Any one of these could stop the DXY in its tracks and force a swift reversal.\r\n\r\nWe have FOMC minutes this week, which will bring all sorts of numpties onto TV via CNBC and BLOOMBERG. Where these people come from and how much credit you can give to their opinions is debatable. Not one of them is held accountable and the vast majority have no skin the game, as we say.\r\n\r\nI have often thought of placing one of my labs (Ozzy or Aoife) on periscope, asking them questions about the FED and the markets in general, and gauging responses based upon a blink of the eye for a “YES” to a specific question should they agree. In all honesty, they could not be any worse than the fruit bats we have on TV at the moment, after all it is just a 50-50 guess!\r\n\r\nThat aside…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 15<sup>h</sup> May 2016\r\nBLOG REFERENCE: #201 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','THE BULLY BOYS ARE OUT REGARDING THE BREXIT','','publish','open','closed','','bully-boys-regarding-brexit','','','2016-05-14 18:20:58','2016-05-14 23:20:58','',0,'http://weeklyfxdrivethru.com/?p=7888',0,'post','',0),(7889,1,'2016-05-14 12:26:19','2016-05-14 17:26:19','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe USD came back with a vengeance last week. All you have to do is look at the DXY chart below to see that there is a desire to own the greenback once again.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016.png\"><img class=\"aligncenter size-large wp-image-7865\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016-1024x429.png\" alt=\"DXY 15052016\" width=\"1024\" height=\"429\" /></a>\r\n\r\n&nbsp;\r\n\r\nOn the DXY weekly chart above, I have placed a few comments regarding my thoughts and target levels.\r\n\r\nI decided on Friday last week to take profits on my RADAR and FUNDAMENTAL trades after U.S. retail sales numbers were posted. The longer-term POSITION trades are still in play and I am hoping for some larger moves in line with my FUNDAMENTAL views for 2016-2017. All in all a good week for trading, although I find myself writing this a great deal now, one has to be patient and wait more so then ever for trades to materialize and develop.\r\n\r\nAs I have said for over two years now, my approach is a ’Steady Eddie” one. My goals are very simply 10,000 pips per year for the 10 months of the year that I trade, which, breaks down to 1,000 pips a month. This month we are at 786 pips of net profit generated with 4,600 pips year to date.\r\n\r\nRemember, the ice storms and power and ISP outages that I suffered here in Montreal in February?\r\n\r\nThe PREMIUM SERVICE account was reduced to zero pips as a result of that; look where it is today, back on target: - How?\r\n<ul>\r\n 	<li>Patience</li>\r\n 	<li>High probability trading</li>\r\n 	<li>Taking a longer-term wider stop perspective during the continual chop fest and range bound trading conditions.</li>\r\n</ul>\r\nAll of this has contributed to the “Lazarus” effect!!\r\n\r\nMy G20 aka “G” trades have yet to be added to my broker account. I am so conscious that my 1.0 trades had great entries at range extremes but now that we have pulled in from the limits I am like a spoilt child that has “spat his dummy out” because I can\'t have those great entries once again. They will appear soon.\r\n\r\nMoving on…\r\n\r\nThe PREMIUM SERVICE has moved to CAD$ and I have my own server with my Word Press host upgraded, not that any of this has been easy to do. My website has been up and down more times than a pair of hookers knickers over the past week. Very frustrating and at times really annoying, I am told it’s all to do with my SSL and my new payment gateway. Hopefully its all fixed now… fingers crossed.\r\n\r\nI apologize if you had difficulty navigating my website over these past few days. As mentioned, the upgrades have NOT been without incident and I am still not 100% convinced yet that all things are good.\r\n\r\nBTW: - If anyone is looking at Blue Host to host a website, my two pennies on this matter are very simple - do not. Blue Host will not telephone you; they send emails only from no-reply email addresses. Your issues go into a group pot, they are not “completer finishers” because no one owns the issue, and no one has the responsibility. They are NOT sales or account management focused.\r\nNever do what I have done in the past, which is to believe their sales people. Every upgrade has been a disaster. My alleged seamless transition from a cloud based server to a VPS (Virtual Private server), supposedly taking 3 hours resulted in my website breaking and my email database from my address book being lost. After 48 hours they still had their heads so far up their arse’s dealing with crap, they could not offer any resolution, more importantly no apologies and NO understanding of the frustration that this paid upgrade was causing. If that is seamless, it requires a new definition in the Oxford dictionary. My guru Claudia fixed things for them.\r\n\r\nShifting to more pleasant matters…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are gathering a pace and my power point software skills are being pushed to the limits, never mind the continual refining of the presentation content.\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\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\nPlease note that because of the TOUR, copies of this blog will have a revised format on the following dates: -\r\n\r\n18<sup>th</sup> June 2016\r\n25<sup>th</sup> June 2016\r\n2<sup>nd</sup> July 2016\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\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 credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)</p>\r\n<p style=\"text-align: center;\">CAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00</p>\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 of the year, I am usually around tweeting and managing existing LIVE trades.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +786\r\nNET PIPS THIS YEAR SO FAR:                +4,600</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</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\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\nFrom my perspective last week was all about continued USD strength. There is once again a wish / want / desire to own the USD.\r\n\r\nRBNZ:\r\n\r\nAfter Mark Carney (Part-time JCB operative) at the BOE, the RBNZ with governor Graeme Wheeler must be the second most annoying central bank with mixed messages that confuse the crap out of traders.\r\n\r\nNot that this has changed, but he is now worried and emphasizing Auckland property prices. Is it just me, or did we not hear the same rhetoric from Glenn Stevens at the RBA a couple of months ago vis-à-vis the Sydney housing issue.\r\n\r\nI think 4-6 weeks later the RBA were running to hide under desks on Prozac as the boom / bust / bubble hit home and now we are looking beyond a surprise rate cut that happened this month for at least one more very soon and maybe another before the end of the year.\r\n\r\nIs the same going to happen with the RBNZ?\r\n\r\nLast Tuesday’s presentation of the stability report which had a hold on rates, was what I can only describe as the most laid back, boring, watching paint dry event Yup it was stable alright, the damn RBNZ team were fecking rigid it was that stable. Nothing against accountants, but you know what I mean; when you get the desk sucking, pen pushing, jotter blotters in charge even the most tea-total observers must be considering at least just one drink of alcohol to get me through?\r\n\r\nFrom a trading perspective of course, not for the first time, Wheeler screwed up my open trades for 36 hours or so.\r\n\r\nOverall, the goal with the RBNZ is to send the NZD weaker. I think that you need to be patient with this currency moving forward. I am constantly re-assessing my longer-term objectives with this currency, but I do feel sub. 0.6000 is on before the end of 2016.\r\n\r\nBOE:\r\n\r\nI basically listened and observed the huff ‘n puff out of Carney. As a precaution, I exited a EUR/GBP trade with +50 pips given that he (Carney) is a misleader of the markets.\r\n\r\nWhat surprised me about the BOE data release was that were no dissenters, all the MPC members voted in harmony. The result of this was a spike, then fall, then spike and then fall again with most GBP related pairs, followed by the return to the range. My fear was for a dissenter amongst the ranks so I closed my EUR/GBP as a precaution…argh!!\r\n\r\nI am now looking to re-enter if possible above 0.7900.\r\n\r\nU.S. RETAIL SALES and PPi:\r\n\r\nSurprisingly good numbers; I was expecting weaker numbers as confidence as spending in the U.S. (the ultimate consumer spending society in the world), I thought may have been hit my higher gas (petrol) prices as WTi has inched higher of late. Apparently not put off, the numbers were really good and have bucked the trend of recent U.S, economic data, which, I would describe as weak.\r\n\r\nCORE RETAIL:         Actual 0.8% - Expected 0.6%\r\nRETAIL SALES:        Actual 1.3% - Expected -0.3%\r\nCORE PPi:               Actual 0.1% - Expected 0.1%\r\nPPi:                             Actual 0.2% - Expected 0.3% (slight miss)\r\n\r\nLooking back over the week it was the same old same old but the directional move of the USD actually stabilized the markets, some uncertainty was removed as traders appeared to get on board with the fact that the DXY was over sold and that some sort of retracement was required. That may be a rather over simplistic view of matters, but I came from the “keep it simple” school of trading and understanding market fundamentals and correlations.\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>THE BULLY BOYS ARE OUT REGARDING THE BREXIT</strong></p>\r\nAs most of you regular readers will know, I am dual citizen, UK and Canada.\r\n\r\nHaving only lived here in Montreal for about 10 years, I have more friends back in blighty and I keep in touch on a regular basis by SKYPE, FACETIME, email and telephone.\r\n\r\nI am constantly being advised that the BREXIT / REMAIN vote will be close. Many friends also tell me, that they hear of people wanting out of the European Union much more so than having conversations talking about staying within the EU.\r\n\r\nIs this normal? I am not sure I know what is normal anymore when the likes of the US Presidential race is nothing more than a circus. Basically it is reality TV regurgitated in its worst format for an alleged world leading economy, with the world looking on, it\'s a farce, in my opinion. To think that the U.S. has the damn nerve to go around the world to non-democratic countries saying “do it the way we do it, it is the best democracy ever”. Are you kidding me? Is that some kind of joke? One thing that is for sure is that the true colours of the U.S. are being shown to all and sundry. Massive uncertainty for the world economic environment lies ahead.\r\n\r\nWhether you like what is happening or not, the fact that the GOP (Republican) hierarchy are basically saying to voters vote the way we tell you because you are all ignorant of the facts and stupid, is hardly an example of a democracy. So normal, to me requires a re-definition in the dictionary because what I thought was normal is nothing like it at the moment.\r\n\r\nGetting back on track…\r\n\r\nI think matters will intensify in the UK moving forward now for a number of reasons.\r\n<ol>\r\n 	<li>TV debates are beginning this week. There are three scheduled on the BBC – 19<sup>th</sup> May, 15<sup>th</sup> June and 21<sup>st</sup>\r\nThis by themselves will allow voters the opportunity to see close hand the key points and allow comparisons of viewpoints. Do not expect a Donald Trump spoiled brat approach of he said / she said and he said it first, style of debate. The UK is not Disney for adults.</li>\r\n 	<li>Voices from the EUROZONE are getting louder. I think that the realization that the EZ could take a giant step backwards is scaring the crap out of thinkers (there aren’t many of those in the EUROZONE as we know). The effects inside the EUROZONE would be catastrophic. Anyone who says not…just think about it in a little detail.\r\nSECURITY\r\nCASH…money into the EUROZONE\r\nFINANCIAL MARKETS\r\nSTABILITY in EUROPE\r\nTRADEAll of the above are uncertainties for the UK and the EUROZONE. This has NEVER been done before so it’s all a little bit of guesswork.\r\n\r\nWhilst referencing the EUROZONE the biggest concern that leaders inside must be worrying about is the CONTAGION effect. If the UK votes BREXIT, will other member states be forced into similar referendums?</li>\r\n 	<li>We are starting to see more extreme claims from both sides vis-à-vis what would happen if a BREXIT would be voted for. Obviously the REMAINS make it look like Armageddon and the BREXIT make it look like a rose garden of limitless opportunity. This attracts media attention and the headline grabbing statements certainly opens up more qualified debate.</li>\r\n 	<li>Like school children MP’s in the UK have lots of holidays. They break from Parliament from the 26<sup>th</sup> May until the 6<sup>th</sup> June and then again from the 15<sup>th</sup> June until the 27<sup>th</sup> These breaks mean that increased focus on the issues will be front and centre as the usual MP day-to-day routines are abandoned.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nThe REMAINS have called in the big guns like the IMF to lobby on their behalf as well. Some have said it is a little bullying in the approach taken on the basis that wild statements without any supporting data are being thrown at the electorate, such as no follow up on examples of impact.\r\n<ul>\r\n 	<li>House prices will plummet</li>\r\n 	<li>Financial Markets will be in chaos</li>\r\n 	<li>The UK world stage status will change?</li>\r\n 	<li>The impact of a BREXIT is not pretty bad but very bad… the IMF has dire thoughts over this.</li>\r\n</ul>\r\nI can rabbit on here for pages about this subject.\r\n\r\nI do love and respect the fact that cross party lines have gone when it comes to the debate. This is true democracy at work and most if not all MP’s in the UK are asking their constituents their thoughts, rather than just trying to be a part of the sound-byte TV agenda that many politicians like to feature in.\r\n\r\nThe fact that you can have two opposition leaders fighting the same fight on the same sides so passionately is great to watch\r\n\r\nWithout doubt moving forward news about the BREXIT will intensify and whilst the vote remains tight, the last one I have seen says:\r\n<p style=\"text-align: center;\">STAY (REMAIN) 46%\r\nLEAVE (BREXIT) 43%.</p>\r\nI believe that uncertainty will dominate the Forex market as we edge closer to the June 23<sup>rd</sup> voting date. At the end of the day it is all about RISK as we get closer to the referendum date.\r\n\r\nIt’s about your own RISK appetite. Mine will be quite low; I will NOT be trading the GBP/USD at all. The only trades GBP related I have at the moment are EUR/GBP and GBP/NZD. I do not intend to add further GBP trades other than a GBP/CHF trade which is inverted to the EUR/GBP.\r\n\r\nThe GBP/NZD is more about the NZD than the GBP. My fundamental views on the New Zealand economy are poor.\r\n\r\nThe EUR/GBP is a trade based upon the fact that I believe that when a push comes to a shove, the UK will vote to REMAIN. This will sky rocket the GBP/USD and should send the EUR/GBP lower towards 0.7000.\r\n\r\nWe are now in mid-May about 5 weeks away from the vote. If you are not already thinking about how you will manage the 23<sup>rd</sup> of June from a trading perspective, it will soon be time to do this.\r\n\r\nThere will be sound-bytes from all over, as every area in the globe has an interest in the outcome. It should be fun moving forward.<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:\r\n</strong>(No content available for this FREE NEWSLETTER version of the WEEKLY FX DRIVE THRU BLOG)</li>\r\n</ol>\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: USD – CPi and Core CPi.\r\nTUESDAY: NZD – GDT (Dairy Auction prices) and PPi.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\n\r\nFRIDAY: CAD – Core Retail Sales and Retail Sales.\r\n\r\n<u> </u>\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1306\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7870\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016-1024x481.png\" alt=\"EURUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4362\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7871\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016-1024x481.png\" alt=\"GBPUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7869\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016-1024x481.png\" alt=\"AUDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6770\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7872\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016-1024x481.png\" alt=\"NZDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2932\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7873\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016-1024x481.png\" alt=\"USDCAD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9755\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7874\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016-1024x481.png\" alt=\"USDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.64\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7875\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016-1024x481.png\" alt=\"USDJPY D 15052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have had some directional trading again courtesy of the USD strength.\r\n\r\nThis is not the time to get carried away. Last week I mentioned 6/7 high profile events due to occur in the next 60-90 days. Any one of these could stop the DXY in its tracks and force a swift reversal.\r\n\r\nWe have FOMC minutes this week, which will bring all sorts of numpties onto TV via CNBC and BLOOMBERG. Where these people come from and how much credit you can give to their opinions is debatable. Not one of them is held accountable and the vast majority have no skin the game, as we say.\r\n\r\nI have often thought of placing one of my labs (Ozzy or Aoife) on periscope, asking them questions about the FED and the markets in general, and gauging responses based upon a blink of the eye for a “YES” to a specific question should they agree. In all honesty, they could not be any worse than the fruit bats we have on TV at the moment, after all it is just a 50-50 guess!\r\n\r\nThat aside…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 15<sup>h</sup> May 2016\r\nBLOG REFERENCE: #102 PREMIUM SERVICE SUBSCRIBER VERSION\r\n\r\n&nbsp;','THE BULLY BOYS ARE OUT REGARDING THE BREXIT','','inherit','closed','closed','','7888-revision-v1','','','2016-05-14 12:26:19','2016-05-14 17:26:19','',7888,'http://weeklyfxdrivethru.com/7888-revision-v1/',0,'revision','',0),(7890,1,'2016-05-14 18:20:35','2016-05-14 23:20:35','<strong> </strong>\n<ol>\n 	<li><strong> INTRODUCTION:</strong></li>\n</ol>\nThe USD came back with a vengeance last week. All you have to do is look at the DXY chart below to see that there is a desire to own the greenback once again.\n\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016.png\"><img class=\"aligncenter size-large wp-image-7865\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016-1024x429.png\" alt=\"DXY 15052016\" width=\"1024\" height=\"429\" /></a>\n\n&nbsp;\n\nOn the DXY weekly chart above, I have placed a few comments regarding my thoughts and target levels.\n\nI decided on Friday last week to take profits on my RADAR and FUNDAMENTAL trades after U.S. retail sales numbers were posted. The longer-term POSITION trades are still in play and I am hoping for some larger moves in line with my FUNDAMENTAL views for 2016-2017. All in all a good week for trading, although I find myself writing this a great deal now, one has to be patient and wait more so then ever for trades to materialize and develop.\n\nAs I have said for over two years now, my approach is a ’Steady Eddie” one. My goals are very simply 10,000 pips per year for the 10 months of the year that I trade, which, breaks down to 1,000 pips a month. This month we are at 786 pips of net profit generated with 4,600 pips year to date.\n\nRemember, the ice storms and power and ISP outages that I suffered here in Montreal in February?\n\nThe PREMIUM SERVICE account was reduced to zero pips as a result of that; look where it is today, back on target: - How?\n<ul>\n 	<li>Patience</li>\n 	<li>High probability trading</li>\n 	<li>Taking a longer-term wider stop perspective during the continual chop fest and range bound trading conditions.</li>\n</ul>\nAll of this has contributed to the “Lazarus” effect!!\n\nMy G20 aka “G” trades have yet to be added to my broker account. I am so conscious that my 1.0 trades had great entries at range extremes but now that we have pulled in from the limits I am like a spoilt child that has “spat his dummy out” because I can\'t have those great entries once again. They will appear soon.\n\nMoving on…\n\nThe PREMIUM SERVICE has moved to CAD$ and I have my own server with my Word Press host upgraded, not that any of this has been easy to do. My website has been up and down more times than a pair of hookers knickers over the past week. Very frustrating and at times really annoying, I am told it’s all to do with my SSL and my new payment gateway. Hopefully its all fixed now… fingers crossed.\n\nI apologize if you had difficulty navigating my website over these past few days. As mentioned, the upgrades have NOT been without incident and I am still not 100% convinced yet that all things are good.\n\nBTW: - If anyone is looking at Blue Host to host a website, my two pennies on this matter are very simple - do not. Blue Host will not telephone you; they send emails only from no-reply email addresses. Your issues go into a group pot, they are not “completer finishers” because no one owns the issue, and no one has the responsibility. They are NOT sales or account management focused.\nNever do what I have done in the past, which is to believe their sales people. Every upgrade has been a disaster. My alleged seamless transition from a cloud based server to a VPS (Virtual Private server), supposedly taking 3 hours resulted in my website breaking and my email database from my address book being lost. After 48 hours they still had their heads so far up their arse’s dealing with crap, they could not offer any resolution, more importantly no apologies and NO understanding of the frustration that this paid upgrade was causing. If that is seamless, it requires a new definition in the Oxford dictionary. My guru Claudia fixed things for them.\n\nShifting to more pleasant matters…\n\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\n\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.\n\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are gathering a pace and my power point software skills are being pushed to the limits, never mind the continual refining of the presentation content.\n\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\n\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.\n\nPlease note that because of the TOUR, copies of this blog will have a revised format on the following dates: -\n\n18<sup>th</sup> June 2016\n25<sup>th</sup> June 2016\n2<sup>nd</sup> July 2016\n\n&nbsp;\n\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\n\n<strong> </strong>\n<ol start=\"2\">\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\n</ol>\n<u>WHAT IS THE PREMIUM SERVICE:</u>\n\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.\n\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.\n\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 credit card.\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\nCAD$500.00 - 10 weeks (3 months)\nCAD$750.00 - 20 weeks (6 months)</p>\n<p style=\"text-align: center;\">CAD$1,250.00 - 40 weeks (12 months)\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00</p>\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 of the year, I am usually around tweeting and managing existing LIVE trades.\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +786\nNET PIPS THIS YEAR SO FAR:                +4,600</p>\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\nNET PIPS 2014:       +11,209</p>\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>\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.\n\n<strong> </strong>\n<ol start=\"3\">\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\n</ol>\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\n\nFrom my perspective last week was all about continued USD strength. There is once again a wish / want / desire to own the USD.\n\nRBNZ:\n\nAfter Mark Carney (Part-time JCB operative) at the BOE, the RBNZ with governor Graeme Wheeler must be the second most annoying central bank with mixed messages that confuse the crap out of traders.\n\nNot that this has changed, but he is now worried and emphasizing Auckland property prices. Is it just me, or did we not hear the same rhetoric from Glenn Stevens at the RBA a couple of months ago vis-à-vis the Sydney housing issue.\n\nI think 4-6 weeks later the RBA were running to hide under desks on Prozac as the boom / bust / bubble hit home and now we are looking beyond a surprise rate cut that happened this month for at least one more very soon and maybe another before the end of the year.\n\nIs the same going to happen with the RBNZ?\n\nLast Tuesday’s presentation of the stability report which had a hold on rates, was what I can only describe as the most laid back, boring, watching paint dry event Yup it was stable alright, the damn RBNZ team were fecking rigid it was that stable. Nothing against accountants, but you know what I mean; when you get the desk sucking, pen pushing, jotter blotters in charge even the most tea-total observers must be considering at least just one drink of alcohol to get me through?\n\nFrom a trading perspective of course, not for the first time, Wheeler screwed up my open trades for 36 hours or so.\n\nOverall, the goal with the RBNZ is to send the NZD weaker. I think that you need to be patient with this currency moving forward. I am constantly re-assessing my longer-term objectives with this currency, but I do feel sub. 0.6000 is on before the end of 2016.\n\nBOE:\n\nI basically listened and observed the huff ‘n puff out of Carney. As a precaution, I exited a EUR/GBP trade with +50 pips given that he (Carney) is a misleader of the markets.\n\nWhat surprised me about the BOE data release was that were no dissenters, all the MPC members voted in harmony. The result of this was a spike, then fall, then spike and then fall again with most GBP related pairs, followed by the return to the range. My fear was for a dissenter amongst the ranks so I closed my EUR/GBP as a precaution…argh!!\n\nI am now looking to re-enter if possible above 0.7900.\n\nU.S. RETAIL SALES and PPi:\n\nSurprisingly good numbers; I was expecting weaker numbers as confidence as spending in the U.S. (the ultimate consumer spending society in the world), I thought may have been hit my higher gas (petrol) prices as WTi has inched higher of late. Apparently not put off, the numbers were really good and have bucked the trend of recent U.S, economic data, which, I would describe as weak.\n\nCORE RETAIL:         Actual 0.8% - Expected 0.6%\nRETAIL SALES:        Actual 1.3% - Expected -0.3%\nCORE PPi:               Actual 0.1% - Expected 0.1%\nPPi:                             Actual 0.2% - Expected 0.3% (slight miss)\n\nLooking back over the week it was the same old same old but the directional move of the USD actually stabilized the markets, some uncertainty was removed as traders appeared to get on board with the fact that the DXY was over sold and that some sort of retracement was required. That may be a rather over simplistic view of matters, but I came from the “keep it simple” school of trading and understanding market fundamentals and correlations.\n\n<strong> </strong>\n\n<strong>WHAT’S BIG ON MY MIND:</strong>\n<p style=\"text-align: center;\"><strong>THE BULLY BOYS ARE OUT REGARDING THE BREXIT</strong></p>\nAs most of you regular readers will know, I am dual citizen, UK and Canada.\n\nHaving only lived here in Montreal for about 10 years, I have more friends back in blighty and I keep in touch on a regular basis by SKYPE, FACETIME, email and telephone.\n\nI am constantly being advised that the BREXIT / REMAIN vote will be close. Many friends also tell me, that they hear of people wanting out of the European Union much more so than having conversations talking about staying within the EU.\n\nIs this normal? I am not sure I know what is normal anymore when the likes of the US Presidential race is nothing more than a circus. Basically it is reality TV regurgitated in its worst format for an alleged world leading economy, with the world looking on, it\'s a farce, in my opinion. To think that the U.S. has the damn nerve to go around the world to non-democratic countries saying “do it the way we do it, it is the best democracy ever”. Are you kidding me? Is that some kind of joke? One thing that is for sure is that the true colours of the U.S. are being shown to all and sundry. Massive uncertainty for the world economic environment lies ahead.\n\nWhether you like what is happening or not, the fact that the GOP (Republican) hierarchy are basically saying to voters vote the way we tell you because you are all ignorant of the facts and stupid, is hardly an example of a democracy. So normal, to me requires a re-definition in the dictionary because what I thought was normal is nothing like it at the moment.\n\nGetting back on track…\n\nI think matters will intensify in the UK moving forward now for a number of reasons.\n<ol>\n 	<li>TV debates are beginning this week. There are three scheduled on the BBC – 19<sup>th</sup> May, 15<sup>th</sup> June and 21<sup>st</sup>\nThis by themselves will allow voters the opportunity to see close hand the key points and allow comparisons of viewpoints. Do not expect a Donald Trump spoiled brat approach of he said / she said and he said it first, style of debate. The UK is not Disney for adults.</li>\n 	<li>Voices from the EUROZONE are getting louder. I think that the realization that the EZ could take a giant step backwards is scaring the crap out of thinkers (there aren’t many of those in the EUROZONE as we know). The effects inside the EUROZONE would be catastrophic. Anyone who says not…just think about it in a little detail.\nSECURITY\nCASH…money into the EUROZONE\nFINANCIAL MARKETS\nSTABILITY in EUROPE\nTRADEAll of the above are uncertainties for the UK and the EUROZONE. This has NEVER been done before so it’s all a little bit of guesswork.Whilst referencing the EUROZONE the biggest concern that leaders inside must be worrying about is the CONTAGION effect. If the UK votes BREXIT, will other member states be forced into similar referendums?</li>\n 	<li>We are starting to see more extreme claims from both sides vis-à-vis what would happen if a BREXIT would be voted for. Obviously the REMAINS make it look like Armageddon and the BREXIT make it look like a rose garden of limitless opportunity. This attracts media attention and the headline grabbing statements certainly opens up more qualified debate.</li>\n 	<li>Like school children MP’s in the UK have lots of holidays. They break from Parliament from the 26<sup>th</sup> May until the 6<sup>th</sup> June and then again from the 15<sup>th</sup> June until the 27<sup>th</sup> These breaks mean that increased focus on the issues will be front and centre as the usual MP day-to-day routines are abandoned.</li>\n</ol>\n&nbsp;\n\nThe REMAINS have called in the big guns like the IMF to lobby on their behalf as well. Some have said it is a little bullying in the approach taken on the basis that wild statements without any supporting data are being thrown at the electorate, such as no follow up on examples of impact.\n<ul>\n 	<li>House prices will plummet</li>\n 	<li>Financial Markets will be in chaos</li>\n 	<li>The UK world stage status will change?</li>\n 	<li>The impact of a BREXIT is not pretty bad but very bad… the IMF has dire thoughts over this.</li>\n</ul>\nI can rabbit on here for pages about this subject.\n\nI do love and respect the fact that cross party lines have gone when it comes to the debate. This is true democracy at work and most if not all MP’s in the UK are asking their constituents their thoughts, rather than just trying to be a part of the sound-byte TV agenda that many politicians like to feature in.\n\nThe fact that you can have two opposition leaders fighting the same fight on the same sides so passionately is great to watch\n\nWithout doubt moving forward news about the BREXIT will intensify and whilst the vote remains tight, the last one I have seen says:\n<p style=\"text-align: center;\">STAY (REMAIN) 46%\nLEAVE (BREXIT) 43%.</p>\nI believe that uncertainty will dominate the Forex market as we edge closer to the June 23<sup>rd</sup> voting date. At the end of the day it is all about RISK as we get closer to the referendum date.\n\nIt’s about your own RISK appetite. Mine will be quite low; I will NOT be trading the GBP/USD at all. The only trades GBP related I have at the moment are EUR/GBP and GBP/NZD. I do not intend to add further GBP trades other than a GBP/CHF trade which is inverted to the EUR/GBP.\n\nThe GBP/NZD is more about the NZD than the GBP. My fundamental views on the New Zealand economy are poor.\n\nThe EUR/GBP is a trade based upon the fact that I believe that when a push comes to a shove, the UK will vote to REMAIN. This will sky rocket the GBP/USD and should send the EUR/GBP lower towards 0.7000.\n\nWe are now in mid-May about 5 weeks away from the vote. If you are not already thinking about how you will manage the 23<sup>rd</sup> of June from a trading perspective, it will soon be time to do this.\n\nThere will be sound-bytes from all over, as every area in the globe has an interest in the outcome. It should be fun moving forward.<strong> </strong>\n<ol start=\"4\">\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:\n</strong>(No content available for this FREE NEWSLETTER version of the WEEKLY FX DRIVE THRU BLOG)</li>\n</ol>\n<ol start=\"5\">\n 	<li><strong>COMING UP THIS WEEK:</strong></li>\n</ol>\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\n\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).\n\nSUNDAY: N/A.\n\nMONDAY: AUD – Monetary Policy Meeting Minutes.\n\nTUESDAY: USD – CPi and Core CPi.\nTUESDAY: NZD – GDT (Dairy Auction prices) and PPi.\n\nWEDNESDAY: USD – FOMC Meeting Minutes.\nWEDNESDAY: AUD – Employment Data.\n\nTHURSDAY: GBP – Retail Sales.\n\nFRIDAY: CAD – Core Retail Sales and Retail Sales.\n\n<u> </u>\n\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\n\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)\n\nMy comments are contained on the charts.\n\nEUR/USD - Weekly Closing Price: 1.1306\n\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7870\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016-1024x481.png\" alt=\"EURUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\n\nGBP/USD - Weekly Closing Price: 1.4362\n\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7871\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016-1024x481.png\" alt=\"GBPUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\n\n&nbsp;\n\nAUD/USD - Weekly Closing Price: 0.7267\n\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7869\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016-1024x481.png\" alt=\"AUDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\n\nNZD/USD - Weekly Closing Price: 0.6770\n\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7872\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016-1024x481.png\" alt=\"NZDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\n\nUSD/CAD - Weekly Closing Price: 1.2932\n\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7873\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016-1024x481.png\" alt=\"USDCAD D 15052016\" width=\"1024\" height=\"481\" /></a>\n\nUSD/CHF - Weekly Closing Price: 0.9755\n\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7874\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016-1024x481.png\" alt=\"USDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\n\nUSD/JPY - Weekly Closing Price: 108.64\n\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7875\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016-1024x481.png\" alt=\"USDJPY D 15052016\" width=\"1024\" height=\"481\" /></a></u>\n\n<u> </u>\n\n<u>MY CLOSING THOUGHTS:</u>\n\nWe have had some directional trading again courtesy of the USD strength.\n\nThis is not the time to get carried away. Last week I mentioned 6/7 high profile events due to occur in the next 60-90 days. Any one of these could stop the DXY in its tracks and force a swift reversal.\n\nWe have FOMC minutes this week, which will bring all sorts of numpties onto TV via CNBC and BLOOMBERG. Where these people come from and how much credit you can give to their opinions is debatable. Not one of them is held accountable and the vast majority have no skin the game, as we say.\n\nI have often thought of placing one of my labs (Ozzy or Aoife) on periscope, asking them questions about the FED and the markets in general, and gauging responses based upon a blink of the eye for a “YES” to a specific question should they agree. In all honesty, they could not be any worse than the fruit bats we have on TV at the moment, after all it is just a 50-50 guess!\n\nThat aside…\n\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.\n\nTake care,\n\nScott Pickering\nThe Pip Accumulator\n\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\n\nDATE: 15<sup>h</sup> May 2016\nBLOG REFERENCE: #201 FREE NEWSLETTER VERSION\n\n&nbsp;','THE BULLY BOYS ARE OUT REGARDING THE BREXIT','','inherit','closed','closed','','7888-autosave-v1','','','2016-05-14 18:20:35','2016-05-14 23:20:35','',7888,'http://weeklyfxdrivethru.com/7888-autosave-v1/',0,'revision','',0),(7891,1,'2016-05-14 18:20:58','2016-05-14 23:20:58','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThe USD came back with a vengeance last week. All you have to do is look at the DXY chart below to see that there is a desire to own the greenback once again.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016.png\"><img class=\"aligncenter size-large wp-image-7865\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/DXY-15052016-1024x429.png\" alt=\"DXY 15052016\" width=\"1024\" height=\"429\" /></a>\r\n\r\n&nbsp;\r\n\r\nOn the DXY weekly chart above, I have placed a few comments regarding my thoughts and target levels.\r\n\r\nI decided on Friday last week to take profits on my RADAR and FUNDAMENTAL trades after U.S. retail sales numbers were posted. The longer-term POSITION trades are still in play and I am hoping for some larger moves in line with my FUNDAMENTAL views for 2016-2017. All in all a good week for trading, although I find myself writing this a great deal now, one has to be patient and wait more so then ever for trades to materialize and develop.\r\n\r\nAs I have said for over two years now, my approach is a ’Steady Eddie” one. My goals are very simply 10,000 pips per year for the 10 months of the year that I trade, which, breaks down to 1,000 pips a month. This month we are at 786 pips of net profit generated with 4,600 pips year to date.\r\n\r\nRemember, the ice storms and power and ISP outages that I suffered here in Montreal in February?\r\n\r\nThe PREMIUM SERVICE account was reduced to zero pips as a result of that; look where it is today, back on target: - How?\r\n<ul>\r\n 	<li>Patience</li>\r\n 	<li>High probability trading</li>\r\n 	<li>Taking a longer-term wider stop perspective during the continual chop fest and range bound trading conditions.</li>\r\n</ul>\r\nAll of this has contributed to the “Lazarus” effect!!\r\n\r\nMy G20 aka “G” trades have yet to be added to my broker account. I am so conscious that my 1.0 trades had great entries at range extremes but now that we have pulled in from the limits I am like a spoilt child that has “spat his dummy out” because I can\'t have those great entries once again. They will appear soon.\r\n\r\nMoving on…\r\n\r\nThe PREMIUM SERVICE has moved to CAD$ and I have my own server with my Word Press host upgraded, not that any of this has been easy to do. My website has been up and down more times than a pair of hookers knickers over the past week. Very frustrating and at times really annoying, I am told it’s all to do with my SSL and my new payment gateway. Hopefully its all fixed now… fingers crossed.\r\n\r\nI apologize if you had difficulty navigating my website over these past few days. As mentioned, the upgrades have NOT been without incident and I am still not 100% convinced yet that all things are good.\r\n\r\nBTW: - If anyone is looking at Blue Host to host a website, my two pennies on this matter are very simple - do not. Blue Host will not telephone you; they send emails only from no-reply email addresses. Your issues go into a group pot, they are not “completer finishers” because no one owns the issue, and no one has the responsibility. They are NOT sales or account management focused.\r\nNever do what I have done in the past, which is to believe their sales people. Every upgrade has been a disaster. My alleged seamless transition from a cloud based server to a VPS (Virtual Private server), supposedly taking 3 hours resulted in my website breaking and my email database from my address book being lost. After 48 hours they still had their heads so far up their arse’s dealing with crap, they could not offer any resolution, more importantly no apologies and NO understanding of the frustration that this paid upgrade was causing. If that is seamless, it requires a new definition in the Oxford dictionary. My guru Claudia fixed things for them.\r\n\r\nShifting to more pleasant matters…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are gathering a pace and my power point software skills are being pushed to the limits, never mind the continual refining of the presentation content.\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\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\nPlease note that because of the TOUR, copies of this blog will have a revised format on the following dates: -\r\n\r\n18<sup>th</sup> June 2016\r\n25<sup>th</sup> June 2016\r\n2<sup>nd</sup> July 2016\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\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 credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)</p>\r\n<p style=\"text-align: center;\">CAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00</p>\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 of the year, I am usually around tweeting and managing existing LIVE trades.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS THIS MONTH SO FAR:            +786\r\nNET PIPS THIS YEAR SO FAR:                +4,600</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</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\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\nFrom my perspective last week was all about continued USD strength. There is once again a wish / want / desire to own the USD.\r\n\r\nRBNZ:\r\n\r\nAfter Mark Carney (Part-time JCB operative) at the BOE, the RBNZ with governor Graeme Wheeler must be the second most annoying central bank with mixed messages that confuse the crap out of traders.\r\n\r\nNot that this has changed, but he is now worried and emphasizing Auckland property prices. Is it just me, or did we not hear the same rhetoric from Glenn Stevens at the RBA a couple of months ago vis-à-vis the Sydney housing issue.\r\n\r\nI think 4-6 weeks later the RBA were running to hide under desks on Prozac as the boom / bust / bubble hit home and now we are looking beyond a surprise rate cut that happened this month for at least one more very soon and maybe another before the end of the year.\r\n\r\nIs the same going to happen with the RBNZ?\r\n\r\nLast Tuesday’s presentation of the stability report which had a hold on rates, was what I can only describe as the most laid back, boring, watching paint dry event Yup it was stable alright, the damn RBNZ team were fecking rigid it was that stable. Nothing against accountants, but you know what I mean; when you get the desk sucking, pen pushing, jotter blotters in charge even the most tea-total observers must be considering at least just one drink of alcohol to get me through?\r\n\r\nFrom a trading perspective of course, not for the first time, Wheeler screwed up my open trades for 36 hours or so.\r\n\r\nOverall, the goal with the RBNZ is to send the NZD weaker. I think that you need to be patient with this currency moving forward. I am constantly re-assessing my longer-term objectives with this currency, but I do feel sub. 0.6000 is on before the end of 2016.\r\n\r\nBOE:\r\n\r\nI basically listened and observed the huff ‘n puff out of Carney. As a precaution, I exited a EUR/GBP trade with +50 pips given that he (Carney) is a misleader of the markets.\r\n\r\nWhat surprised me about the BOE data release was that were no dissenters, all the MPC members voted in harmony. The result of this was a spike, then fall, then spike and then fall again with most GBP related pairs, followed by the return to the range. My fear was for a dissenter amongst the ranks so I closed my EUR/GBP as a precaution…argh!!\r\n\r\nI am now looking to re-enter if possible above 0.7900.\r\n\r\nU.S. RETAIL SALES and PPi:\r\n\r\nSurprisingly good numbers; I was expecting weaker numbers as confidence as spending in the U.S. (the ultimate consumer spending society in the world), I thought may have been hit my higher gas (petrol) prices as WTi has inched higher of late. Apparently not put off, the numbers were really good and have bucked the trend of recent U.S, economic data, which, I would describe as weak.\r\n\r\nCORE RETAIL:         Actual 0.8% - Expected 0.6%\r\nRETAIL SALES:        Actual 1.3% - Expected -0.3%\r\nCORE PPi:               Actual 0.1% - Expected 0.1%\r\nPPi:                             Actual 0.2% - Expected 0.3% (slight miss)\r\n\r\nLooking back over the week it was the same old same old but the directional move of the USD actually stabilized the markets, some uncertainty was removed as traders appeared to get on board with the fact that the DXY was over sold and that some sort of retracement was required. That may be a rather over simplistic view of matters, but I came from the “keep it simple” school of trading and understanding market fundamentals and correlations.\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>THE BULLY BOYS ARE OUT REGARDING THE BREXIT</strong></p>\r\nAs most of you regular readers will know, I am dual citizen, UK and Canada.\r\n\r\nHaving only lived here in Montreal for about 10 years, I have more friends back in blighty and I keep in touch on a regular basis by SKYPE, FACETIME, email and telephone.\r\n\r\nI am constantly being advised that the BREXIT / REMAIN vote will be close. Many friends also tell me, that they hear of people wanting out of the European Union much more so than having conversations talking about staying within the EU.\r\n\r\nIs this normal? I am not sure I know what is normal anymore when the likes of the US Presidential race is nothing more than a circus. Basically it is reality TV regurgitated in its worst format for an alleged world leading economy, with the world looking on, it\'s a farce, in my opinion. To think that the U.S. has the damn nerve to go around the world to non-democratic countries saying “do it the way we do it, it is the best democracy ever”. Are you kidding me? Is that some kind of joke? One thing that is for sure is that the true colours of the U.S. are being shown to all and sundry. Massive uncertainty for the world economic environment lies ahead.\r\n\r\nWhether you like what is happening or not, the fact that the GOP (Republican) hierarchy are basically saying to voters vote the way we tell you because you are all ignorant of the facts and stupid, is hardly an example of a democracy. So normal, to me requires a re-definition in the dictionary because what I thought was normal is nothing like it at the moment.\r\n\r\nGetting back on track…\r\n\r\nI think matters will intensify in the UK moving forward now for a number of reasons.\r\n<ol>\r\n 	<li>TV debates are beginning this week. There are three scheduled on the BBC – 19<sup>th</sup> May, 15<sup>th</sup> June and 21<sup>st</sup>\r\nThis by themselves will allow voters the opportunity to see close hand the key points and allow comparisons of viewpoints. Do not expect a Donald Trump spoiled brat approach of he said / she said and he said it first, style of debate. The UK is not Disney for adults.</li>\r\n 	<li>Voices from the EUROZONE are getting louder. I think that the realization that the EZ could take a giant step backwards is scaring the crap out of thinkers (there aren’t many of those in the EUROZONE as we know). The effects inside the EUROZONE would be catastrophic. Anyone who says not…just think about it in a little detail.\r\nSECURITY\r\nCASH…money into the EUROZONE\r\nFINANCIAL MARKETS\r\nSTABILITY in EUROPE\r\nTRADEAll of the above are uncertainties for the UK and the EUROZONE. This has NEVER been done before so it’s all a little bit of guesswork.Whilst referencing the EUROZONE the biggest concern that leaders inside must be worrying about is the CONTAGION effect. If the UK votes BREXIT, will other member states be forced into similar referendums?</li>\r\n 	<li>We are starting to see more extreme claims from both sides vis-à-vis what would happen if a BREXIT would be voted for. Obviously the REMAINS make it look like Armageddon and the BREXIT make it look like a rose garden of limitless opportunity. This attracts media attention and the headline grabbing statements certainly opens up more qualified debate.</li>\r\n 	<li>Like school children MP’s in the UK have lots of holidays. They break from Parliament from the 26<sup>th</sup> May until the 6<sup>th</sup> June and then again from the 15<sup>th</sup> June until the 27<sup>th</sup> These breaks mean that increased focus on the issues will be front and centre as the usual MP day-to-day routines are abandoned.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nThe REMAINS have called in the big guns like the IMF to lobby on their behalf as well. Some have said it is a little bullying in the approach taken on the basis that wild statements without any supporting data are being thrown at the electorate, such as no follow up on examples of impact.\r\n<ul>\r\n 	<li>House prices will plummet</li>\r\n 	<li>Financial Markets will be in chaos</li>\r\n 	<li>The UK world stage status will change?</li>\r\n 	<li>The impact of a BREXIT is not pretty bad but very bad… the IMF has dire thoughts over this.</li>\r\n</ul>\r\nI can rabbit on here for pages about this subject.\r\n\r\nI do love and respect the fact that cross party lines have gone when it comes to the debate. This is true democracy at work and most if not all MP’s in the UK are asking their constituents their thoughts, rather than just trying to be a part of the sound-byte TV agenda that many politicians like to feature in.\r\n\r\nThe fact that you can have two opposition leaders fighting the same fight on the same sides so passionately is great to watch\r\n\r\nWithout doubt moving forward news about the BREXIT will intensify and whilst the vote remains tight, the last one I have seen says:\r\n<p style=\"text-align: center;\">STAY (REMAIN) 46%\r\nLEAVE (BREXIT) 43%.</p>\r\nI believe that uncertainty will dominate the Forex market as we edge closer to the June 23<sup>rd</sup> voting date. At the end of the day it is all about RISK as we get closer to the referendum date.\r\n\r\nIt’s about your own RISK appetite. Mine will be quite low; I will NOT be trading the GBP/USD at all. The only trades GBP related I have at the moment are EUR/GBP and GBP/NZD. I do not intend to add further GBP trades other than a GBP/CHF trade which is inverted to the EUR/GBP.\r\n\r\nThe GBP/NZD is more about the NZD than the GBP. My fundamental views on the New Zealand economy are poor.\r\n\r\nThe EUR/GBP is a trade based upon the fact that I believe that when a push comes to a shove, the UK will vote to REMAIN. This will sky rocket the GBP/USD and should send the EUR/GBP lower towards 0.7000.\r\n\r\nWe are now in mid-May about 5 weeks away from the vote. If you are not already thinking about how you will manage the 23<sup>rd</sup> of June from a trading perspective, it will soon be time to do this.\r\n\r\nThere will be sound-bytes from all over, as every area in the globe has an interest in the outcome. It should be fun moving forward.<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:\r\n</strong>(No content available for this FREE NEWSLETTER version of the WEEKLY FX DRIVE THRU BLOG)</li>\r\n</ol>\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: USD – CPi and Core CPi.\r\nTUESDAY: NZD – GDT (Dairy Auction prices) and PPi.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\n\r\nFRIDAY: CAD – Core Retail Sales and Retail Sales.\r\n\r\n<u> </u>\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1306\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7870\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/EURUSD-D-15052016-1024x481.png\" alt=\"EURUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4362\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7871\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/GBPUSD-D-15052016-1024x481.png\" alt=\"GBPUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7267\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7869\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/AUDUSD-D-15052016-1024x481.png\" alt=\"AUDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6770\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7872\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/NZDUSD-D-15052016-1024x481.png\" alt=\"NZDUSD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2932\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7873\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCAD-D-15052016-1024x481.png\" alt=\"USDCAD D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9755\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7874\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDCHF-D-15052016-1024x481.png\" alt=\"USDCHF D 15052016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 108.64\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016.png\"><img class=\"aligncenter size-large wp-image-7875\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/USDJPY-D-15052016-1024x481.png\" alt=\"USDJPY D 15052016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have had some directional trading again courtesy of the USD strength.\r\n\r\nThis is not the time to get carried away. Last week I mentioned 6/7 high profile events due to occur in the next 60-90 days. Any one of these could stop the DXY in its tracks and force a swift reversal.\r\n\r\nWe have FOMC minutes this week, which will bring all sorts of numpties onto TV via CNBC and BLOOMBERG. Where these people come from and how much credit you can give to their opinions is debatable. Not one of them is held accountable and the vast majority have no skin the game, as we say.\r\n\r\nI have often thought of placing one of my labs (Ozzy or Aoife) on periscope, asking them questions about the FED and the markets in general, and gauging responses based upon a blink of the eye for a “YES” to a specific question should they agree. In all honesty, they could not be any worse than the fruit bats we have on TV at the moment, after all it is just a 50-50 guess!\r\n\r\nThat aside…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 15<sup>h</sup> May 2016\r\nBLOG REFERENCE: #201 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','THE BULLY BOYS ARE OUT REGARDING THE BREXIT','','inherit','closed','closed','','7888-revision-v1','','','2016-05-14 18:20:58','2016-05-14 23:20:58','',7888,'http://weeklyfxdrivethru.com/7888-revision-v1/',0,'revision','',0),(8036,1,'2016-06-04 10:54:21','2016-06-04 15:54:21','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nWow… what a crazy end to the week, as NFP misses. Only 38,000 new jobs added in May, way below the expectations of 160,000 and then to rub salt in the wounds, the April number of 160,000 was revised down to 123,000.\r\n\r\nMake no mistake these are dreadful numbers when you look at the two months together.\r\n\r\nThe unemployment rate fell from 5.0% to 4.7%, due to the participation rate and average hourly earnings met the 0.2% gain that was expected.\r\n\r\nI still ask myself why don’t the US employment office delay the numbers a week so that the market can have accurate data? All these estimates are crazy and the need for constant revisions are in my opinion bordering on an amateurish calculations seemingly being done on the back of a fag packet.\r\n\r\nThe April print was only 75% accurate. These month on month revisions are just so unprofessional. Come on, for God’s sake, if this was a private business HR would be sacked and heads would roll!\r\n\r\nTaking my macro view, given the fact that up to now the U.S. jobs data has been really good and surprisingly consistent, I am looking at these numbers as a one off. But it also questions the validity of the in line ADP numbers the day before? That aside I doubt that June will be on the table for a rate hike, but given the quite HAWKISH comments by Janet Yellen a couple of Fridays ago in Harvard, I would say July could still be on the table. It does however place the FED in an awkward position. Please note I am by no means encouraging more damn dithering from Janet Yellen and her chaps.\r\n\r\nThe Chinese data is also questionable and for most of 2014, if you recall, the Canadian government had released bad jobs data that had errors running for months. This is 2016 not 1956, why can’t we have good clean accurate data? If I were a skeptical person I would say that grey numbers rather than black and white suit the politicians… Jesus… maybe I am skeptical after all!\r\n\r\nMoving on…\r\n\r\nFrom a trading perspective, May was a great month and THE PREMIUM SERVICE is ahead of target for the year 2016. When you consider that in February all gains were wiped out, due to power outages and no ISP for 2/3 days, I am absolutely delighted.\r\n\r\nMy leaping around the office has however been short-lived as on NFP I decided to stick with some open trades and albeit they are small positions, I am carrying a few loss trades at the moment. However, I added some extra trades at extremes after NFP so I am looking for these the come through next week.\r\n\r\nAs I have written over the past two weeks, we are entering a period of extreme volatility given the numbers of high profile events coming up on the calendar. Looking forward I see no reason why the chop fest should not continue. We are in a holding pattern like an A380 swooping around over the English countryside. Yellen speaks again on Monday this week; lets see what she says now following a bad NFP. I just think that until the FED plays its hand we will chop one way and then the other. We have BREXIT, we have GREECE, we have THE DONALD, CRAZY BERNIE and CROOKED HILLARY for a side show as well, but in my opinion it is the FED that holds the key to deliver a move and some stability.\r\n\r\nShifting gears…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe winner for June and July until my summer break (extended because of my tour) is:\r\n<p style=\"text-align: center;\">fredxxxxxx25@gmail.com\r\nmany congratulations to Fred... he is already fully set up!</p>\r\nThe next draw will be early September when I return from my summer break.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are almost complete. My power point software skills are being pushed to the limits, never mind the continual refining of the presentation content. British Airways will be challenged with the numbers of bags that will be presented to them at check-in!!\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n&nbsp;\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\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, plus the email address to use to register at to reserve a space. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the TOUR, copies of this blog will have a revised much shortened format on the following dates: -\r\n<p style=\"text-align: center;\">18<sup>th</sup> June 2016\r\n25<sup>th</sup> June 2016\r\n2<sup>nd</sup> July 2016</p>\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 credit card.<u> </u>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS TO THE END OF MAY 2016:   +2,051\r\nNET PIPS THIS YEAR SO FAR:                +5,865</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>\r\n\r\nLast week I know, from a Forex perspective will revolve around the NFP data (already covered in the introduction) and I can completely understand those thoughts.\r\n\r\nFrom my perspective though prior to the NFP data three news events stuck out for me.\r\n\r\nFirstly, the AUD GDP; what a great number and the AUD/USD rallied well, the AUD/NZD looked like it was 1.0900 bound and then into and through the European session the AUD started to weaken and all gains were eroded and then some more. Obviously on the poor NFP numbers the AUD/USD has rallied back to highs once more but my underlying feeling is that we will see this pair once again head lower towards 0.7200. I feel it will break lower probably to 0.7050 and do not forget that the YTD lows are at 0.6825.\r\n\r\nThis coming week on Tuesday at 1230AM EST, Glenn Stevens (RBA Governor) is on the spot with a RBA statement. This will be a true indicator, or maybe just an opinion, on how the AUD economy is performing. Are we heading to 0.7200 or 0.7500 with the AUD/USD?\r\n\r\nSecondly, Mario Draghi produced a non-event snooze fest for his ECB Press Conference last Thursday. For this result he deserves a good pack on the back. Mario basically stated it is a wait and see to let all the extraordinary measures make their way through the markets.\r\n\r\nRather surprisingly, I asked the question in my closing comments of last week’s blog would Draghi announce an “escape plan for the EUROZONE with regards to BREXIT”. I called it Plan P. Draghi stated that the EUROZONE had a plan should BREXIT happen. Do you believe him?\r\n\r\nFor me, I doubt it’s detailed, the meeting minutes page would have the heading June 23<sup>rd</sup> UK BREXIT; underneath written “Oh Feck”. That would be about it I think. Maybe a comment to ask Angela for more money!\r\n\r\nI am still a believer in divergence and although I took just very small profits on a EUR/USD short fading the NFP move last Friday, I still believe that the EUR/USD is heading lower. I am looking to short again around 1.1400.\r\n\r\nDraghi did what every central banker does, adjusted the GDP numbers and presented all attendees at his press conference with a crystal ball, and I do not mean the 3xCD Prince release, rather a prediction into the future about inflation objectives. All complete bulls**t, the best guestimate is now for 1.6% in 2018, no way close to the 2% target. We are all supposed to be really excited by this lack-luster number. Ewald Nowotny Austrian Central Bank governor and member of the ECB governing council, looked as if he was hiding a semi based upon how excited he appeared on CNBC talking about 1.6% being close to 2.0%. That could have just been the interviewer though!\r\n\r\nBottom line; the EUROZONE despite improving PMi’s is still patchy in recovery and frankly, it requires structural reforms rather than ECB policy to move the combined EUROZONE growth and inflation performances forward. Takeaway Germany and the EUROZONE economic performances look really poor.\r\n\r\nNevertheless, I am still bearish the EUR/USD.\r\n\r\nThirdly, we had a nonsense meeting with OPEC. These OPEC meetings nearly always under deliver on policy; OPEC is like the EUROZONE in the sense that collectively they can never agree on anything.\r\n\r\nThe oil industry as I have spoken about before is full of HIGH RISK market players. Hedge funds love oil because it is so speculative. Basically it’s a drill baby drill environment or at the moment a pump baby pump existence.\r\n\r\nThe oil price, as I see it around $50.00 for WTi is a price that would encourage more drillers back into the market. The eyes of GREED will be wide open at $50.00 a barrel; hence the price drops as over supply concerns are raised once again. I saw it earlier in the week but forgot to print out a copy of all the oil tankers waiting to unload Oil to refineries dotted around the globe.\r\n\r\nThe rig count was up by “9” on Friday last week. On the data print Oil was taken to the woodshed and given a good spanking.\r\n\r\nThere are still supply and demand issues surrounding the future oil price, this fact has NOT gone away and if more drillers re-enter the Oil market they will only exacerbate an already fragile price spike. Will we see WTi sub $40.00 again? Maybe, who knows, the facts are the oil market has real issues on supply and demand that producers are incapable of fixing because of GREED.\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<h3 style=\"text-align: center;\">WHERE NEXT FOR THE USD?</h3>\r\n<em> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/DXY-WEEKLY-05062016.png\"><img class=\"aligncenter size-large wp-image-8024\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/DXY-WEEKLY-05062016-1024x476.png\" alt=\"DXY WEEKLY 05062016\" width=\"1024\" height=\"476\" /></a></em>\r\n\r\n<em> </em>\r\n\r\nThe Weekly DXY chart refers.\r\n\r\nAs you can see from the chart what took about three weeks to go up took just one week, most of it in one day to give back.\r\n\r\nWhen you look around the EUR/USD, USD/CHF, USD/JPY, AUD/USD and NZD/USD charts it is not hard for anyone even without FX experience to see and note that the moves on Friday last week were stellar.\r\n\r\nI am a USD bull and I took a beating last week. My account is large enough and I am managing my risk through much smaller position sizes through the silly season, but I was not prepared for such a poor NFP number, I do not think that anyone saw that coming.\r\n\r\nI posted rather humorously on twitter the night before a picture of my two Labradors with the comment saying “We are ready for NFP tomorrow are you?” I jokingly added…they have just as much of chance of getting the number right as I have. Well I got that right.\r\n\r\nMoving forwards…\r\n\r\nIn last week’s blog, I wrote the second part to my NIGHTMARE SCENARIO looking at TRADING from a RISK perspective. I talked about the silly season, referring to the all the high profile events coming up in the near future and probable ending being the US Presidential Election in November.\r\n\r\nI am NOT that good, I did not have a poor NFP number on my list. However, I am now pleased to announce that silly season has in fact started. This Monday sees the start of the annual vacation / holiday’s cycle, this means that liquidity starts to dry up in the Forex markets. Given that liquidity is less than it has been in previous years I am not sure how different it will be this year from a liquidity two way action perspective.\r\n\r\nWhat I can say is that as we head into dealing with some big economic and geopolitical events, the added thrill of lower liquidity should spice things up a bit for us all.\r\n\r\nEverything in Forex really revolves around the USD. No matter what pair you trade, at some point a relationship to the dollar can be established, whether this is through an associated commodity linked to the USD or through an associated FX pair that is correlated to the USD.\r\n\r\nThe most liquid pair in the currency menu, the EUR/USD has been trading in some very tight overnight ranges of late. It has not been uncommon over the past two/ three weeks to see 30-40 pip ATR’s. This lack of movement or chop fest within a tight range has its effect on other currency pairs. On Friday after NFP, in stark contrast to recent sessions the daily range with the EUR/USD was 215 pips, interestingly enough the daily ATR at this moment is 71 pips. Friday’s move was nearly 3 times the ATR.\r\n\r\nDuring this period of low ATR’s, the USD index (DXY) had moved up slowly and in bite size chunks; that all came crashing down after NFP.\r\n\r\nSo where next for the USD?\r\n\r\nI still believe in central bank divergence, I still believe in the process and effects of central bank divergent monetary policies. I may be the last trader alive that believes in this, but my colours are nailed to the mast, hypothetically speaking.\r\n\r\nAt this stage of 2016, I expected the divergent trade to be well established, but I have found myself being on hold waiting for the FED to act. By the end of 2016, I still see the DXY pushing 100.00 and maybe beyond. I still see the EUR/USD pushing well below 1.1000 challenging the 1.0500 level once again. It sounds ambitious but it can happen very easily.\r\n\r\nSo what are blockages to my macro / fundamental views happening?\r\n\r\nI think that dithering Janet Yellen is on my side as she has stated that she will tighten policy and I fully expect her to deliver once before the summer and once before the U.S. election to give 0.75% minimum behind the clock to react to the presidential result should THE DONALD beat CROOKED HILLARY or CRAZY BERNIE.\r\n\r\nIt is the election that may place a “spanner / wrench in the works” as far as I am concerned. I so want to write about THE DONALD in some detail but I just don\'t think that I can add too much beyond that fact that he would be a bloody nightmare in my opinion. Not that I think CROOKED HILLARY will be much better. I think that CRAZY BERNIE is only in the race to collect Air Miles whilst he can.\r\n\r\nThe markets would go arseways should THE DONALD be elected, talk about uncertainty! Having said that the USD may strengthen significantly if THE DONALD was elected and converted the White House to TRUMP WASHINGTON. I just don\'t know if the USD weaken or strengthen with THE DONALD in situ? There are arguments, good ones for both ways.\r\n\r\nBefore the election, the FED will be tightening, and as a result the USD will move towards 100.00. This move will be spurred on by other central bank activity by countries still having to weaken their currencies to try and get the competitive edge. The RBA and RBNZ immediately come to mind plus the BOJ. Regular readers will know that I am also in the camp that the BOC will go very dovish soon. This opinion is supported by and exacerbated by the Fort McMurray wild fires close to the Alberta Oil sands. The SNB will continue its policy of negative rates, and, as we all know, it measures and artificially manages the EUR/CHF exchange rate right now even though it denies this. The UK has it’s own worries through BREXIT and although a while back Carney was advising the markets that the next move in cable interest rates would be up they could in fact move lower.\r\n\r\nAll of this central bank activity and monetary policy direction is supportive of claiming that central bank divergence is in place.\r\n\r\nThe USD will in my opinion over the coming sessions try to establish a base level above 92.00. Everyone knows the next big move is upwards it’s just a question of where it will base first.\r\n\r\nI think we have some great long USD opportunities on the horizon playing the DXY to give us entries.\r\n\r\nLike everything with Forex, we have to be patient and wait for the moves to come to us first.\r\n\r\n<em> </em>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:\r\n\r\n</strong>(NOT AVAILABLE IN THE FREE NEWSLETTER)</li>\r\n</ol>\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Janet Yellen (FED) speaks.\r\n\r\nTUESDAY: AUD – RBA Rate Statement.\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: NZD – RBNZ Statement, Press Conference &amp; Wheeler speaks.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB) speaks.\r\nTHURSDAY: CAD – Stephen Poloz (BOC) speaks.\r\n\r\nFRIDAY: CAD – Employment Data.\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1366\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURUSD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8026\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURUSD-D-05062016-1024x481.png\" alt=\"EURUSD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4510\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPUSD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8027\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPUSD-D-05062016-1024x481.png\" alt=\"GBPUSD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7365\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDUSD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8025\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDUSD-D-05062016-1024x481.png\" alt=\"AUDUSD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6953\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDUSD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8028\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDUSD-D-05062016-1024x481.png\" alt=\"NZDUSD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2935\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCAD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8029\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCAD-D-05062016-1024x481.png\" alt=\"USDCAD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9752\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCHF-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8030\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCHF-D-05062016-1024x481.png\" alt=\"USDCHF D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.53\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDJPY-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8031\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDJPY-D-05062016-1024x481.png\" alt=\"USDJPY D 05062016\" width=\"1024\" height=\"481\" /></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\nIt\'s all about central banks again this week.\r\n\r\nThe RBA and RBNZ have interest rate decisions and accompanying rate statements. Graeme Wheeler has a press conference; so for those readers who find it hard to sleep, just log in and watch. Holy Mother of God snooze fest city, it is true accountancy at work.\r\n\r\nWe also have Janet Yellen (FED), Mario Draghi (ECB) and Stephen Poloz (BOC) unleashing their words of wisdom on the markets this week.\r\n\r\nI am expecting something from all of the above, but I am not holding my breath. Of late I have witnessed great disappointment in central bank speak, I am now fully in the camp that nothing major will happen for fear that the FED will undermine local activity. I cannot see the FED moving on rates until at least July unless Yellen has another dithering bout once again.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 4<sup>th</sup> June 2016\r\nBLOG VERSION: FREE NEWSLETTER #204','WHERE NEXT FOR THE USD?','','inherit','closed','closed','','8035-revision-v1','','','2016-06-04 10:54:21','2016-06-04 15:54:21','',8035,'http://weeklyfxdrivethru.com/8035-revision-v1/',0,'revision','',0),(8038,1,'2016-06-10 14:15:55','2016-06-10 19:15:55','','PREM SERV PROFITS2 11062016','','inherit','open','closed','','prem-serv-profits2-11062016','','','2016-06-10 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INSERT INTO `vp_backup_wp_posts` VALUES (8061,1,'2016-06-11 11:07:02','2016-06-11 16:07:02','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nWhat a boring week in Forex. Well it was for me anyways. I covered several trades that I had held from NFP day and took losses, in particular with the NZD/USD. I decided to take the pain as I was just extending stops (whilst still inside my RISK TOLERANCE levels) but enough was enough and felt it time to do so.\r\n\r\nEven with the loss in pips taken so far this month, I am still on target for my year to date target of 10,000 pips. The cushion I had going into this month is now gone. What is more frustrating on top of taking losses is that I have zero confidence in aggressively adding trades given that markets, except for the GBP related trades are really range bound. When the EUR/USD trades almost daily in 40 pip ranges the market stagnates and trading with confidence is not there.\r\n\r\nI tweeted to subscribers on several occasions about my frustration, as when I take losses so do they, and, it is hard at times for subscribers to get the fact that I only trade when I am 100% engaged with the market. This market I am struggling to get a feel for.\r\n\r\nAll I see is that Oil is the “b-all and end-all” when it comes to market direction. Correlations have been off; as you will know, I am a big believer in inter-market correlations.\r\n\r\nBasically to sum up the first two weeks in June from my perspective; they have in a nutshell been boring, annoying and frustrating. I do hope some of you have fared a little better.\r\n\r\nLeading on from the pleasantries…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be early September when I return from my summer break.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are complete.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n&nbsp;\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\r\n\r\n&nbsp;\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, plus the email address to use to register at to reserve a space. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the above touring schedule there will no “FREE NEWSLETTER or FOREXTELL” versions of the WEEKLY FX DRIVE THRU, on the dates listed below.\r\n<p style=\"text-align: center;\">18<sup>th</sup> June 2016\r\n25<sup>th</sup> June 2016\r\n2<sup>nd</sup> July 2016</p>\r\nOriginally, I had planned to produce something but the schedule is so intense the chance of having the time available is so slight there is really no point promising and not delivering.\r\n\r\nI will hopefully produce a brief overview of the markets and my thoughts for PREMIUM SERVICE subscribers but even this will be basic and very limited.\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 credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS TO THE MONTH SO FAR:       - 751 pips\r\nNET PIPS THIS YEAR SO FAR:                +5,116 pips\r\n\r\nNET 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).\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\nLast week was a slow week in trading for me, but there were significant events that took place in my opinion.\r\n\r\nIs it just me that sees / views the markets as complacent at the moment?\r\n\r\nDo the market participants dotted around the globe view everything on the basis that central banks will step in to support the private banks and markets once again and backstop potential losses and confidence should we have another crisis?\r\n\r\nWhat the hell is going on? I find the whole approach anti to market fundamentals and at times technicals mean nothing. It’s all about OIL and news driven events that trump (no pun at the DONALD intended), economic data such as BREXIT. Frankly it is disturbing.\r\n\r\nBack on track…\r\n\r\nJanet Yellen (FED) spoke last week re-affirmed her desire to tighten and raise interest rates. The markets listened and kind of did nothing.\r\n\r\nGlenn Stevens (RBA) kept rates unchanged. The RBA is still concerned over commodity pricing and housing, but sees no reason to play with interest rates yet *(later)\r\n\r\nGraeme Wheeler (RBNZ) also kept rates unchanged. He also cited the housing bubble in Auckland and demonstrated the best he could that he is on a very thin dividing line. He spoke twice after the statement was released. I read the statement and frankly I thought all that the RBNZ had done was tippex out the date on the last one, re-date it and issue it again. It was that similar. He basically stated that he was waiting on the FED *(later).\r\nIn his second speech he was so HAWKISH and BEARISH towards the NZD I was amazed that the currency remained so well bid in the hours that followed.\r\n\r\nMario Draghi (ECB) delivered a damming view of the economic position inside the EUROZONE. Basically he re-iterated once again that he has gone pretty much as far as he can with fiscal changes and initiatives with the ECB. It is now up to member states to get their fingers extracted from where the sun does NOT shine and implement structural reforms to boost growth and get inflation back in play. I guarantee you; this fell on deaf ears. No one gives a rat’s ass in the EUROZONE to doing the right thing *(later).\r\n\r\nTwo years ago, had Draghi delivered this speech the EUR/USD would have collapsed by 200-300 pips in the day. We saw about 70 pips and then it pulled back.\r\n\r\nStephen Poloz (BOC) spoke in Ottawa and basically stated there are some concerns ahead for the Canadian economy. He singled out housing. He claimed that the upside housing prices pressure would start to diminish…. my arse it will. Poloz has his head so buried in the sand he has no idea what he is saying as he cannot hear anything. At one point, he was congratulating the U.S. on an economic great job done. In Ireland, this would be considered as tongue in check plaumausing and hilarious to listen to *(later).\r\n\r\nHere is later…\r\n\r\n* - All of these central bankers are basically saying the same stuff. They are waiting on the Fed to act and raise rates to strengthen the USD and weaken their currencies. The strength of the FED will dwarf anything they attempt and they are prepared to risk a waiting game.\r\n\r\nLook… this is all a game, nothing more and nothing less.\r\n\r\nWithout exception these central bankers cannot see that a lower interest rate policy encourages investors into the housing market as an alternative to buying equities. Now they have bubbles and they behave as 2016 versions of Pontius Pilate, virtually washing their hands of any implications they may have had in the current predicament.\r\n\r\nAs I have said before it all down to “Dithering” Janet Yellen and when she will act. I do not want to be DOOM and GLOOM all the time but I really fear that complacency has set in and my NIGHTMARE SCENARIO posted in the last two blogs is in place. Nothing that has happened in the last three weeks has caused me to change my views.\r\n\r\nDid I miss an end of the world announcement or something?\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 IS A REAL POSSIBILITY - SO IS A EUROZONE CONTAGION FEAR REAL?</strong></p>\r\nI have this great app on my iPAD that I can mirror play through my smart TV that gives me hundreds of TV channels from around the world. This includes all the BBC, ITV, Channel 4 and Channel 5 TV schedules in the UK, as well as some political UK and EUROZONE based specialty channels, and it is just brilliant.\r\n\r\nIt has allowed me to watch the TV debates on BREXIT to supplement my reading on the subject, plus I get some snippets from subscribers in the UK as to what is happening on the ground in the local pups etc.\r\n\r\nGet ready…\r\n\r\nAs “wooden” Wolf Blitzer would say on CNN Americas Choice 2016 (The US Presidential Election / Circus coverage), “we have an important announcement”.\r\n\r\nIn an about turn from my initial perspective, I actually think that the UK could be on its way out of the EUROPEAN UNION.\r\n\r\nThe arguments to LEAVE in the TV debates are compelling, whilst the arguments to STAY are based on FEAR.\r\n\r\nI live in Canada now and watch a great deal of US based TV. For decades, prior to moving, I have commented on the fact that the US population has been managed by fear. Living so close now with even more exposure, I have seen nothing to change those views. FEAR works in the U.S.; look at the DONALD.\r\nThe “Brits” are not American. The debates on TV are NOT a slagging match of personal insults; they debate real facts and figures.\r\n\r\nThe big question for the STAY/REMAIN vote with two weeks left, is that they are hoping that huge undecided voters (the silent majority) will be more conservative in view and will likely vote to REMAIN. No change, the devil you know better than the devil you don\'t. But will these people get out and vote? What will the turnout be?\r\n\r\nSovereignty is a huge issue for the UK population. There is absolutely no doubt that unelected bureaucrats in Brussels have eroded this in the name of the EUROPEAN UNION. There was suspicion when the UK entered the EU that this would happen. That was why there was never any discussion on abandoning the GBP in favour of the EUR. Those fears from years ago now have substance, and many believe have been realized. The LEAVES love this point where as the REMAINS gloss over it.\r\n\r\nTrade will always happen and frankly whilst there are some benefits to trading inside the EU, the amount of paperwork required to trade from the outside will not be any greater than the waste of paper that exists right now.\r\n\r\nFor those of you living outside of Europe you will find the way that Brussels manages all things EU is weird and extreme. It is managed, well in fact I do not think it is managed, there are no mandates in place, it has a centralized function on policy but it’s not clear. Policy from the EUROPEAN PARLIAMENT is non-existent. The EUROPEAN PARLIAMENT has no power. The LEAVE side of the debate can just point to high bureaucrat salaries, pensions and benefits, which are unmanaged by elected officials. Basically it is a massive un-checked cost and just wastes money.\r\n\r\nIt reminds me in many ways of the language police here in Quebec. The policy and procedures are anti- business and just a high cost and a waste.\r\n\r\nIn Europe hundreds of thousands of €’s were actually spent on the definition and content of a British sausage to see if could be called a sausage!\r\n\r\nYup, we all pay taxes for this critical information.\r\n\r\nThe LEAVES have an easy sell, as promises of effectiveness of the EU have just NOT materialized and it seen for what it is.\r\n\r\nIt is a shambolic collection of non-coordinated departments with no effective cost controls. Zero unity or, harmony on most fronts politically and economically, so basically a cost that the UK would be better off without.\r\n\r\nTo counter-balance all the EU bashing the REMAINS say that the UK will fall behind the world with trade if outside the EU and that tax, unemployment and retail prices will rise. The LEAVES cite Switzerland and Norway who are both geographically close the EURO AREA as having great trading arrangements. Plus, JAPAN, TAIWAN, NEW ZEALAND, AUSTRALIA and the US all trade with the EUROZONE so why would the UK be any different from those? It is a strong argument and FEAR as a counter just does not cut the mustard.\r\n\r\nI know that I am keeping this high level without too much flesh on the bones but these are pub discussions. This is where the vote is mainly contested.\r\n\r\nI think that there is a real possibility of a BREXIT unless the great undecided are all REMAINS… the silent majority.\r\n\r\nBack to my NIGHTMARE SCENARIO…\r\n\r\nThe BREXIT happens. The GBP is under immediate pressure, but so, in my opinion is the EUR. There is much more at stake for the EUROZONE, right now I cannot believe the apparent complacency.\r\n\r\nThe EUROZONE is a shambles, reverting back to my earlier point on sovereignty and the single currency, it is important to note that, most voters in the vast majority of EU countries who were members of the EUROZONE at the outset never had a vote on whether they wanted the EUR to replace their sovereign currency. It was an opted in vote on the back of another treaty vote. Vote YES for the treaty and the EUR comes as well. That is what you call democracy EUROZONE style.\r\n\r\nIf the UK leaves the EU, other countries even those tied to the single currency will be having elections that are really EUROZONE membership referendum votes. I have NO DOUBT that there will be a CONTAGION. I have been writing about this for years in my blogs.\r\n\r\nPoliticians are far removed from voters, the ECB does not have to interact and the vast majority of the population of the EUROZONE has endured the pain of a failed AUSTERITY plan now replaced by QE (Quantitative Easing), and even this is NOT enough. Mario Draghi is asking for country by country structural reforms. This will take years and years to wash through even if there is commitment today to start to do something.\r\n\r\nListen…\r\n\r\nIt will be talked about and debated over a glass of wine but bugger all will be done.\r\n\r\nThe CONTAGION door has been opened by the political failures of those in place in the EUROZONE. It is the best own goal (great timing given EURO 2016) ever to be seen and when the history books are written it will be documented as such.\r\n\r\nITALY, GREECE, SPAIN, PORTUGAL are my naps for CONTAGION.\r\n\r\nIt is said that if the BREXIT occurs on June 23<sup>rd</sup> it will take about 2 years to unchain the UK from the EU. Within those two years the EUROZONE will be at break up point in my opinion.\r\n\r\nIt will take a lot of hard work, commitment, determination and coordination to prevent this. None of these words can be associated with the EUROZONE.\r\n\r\nI still see my NIGHTMARE SCENARIO in place.\r\n\r\nIf the DONALD is elected, we could all be singing the famous R E M song… “The end of the world as we know it”.\r\n\r\n&nbsp;\r\n\r\n<em> </em>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:\r\n\r\n</strong></li>\r\n</ol>\r\n&nbsp;\r\n\r\nTRADING REVIEW:\r\n\r\nI must admit trading since NFP has been difficult / painful, call it what you will.\r\n\r\nThe markets have been undecided on what to do and what direction to take. This has not been helped by central banks basically saying we are doing nothing but standing and watching as well. It’s about the FED and the price of a barrel of WTi at the moment. Apart from immediately selling USD, the markets did not know what to do next. The result of this was range bound 40 pips moves in the EUR/USD. Very frustrating for me as I took the decision to cover EUR/GBP and NZD/USD trades and let the USD/CAD stop out as they were starting to cost on overnight fees and frankly their movements were anti my thoughts for a number of reasons.\r\n\r\nWe have better prices on the NZD/USD but I am not 100% sure on the fact that I should have covered after the RBNZ rate decision earlier last week? I had several devices scattered on my desk with my plans in FONT SIZE 32 beneath each one for each pair at the brokers involved, so I could trade in a matter of a seconds across 5 devices. Whilst this was a great procedure to execute and I traded my plan, was my plan the right one given my longer-term fundamental views… it was a 420-pip decision….\r\n\r\nBasically, very little by way of trades has jumped out at me to trade.\r\n\r\nThe BREXIT and the price of oil, plus what to do about the FED and rate hikes is holding up the FX market, plus equities in the U.S. are relentless, they look like they are primed to fall back but buyers are always stepping in. I am positioned and ready for a drop but this waiting is driving me crazy. It is pointless entering a whole bundle of trades, as the ranges are small. Talk about being patient and waiting for trades to come to you!!\r\n\r\n&nbsp;\r\n\r\nMARGIN REQUIREMENTS and BREXIT:\r\n\r\nSitting around looking at charts has given me time to plan the BREXIT trades and although there is still almost two weeks left to go until the vote, I have my PLAN A and PLAN B trades in place.\r\n\r\nI am going to focus on the EUR/GBP, GBP/CHF and EUR/CHF. I want a commodity cross rate and the obvious one is the GBP/NZD. We have unfinished business from the ice storm earlier this year.\r\n\r\nMost of my brokers have been in touch advising of margin changes ahead of the BREXIT date. After the SNB calamity last year (my largest $$$ loss in one day), banks are protecting themselves. Not us as traders, they couldn’t give two hoots if we blow our accounts, this is all about them.\r\n\r\nWe have a lot of varying restrictions coming into place starting 16th June for most brokers. GBP trades are having margin requirements lifted temporarily by as much as 5 times current requirements, you may have seen greater?\r\n\r\n&nbsp;\r\n\r\nBLOGS etc. WHILST ON TOUR:\r\n\r\nWe head out on Wednesday night this week.\r\n\r\nWith regards to the blog, there will be no NEWSLETTER and FOREXTELL versions whilst I am away, maybe just a page being produced stating that I am away!\r\n\r\nFor you guys I am hoping to produce something, but I am not 100% certain. Whilst, I will be trading and updating the website from to time and Twitter will be active. Whilst in the UK we are catching up with a lot of friends and I have a couple of broker meetings to attend. My iCal looks very colourful but also extremely complex. My agenda is fixed and when traveling times are added in, I am expecting that I will need a holiday when I return to Hudson.\r\n\r\nThe day of the BREXIT referendum, we are travelling from Heathrow to Dublin, and if all goes to plan I should in position in good time in my hotel to react to the news.\r\n\r\nThen finally, after another short stint around London with some theatre buddies from old, we return to Montreal on 4<sup>th</sup> July. The day after our arrival we are off to see PETER GABRIEL &amp; STING in concert in downtown Montreal so we will stay downtown until the 6<sup>th</sup> July and the blog of 9<sup>th</sup> July will the next full version of the “DRIVE THRU”.\r\n\r\n<strong> </strong>\r\n\r\n<strong>CHARTS THAT ARE ATTRACTING MY INTEREST:</strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDCHF-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8052\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDCHF-D-11062016-1024x481.png\" alt=\"AUDCHF D 11062016\" width=\"1024\" height=\"481\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURCHF-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8053\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURCHF-D-11062016-1024x481.png\" alt=\"EURCHF D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURGBP-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8054\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURGBP-D-11062016-1024x481.png\" alt=\"EURGBP D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURJPY-WEEKLY-11062016.png\"><img class=\"aligncenter size-large wp-image-8055\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURJPY-WEEKLY-11062016-1024x481.png\" alt=\"EURJPY  WEEKLY 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPCHF-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8056\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPCHF-D-11062016-1024x481.png\" alt=\"GBPCHF D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPNZD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8057\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPNZD-D-11062016-1024x481.png\" alt=\"GBPNZD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDJPY-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8058\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDJPY-D-11062016-1024x481.png\" alt=\"NZDJPY D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDSEK-DAILY-11062016.png\"><img class=\"aligncenter size-large wp-image-8059\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDSEK-DAILY-11062016-1024x481.png\" alt=\"USDSEK DAILY 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/LIVE-11062016.png\"><img class=\"aligncenter size-full wp-image-8044\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/LIVE-11062016.png\" alt=\"LIVE 11062016\" width=\"806\" height=\"589\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/LIMIT-ORDERS-11062016.png\"><img class=\"aligncenter size-full wp-image-8043\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/LIMIT-ORDERS-11062016.png\" alt=\"LIMIT ORDERS 11062016\" width=\"667\" height=\"456\" /></a></strong>\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: USD – Retail Sales and Core Retail Sales.\r\n\r\nWEDNESDAY: NZD – GDT Dairy Auction prices.\r\nWEDNESDAY: USD – FOMC statement, Projections &amp; FED Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: CHF – Libor Rate and SNB Press Conference.\r\nTHURSDAY: GBP – BOE Interest Rate and MPC voting.\r\n\r\nFRIDAY: N/A.\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1258\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURUSD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8046\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURUSD-D-11062016-1024x481.png\" alt=\"EURUSD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4258\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPUSD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8047\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPUSD-D-11062016-1024x481.png\" alt=\"GBPUSD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7378\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDUSD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8045\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDUSD-D-11062016-1024x481.png\" alt=\"AUDUSD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7060\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDUSD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8048\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDUSD-D-11062016-1024x481.png\" alt=\"NZDUSD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2753\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCAD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8049\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCAD-D-11062016-1024x481.png\" alt=\"USDCAD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9641\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCHF-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8050\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCHF-D-11062016-1024x481.png\" alt=\"USDCHF D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.74\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDJPY-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8051\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDJPY-D-11062016-1024x481.png\" alt=\"USDJPY D 11062016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIt\'s all about central banks again this week. But on this occasion only the FED. Janet Yellen has a Press Conference this coming Wednesday, the focus will be on will she be looking to July to raise rates (assuming there is no hike this week).\r\n\r\nEvery dot on the “I” and cross on the “t” will be checked and cross-referenced for clues. Oh, what fun for all on Wednesday. How will the USD react? Personally, I see USD strength if July is still on. Then we have the July NFP release being the next major news event on the U.S. horizon. All other U.S. news may as well be cancelled.\r\n\r\nNot that I want to any way be cynical, God forbid. Am II correct in saying though, that the markets reaction and future of the FED monetary policy for the immediate future is going to be based on the U.S. Department of Labour statistics numbers which are never accurate?\r\n\r\nWill they be massaged to meet the FED’s requirements? Holy Mother of God, there I go again.\r\n\r\nWill they be massaged for big business and Wall Street to keep the status quo of free money in place? Wash my mouth out with soap; as if that could possibly happen in the US and A.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 11<sup>th</sup> June 2016\r\nBLOG VERSION: PREMIUM SERVICE VERSION #106\r\n\r\n&nbsp;','BREXIT IS A REAL POSSIBILITY -  SO IS A EUROZONE CONTAGION FEAR REAL?','','publish','open','closed','','brexit-real-possibility-eurozone-contagion-fear-real','','','2016-06-11 11:07:02','2016-06-11 16:07:02','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8061',0,'member_posts','',0),(7995,1,'2016-05-31 13:42:12','2016-05-31 18:42:12','<section class=\"one-sixth first\">\r\n<h4>Completed Consolidated Performance Analysis Archives\r\n(Previously RISK/REWARD analysis):</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Year</h2>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-REWARD-APRIL2016.png\"><img class=\"aligncenter size-full wp-image-7707\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/04/RISK-REWARD-APRIL2016.png\" alt=\"RISK-REWARD APRIL2016\" width=\"415\" height=\"525\" /></a>\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>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>','CONSOLIDATED PERFORMANCE ANALYSIS (PREVIOUSLY RISK/REWARD ANALYSIS)','','inherit','closed','closed','','5006-revision-v1','','','2016-05-31 13:42:12','2016-05-31 18:42:12','',5006,'http://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(7997,1,'2016-05-31 14:01:58','2016-05-31 19:01:58','','PS PERF1 MAY2016','','inherit','open','closed','','ps-perf1-may2016','','','2016-05-31 14:11:01','2016-05-31 19:11:01','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PS-PERF1-MAY2016.png',0,'attachment','image/png',0),(7998,1,'2016-05-31 14:02:00','2016-05-31 19:02:00','','PS PERF2 MAY2016','','inherit','open','closed','','ps-perf2-may2016','','','2016-05-31 14:11:11','2016-05-31 19:11:11','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PS-PERF2-MAY2016.png',0,'attachment','image/png',0),(7999,1,'2016-05-31 14:02:15','2016-05-31 19:02:15','','RADAR 31052016','','inherit','open','closed','','radar-31052016','','','2016-05-31 14:06:53','2016-05-31 19:06:53','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/RADAR-31052016.png',0,'attachment','image/png',0),(8000,1,'2016-05-31 14:02:17','2016-05-31 19:02:17','','RADAR YTD MAY2016','','inherit','open','closed','','radar-ytd-may2016','','','2016-05-31 14:07:06','2016-05-31 19:07:06','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/RADAR-YTD-MAY2016.png',0,'attachment','image/png',0),(8001,1,'2016-05-31 14:02:20','2016-05-31 19:02:20','','FLASH 31052016','','inherit','open','closed','','flash-31052016','','','2016-05-31 14:05:26','2016-05-31 19:05:26','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/FLASH-31052016.png',0,'attachment','image/png',0),(8002,1,'2016-05-31 14:02:22','2016-05-31 19:02:22','','FLASH YTD MAY2016','','inherit','open','closed','','flash-ytd-may2016','','','2016-05-31 14:05:44','2016-05-31 19:05:44','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/FLASH-YTD-MAY2016.png',0,'attachment','image/png',0),(8003,1,'2016-05-31 14:02:28','2016-05-31 19:02:28','','FUN1 31052016','','inherit','open','closed','','fun1-31052016','','','2016-05-31 14:08:06','2016-05-31 19:08:06','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/FUN1-31052016.png',0,'attachment','image/png',0),(8004,1,'2016-05-31 14:02:31','2016-05-31 19:02:31','','FUN2 31052016','','inherit','open','closed','','fun2-31052016','','','2016-05-31 14:08:11','2016-05-31 19:08:11','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/FUN2-31052016.png',0,'attachment','image/png',0),(8005,1,'2016-05-31 14:02:33','2016-05-31 19:02:33','','FUN YTD MAY2016','','inherit','open','closed','','fun-ytd-may2016','','','2016-05-31 14:08:21','2016-05-31 19:08:21','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/FUN-YTD-MAY2016.png',0,'attachment','image/png',0),(8006,1,'2016-05-31 14:02:39','2016-05-31 19:02:39','','POS1 31052016','','inherit','open','closed','','pos1-31052016','','','2016-05-31 14:09:31','2016-05-31 19:09:31','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS1-31052016.png',0,'attachment','image/png',0),(8007,1,'2016-05-31 14:02:40','2016-05-31 19:02:40','','POS2 31052016','','inherit','open','closed','','pos2-31052016','','','2016-05-31 14:09:39','2016-05-31 19:09:39','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS2-31052016.png',0,'attachment','image/png',0),(8008,1,'2016-05-31 14:02:42','2016-05-31 19:02:42','','POS3 31052016','','inherit','open','closed','','pos3-31052016','','','2016-05-31 14:09:44','2016-05-31 19:09:44','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS3-31052016.png',0,'attachment','image/png',0),(8009,1,'2016-05-31 14:02:44','2016-05-31 19:02:44','','POSITION YTD MAY2016','','inherit','open','closed','','position-ytd-may2016','','','2016-05-31 14:09:54','2016-05-31 19:09:54','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POSITION-YTD-MAY2016.png',0,'attachment','image/png',0),(8010,1,'2016-05-31 14:02:54','2016-05-31 19:02:54','','CONS PERF ANALYSIS MAY2016','','inherit','open','closed','','cons-perf-analysis-may2016','','','2016-05-31 14:12:12','2016-05-31 19:12:12','',5002,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/CONS-PERF-ANALYSIS-MAY2016.png',0,'attachment','image/png',0),(8011,1,'2016-05-31 14:03:00','2016-05-31 19:03:00','','PIP COMPARISON MAY2016','','inherit','open','closed','','pip-comparison-may2016','','','2016-05-31 14:13:55','2016-05-31 19:13:55','',6869,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PIP-COMPARISON-MAY2016.png',0,'attachment','image/png',0),(8018,1,'2016-05-31 14:13:05','2016-05-31 19:13:05','<section class=\"one-sixth first\">\r\n<h4>Completed Consolidated Performance Analysis Archives\r\n(Previously RISK/REWARD analysis):</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Year\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/CONS-PERF-ANALYSIS-MAY2016.png\"><img class=\"aligncenter size-full wp-image-8010\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/CONS-PERF-ANALYSIS-MAY2016.png\" alt=\"CONS PERF ANALYSIS MAY2016\" width=\"547\" height=\"622\" /></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>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>','CONSOLIDATED PERFORMANCE ANALYSIS (PREVIOUSLY RISK/REWARD ANALYSIS)','','inherit','closed','closed','','5006-revision-v1','','','2016-05-31 14:13:05','2016-05-31 19:13:05','',5006,'http://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(8107,1,'2016-07-08 16:08:20','2016-07-08 21:08:20','','LIVE TRADES 09072016','','inherit','open','closed','','live-trades-09072016','','','2016-07-09 06:40:55','2016-07-09 11:40:55','',8123,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-09072016.png',0,'attachment','image/png',0),(8023,1,'2016-06-04 06:45:29','2016-06-04 11:45:29','','LIVE TRADES 05062016','','inherit','open','closed','','live-trades-05062016','','','2016-06-04 09:28:20','2016-06-04 14:28:20','',8032,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/LIVE-TRADES-05062016.png',0,'attachment','image/png',0),(8024,1,'2016-06-04 06:45:34','2016-06-04 11:45:34','','DXY WEEKLY 05062016','','inherit','open','closed','','dxy-weekly-05062016','','','2016-06-04 09:26:39','2016-06-04 14:26:39','',8032,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/DXY-WEEKLY-05062016.png',0,'attachment','image/png',0),(8025,1,'2016-06-04 06:50:44','2016-06-04 11:50:44','','AUDUSD D 05062016','','inherit','open','closed','','audusd-d-05062016','','','2016-06-04 09:29:19','2016-06-04 14:29:19','',8032,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDUSD-D-05062016.png',0,'attachment','image/png',0),(8026,1,'2016-06-04 06:50:46','2016-06-04 11:50:46','','EURUSD D 05062016','','inherit','open','closed','','eurusd-d-05062016','','','2016-06-04 09:29:02','2016-06-04 14:29:02','',8032,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURUSD-D-05062016.png',0,'attachment','image/png',0),(8027,1,'2016-06-04 06:50:48','2016-06-04 11:50:48','','GBPUSD D 05062016','','inherit','open','closed','','gbpusd-d-05062016','','','2016-06-04 09:29:12','2016-06-04 14:29:12','',8032,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPUSD-D-05062016.png',0,'attachment','image/png',0),(8028,1,'2016-06-04 06:50:49','2016-06-04 11:50:49','','NZDUSD D 05062016','','inherit','open','closed','','nzdusd-d-05062016','','','2016-06-04 09:29:27','2016-06-04 14:29:27','',8032,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDUSD-D-05062016.png',0,'attachment','image/png',0),(8029,1,'2016-06-04 06:50:51','2016-06-04 11:50:51','','USDCAD D 05062016','','inherit','open','closed','','usdcad-d-05062016','','','2016-06-04 09:29:34','2016-06-04 14:29:34','',8032,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCAD-D-05062016.png',0,'attachment','image/png',0),(8030,1,'2016-06-04 06:50:53','2016-06-04 11:50:53','','USDCHF D 05062016','','inherit','open','closed','','usdchf-d-05062016','','','2016-06-04 09:29:42','2016-06-04 14:29:42','',8032,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCHF-D-05062016.png',0,'attachment','image/png',0),(8031,1,'2016-06-04 06:50:55','2016-06-04 11:50:55','','USDJPY D 05062016','','inherit','open','closed','','usdjpy-d-05062016','','','2016-06-04 09:29:54','2016-06-04 14:29:54','',8032,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDJPY-D-05062016.png',0,'attachment','image/png',0),(8032,1,'2016-06-04 09:32:08','2016-06-04 14:32:08','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nWow… what a crazy end to the week, as NFP misses. Only 38,000 new jobs added in May, way below the expectations of 160,000 and then to rub salt in the wounds, the April number of 160,000 was revised down to 123,000.\r\n\r\nMake no mistake these are dreadful numbers when you look at the two months together.\r\n\r\nThe unemployment rate fell from 5.0% to 4.7%, due to the participation rate and average hourly earnings met the 0.2% gain that was expected.\r\n\r\nI still ask myself why don’t the US employment office delay the numbers a week so that the market can have accurate data? All these estimates are crazy and the need for constant revisions are in my opinion bordering on an amateurish calculations seemingly being done on the back of a fag packet.\r\n\r\nThe April print was only 75% accurate. These month on month revisions are just so unprofessional. Come on, for God’s sake, if this was a private business HR would be sacked and heads would roll!\r\n\r\nTaking my macro view, given the fact that up to now the U.S. jobs data has been really good and surprisingly consistent, I am looking at these numbers as a one off. But it also questions the validity of the in line ADP numbers the day before? That aside I doubt that June will be on the table for a rate hike, but given the quite HAWKISH comments by Janet Yellen a couple of Fridays ago in Harvard, I would say July could still be on the table. It does however place the FED in an awkward position. Please note I am by no means encouraging more damn dithering from Janet Yellen and her chaps.\r\n\r\nThe Chinese data is also questionable and for most of 2014, if you recall, the Canadian government had released bad jobs data that had errors running for months. This is 2016 not 1956, why can’t we have good clean accurate data? If I were a skeptical person I would say that grey numbers rather than black and white suit the politicians… Jesus… maybe I am skeptical after all!\r\n\r\nMoving on…\r\n\r\nFrom a trading perspective, May was a great month and THE PREMIUM SERVICE is ahead of target for the year 2016. When you consider that in February all gains were wiped out, due to power outages and no ISP for 2/3 days, I am absolutely delighted.\r\n\r\nMy leaping around the office has however been short-lived as on NFP I decided to stick with some open trades and albeit they are small positions, I am carrying a few loss trades at the moment. However, I added some extra trades at extremes after NFP so I am looking for these the come through next week.\r\n\r\nAs I have written over the past two weeks, we are entering a period of extreme volatility given the numbers of high profile events coming up on the calendar. Looking forward I see no reason why the chop fest should not continue. We are in a holding pattern like an A380 swooping around over the English countryside. Yellen speaks again on Monday this week; lets see what she says now following a bad NFP. I just think that until the FED plays its hand we will chop one way and then the other. We have BREXIT, we have GREECE, we have THE DONALD, CRAZY BERNIE and CROOKED HILLARY for a side show as well, but in my opinion it is the FED that holds the key to deliver a move and some stability.\r\n\r\nShifting gears…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe winner for June and July until my summer break (extended because of my tour) is:\r\n<p style=\"text-align: center;\">fredxxxxxx25@gmail.com</p>\r\nThe next draw will be early September when I return from my summer break.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are almost complete. My power point software skills are being pushed to the limits, never mind the continual refining of the presentation content. British Airways will be challenged with the numbers of bags that will be presented to them at check-in!!\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n&nbsp;\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\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, plus the email address to use to register at to reserve a space. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the TOUR, copies of this blog will have a revised much shortened format on the following dates: -\r\n<p style=\"text-align: center;\">18<sup>th</sup> June 2016\r\n25<sup>th</sup> June 2016\r\n2<sup>nd</sup> July 2016</p>\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 credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS TO THE END OF MAY 2016:   +2,051\r\nNET PIPS THIS YEAR SO FAR:                +5,865</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>\r\n\r\nLast week I know, from a Forex perspective will revolve around the NFP data (already covered in the introduction) and I can completely understand those thoughts.\r\n\r\nFrom my perspective though prior to the NFP data three news events stuck out for me.\r\n\r\nFirstly, the AUD GDP; what a great number and the AUD/USD rallied well, the AUD/NZD looked like it was 1.0900 bound and then into and through the European session the AUD started to weaken and all gains were eroded and then some more. Obviously on the poor NFP numbers the AUD/USD has rallied back to highs once more but my underlying feeling is that we will see this pair once again head lower towards 0.7200. I feel it will break lower probably to 0.7050 and do not forget that the YTD lows are at 0.6825.\r\n\r\nThis coming week on Tuesday at 1230AM EST, Glenn Stevens (RBA Governor) is on the spot with a RBA statement. This will be a true indicator, or maybe just an opinion, on how the AUD economy is performing. Are we heading to 0.7200 or 0.7500 with the AUD/USD?\r\n\r\nSecondly, Mario Draghi produced a non-event snooze fest for his ECB Press Conference last Thursday. For this result he deserves a good pack on the back. Mario basically stated it is a wait and see to let all the extraordinary measures make their way through the markets.\r\n\r\nRather surprisingly, I asked the question in my closing comments of last week’s blog would Draghi announce an “escape plan for the EUROZONE with regards to BREXIT”. I called it Plan P. Draghi stated that the EUROZONE had a plan should BREXIT happen. Do you believe him?\r\n\r\nFor me, I doubt it’s detailed, the meeting minutes page would have the heading June 23<sup>rd</sup> UK BREXIT; underneath written “Oh Feck”. That would be about it I think. Maybe a comment to ask Angela for more money!\r\n\r\nI am still a believer in divergence and although I took just very small profits on a EUR/USD short fading the NFP move last Friday, I still believe that the EUR/USD is heading lower. I am looking to short again around 1.1400.\r\n\r\nDraghi did what every central banker does, adjusted the GDP numbers and presented all attendees at his press conference with a crystal ball, and I do not mean the 3xCD Prince release, rather a prediction into the future about inflation objectives. All complete bulls**t, the best guestimate is now for 1.6% in 2018, no way close to the 2% target. We are all supposed to be really excited by this lack-luster number. Ewald Nowotny Austrian Central Bank governor and member of the ECB governing council, looked as if he was hiding a semi based upon how excited he appeared on CNBC talking about 1.6% being close to 2.0%. That could have just been the interviewer though!\r\n\r\nBottom line; the EUROZONE despite improving PMi’s is still patchy in recovery and frankly, it requires structural reforms rather than ECB policy to move the combined EUROZONE growth and inflation performances forward. Takeaway Germany and the EUROZONE economic performances look really poor.\r\n\r\nNevertheless, I am still bearish the EUR/USD.\r\n\r\nThirdly, we had a nonsense meeting with OPEC. These OPEC meetings nearly always under deliver on policy; OPEC is like the EUROZONE in the sense that collectively they can never agree on anything.\r\n\r\nThe oil industry as I have spoken about before is full of HIGH RISK market players. Hedge funds love oil because it is so speculative. Basically it’s a drill baby drill environment or at the moment a pump baby pump existence.\r\n\r\nThe oil price, as I see it around $50.00 for WTi is a price that would encourage more drillers back into the market. The eyes of GREED will be wide open at $50.00 a barrel; hence the price drops as over supply concerns are raised once again. I saw it earlier in the week but forgot to print out a copy of all the oil tankers waiting to unload Oil to refineries dotted around the globe.\r\n\r\nThe rig count was up by “9” on Friday last week. On the data print Oil was taken to the woodshed and given a good spanking.\r\n\r\nThere are still supply and demand issues surrounding the future oil price, this fact has NOT gone away and if more drillers re-enter the Oil market they will only exacerbate an already fragile price spike. Will we see WTi sub $40.00 again? Maybe, who knows, the facts are the oil market has real issues on supply and demand that producers are incapable of fixing because of GREED.\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<h3 style=\"text-align: center;\"><strong>WHERE NEXT FOR THE USD?</strong></h3>\r\n<em> </em>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/DXY-WEEKLY-05062016.png\"><img class=\"aligncenter size-large wp-image-8024\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/DXY-WEEKLY-05062016-1024x476.png\" alt=\"DXY WEEKLY 05062016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n<em> </em><em> </em>\r\n\r\nThe Weekly DXY chart refers.\r\n\r\nAs you can see from the chart what took about three weeks to go up took just one week, most of it in one day to give back.\r\n\r\nWhen you look around the EUR/USD, USD/CHF, USD/JPY, AUD/USD and NZD/USD charts it is not hard for anyone even without FX experience to see and note that the moves on Friday last week were stellar.\r\n\r\nI am a USD bull and I took a beating last week. My account is large enough and I am managing my risk through much smaller position sizes through the silly season, but I was not prepared for such a poor NFP number, I do not think that anyone saw that coming.\r\n\r\nI posted rather humorously on twitter the night before a picture of my two Labradors with the comment saying “We are ready for NFP tomorrow are you?” I jokingly added…they have just as much of chance of getting the number right as I have. Well I got that right.\r\n\r\nMoving forwards…\r\n\r\nIn last week’s blog, I wrote the second part to my NIGHTMARE SCENARIO looking at TRADING from a RISK perspective. I talked about the silly season, referring to the all the high profile events coming up in the near future and probable ending being the US Presidential Election in November.\r\n\r\nI am NOT that good, I did not have a poor NFP number on my list. However, I am now pleased to announce that silly season has in fact started. This Monday sees the start of the annual vacation / holiday’s cycle, this means that liquidity starts to dry up in the Forex markets. Given that liquidity is less than it has been in previous years I am not sure how different it will be this year from a liquidity two way action perspective.\r\n\r\nWhat I can say is that as we head into dealing with some big economic and geopolitical events, the added thrill of lower liquidity should spice things up a bit for us all.\r\n\r\nEverything in Forex really revolves around the USD. No matter what pair you trade, at some point a relationship to the dollar can be established, whether this is through an associated commodity linked to the USD or through an associated FX pair that is correlated to the USD.\r\n\r\nThe most liquid pair in the currency menu, the EUR/USD has been trading in some very tight overnight ranges of late. It has not been uncommon over the past two/ three weeks to see 30-40 pip ATR’s. This lack of movement or chop fest within a tight range has its effect on other currency pairs. On Friday after NFP, in stark contrast to recent sessions the daily range with the EUR/USD was 215 pips, interestingly enough the daily ATR at this moment is 71 pips. Friday’s move was nearly 3 times the ATR.\r\n\r\nDuring this period of low ATR’s, the USD index (DXY) had moved up slowly and in bite size chunks; that all came crashing down after NFP.\r\n\r\nSo where next for the USD?\r\n\r\nI still believe in central bank divergence, I still believe in the process and effects of central bank divergent monetary policies. I may be the last trader alive that believes in this, but my colours are nailed to the mast, hypothetically speaking.\r\n\r\nAt this stage of 2016, I expected the divergent trade to be well established, but I have found myself being on hold waiting for the FED to act. By the end of 2016, I still see the DXY pushing 100.00 and maybe beyond. I still see the EUR/USD pushing well below 1.1000 challenging the 1.0500 level once again. It sounds ambitious but it can happen very easily.\r\n\r\nSo what are blockages to my macro / fundamental views happening?\r\n\r\nI think that dithering Janet Yellen is on my side as she has stated that she will tighten policy and I fully expect her to deliver once before the summer and once before the U.S. election to give 0.75% minimum behind the clock to react to the presidential result should THE DONALD beat CROOKED HILLARY or CRAZY BERNIE.\r\n\r\nIt is the election that may place a “spanner / wrench in the works” as far as I am concerned. I so want to write about THE DONALD in some detail but I just don\'t think that I can add too much beyond that fact that he would be a bloody nightmare in my opinion. Not that I think CROOKED HILLARY will be much better. I think that CRAZY BERNIE is only in the race to collect Air Miles whilst he can.\r\n\r\nThe markets would go arseways should THE DONALD be elected, talk about uncertainty! Having said that the USD may strengthen significantly if THE DONALD was elected and converted the White House to TRUMP WASHINGTON. I just don\'t know if the USD weaken or strengthen with THE DONALD in situ? There are arguments, good ones for both ways.\r\n\r\nBefore the election, the FED will be tightening, and as a result the USD will move towards 100.00. This move will be spurred on by other central bank activity by countries still having to weaken their currencies to try and get the competitive edge. The RBA and RBNZ immediately come to mind plus the BOJ. Regular readers will know that I am also in the camp that the BOC will go very dovish soon. This opinion is supported by and exacerbated by the Fort McMurray wild fires close to the Alberta Oil sands. The SNB will continue its policy of negative rates, and, as we all know, it measures and artificially manages the EUR/CHF exchange rate right now even though it denies this. The UK has it’s own worries through BREXIT and although a while back Carney was advising the markets that the next move in cable interest rates would be up they could in fact move lower.\r\n\r\nAll of this central bank activity and monetary policy direction is supportive of claiming that central bank divergence is in place.\r\n\r\nThe USD will in my opinion over the coming sessions try to establish a base level above 92.00. Everyone knows the next big move is upwards it’s just a question of where it will base first.\r\n\r\nI think we have some great long USD opportunities on the horizon playing the DXY to give us entries.\r\n\r\nLike everything with Forex, we have to be patient and wait for the moves to come to us first.\r\n\r\n<em> </em>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\n<strong>THE PREMIUM SERVICE – TRADING REVIEW: </strong>\r\n\r\nTRADING REVIEW:\r\n\r\nLet me start by saying, May was a great month for trading. All categories of trade style were profitable, however, what really pleased me was that 931 pips were generated on FUNDAMENTAL TRADES, which is helping to clear the negative pip total for the year so far. At the end of May FUNDAMENTAL TRADES are now at only -706 pips for the year.\r\n\r\nI still maintain that trading conditions are very difficult with tight ranges and very choppy moves within the ranges. Sadly, I see no change at all in this moving forward.\r\n\r\nWhilst we continue to have dithering from the FED, the equity and Oil markets are controlling Forex price movements. This does make me a little uncomfortable. In the background we have the JPY. The USD/JPY is once again on the brink and the JPY could blow the FX market apart with a drop through 105.00.\r\n\r\nEven with all the above, the PREMIUM SERVICE pip tally for the year so far is at 5,865 to the end of May.\r\n\r\nIn addition; 81% of all trade completed in May were profitable. Year to date this is 77%. The 2016 total pips generated to the end of May were 523 pips ahead of the May 31<sup>st</sup> 2015 total.\r\n\r\nLooking forward, we have Yellen, Stevens, Draghi, Wheeler and Poloz all speaking this week. All we needed was Carney and we would be eligible for a free set of cut glass from your local Shell gas station. We should expect some directional news as a result of these speeches but I am not holding my breath, as I believe it’s all a waiting game to follow the FED, but you never know. The antipodean’s namely the RBA and RBNZ may surprise the market with a bazooka should they both cut rates.\r\n\r\nI am continuing with my approach of smaller position sizes and wider stops across all trade styles.\r\n\r\nWhen I set up POSITION TRADES, I take much longer-term views with wider stops, based upon not just weekly ATR’s but in many cases monthly ATR’s. The multiple positions that I had hoped would evolve, just haven’t as yet, as the market has not allowed this on the terms that I want.\r\n\r\nHaving wider stops with FUNDAMENTAL TRADES is a little weird although last year pre POSITION TRADES these trades were traded more with cross rate pairs and wider stops were the order of the day. It is managing the TRADE SIZE, which is crucial to the success of these, and the RADAR TRADES. I think it will be after the US election when I revert back to normal with POSITION SIZES.\r\n\r\nAs I have stated on so many occasions in blogs and have dotted about the website in various locations, it is all about MANAGING RISK. The drawdowns can be larger than usual but the smaller POSITION SIZES give you greater enhanced trade flexibility, which frankly I think at the moment is a pre-requisite for trading Forex effectively to give you longevity.\r\n\r\nLike I said last week, we are in the silly season and we have to recognize the changes and adapt.\r\n\r\n&nbsp;\r\n\r\nNON-FARM PAYROLL (NFP):\r\n\r\nI had a few conversations / chats with a couple of subscribers prior to and after NFP with regards to my PLAN A and PLAN B.\r\n\r\nBasically PLAN A was to react to continued USD strength and PLAN B was to react to a weaker number… with reference to a couple of trades I wish that I had a PLAN C!!\r\n\r\nOne thing that can always be counted on is that I will always have a PLAN or STRATEGY as I am approaching the market, whether the said STRATEGY works out the way it was intended is always debatable.\r\n\r\nMy goal through PLAN B was to let existing LIMIT/STOP ORDERS trigger if prices reached their entry levels, plus the second goal was to add additional trades to existing positions at key Fibonacci / pivot points looking for moves back in the trend.\r\n\r\nThe weakness in the USD after NFP was as usual in Forex totally unforgiving and I think these “wash out” moves as I sometimes refer to them as are healthy for the markets overall but maybe not for individual traders. When I say healthy, I mean from a re-balancing of positions perspective. Having said that, it was a cruel day for a great number of traders. I know of a few buddies who are holding huge long USD/CAD and USD/CHF trades at the moment. They have very twitchy bottoms.\r\n\r\nAs you know, I was very busy moving stops to protect trades after the NFP release. There are certain pairs that I want to maintain a position with<strong>,</strong> either long or short and I want to add further trades (as mentioned above) in line with my overall fundamental /macro thoughts.\r\n\r\nLooking specifically at the trades that are now open moving into next week, here are my immediate thoughts: -\r\n\r\nPOS033 (EUR/GBP): see the comments below for FUN363.\r\n\r\nPOS035 (AUD/USD): Unless we see a pullback in Asia I fear the 0.7400 stop will be at risk. On the Daily chart we have a 38% retracement at 0.7406. This looks like a re-test of this level and there will be a stop run at this level being just over a psychological round number. The entry on this pair was back at 0.7200 and whilst it is a longer-term trade, I do not want to go much further as we have the RBA in the small hours (for me) on Tuesday morning. My thoughts are to elevate the stop to 0.7460.\r\n\r\nPOS036 (USD/CHF): This stop may have to go to 0.9620-40. My thought process at the moment is to add another position as close to the lows as well as another FUNDAMENTAL long trade. This all depends on the EUR/USD, which squeezed on very low liquidity into the close last Friday.\r\n\r\nFT699 (NZD/USD): The RBNZ meets during the week and I am 50-50 on whether the proposed cut in interest rates will happen. If I were to move this stop it would be a 0.7060 move to place it above the recent trend highs. We have the 76.4% Fibonacci resistance at current levels of 0.6964. This may hold; my thoughts that the NZD is way over-valued are irrelevant but I would hate to give up such a great price level entry. My thoughts are; I may take a small loss on this trade and look to re-enter above 0.7000. I have FUN362 to consider in my options as well.\r\n\r\nFUN362 (NZD/USD): I may have to move the stop above recent trend highs of 0.7054. This trade has annoyed me from the outset. It has not acted well at all, very frustrating. This trade has only a 25% position size on a already reduced position sizing plan that I have in place (see previous blogs) so on normal parameters it’s only about a 10% sized trade at the moment\r\n\r\nFUN363 (EUR/GBP): I am in three minds with this pair. BREXIT POLLS over the weekend and Sunday papers in the UK will drive this pair’s direction more than anything. It may have one last move to 0.7930, which is just beyond strong horizontal resistance.\r\n\r\nFUN365 (USD/CHF): see POS036 for thoughts and action plan.\r\n\r\n&nbsp;\r\n\r\n<strong>CHARTS THAT ARE ATTRACTING MY INTEREST:</strong>\r\n\r\nI am not looking at charts until Monday evening after the close of the North American session. I am NOT interested in entering any new trades until NFP has worked its way through all markets 100%.\r\n\r\nIf there were no BREXIT I would be looking to get long GBP/CHF. I am looking and may be tempted with a small long position. But at the moment the daily EUR/GBP green candle scares the crap out of me.\r\n\r\n<strong> </strong>\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<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/LIVE-TRADES-05062016.png\"><img class=\"aligncenter size-full wp-image-8023\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/LIVE-TRADES-05062016.png\" alt=\"LIVE TRADES 05062016\" width=\"801\" height=\"585\" /></a></strong>\r\n\r\n<strong> </strong>\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: USD – Janet Yellen (FED) speaks.\r\n\r\nTUESDAY: AUD – RBA Rate Statement.\r\nTUESDAY: CNY – Trade Balance.\r\n\r\nWEDNESDAY: NZD – RBNZ Statement, Press Conference &amp; Wheeler speaks.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB) speaks.\r\nTHURSDAY: CAD – Stephen Poloz (BOC) speaks.\r\n\r\nFRIDAY: CAD – Employment Data.\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1366\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURUSD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8026\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURUSD-D-05062016-1024x481.png\" alt=\"EURUSD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4510\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPUSD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8027\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPUSD-D-05062016-1024x481.png\" alt=\"GBPUSD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7365\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDUSD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8025\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDUSD-D-05062016-1024x481.png\" alt=\"AUDUSD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6953\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDUSD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8028\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDUSD-D-05062016-1024x481.png\" alt=\"NZDUSD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2935\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCAD-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8029\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCAD-D-05062016-1024x481.png\" alt=\"USDCAD D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9752\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCHF-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8030\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCHF-D-05062016-1024x481.png\" alt=\"USDCHF D 05062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.53\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDJPY-D-05062016.png\"><img class=\"aligncenter size-large wp-image-8031\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDJPY-D-05062016-1024x481.png\" alt=\"USDJPY D 05062016\" width=\"1024\" height=\"481\" /></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\nIt\'s all about central banks again this week.\r\n\r\nThe RBA and RBNZ have interest rate decisions and accompanying rate statements. Graeme Wheeler has a press conference; so for those readers who find it hard to sleep, just log in and watch. Holy Mother of God snooze fest city, it is true accountancy at work.\r\n\r\nWe also have Janet Yellen (FED), Mario Draghi (ECB) and Stephen Poloz (BOC) unleashing their words of wisdom on the markets this week.\r\n\r\nI am expecting something from all of the above, but I am not holding my breath. Of late I have witnessed great disappointment in central bank speak, I am now fully in the camp that nothing major will happen for fear that the FED will undermine local activity. I cannot see the FED moving on rates until at least July unless Yellen has another dithering bout once again.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 4<sup>th</sup> June 2016\r\nBLOG VERSION: #105 PREMIUM SERVICE VERSION\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;','WHERE NEXT FOR THE USD?','','publish','open','closed','','where-next-for-the-usd','','','2016-06-04 09:32:08','2016-06-04 14:32:08','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8032',0,'member_posts','',0),(7982,1,'2016-05-28 12:15:48','2016-05-28 17:15:48','','RISK MANAGEMENT – POSITION SIZING','','inherit','open','closed','','risk-management-position-sizing','','','2016-05-28 12:18:16','2016-05-28 17:18:16','',2538,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/RISK-MANAGEMENT-–-POSITION-SIZING.pdf',0,'attachment','application/pdf',0),(7983,1,'2016-05-28 12:18:30','2016-05-28 17:18:30','<section class=\"pdf-links\">\r\n<div class=\"one-third first\">\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/CREATING-A-TRADING-PLAN-3.0.pdf\">CREATING A TRADING PLAN</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/FOLLOWING-YOUR-TRADING-PLAN-.pdf\">FOLLOWING YOUR TRADING PLAN</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/PLANNING-YOUR-TRADES-2.0.pdf\">PLANNING YOUR TRADES (2.0)</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/MANAGING-RISK.pdf\">MANAGING RISK</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/STOP-PLACEMENT.pdf\">STOP PLACEMENT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/MAXIMISING-PROFIT-POTENTIAL-BY-PROPERLY-SIZING-POSITIONS.pdf\">MAXIMISING PROFIT POTENTIAL BY PROPERLY SIZING POSITIONS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-AROUND-THE-NEWS.pdf\">TRADING AROUND THE NEWS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/HANDLING-NEWS-WITH-AN-OPEN-POSITION.pdf\">HANDLING NEWS WITH AN OPEN POSITION</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\">TRADING WITH A FLEXIBLE MINDSET</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PROBABILITIES-IN-TRADING.pdf\">PROBABILITIES IN TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf\">TRADING PSYCHOLOGY AND DRAWDOWNS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-RECENCY-BIAS.pdf\">TRADING PSYCHOLOGY - RECENCY BIAS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/A-MATHEMATICAL-APPROACH-TO-ELIMINATING-EMOTIONS.pdf\">A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/STEPS-TO-TAKE-WHEN-FACED-WITH-STRESSFUL-FOREX-SITUATIONS.pdf\">STEPS TO TAKE WHEN FACED WITH STRESSFUL FOREX SITUATIONS</a>\r\n\r\n</div>\r\n<div class=\"one-third\">\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/ARE-YOU-FORCING-TRADES_.pdf\">ARE YOU FORCING TRADES_</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/TIPS-IN-ADJUSTING-TO-THE-FOREX-MARKET-WHEN-THERE-IS-LOW-VOLATILITY.pdf\">TIPS IN ADJUSTING TO THE FOREX MARKET WHEN THERE IS LOW VOLATILITY</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/TIPS-ON-GETTING-BACK-INTO-TRADING-AFTER-A-BREAK.pdf\">TIPS ON GETTING BACK INTO TRADING AFTER A BREAK</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/FX-BROKERS-PART-1.pdf\">FX BROKERS -PART 1</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/FX-BROKERS-PART-2.pdf\">FX BROKERS - PART 2</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/TRADING-MISTAKES-THAT-MAY-BE-LIMITING-YOUR-PROFITABILITY.pdf\">TRADING MISTAKES THAT MAY BE LIMITING YOUR PROFITABILITY</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/TRADING-OUTSIDE-OF-YOUR-COMFORT-ZONE.pdf\">TRADING OUTSIDE OF YOUR COMFORT ZONE</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/ARE-YOU-PREDICTING-PRICE-ACTION_.pdf\">ARE YOU PREDICTING PRICE ACTION</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/DONT-GIVE-UP-ON-YOUR-TRADE-PLAN.pdf\">DON\'T GIVE UP ON YOUR TRADE PLAN</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/HOW-TO-ADJUST-TO-CHANGING-TRADING-CONDITIONS.pdf\">HOW TO ADJUST TO CHANGING TRADING CONDITIONS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/10/HOW-TO-HANDLE-YOUR-FOREX-TRADING-WORRIES.pdf\">HOW TO HANDLE YOUR FOREX TRADING WORRIES</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/3-WAYS-TO-ENHANCE-YOUR-FOREX-TRADING-SKILLS.pdf\">3 WAYS TO ENHANCE YOUR FOREX TRADING SKILLS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/THE-STAGES-OF-LOSS-IN-FOREX.pdf\">THE STAGES OF LOSS IN FOREX</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/ARE-YOU-A-GREEDY-FOREX-TRADER_.pdf\">ARE YOU A GREEDY FOREX TRADER_</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/TRADING-HABITS-THAT-WILL-HELP-YOU-MANAGE-YOUR-OPEN-POSITIONS.pdf\">TRADING HABITS THAT WILL HELP YOU MANAGE YOUR OPEN POSITIONS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/STAIR-STEPPING-STOP-PROTECTION.pdf\">STAIR STEPPING STOP PROTECTION</a>\r\n\r\n</div>\r\n<div class=\"one-third\">\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/SEVERAL-WAYS-TO-OVERCOME-TRADING-BURNOUT.pdf\">SEVERAL WAYS TO OVERCOME TRADING BURNOUT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/11/HOW-YOUR-PHYSICAL-WELL-BEING-AFFECTS-YOUR-FX-TRADING.pdf\">HOW YOUR PHYSICAL WELL-BEING AFFECTS YOUR FX TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/5-OF-THE-WORST-EXCUSES-TO-NOT-START-TRADING.pdf\">5 OF THE WORST EXCUSES TO NOT START TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/MY-APPROACH-ON-POSITION-SIZING.pdf\">MY APPROACH ON POSITION SIZING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/8-QUICK-REMINDERS-BEFORE-MAKING-YOUR-2015-TRADING-GOALS.pdf\">8 QUICK REMINDERS BEFORE MAKING YOUR 2015 TRADING GOALS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/IDEAS-THAT-MAYBE-YOU-SHOULD-ADD-TO-YOUR-FOREX-TRADING-RESOLUTIONS.pdf\">IDEAS THAT MAYBE YOU SHOULD ADD TO YOUR FOREX TRADING RESOLUTIONS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/02/POSITION-SIZING...TIPS-ON-HOW-TO-AVOID-RISKING-TOO-MUCH.pdf\">POSITION SIZING...TIPS ON HOW TO AVOID RISKING TOO MUCH</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/02/HOW-TO-PLAN-YOUR-FOREX-TRADE-EXITS.pdf\">HOW TO PLAN YOUR FOREX TRADE EXITS</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/02/THE-5-MOST-COMMON-MISTAKES-NEWBIE-TRADERS-MAKE.pdf\">THE 5 MOST COMMON MISTAKES NEWBIE TRADERS MAKE</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/THE-CRITICAL-SUCCESS-FACTORS-YOU-NEED-TO-BECOME-A-SUCCESSFUL-TRADER.pdf\">THE CRITICAL SUCCESS FACTORS YOU NEED TO BECOME A SUCCESSFUL TRADER</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/FOUR-PSYCHOLOGICAL-PITFALLS-THAT-WILL-BLOW-YOUR-ACCOUNT.pdf\">FOUR PSYCHOLOGICAL PITFALLS THAT WILL BLOW YOUR ACCOUNT</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/THE-MOST-OVERLOOKED-RISKS-IN-TRADING-AND-HOW-TO-ADDRESS-THEM.pdf\">THE MOST OVERLOOKED RISKS IN TRADING AND HOW TO ADDRESS THEM</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/HOW-MUCH-TRADING-CAPITAL-DO-YOU-NEED-FOR-FOREX-TRADING.pdf\">HOW MUCH TRADING CAPITAL DO YOU NEED FOR FOREX TRADING</a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/CURRENCY-CORRELATION-EXPLAINED.pdf\">CURRENCY CORRELATION EXPLAINED</a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/RISK-MANAGEMENT-–-POSITION-SIZING.pdf\">RISK MANAGEMENT – POSITION SIZING</a>\r\n\r\n&nbsp;\r\n\r\n</div>\r\n</section>\r\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>','Trading Essentials','','inherit','closed','closed','','2538-revision-v1','','','2016-05-28 12:18:30','2016-05-28 17:18:30','',2538,'http://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(7908,1,'2016-05-21 07:30:19','2016-05-21 12:30:19','','PREM SERV PROFITS1 21052016','','inherit','open','closed','','prem-serv-profits1-21052016','','','2016-05-21 07:40:01','2016-05-21 12:40:01','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PREM-SERV-PROFITS1-21052016.png',0,'attachment','image/png',0),(7909,1,'2016-05-21 07:30:23','2016-05-21 12:30:23','','PREM SERV PROFITS 2 21052016','','inherit','open','closed','','prem-serv-profits-2-21052016','','','2016-05-21 07:39:49','2016-05-21 12:39:49','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/PREM-SERV-PROFITS-2-21052016.png',0,'attachment','image/png',0),(7910,1,'2016-05-21 07:30:28','2016-05-21 12:30:28','','FLASH 21052016','','inherit','open','closed','','flash-21052016','','','2016-05-21 07:35:25','2016-05-21 12:35:25','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/FLASH-21052016.png',0,'attachment','image/png',0),(7911,1,'2016-05-21 07:30:34','2016-05-21 12:30:34','','RADAR 21052016','','inherit','open','closed','','radar-21052016','','','2016-05-21 07:36:17','2016-05-21 12:36:17','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/RADAR-21052016.png',0,'attachment','image/png',0),(7912,1,'2016-05-21 07:30:39','2016-05-21 12:30:39','','FUN 21052016','','inherit','open','closed','','fun-21052016','','','2016-05-21 07:36:58','2016-05-21 12:36:58','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/FUN-21052016.png',0,'attachment','image/png',0),(7913,1,'2016-05-21 07:30:45','2016-05-21 12:30:45','','POS1 21052016','','inherit','open','closed','','pos1-21052016','','','2016-05-21 07:37:47','2016-05-21 12:37:47','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS1-21052016.png',0,'attachment','image/png',0),(7914,1,'2016-05-21 07:30:47','2016-05-21 12:30:47','','POS2 21052016','','inherit','open','closed','','pos2-21052016','','','2016-05-21 07:37:52','2016-05-21 12:37:52','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS2-21052016.png',0,'attachment','image/png',0),(7915,1,'2016-05-21 07:30:48','2016-05-21 12:30:48','','POS3 21052016','','inherit','open','closed','','pos3-21052016','','','2016-05-21 07:38:00','2016-05-21 12:38:00','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/POS3-21052016.png',0,'attachment','image/png',0),(7916,1,'2016-05-21 07:30:55','2016-05-21 12:30:55','','LIMIT ORDERS 21052016','','inherit','open','closed','','limit-orders-21052016','','','2016-05-21 10:31:02','2016-05-21 15:31:02','',7939,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIMIT-ORDERS-21052016.png',0,'attachment','image/png',0),(7917,1,'2016-05-21 07:30:56','2016-05-21 12:30:56','','LIVE TRADES 21052016','','inherit','open','closed','','live-trades-21052016','','','2016-05-21 10:30:52','2016-05-21 15:30:52','',7939,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/05/LIVE-TRADES-21052016.png',0,'attachment','image/png',0),(8064,1,'2016-06-11 11:30:08','2016-06-11 16:30:08','&nbsp;\r\n\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nWhat a boring week in Forex. Well it was for me anyways. I covered several trades that I had held from NFP day and took losses, in particular with the NZD/USD. I decided to take the pain as I was just extending stops (whilst still inside my RISK TOLERANCE levels) but enough was enough and felt it time to do so.\r\n\r\nEven with the loss in pips taken so far this month, I am still on target for my year to date target of 10,000 pips. The cushion I had going into this month is now gone. What is more frustrating on top of taking losses is that I have zero confidence in aggressively adding trades given that markets, except for the GBP related trades are really range bound. When the EUR/USD trades almost daily in 40 pip ranges the market stagnates and trading with confidence is not there.\r\n\r\nI tweeted to subscribers on several occasions about my frustration, as when I take losses so do they, and, it is hard at times for subscribers to get the fact that I only trade when I am 100% engaged with the market. This market I am struggling to get a feel for.\r\n\r\nAll I see is that Oil is the “b-all and end-all” when it comes to market direction. Correlations have been off; as you will know, I am a big believer in inter-market correlations.\r\n\r\nBasically to sum up the first two weeks in June from my perspective; they have in a nutshell been boring, annoying and frustrating. I do hope some of you have fared a little better.\r\n\r\nLeading on from the pleasantries…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be early September when I return from my summer break.\r\n\r\nMy plans for the short tour of the UK and IRELAND (see chart below with itinerary) are complete.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nI hope to meet and greet many traders on this trip and I am really excited about the presentations that are scheduled. Please come along if you can and bring friends who you think may be interested in starting to trade the Forex market.\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, plus the email address to use to register at to reserve a space. I would place it here but I would end up getting thousand’s of SPAM emails, which I want to avoid.\r\n\r\nPlease note that because of the above touring schedule there will no “FREE NEWSLETTER or FOREXTELL” versions of the WEEKLY FX DRIVE THRU, on the dates listed below.\r\n<p style=\"text-align: center;\">18<sup>th</sup> June 2016\r\n25<sup>th</sup> June 2016\r\n2<sup>nd</sup> July 2016</p>\r\nOriginally, I had planned to produce something but the schedule is so intense the chance of having the time available is so slight there is really no point promising and not delivering.\r\n\r\nI will hopefully produce a brief overview of the markets and my thoughts for PREMIUM SERVICE subscribers but even this will be basic and very limited.\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 credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS TO THE MONTH SO FAR:       - 751 pips\r\nNET PIPS THIS YEAR SO FAR:                +5,116 pips\r\n\r\nNET 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).\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\nLast week was a slow week in trading for me, but there were significant events that took place in my opinion.\r\n\r\nIs it just me that sees / views the markets as complacent at the moment?\r\n\r\nDo the market participants dotted around the globe view everything on the basis that central banks will step in to support the private banks and markets once again and backstop potential losses and confidence should we have another crisis?\r\n\r\nWhat the hell is going on? I find the whole approach anti to market fundamentals and at times technicals mean nothing. It’s all about OIL and news driven events that trump (no pun at the DONALD intended), economic data such as BREXIT. Frankly it is disturbing.\r\n\r\nBack on track…\r\n\r\nJanet Yellen (FED) spoke last week re-affirmed her desire to tighten and raise interest rates. The markets listened and kind of did nothing.\r\n\r\nGlenn Stevens (RBA) kept rates unchanged. The RBA is still concerned over commodity pricing and housing, but sees no reason to play with interest rates yet *(later)\r\n\r\nGraeme Wheeler (RBNZ) also kept rates unchanged. He also cited the housing bubble in Auckland and demonstrated the best he could that he is on a very thin dividing line. He spoke twice after the statement was released. I read the statement and frankly I thought all that the RBNZ had done was tippex out the date on the last one, re-date it and issue it again. It was that similar. He basically stated that he was waiting on the FED *(later).\r\nIn his second speech he was so HAWKISH and BEARISH towards the NZD I was amazed that the currency remained so well bid in the hours that followed.\r\n\r\nMario Draghi (ECB) delivered a damming view of the economic position inside the EUROZONE. Basically he re-iterated once again that he has gone pretty much as far as he can with fiscal changes and initiatives with the ECB. It is now up to member states to get their fingers extracted from where the sun does NOT shine and implement structural reforms to boost growth and get inflation back in play. I guarantee you; this fell on deaf ears. No one gives a rat’s ass in the EUROZONE to doing the right thing *(later).\r\n\r\nTwo years ago, had Draghi delivered this speech the EUR/USD would have collapsed by 200-300 pips in the day. We saw about 70 pips and then it pulled back.\r\n\r\nStephen Poloz (BOC) spoke in Ottawa and basically stated there are some concerns ahead for the Canadian economy. He singled out housing. He claimed that the upside housing prices pressure would start to diminish…. my arse it will. Poloz has his head so buried in the sand he has no idea what he is saying as he cannot hear anything. At one point, he was congratulating the U.S. on an economic great job done. In Ireland, this would be considered as tongue in check plaumausing and hilarious to listen to *(later).\r\n\r\nHere is later…\r\n\r\n* - All of these central bankers are basically saying the same stuff. They are waiting on the Fed to act and raise rates to strengthen the USD and weaken their currencies. The strength of the FED will dwarf anything they attempt and they are prepared to risk a waiting game.\r\n\r\nLook… this is all a game, nothing more and nothing less.\r\n\r\nWithout exception these central bankers cannot see that a lower interest rate policy encourages investors into the housing market as an alternative to buying equities. Now they have bubbles and they behave as 2016 versions of Pontius Pilate, virtually washing their hands of any implications they may have had in the current predicament.\r\n\r\nAs I have said before it all down to “Dithering” Janet Yellen and when she will act. I do not want to be DOOM and GLOOM all the time but I really fear that complacency has set in and my NIGHTMARE SCENARIO posted in the last two blogs is in place. Nothing that has happened in the last three weeks has caused me to change my views.\r\n\r\nDid I miss an end of the world announcement or something?\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>BREXIT IS A REAL POSSIBILITY - SO IS A EUROZONE CONTAGION FEAR REAL?</strong></p>\r\nI have this great app on my iPAD that I can mirror play through my smart TV that gives me hundreds of TV channels from around the world. This includes all the BBC, ITV, Channel 4 and Channel 5 TV schedules in the UK, as well as some political UK and EUROZONE based specialty channels, and it is just brilliant.\r\n\r\nIt has allowed me to watch the TV debates on BREXIT to supplement my reading on the subject, plus I get some snippets from subscribers in the UK as to what is happening on the ground in the local pups etc.\r\n\r\nGet ready…\r\n\r\nAs “wooden” Wolf Blitzer would say on CNN Americas Choice 2016 (The US Presidential Election / Circus coverage), “we have an important announcement”.\r\n\r\nIn an about turn from my initial perspective, I actually think that the UK could be on its way out of the EUROPEAN UNION.\r\n\r\nThe arguments to LEAVE in the TV debates are compelling, whilst the arguments to STAY are based on FEAR.\r\n\r\nI live in Canada now and watch a great deal of US based TV. For decades, prior to moving, I have commented on the fact that the US population has been managed by fear. Living so close now with even more exposure, I have seen nothing to change those views. FEAR works in the U.S.; look at the DONALD.\r\nThe “Brits” are not American. The debates on TV are NOT a slagging match of personal insults; they debate real facts and figures.\r\n\r\nThe big question for the STAY/REMAIN vote with two weeks left, is that they are hoping that huge undecided voters (the silent majority) will be more conservative in view and will likely vote to REMAIN. No change, the devil you know better than the devil you don\'t. But will these people get out and vote? What will the turnout be?\r\n\r\nSovereignty is a huge issue for the UK population. There is absolutely no doubt that unelected bureaucrats in Brussels have eroded this in the name of the EUROPEAN UNION. There was suspicion when the UK entered the EU that this would happen. That was why there was never any discussion on abandoning the GBP in favour of the EUR. Those fears from years ago now have substance, and many believe have been realized. The LEAVES love this point where as the REMAINS gloss over it.\r\n\r\nTrade will always happen and frankly whilst there are some benefits to trading inside the EU, the amount of paperwork required to trade from the outside will not be any greater than the waste of paper that exists right now.\r\n\r\nFor those of you living outside of Europe you will find the way that Brussels manages all things EU is weird and extreme. It is managed, well in fact I do not think it is managed, there are no mandates in place, it has a centralized function on policy but it’s not clear. Policy from the EUROPEAN PARLIAMENT is non-existent. The EUROPEAN PARLIAMENT has no power. The LEAVE side of the debate can just point to high bureaucrat salaries, pensions and benefits, which are unmanaged by elected officials. Basically it is a massive un-checked cost and just wastes money.\r\n\r\nIt reminds me in many ways of the language police here in Quebec. The policy and procedures are anti- business and just a high cost and a waste.\r\n\r\nIn Europe hundreds of thousands of €’s were actually spent on the definition and content of a British sausage to see if could be called a sausage!\r\n\r\nYup, we all pay taxes for this critical information.\r\n\r\nThe LEAVES have an easy sell, as promises of effectiveness of the EU have just NOT materialized and it seen for what it is.\r\n\r\nIt is a shambolic collection of non-coordinated departments with no effective cost controls. Zero unity or, harmony on most fronts politically and economically, so basically a cost that the UK would be better off without.\r\n\r\nTo counter-balance all the EU bashing the REMAINS say that the UK will fall behind the world with trade if outside the EU and that tax, unemployment and retail prices will rise. The LEAVES cite Switzerland and Norway who are both geographically close the EURO AREA as having great trading arrangements. Plus, JAPAN, TAIWAN, NEW ZEALAND, AUSTRALIA and the US all trade with the EUROZONE so why would the UK be any different from those? It is a strong argument and FEAR as a counter just does not cut the mustard.\r\n\r\nI know that I am keeping this high level without too much flesh on the bones but these are pub discussions. This is where the vote is mainly contested.\r\n\r\nI think that there is a real possibility of a BREXIT unless the great undecided are all REMAINS… the silent majority.\r\n\r\nBack to my NIGHTMARE SCENARIO…\r\n\r\nThe BREXIT happens. The GBP is under immediate pressure, but so, in my opinion is the EUR. There is much more at stake for the EUROZONE, right now I cannot believe the apparent complacency.\r\n\r\nThe EUROZONE is a shambles, reverting back to my earlier point on sovereignty and the single currency, it is important to note that, most voters in the vast majority of EU countries who were members of the EUROZONE at the outset never had a vote on whether they wanted the EUR to replace their sovereign currency. It was an opted in vote on the back of another treaty vote. Vote YES for the treaty and the EUR comes as well. That is what you call democracy EUROZONE style.\r\n\r\nIf the UK leaves the EU, other countries even those tied to the single currency will be having elections that are really EUROZONE membership referendum votes. I have NO DOUBT that there will be a CONTAGION. I have been writing about this for years in my blogs.\r\n\r\nPoliticians are far removed from voters, the ECB does not have to interact and the vast majority of the population of the EUROZONE has endured the pain of a failed AUSTERITY plan now replaced by QE (Quantitative Easing), and even this is NOT enough. Mario Draghi is asking for country by country structural reforms. This will take years and years to wash through even if there is commitment today to start to do something.\r\n\r\nListen…\r\n\r\nIt will be talked about and debated over a glass of wine but bugger all will be done.\r\n\r\nThe CONTAGION door has been opened by the political failures of those in place in the EUROZONE. It is the best own goal (great timing given EURO 2016) ever to be seen and when the history books are written it will be documented as such.\r\n\r\nITALY, GREECE, SPAIN, PORTUGAL are my naps for CONTAGION.\r\n\r\nIt is said that if the BREXIT occurs on June 23<sup>rd</sup> it will take about 2 years to unchain the UK from the EU. Within those two years the EUROZONE will be at break up point in my opinion.\r\n\r\nIt will take a lot of hard work, commitment, determination and coordination to prevent this. None of these words can be associated with the EUROZONE.\r\n\r\nI still see my NIGHTMARE SCENARIO in place.\r\n\r\nIf the DONALD is elected, we could all be singing the famous R E M song… “The end of the world as we know it”.\r\n\r\n<em> </em>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: USD – Retail Sales and Core Retail Sales.\r\n\r\nWEDNESDAY: NZD – GDT Dairy Auction prices.\r\nWEDNESDAY: USD – FOMC statement, Projections &amp; FED Press Conference.\r\nWEDNESDAY: NZD – GDP.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: CHF – Libor Rate and SNB Press Conference.\r\nTHURSDAY: GBP – BOE Interest Rate and MPC voting.\r\n\r\nFRIDAY: N/A.\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1258\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURUSD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8046\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/EURUSD-D-11062016-1024x481.png\" alt=\"EURUSD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.4258\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPUSD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8047\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/GBPUSD-D-11062016-1024x481.png\" alt=\"GBPUSD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7378\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDUSD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8045\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/AUDUSD-D-11062016-1024x481.png\" alt=\"AUDUSD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7060\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDUSD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8048\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/NZDUSD-D-11062016-1024x481.png\" alt=\"NZDUSD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.2753\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCAD-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8049\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCAD-D-11062016-1024x481.png\" alt=\"USDCAD D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9641\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCHF-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8050\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDCHF-D-11062016-1024x481.png\" alt=\"USDCHF D 11062016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.74\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDJPY-D-11062016.png\"><img class=\"aligncenter size-large wp-image-8051\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/06/USDJPY-D-11062016-1024x481.png\" alt=\"USDJPY D 11062016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIt\'s all about central banks again this week. But on this occasion only the FED. Janet Yellen has a Press Conference this coming Wednesday, the focus will be on will she be looking to July to raise rates (assuming there is no hike this week).\r\n\r\nEvery dot on the “I” and cross on the “t” will be checked and cross-referenced for clues. Oh, what fun for all on Wednesday. How will the USD react? Personally, I see USD strength if July is still on. Then we have the July NFP release being the next major news event on the U.S. horizon. All other U.S. news may as well be cancelled.\r\n\r\nNot that I want to any way be cynical, God forbid. Am II correct in saying though, that the markets reaction and future of the FED monetary policy for the immediate future is going to be based on the U.S. Department of Labour statistics numbers which are never accurate?\r\n\r\nWill they be massaged to meet the FED’s requirements? Holy Mother of God, there I go again.\r\n\r\nWill they be massaged for big business and Wall Street to keep the status quo of free money in place? Wash my mouth out with soap; as if that could possibly happen in the US and A.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 11<sup>th</sup> June 2016\r\nBLOG VERSION: FREE NEWSLETTER VERSION #205','BREXIT IS A REAL POSSIBILITY -  SO IS A EUROZONE CONTAGION FEAR REAL?','','inherit','closed','closed','','8063-revision-v1','','','2016-06-11 11:30:08','2016-06-11 16:30:08','',8063,'http://weeklyfxdrivethru.com/8063-revision-v1/',0,'revision','',0),(8065,1,'2016-06-18 04:37:47','2016-06-18 09:37:47','&nbsp;\r\n\r\nAs I mentioned in last weeks blog, for this and the next two weeks the “DRIVE THRU” blog would be suspended whilst I am away from my home base on tour in the UK and IRELAND.\r\n\r\nMy presentation schedule is below. Places are still available if you want to attend one of the seminars. You can just turn up at the venue, or if you prefer to register to reserve a seat you can do this by emailing me at events@thepremiumservice.com.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\nAfter the tour is complete, I will return to publishing the usual versions of the blog. The next scheduled full version of the “DRIVE THRU” will be posted on 11<sup>th</sup> July 2016.\r\n\r\nIn the interim period, I wish you every success with your trading and take care as we have one of the largest news events of 2016 happening next week on June 23<sup>rd</sup> when the UK referendum on EUROPEAN UNION continued membership takes place. The BREXIT vote, will I am sure be a period with huge uncertainty and volatility in all markets, especially Forex.\r\n\r\nMost if not all Forex brokers have already announced revised margin trading requirements ahead of the 23<sup>rd</sup>, with most changes already in place. If ever there was a time to be sidelined in GBP, EUR and probably CHF related pairs this is it. The volatility expected at this stage is such, that under-funded and over-traded accounts could be at risk as there will be wild swings and moves in the currency markets.\r\n\r\nFor PREMIUM SERVICE subscribers, I will be emailing copies of the following excel spreadsheets to your inbox: -\r\n<ol>\r\n 	<li>The month to-date trade summaries for RADAR, FLASH, FUNDAMENTAL and POSITION TRADES.</li>\r\n 	<li>Monthly and year to date PREMIUM SERVICE trading gross profit summaries.</li>\r\n 	<li>Excel spreadsheets detailing the current LIVE trades and LIMIT orders in place with my brokers.</li>\r\n 	<li>I will send a copy of my PLAN A and PLAN B approach to trading BREXIT nearer the time.</li>\r\n 	<li>How I will be handling existing trades around BREXIT will also be forwarded by email prior to the 23<sup>rd</sup> June 2016.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 18<sup>th</sup> June 2016\r\nBLOG VERSION: #206 FREE NEWSLETTER\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','AN INTRODUCTION TO FOREX TRADING and THE PREMIUM SERVICE','','publish','open','closed','','introduction-forex-trading-premium-service','','','2016-06-18 04:37:47','2016-06-18 09:37:47','',0,'http://weeklyfxdrivethru.com/?p=8065',0,'post','',0),(8066,1,'2016-06-18 04:37:47','2016-06-18 09:37:47','&nbsp;\r\n\r\nAs I mentioned in last weeks blog, for this and the next two weeks the “DRIVE THRU” blog would be suspended whilst I am away from my home base on tour in the UK and IRELAND.\r\n\r\nMy presentation schedule is below. Places are still available if you want to attend one of the seminars. You can just turn up at the venue, or if you prefer to register to reserve a seat you can do this by emailing me at events@thepremiumservice.com.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\"><img class=\"aligncenter size-full wp-image-7597\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/04/TOUR-DATES-2016.png\" alt=\"TOUR DATES 2016\" width=\"630\" height=\"397\" /></a>\r\n\r\nAfter the tour is complete, I will return to publishing the usual versions of the blog. The next scheduled full version of the “DRIVE THRU” will be posted on 11<sup>th</sup> July 2016.\r\n\r\nIn the interim period, I wish you every success with your trading and take care as we have one of the largest news events of 2016 happening next week on June 23<sup>rd</sup> when the UK referendum on EUROPEAN UNION continued membership takes place. The BREXIT vote, will I am sure be a period with huge uncertainty and volatility in all markets, especially Forex.\r\n\r\nMost if not all Forex brokers have already announced revised margin trading requirements ahead of the 23<sup>rd</sup>, with most changes already in place. If ever there was a time to be sidelined in GBP, EUR and probably CHF related pairs this is it. The volatility expected at this stage is such, that under-funded and over-traded accounts could be at risk as there will be wild swings and moves in the currency markets.\r\n\r\nFor PREMIUM SERVICE subscribers, I will be emailing copies of the following excel spreadsheets to your inbox: -\r\n<ol>\r\n 	<li>The month to-date trade summaries for RADAR, FLASH, FUNDAMENTAL and POSITION TRADES.</li>\r\n 	<li>Monthly and year to date PREMIUM SERVICE trading gross profit summaries.</li>\r\n 	<li>Excel spreadsheets detailing the current LIVE trades and LIMIT orders in place with my brokers.</li>\r\n 	<li>I will send a copy of my PLAN A and PLAN B approach to trading BREXIT nearer the time.</li>\r\n 	<li>How I will be handling existing trades around BREXIT will also be forwarded by email prior to the 23<sup>rd</sup> June 2016.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 18<sup>th</sup> June 2016\r\nBLOG VERSION: #206 FREE NEWSLETTER\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','AN INTRODUCTION TO FOREX TRADING and THE PREMIUM SERVICE','','inherit','closed','closed','','8065-revision-v1','','','2016-06-18 04:37:47','2016-06-18 09:37:47','',8065,'http://weeklyfxdrivethru.com/8065-revision-v1/',0,'revision','',0),(8124,1,'2016-07-09 06:26:18','2016-07-09 11:26:18','','EURUSD MONTHLY CHART 09072016','','inherit','open','closed','','eurusd-monthly-chart-09072016','','','2016-07-09 06:28:01','2016-07-09 11:28:01','',8123,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-MONTHLY-CHART-09072016.png',0,'attachment','image/png',0),(8125,1,'2016-07-09 06:26:21','2016-07-09 11:26:21','','USDCHF WEEKLY CHART 09072016','','inherit','open','closed','','usdchf-weekly-chart-09072016','','','2016-07-09 06:27:27','2016-07-09 11:27:27','',8123,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-WEEKLY-CHART-09072016.png',0,'attachment','image/png',0),(8126,1,'2016-07-09 06:38:26','2016-07-09 11:38:26','','GBPUSD FIB1 MONTHLY 09072016','','inherit','open','closed','','gbpusd-fib1-monthly-09072016','','','2016-07-09 06:39:23','2016-07-09 11:39:23','',8123,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB1-MONTHLY-09072016.png',0,'attachment','image/png',0),(8127,1,'2016-07-09 06:38:31','2016-07-09 11:38:31','','GBPUSD FIB2 MONTHLY 09072016','','inherit','open','closed','','gbpusd-fib2-monthly-09072016','','','2016-07-09 06:39:34','2016-07-09 11:39:34','',8123,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB2-MONTHLY-09072016.png',0,'attachment','image/png',0),(8128,1,'2016-07-09 06:45:12','2016-07-09 11:45:12','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI’m back…I sure know how to pick dates for a sales tour in Europe! If it wasn’t BREXIT it was the UEFA EURO 2016 Football that played havoc at times with swings in attendances!\r\n\r\nOverall, the attendances at the seminars were below what I had expected. When they clashed with UK/IRELAND based matches attendance was poor and when they didn\'t it was good. Having said that I met some really nice people, who will be reading this blog for the first time; welcome! Make the most of this as, next week I am away in Saratoga Springs watching Dave Matthews in concert so the week after that - the 22<sup>nd</sup> of July will be my last blog until I return to blogging after the summer doldrums in early/middle September.\r\n\r\nHowever, for PREMIUM SERVICE subscribers please note that I will be trading throughout the “blog break” this year. Each weekend, I will send summaries via email and update the website and any market thoughts will come either via twitter or the odd email.\r\n\r\nI must admit I found it very difficult trading whilst away from my multi-screen office environment. Even if I run out of computer screens I augment my options by adding in a few laptops and iPad’s if required. At yesterdays NFP I had 12 screens open. Traveling through BREXIT with a laptop and an iPhone and iPAD was hard, in fact given the fact that I trade through seven brokers it was too much for hotel Wi-Fi and even creating hot-spots didn’t help too much either. I missed lots of trades that I had hoped to participate in, so I am now eagerly awaiting the reverse moves, albeit I think we will have a bit of a break and more uncertainty until that happens.\r\n\r\nI am certainly far from being an advocate of over-trading, but I missed so much of that fecking cable move lower across a multitude of pairs I am primed and raring to go! Although my stature does NOT reflect this, I am like a coiled cobra waiting to pounce. Now there’s a vision for all of you who have met me!!\r\n\r\nFrom a trading perspective over the past few days, I only really got back in front of my screens on Wednesday afternoon. My wife and I stayed downtown Montreal as soon as we returned back to Canada to see Sting and Peter Gabriel in concert (ROCK, PAPER SCISSORS TOUR). It was a great gig and although I still have a bit of jet lag, I am looking forward to getting my teeth back into this mess of what is loosely called a market.\r\n\r\nSection 4 (PREMIUM SERVICE SUBSCRIBERS ONLY) this week, is really extended above the usual size as I have so many thoughts and ideas to share with subscribers. I have four weeks of trade thoughts and ideas and other stuff stuck in my brain that I need to spew out.\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be early September when I return from my summer break.\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 credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:\r\n</u>\r\nNET PIPS TO THE MONTH SO FAR:       +381 pips\r\nNET PIPS THIS YEAR SO FAR:                +6,501 pips\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<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\nU.S. NON-FARM PAYROLLS:\r\n\r\nVery little to say this week other than what a f**ked up marketplace we have. The moves after NFP were just bloody stupid. They made no sense at all to me. I fully realize that at times as a retail trader we are just the equivalent of a pimple on a banks a*se. But come on for God’s sake these moves to take out both longs and shorts in the retail market are becoming quite boring and I now think that there is much more to this than meets the eye.\r\n\r\nAt the NFP data release the EUR/USD went to 1.1000 on the back of quite astonishingly good data. Within 30 minutes it’ spiked to 1.1120. Retail clients to a large extent were wiped out at both ends. Usually its just cable that does this… I hate cable.\r\n\r\nPost NFP was as crazy / volatile as you are ever going to see and please be careful we have a very thinly traded Asian market at the open on Sunday to drive these moves further. It will not be until Tuesday next week when the dust will settle on NFP.\r\n\r\nThen of course…wait for it; is the FED rate hike on for September? At the moment I don\'t think I can go there.\r\n\r\nNZD – INTEREST RATE CUTS ON HOLD:\r\n\r\nJust for the record; I now hate the NZD as much, in fact not to upset my NZD subscribers too much, right now I hate it more than the cable. For me to actually put that in print is huge.\r\n\r\nWhat is the name of Wheelers second in command, who is that flute?\r\n\r\nI was at the concert and I glanced at my iPhone and saw the NZD/USD climbing like feck. A little earlier, the AUD/NZD looked like it was going to break out and I had a spring in my step (another vision for you), it fell over 100 pips on the back of the RBNZ comments.\r\n\r\nMy thoughts are as follows: - fundamentally, in my opinion the NZD economy is in the crapper. It will be a great short trade. Right now it is riding the central bank comments and on the basis that interest rates are nicely positive with both antipodean currencies it is attracting a great deal of carry-trade interest. However, the fundamentals in New Zealand are not good; a housing bubble, lower dairy prices and a China slowdown. The writing is on the wall it’s just a case of waiting and dare I say it, being patient.\r\n\r\nI have multiple short NZD positions in NZD/USD and AUD/NZD (long). I am not at all close to RISK limits in any of the POSITION, FUNDAMENTAL or RADAR trades but I do not want to hold them all should the NZD/USD spike. At the moment, I am thinking that the RADAR TRADE will be sacrificed with a loss of about 150 pips. It is the largest position size and although I cut it back size wise on the original test of 0.7300 as a precaution, I have let this one run away a little for a few sessions.\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\nSo there it is in black and white.\r\n\r\nWhy would I make such a wild prediction?\r\n\r\nTwo reasons: -\r\n<ol>\r\n 	<li>I am being told the wilder the crazier, the wilder the blog headline the more followers I will get. So get ready for the Mark Carney ate my hamster headline!But more importantly,</li>\r\n 	<li>I believe that this is a possibility. Why?</li>\r\n</ol>\r\nI could write for pages and pages on this subject and having tasted, smelt and drank the English air recently the thoughts could just flow. I will however try to be concise (if that is ever possible for a Scoucer?), and provide my thought process in some order to make it easy for the reader to follow.\r\n\r\nThe EUROZONE is basically a f*ck up of its own making but it gets by despite it’s ever growing list of shortcomings. The country head politicians are about as useful as a condom seller outside a monastery, for those offended by that statement try “as much use a chocolate teapot” instead! They are like all politicians, only interested in votes and maintaining popularity to hopefully get re-elected and continue the gravy train ride that most of them are on. Then we have the non-elected Brussels bureaucrats so full of self-importance that I am surprised any of them can hear what is being discussed at meetings as this self-importance has their heads so far up their own arse’s that none of them can hear what anyone is saying. Over-paid, over-pensioned and with zero accountability to voters… a classic civil service environment but with huge salaries and perks.\r\n\r\nDespite this backdrop and with continual can kicking down the road without actually addressing any issues, the EUROZONE has so far muddled its way sort of sideways.\r\n\r\nThe EUROZONE has a history of poor selling to its electorate. It is a bureaucracy first to protect its existence at Brussels, which overrides the abilities of many of its elected politicians to put across coherent arguments on matters of importance.\r\n\r\nWhat do the following all have in common?\r\n<ul>\r\n 	<li>Maastricht treaty 1992</li>\r\n 	<li>Nice treaty 2001</li>\r\n 	<li>Lisbon treaty 2008</li>\r\n</ul>\r\nOn A Referendum The Dutch rejected the first and the Irish rejected both of the others.\r\n\r\nWhat did the EUROPEAN UNION do in these instances?\r\n\r\nAfter running to the nearest toilet the Brussels bureaucracy allowed a quiet cooling off period for a few months. The country politicians were given sales training and told to go back to their electorates and advise them with strong balanced discussions and arguments on how to vote the correct way in the national interest. Four or five months later on the re-vote the desired result was achieved. “Mulligans” (Do-overs) do exist in politics!!\r\n\r\nAm I saying that the UK will get a second bite of the cherry? One should never say never in politics, never rule out anything, politics is a game, it is at times the best reality TV you will ever witness.\r\n\r\nThe Lisbon treaty contains article 50, which is at the core of the next move for the UK. The UK has to evoke article 50 to start the exit process. David Cameron, I quite like him, he looks like a leader and he did the honorable thing and resigned following the exit vote. However, he delayed the start of article 50 to at least November 2016 by stating this should be led my a new leader of his party and the new Prime Minister. Over the past week or so there has been muttering about it not being evoked until the spring of 2017. I can imagine if you voted for the BREXIT hearing this news and reading those headlines would piss you off a bit to say the least. Why the delay?\r\n\r\nThis is politics. The UK understandably wants side deals in place prior to article 50 being triggered. It does not want a vacuum.\r\n\r\nHowever, the cynic in me believes that one other possible reason for this is to draw out the uncertainty for as long as possible to gather more public opinion on if you could vote again now…how would you vote, would you change sides?\r\n\r\nIt is very hard to fathom. Both the REMAIN and BREXIT sides fought on fear rather than facts. Having watched, read, listened and discussed over a glass or three of RED as much as possible around BREXIT, my thoughts are that the population were sold on fear and very little on facts. The result was 52% v 48% it was not 70% v 30% so in my eyes, not that convincing, and when one analyses the vote via region the conclusions are easy to draw.\r\n<ol>\r\n 	<li>ENGLAND outside LONDON:I am originally from the north of England. There is a huge belief that the government of the day only really cares about London, no matter what political party is in power.The BREXIT vote won out in every region of the England because it was a protest against the London biased politicians…just my opinion.</li>\r\n 	<li>SCOTLAND:The Scottish voted overwhelmingly to remain in the EUROPEAN UNION.The REMAIN vote succeeded in Scotland as there is still a belief that Scotland will achieve independence and a vote to REMAIN will show that should independence finally win through on a second test in Scotland the EUROPEAN UNION would feel obligated to give Scotland support. Again, this is just my opinion, I know this is a very over simplified view but keeping things simple is the best way to approach these matters in my opinion.</li>\r\n 	<li>NORTHERN IRELAND:Northern Ireland voted for REMAIN and I can only assume that this was for the following reasons. EUROZONE business investment in Northern Ireland is massive. The fear of a cut and unemployment would create massive job uncertainty into a troubled area that is only now getting back on its feet. Plus geographically Northern Ireland is closer to THE REPUBLIC of IRELAND (it is land attached) and the cross border trade route is crucial to the north as well as the south and this economic stability would be threatened with the BREXIT vote.</li>\r\n 	<li>LONDON:Always going to vote to remain with the EUROPEAN UNION. The financial centre employs so many people, the threat of a drop in house prices would crucify most London property owners, and therefore the status quo was always the best option.</li>\r\n</ol>\r\nThe popular vote won out in favour of BREXIT, as we all know. For whatever reasons the key players have left the field… JOHNSON, CAMERON and LAFARGE.\r\n\r\nHaving just come back from the UK, if I heard it once I heard the same comment 50 times from previous BREXIT voters… Looking at what happened after the result, if I had the chance again, I would vote REMAIN, I was only really protest voting.\r\n\r\nThere has been the petition of over a million signatures that now means that parliament must discuss the result via debate. This will happen I presume once it’s tabled and the discussion in parliament will hear in the October/ November parliamentary timetable.\r\n\r\nSo, was what happened after the result a surprise?\r\n\r\nIt was to the bookmakers and polls…once again that\'s three in a row in the UK that the bookies and polls failed to get the result predicted.\r\n\r\nGBP nose-dived, it has staged a little pullback but it is in my opinion heading lower. On the night the GBP/USD was at 1.5000 now it\'s at 1.2900, the GBP/NZD was at 2.0600 now it’s at 1.7750. There were also huge drops for the GBP/CAD, GBP/AUD and GBP/CHF as well a nice climb for the EUR/GBP.\r\n\r\nIn section 4, I will be looking in greater depth at the opportunities with trading cable moving forward.\r\n\r\nMark (ignore my forward guidance, it is there to mislead you) Carney, governor of the BOE has promised support and rate cuts are on the cards to support cable and the city. The FTSE rallied like a rat up a drainpipe on this news… yippee free money, who gives a sh*t about the economy. The FTSE is above the pre BREXIT highs as a result.\r\n\r\nThe big news moving forward, that has yet to hit home is regarding foreign investment into the UK, in particular London through the housing market.\r\n\r\nMy buddies in the UK have told me that literally after the BREXIT result, business came to a halt, the orders stopped flowing in… it was like all things came to a stop. I have friends in both the service and manufacturing industry and both told me the same story. Housing sales virtually stopped. I can debate how over-priced the London property market is for hours on end. It is what it is and without doubt lack of foreign investment in this area will send shock waves through all markets and this will without any doubt hit the cable and send it lower.\r\n\r\nHow low can it (GBP/USD) go?\r\n\r\nWhen I did my seminars back on June 17<sup>th</sup> June 18<sup>th</sup> in Brentwood ahead of the BREXIT vote I talked in terms of GBP/USD spiking down to 1.3000 on a BREXIT result. I now think that much lower is the possibility given the masterly inactivity vis-a-via real news on facts about moving forward. The Conservative party needs to elect a new leader and Prime Minister to replace David Cameron and the Labour opposition under Jeremy Corbyn is the biggest nonsense in British politics period, end of story. Nigel Lafarge has resigned as UKIP leader and Boris (where’s my comb) Johnson has fecked off the face of the planet. This is just more uncertainty and when you add in the hard line talk emanating from the EUROPEAN UNION country leaders or bureaucrats is it any wonder the markets do not know their arse from their elbows. They have to tow a hard line and be consistent to stop CONTAGION threats. But this does keep the cable under pressure as a result.\r\n\r\nAll of these factors are creating a void, a vacuum within which discussions between the UK and the EUROPEAN UNION away from the roving eye of the press can take place in background to try to accommodate a deal. Ignore the denials that this is happening, ignore the rhetoric stating the contrary; this is politics.\r\n\r\nMoving forward, I believe that parliament will debate the fact that there was not a clear decision based upon the petition that is still gathering momentum.\r\n\r\nI get it 100%; it was a first past the post result but the outcome was only 52% v 48%, it was not an emphatic victory by any stretch of the means. In addition, many MP’s are now coming under consistency pressure to sanction a second vote.\r\n\r\nI know, I could be on my own here but a few hours is a long time in UK politics at the moment, never mind a few months. In a few months a lot of things can and will happen surrounding the BREXIT result.\r\n\r\nWhen I was young my father would say to me after I’d made a decision… well son “You’ve made your bed, now you’ve got to lie in it”. These were typical values of my father’s generation and one, which I maintain personally today.\r\n\r\nHowever, I am writing here about the EUROZONE and politics. It’s 100% fu**ed up and dysfunctional. It has precedents in place on three occasions in the past were you can “try again” so to speak… RULE NOTHING OUT.\r\n\r\nIn my opinion, this second vote would have a clear timetable for the triggering of article 50 should a BREXIT vote prevail.\r\n\r\nMy money is on spring 2017 when the weathers a wee bit better.\r\n\r\nIn my opinion there is a classic buyers remorse scenario in play in the UK and the longer it’s left the greater the chance of a re-vote.\r\n\r\nAgree with me or disagree with me… discuss it over a pint or a glass wine or even a Jack and diet with family and friends. As I have said the EUROZONE is fu**ed up it needs the UK more than the UK needs it, in my opinion. Meetings will be going on… this is politics not real life.\r\n\r\n<em> </em>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nI am only just warming up the seat once again in front of my screens and clearing a backlog of administration from the past three weeks. I will be working away for the weekend and well into next week doing this.\r\n\r\nIn some ways it was good to get NFP out of the way prior to sinking my teeth back in the market, in other ways NFP is just a pain in the arse.\r\n\r\nI am going to trade this summer almost full-time. I will communicate via twitter and email with you, however, there will NOT be any blogs until September.\r\n\r\nWhat I decided I would do upon returning home after BREXIT trading, which for me was a damn disaster, was to review all open positions with chart analysis.\r\n\r\nFor BREXIT I had connectivity issues, then I was caught in chatter about brokers suspending trading in some pairs or all pairs after the result was announced and also some brokers only allowing traders to close existing trades and not open new ones. I had a multitude of distractions and at the end of the day I gave up. I am now therefore looking at secondary moves before the return bounce, which will happen, but just not yet.\r\n\r\n&nbsp;\r\n\r\nAUD/NZD:\r\n\r\nI have a few longer-term POSITION TRADES with this pair. When I add them all together size wise they are still extremely small trades and I am prepared for a test of parity should one be forth coming. I am long and prepared to sit it out. I was caught with two trades a long way away from current prices but this is the definition of a long-term trade.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDNZD-WEEKLY-09072016.png\"><img class=\"aligncenter size-large wp-image-8115\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDNZD-WEEKLY-09072016-1024x481.png\" alt=\"AUDNZD WEEKLY 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the weekly chart above you can clearly see the head and shoulders pattern that I am paying attention to. Whilst it now a little out of kilter it is viable in my opinion and I am waiting for the measured move into the mid 1.20’s.\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\nI have been 150% frustrated and down right frickin’ annoyed with the NZD currency as a whole regardless of what NZD pair traded or what timeframe.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-MONTHLY-09072016.png\"><img class=\"aligncenter size-large wp-image-8122\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-MONTHLY-09072016-1024x481.png\" alt=\"NZDUSD MONTHLY 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAs you can see from the chart above, I am still bearish this pair despite all the frustration due to the longer term bear flag formation with a huge / massive potential measured move below 0.5000 to around 0.4800. Again this is a longer-term move and frankly I am so bearish this pair given the economics of New Zealand, I should just add more POSITION TRADES and be done with it! I am constantly being bullied out of this trade by short-term news when my views are really longer-term into 2017.\r\n\r\nTaking emotion away from these thoughts, price is currently towards the top of the pennant of the flag lying around 0.7550, which concerns me just a tad.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\nAussie debt has been downgraded and whilst initially this appears to have had zero effect on the pair, I am putting that down to NFP fever. From the chart below you can see that BREXIT resistance lies at 0.7825. My stops right now are at 0.7750, I will push out higher if required. Fundamentally, the AUD economy is pressured lower. The RBA has fingers crossed that the FED will tighten doing their dirty work for them. Whether they can wait until September is the debating point. I have a sneaky feeling that the RBA may have to move to lower the exchange rate of the AUD/USD. It is now well over 1,000 pips above the desired levels indicated by the RBA previously.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-MONTHLY-09072016.png\"><img class=\"aligncenter size-large wp-image-8116\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-MONTHLY-09072016-1024x481.png\" alt=\"AUDUSD MONTHLY 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\nThis pair I still have high hopes for, to be one of the trades of 2016. It has taken a step backwards due to BREXIT flight to safety issues despite the overnight 0.75% fees for deposits. I think the mere geographical proximity has its influences. We are now starting to move higher, which I am happy about. The chart below highlights my stop and limit positions.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-WEEKLY-CHART-09072016.png\"><img class=\"aligncenter size-large wp-image-8125\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-WEEKLY-CHART-09072016-1024x481.png\" alt=\"USDCHF WEEKLY CHART 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nEUR/USD:\r\n\r\nAs you can see from the monthly chart below there is bear flag measured move to about 0.8300 still potentially in play. In my opinion, we need to see the move lower now or the pennant length will invalidate the move lower.\r\n\r\nI am bearish the EUR overall, as I think by now you would have got the picture that I believe that the EUROZONE is deep in the sh*t. I think below 1.0800 – 1.0750 the move lower will gather momentum. Patience is required.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-MONTHLY-CHART-09072016.png\"><img class=\"aligncenter size-large wp-image-8124\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-MONTHLY-CHART-09072016-1024x481.png\" alt=\"EURUSD MONTHLY CHART 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP:\r\n\r\nWith regards to cable, I wanted to take a look at all the cable pairs and give you my thoughts and opinions. Except for the GBP/USD all my thoughts will be written on the charts themselves, most as drawings and level identities. They will all follow the GBP/USD chart (GBP/AUD, GBP/CAD, GBP/NZD, GBP/CHF and EUR/GBP)\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB1-MONTHLY-09072016.png\"><img class=\"aligncenter size-large wp-image-8126\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB1-MONTHLY-09072016-1024x481.png\" alt=\"GBPUSD FIB1 MONTHLY 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB2-MONTHLY-09072016.png\"><img class=\"aligncenter size-large wp-image-8127\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB2-MONTHLY-09072016-1024x481.png\" alt=\"GBPUSD FIB2 MONTHLY 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nFrom the charts above it is as plain as the nose on your face that the 127% Fibonacci extension (1.2187)  is like a beacon on some jagged rocks shining out or a star trek tractor beam pulling cable towards 1.2000. It all depends from where you decide to start the fibonacci measurement. The move lower it lands on just below 1.2000. That is where I believe cable has to go. That is another 900 pips. It will not be easy nor will it be straight line but it has to be on the minds of many traders and institutions not just mine.\r\n\r\nWith that in mind the following charts GBP related pairs will hopefully make some sense.\r\n\r\nI have looked at these pairs as potentially how far could they fall given the relationship to the potential move in GBP/USD. I am not saying that I will only buy the reverse move I am in fact looking very seriously at riding the wave lower although there are greater risks involved to some extent as the snap back with be on geopolitical news which, I have no way of predicting the time. However, we have at least until the new Conservative leader / Prime Minister is announced, I would have thought.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-MONTHLY-09.07.2016.png\"><img class=\"aligncenter size-large wp-image-8118\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-MONTHLY-09.07.2016-1024x481.png\" alt=\"GBPAUD MONTHLY 09.07.2016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-MONTHLY-09.07.2016.png\"><img class=\"aligncenter size-large wp-image-8119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-MONTHLY-09.07.2016-1024x481.png\" alt=\"GBPCAD MONTHLY 09.07.2016\" width=\"1024\" height=\"481\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-MONTHLY-09.07.2016.png\"><img class=\"aligncenter size-large wp-image-8120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-MONTHLY-09.07.2016-1024x481.png\" alt=\"GBPCHF MONTHLY 09.07.2016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-MONTHLY-09072016.png\"><img class=\"aligncenter size-large wp-image-8121\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-MONTHLY-09072016-1024x481.png\" alt=\"GBPNZD MONTHLY 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-MONTHLY-09072016.png\"><img class=\"aligncenter size-large wp-image-8117\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-MONTHLY-09072016-1024x481.png\" alt=\"EURGBP MONTHLY 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-09072016.png\"><img class=\"aligncenter size-full wp-image-8107\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-09072016.png\" alt=\"LIVE TRADES 09072016\" width=\"802\" height=\"589\" /></a></strong>\r\n\r\n<strong> </strong><strong>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-09072016.png\"><img class=\"aligncenter size-full wp-image-8106\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-09072016.png\" alt=\"LIMIT ORDERS 09072016\" width=\"663\" height=\"452\" /></a></strong>\r\n\r\n&nbsp;\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: CAD – BOC Rate Statement and Monetary Policy Report.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – BOE Interest Rate and MPC voting.\r\nTHURSDAY: CNY – GDP.\r\n\r\nFRIDAY: USD – CPi and Core CPI &amp; Retail Sales and Core Retail Sales.\r\n\r\n&nbsp;\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1048\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8109\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-D-09072016-1024x481.png\" alt=\"EURUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2950\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8110\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-D-09072016-1024x481.png\" alt=\"GBPUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7564\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8108\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-D-09072016-1024x481.png\" alt=\"AUDUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7302\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8111\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-D-09072016-1024x481.png\" alt=\"NZDUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3035\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8112\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-D-09072016-1024x481.png\" alt=\"USDCAD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8113\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-D-09072016-1024x481.png\" alt=\"USDCHF D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 100.56\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8114\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-D-09072016-1024x481.png\" alt=\"USDJPY D 09072016\" width=\"1024\" height=\"481\" /></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\nWe are in uncertain times and the FX markets are definitely twitchy. The commodity currencies, in particular the antipodean currencies are bucking the trend regardless of fundamentals, they appear to be more of a reaction to carry trade status more than anything else. Whilst this concerns me, as I am short I may have to stick with these trades and add more short positions at higher levels to get greater value for my longer-term positions. That last time I chopped these pairs they nose-dived inside 48 hours, that was annoying and frustrating to say the least. That is NOT going to happen again, but whatever I do I need to do inside my overall RISK MANAGEMENT principles.\r\n\r\nThe BOC and BOE have announcements this week.\r\n\r\nDo I think that there will be any surprises I can hear you say!!\r\n\r\nWell the short answer is “Possibly”.\r\n\r\nCanada has had reasonable data of late but the Fort McMurray fires will come down like a ton of bricks soon on the local Alberta economy and then at Federal level they will have to act with the support of the BOC. On the ground in Quebec things are not rosy, but in all honesty Quebec is always like this, its only concern is language. The whole province could have a plague but as long as you are pronounced mort and not dead all will be fine here. The fact the economy is up shit creek without a paddle is of little consequence to the intransigent views held in this province.\r\n\r\nElsewhere the housing bubble in Vancouver and Toronto must concern Stephen Poloz, but the guy is so laid back it would not surprise me to see him lying on his back horizontal on a psychiatrists chair presenting this week.\r\n\r\nI am still in the camp of a rate cut before the end of the year… maybe now?\r\n\r\nCarney ex. BOC, wow didn\'t Canada do a great job off-loading him to replace Merv “the swerve” at the BOE?\r\n\r\nCarney is going to cut and Carney is going to do his impression of “Helicopter Ben” probably “JCB Carney” distributing wads of cash from the bucket of his JCB all over the city of London. Things may be announced as early as next week. He really needs to ensure that he is ahead of the curve in my opinion.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> July 2016\r\nBLOG VERSION: #107 PREMIUM SERVICE SUBSCRIBER VERSION\r\n\r\n&nbsp;','GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE','','inherit','closed','closed','','8123-revision-v1','','','2016-07-09 06:45:12','2016-07-09 11:45:12','',8123,'http://weeklyfxdrivethru.com/8123-revision-v1/',0,'revision','',0),(8134,1,'2016-07-09 07:18:28','2016-07-09 12:18:28','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI’m back…I sure know how to pick dates for a sales tour in Europe! If it wasn’t BREXIT it was the UEFA EURO 2016 Football that played havoc at times with swings in attendances!\r\n\r\nOverall, the attendances at the seminars were below what I had expected. When they clashed with UK/IRELAND based matches attendance was poor and when they didn\'t it was good. Having said that I met some really nice people, who will be reading this blog for the first time; welcome! Make the most of this as, next week I am away in Saratoga Springs watching Dave Matthews in concert so the week after that - the 22<sup>nd</sup> of July will be my last blog until I return to blogging after the summer doldrums in early/middle September.\r\n\r\nHowever, for PREMIUM SERVICE subscribers please note that I will be trading throughout the “blog break” this year. Each weekend, I will send summaries via email and update the website and any market thoughts will come either via twitter or the odd email.\r\n\r\nI must admit I found it very difficult trading whilst away from my multi-screen office environment. Even if I run out of computer screens I augment my options by adding in a few laptops and iPad’s if required. At yesterdays NFP I had 12 screens open. Traveling through BREXIT with a laptop and an iPhone and iPAD was hard, in fact given the fact that I trade through seven brokers it was too much for hotel Wi-Fi and even creating hot-spots didn’t help too much either. I missed lots of trades that I had hoped to participate in, so I am now eagerly awaiting the reverse moves, albeit I think we will have a bit of a break and more uncertainty until that happens.\r\n\r\nI am certainly far from being an advocate of over-trading, but I missed so much of that fecking cable move lower across a multitude of pairs I am primed and raring to go! Although my stature does NOT reflect this, I am like a coiled cobra waiting to pounce. Now there’s a vision for all of you who have met me!!\r\n\r\nFrom a trading perspective over the past few days, I only really got back in front of my screens on Wednesday afternoon. My wife and I stayed downtown Montreal as soon as we returned back to Canada to see Sting and Peter Gabriel in concert (ROCK, PAPER SCISSORS TOUR). It was a great gig and although I still have a bit of jet lag, I am looking forward to getting my teeth back into this mess of what is loosely called a market.\r\n\r\nSection 4 (PREMIUM SERVICE SUBSCRIBERS ONLY) this week, is really extended above the usual size as I have so many thoughts and ideas to share with subscribers. I have four weeks of trade thoughts and ideas and other stuff stuck in my brain that I need to spew out.\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be early September when I return from my summer break.\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 credit card.\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 a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS TO THE MONTH SO FAR:       +381 pips\r\nNET PIPS THIS YEAR SO FAR:                +6,501 pips\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\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nU.S. NON-FARM PAYROLLS:\r\n\r\nVery little to say this week other than what a f**ked up marketplace we have. The moves after NFP were just bloody stupid. They made no sense at all to me. I fully realize that at times as a retail trader we are just the equivalent of a pimple on a banks a*se. But come on for God’s sake these moves to take out both longs and shorts in the retail market are becoming quite boring and I now think that there is much more to this than meets the eye.\r\n\r\nAt the NFP data release the EUR/USD went to 1.1000 on the back of quite astonishingly good data. Within 30 minutes it’ spiked to 1.1120. Retail clients to a large extent were wiped out at both ends. Usually its just cable that does this… I hate cable.\r\n\r\nPost NFP was as crazy / volatile as you are ever going to see and please be careful we have a very thinly traded Asian market at the open on Sunday to drive these moves further. It will not be until Tuesday next week when the dust will settle on NFP.\r\n\r\nThen of course…wait for it; is the FED rate hike on for September? At the moment I don\'t think I can go there.\r\n\r\n&nbsp;\r\n\r\nNZD – INTEREST RATE CUTS ON HOLD:\r\n\r\nJust for the record; I now hate the NZD as much, in fact not to upset my NZD subscribers too much, right now I hate it more than the cable. For me to actually put that in print is huge.\r\n\r\nWhat is the name of Wheelers second in command, who is that flute?\r\n\r\nI was at the concert and I glanced at my iPhone and saw the NZD/USD climbing like feck. A little earlier, the AUD/NZD looked like it was going to break out and I had a spring in my step (another vision for you), it fell over 100 pips on the back of the RBNZ comments.\r\n\r\nMy thoughts are as follows: - fundamentally, in my opinion the NZD economy is in the crapper. It will be a great short trade. Right now it is riding the central bank comments and on the basis that interest rates are nicely positive with both antipodean currencies it is attracting a great deal of carry-trade interest. However, the fundamentals in New Zealand are not good; a housing bubble, lower dairy prices and a China slowdown. The writing is on the wall it’s just a case of waiting and dare I say it, being patient.\r\n\r\nI have multiple short NZD positions in NZD/USD and AUD/NZD (long). I am not at all close to RISK limits in any of the POSITION, FUNDAMENTAL or RADAR trades but I do not want to hold them all should the NZD/USD spike. At the moment, I am thinking that the RADAR TRADE will be sacrificed with a loss of about 150 pips. It is the largest position size and although I cut it back size wise on the original test of 0.7300 as a precaution, I have let this one run away a little for a few sessions.\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\n&nbsp;\r\n\r\nSo there it is in black and white.\r\n\r\nWhy would I make such a wild prediction?\r\n\r\nTwo reasons: -\r\n<ol>\r\n 	<li>I am being told the wilder the crazier, the wilder the blog headline the more followers I will get. So get ready for the Mark Carney ate my hamster headline!\r\n\r\nBut more importantly,</li>\r\n 	<li>I believe that this is a possibility. Why?</li>\r\n</ol>\r\nI could write for pages and pages on this subject and having tasted, smelt and drank the English air recently the thoughts could just flow. I will however try to be concise (if that is ever possible for a Scoucer?), and provide my thought process in some order to make it easy for the reader to follow.\r\n\r\nThe EUROZONE is basically a f*ck up of its own making but it gets by despite it’s ever growing list of shortcomings. The country head politicians are about as useful as a condom seller outside a monastery, for those offended by that statement try “as much use a chocolate teapot” instead! They are like all politicians, only interested in votes and maintaining popularity to hopefully get re-elected and continue the gravy train ride that most of them are on. Then we have the non-elected Brussels bureaucrats so full of self-importance that I am surprised any of them can hear what is being discussed at meetings as this self-importance has their heads so far up their own arse’s that none of them can hear what anyone is saying. Over-paid, over-pensioned and with zero accountability to voters… a classic civil service environment but with huge salaries and perks.\r\n\r\nDespite this backdrop and with continual can kicking down the road without actually addressing any issues, the EUROZONE has so far muddled its way sort of sideways.\r\n\r\nThe EUROZONE has a history of poor selling to its electorate. It is a bureaucracy first to protect its existence at Brussels, which overrides the abilities of many of its elected politicians to put across coherent arguments on matters of importance.\r\n\r\nWhat do the following all have in common?\r\n<ul>\r\n 	<li>Maastricht treaty 1992</li>\r\n 	<li>Nice treaty 2001</li>\r\n 	<li>Lisbon treaty 2008</li>\r\n</ul>\r\nOn A Referendum The Dutch rejected the first and the Irish rejected both of the others.\r\n\r\nWhat did the EUROPEAN UNION do in these instances?\r\n\r\nAfter running to the nearest toilet the Brussels bureaucracy allowed a quiet cooling off period for a few months. The country politicians were given sales training and told to go back to their electorates and advise them with strong balanced discussions and arguments on how to vote the correct way in the national interest. Four or five months later on the re-vote the desired result was achieved. “Mulligans” (Do-overs) do exist in politics!!\r\n\r\nAm I saying that the UK will get a second bite of the cherry? One should never say never in politics, never rule out anything, politics is a game, it is at times the best reality TV you will ever witness.\r\n\r\nThe Lisbon treaty contains article 50, which is at the core of the next move for the UK. The UK has to evoke article 50 to start the exit process. David Cameron, I quite like him, he looks like a leader and he did the honorable thing and resigned following the exit vote. However, he delayed the start of article 50 to at least November 2016 by stating this should be led my a new leader of his party and the new Prime Minister. Over the past week or so there has been muttering about it not being evoked until the spring of 2017. I can imagine if you voted for the BREXIT hearing this news and reading those headlines would piss you off a bit to say the least. Why the delay?\r\n\r\nThis is politics. The UK understandably wants side deals in place prior to article 50 being triggered. It does not want a vacuum.\r\n\r\nHowever, the cynic in me believes that one other possible reason for this is to draw out the uncertainty for as long as possible to gather more public opinion on if you could vote again now…how would you vote, would you change sides?\r\n\r\nIt is very hard to fathom. Both the REMAIN and BREXIT sides fought on fear rather than facts. Having watched, read, listened and discussed over a glass or three of RED as much as possible around BREXIT, my thoughts are that the population were sold on fear and very little on facts. The result was 52% v 48% it was not 70% v 30% so in my eyes, not that convincing, and when one analyses the vote via region the conclusions are easy to draw.\r\n<ol>\r\n 	<li>ENGLAND outside LONDON:\r\n\r\nI am originally from the north of England. There is a huge belief that the government of the day only really cares about London, no matter what political party is in power.\r\n\r\nThe BREXIT vote won out in every region of the England because it was a protest against the London biased politicians…just my opinion.</li>\r\n 	<li>SCOTLAND:\r\n\r\nThe Scottish voted overwhelmingly to remain in the EUROPEAN UNION.\r\n\r\nThe REMAIN vote succeeded in Scotland as there is still a belief that Scotland will achieve independence and a vote to REMAIN will show that should independence finally win through on a second test in Scotland the EUROPEAN UNION would feel obligated to give Scotland support. Again, this is just my opinion, I know this is a very over simplified view but keeping things simple is the best way to approach these matters in my opinion.</li>\r\n 	<li>NORTHERN IRELAND:\r\n\r\nNorthern Ireland voted for REMAIN and I can only assume that this was for the following reasons. EUROZONE business investment in Northern Ireland is massive. The fear of a cut and unemployment would create massive job uncertainty into a troubled area that is only now getting back on its feet. Plus geographically Northern Ireland is closer to THE REPUBLIC of IRELAND (it is land attached) and the cross border trade route is crucial to the north as well as the south and this economic stability would be threatened with the BREXIT vote.</li>\r\n 	<li>LONDON:\r\n\r\nAlways going to vote to remain with the EUROPEAN UNION. The financial centre employs so many people, the threat of a drop in house prices would crucify most London property owners, and therefore the status quo was always the best option.</li>\r\n</ol>\r\nThe popular vote won out in favour of BREXIT, as we all know. For whatever reasons the key players have left the field… JOHNSON, CAMERON and LAFARGE.\r\n\r\nHaving just come back from the UK, if I heard it once I heard the same comment 50 times from previous BREXIT voters… Looking at what happened after the result, if I had the chance again, I would vote REMAIN, I was only really protest voting.\r\n\r\nThere has been the petition of over a million signatures that now means that parliament must discuss the result via debate. This will happen I presume once it’s tabled and the discussion in parliament will hear in the October/ November parliamentary timetable.\r\n\r\nSo, was what happened after the result a surprise?\r\n\r\nIt was to the bookmakers and polls…once again that\'s three in a row in the UK that the bookies and polls failed to get the result predicted.\r\n\r\nGBP nose-dived, it has staged a little pullback but it is in my opinion heading lower. On the night the GBP/USD was at 1.5000 now it\'s at 1.2900, the GBP/NZD was at 2.0600 now it’s at 1.7750. There were also huge drops for the GBP/CAD, GBP/AUD and GBP/CHF as well a nice climb for the EUR/GBP.\r\n\r\nIn section 4, I will be looking in greater depth at the opportunities with trading cable moving forward.\r\n\r\nMark (ignore my forward guidance, it is there to mislead you) Carney, governor of the BOE has promised support and rate cuts are on the cards to support cable and the city. The FTSE rallied like a rat up a drainpipe on this news… yippee free money, who gives a sh*t about the economy. The FTSE is above the pre BREXIT highs as a result.\r\n\r\nThe big news moving forward, that has yet to hit home is regarding foreign investment into the UK, in particular London through the housing market.\r\n\r\nMy buddies in the UK have told me that literally after the BREXIT result, business came to a halt, the orders stopped flowing in… it was like all things came to a stop. I have friends in both the service and manufacturing industry and both told me the same story. Housing sales virtually stopped. I can debate how over-priced the London property market is for hours on end. It is what it is and without doubt lack of foreign investment in this area will send shock waves through all markets and this will without any doubt hit the cable and send it lower.\r\n\r\nHow low can it (GBP/USD) go?\r\n\r\nWhen I did my seminars back on June 17<sup>th</sup> June 18<sup>th</sup> in Brentwood ahead of the BREXIT vote I talked in terms of GBP/USD spiking down to 1.3000 on a BREXIT result. I now think that much lower is the possibility given the masterly inactivity vis-a-via real news on facts about moving forward. The Conservative party needs to elect a new leader and Prime Minister to replace David Cameron and the Labour opposition under Jeremy Corbyn is the biggest nonsense in British politics period, end of story. Nigel Lafarge has resigned as UKIP leader and Boris (where’s my comb) Johnson has fecked off the face of the planet. This is just more uncertainty and when you add in the hard line talk emanating from the EUROPEAN UNION country leaders or bureaucrats is it any wonder the markets do not know their arse from their elbows. They have to tow a hard line and be consistent to stop CONTAGION threats. But this does keep the cable under pressure as a result.\r\n\r\nAll of these factors are creating a void, a vacuum within which discussions between the UK and the EUROPEAN UNION away from the roving eye of the press can take place in background to try to accommodate a deal. Ignore the denials that this is happening, ignore the rhetoric stating the contrary; this is politics.\r\n\r\nMoving forward, I believe that parliament will debate the fact that there was not a clear decision based upon the petition that is still gathering momentum.\r\n\r\nI get it 100%; it was a first past the post result but the outcome was only 52% v 48%, it was not an emphatic victory by any stretch of the means. In addition, many MP’s are now coming under consistency pressure to sanction a second vote.\r\n\r\nI know, I could be on my own here but a few hours is a long time in UK politics at the moment, never mind a few months. In a few months a lot of things can and will happen surrounding the BREXIT result.\r\n\r\nWhen I was young my father would say to me after I’d made a decision… well son “You’ve made your bed, now you’ve got to lie in it”. These were typical values of my father’s generation and one, which I maintain personally today.\r\n\r\nHowever, I am writing here about the EUROZONE and politics. It’s 100% fu**ed up and dysfunctional. It has precedents in place on three occasions in the past were you can “try again” so to speak… RULE NOTHING OUT.\r\n\r\nIn my opinion, this second vote would have a clear timetable for the triggering of article 50 should a BREXIT vote prevail.\r\n\r\nMy money is on spring 2017 when the weathers a wee bit better.\r\n\r\nIn my opinion there is a classic buyers remorse scenario in play in the UK and the longer it’s left the greater the chance of a re-vote.\r\n\r\nAgree with me or dis-agree with me… discuss it over a pint or a glass wine or even a Jack and diet with family and friends. As I have said the EUROZONE is fu**ed up it needs the UK more than the UK needs it, in my opinion. Meetings will be going on… this is politics not real life.\r\n\r\n<em> </em>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\nYou have to be a subscriber to the PREMIUM SERVICE to have access the content of this section.\r\n\r\n&nbsp;\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: CAD – BOC Rate Statement and Monetary Policy Report.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – BOE Interest Rate and MPC voting.\r\nTHURSDAY: CNY – GDP.\r\n\r\nFRIDAY: USD – CPi and Core CPI &amp; Retail Sales and Core Retail Sales.\r\n\r\n<u> </u>\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1048\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8109\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-D-09072016-1024x481.png\" alt=\"EURUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2950\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8110\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-D-09072016-1024x481.png\" alt=\"GBPUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7564\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8108\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-D-09072016-1024x481.png\" alt=\"AUDUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7302\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8111\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-D-09072016-1024x481.png\" alt=\"NZDUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3035\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8112\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-D-09072016-1024x481.png\" alt=\"USDCAD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8113\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-D-09072016-1024x481.png\" alt=\"USDCHF D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 100.56\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8114\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-D-09072016-1024x481.png\" alt=\"USDJPY D 09072016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe are in uncertain times and the FX markets are definitely twitchy. The commodity currencies, in particular the antipodean currencies are bucking the trend regardless of fundamentals, they appear to be more of a reaction to carry trade status more than anything else. Whilst this concerns me, as I am short I may have to stick with these trades and add more short positions at higher levels to get greater value for my longer-term positions. That last time I chopped these pairs they nose-dived inside 48 hours, that was annoying and frustrating to say the least. That is NOT going to happen again, but whatever I do I need to do inside my overall RISK MANAGEMENT principles.\r\n\r\nThe BOC and BOE have announcements this week.\r\n\r\nDo I think that there will be any surprises I can hear you say!!\r\n\r\nWell the short answer is “Possibly”.\r\n\r\nCanada has had reasonable data of late but the Fort McMurray fires will come down like a ton of bricks soon on the local Alberta economy and then at Federal level they will have to act with the support of the BOC. On the ground in Quebec things are not rosy, but in all honesty Quebec is always like this, its only concern is language. The whole province could have a plague but as long as you are pronounced mort and not dead all will be fine here. The fact the economy is up shit creek without a paddle is of little consequence to the intransigent views held in this province.\r\n\r\nElsewhere the housing bubble in Vancouver and Toronto must concern Stephen Poloz, but the guy is so laid back it would not surprise me to see him lying on his back horizontal on a psychiatrists chair presenting this week.\r\n\r\nI am still in the camp of a rate cut before the end of the year… maybe now?\r\n\r\nCarney ex. BOC, wow didn\'t Canada do a great job off-loading him to replace Merv “the swerve” at the BOE?\r\n\r\nCarney is going to cut and Carney is going to do his impression of “Helicopter Ben” probably “JCB Carney” distributing wads of cash from the bucket of his JCB all over the city of London. Things may be announced as early as next week. He really needs to ensure that he is ahead of the curve in my opinion.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> July 2016\r\nBLOG VERSION: #209 FREE NEWSLETTER VERSION','GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE','','publish','open','closed','','get-ready-spring-2017-will-another-brexit-vote','','','2016-07-09 07:18:28','2016-07-09 12:18:28','',0,'http://weeklyfxdrivethru.com/?p=8134',0,'post','',0),(8135,1,'2016-07-09 07:18:28','2016-07-09 12:18:28','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI’m back…I sure know how to pick dates for a sales tour in Europe! If it wasn’t BREXIT it was the UEFA EURO 2016 Football that played havoc at times with swings in attendances!\r\n\r\nOverall, the attendances at the seminars were below what I had expected. When they clashed with UK/IRELAND based matches attendance was poor and when they didn\'t it was good. Having said that I met some really nice people, who will be reading this blog for the first time; welcome! Make the most of this as, next week I am away in Saratoga Springs watching Dave Matthews in concert so the week after that - the 22<sup>nd</sup> of July will be my last blog until I return to blogging after the summer doldrums in early/middle September.\r\n\r\nHowever, for PREMIUM SERVICE subscribers please note that I will be trading throughout the “blog break” this year. Each weekend, I will send summaries via email and update the website and any market thoughts will come either via twitter or the odd email.\r\n\r\nI must admit I found it very difficult trading whilst away from my multi-screen office environment. Even if I run out of computer screens I augment my options by adding in a few laptops and iPad’s if required. At yesterdays NFP I had 12 screens open. Traveling through BREXIT with a laptop and an iPhone and iPAD was hard, in fact given the fact that I trade through seven brokers it was too much for hotel Wi-Fi and even creating hot-spots didn’t help too much either. I missed lots of trades that I had hoped to participate in, so I am now eagerly awaiting the reverse moves, albeit I think we will have a bit of a break and more uncertainty until that happens.\r\n\r\nI am certainly far from being an advocate of over-trading, but I missed so much of that fecking cable move lower across a multitude of pairs I am primed and raring to go! Although my stature does NOT reflect this, I am like a coiled cobra waiting to pounce. Now there’s a vision for all of you who have met me!!\r\n\r\nFrom a trading perspective over the past few days, I only really got back in front of my screens on Wednesday afternoon. My wife and I stayed downtown Montreal as soon as we returned back to Canada to see Sting and Peter Gabriel in concert (ROCK, PAPER SCISSORS TOUR). It was a great gig and although I still have a bit of jet lag, I am looking forward to getting my teeth back into this mess of what is loosely called a market.\r\n\r\nSection 4 (PREMIUM SERVICE SUBSCRIBERS ONLY) this week, is really extended above the usual size as I have so many thoughts and ideas to share with subscribers. I have four weeks of trade thoughts and ideas and other stuff stuck in my brain that I need to spew out.\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be early September when I return from my summer break.\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 credit card.\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 a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS TO THE MONTH SO FAR:       +381 pips\r\nNET PIPS THIS YEAR SO FAR:                +6,501 pips\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\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>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nU.S. NON-FARM PAYROLLS:\r\n\r\nVery little to say this week other than what a f**ked up marketplace we have. The moves after NFP were just bloody stupid. They made no sense at all to me. I fully realize that at times as a retail trader we are just the equivalent of a pimple on a banks a*se. But come on for God’s sake these moves to take out both longs and shorts in the retail market are becoming quite boring and I now think that there is much more to this than meets the eye.\r\n\r\nAt the NFP data release the EUR/USD went to 1.1000 on the back of quite astonishingly good data. Within 30 minutes it’ spiked to 1.1120. Retail clients to a large extent were wiped out at both ends. Usually its just cable that does this… I hate cable.\r\n\r\nPost NFP was as crazy / volatile as you are ever going to see and please be careful we have a very thinly traded Asian market at the open on Sunday to drive these moves further. It will not be until Tuesday next week when the dust will settle on NFP.\r\n\r\nThen of course…wait for it; is the FED rate hike on for September? At the moment I don\'t think I can go there.\r\n\r\n&nbsp;\r\n\r\nNZD – INTEREST RATE CUTS ON HOLD:\r\n\r\nJust for the record; I now hate the NZD as much, in fact not to upset my NZD subscribers too much, right now I hate it more than the cable. For me to actually put that in print is huge.\r\n\r\nWhat is the name of Wheelers second in command, who is that flute?\r\n\r\nI was at the concert and I glanced at my iPhone and saw the NZD/USD climbing like feck. A little earlier, the AUD/NZD looked like it was going to break out and I had a spring in my step (another vision for you), it fell over 100 pips on the back of the RBNZ comments.\r\n\r\nMy thoughts are as follows: - fundamentally, in my opinion the NZD economy is in the crapper. It will be a great short trade. Right now it is riding the central bank comments and on the basis that interest rates are nicely positive with both antipodean currencies it is attracting a great deal of carry-trade interest. However, the fundamentals in New Zealand are not good; a housing bubble, lower dairy prices and a China slowdown. The writing is on the wall it’s just a case of waiting and dare I say it, being patient.\r\n\r\nI have multiple short NZD positions in NZD/USD and AUD/NZD (long). I am not at all close to RISK limits in any of the POSITION, FUNDAMENTAL or RADAR trades but I do not want to hold them all should the NZD/USD spike. At the moment, I am thinking that the RADAR TRADE will be sacrificed with a loss of about 150 pips. It is the largest position size and although I cut it back size wise on the original test of 0.7300 as a precaution, I have let this one run away a little for a few sessions.\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\n&nbsp;\r\n\r\nSo there it is in black and white.\r\n\r\nWhy would I make such a wild prediction?\r\n\r\nTwo reasons: -\r\n<ol>\r\n 	<li>I am being told the wilder the crazier, the wilder the blog headline the more followers I will get. So get ready for the Mark Carney ate my hamster headline!\r\n\r\nBut more importantly,</li>\r\n 	<li>I believe that this is a possibility. Why?</li>\r\n</ol>\r\nI could write for pages and pages on this subject and having tasted, smelt and drank the English air recently the thoughts could just flow. I will however try to be concise (if that is ever possible for a Scoucer?), and provide my thought process in some order to make it easy for the reader to follow.\r\n\r\nThe EUROZONE is basically a f*ck up of its own making but it gets by despite it’s ever growing list of shortcomings. The country head politicians are about as useful as a condom seller outside a monastery, for those offended by that statement try “as much use a chocolate teapot” instead! They are like all politicians, only interested in votes and maintaining popularity to hopefully get re-elected and continue the gravy train ride that most of them are on. Then we have the non-elected Brussels bureaucrats so full of self-importance that I am surprised any of them can hear what is being discussed at meetings as this self-importance has their heads so far up their own arse’s that none of them can hear what anyone is saying. Over-paid, over-pensioned and with zero accountability to voters… a classic civil service environment but with huge salaries and perks.\r\n\r\nDespite this backdrop and with continual can kicking down the road without actually addressing any issues, the EUROZONE has so far muddled its way sort of sideways.\r\n\r\nThe EUROZONE has a history of poor selling to its electorate. It is a bureaucracy first to protect its existence at Brussels, which overrides the abilities of many of its elected politicians to put across coherent arguments on matters of importance.\r\n\r\nWhat do the following all have in common?\r\n<ul>\r\n 	<li>Maastricht treaty 1992</li>\r\n 	<li>Nice treaty 2001</li>\r\n 	<li>Lisbon treaty 2008</li>\r\n</ul>\r\nOn A Referendum The Dutch rejected the first and the Irish rejected both of the others.\r\n\r\nWhat did the EUROPEAN UNION do in these instances?\r\n\r\nAfter running to the nearest toilet the Brussels bureaucracy allowed a quiet cooling off period for a few months. The country politicians were given sales training and told to go back to their electorates and advise them with strong balanced discussions and arguments on how to vote the correct way in the national interest. Four or five months later on the re-vote the desired result was achieved. “Mulligans” (Do-overs) do exist in politics!!\r\n\r\nAm I saying that the UK will get a second bite of the cherry? One should never say never in politics, never rule out anything, politics is a game, it is at times the best reality TV you will ever witness.\r\n\r\nThe Lisbon treaty contains article 50, which is at the core of the next move for the UK. The UK has to evoke article 50 to start the exit process. David Cameron, I quite like him, he looks like a leader and he did the honorable thing and resigned following the exit vote. However, he delayed the start of article 50 to at least November 2016 by stating this should be led my a new leader of his party and the new Prime Minister. Over the past week or so there has been muttering about it not being evoked until the spring of 2017. I can imagine if you voted for the BREXIT hearing this news and reading those headlines would piss you off a bit to say the least. Why the delay?\r\n\r\nThis is politics. The UK understandably wants side deals in place prior to article 50 being triggered. It does not want a vacuum.\r\n\r\nHowever, the cynic in me believes that one other possible reason for this is to draw out the uncertainty for as long as possible to gather more public opinion on if you could vote again now…how would you vote, would you change sides?\r\n\r\nIt is very hard to fathom. Both the REMAIN and BREXIT sides fought on fear rather than facts. Having watched, read, listened and discussed over a glass or three of RED as much as possible around BREXIT, my thoughts are that the population were sold on fear and very little on facts. The result was 52% v 48% it was not 70% v 30% so in my eyes, not that convincing, and when one analyses the vote via region the conclusions are easy to draw.\r\n<ol>\r\n 	<li>ENGLAND outside LONDON:\r\n\r\nI am originally from the north of England. There is a huge belief that the government of the day only really cares about London, no matter what political party is in power.\r\n\r\nThe BREXIT vote won out in every region of the England because it was a protest against the London biased politicians…just my opinion.</li>\r\n 	<li>SCOTLAND:\r\n\r\nThe Scottish voted overwhelmingly to remain in the EUROPEAN UNION.\r\n\r\nThe REMAIN vote succeeded in Scotland as there is still a belief that Scotland will achieve independence and a vote to REMAIN will show that should independence finally win through on a second test in Scotland the EUROPEAN UNION would feel obligated to give Scotland support. Again, this is just my opinion, I know this is a very over simplified view but keeping things simple is the best way to approach these matters in my opinion.</li>\r\n 	<li>NORTHERN IRELAND:\r\n\r\nNorthern Ireland voted for REMAIN and I can only assume that this was for the following reasons. EUROZONE business investment in Northern Ireland is massive. The fear of a cut and unemployment would create massive job uncertainty into a troubled area that is only now getting back on its feet. Plus geographically Northern Ireland is closer to THE REPUBLIC of IRELAND (it is land attached) and the cross border trade route is crucial to the north as well as the south and this economic stability would be threatened with the BREXIT vote.</li>\r\n 	<li>LONDON:\r\n\r\nAlways going to vote to remain with the EUROPEAN UNION. The financial centre employs so many people, the threat of a drop in house prices would crucify most London property owners, and therefore the status quo was always the best option.</li>\r\n</ol>\r\nThe popular vote won out in favour of BREXIT, as we all know. For whatever reasons the key players have left the field… JOHNSON, CAMERON and LAFARGE.\r\n\r\nHaving just come back from the UK, if I heard it once I heard the same comment 50 times from previous BREXIT voters… Looking at what happened after the result, if I had the chance again, I would vote REMAIN, I was only really protest voting.\r\n\r\nThere has been the petition of over a million signatures that now means that parliament must discuss the result via debate. This will happen I presume once it’s tabled and the discussion in parliament will hear in the October/ November parliamentary timetable.\r\n\r\nSo, was what happened after the result a surprise?\r\n\r\nIt was to the bookmakers and polls…once again that\'s three in a row in the UK that the bookies and polls failed to get the result predicted.\r\n\r\nGBP nose-dived, it has staged a little pullback but it is in my opinion heading lower. On the night the GBP/USD was at 1.5000 now it\'s at 1.2900, the GBP/NZD was at 2.0600 now it’s at 1.7750. There were also huge drops for the GBP/CAD, GBP/AUD and GBP/CHF as well a nice climb for the EUR/GBP.\r\n\r\nIn section 4, I will be looking in greater depth at the opportunities with trading cable moving forward.\r\n\r\nMark (ignore my forward guidance, it is there to mislead you) Carney, governor of the BOE has promised support and rate cuts are on the cards to support cable and the city. The FTSE rallied like a rat up a drainpipe on this news… yippee free money, who gives a sh*t about the economy. The FTSE is above the pre BREXIT highs as a result.\r\n\r\nThe big news moving forward, that has yet to hit home is regarding foreign investment into the UK, in particular London through the housing market.\r\n\r\nMy buddies in the UK have told me that literally after the BREXIT result, business came to a halt, the orders stopped flowing in… it was like all things came to a stop. I have friends in both the service and manufacturing industry and both told me the same story. Housing sales virtually stopped. I can debate how over-priced the London property market is for hours on end. It is what it is and without doubt lack of foreign investment in this area will send shock waves through all markets and this will without any doubt hit the cable and send it lower.\r\n\r\nHow low can it (GBP/USD) go?\r\n\r\nWhen I did my seminars back on June 17<sup>th</sup> June 18<sup>th</sup> in Brentwood ahead of the BREXIT vote I talked in terms of GBP/USD spiking down to 1.3000 on a BREXIT result. I now think that much lower is the possibility given the masterly inactivity vis-a-via real news on facts about moving forward. The Conservative party needs to elect a new leader and Prime Minister to replace David Cameron and the Labour opposition under Jeremy Corbyn is the biggest nonsense in British politics period, end of story. Nigel Lafarge has resigned as UKIP leader and Boris (where’s my comb) Johnson has fecked off the face of the planet. This is just more uncertainty and when you add in the hard line talk emanating from the EUROPEAN UNION country leaders or bureaucrats is it any wonder the markets do not know their arse from their elbows. They have to tow a hard line and be consistent to stop CONTAGION threats. But this does keep the cable under pressure as a result.\r\n\r\nAll of these factors are creating a void, a vacuum within which discussions between the UK and the EUROPEAN UNION away from the roving eye of the press can take place in background to try to accommodate a deal. Ignore the denials that this is happening, ignore the rhetoric stating the contrary; this is politics.\r\n\r\nMoving forward, I believe that parliament will debate the fact that there was not a clear decision based upon the petition that is still gathering momentum.\r\n\r\nI get it 100%; it was a first past the post result but the outcome was only 52% v 48%, it was not an emphatic victory by any stretch of the means. In addition, many MP’s are now coming under consistency pressure to sanction a second vote.\r\n\r\nI know, I could be on my own here but a few hours is a long time in UK politics at the moment, never mind a few months. In a few months a lot of things can and will happen surrounding the BREXIT result.\r\n\r\nWhen I was young my father would say to me after I’d made a decision… well son “You’ve made your bed, now you’ve got to lie in it”. These were typical values of my father’s generation and one, which I maintain personally today.\r\n\r\nHowever, I am writing here about the EUROZONE and politics. It’s 100% fu**ed up and dysfunctional. It has precedents in place on three occasions in the past were you can “try again” so to speak… RULE NOTHING OUT.\r\n\r\nIn my opinion, this second vote would have a clear timetable for the triggering of article 50 should a BREXIT vote prevail.\r\n\r\nMy money is on spring 2017 when the weathers a wee bit better.\r\n\r\nIn my opinion there is a classic buyers remorse scenario in play in the UK and the longer it’s left the greater the chance of a re-vote.\r\n\r\nAgree with me or dis-agree with me… discuss it over a pint or a glass wine or even a Jack and diet with family and friends. As I have said the EUROZONE is fu**ed up it needs the UK more than the UK needs it, in my opinion. Meetings will be going on… this is politics not real life.\r\n\r\n<em> </em>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\nYou have to be a subscriber to the PREMIUM SERVICE to have access the content of this section.\r\n\r\n&nbsp;\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\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: CAD – BOC Rate Statement and Monetary Policy Report.\r\nWEDNESDAY: CAD – BOC Press Conference.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – BOE Interest Rate and MPC voting.\r\nTHURSDAY: CNY – GDP.\r\n\r\nFRIDAY: USD – CPi and Core CPI &amp; Retail Sales and Core Retail Sales.\r\n\r\n<u> </u>\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1048\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8109\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-D-09072016-1024x481.png\" alt=\"EURUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2950\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8110\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-D-09072016-1024x481.png\" alt=\"GBPUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7564\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8108\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-D-09072016-1024x481.png\" alt=\"AUDUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7302\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8111\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-D-09072016-1024x481.png\" alt=\"NZDUSD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3035\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8112\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-D-09072016-1024x481.png\" alt=\"USDCAD D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9825\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8113\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-D-09072016-1024x481.png\" alt=\"USDCHF D 09072016\" width=\"1024\" height=\"481\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 100.56\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-D-09072016.png\"><img class=\"aligncenter size-large wp-image-8114\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-D-09072016-1024x481.png\" alt=\"USDJPY D 09072016\" width=\"1024\" height=\"481\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe are in uncertain times and the FX markets are definitely twitchy. The commodity currencies, in particular the antipodean currencies are bucking the trend regardless of fundamentals, they appear to be more of a reaction to carry trade status more than anything else. Whilst this concerns me, as I am short I may have to stick with these trades and add more short positions at higher levels to get greater value for my longer-term positions. That last time I chopped these pairs they nose-dived inside 48 hours, that was annoying and frustrating to say the least. That is NOT going to happen again, but whatever I do I need to do inside my overall RISK MANAGEMENT principles.\r\n\r\nThe BOC and BOE have announcements this week.\r\n\r\nDo I think that there will be any surprises I can hear you say!!\r\n\r\nWell the short answer is “Possibly”.\r\n\r\nCanada has had reasonable data of late but the Fort McMurray fires will come down like a ton of bricks soon on the local Alberta economy and then at Federal level they will have to act with the support of the BOC. On the ground in Quebec things are not rosy, but in all honesty Quebec is always like this, its only concern is language. The whole province could have a plague but as long as you are pronounced mort and not dead all will be fine here. The fact the economy is up shit creek without a paddle is of little consequence to the intransigent views held in this province.\r\n\r\nElsewhere the housing bubble in Vancouver and Toronto must concern Stephen Poloz, but the guy is so laid back it would not surprise me to see him lying on his back horizontal on a psychiatrists chair presenting this week.\r\n\r\nI am still in the camp of a rate cut before the end of the year… maybe now?\r\n\r\nCarney ex. BOC, wow didn\'t Canada do a great job off-loading him to replace Merv “the swerve” at the BOE?\r\n\r\nCarney is going to cut and Carney is going to do his impression of “Helicopter Ben” probably “JCB Carney” distributing wads of cash from the bucket of his JCB all over the city of London. Things may be announced as early as next week. He really needs to ensure that he is ahead of the curve in my opinion.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 9<sup>th</sup> July 2016\r\nBLOG VERSION: #209 FREE NEWSLETTER VERSION','GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE','','inherit','closed','closed','','8134-revision-v1','','','2016-07-09 07:18:28','2016-07-09 12:18:28','',8134,'http://weeklyfxdrivethru.com/8134-revision-v1/',0,'revision','',0),(8138,1,'2016-07-11 10:28:32','2016-07-11 15:28:32','','POS TRADES Q2 actual-v-proj 11072016','','inherit','open','closed','','pos-trades-q2-actual-v-proj-11072016','','','2016-07-11 10:29:21','2016-07-11 15:29:21','',6858,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/POS-TRADES-Q2-actual-v-proj-11072016.png',0,'attachment','image/png',0),(8991,1,'2017-01-21 14:55:00','2017-01-21 19:55:00','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nAlmost through the first trading month of the year and I feel progress so far is “one step forwards… two steps back”. As things stand right now, I think that the month will be marginally up or marginally down measured by both pips and cash. In no way is it anything like a blowout month… I know that there is still a week left, let’s see if have a hallelujah moment or two.\r\n\r\nSo, last week.\r\n\r\nWe had a Theresa May moment, a Draghi Press Conference and the fashion show in Washington aka THE DONALD comes to town for his signing in ceremony.\r\n\r\nDraghi was a bore; and, frankly he had to present that way. Still lots to do, still dovish, need governmental support, the ECB cannot do it alone, headwinds getting stronger, fragile recovery, signs are good but much more to be done. We did NOT discuss tapering…. yeah right!! It was enough for the markets, and the single currency weakened a little across the board a perfect delivery by Draghi and the ECB.\r\n\r\nTheresa May, came out all guns blazing. We are leaving the EUROPEAN UNION but we are not leaving EUROPE. Not quite so sure the Brussels bureaucrats would view it quite the same. I have no doubt they were sat back with a good bottle red digesting all of May’s comments and poking fun.\r\n\r\nTheresa May placed a very positive spin on the BREXIT. “Play ball and all will be good for both sides”, however, she cherry picked all the goodies that she knows the EU will never agree to this because it would cause a CONTAGION. Despite all the previous commentary she tried once again to pre-negotiate.\r\n\r\nLet’s get this 100% clear and unambiguous; until article 50 is triggered, the UK is in the EU. You cannot negotiate an exit until you are in the exit process. This is basic stuff.\r\n\r\nI tweeted a bit about this last week. Hard BREXIT soft BREXIT? Come on its an exit and it will be difficult as both sides have lines in the sand that they simply cannot cross. The cable rallied on a cherry-picking speech. It was a great speech, very well written and very well delivered but the quality of the content in my opinion was a little “Mickey Mouse” and more of a dream than a belief that it could be possible. The markets as usual bought it, but the short squeeze rally was in my opinion overdone… “bigly”!\r\n\r\nFinally, the DONALD’S inauguration; I am covering THE DONALD in section 5 “SCOTT’S SOAPBOX”, so I write it all there.\r\n\r\nMoving on… “LIVE Broadcasts”\r\n\r\nI did not broadcast PERISCOPE #2 last Monday. The vehicle (PERISCOPE) is just not what I needed to meet the objectives that I have moving forward.\r\n\r\nThis coming Monday 23<sup>rd</sup> January at 5:30PM EST, I am launching the “WEEKLY FX DRIVE THRU – LIVE” via a “live in the market” webinar with my partners “demio”.\r\n\r\nThis arrangement allows me to share screens, office documents and LIVE charting screens. Hopefully after a few fumbles as I gain competencies it will be a seamless affair for all parties. All I ask is for you to be patient with me.\r\n\r\nWhilst this format gives me 100% what I want, there are a couple of issues, at the moment, that you as potential viewers need to be made aware of: -\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\n<a href=\"https://my.demio.com/ref/4ZHMGqgfLACTvJXm\">https://my.demio.com/ref/4ZHMGqgfLACTvJXm</a>\r\n\r\nNot that I want to keep placing links in front of readers, but as this blog ends up in the strangest of places when it is redistributed on the web, I do have another one to add. I know via feedback that non-Forex Traders read it, not sure why, my humour is poor, my grammar weak, my swearing predictable and overall it does not get great Google feedback as they say it’s hard to read.\r\n\r\nFeck me I’m from Liverpool, we do not know big words. When I was a teenager growing up, and my Dad was a Policeman (Cop) we lived in a great area.  However, in general conversation, anything over two syllables and you were deemed a snob in danger of getting your head kicked in by a local gang! What I am saying here is I am no Fraser Crane I use small words.\r\n\r\nBack to the point…\r\n\r\nThe blog ends up in on-line newspapers and the like, and non-Forex traders read it and I have had a few communications asking me what is FX all about and how do I fit in? (After Christmas just gone, I don’t fit in very easily at all following massive over-indulgence).\r\n\r\nThe link below, to which you need to register tells you all about the PREMIUM SERVICE and how you can be a part of it.\r\n\r\nIt is titled “How to add an additional income stream with the PREMIUM SERVICE”. It is FREE to watch and takes 40 minutes. If you do not yet trade Forex, it could be just what you want. If you currently trade Forex, it could also be just what you want.\r\n\r\nRemember, it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017.png\"><img class=\"aligncenter size-large wp-image-8959\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017-1024x966.png\" alt=\"\" width=\"1024\" height=\"966\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nPhew!\r\n\r\nI completely got the BOC wrong last week. The rate statement OK, but I did not foresee Stephen Poloz announcing that rate cuts were back as options moving forwards. Let’s hope I am better this week.\r\n\r\nOn the docket this week in no particular order: -\r\n\r\nCPi data from Australia and New Zealand and GDP data from the UK and US. Also, Draghi speaks on Sunday night just after the open and that awfully nice chap from the RBNZ Graeme Wheeler chats to probably a bewildered audience on Wednesday…if the audience is not bewildered at the beginning there is a better than 50-50 chance by the end!\r\n\r\nThe big one should be the Supreme court ruling over the UK BREXIT. IF the House of Commons must vote on the BREXIT to ratify the referendum vote by the people, this will have enormous constitutional issues. Never mind the democratic issues that this will throw up. It could be a tasty piece of news. It’s one thing allowing Parliament to debate the BREXIT but the people in a democracy have decided and surely this (excuse the pun) “TRUMPS” parliament.\r\n\r\nI am no constitutional expert, not by any stretch, but if the people elect parliamentarians by voting for whom they choose, the people have the vote that should decide in a referendum. Let’s see.\r\n\r\nI see this week as a week where we could be and probably will be pushed up and down on the back of the number of executive orders placed by THE DONALD in his first few days of his presidency, plus, how many tweets the US Commander-in–chief issues and if he’s started any new wars, currency, trade or military!\r\n\r\nExpect the chop fest.\r\n\r\nAs Monty Python once said “No-one expects the Spanish Inquisition” … in 2017 it will be “No-one expects THE DONALD”.\r\n\r\nGet ready for it.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017.png\"><img class=\"aligncenter size-large wp-image-8960\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017-1024x797.png\" alt=\"\" width=\"1024\" height=\"797\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8967\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8968\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8966\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8969\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8970\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8971\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8972\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\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 costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE 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 valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nWhat a stop start, stop start, start to 2017 trading.\r\n\r\nI am up in pips but a lot down on cash with a week to go to close month one this year. I have been trading for 10 years now, seen this before. If truth be told, I think I jumped back into trading a few days earlier than usual this year and I was hit initially without a doubt by low volatility markets. Not making any excuses I should have known better.\r\n\r\nAnyway, chin up, still a week and a couple of days left of trading before the month end, anything can happen.\r\n\r\nGenerally speaking the markets are I think in re-balance mode following what can only be described as a rather over-cooked rally based on THE DONALD’S plans regarding infrastructure, jobs, trade and investment domestically. Eventually, the chickens come home to roost and that is what we have right now. The markets are trying to consolidate the recent move in a market where the President is happy to contradict anyone and everyone via Twitter. The rules of engagement have changed and this will take time to adjust to.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nThe FED is on a policy of divergence with other central banks, therefore fundamentally, I still feel comfortable with the trades in play.\r\n\r\nMy discomfort is in selecting additional trades at the moment. As you know I love trading the commodity currencies (AUD/USD, NZD/USD &amp; USD/CAD), in addition the EUR/GBP and GBP/CHF.\r\n\r\nFor now, I am just not reading these at all well. It is chop, chop, chop and nothing else. Correlations are off in places and until these align again, the safer trade is to stick with the POSITION trade policy in place and look to add trades with other styles once we see a true direction in play. I am thinking that after the TRUMP first few days are out of the way all will be good.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Frustrating as it is I am still a believer. I will continue to add on pullbacks and lift off 50 -100 pip gains as they become available. Patience is the key.</li>\r\n 	<li>I have also added the EUR/NZD to the NZD portfolio. I have two LIVE trades plus a “BUY STOP” limit order in place. I did believe that this pair would be well in a healthy positive position by now. It looks like I will need to be patient and bide my time.</li>\r\n 	<li>NZD/USD: – I have started to build, and I will be adding again.\r\n\r\nThe RBNZ is in control, and in my opinion, this is one of the most overpriced currencies in the market at this moment in time. Central Bank divergence should play its part in having this currency revalue organically, but with most, if not all FX fundamentals, patience will be required.\r\n\r\nChina does concern me. I believe the GDT auctions will be more NZD negative this year as the China family birth control factors will kick in stronger.\r\n\r\nThe TRUMP factor on China may help my longer-term views?</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\n\r\nAlways going to be looking to add, I think that for at least Q1 and Q2 the EUROZONE will remain under downside pressures. If BREXIT negotiations are difficult, which I believe they should be, the German desire for the ECB to raise rates could be seen for what it is, which is, in an election year pure and utter propaganda to win over the German savers who have been taken to the cleaners with zero savings interest rates for many years now and at all elections they are being fed a plate of empty promises.</li>\r\n 	<li>GBP/USD: - started building and have taken profits already on this position. This could be an annoying trade, as you know only too well, the cable can be a slippery little fecker at the best of times. It has the ability to take out all longs and all shorts out of the market in a single session.\r\n\r\nOne will require patience with this pair as it will flip flop all over the place.</li>\r\n</ol>\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nAs mentioned earlier in the blog, I have partnered up with Demio to launch weekly LIVE webinars.\r\n\r\nThe first one is on Monday January 23<sup>rd</sup> 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\n<a href=\"https://my.demio.com/ref/4ZHMGqgfLACTvJXm\">https://my.demio.com/ref/4ZHMGqgfLACTvJXm</a>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DEMIO-WEB-FOR-NOTICEBOARD.png\"><img class=\"aligncenter size-large wp-image-8983\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DEMIO-WEB-FOR-NOTICEBOARD-1024x960.png\" alt=\"\" width=\"1024\" height=\"960\" /></a></strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE-TRADES-22012017.png\"><img class=\"aligncenter size-large wp-image-8974\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE-TRADES-22012017-756x1024.png\" alt=\"\" width=\"756\" height=\"1024\" /></a>\r\n\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-ORDERS-22012017.png\"><img class=\"aligncenter size-large wp-image-8973\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-ORDERS-22012017-765x1024.png\" alt=\"\" width=\"765\" height=\"1024\" /></a>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\nIf you recall, in my final “DRIVE THRU” of 2016, I provided a list of TRADING PREDICTIONS for 2017. I basically named several geopolitical events that I feel will weigh on the markets this year. Therefore, for the first few weeks of 2017, I want to look at these events in a little more detail.\r\n\r\nAs you will be aware, so much has been said already on the subjects that I have highlighted, I can only add points and views that are my own, based upon how I see things and how I am going to view trading around these events.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>TRUMP, PROZAC, OXYCONTIN and THE USD</strong></p>\r\nThere always seems to be something similar to a theatrical overtone to anything that is TRUMP associated in my opinion. I cannot put my finger on exactly what, but it’s almost as if one is expecting some TV style stunt to happen in the middle of a speech or something like that.\r\n\r\nI am not sure whether it’s an overriding feeling of dis-belief that he actually pulled it off, beat the odds, beat a well-oiled machine, claimed victory with his whole party against him, in fact, he alone, with just the help of his family and his running partner, took on the might of the Presidency and the Billions of dollars behind a Clinton campaign and won.\r\n\r\nThe Republican party that hid under rocks during the campaign are now only too happy to crawl out from under that rock and feast on the spoils of victory to which their added value was zero, in fact in some cases minus.\r\n\r\nThis is one main reason why I have a low opinion of politicians. They are only fair weather friends. I realize that there are some good ones, but in most countries, you can count them on one hand. I now have first-hand experience of 5 countries.\r\n\r\nMoving on…\r\n\r\nThanks be to God, that neither Piers Morgan or Omarosa parachuted in on the parade on Pennsylvania Avenue, that would have really put my, “it’s about to happen”, reality TV, TV stunt thoughts front and centre.\r\n\r\nDefinitely moving on now….\r\n\r\nThe fashion show in DC went off without a snag just 30 minutes late…I must say that the Brits would never stand for the delay, being the masters of pomp and ceremony everything in the UK is rehearsed and timed repeatedly down to almost the tenth of a second for accuracy.\r\n\r\nHowever, one must say that despite what we may think of THE DONALD the fashion police in DC will take on a new role for at least the next four years commenting on Melania, Ivanka and wives of Don Jnr and Eric. In some ways, it could be a pleasant distraction from the twitter account!\r\n\r\nThe speech in my opinion was just like one from the stump. He had to do that, I cannot for the life of me get over the debate about it.  It was 100% expected.\r\n\r\nSo; all over Washington right now, Republican and Democrats alike are in front their GP (Doctor), requesting drugs to get them through the first 100 days of the TRUMP administration.  I never give out any recommendations on stocks or even FX trades, I cannot, but what I can tell you is that we should all watch the shares of PROZAC and OXYCONTIN, I think these could be good buys, whoever manufactures them.\r\n\r\nThe whirlwind is in town and I would expect that blockages to change will be named and shamed publicly like never before to alert the people who voted them in that they do not have the future of a United States in their heart, or words to that effect.\r\n\r\nPoliticians the world over, hide behind the party line as a reason to oppose, this is how career politicians survive. If they can blame someone instead of defending their own actions, it suits them better as they need continual good approval rates to be good in order to survive. Popularity is a like an addictive drug to career politicians. Solving problems and fixing things is not in their chemistry, just not in their DNA. It is better to blame someone for something that is not working than actually try to make it work by doing something about it. That would be courageous, thinking outside the box.\r\n\r\nIf the DONALD is true to his word and I have or see no reason why he won’t stick to his beliefs and run Washington like a business, career politicians must change or get out. Sure, there will be negotiation, but if the DONALD is seen early on to have a couple of wins under his belt, should anyone block change that he sees as another win, God help them.\r\n\r\nThe changes will be radical, possibly very innovative but definitely a new chapter away from the way the dysfunctional way that DC has operated in the past. It should be interesting. Politicians with lots of severe headaches, finding tranquilly and calm hiding under their desks frightened to speak to the gathering press to answer accusations. Hence the OXYCONTIN and PROZAC references.\r\n\r\nFrom my selfish perspective as a Forex trader where does all that leave me?\r\n\r\nThe simple answer is… I wish I knew! Right now, I am as uncertain about what happens and how it all unfolds as much as players who are in the know.\r\n\r\nWithout doubt the USD will be smacked up and smashed down. What do I know for certain at the moment?\r\n<ul>\r\n 	<li>The US is almost at full employment.</li>\r\n 	<li>The economy is looking to be on the up.</li>\r\n 	<li>The DONALD wants to make huge capital expenditure projects.</li>\r\n 	<li>The is good for inflation.</li>\r\n 	<li>This will be good for morale and consumer confidence.</li>\r\n 	<li>This will feed into retail sales.</li>\r\n 	<li>This will feed into housing, new home sales and re-sales.</li>\r\n 	<li>This will feed in home improvements.</li>\r\n 	<li>This will feed into earnings as demands for the right skills increase.</li>\r\n 	<li>Better deposit rates for savers!</li>\r\n</ul>\r\nThe above list and there’s more will be great for the US.\r\n\r\nThere are some negatives though.\r\n<ul>\r\n 	<li>Inflation on goods and services.</li>\r\n 	<li>Gas price increases.</li>\r\n 	<li>Higher Interest Rates.</li>\r\n 	<li>Increased Mortgage Costs.</li>\r\n</ul>\r\nThen of course we have the FED. Uber DOVE, Janet Yellen, who I think operates behind the curve is on a path of Monetary Policy Divergence away from all the other major central banks in the G7. With the positives and negatives that I’ve listed above and there are probably pages more of them, she runs the risk of being left behind.\r\n\r\nAs stated soooooo many times last year, it is so easy to be a DOVE. Keep things as they are, move after the event. Being a HAWK requires conviction, belief and a commanding authority. Does Janet Yellen have this skill set? Can she prepare the Financial Markets in advance for changes in the economy? I am NOT convinced. I think it’s so easy in a low rate environment but in an expansionary environment it requires a whole new skill set, the main one being to stand up to Wall Street.\r\n\r\nAs a Forex trader, the movement in the USD over the next four years is paramount to everything we do. It is at the heart of every trade we if we are trading the AUD/NZD. The way the USD moves and its correlation to commodities that can have a direct bearing on either the AUD or the NZD currency must be borne in mind. In this example the relationship between COPPER and GOLD and the USD directly affects the AUD.\r\n\r\nIf you remember, the plans that the DONALD had before coming to power have not altered, the alleged market experts, (I would say 100% of them) said that if the DONALD was elected the USD would dump and the USD/JPY would hit 95.00-98.00. What happened was the USD rallied like crazy to 103.50 from a low of 96.00 and the USD/JPY from 101.00 hit 118.00 both in less than a month after he was elected. Given the experts were about a much use a chocolate teapot, I think we have a difficult answer to the basic question on the USD.\r\n\r\nSo, keeping things simple here’s my take.\r\n\r\nIf THE DONALD starts getting his agenda passed and gets the funding on infrastructure, personally I think we are off. This alone creates jobs, spending, raw materials the whole nine yards.\r\n\r\nThe affordable care act (Obamacare), does not concern me, personally, I thought Obama was onto something but the drug companies have way too much power and influence in US. Health care will NEVER get fixed in the US, there is too much money at stake, it will be “a fudge” in my opinion. This may be a vote winner but it’s not a continual USD market mover like infrastructure.\r\n\r\nInfrastructure spending is the key to re-start the merry-go-round.\r\n\r\nWhere can the USD (DXY) go?\r\n\r\nThe overriding thought that is stuck in my head when I think about TRUMPECONOMICS, is extremes. Everything associated with THE DONALD is glitter and bright lights. He is Marmite (you either love him or hate him). His policies are in the same mold.\r\n\r\nIn my opinion the range here is dead simple. With success on infrastructure spending and an 8-year program I see 120.00 again on the DXY. Failure and the dysfunctional DC continues I see the USD toying with 80.00 maybe back to financial crisis lows of around 70.00.\r\n\r\nEither move will have spectacular results, vis-à-vis the Forex market. Recession and QE again, possibly negative interest rates on failure to succeed and buoyancy like never seen before on the other side of the equation.\r\n\r\nUSD/JPY at 150.00 or 75.00.\r\n\r\nEUR/USD at 90.00 or 1.4000.\r\n\r\nThese sound crazy numbers. I am 100% sober writing this blog.\r\n\r\nWe are living in extreme times. The new President is sworn in on a mandate of shake ‘em up. Everything he touches will be seen as RISK by the traditional hierarchy. He will face battles to move on policy. He will use whatever he can to force his agenda, twitter and the like, it will be messy, there will be blood and for these reasons I see extremes on the spectrum of success.\r\n\r\nSure, when first looking at my currency ranges they are not only massive but extreme but it’s horses for courses, in my opinion these are realistic ranges to consider in the event of success or failure.\r\n\r\nIn my opinion, to say that THE DONALD has stepped up and placed a noose around his own neck is an understatement. This is why, I firmly believe he will name and shame those who block jobs and US prosperity. He has a big reputation, much of it by self-proclamation, therefore failure is not an option.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\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, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #124 PREMIUM SERVICE\r\nDATE: 22nd January 2017.<strong>\r\n\r\n</strong>','TRUMP, PROZAC, OXYCONTIN and THE USD','','inherit','closed','closed','','8990-revision-v1','','','2017-01-21 14:55:00','2017-01-21 19:55:00','',8990,'http://weeklyfxdrivethru.com/8990-revision-v1/',0,'revision','',0),(9138,1,'2017-02-20 06:38:34','2017-02-20 11:38:34','<section class=\"one-sixth first\">\r\n<h4>Radar Trades Archives:</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Month\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/RADAR-20022017.png\"><img class=\"aligncenter size-large wp-image-9131\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/RADAR-20022017-740x1024.png\" alt=\"\" width=\"740\" height=\"1024\" /></a></h2>\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/RADAR-JANYTD-2017.png\"><img class=\"aligncenter size-full wp-image-9044\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/RADAR-JANYTD-2017.png\" alt=\"\" width=\"832\" height=\"932\" /></a></h2>\r\n&nbsp;\r\n<h2>PREVIOUS YEARS</h2>\r\n<img class=\"aligncenter size-full wp-image-8807\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/RADAR-2016-COMPLETE.png\" alt=\"\" width=\"856\" height=\"938\" />\r\n<a href=\"https://weeklyfxdrivethru.com/radar-trades/radar-2015-comp/\" rel=\"attachment wp-att-6985\"><img class=\"aligncenter wp-image-6985\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/RADAR-2015-COMP.png\" alt=\"RADAR 2015 COMP\" width=\"511\" height=\"535\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/RADAR-2014-COMPLETE.png\"><img class=\"aligncenter wp-image-8858\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/RADAR-2014-COMPLETE.png\" alt=\"\" width=\"489\" height=\"487\" /></a>\r\n\r\n</div>\r\n</section>','Radar Trades','','inherit','closed','closed','','2524-revision-v1','','','2017-02-20 06:38:34','2017-02-20 11:38:34','',2524,'http://weeklyfxdrivethru.com/2524-revision-v1/',0,'revision','',0),(9106,1,'2017-02-11 16:21:33','2017-02-11 21:21:33','<section class=\"one-sixth first\">\r\n<h4>POSITION 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/POS1-12022017.png\"><img class=\"aligncenter size-large wp-image-9085\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS1-12022017-751x1024.png\" alt=\"\" width=\"751\" height=\"1024\" /></a><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS2-12022017.png\"><img class=\"aligncenter size-large wp-image-9086\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS2-12022017-764x1024.png\" alt=\"\" width=\"764\" height=\"1024\" /></a><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS3-12022017.png\"><img class=\"aligncenter size-large wp-image-9087\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS3-12022017-833x1024.png\" alt=\"\" width=\"833\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS1-19112016.png\">\r\n</a>\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&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/POS-JANYTD-2017.png\"><img class=\"aligncenter size-full wp-image-9052\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/POS-JANYTD-2017.png\" alt=\"\" width=\"784\" height=\"910\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n<h2>PREVIOUS YEARS\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-2016-COMPLETE.png\"><img class=\"aligncenter size-full wp-image-8814\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-2016-COMPLETE.png\" alt=\"\" width=\"816\" height=\"946\" /></a></h2>\r\n</div>\r\n</section>','POSITION TRADES','','inherit','closed','closed','','6965-revision-v1','','','2017-02-11 16:21:33','2017-02-11 21:21:33','',6965,'http://weeklyfxdrivethru.com/6965-revision-v1/',0,'revision','',0),(8190,1,'2016-07-23 10:40:51','2016-07-23 15:40:51','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI’m back again… last weekend I was in Saratoga Springs to see The Dave Matthews Band in concert at SPAC… great band, great venue and Saratoga Springs is well worth a visit if you can get there.\r\n\r\nHere it is the final blog of part one 2016. After this week I am on my summer break and I am not releasing blogs again until September 11<sup>th</sup>. I am trading and I will be active for PREMIUM SERVICE subscribers with trade set ups etc.\r\n\r\nThis summer I have to decide what I am going to do with twitter. I am taking a 17-day personal development course from my wife’s business portfolio (www.achievesuccesstoday.ca). Maybe this will help shed some enlightenment on my complete and utter disdain for twitter and the bullsh*t that it churns out. I have to decide what to do with twitter as a promotional tool and over the coming weeks I will draw up my action plan to move forward.\r\n\r\nReturning to Forex…\r\n\r\nAfter a rather disjointed period of about 8 weeks I am now settled into the comforts of my office with the multi-screens. Trading off a MacBook and iPAD/iPhone frankly is difficult. To use them to close trades and look at a specific trades progression is fine but chart analysis is restrictive and impossible for me on the iPad/iPhone.\r\n<ul>\r\n 	<li>We have choppy markets.</li>\r\n 	<li>We have uncertainty.</li>\r\n 	<li>We have to a large extent, emasculated central banks.</li>\r\n 	<li>Happy fecking days to one and all!</li>\r\n</ul>\r\nIf this was not enough, the summer trading sessions are with us. It is virtually impossible in my opinion to take the Asian sessions seriously. Liquidity is so thin, moves are retraced and cancelled, false breakouts and false breakdowns will become more and more a common event and a permanent feature until the autumn/fall sessions return.\r\n\r\nOn my recent TOUR, I was in a timezone with the best times to trade Forex. We are in my opinion, almost at the point of limiting trading to the following hours: -\r\n\r\nUK      Monday to Friday      8:00AM-9:00AM (Tokyo and London) and 1:00PM-5:00PM (New York and London)\r\n\r\nEST    Monday to Friday      3:00AM-4:00AM (Tokyo and London) and 8:00AM-12:00PM (New York and London)\r\n\r\nLike it or not as market makers, Banks move monies around when there are two of the three major centers open and when liquidity is at its best.\r\n\r\nPart of me is also of the opinion that Fridays in the New York session are also loss leaders. So many traders treat summer Fridays as “POETS DAY” (Piss off early tomorrows Saturday). Sometimes you are left sitting in trades that you really do NOT want to hold over the weekend.\r\n\r\nHowever, despite all of this through adapting to “real life” trading, by being more flexible in approach and having greater patience and tolerance with trades, I find myself in a place I did not think I would be in at this time of the year. Back in February 2016, the PREMIUM SERVICE took severe hits when all power and ISP’s had no service due to ice storms in my area for two/three days in total, stops were triggered left right and centre, profits could not be taken, trades could not be managed at all, it was a complete disaster.\r\n\r\nThe chart below which is based on end of July trading positions, shows that the recovery from zero at the end of February to now, in just 5 months has been strong. When you add in the fact that I was away on tour in the UK and IRELAND for some of the time…it is clear… that the PREMIUM SERVICE is doing something right!!\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\"><img class=\"aligncenter size-full wp-image-8173\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\" alt=\"PIP COMPARISONS TO JULY 2016\" width=\"473\" height=\"298\" /></a>\r\n\r\nThe takeaway from the chart above is that despite it being only 5 months performance of which 4 weeks was on tour with virtually no trading, the pip total for 2016 is within 50 pips of that of 2015 and well ahead of 2014. If you want to know more and subscribe you need to contact me.\r\n\r\nI am trading this summer, but if you want to take a break from trading, now through to September is the time to do it. I am trading because I felt I let down my subscribers a little during my UK &amp; IRELAND TOUR last month. There is also so much uncertainty in the marketplace that I am hoping that I will be able to capitalize on some fallout, plus I have so many LIVE trades at the moment that I DO NOT want to cover, they require managing!!\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions; just to remind you that you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be early September when I return from my summer break. The winner will be all set up prior to the September 11<sup>th</sup> blog release.\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 credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD $240.00 - 4 weeks (1 month)\r\nCAD $500.00 - 10 weeks (3 months)\r\nCAD $750.00 - 20 weeks (6 months)\r\nCAD $1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD $1,000.00</p>\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n<p style=\"text-align: center;\"><strong><u>IMPORTANT TO NOTE:\r\n</u></strong>Even though I am not posting “DRIVE THRU” blogs through the summer, any subscriptions opened now will not take effect until 11<sup>th</sup> September. However, the trade set-ups and all the benefits of the PREMIUM SERVICE will be open from the day you subscribe.\r\ne.g.\r\nYou sign up today for a 10-week subscription. Cost = CAD $500.00\r\nYour subscription will start September 11<sup>th</sup> and run until November 20<sup>th</sup>, but from the day you pay you will have full access to the PREMIUM SERVICE website content and receive ALL trade set-ups.\r\nIn this example subscribing today July 23<sup>rd</sup> that will give you a total of 16 weeks subscription (without the DRIVE THRU blog for 6 weeks) more than 50% in weeks\r\nFREE OF CHARGE.\r\nThis is a great deal and a great opportunity.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS TO THE MONTH SO FAR:       +1,577 pips\r\nNET PIPS THIS YEAR SO FAR:                +7,697 pips</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\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\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\nThere were a couple of goodies last week that I want to mention.\r\n\r\nECB PRESS CONFERENCE:\r\n\r\nThis was the only announcement that I was looking forward to last week, and I use the phrase looking forward to “tongue in cheek”.\r\n\r\nIt was as expected a bit of a non-event, hardly surprisingly really as the BRITS are putting nearly everything financial in the world on hold. In fact BREXIT is being used as the reason for most things negative.\r\n\r\nHere in Quebec, I am waiting for the likes of my ISP’s (Rogers and Videotron) and more likely Canada Post to increase prices and blame the BREXIT for this. Canada Post being a classic “nickel &amp; dime” organization, they introduced a temporary fuel surcharge when OIL reached $140 a barrel, even with OIL sub $30 there was STILL a fuel surcharge and there is still one today. Canadians are ripped off left right and centre by institutions who blame everyone else except for themselves, looking to exploit and profiteer.\r\n\r\nOff my soapbox…\r\n\r\nDraghi basically shied away from anything new and basically intimated any new policy initiatives on easing etc. would come in September. This would follow Carney’s announcement due in August, when he is widely expected to cut interest rates and fly over London in a helicopter dropping wads of cash over the city!!\r\n\r\n&nbsp;\r\n\r\nRBNZ ECONOMIC STATEMENT:\r\n\r\nStatler and Waldorf aka Wheeler (RBNZ Governor) and McDermott (Assistant Governor and Head of Economics) between them the biggest pair of numpties in the Central Bank world, have led the markets a merry dance of false, poor interpretation of the facts, a basic inability to translate a world and regional macro economic position into an effective central bank monetary policy.\r\n\r\nThe monetary policy of the RBNZ is like a pair of hooker’s knickers up and down, up and down, up and down. I think that Mark Carney (BOE) misleads markets because he’s basically inept at what he does. His forward guidance is irrelevant and 100% mis-leading. My boy Labrador Ozzy has more of an idea, and he’s mainly focused on food.\r\n\r\nHaving said that I urge you to read back over statements made by the RBNZ in particular, and, if you can watch the press conferences without slashing your wrists through boredom watch these flutes in action. It is a scene from what I would have expected the BOE to look like in the 1950’s. A few chaps in the room telling a few chaps that it’s all right because we’ve spoken to our other chaps and chaps are chaps so all is fine.\r\n\r\nAt the last RBNZ meeting an acknowledgement was made to the Auckland housing bubble, that they were monitoring closely but a rate cut was no longer on the immediate horizon. They stated that they were still looking at the value of NZD, which they had previously stated was too high. Naturally the market reaction to this was to strengthen the NZD against all currencies; most notably it was the catalyst that sent the AUD/NZD lower towards 1.0300.\r\n\r\nNext, they crap themselves and once again become reactionary. They then put out a press release that says that there will be a special announcement “An Economic Statement” on July 21<sup>st</sup>. Around the same time they announce that housing speculators will be subject to a 40% deposit on investment properties. Combing the two, the NZD comes under pressure and 7 days in a row the NZD/USD falls.\r\n\r\nThe financial statement comes out and guess what? It looks like interest cuts are on the way. The New Zealand economy is so heavily reliant on Dairy and China, their influences push and pull about with ease. Right now with interest rate differentials there is a desire from multi-nationals to use the antipodean countries to affect a carry-trade benefit. This places a tremendous strain on a country of the size of New Zealand.\r\n\r\nDo not be surprised to see a 0.50% rate cut next time around. What makes me laugh a little is why wait for the meeting. Do it now… this instant… this moment. We all know that Statler and Waldorf are reactionary - why wait?\r\n\r\nThese guys have the authority just do it, all this prepare the markets is bullsh*t. The markets are like children that require a fixed routine and now the children are in control of the parents. If these central bankers were more authoritative they may have more respect.\r\n\r\nRight now around the globe Central Bank Governors comments are to a large extent taken with a pinch of salt. It is their own fault they created this situation. I know it\'s a difficult thin line that none of them want to cross, but for God’s sake it has gone so far the wrong way the line is so far in the distance for a lot of central bankers they can no longer even see it. Central Bank Governors all need to grow a pair of bollo**s and step up… in my opinion!\r\n\r\n&nbsp;\r\n\r\nBOJ KURODA:\r\n\r\nSome flute gets hold of a June interview made by Kuroda (BOJ Govenor) for the BBC and the markets go ape shit over the fact he said back then that there would be no helicopter money being dropped in Tokyo…WTF.\r\n\r\nThe JPY across the board fell like a lead balloon. I noticed on twitter some cowboys were saying how well they traded this news and already had trades in place…liars. In the name of sanity how on this planet could anyone, the likes of DAVID COPPERFIELD included predict that news event to move the JPY? This is one reason why I hate twitter, it is so full of crap.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n\r\nMy last normal full-sized blog posted on July 9<sup>th</sup> had the following as the title: -\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\nI follow that one two weeks later with:\r\n<p style=\"text-align: center;\"><strong>LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”</strong></p>\r\n&nbsp;\r\n\r\nI have nailed my colours to the mast on this one. I do still believe that there is a very strong possibility of a re-vote next spring. (If you missed my original blog with this call you need to read it at: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nI do not want to go over old ground, but even with Theresa May as the new UK Prime Minister nothing changes. We are dealing with politicians and politics. Europe has a history with referendums.\r\n\r\nJust because Theresa May says “BREXIT MEANS BREXIT”… “BEANS MEANZ HEINZ” but we still bought Cross and Blackwell or HP!!\r\n\r\nOn Friday last week we had the first real set of economic data after the BREXIT vote. The UK PMI’s were awful: -\r\n<ul>\r\n 	<li>FLASH UK PMi composite output index:\r\n7 July (52.4 June) = 87 month low.</li>\r\n 	<li>FLASH UK SERVICES PMi activity index:\r\n4 July (52.3 June) = 88 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi:\r\n1 July (52.1 June) = 41 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi output index:\r\n1 July (52.9 June) = 40 month low.</li>\r\n</ul>\r\nBy any stretch this looks as if things came to an <strong>emergency stop</strong> when the votes were counted. To some extent, this is to be expected as the result was not predicted and massive uncertainty hung over all businesses as both sides of the debate sold FEAR rather than FACTS.\r\n\r\nThe “remains” stated that the end of the world as we know it could happen should a BREXIT vote prevails. Business sat back and waited for the sirens to bellow out… but nothing happened, the political world in the UK when you needed strength all fecked off on party divisions.\r\n\r\nIs it any wonder there are protest votes all over the world against the political establishment?\r\n\r\nThis uncertainty is not helped by the infamous Article 50 from the Lisbon Treaty, that by the way the IRISH rejected first time around in a EUROPEAN REFERENDUM. PM May is stating that she has a timeline that looks at invoking Article 50 early in 2017. There is a long, long, long, long time in politics between now and then.\r\n\r\nOf course no member EU state has ever invoked Article 50. Is it irrevocable once triggered? There is no precedent at all. Is the two-year transition period to leave once the article is triggered like a cooling-off period?\r\n\r\nI believe between now and the end of 2016 pressure for another vote will mount prior to legal interpretation being required.\r\n\r\nLegal challenges will be in the news soon because big business did not get its way. London voted Yes so fu*k the rest of the country will be the call. Those living in the capital have no idea what it is like to live away from London. The capital city gets most of the money, the rest of the country sees the privileged wasting their hard earned taxes and in return the rest of the country lacks the same commitment to investment by central government.\r\n\r\nIt’s a typical overview for a protest vote. Instead of examining why, those in the city carry on regardless in the same way using money to buy influence. This action only fuels the protest vote, how can people not see it and yet be so stupid?\r\n\r\nAnyway… it is what it is. Most political establishments around the globe need an enema of massive proportions to clean the sh*t out once and for all!\r\n\r\nSo, the bottom-line from a trading perspective is that we have political and global uncertainties as a result of the BREXIT vote.\r\n\r\nWhichever way I look at this, there is only one way to trade, the cable and that is to SELL RIPS, sell into spikes and look for lower levels. Can the GBP come really undone? Dead right my arse it can.\r\n\r\nThe charts below (GBP/USD, EUR/GBP, GBP/CHF, GBP/AUD, GBP/CAD and GBP/NZD) contain levels and a few of my own thoughts (GBP/JPY will be treated separately).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8182\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPUSD BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8181\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPNZD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8180\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPCHF BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8179\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPCAD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8178\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPAUD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8177\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"EURGBP BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\nThere are potentially massive moves ahead and remember we get two bites of the cherry, the downward move and then the inevitable retracement move.\r\n\r\n(For PREMIUM SERVICE subscribers I will be releasing a full “BREXIT OPPORTUNITY TRADE” analysis with trade set ups across the 6 currency pairs listed above very, very soon, in fact within days. This will be similar to the G20 trades from earlier this year that generated a lot of pips).\r\n\r\nLooking at what is on the horizon to back up my thoughts from the chart opportunities etc.\r\n<ol>\r\n 	<li>Mark Carney has already indicated that the BOE will be jumping in to support the markets. Next month an interest rate cut will be made and in addition potentially QE re-enforcements. (GBP negative)</li>\r\n 	<li>The PMi data must be scaring the crap out of the government. They will treat it for now as a BREXIT blip and pray to God for an improvement next month. My view from the business owners I have spoken with is that nothing much has altered since the BREXIT vote was announced and that economically things are going backwards rather than forwards. (GBP negative)</li>\r\n 	<li>House prices in London and around the country are under pressure. House values are critical for London, for the “feel good factor” it’s even more important than it is for the rest of the country because the capital’s prices are so inflated. Foreign investment that inflates prices has dried up almost completely. This will send shivers through the government. Housing needs to be buoyant to keep an economy moving. No housing sales, no home improvement purchases, no contractors employed and potential lay-offs, unemployment reduced tax intake and benefits required. (GBP negative)</li>\r\n 	<li>General business stagnation through uncertainty to proceed. There is a “what’s the point” process in place ridiculous as it sounds. The delay in triggering article 50 does NOT help and the fact it\'s a two-year process to complete the switch, is also producing more uncertainties through the transition period. (GBP negative)</li>\r\n 	<li>Consumer confidence is low, driven by the uncertainty. (GBP negative)</li>\r\n</ol>\r\nIt’s not a pretty picture moving forward.\r\n\r\nI am NOT bullish at all. I think with regards to the GBP pairs its very simple; “SELL the RIPS and BUY the DIPS” (where applicable).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nDelighted with the macro performance so far this year. Looking closer at the monthly numbers there are areas to improve ion, but generally I am happy.\r\n\r\nFUNDAMENTAL trade profits have never really recovered from the “ICE STORMS”. It is not surprising given the change in approach to trading this year through the choppy markets of uncertainty that the POSITION TRADES are providing the basis for most of the pip profits.\r\n\r\nThis is the reason I want to approach the BREXIT TRADES through POSITION style trades. I will have a document, with trade set ups and charts out to you all very soon. I have a fresh broker account ready and waiting ready to go!!\r\n\r\n&nbsp;\r\n\r\nRISK TOLERANCE, RISK MANAGEMENT &amp; POSITION SIZING:\r\n\r\nI am very conscious that as I stack LIMIT ORDER trades for the summer, many of you may NOT be looking at the potential RISK that could be building up with your broker accounts should these entire trades trigger at once. I am NOT expecting this at all but I am stacking up what can only be called something like potential contingent liabilities.\r\n\r\nPlease total the total STOP LOSS pips for the trades you are going to participate with and look at your position size to the size of your trading account.\r\n\r\nI am trading with 5 brokers with trade types spread around and as you should know by now my RISK TOLERANCES vary by currency pair quite dramatically.\r\n\r\nI do NOT need to know what balances you have in your broker accounts, but all I ask is that your RISK is MANAGED. The only effective way to do this is to reduce POSITION SIZES or place more funds with your broker to ensure that you DO NOT become a victim of a MARGIN CALL.\r\n\r\nAdding a separate batch of trades for the BREXIT OPPORTUNITY will only exacerbate the matter, as I see potentially over a dozen set-ups from the get go.\r\n\r\nPLEASE look at this, if you have concerns there are several PDF articles in the TRAINING section and I can also answer questions, either by email or SKYPE/ FaceTime.\r\n\r\n&nbsp;\r\n\r\n2017 BLOG DATES:\r\n\r\nLooking ahead a long time in the future, however, I have made some changes to the 2017 blog dates to accommodate a trip that I am making to NEW ZEALAND and AUSTRALIA. I am going over to give “Statler and Waldorf” a piece of my mind straight from the horse’s mouth so to speak!!\r\n\r\nActually, I am going to support my wife at her annual sales conference in Auckland and am I hoping to meet up with my 6/7 subscribers based on the North Island and around Sydney.\r\n\r\nI am away for 4 weeks on the trip/holiday combined and the missing weeks in May/June 2017 have been taken away from the summer/winter break. The revised excel spreadsheet is below and is also on the website.\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017-1.png\"><img class=\"aligncenter size-full wp-image-8176\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017-1.png\" alt=\"BLOG DATES 2017\" width=\"420\" height=\"552\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-23072016.png\"><img class=\"aligncenter size-full wp-image-8175\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-23072016.png\" alt=\"LIVE TRADES 23072016\" width=\"803\" height=\"586\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-23072016.png\"><img class=\"aligncenter size-full wp-image-8174\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-23072016.png\" alt=\"LIMIT ORDERS 23072016\" width=\"958\" height=\"591\" /></a> </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\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation Report Hearings.\r\nTUESDAY: USD – Consumer Confidence.\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: GBP – Preliminary GDP.\r\nWEDNESDAY: USD – FOMC Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0977\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8184\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016-1024x480.png\" alt=\"EURUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.3108\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8185\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016-1024x480.png\" alt=\"GBPUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7461\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156.png\"><img class=\"aligncenter size-large wp-image-8183\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156-1024x480.png\" alt=\"AUDUSD DAILY 230720156\" width=\"1024\" height=\"480\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6999\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8186\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016-1024x480.png\" alt=\"NZDUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3127\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8187\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016-1024x480.png\" alt=\"USDCAD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9866\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8188\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016-1024x480.png\" alt=\"USDCHF DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.05\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8189\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016-1024x480.png\" alt=\"USDJPY DAILY 23072016\" width=\"1024\" height=\"480\" /></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\nUncertainty continues as we move into the summer months.\r\n\r\nI am not expecting much from the FED this week; I think like everyone else they will blame the BREXIT for masterly inactivity.\r\n\r\nBe very careful getting suckered into trades this summer, the liquidity is very thin, especially in the Asian session.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 23rd July 2016\r\nBLOG VERSION: #108 PREMIUM SERVICE VERSION','LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”','','publish','open','closed','','looking-longer-term-theres-one-way-trade-cable','','','2016-07-23 10:40:51','2016-07-23 15:40:51','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8190',0,'member_posts','',0),(8144,1,'2016-07-18 03:39:34','2016-07-18 08:39:34','','PS PROFITS1 16072016','','inherit','open','closed','','ps-profits1-16072016','','','2016-07-18 03:44:59','2016-07-18 08:44:59','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PS-PROFITS1-16072016.png',0,'attachment','image/png',0),(8145,1,'2016-07-18 03:39:36','2016-07-18 08:39:36','','PS PROFITS2 16072016','','inherit','open','closed','','ps-profits2-16072016','','','2016-07-18 03:45:12','2016-07-18 08:45:12','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PS-PROFITS2-16072016.png',0,'attachment','image/png',0),(8146,1,'2016-07-18 03:39:37','2016-07-18 08:39:37','','RADAR 16072016','','inherit','open','closed','','radar-16072016','','','2016-07-18 03:41:47','2016-07-18 08:41:47','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/RADAR-16072016.png',0,'attachment','image/png',0),(8147,1,'2016-07-18 03:39:39','2016-07-18 08:39:39','','FLASH 16072016','','inherit','open','closed','','flash-16072016','','','2016-07-18 03:40:52','2016-07-18 08:40:52','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/FLASH-16072016.png',0,'attachment','image/png',0),(8148,1,'2016-07-18 03:39:45','2016-07-18 08:39:45','','FUN 16072016','','inherit','open','closed','','fun-16072016','','','2016-07-18 03:42:29','2016-07-18 08:42:29','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/FUN-16072016.png',0,'attachment','image/png',0),(8149,1,'2016-07-18 03:39:55','2016-07-18 08:39:55','','POS1 16072016','','inherit','open','closed','','pos1-16072016','','','2016-07-18 03:43:49','2016-07-18 08:43:49','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/POS1-16072016.png',0,'attachment','image/png',0),(8150,1,'2016-07-18 03:39:57','2016-07-18 08:39:57','','POS2 16072016','','inherit','open','closed','','pos2-16072016','','','2016-07-18 03:43:53','2016-07-18 08:43:53','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/POS2-16072016.png',0,'attachment','image/png',0),(8155,1,'2016-07-18 06:31:06','2016-07-18 11:31:06','<strong> </strong>\r\n\r\n<strong>INTRODUCTION:</strong>\r\n\r\nThis is a very brief blog. It is basically just an update.\r\n\r\nI am just back from Saratoga Springs, if you have never been and can get there it is well worth a visit. It’s a great spot not just for concerts, but also wine bars, pubs and restaurants, plus if you like the horses it does of course have the annual Travers Day event. The Saratoga Springs area reminds my wife and I of Bellevue and Redmond in Washington state, its very clean, tidy, extremely well maintained with attention to detail and obviously affluent.\r\n\r\nNext week will be a full blog, however it will be my final one until 11<sup>th</sup> September 2016. As usual in the summer I will take a break away from blogging to recharge the batteries.\r\n\r\nThis year however, I will be trading through the summer. With so much market uncertainty and geopolitical news hanging about, I would find it very, very difficult not to keep in touch and therefore it would be hard to keep my fingers away from the keyboards. In addition, I have just supplied PREMIUM SERVICE subscribers with an update list of LIVE and LIMIT order trades. There are currently with THE PREMIUM SERVICE 12 LIVE trades and a further 17 trades waiting to trigger, with more set ups ready to be posted later. With so much in place, this also swayed my decision to trade.\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be on 11th September when I return from my summer break.\r\n\r\n<strong> </strong>\r\n\r\n<strong>THE PREMIUM SERVICE:</strong>\r\n\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 credit card.\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 a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS TO THE MONTH SO FAR:       +761 pips\r\nNET PIPS THIS YEAR SO FAR:                +6,881 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\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>MY CLOSING THOUGHTS:</strong>\r\n\r\nWe have a Draghi Press Conference this week on Thursday, which is the same day as the RBNZ financial update report.\r\n\r\nThe ECB will probably do nothing and talk about the future actions that they would consider, basically mirror what Carney said last week.\r\n\r\nWith regards to the RBNZ, this has to be laying the groundwork for an August cut in interest rates meeting. I am expecting them to be very dovish and we could see some volatility.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 18<sup>th</sup> July 2016\r\nBLOG VERSION: #210 FREE NEWSLETTER','NO SUMMER DOLDRUMS THIS YEAR  FOR FOREX TRADERS?','','publish','open','closed','','no-summer-doldrums-year-forex-traders','','','2016-07-18 06:31:06','2016-07-18 11:31:06','',0,'http://weeklyfxdrivethru.com/?p=8155',0,'post','',0),(8156,1,'2016-07-18 06:31:06','2016-07-18 11:31:06','<strong> </strong>\r\n\r\n<strong>INTRODUCTION:</strong>\r\n\r\nThis is a very brief blog. It is basically just an update.\r\n\r\nI am just back from Saratoga Springs, if you have never been and can get there it is well worth a visit. It’s a great spot not just for concerts, but also wine bars, pubs and restaurants, plus if you like the horses it does of course have the annual Travers Day event. The Saratoga Springs area reminds my wife and I of Bellevue and Redmond in Washington state, its very clean, tidy, extremely well maintained with attention to detail and obviously affluent.\r\n\r\nNext week will be a full blog, however it will be my final one until 11<sup>th</sup> September 2016. As usual in the summer I will take a break away from blogging to recharge the batteries.\r\n\r\nThis year however, I will be trading through the summer. With so much market uncertainty and geopolitical news hanging about, I would find it very, very difficult not to keep in touch and therefore it would be hard to keep my fingers away from the keyboards. In addition, I have just supplied PREMIUM SERVICE subscribers with an update list of LIVE and LIMIT order trades. There are currently with THE PREMIUM SERVICE 12 LIVE trades and a further 17 trades waiting to trigger, with more set ups ready to be posted later. With so much in place, this also swayed my decision to trade.\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be on 11th September when I return from my summer break.\r\n\r\n<strong> </strong>\r\n\r\n<strong>THE PREMIUM SERVICE:</strong>\r\n\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 credit card.\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 a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS TO THE MONTH SO FAR:       +761 pips\r\nNET PIPS THIS YEAR SO FAR:                +6,881 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\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>MY CLOSING THOUGHTS:</strong>\r\n\r\nWe have a Draghi Press Conference this week on Thursday, which is the same day as the RBNZ financial update report.\r\n\r\nThe ECB will probably do nothing and talk about the future actions that they would consider, basically mirror what Carney said last week.\r\n\r\nWith regards to the RBNZ, this has to be laying the groundwork for an August cut in interest rates meeting. 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15:36:21','',8190,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016.png',0,'attachment','image/png',0),(8187,1,'2016-07-23 06:09:13','2016-07-23 11:09:13','','USDCAD DAILY  23072016','','inherit','open','closed','','usdcad-daily-23072016','','','2016-07-23 10:36:29','2016-07-23 15:36:29','',8190,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016.png',0,'attachment','image/png',0),(8188,1,'2016-07-23 06:09:15','2016-07-23 11:09:15','','USDCHF DAILY 23072016','','inherit','open','closed','','usdchf-daily-23072016','','','2016-07-23 10:36:38','2016-07-23 15:36:38','',8190,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016.png',0,'attachment','image/png',0),(8189,1,'2016-07-23 06:09:17','2016-07-23 11:09:17','','USDJPY DAILY 23072016','','inherit','open','closed','','usdjpy-daily-23072016','','','2016-07-23 10:36:54','2016-07-23 15:36:54','',8190,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016.png',0,'attachment','image/png',0),(8191,1,'2016-07-23 10:37:25','2016-07-23 15:37:25','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI’m back again… last weekend I was in Saratoga Springs to see The Dave Matthews Band in concert at SPAC… great band, great venue and Saratoga Springs is well worth a visit if you can get there.\r\n\r\nHere it is the final blog of part one 2016. After this week I am on my summer break and I am not releasing blogs again until September 11<sup>th</sup>. I am trading and I will be active for PREMIUM SERVICE subscribers with trade set ups etc.\r\n\r\nThis summer I have to decide what I am going to do with twitter. I am taking a 17-day personal development course from my wife’s business portfolio (www.achievesuccesstoday.ca). Maybe this will help shed some enlightenment on my complete and utter distain for twitter and the bullsh*t that it churns out. I have to decide what to do with twitter as a promotional tool and over the coming weeks I will draw up my action plan to move forward.\r\n\r\nReturning to Forex…\r\n\r\nAfter a rather disjointed period of about 8 weeks I am now settled into the comforts of my office with the multi-screens. Trading off a MacBook and iPAD/iPhone frankly is difficult. To use them to close trades and look at a specific trades progression is fine but chart analysis is restrictive and impossible for me on the iPad/iPhone.\r\n<ul>\r\n 	<li>We have choppy markets.</li>\r\n 	<li>We have uncertainty.</li>\r\n 	<li>We have to a large extent, emasculated central banks.</li>\r\n 	<li>Happy fecking days to one and all!</li>\r\n</ul>\r\nIf this was not enough, the summer trading sessions are with us. It is virtually impossible in my opinion to take the Asian sessions seriously. Liquidity is so thin, moves are retraced and cancelled, false breakouts and false breakdowns will become more and more a common event and a permanent feature until the autumn/fall sessions return.\r\n\r\nOn my recent TOUR, I was in a timezone with the best times to trade Forex. We are in my opinion, almost at the point of limiting trading to the following hours: -\r\n\r\nUK      Monday to Friday      8:00AM-9:00AM (Tokyo and London)\r\n1:00PM-5:00PM (New York and London)\r\n\r\nEST    Monday to Friday      3:00AM-4:00AM (Tokyo and London)\r\n8:00AM-12:00PM (New York and London)\r\n\r\nLike it or not as market makers, Banks move monies around when there are two of the three major centers open and when liquidity is at its best.\r\n\r\nPart of me is also of the opinion that Fridays in the New York session are also loss leaders. So many traders treat summer Fridays as “POETS DAY” (Piss off early tomorrows Saturday). Sometimes you are left sitting in trades that you really do NOT want to hold over the weekend.\r\n\r\nHowever, despite all of this through adapting to “real life” trading, by being more flexible in approach and having greater patience and tolerance with trades, I find myself in a place I did not think I would be in at this time of the year. Back in February 2016, the PREMIUM SERVICE took severe hits when all power and ISP’s had no service due to ice storms in my area for two/three days in total, stops were triggered left right and centre, profits could not be taken, trades could not be managed at all, it was a complete disaster.\r\n\r\nThe chart below which is based on end of July trading positions, shows that the recovery from zero at the end of February to now, in just 5 months has been strong. When you add in the fact that I was away on tour in the UK and IRELAND for some of the time…it is clear… that the PREMIUM SERVICE is doing something right!!\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\"><img class=\"aligncenter size-full wp-image-8173\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\" alt=\"PIP COMPARISONS TO JULY 2016\" width=\"473\" height=\"298\" /></a>\r\n\r\nThe takeaway from the chart above is that despite it being only 5 months performance of which 4 weeks was on tour with virtually no trading, the pip total for 2016 is within 50 pips of that of 2015 and well ahead of 2014. If you want to know more and subscribe you need to contact me.\r\n\r\nI am trading this summer, but if you want to take a break from trading, now through to September is the time to do it. I am trading because I felt I let down my subscribers a little during my UK &amp; IRELAND TOUR last month. There is also so much uncertainty in the marketplace that I am hoping that I will be able to capitalize on some fallout, plus I have so many LIVE trades at the moment that I DO NOT want to cover, they require managing!!\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions; just to remind you that you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be early September when I return from my summer break. The winner will be all set up prior to the September 11<sup>th</sup> blog release.\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 credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD $240.00 - 4 weeks (1 month)\r\nCAD $500.00 - 10 weeks (3 months)\r\nCAD $750.00 - 20 weeks (6 months)\r\nCAD $1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD $1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><strong><u>IMPORTANT TO NOTE:\r\n</u></strong>Even though I am not posting “DRIVE THRU” blogs through the summer, any subscriptions opened now will not take effect until 11<sup>th</sup> September. However, the trade set-ups and all the benefits of the PREMIUM SERVICE will be open from the day you subscribe.\r\ne.g.\r\nYou sign up today for a 10-week subscription. Cost = CAD $500.00\r\nYour subscription will start September 11<sup>th</sup> and run until November 20<sup>th</sup>, but from the day you pay you will have full access to the PREMIUM SERVICE website content and receive ALL trade set-ups.\r\nIn this example subscribing today July 23<sup>rd</sup> that will give you a total of 16 weeks subscription (without the DRIVE THRU blog for 6 weeks) more than 50% in weeks\r\nFREE OF CHARGE.\r\nThis is a great deal and a great opportunity.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">\r\nNET PIPS TO THE MONTH SO FAR:       +1,577 pips\r\nNET PIPS THIS YEAR SO FAR:                +7,697 pips</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\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\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\nThere were a couple of goodies last week that I want to mention.\r\n\r\nECB PRESS CONFERENCE:\r\n\r\nThis was the only announcement that I was looking forward to last week, and I use the phrase looking forward to “tongue in cheek”.\r\n\r\nIt was as expected a bit of a non-event, hardly surprisingly really as the BRITS are putting nearly everything financial in the world on hold. In fact BREXIT is being used as the reason for most things negative.\r\n\r\nHere in Quebec, I am waiting for the likes of my ISP’s (Rogers and Videotron) and more likely Canada Post to increase prices and blame the BREXIT for this. Canada Post being a classic “nickel &amp; dime” organization, they introduced a temporary fuel surcharge when OIL reached $140 a barrel, even with OIL sub $30 there was STILL a fuel surcharge and there is still one today. Canadians are ripped off left right and centre by institutions who blame everyone else except for themselves, looking to exploit and profiteer.\r\n\r\nOff my soapbox…\r\n\r\nDraghi basically shied away from anything new and basically intimated any new policy initiatives on easing etc. would come in September. This would follow Carney’s announcement due in August, when he is widely expected to cut interest rates and fly over London in a helicopter dropping wads of cash over the city!!\r\n\r\n&nbsp;\r\n\r\nRBNZ ECONOMIC STATEMENT:\r\n\r\nStatler and Waldorf aka Wheeler (RBNZ Governor) and McDermott (Assistant Governor and Head of Economics) between them the biggest pair of numpties in the Central Bank world, have led the markets a merry dance of false, poor interpretation of the facts, a basic inability to translate a world and regional macro economic position into an effective central bank monetary policy.\r\n\r\nThe monetary policy of the RBNZ is like a pair of hooker’s knickers up and down, up and down, up and down. I think that Mark Carney (BOE) misleads markets because he’s basically inept at what he does. His forward guidance is irrelevant and 100% mis-leading. My boy Labrador Ozzy has more of an idea, and he’s mainly focused on food.\r\n\r\nHaving said that I urge you to read back over statements made by the RBNZ in particular, and, if you can watch the press conferences without slashing your wrists through boredom watch these flutes in action. It is a scene from what I would have expected the BOE to look like in the 1950’s. A few chaps in the room telling a few chaps that it’s all right because we’ve spoken to our other chaps and chaps are chaps so all is fine.\r\n\r\nAt the last RBNZ meeting an acknowledgement was made to the Auckland housing bubble, that they were monitoring closely but a rate cut was no longer on the immediate horizon. They stated that they were still looking at the value of NZD, which they had previously stated was too high. Naturally the market reaction to this was to strengthen the NZD against all currencies; most notably it was the catalyst that sent the AUD/NZD lower towards 1.0300.\r\n\r\nNext, they crap themselves and once again become reactionary. They then put out a press release that says that there will be a special announcement “An Economic Statement” on July 21<sup>st</sup>. Around the same time they announce that housing speculators will be subject to a 40% deposit on investment properties. Combing the two, the NZD comes under pressure and 7 days in a row the NZD/USD falls.\r\n\r\nThe financial statement comes out and guess what? It looks like interest cuts are on the way. The New Zealand economy is so heavily reliant on Dairy and China, their influences push and pull about with ease. Right now with interest rate differentials there is a desire from multi-nationals to use the antipodean countries to affect a carry-trade benefit. This places a tremendous strain on a country of the size of New Zealand.\r\n\r\nDo not be surprised to see a 0.50% rate cut next time around. What makes me laugh a little is why wait for the meeting. Do it now… this instant… this moment. We all know that Statler and Waldorf are reactionary - why wait?\r\n\r\nThese guys have the authority just do it, all this prepare the markets is bullsh*t. The markets are like children that require a fixed routine and now the children are in control of the parents. If these central bankers were more authoritative they may have more respect.\r\n\r\nRight now around the globe Central Bank Governors comments are to a large extent taken with a pinch of salt. It is their own fault they created this situation. I know it\'s a difficult thin line that none of them want to cross, but for God’s sake it has gone so far the wrong way the line is so far in the distance for a lot of central bankers they can no longer even see it. Central Bank Governors all need to grow a pair of bollo**s and step up… in my opinion!\r\n\r\n&nbsp;\r\n\r\nBOJ KURODA:\r\n\r\nSome flute gets hold of a June interview made by Kuroda (BOJ Govenor) for the BBC and the markets go ape shit over the fact he said back then that there would be no helicopter money being dropped in Tokyo…WTF.\r\n\r\nThe JPY across the board fell like a lead balloon. I noticed on twitter some cowboys were saying how well they traded this news and already had trades in place…liars. In the name of sanity how on this planet could anyone, the likes of DAVID COPPERFIELD included predict that news event to move the JPY? This is one reason why I hate twitter, it is so full of crap.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n\r\nMy last normal full-sized blog posted on July 9<sup>th</sup> had the following as the title: -\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\nI follow that one two weeks later with:\r\n<p style=\"text-align: center;\"><strong>LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”</strong></p>\r\n&nbsp;\r\n\r\nI have nailed my colours to the mast on this one. I do still believe that there is a very strong possibility of a re-vote next spring. (If you missed my original blog with this call you need to read it at: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nI do not want to go over old ground, but even with Theresa May as the new UK Prime Minister nothing changes. We are dealing with politicians and politics. Europe has a history with referendums.\r\n\r\nJust because Theresa May says “BREXIT MEANS BREXIT”… “BEANS MEANZ HEINZ” but we still bought Cross and Blackwell or HP!!\r\n\r\nOn Friday last week we had the first real set of economic data after the BREXIT vote. The UK PMI’s were awful: -\r\n<ul>\r\n 	<li>FLASH UK PMi composite output index:\r\n7 July (52.4 June) = 87 month low.</li>\r\n 	<li>FLASH UK SERVICES PMi activity index:\r\n4 July (52.3 June) = 88 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi:\r\n1 July (52.1 June) = 41 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi output index:\r\n1 July (52.9 June) = 40 month low.</li>\r\n</ul>\r\nBy any stretch this looks as if things came to an <strong>emergency stop</strong> when the votes were counted. To some extent, this is to be expected as the result was not predicted and massive uncertainty hung over all businesses as both sides of the debate sold FEAR rather than FACTS.\r\n\r\nThe “remains” stated that the end of the world as we know it could happen should a BREXIT vote prevails. Business sat back and waited for the sirens to bellow out… but nothing happened, the political world in the UK when you needed strength all fecked off on party divisions.\r\n\r\nIs it any wonder there are protest votes all over the world against the political establishment?\r\n\r\nThis uncertainty is not helped by the infamous Article 50 from the Lisbon Treaty, that by the way the IRISH rejected first time around in a EUROPEAN REFERENDUM. PM May is stating that she has a timeline that looks at invoking Article 50 early in 2017. There is a long, long, long, long time in politics between now and then.\r\n\r\nOf course no member EU state has ever invoked Article 50. Is it irrevocable once triggered? There is no precedent at all. Is the two-year transition period to leave once the article is triggered like a cooling-off period?\r\n\r\nI believe between now and the end of 2016 pressure for another vote will mount prior to legal interpretation being required.\r\n\r\nLegal challenges will be in the news soon because big business did not get its way. London voted Yes so fu*k the rest of the country will be the call. Those living in the capital have no idea what it is like to live away from London. The capital city gets most of the money, the rest of the country sees the privileged wasting their hard earned taxes and in return the rest of the country lacks the same commitment to investment by central government.\r\n\r\nIt’s a typical overview for a protest vote. Instead of examining why, those in the city carry on regardless in the same way using money to buy influence. This action only fuels the protest vote, how can people not see it and yet be so stupid?\r\n\r\nAnyway… it is what it is. Most political establishments around the globe need an enema of massive proportions to clean the sh*t out once and for all!\r\n\r\nSo, the bottom-line from a trading perspective is that we have political and global uncertainties as a result of the BREXIT vote.\r\n\r\nWhichever way I look at this, there is only one way to trade, the cable and that is to SELL RIPS, sell into spikes and look for lower levels. Can the GBP come really undone? Dead right my arse it can.\r\n\r\nThe charts below (GBP/USD, EUR/GBP, GBP/CHF, GBP/AUD, GBP/CAD and GBP/NZD) contain levels and a few of my own thoughts (GBP/JPY will be treated separately).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8182\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPUSD BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8181\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPNZD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8180\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPCHF BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8179\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPCAD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8178\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPAUD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8177\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"EURGBP BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\nThere are potentially massive moves ahead and remember we get two bites of the cherry, the downward move and then the inevitable retracement move.\r\n\r\n(For PREMIUM SERVICE subscribers I will be releasing a full “BREXIT OPPORTUNITY TRADE” analysis with trade set ups across the 6 currency pairs listed above very, very soon, in fact within days. This will be similar to the G20 trades from earlier this year that generated a lot of pips).\r\n\r\nLooking at what is on the horizon to back up my thoughts from the chart opportunities etc.\r\n<ol>\r\n 	<li>Mark Carney has already indicated that the BOE will be jumping in to support the markets. Next month an interest rate cut will be made and in addition potentially QE re-enforcements. (GBP negative)</li>\r\n 	<li>The PMi data must be scaring the crap out of the government. They will treat it for now as a BREXIT blip and pray to God for an improvement next month. My view from the business owners I have spoken with is that nothing much has altered since the BREXIT vote was announced and that economically things are going backwards rather than forwards. (GBP negative)</li>\r\n 	<li>House prices in London and around the country are under pressure. House values are critical for London, for the “feel good factor” it’s even more important than it is for the rest of the country because the capital’s prices are so inflated. Foreign investment that inflates prices has dried up almost completely. This will send shivers through the government. Housing needs to be buoyant to keep an economy moving. No housing sales, no home improvement purchases, no contractors employed and potential lay-offs, unemployment reduced tax intake and benefits required. (GBP negative)</li>\r\n 	<li>General business stagnation through uncertainty to proceed. There is a “what’s the point” process in place ridiculous as it sounds. The delay in triggering article 50 does NOT help and the fact it\'s a two-year process to complete the switch, is also producing more uncertainties through the transition period. (GBP negative)</li>\r\n 	<li>Consumer confidence is low, driven by the uncertainty. (GBP negative)</li>\r\n</ol>\r\nIt’s not a pretty picture moving forward.\r\n\r\nI am NOT bullish at all. I think with regards to the GBP pairs its very simple; “SELL the RIPS and BUY the DIPS” (where applicable).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nDelighted with the macro performance so far this year. Looking closer at the monthly numbers there are areas to improve ion, but generally I am happy.\r\n\r\nFUNDAMENTAL trade profits have never really recovered from the “ICE STORMS”. It is not surprising given the change in approach to trading this year through the choppy markets of uncertainty that the POSITION TRADES are providing the basis for most of the pip profits.\r\n\r\nThis is the reason I want to approach the BREXIT TRADES through POSITION style trades. I will have a document, with trade set ups and charts out to you all very soon. I have a fresh broker account ready and waiting ready to go!!\r\n\r\n&nbsp;\r\n\r\nRISK TOLERANCE, RISK MANAGEMENT &amp; POSITION SIZING:\r\n\r\nI am very conscious that as I stack LIMIT ORDER trades for the summer, many of you may NOT be looking at the potential RISK that could be building up with your broker accounts should these entire trades trigger at once. I am NOT expecting this at all but I am stacking up what can only be called something like potential contingent liabilities.\r\n\r\nPlease total the total STOP LOSS pips for the trades you are going to participate with and look at your position size to the size of your trading account.\r\n\r\nI am trading with 5 brokers with trade types spread around and as you should know by now my RISK TOLERANCES vary by currency pair quite dramatically.\r\n\r\nI do NOT need to know what balances you have in your broker accounts, but all I ask is that your RISK is MANAGED. The only effective way to do this is to reduce POSITION SIZES or place more funds with your broker to ensure that you DO NOT become a victim of a MARGIN CALL.\r\n\r\nAdding a separate batch of trades for the BREXIT OPPORTUNITY will only exacerbate the matter, as I see potentially over a dozen set-ups from the get go.\r\n\r\nPLEASE look at this, if you have concerns there are several PDF articles in the TRAING section and I can also answer questions, either by email or SKYPE/ FaceTime.\r\n\r\n&nbsp;\r\n\r\n2017 BLOG DATES:\r\n\r\nLooking ahead a long time in the future, however, I have made some changes to the 2017 blog dates to accommodate a trip that I am making to NEW ZEALAND and AUSTRALIA. I am going over to give “Statler and Waldorf” a piece of my mind straight from the horse’s mouth so to speak!!\r\n\r\nActually, I am going to support my wife at her annual sales conference in Auckland and am I hoping to meet up with my 6/7 subscribers based on the North Island and around Sydney.\r\n\r\nI am away for 4 weeks on the trip/holiday combined and the missing weeks in May/June 2017 have been taken away from the summer/winter break. The revised excel spreadsheet is below and is also on the website.\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017-1.png\"><img class=\"aligncenter size-full wp-image-8176\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017-1.png\" alt=\"BLOG DATES 2017\" width=\"420\" height=\"552\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-23072016.png\"><img class=\"aligncenter size-full wp-image-8175\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-23072016.png\" alt=\"LIVE TRADES 23072016\" width=\"803\" height=\"586\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-23072016.png\"><img class=\"aligncenter size-full wp-image-8174\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-23072016.png\" alt=\"LIMIT ORDERS 23072016\" width=\"958\" height=\"591\" /></a> </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\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation Report Hearings.\r\nTUESDAY: USD – Consumer Confidence.\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: GBP – Preliminary GDP.\r\nWEDNESDAY: USD – FOMC Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0977\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8184\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016-1024x480.png\" alt=\"EURUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.3108\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8185\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016-1024x480.png\" alt=\"GBPUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7461\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156.png\"><img class=\"aligncenter size-large wp-image-8183\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156-1024x480.png\" alt=\"AUDUSD DAILY 230720156\" width=\"1024\" height=\"480\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6999\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8186\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016-1024x480.png\" alt=\"NZDUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3127\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8187\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016-1024x480.png\" alt=\"USDCAD DAILY  23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9866\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8188\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016-1024x480.png\" alt=\"USDCHF DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.05\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8189\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016-1024x480.png\" alt=\"USDJPY DAILY 23072016\" width=\"1024\" height=\"480\" /></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\nUncertainty continues as we move into the summer months.\r\n\r\nI am not expecting much from the FED this week; I think like everyone else they will blame the BREXIT for masterly inactivity.\r\n\r\nBe very careful getting suckered into trades this summer, the liquidity is very thin, especially in the Asian session.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 23rd July 2016\r\nBLOG VERSION: #108 PREMIUM SERVICE VERSION','LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”','','inherit','closed','closed','','8190-revision-v1','','','2016-07-23 10:37:25','2016-07-23 15:37:25','',8190,'http://weeklyfxdrivethru.com/8190-revision-v1/',0,'revision','',0),(8192,1,'2016-07-23 10:40:19','2016-07-23 15:40:19','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI’m back again… last weekend I was in Saratoga Springs to see The Dave Matthews Band in concert at SPAC… great band, great venue and Saratoga Springs is well worth a visit if you can get there.\r\n\r\nHere it is the final blog of part one 2016. After this week I am on my summer break and I am not releasing blogs again until September 11<sup>th</sup>. I am trading and I will be active for PREMIUM SERVICE subscribers with trade set ups etc.\r\n\r\nThis summer I have to decide what I am going to do with twitter. I am taking a 17-day personal development course from my wife’s business portfolio (www.achievesuccesstoday.ca). Maybe this will help shed some enlightenment on my complete and utter disdain for twitter and the bullsh*t that it churns out. I have to decide what to do with twitter as a promotional tool and over the coming weeks I will draw up my action plan to move forward.\r\n\r\nReturning to Forex…\r\n\r\nAfter a rather disjointed period of about 8 weeks I am now settled into the comforts of my office with the multi-screens. Trading off a MacBook and iPAD/iPhone frankly is difficult. To use them to close trades and look at a specific trades progression is fine but chart analysis is restrictive and impossible for me on the iPad/iPhone.\r\n<ul>\r\n 	<li>We have choppy markets.</li>\r\n 	<li>We have uncertainty.</li>\r\n 	<li>We have to a large extent, emasculated central banks.</li>\r\n 	<li>Happy fecking days to one and all!</li>\r\n</ul>\r\nIf this was not enough, the summer trading sessions are with us. It is virtually impossible in my opinion to take the Asian sessions seriously. Liquidity is so thin, moves are retraced and cancelled, false breakouts and false breakdowns will become more and more a common event and a permanent feature until the autumn/fall sessions return.\r\n\r\nOn my recent TOUR, I was in a timezone with the best times to trade Forex. We are in my opinion, almost at the point of limiting trading to the following hours: -\r\n\r\nUK      Monday to Friday      8:00AM-9:00AM (Tokyo and London) and 1:00PM-5:00PM (New York and London)\r\n\r\nEST    Monday to Friday      3:00AM-4:00AM (Tokyo and London) and 8:00AM-12:00PM (New York and London)\r\n\r\nLike it or not as market makers, Banks move monies around when there are two of the three major centers open and when liquidity is at its best.\r\n\r\nPart of me is also of the opinion that Fridays in the New York session are also loss leaders. So many traders treat summer Fridays as “POETS DAY” (Piss off early tomorrows Saturday). Sometimes you are left sitting in trades that you really do NOT want to hold over the weekend.\r\n\r\nHowever, despite all of this through adapting to “real life” trading, by being more flexible in approach and having greater patience and tolerance with trades, I find myself in a place I did not think I would be in at this time of the year. Back in February 2016, the PREMIUM SERVICE took severe hits when all power and ISP’s had no service due to ice storms in my area for two/three days in total, stops were triggered left right and centre, profits could not be taken, trades could not be managed at all, it was a complete disaster.\r\n\r\nThe chart below which is based on end of July trading positions, shows that the recovery from zero at the end of February to now, in just 5 months has been strong. When you add in the fact that I was away on tour in the UK and IRELAND for some of the time…it is clear… that the PREMIUM SERVICE is doing something right!!\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\"><img class=\"aligncenter size-full wp-image-8173\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\" alt=\"PIP COMPARISONS TO JULY 2016\" width=\"473\" height=\"298\" /></a>\r\n\r\nThe takeaway from the chart above is that despite it being only 5 months performance of which 4 weeks was on tour with virtually no trading, the pip total for 2016 is within 50 pips of that of 2015 and well ahead of 2014. If you want to know more and subscribe you need to contact me.\r\n\r\nI am trading this summer, but if you want to take a break from trading, now through to September is the time to do it. I am trading because I felt I let down my subscribers a little during my UK &amp; IRELAND TOUR last month. There is also so much uncertainty in the marketplace that I am hoping that I will be able to capitalize on some fallout, plus I have so many LIVE trades at the moment that I DO NOT want to cover, they require managing!!\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions; just to remind you that you could be the next winner of a free PREMIUM SERVICE 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.\r\n\r\nThe next draw will be early September when I return from my summer break. The winner will be all set up prior to the September 11<sup>th</sup> blog release.\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 credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD $240.00 - 4 weeks (1 month)\r\nCAD $500.00 - 10 weeks (3 months)\r\nCAD $750.00 - 20 weeks (6 months)\r\nCAD $1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD $1,000.00</p>\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n<p style=\"text-align: center;\"><strong><u>IMPORTANT TO NOTE:\r\n</u></strong>Even though I am not posting “DRIVE THRU” blogs through the summer, any subscriptions opened now will not take effect until 11<sup>th</sup> September. However, the trade set-ups and all the benefits of the PREMIUM SERVICE will be open from the day you subscribe.\r\ne.g.\r\nYou sign up today for a 10-week subscription. Cost = CAD $500.00\r\nYour subscription will start September 11<sup>th</sup> and run until November 20<sup>th</sup>, but from the day you pay you will have full access to the PREMIUM SERVICE website content and receive ALL trade set-ups.\r\nIn this example subscribing today July 23<sup>rd</sup> that will give you a total of 16 weeks subscription (without the DRIVE THRU blog for 6 weeks) more than 50% in weeks\r\nFREE OF CHARGE.\r\nThis is a great deal and a great opportunity.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS TO THE MONTH SO FAR:       +1,577 pips\r\nNET PIPS THIS YEAR SO FAR:                +7,697 pips</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\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\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\nThere were a couple of goodies last week that I want to mention.\r\n\r\nECB PRESS CONFERENCE:\r\n\r\nThis was the only announcement that I was looking forward to last week, and I use the phrase looking forward to “tongue in cheek”.\r\n\r\nIt was as expected a bit of a non-event, hardly surprisingly really as the BRITS are putting nearly everything financial in the world on hold. In fact BREXIT is being used as the reason for most things negative.\r\n\r\nHere in Quebec, I am waiting for the likes of my ISP’s (Rogers and Videotron) and more likely Canada Post to increase prices and blame the BREXIT for this. Canada Post being a classic “nickel &amp; dime” organization, they introduced a temporary fuel surcharge when OIL reached $140 a barrel, even with OIL sub $30 there was STILL a fuel surcharge and there is still one today. Canadians are ripped off left right and centre by institutions who blame everyone else except for themselves, looking to exploit and profiteer.\r\n\r\nOff my soapbox…\r\n\r\nDraghi basically shied away from anything new and basically intimated any new policy initiatives on easing etc. would come in September. This would follow Carney’s announcement due in August, when he is widely expected to cut interest rates and fly over London in a helicopter dropping wads of cash over the city!!\r\n\r\n&nbsp;\r\n\r\nRBNZ ECONOMIC STATEMENT:\r\n\r\nStatler and Waldorf aka Wheeler (RBNZ Governor) and McDermott (Assistant Governor and Head of Economics) between them the biggest pair of numpties in the Central Bank world, have led the markets a merry dance of false, poor interpretation of the facts, a basic inability to translate a world and regional macro economic position into an effective central bank monetary policy.\r\n\r\nThe monetary policy of the RBNZ is like a pair of hooker’s knickers up and down, up and down, up and down. I think that Mark Carney (BOE) misleads markets because he’s basically inept at what he does. His forward guidance is irrelevant and 100% mis-leading. My boy Labrador Ozzy has more of an idea, and he’s mainly focused on food.\r\n\r\nHaving said that I urge you to read back over statements made by the RBNZ in particular, and, if you can watch the press conferences without slashing your wrists through boredom watch these flutes in action. It is a scene from what I would have expected the BOE to look like in the 1950’s. A few chaps in the room telling a few chaps that it’s all right because we’ve spoken to our other chaps and chaps are chaps so all is fine.\r\n\r\nAt the last RBNZ meeting an acknowledgement was made to the Auckland housing bubble, that they were monitoring closely but a rate cut was no longer on the immediate horizon. They stated that they were still looking at the value of NZD, which they had previously stated was too high. Naturally the market reaction to this was to strengthen the NZD against all currencies; most notably it was the catalyst that sent the AUD/NZD lower towards 1.0300.\r\n\r\nNext, they crap themselves and once again become reactionary. They then put out a press release that says that there will be a special announcement “An Economic Statement” on July 21<sup>st</sup>. Around the same time they announce that housing speculators will be subject to a 40% deposit on investment properties. Combing the two, the NZD comes under pressure and 7 days in a row the NZD/USD falls.\r\n\r\nThe financial statement comes out and guess what? It looks like interest cuts are on the way. The New Zealand economy is so heavily reliant on Dairy and China, their influences push and pull about with ease. Right now with interest rate differentials there is a desire from multi-nationals to use the antipodean countries to affect a carry-trade benefit. This places a tremendous strain on a country of the size of New Zealand.\r\n\r\nDo not be surprised to see a 0.50% rate cut next time around. What makes me laugh a little is why wait for the meeting. Do it now… this instant… this moment. We all know that Statler and Waldorf are reactionary - why wait?\r\n\r\nThese guys have the authority just do it, all this prepare the markets is bullsh*t. The markets are like children that require a fixed routine and now the children are in control of the parents. If these central bankers were more authoritative they may have more respect.\r\n\r\nRight now around the globe Central Bank Governors comments are to a large extent taken with a pinch of salt. It is their own fault they created this situation. I know it\'s a difficult thin line that none of them want to cross, but for God’s sake it has gone so far the wrong way the line is so far in the distance for a lot of central bankers they can no longer even see it. Central Bank Governors all need to grow a pair of bollo**s and step up… in my opinion!\r\n\r\n&nbsp;\r\n\r\nBOJ KURODA:\r\n\r\nSome flute gets hold of a June interview made by Kuroda (BOJ Govenor) for the BBC and the markets go ape shit over the fact he said back then that there would be no helicopter money being dropped in Tokyo…WTF.\r\n\r\nThe JPY across the board fell like a lead balloon. I noticed on twitter some cowboys were saying how well they traded this news and already had trades in place…liars. In the name of sanity how on this planet could anyone, the likes of DAVID COPPERFIELD included predict that news event to move the JPY? This is one reason why I hate twitter, it is so full of crap.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n\r\nMy last normal full-sized blog posted on July 9<sup>th</sup> had the following as the title: -\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\nI follow that one two weeks later with:\r\n<p style=\"text-align: center;\"><strong>LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”</strong></p>\r\n&nbsp;\r\n\r\nI have nailed my colours to the mast on this one. I do still believe that there is a very strong possibility of a re-vote next spring. (If you missed my original blog with this call you need to read it at: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nI do not want to go over old ground, but even with Theresa May as the new UK Prime Minister nothing changes. We are dealing with politicians and politics. Europe has a history with referendums.\r\n\r\nJust because Theresa May says “BREXIT MEANS BREXIT”… “BEANS MEANZ HEINZ” but we still bought Cross and Blackwell or HP!!\r\n\r\nOn Friday last week we had the first real set of economic data after the BREXIT vote. The UK PMI’s were awful: -\r\n<ul>\r\n 	<li>FLASH UK PMi composite output index:\r\n7 July (52.4 June) = 87 month low.</li>\r\n 	<li>FLASH UK SERVICES PMi activity index:\r\n4 July (52.3 June) = 88 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi:\r\n1 July (52.1 June) = 41 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi output index:\r\n1 July (52.9 June) = 40 month low.</li>\r\n</ul>\r\nBy any stretch this looks as if things came to an <strong>emergency stop</strong> when the votes were counted. To some extent, this is to be expected as the result was not predicted and massive uncertainty hung over all businesses as both sides of the debate sold FEAR rather than FACTS.\r\n\r\nThe “remains” stated that the end of the world as we know it could happen should a BREXIT vote prevails. Business sat back and waited for the sirens to bellow out… but nothing happened, the political world in the UK when you needed strength all fecked off on party divisions.\r\n\r\nIs it any wonder there are protest votes all over the world against the political establishment?\r\n\r\nThis uncertainty is not helped by the infamous Article 50 from the Lisbon Treaty, that by the way the IRISH rejected first time around in a EUROPEAN REFERENDUM. PM May is stating that she has a timeline that looks at invoking Article 50 early in 2017. There is a long, long, long, long time in politics between now and then.\r\n\r\nOf course no member EU state has ever invoked Article 50. Is it irrevocable once triggered? There is no precedent at all. Is the two-year transition period to leave once the article is triggered like a cooling-off period?\r\n\r\nI believe between now and the end of 2016 pressure for another vote will mount prior to legal interpretation being required.\r\n\r\nLegal challenges will be in the news soon because big business did not get its way. London voted Yes so fu*k the rest of the country will be the call. Those living in the capital have no idea what it is like to live away from London. The capital city gets most of the money, the rest of the country sees the privileged wasting their hard earned taxes and in return the rest of the country lacks the same commitment to investment by central government.\r\n\r\nIt’s a typical overview for a protest vote. Instead of examining why, those in the city carry on regardless in the same way using money to buy influence. This action only fuels the protest vote, how can people not see it and yet be so stupid?\r\n\r\nAnyway… it is what it is. Most political establishments around the globe need an enema of massive proportions to clean the sh*t out once and for all!\r\n\r\nSo, the bottom-line from a trading perspective is that we have political and global uncertainties as a result of the BREXIT vote.\r\n\r\nWhichever way I look at this, there is only one way to trade, the cable and that is to SELL RIPS, sell into spikes and look for lower levels. Can the GBP come really undone? Dead right my arse it can.\r\n\r\nThe charts below (GBP/USD, EUR/GBP, GBP/CHF, GBP/AUD, GBP/CAD and GBP/NZD) contain levels and a few of my own thoughts (GBP/JPY will be treated separately).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8182\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPUSD BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8181\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPNZD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8180\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPCHF BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8179\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPCAD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8178\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPAUD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8177\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"EURGBP BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\nThere are potentially massive moves ahead and remember we get two bites of the cherry, the downward move and then the inevitable retracement move.\r\n\r\n(For PREMIUM SERVICE subscribers I will be releasing a full “BREXIT OPPORTUNITY TRADE” analysis with trade set ups across the 6 currency pairs listed above very, very soon, in fact within days. This will be similar to the G20 trades from earlier this year that generated a lot of pips).\r\n\r\nLooking at what is on the horizon to back up my thoughts from the chart opportunities etc.\r\n<ol>\r\n 	<li>Mark Carney has already indicated that the BOE will be jumping in to support the markets. Next month an interest rate cut will be made and in addition potentially QE re-enforcements. (GBP negative)</li>\r\n 	<li>The PMi data must be scaring the crap out of the government. They will treat it for now as a BREXIT blip and pray to God for an improvement next month. My view from the business owners I have spoken with is that nothing much has altered since the BREXIT vote was announced and that economically things are going backwards rather than forwards. (GBP negative)</li>\r\n 	<li>House prices in London and around the country are under pressure. House values are critical for London, for the “feel good factor” it’s even more important than it is for the rest of the country because the capital’s prices are so inflated. Foreign investment that inflates prices has dried up almost completely. This will send shivers through the government. Housing needs to be buoyant to keep an economy moving. No housing sales, no home improvement purchases, no contractors employed and potential lay-offs, unemployment reduced tax intake and benefits required. (GBP negative)</li>\r\n 	<li>General business stagnation through uncertainty to proceed. There is a “what’s the point” process in place ridiculous as it sounds. The delay in triggering article 50 does NOT help and the fact it\'s a two-year process to complete the switch, is also producing more uncertainties through the transition period. (GBP negative)</li>\r\n 	<li>Consumer confidence is low, driven by the uncertainty. (GBP negative)</li>\r\n</ol>\r\nIt’s not a pretty picture moving forward.\r\n\r\nI am NOT bullish at all. I think with regards to the GBP pairs its very simple; “SELL the RIPS and BUY the DIPS” (where applicable).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nDelighted with the macro performance so far this year. Looking closer at the monthly numbers there are areas to improve ion, but generally I am happy.\r\n\r\nFUNDAMENTAL trade profits have never really recovered from the “ICE STORMS”. It is not surprising given the change in approach to trading this year through the choppy markets of uncertainty that the POSITION TRADES are providing the basis for most of the pip profits.\r\n\r\nThis is the reason I want to approach the BREXIT TRADES through POSITION style trades. I will have a document, with trade set ups and charts out to you all very soon. I have a fresh broker account ready and waiting ready to go!!\r\n\r\n&nbsp;\r\n\r\nRISK TOLERANCE, RISK MANAGEMENT &amp; POSITION SIZING:\r\n\r\nI am very conscious that as I stack LIMIT ORDER trades for the summer, many of you may NOT be looking at the potential RISK that could be building up with your broker accounts should these entire trades trigger at once. I am NOT expecting this at all but I am stacking up what can only be called something like potential contingent liabilities.\r\n\r\nPlease total the total STOP LOSS pips for the trades you are going to participate with and look at your position size to the size of your trading account.\r\n\r\nI am trading with 5 brokers with trade types spread around and as you should know by now my RISK TOLERANCES vary by currency pair quite dramatically.\r\n\r\nI do NOT need to know what balances you have in your broker accounts, but all I ask is that your RISK is MANAGED. The only effective way to do this is to reduce POSITION SIZES or place more funds with your broker to ensure that you DO NOT become a victim of a MARGIN CALL.\r\n\r\nAdding a separate batch of trades for the BREXIT OPPORTUNITY will only exacerbate the matter, as I see potentially over a dozen set-ups from the get go.\r\n\r\nPLEASE look at this, if you have concerns there are several PDF articles in the TRAINING section and I can also answer questions, either by email or SKYPE/ FaceTime.\r\n\r\n&nbsp;\r\n\r\n2017 BLOG DATES:\r\n\r\nLooking ahead a long time in the future, however, I have made some changes to the 2017 blog dates to accommodate a trip that I am making to NEW ZEALAND and AUSTRALIA. I am going over to give “Statler and Waldorf” a piece of my mind straight from the horse’s mouth so to speak!!\r\n\r\nActually, I am going to support my wife at her annual sales conference in Auckland and am I hoping to meet up with my 6/7 subscribers based on the North Island and around Sydney.\r\n\r\nI am away for 4 weeks on the trip/holiday combined and the missing weeks in May/June 2017 have been taken away from the summer/winter break. The revised excel spreadsheet is below and is also on the website.\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017-1.png\"><img class=\"aligncenter size-full wp-image-8176\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2017-1.png\" alt=\"BLOG DATES 2017\" width=\"420\" height=\"552\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-23072016.png\"><img class=\"aligncenter size-full wp-image-8175\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-23072016.png\" alt=\"LIVE TRADES 23072016\" width=\"803\" height=\"586\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-23072016.png\"><img class=\"aligncenter size-full wp-image-8174\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-23072016.png\" alt=\"LIMIT ORDERS 23072016\" width=\"958\" height=\"591\" /></a> </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\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation Report Hearings.\r\nTUESDAY: USD – Consumer Confidence.\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: GBP – Preliminary GDP.\r\nWEDNESDAY: USD – FOMC Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\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.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0977\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8184\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016-1024x480.png\" alt=\"EURUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.3108\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8185\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016-1024x480.png\" alt=\"GBPUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7461\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156.png\"><img class=\"aligncenter size-large wp-image-8183\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156-1024x480.png\" alt=\"AUDUSD DAILY 230720156\" width=\"1024\" height=\"480\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6999\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8186\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016-1024x480.png\" alt=\"NZDUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3127\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8187\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016-1024x480.png\" alt=\"USDCAD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9866\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8188\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016-1024x480.png\" alt=\"USDCHF DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.05\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8189\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016-1024x480.png\" alt=\"USDJPY DAILY 23072016\" width=\"1024\" height=\"480\" /></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\nUncertainty continues as we move into the summer months.\r\n\r\nI am not expecting much from the FED this week; I think like everyone else they will blame the BREXIT for masterly inactivity.\r\n\r\nBe very careful getting suckered into trades this summer, the liquidity is very thin, especially in the Asian session.\r\n\r\nAs usual…\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=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 23rd July 2016\r\nBLOG VERSION: #108 PREMIUM SERVICE VERSION','LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”','','inherit','closed','closed','','8190-revision-v1','','','2016-07-23 10:40:19','2016-07-23 15:40:19','',8190,'http://weeklyfxdrivethru.com/8190-revision-v1/',0,'revision','',0),