INSERT INTO `vp_backup_wp_posts` VALUES (3270,1,'2014-02-22 10:11:13','2014-02-22 15:11:13','<p style=\"text-align: left;\" align=\"center\"><b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b></p>\r\nDespite the fact I think that in my opinion the Forex market is currently a bit of a chop fest and that it seems to just want to squeeze extremes and exert as much pain as possible to traders, I had from a personal viewpoint my best trading week this year. This week over +500 pips profit again. My absolute $$$ return has me well ahead of my trading plan objective. To place the week in context, most of the pips were generated from related to CAD related trades in one day.\r\n\r\nI do not want to promote “doom and gloom” but I see a period of chop fest intensifying as we move forward and in these situations sometimes your best trade is NOT to trade. I will debate the current market conditions later in this blog.\r\n\r\nThe big news items during the past week regarding the PMi’s in China and Europe plus the FOMC meeting minutes didn’t really move the major pairs out of their trading channels and largely they remained range bound. The big number in the market to trigger moves across the board appears to be the EUR/USD support at 1.3680. If this gives way, and on the day it breaks, we end the day below this level, I believe this will be the catalyst for some bold moves across many currency pairs.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets area also in the subscriber area of the PREMIUM SERVICE.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-1-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3262\" alt=\"RADAR 1 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-1-22.02.2014.png\" width=\"543\" height=\"462\" /></a></span></b><b></b></p>\r\n<p align=\"center\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-2-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3263\" alt=\"RADAR 2 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-2-22.02.2014.png\" width=\"543\" height=\"477\" /></a></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n11 trades at $0.10 cents each = $1.10 risk for $14.80 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n11 trades at $1.00 each = $11.00 risk for $148.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n11 trades at $10.00 each = $110.00 risk for $1,480.00 profit.</p>\r\n<b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-1-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3264\" alt=\"FLASH 1 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-1-22.02.2014.png\" width=\"477\" height=\"481\" /></a></p>\r\n<p align=\"center\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-2-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3265\" alt=\"FLASH 2 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-2-22.02.2014.png\" width=\"497\" height=\"488\" /></a></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n24 trades at $0.10 cents each = $2.40 cents risk for $59.90 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n24 trades at $1.00 each = $24.00 risk for $599.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n24 trades at $10.00 each = $240.00 risk for $5,990.00 profit.</p>\r\n<b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014:</span></b>\r\n<p align=\"center\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FUNDAMENTAL-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3266\" alt=\"FUNDAMENTAL 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FUNDAMENTAL-22.02.2014.png\" width=\"507\" height=\"519\" /></a></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n13 trades at $0.10 cents each = $1.30 cents risk for $16.10 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n13 trades at $1.00 each = $13.00 risk for $161.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n13 trades at $10.00 each = $130.00 risk for $1,610.00 loss</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n48 trades at $0.10 cents each = $4.80 risk for $58.60 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n48 trades at $1.00 each = $48.00 risk for $586.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n48 trades at $10.00 each = $480.00 risk for $5,860.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL:  2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n92 trades at $0.10 cents each = $9.20 risk for $137.10 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n92 trades at $1.00 each = $92.00 risk for $1,371.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n92 trades at $10.00 each = $920.00 risk for $13,710.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b><b style=\"line-height: 1.5em;\"> </b>\r\n<p align=\"center\"><b>THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:</b><b style=\"line-height: 1.5em;\"> </b></p>\r\nThe market is what it is.\r\n\r\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader.\r\n\r\nThe market is frustrating at the present time, and we seem to be operating in channels that are difficult to trade in. Usually, channel trading is quite straightforward.\r\n\r\nOver the past few years we have lived with and traded currencies within an upward trending equity market scenario. At the end of last year, the FED changed its monetary policy by introducing tapering.\r\n\r\nThis is in itself bound to have an effect.\r\n\r\nInitially, when tapering was talked about it was generally believed that the USD would strengthen hard across the board and equities would fall. To date, this has not happened. Instead, the markets have continued to grind higher and although there are plenty of inter-market correlations that are no longer in sync the predicted USD strength still has not emerged along the lines thought of at the outset of tapering. Market dis-connects continue.\r\n\r\nIn the short to medium term I do believe that a major news event will be the trigger to get the ball moving but until that happens I think we ‘Chop”\r\n\r\nBit by bit the long term effects of Quantitative Easing will be tapered out of the markets and we will spend most of 2014 unwinding. Standing back it makes sense that conditions will be choppy as the Fed monetary policy changes take hold. I think because we live in a “now” society we expect the markets to react instantaneously; but we have to be patient.\r\n\r\nTrader survival is therefore paramount in a “Chop Fest” environment. What are the survival rules to consider?\r\n<ol>\r\n	<li>Risk Management is now even more important than ever. One way to help in this area is to keep your risk tolerance the same but do it by taking smaller positions and widening your stops so that the overall risk is the same but you just have more trading space to deal with volatility.</li>\r\n	<li>If you trade Standard lots maybe consider trading Mini lots instead. You can still build up profitable trades by adding multi lots. It also allows you greater flexibility to react to live trades by adding to positions or conversely taking partial position sizes off the table. Obviously, if you trade Mini lots you could consider Micro lots as an option.The bottom line though is smaller positions sizes makes sense in this type of market condition.</li>\r\n</ol>\r\nYou can always revert back when the market changes to more trending market.\r\n<ul>\r\n	<li>To give you an edge when entering trades. The best discipline that I have found is to use a “PULLBACK STRATEGY”. This basically involves waiting for a currency pair to pullback from the direction in which it is trading for maybe 15-30 minutes and then as it resumes it direction again you enter your trade back in the direction of the trend.I use this strategy for about 80% of my FLASH TRADES that are given to subscribers in the PREMIUM SERVICE.Every trade is a risk. The key is doing everything you can to minimise the risk parameters you have. The “PULLBACK STRATEGY” does this and once you get proficient in adopting it as a trading style it can be used 24 x 7 x 365.</li>\r\n	<li>If you are a very Conservative trader and you do not like the “Chop Fest” - Stop trading…. and stand aside and keep your broker account in $$$. This is a great trading option if you are uncomfortable with present conditions. When I first started trading I was once told sometimes your best trade is the trade you don\'t take.You are not chicken. Your trading style and your TRADING PLAN objectives (This is the discussion topic in TRADER TOPIC’s this week later in the blog), are your own.Capital preservation is paramount to success. Without capital you simply cannot trade. The market is cyclical, sometimes just need to be patient and wait to get on board again.</li>\r\n	<li>Basic trading guidelines often go out of the window through trader frustration particularly when, conditions are difficult to read and trends are virtually non-existent.Go back to basics; Remember you sell into strength and you buy into weakness. Buy low and sell high. Review your interpretation of Fibonacci charts and how to use pivot points.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe above are just some very basic thoughts that if adopted should keep your broker accounts with a trading balance.\r\n\r\nI wrote last week about FEAR and GREED and how “twitchy” the markets have become. My comments are still very much relevant this week.\r\n\r\nGood luck with your trading and take care.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b>\r\n\r\nAs promised several weeks ago, this week the subject of this section is TRADING PLANS. This will be a three-part TRADER TOPIC subject, covering TRADING PLANS as comprehensively as I can.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">CREATING A TRADING PLAN</span></b></p>\r\nI will be honest; when I started trading I did not have a TRADING PLAN. I really did not see the need for one…I was wrong.\r\n\r\nTrading Forex will be more successful for you as a trader if you have a proper plan in place. The classic quote that is often used when referring to not having a TRADING PLAN is “Failing to plan is planning to fail”\r\n\r\nTrading plans are really a lot like insurance. You don’t usually want it until you’ve faced a catastrophe. But after that catastrophe, which maybe was a huge loss on a single trade, or worse, a margin call from one really bad trade, as a trader you probably recognize that something needs to be done.\r\n\r\nRegardless of how you get there, just the fact that you actually arrive at the destination of realizing that a TRADING PLAN is not just a “nice to have”, but sometimes a necessity, is generally a positive development in the journey / career of a Forex trader.\r\n\r\nThe bottom line is a TRADING PLAN is a must.\r\n\r\nHere is one very basic reason for having a plan: New traders sometimes barely even have the actual reasons for entering a trade. Imagine, that you were planning to loan money to a new business as an investment. Could you picture yourself lending money to a person without a business plan when they said that they were going to start their business based on “their gut?” Obviously no one should ever start a business by relying on his or her gut alone. However, plenty of new traders start trading in exactly that manner.\r\n\r\nSo, what should you include in your TRADING PLAN?\r\n\r\nA very simple approach is to look at it in four sections: WHAT, HOW, WHEN and WHY. My first TRADING PLAN was along these lines and was short and to the point. As time has elapsed since I started trading my own plan has now reached a staggering 21 pages including all inserts on profitability, plus how I trade with my various brokers and then finally my Marketing Plan.\r\n\r\n<b><span style=\"text-decoration: underline;\">WHAT:</span></b><b>  (What type of trader are you?)</b>\r\n\r\nI think that the initial question that you should ask yourself is “What type of trader am I?’ If you are a new trader, you may not know yet, bear in mind the TRADING PLAN is a fluid document for many things. As you develop as a trader your style will become apparent and you can update your plan accordingly.\r\n\r\nThe benefit from knowing what type of trader you are is quite straightforward. Defining what you are gives you a comfort zone. If you take a trade that is outside your definition and it loses money it serves as a reminder to you that you were not trading within your comfort zone.\r\n\r\nThe following is a very simple chart of trader types:\r\n\r\nTRADER TYPE:                    CHARACTERISTICS OF THE TYPE / STYLE:\r\n\r\nSCALPER                             Holds trades for a few minutes to maybe a few hours.\r\n\r\nDAY-TRADER                       Holds trades for less than a day (A bit longer than scalpers).\r\nSWING-TRADER                 Holds trades from a few hours to a few days.\r\n\r\nINTERMEDIATE and\r\n\r\nLONG-TERM TRADERS    Holds trades for at least a day and, possibly months / years.\r\n\r\nPOSITION TRADER            Holds trades as long as needed to build &amp; work a position.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">HOW:</span></b> (<b>How to manage positions / enter and exit trades?)</b>\r\n\r\nThis is a very important part of your TRADING PLAN. Without a definition of “how” the plan is really both useless and pointless.\r\n\r\nIn this section of your TRADING PLAN you should specify how many lots you are going to trade on whatever types of trade that you are going to enter. Additionally, you specify what your risk is per trade. This will obviously be in relation to your account size. The rough rule of thumb in this area is not to risk more than either 0.50%-0.75% of your overall account balance on any one trade. By doing this it tells you basically whether you should be trading Micro, Mini or Standard lots.\r\n\r\nThis section should also contain whether or not you will trade news events and what your risk will be around such events.\r\n\r\nThis area can be as complex or as straightforward as you want it to be. You can use SMA or EMA, Bollinger Bands, Fibonacci Levels or Pivot points, whatever you like, whatever is comfortable with your trading style to describe entry / exit parameters to your trading.\r\n\r\nThe benefit of detail in this section, allows you the opportunity to troubleshoot losing trades. More definition definitely means more discipline.\r\n\r\nA very important point here is that the strategy must be your own, what you are comfortable with and not lifted / copied from another source. There is little point me providing a PDF of my TRADING PLAN because each of us is a different type / style of trader.\r\n\r\nThe above TRADER TYPES (In the “What” section) should help you in connection with outlining your “HOW”. The bottom line is to be comfortable as a trader. There is enough stress around trading without you trying to pigeon hole yourself into a type / style of trader that you are not.\r\n\r\nIn my own TRADING PLAN, I highlight definitions of RADAR, FLASH and FUNDAMENTAL trades. I add to this when each style of trade is appropriate and what my entry lot sizes are for each type of trade. I also include when I will add to positions, how I will use the ATR and Hedging on trades.\r\n\r\n<b><span style=\"text-decoration: underline;\">WHEN:</span></b> <b>(When will you trade?)</b>\r\n\r\nThis is the forgotten item in most TRADING PLANS.\r\n\r\nThere is so much flexibility as a Forex trader. The markets are open from 5.00pm Eastern (USA) on a Sunday night and close the following Friday at 5.00pm Eastern (USA). The Forex market moves 24x7\r\n\r\nHaving said that, the one thing that the Forex market thrives on is liquidity, without liquidity driving the market there is either no movement or extreme lack of liquidity movements, which personally drive me crazy.\r\n\r\nThere are principally, three trading sessions: -\r\n\r\nTHE ASIAN SESSION: - The Asian session is more often than not a lot quieter than the London and US sessions. It tends to take its lead from what happened previously in the US session.\r\n\r\nTHE LONDON (EUROPEAN) SESSION: - Liquidity definitely improves as the European markets open. The overlap from the Asian into European sessions is sometimes the most volatile and there are often very fast, very active, very volatile moves that can define momentum moves with currency pairs. As the Asian markets close the European session settles down\r\n\r\nTHE U.S. (AMERICAS) SESSION: - as the US comes on stream the volatility increases once more as the overlap between the European and U.S. traders take hold. I think it is safe to say that from 8.00am to 11.30am Eastern the Forex markets are at their most liquid period of the 24-day.\r\n\r\n(If I had to choose a place to live to be a professional Forex trader…it has to Europe. It is as good as a 12-hour day!!)\r\n\r\nWhen you trade can have a huge influence on your results. It should also define your trading strategy. High volume equals higher risk.\r\n\r\n<b><span style=\"text-decoration: underline;\">WHY:</span></b> <b>(This is where you write out your goals and objectives)</b>\r\n\r\nThis is the final segment and probably the most important of all of them when you look at your TRADING PLAN. Why do you want to be a Forex trader?\r\n\r\nMore time with the family\r\n\r\nor\r\n\r\nFinancial freedom\r\n\r\nTrading is NOT easy. It can be very difficult, and tough, and costly and most of all totally 100% frustrating at times.\r\n\r\nCommon sense does NOT always apply. The markets are what they are, not what you want them to be, or think they should be. Set your financial objectives conservatively. I was told that a target of 1% - 2% of your account balance per day is good (Personally, I target 1% per day). Maximum trade size should not see you risk more than 0.50%-0.75% of your account balance.\r\n\r\nBreak down your income objectives to daily targets and build up to weekly and monthly goals. Create an excel spreadsheet that you can follow and use to check performance. You must journal <b><span style=\"text-decoration: underline;\">ALL</span></b> your trades (Entry, Exit, was it a Market order, or a Limit order, time of day trade placed or triggered, position size etc.).\r\n\r\nI created a mini marketing document this year with detailed goals and objectives. I set out at the beginning of 2014 certain thoughts and views on how the markets would perform. This is part of my FUNDAMENTAL overview contained in my TRADING PLAN. This year for me it is a substantial document.\r\n\r\nA TRADING PLAN is NOT something you do and then file away, it should be referred to regularly to check and test your strategies and objectives; in essence a “fluid” working document.\r\n\r\nThere are great opportunities in trading currencies. You just have to be realistic and set your financial goals to be achievable bearing in mind how you trade, when you trade and how much capital you are risking.\r\n\r\nThe “WHY” serves as a reminder as to why you are prepared to go through the pain when times get difficult? The WHY helps put things in perspective relative to the bigger picture?\r\n\r\nIf you find it totally frustrating trying to achieve the goals that you set yourself personally and financially you have to re-evaluate.\r\n\r\nAre you goals realistic?\r\n\r\nAre you following your plan?\r\n\r\nLooking at your results versus your plan allows a complete diagnosis of your performance.\r\n\r\nEither you inject some self-discipline and move forward, or, you quit trading. In my opinion and this is the hardest lesson that I have had to learn, there are three things when trading that you must use everyday: -\r\n\r\n1. DISCIPLINE\r\n2. DISCIPLINE\r\n<span style=\"line-height: 1.5em;\">3. DISCIPLINE</span>\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES:</span></b></p>\r\n<p style=\"text-align: center;\"> FT37\r\nEUR/USD\r\nShort\r\nCost Average: 1.3712\r\nStop Loss: 1.3962\r\nLimit / Target: 1.2760\r\nMy Position Size: 20%\r\nClosing Weekly Position: 1.3738\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 26pips</span></p>\r\nI have changed my perspective on this trade. I took profits off the table on Thursday morning last week and having re-evaluated this trade I have now decided that this is in real terms a FUNDAMENTAL trade.\r\n\r\nBasically, I believe that the EUROZONE is another accident away from a crisis. I think that Janet Yellen is more Hawkish than Dovish and I do believe that the ECB through Draghi has to accommodate more and the possibility of negative deposit rates is only a matter of when not if. Plus full-blown QE is NOT off the table.\r\n\r\nWith this in my mind I am bullish the USD and bearish the EUR in the longer term.\r\n\r\nThe Monthly chart below shows the long-term wedge that the EUR/USD is trading in. I do think that in two / three months we will be trading much lower so ergo  I am in this trade.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3253\" alt=\"EURUSD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES: </span></b></p>\r\n<p style=\"text-align: center;\">RT39\r\nEUR/GBP\r\nShort\r\nCost Average: 0.8224\r\nStop Loss: 0.8308\r\nLimit / Target: 0.8000\r\nMy Position Size: 20%\r\nClosing Weekly Position: 0.8268\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 34pips</span></p>\r\n<p style=\"text-align: center;\">For the same reasons as the EUR/USD above I am happy to stay short this pair.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span></b></p>\r\n<p style=\"text-align: center;\">I have no “LIVE” FUNDAMENTAL trades at this time.<b></b></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nI have the following RADAR trade in position with my brokers.\r\n<p style=\"text-align: center;\">USD/CHF\r\nLong\r\nEntry Level: 0.8000\r\nStop Loss: 0.8750\r\nLimit / Target: 0.9250</p>\r\n<p style=\"text-align: left;\"> The following RADAR trades are not yet placed with brokers. It is my intention to do this either at the market open (Sunday evening) or Monday morning after the European session. I will advise when they are placed via Twitter.</p>\r\n<p style=\"text-align: center;\">AUD/USD\r\nShort\r\nEntry Level: 0.9010\r\nStop Loss: 0.9085\r\nLimit / Target: 0.8500</p>\r\n<p style=\"text-align: center;\">USD/SEK\r\nLong\r\nEntry Level: 6.6000\r\nStop Loss: 6.4500\r\nLimit / Target: 6.8000</p>\r\n<p style=\"text-align: center;\">USD/CAD\r\nLong\r\nEntry Level 1.1080\r\nStop Loss 1.1040\r\nLimit / Target 1.1250</p>\r\nFUNDAMENTAL TRADES ON MY RADAR\r\n\r\nThe Cross rate commodity pairs that I love to trade are basically breaking out and I need pullbacks to give me entry set-ups. I am not going to list out the stops and targets this week but basic entry levels, with comments that MAY get me looking to enter long. I have also included monthly charts with Fibonacci levels and key levels where applicable.\r\n\r\nPlease bear in mind these trades are MICRO LOTS to start with and only upon taking shape with momentum in my direction will I add further lots to increase my position size. These currency pairs are wild and volatile. If you cannot cope with extreme volatility and moves that do not make sense at times I suggest that you ignore these trades.\r\n\r\nEUR/AUD:\r\nThe risk with this currency pair is still 1.5000. In fact I believe if you were going to take this trade long, the risk is a pullback to 1.4900. Entry levels need to be with a deep pullback from existing levels, maybe 1.5200.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURAUD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3254\" alt=\"EURAUD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURAUD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/AUD:\r\nI think the risk level with this pair should be 1.8200. GBP is very bullish and I think that the 61.8% Fibonacci is calling at 1.9215.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPAUD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3256\" alt=\"GBPAUD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPAUD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nEUR/NZD:\r\n\r\nThe break out level at 1.6800 beckons all traders. This pair really moves and I think if you were really taking a longer-term view the monthly ATR is about 800 pips and so the risk at 1.6000, makes this a very costly trade if you are not in profit almost immediately. Swap rates are high. I would be looking at a risk / stop loss of about 1.6400 from present levels. That level of 1.64000 would make a great entry level with 1.6000 as the stop loss, if we can get the pullback.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURNZD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3257\" alt=\"EURNZD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURNZD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/NZD:\r\n\r\nThis pair has broken out above 2.0000. There are great opportunities with this pair to the upside. 1.9700-1.9800 represents the stop loss area and the upside could be anything from 500 pips to 5,000 pips.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPNZD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3258\" alt=\"GBPNZD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPNZD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nEUR/CAD:\r\n\r\nAn extremely bullish pair; entry can only really be on a pullback. Levels do not really apply as we are in a breakout above the 52 week high. 1.5150 looks good (this was the pullback level earlier last week after the 1.5200 break higher) to me as an entry, with a stop below 1.5000 (only dealing in round numbers)\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURCAD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3259\" alt=\"EURCAD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURCAD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nGBP/CAD:\r\n\r\nWith the GBP being quite well supported and CAD being weak, this pair can run! Entries around 1.8400 look good with stops at 1.7980 (this was previous sticking level)\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPCAD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3260\" alt=\"GBPCAD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPCAD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a></span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3738.</b>  All eyes are on 1.3680 as the bull / bear line in the sand for the EUR/USD. To be honest the break of this support level is probably a lot to do with the way the Forex markets are operating at the moment. It is obviously very well supported.  I am looking at the range being 1.3680 to 1.3800.\r\n\r\n<b>GBP/USD: Closing Price 1.6614.  </b>The cable (GBP/USD) is now under pressure after breaking out last week. It was refused entry above 1.6800 and was dumped down. Some mixed data from the UK has forced it even lower during the week taking the cross rate pairs with it as well. Personally, below 1.6600 I see a re-test of 1.6250 and resistance is really set now at 1.6650 and then 1.6700.\r\n\r\n<b>AUD/USD: Closing Price 0.8978</b>.  The AUD I thought was going to put up the white flag earlier in the week but with equities continuing to grind higher it has remained reasonably well supported. It is not where it should be price wise given that the S &amp; P is hovering around all-time highs but nevertheless it has NOT collapsed. The range that interests me is 0.8950 to 0.9075.\r\n\r\n<b>NZD/USD: Closing Price 0.8274</b>.  A very similar story with the NZD as it is with the AUD. Support is big at 0.8250 and resistance is excellent at 0.8320.\r\n\r\n<b>USD/CAD: Closing Price 1.1107.</b>  Some stellar moves in the CAD and its cross rates during the week and today we pulled back almost 100 pips off the highs. Around this level is a place to establish a long position. The range is 1.1080 to 1.1230.\r\n\r\n<b>USD/CHF: Closing Price 0.8879</b>.  I see absolutely no point whatsoever trading this pair. Boring, boring, boring. Wake me up at 0.8800.\r\n\r\n<b>USD/JPY: Closing Price 102.48.  </b>We are still in exactly the same range as last week.  No change in my opinion. I think it’s going lower towards 99.50 before we hit 110.00. The range is 101.50 to 102.80.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A\r\n\r\nMONDAY: N/A\r\n\r\nTUESDAY: N/A\r\n\r\nWEDNESDAY: N/\r\n\r\nTHURSDAY: N/A\r\n\r\nFRIDAY: EUR – CPi.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nNot much in news events that interest me this week.\r\n\r\nI am expecting the “Chop Fest” to continue and with no major published news that really interests me due to published I think that the forex markets will be in the hands of the equity markets for direction and also “God help us all” the “numpty” politicians claiming their 30 seconds of TV fame with sound- bytes.\r\n\r\nWith that in mind, always remember that there is a market everyday. You do not need to trade everyday to make your financial goals. If it’s too choppy stand aside and in any event take smaller position sizes.\r\n\r\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\r\n\r\nPLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday February 22nd 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;','THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:','','inherit','open','closed','','3267-revision-v1','','','2014-02-22 10:11:13','2014-02-22 15:11:13','',3267,'https://weeklyfxdrivethru.com/3267-revision-v1/',0,'revision','',0),(3271,1,'2014-02-22 10:23:03','2014-02-22 15:23:03','<p style=\"text-align: left;\" align=\"center\"><b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b></p>\nDespite the fact I think that in my opinion the Forex market is currently a bit of a chop fest and that it seems to just want to squeeze extremes and exert as much pain as possible to traders, I had from a personal viewpoint my best trading week this year. This week over +500 pips profit again. My absolute $$$ return has me well ahead of my trading plan objective. To place the week in context, most of the pips were generated from related to CAD related trades in one day.\n\nI do not want to promote “doom and gloom” but I see a period of chop fest intensifying as we move forward and in these situations sometimes your best trade is NOT to trade. I will debate the current market conditions later in this blog.\n\nThe big news items during the past week regarding the PMi’s in China and Europe plus the FOMC meeting minutes didn’t really move the major pairs out of their trading channels and largely they remained range bound. The big number in the market to trigger moves across the board appears to be the EUR/USD support at 1.3680. If this gives way, and on the day it breaks, we end the day below this level, I believe this will be the catalyst for some bold moves across many currency pairs.\n\n&nbsp;\n\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets area also in the subscriber area of the PREMIUM SERVICE.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\n\n<b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014:</span></b>\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-1-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3262\" alt=\"RADAR 1 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-1-22.02.2014.png\" width=\"543\" height=\"462\" /></a></span></b><b></b></p>\n<p align=\"center\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-2-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3263\" alt=\"RADAR 2 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/RADAR-2-22.02.2014.png\" width=\"543\" height=\"477\" /></a></p>\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\n<p align=\"center\">1 x MICRO-LOT:\n11 trades at $0.10 cents each = $1.10 risk for $14.80 profit.</p>\n<p align=\"center\">1 x MINI-LOT:\n11 trades at $1.00 each = $11.00 risk for $148.00 profit.</p>\n<p align=\"center\">1 x STANDARD LOT:\n11 trades at $10.00 each = $110.00 risk for $1,480.00 profit.</p>\n<b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b>\n\n&nbsp;\n<p style=\"text-align: center;\"> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-1-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3264\" alt=\"FLASH 1 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-1-22.02.2014.png\" width=\"477\" height=\"481\" /></a></p>\n<p align=\"center\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-2-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3265\" alt=\"FLASH 2 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FLASH-2-22.02.2014.png\" width=\"497\" height=\"488\" /></a></p>\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\n<p align=\"center\">1 x MICRO-LOT:\n24 trades at $0.10 cents each = $2.40 cents risk for $59.90 profit.</p>\n<p align=\"center\">1 x MINI-LOT:\n24 trades at $1.00 each = $24.00 risk for $599.00 profit.</p>\n<p align=\"center\">1 x STANDARD LOT:\n24 trades at $10.00 each = $240.00 risk for $5,990.00 profit.</p>\n<b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014:</span></b>\n<p align=\"center\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FUNDAMENTAL-22.02.2014.png\"><img class=\"aligncenter size-full wp-image-3266\" alt=\"FUNDAMENTAL 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/FUNDAMENTAL-22.02.2014.png\" width=\"507\" height=\"519\" /></a></p>\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\n<p align=\"center\">1 x MICRO-LOT:\n13 trades at $0.10 cents each = $1.30 cents risk for $16.10 loss.</p>\n<p align=\"center\">1 x MINI-LOT:\n13 trades at $1.00 each = $13.00 risk for $161.00 loss.</p>\n<p align=\"center\">1 x STANDARD LOT:\n13 trades at $10.00 each = $130.00 risk for $1,610.00 loss</p>\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014…SO FAR:</span></b></p>\n<p align=\"center\">TRADING MICRO-LOTS:\n48 trades at $0.10 cents each = $4.80 risk for $58.60 profit.</p>\n<p align=\"center\">TRADING MINI-LOTS:\n48 trades at $1.00 each = $48.00 risk for $586.00 profit.</p>\n<p align=\"center\">TRADING STANDARD LOTS:\n48 trades at $10.00 each = $480.00 risk for $5,860.00 profit.</p>\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL:  2014…SO FAR:</span></b></p>\n<p align=\"center\">TRADING MICRO-LOTS:\n92 trades at $0.10 cents each = $9.20 risk for $137.10 profit.</p>\n<p align=\"center\">TRADING MINI-LOTS:\n92 trades at $1.00 each = $92.00 risk for $1,371.00 profit.</p>\n<p align=\"center\">TRADING STANDARD LOTS:\n92 trades at $10.00 each = $920.00 risk for $13,710.00 profit.</p>\nThe above examples are for illustration purposes only:\n\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\n\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\n\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\n\n&nbsp;\n\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b><b style=\"line-height: 1.5em;\"> </b>\n<p align=\"center\"><b>THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:</b><b style=\"line-height: 1.5em;\"> </b></p>\nThe market is what it is.\n\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader.\n\nThe market is frustrating at the present time, and we seem to be operating in channels that are difficult to trade in. Usually, channel trading is quite straightforward.\n\nOver the past few years we have lived with and traded currencies within an upward trending equity market scenario. At the end of last year, the FED changed its monetary policy by introducing tapering.\n\nThis is in itself bound to have an effect.\n\nInitially, when tapering was talked about it was generally believed that the USD would strengthen hard across the board and equities would fall. To date, this has not happened. Instead, the markets have continued to grind higher and although there are plenty of inter-market correlations that are no longer in sync the predicted USD strength still has not emerged along the lines thought of at the outset of tapering. Market dis-connects continue.\n\nIn the short to medium term I do believe that a major news event will be the trigger to get the ball moving but until that happens I think we ‘Chop”\n\nBit by bit the long term effects of Quantitative Easing will be tapered out of the markets and we will spend most of 2014 unwinding. Standing back it makes sense that conditions will be choppy as the Fed monetary policy changes take hold. I think because we live in a “now” society we expect the markets to react instantaneously; but we have to be patient.\n\nTrader survival is therefore paramount in a “Chop Fest” environment. What are the survival rules to consider?\n<ol>\n	<li>Risk Management is now even more important than ever. One way to help in this area is to keep your risk tolerance the same but do it by taking smaller positions and widening your stops so that the overall risk is the same but you just have more trading space to deal with volatility.</li>\n	<li>If you trade Standard lots maybe consider trading Mini lots instead. You can still build up profitable trades by adding multi lots. It also allows you greater flexibility to react to live trades by adding to positions or conversely taking partial position sizes off the table. Obviously, if you trade Mini lots you could consider Micro lots as an option.The bottom line though is smaller positions sizes makes sense in this type of market condition.You can always revert back when the market changes to more trending market.</li>\n	<li>To give you an edge when entering trades. The best discipline that I have found is to use a “PULLBACK STRATEGY”. This basically involves waiting for a currency pair to pullback from the direction in which it is trading for maybe 15-30 minutes and then as it resumes it direction again you enter your trade back in the direction of the trend.I use this strategy for about 80% of my FLASH TRADES that are given to subscribers in the PREMIUM SERVICE.Every trade is a risk. The key is doing everything you can to minimise the risk parameters you have. The “PULLBACK STRATEGY” does this and once you get proficient in adopting it as a trading style it can be used 24 x 7 x 365.</li>\n	<li>If you are a very Conservative trader and you do not like the “Chop Fest” - Stop trading…. and stand aside and keep your broker account in $$$. This is a great trading option if you are uncomfortable with present conditions. When I first started trading I was once told sometimes your best trade is the trade you don\'t take.You are not chicken. Your trading style and your TRADING PLAN objectives (This is the discussion topic in TRADER TOPIC’s this week later in the blog), are your own.Capital preservation is paramount to success. Without capital you simply cannot trade. The market is cyclical, sometimes just need to be patient and wait to get on board again.</li>\n	<li>Basic trading guidelines often go out of the window through trader frustration particularly when, conditions are difficult to read and trends are virtually non-existent.Go back to basics; Remember you sell into strength and you buy into weakness. Buy low and sell high. Review your interpretation of Fibonacci charts and how to use pivot points.</li>\n</ol>\n&nbsp;\n\n&nbsp;\n\nThe above are just some very basic thoughts that if adopted should keep your broker accounts with a trading balance.\n\nI wrote last week about FEAR and GREED and how “twitchy” the markets have become. My comments are still very much relevant this week.\n\nGood luck with your trading and take care.\n\n&nbsp;\n\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b>\n\nAs promised several weeks ago, this week the subject of this section is TRADING PLANS. This will be a three-part TRADER TOPIC subject, covering TRADING PLANS as comprehensively as I can.\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">CREATING A TRADING PLAN</span></b></p>\nI will be honest; when I started trading I did not have a TRADING PLAN. I really did not see the need for one…I was wrong.\n\nTrading Forex will be more successful for you as a trader if you have a proper plan in place. The classic quote that is often used when referring to not having a TRADING PLAN is “Failing to plan is planning to fail”\n\nTrading plans are really a lot like insurance. You don’t usually want it until you’ve faced a catastrophe. But after that catastrophe, which maybe was a huge loss on a single trade, or worse, a margin call from one really bad trade, as a trader you probably recognize that something needs to be done.\n\nRegardless of how you get there, just the fact that you actually arrive at the destination of realizing that a TRADING PLAN is not just a “nice to have”, but sometimes a necessity, is generally a positive development in the journey / career of a Forex trader.\n\nThe bottom line is a TRADING PLAN is a must.\n\nHere is one very basic reason for having a plan: New traders sometimes barely even have the actual reasons for entering a trade. Imagine, that you were planning to loan money to a new business as an investment. Could you picture yourself lending money to a person without a business plan when they said that they were going to start their business based on “their gut?” Obviously no one should ever start a business by relying on his or her gut alone. However, plenty of new traders start trading in exactly that manner.\n\nSo, what should you include in your TRADING PLAN?\n\nA very simple approach is to look at it in four sections: WHAT, HOW, WHEN and WHY. My first TRADING PLAN was along these lines and was short and to the point. As time has elapsed since I started trading my own plan has now reached a staggering 21 pages including all inserts on profitability, plus how I trade with my various brokers and then finally my Marketing Plan.\n\n<b><span style=\"text-decoration: underline;\">WHAT:</span></b><b>  (What type of trader are you?)</b>\n\nI think that the initial question that you should ask yourself is “What type of trader am I?’ If you are a new trader, you may not know yet, bear in mind the TRADING PLAN is a fluid document for many things. As you develop as a trader your style will become apparent and you can update your plan accordingly.\n\nThe benefit from knowing what type of trader you are is quite straightforward. Defining what you are gives you a comfort zone. If you take a trade that is outside your definition and it loses money it serves as a reminder to you that you were not trading within your comfort zone.\n\nThe following is a very simple chart of trader types:\n\nTRADER TYPE:                    CHARACTERISTICS OF THE TYPE / STYLE:\n\nSCALPER                             Holds trades for a few minutes to maybe a few hours.\n\nDAY-TRADER                       Holds trades for less than a day (A bit longer than scalpers).\nSWING-TRADER                 Holds trades from a few hours to a few days.\n\nINTERMEDIATE and\n\nLONG-TERM TRADERS    Holds trades for at least a day and, possibly months / years.\n\nPOSITION TRADER            Holds trades as long as needed to build &amp; work a position.\n\n&nbsp;\n\n<b><span style=\"text-decoration: underline;\">HOW:</span></b> (<b>How to manage positions / enter and exit trades?)</b>\n\nThis is a very important part of your TRADING PLAN. Without a definition of “how” the plan is really both useless and pointless.\n\nIn this section of your TRADING PLAN you should specify how many lots you are going to trade on whatever types of trade that you are going to enter. Additionally, you specify what your risk is per trade. This will obviously be in relation to your account size. The rough rule of thumb in this area is not to risk more than either 0.50%-0.75% of your overall account balance on any one trade. By doing this it tells you basically whether you should be trading Micro, Mini or Standard lots.\n\nThis section should also contain whether or not you will trade news events and what your risk will be around such events.\n\nThis area can be as complex or as straightforward as you want it to be. You can use SMA or EMA, Bollinger Bands, Fibonacci Levels or Pivot points, whatever you like, whatever is comfortable with your trading style to describe entry / exit parameters to your trading.\n\nThe benefit of detail in this section, allows you the opportunity to troubleshoot losing trades. More definition definitely means more discipline.\n\nA very important point here is that the strategy must be your own, what you are comfortable with and not lifted / copied from another source. There is little point me providing a PDF of my TRADING PLAN because each of us is a different type / style of trader.\n\nThe above TRADER TYPES (In the “What” section) should help you in connection with outlining your “HOW”. The bottom line is to be comfortable as a trader. There is enough stress around trading without you trying to pigeon hole yourself into a type / style of trader that you are not.\n\nIn my own TRADING PLAN, I highlight definitions of RADAR, FLASH and FUNDAMENTAL trades. I add to this when each style of trade is appropriate and what my entry lot sizes are for each type of trade. I also include when I will add to positions, how I will use the ATR and Hedging on trades.\n\n<b><span style=\"text-decoration: underline;\">WHEN:</span></b> <b>(When will you trade?)</b>\n\nThis is the forgotten item in most TRADING PLANS.\n\nThere is so much flexibility as a Forex trader. The markets are open from 5.00pm Eastern (USA) on a Sunday night and close the following Friday at 5.00pm Eastern (USA). The Forex market moves 24x7\n\nHaving said that, the one thing that the Forex market thrives on is liquidity, without liquidity driving the market there is either no movement or extreme lack of liquidity movements, which personally drive me crazy.\n\nThere are principally, three trading sessions: -\n\nTHE ASIAN SESSION: - The Asian session is more often than not a lot quieter than the London and US sessions. It tends to take its lead from what happened previously in the US session.\n\nTHE LONDON (EUROPEAN) SESSION: - Liquidity definitely improves as the European markets open. The overlap from the Asian into European sessions is sometimes the most volatile and there are often very fast, very active, very volatile moves that can define momentum moves with currency pairs. As the Asian markets close the European session settles down\n\nTHE U.S. (AMERICAS) SESSION: - as the US comes on stream the volatility increases once more as the overlap between the European and U.S. traders take hold. I think it is safe to say that from 8.00am to 11.30am Eastern the Forex markets are at their most liquid period of the 24-day.\n\n(If I had to choose a place to live to be a professional Forex trader…it has to Europe. It is as good as a 12-hour day!!)\n\nWhen you trade can have a huge influence on your results. It should also define your trading strategy. High volume equals higher risk.\n\n<b><span style=\"text-decoration: underline;\">WHY:</span></b> <b>(This is where you write out your goals and objectives)</b>\n\nThis is the final segment and probably the most important of all of them when you look at your TRADING PLAN. Why do you want to be a Forex trader?\n\nMore time with the family\n\nor\n\nFinancial freedom\n\nTrading is NOT easy. It can be very difficult, and tough, and costly and most of all totally 100% frustrating at times.\n\nCommon sense does NOT always apply. The markets are what they are, not what you want them to be, or think they should be. Set your financial objectives conservatively. I was told that a target of 1% - 2% of your account balance per day is good (Personally, I target 1% per day). Maximum trade size should not see you risk more than 0.50%-0.75% of your account balance.\n\nBreak down your income objectives to daily targets and build up to weekly and monthly goals. Create an excel spreadsheet that you can follow and use to check performance. You must journal <b><span style=\"text-decoration: underline;\">ALL</span></b> your trades (Entry, Exit, was it a Market order, or a Limit order, time of day trade placed or triggered, position size etc.).\n\nI created a mini marketing document this year with detailed goals and objectives. I set out at the beginning of 2014 certain thoughts and views on how the markets would perform. This is part of my FUNDAMENTAL overview contained in my TRADING PLAN. This year for me it is a substantial document.\n\nA TRADING PLAN is NOT something you do and then file away, it should be referred to regularly to check and test your strategies and objectives; in essence a “fluid” working document.\n\nThere are great opportunities in trading currencies. You just have to be realistic and set your financial goals to be achievable bearing in mind how you trade, when you trade and how much capital you are risking.\n\nThe “WHY” serves as a reminder as to why you are prepared to go through the pain when times get difficult? The WHY helps put things in perspective relative to the bigger picture?\n\nIf you find it totally frustrating trying to achieve the goals that you set yourself personally and financially you have to re-evaluate.\n\nAre you goals realistic?\n\nAre you following your plan?\n\nLooking at your results versus your plan allows a complete diagnosis of your performance.\n\nEither you inject some self-discipline and move forward, or, you quit trading. In my opinion and this is the hardest lesson that I have had to learn, there are three things when trading that you must use everyday: -\n\n1. DISCIPLINE\n2. DISCIPLINE\n<span style=\"line-height: 1.5em;\">3. DISCIPLINE</span>\n\n&nbsp;\n\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES:</span></b></p>\n<p style=\"text-align: center;\"> FT37\nEUR/USD\nShort\nCost Average: 1.3712\nStop Loss: 1.3962\nLimit / Target: 1.2760\nMy Position Size: 20%\nClosing Weekly Position: 1.3738\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 26pips</span></p>\nI have changed my perspective on this trade. I took profits off the table on Thursday morning last week and having re-evaluated this trade I have now decided that this is in real terms a FUNDAMENTAL trade.\n\nBasically, I believe that the EUROZONE is another accident away from a crisis. I think that Janet Yellen is more Hawkish than Dovish and I do believe that the ECB through Draghi has to accommodate more and the possibility of negative deposit rates is only a matter of when not if. Plus full-blown QE is NOT off the table.\n\nWith this in my mind I am bullish the USD and bearish the EUR in the longer term.\n\nThe Monthly chart below shows the long-term wedge that the EUR/USD is trading in. I do think that in two / three months we will be trading much lower so ergo  I am in this trade.\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3253\" alt=\"EURUSD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\n\n<b><span style=\"text-decoration: underline;\"> </span></b>\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES: </span></b></p>\n<p style=\"text-align: center;\">RT39\nEUR/GBP\nShort\nCost Average: 0.8224\nStop Loss: 0.8308\nLimit / Target: 0.8000\nMy Position Size: 20%\nClosing Weekly Position: 0.8268\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 34pips</span></p>\n<p style=\"text-align: center;\">For the same reasons as the EUR/USD above I am happy to stay short this pair.</p>\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span></b></p>\n<p style=\"text-align: center;\">I have no “LIVE” FUNDAMENTAL trades at this time.<b></b></p>\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\n\nI have the following RADAR trade in position with my brokers.\n<p style=\"text-align: center;\">USD/CHF\nLong\nEntry Level: 0.8000\nStop Loss: 0.8750\nLimit / Target: 0.9250</p>\n<p style=\"text-align: left;\"> The following RADAR trades are not yet placed with brokers. It is my intention to do this either at the market open (Sunday evening) or Monday morning after the European session. I will advise when they are placed via Twitter.</p>\n<p style=\"text-align: center;\">AUD/USD\nShort\nEntry Level: 0.9010\nStop Loss: 0.9085\nLimit / Target: 0.8500</p>\n<p style=\"text-align: center;\">USD/SEK\nLong\nEntry Level: 6.6000\nStop Loss: 6.4500\nLimit / Target: 6.8000</p>\n<p style=\"text-align: center;\">USD/CAD\nLong\nEntry Level 1.1080\nStop Loss 1.1040\nLimit / Target 1.1250</p>\nFUNDAMENTAL TRADES ON MY RADAR\n\nThe Cross rate commodity pairs that I love to trade are basically breaking out and I need pullbacks to give me entry set-ups. I am not going to list out the stops and targets this week but basic entry levels, with comments that MAY get me looking to enter long. I have also included monthly charts with Fibonacci levels and key levels where applicable.\n\nPlease bear in mind these trades are MICRO LOTS to start with and only upon taking shape with momentum in my direction will I add further lots to increase my position size. These currency pairs are wild and volatile. If you cannot cope with extreme volatility and moves that do not make sense at times I suggest that you ignore these trades.\n\nEUR/AUD:\nThe risk with this currency pair is still 1.5000. In fact I believe if you were going to take this trade long, the risk is a pullback to 1.4900. Entry levels need to be with a deep pullback from existing levels, maybe 1.5200.\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURAUD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3254\" alt=\"EURAUD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURAUD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\n\n&nbsp;\n\nGBP/AUD:\nI think the risk level with this pair should be 1.8200. GBP is very bullish and I think that the 61.8% Fibonacci is calling at 1.9215.\n\n&nbsp;\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPAUD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3256\" alt=\"GBPAUD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPAUD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\n\nEUR/NZD:\n\nThe break out level at 1.6800 beckons all traders. This pair really moves and I think if you were really taking a longer-term view the monthly ATR is about 800 pips and so the risk at 1.6000, makes this a very costly trade if you are not in profit almost immediately. Swap rates are high. I would be looking at a risk / stop loss of about 1.6400 from present levels. That level of 1.64000 would make a great entry level with 1.6000 as the stop loss, if we can get the pullback.\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURNZD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3257\" alt=\"EURNZD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURNZD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\n\n&nbsp;\n\nGBP/NZD:\n\nThis pair has broken out above 2.0000. There are great opportunities with this pair to the upside. 1.9700-1.9800 represents the stop loss area and the upside could be anything from 500 pips to 5,000 pips.\n\n&nbsp;\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPNZD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3258\" alt=\"GBPNZD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPNZD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\n\nEUR/CAD:\n\nAn extremely bullish pair; entry can only really be on a pullback. Levels do not really apply as we are in a breakout above the 52 week high. 1.5150 looks good (this was the pullback level earlier last week after the 1.5200 break higher) to me as an entry, with a stop below 1.5000 (only dealing in round numbers)\n\n&nbsp;\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURCAD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3259\" alt=\"EURCAD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURCAD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\n\nGBP/CAD:\n\nWith the GBP being quite well supported and CAD being weak, this pair can run! Entries around 1.8400 look good with stops at 1.7980 (this was previous sticking level)\n\n&nbsp;\n\n<b><span style=\"text-decoration: underline;\"><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPCAD-MONTHLY-22.02.2014.png\"><img class=\"aligncenter size-large wp-image-3260\" alt=\"GBPCAD MONTHLY 22.02.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/GBPCAD-MONTHLY-22.02.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a></span></b>\n\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\n\n<b>EUR/USD: Closing Price 1.3738.</b>  All eyes are on 1.3680 as the bull / bear line in the sand for the EUR/USD. To be honest the break of this support level is probably a lot to do with the way the Forex markets are operating at the moment. It is obviously very well supported.  I am looking at the range being 1.3680 to 1.3800.\n\n<b>GBP/USD: Closing Price 1.6614.  </b>The cable (GBP/USD) is now under pressure after breaking out last week. It was refused entry above 1.6800 and was dumped down. Some mixed data from the UK has forced it even lower during the week taking the cross rate pairs with it as well. Personally, below 1.6600 I see a re-test of 1.6250 and resistance is really set now at 1.6650 and then 1.6700.\n\n<b>AUD/USD: Closing Price 0.8978</b>.  The AUD I thought was going to put up the white flag earlier in the week but with equities continuing to grind higher it has remained reasonably well supported. It is not where it should be price wise given that the S &amp; P is hovering around all-time highs but nevertheless it has NOT collapsed. The range that interests me is 0.8950 to 0.9075.\n\n<b>NZD/USD: Closing Price 0.8274</b>.  A very similar story with the NZD as it is with the AUD. Support is big at 0.8250 and resistance is excellent at 0.8320.\n\n<b>USD/CAD: Closing Price 1.1107.</b>  Some stellar moves in the CAD and its cross rates during the week and today we pulled back almost 100 pips off the highs. Around this level is a place to establish a long position. The range is 1.1080 to 1.1230.\n\n<b>USD/CHF: Closing Price 0.8879</b>.  I see absolutely no point whatsoever trading this pair. Boring, boring, boring. Wake me up at 0.8800.\n\n<b>USD/JPY: Closing Price 102.48.  </b>We are still in exactly the same range as last week.  No change in my opinion. I think it’s going lower towards 99.50 before we hit 110.00. The range is 101.50 to 102.80.\n\n&nbsp;\n\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\n\nSUNDAY: N/A\n\nMONDAY: N/A\n\nTUESDAY: N/A\n\nWEDNESDAY: N/\n\nTHURSDAY: N/A\n\nFRIDAY: EUR – CPi.\n\n<b><span style=\"text-decoration: underline;\"> </span></b>\n\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\n\nNot much in news events that interest me this week.\n\nI am expecting the “Chop Fest” to continue and with no major published news that really interests me due to published I think that the forex markets will be in the hands of the equity markets for direction and also “God help us all” the “numpty” politicians claiming their 30 seconds of TV fame with sound- bytes.\n\nWith that in mind, always remember that there is a market everyday. You do not need to trade everyday to make your financial goals. If it’s too choppy stand aside and in any event take smaller position sizes.\n\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\n\nPLAN YOUR TRADES and TRADE YOUR PLAN.\n\nScott Pickering\nThe Pip Accumulator\nSaturday February 22nd 2014\n\nEMAIL / FOLLOW ME AT:\npremiumservice@weeklyfxdrivethru.com\nTwitter: @pipaccumulator\nTwitter: @ThePremService\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\n\n&nbsp;','THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:','','inherit','open','closed','','3267-autosave-v1','','','2014-02-22 10:23:03','2014-02-22 15:23:03','',3267,'https://weeklyfxdrivethru.com/3267-autosave-v1/',0,'revision','',0),(3278,1,'2014-02-22 10:30:20','2014-02-22 15:30:20','','CREATING A TRADING PLAN (3.0)','','inherit','open','closed','','creating-a-trading-plan-3-0','','','2014-02-22 10:30:20','2014-02-22 15:30:20','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/CREATING-A-TRADING-PLAN-3.0.pdf',0,'attachment','application/pdf',0),(3280,1,'2014-02-22 10:32:55','2014-02-22 15:32:55','<section class=\"pdf-links\">\r\n<div class=\"one-third first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\r\n<div class=\"one-third\"></div>\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</section>\r\n<div class=\"one-half first\">\r\n\r\nThese resources are in PDF format that will allow for easy printing\r\n\r\n</div>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-02-22 10:32:55','2014-02-22 15:32:55','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3281,1,'2014-02-22 10:42:05','2014-02-22 15:42:05','&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nDespite the fact I think that in my opinion the Forex market is currently a bit of a chop fest and that it seems to just want to squeeze extremes and exert as much pain as possible to traders, I had from a personal viewpoint my best trading week this year. This week over +500 pips profit again. My absolute $$$ return has me well ahead of my trading plan objective. To place the week in context, most of the pips were generated from related to CAD related trades in one day.\r\n\r\nI do not want to promote “doom and gloom” but I see a period of chop fest intensifying as we move forward and in these situations sometimes your best trade is NOT to trade. I will debate the current market conditions later in this blog.\r\n\r\nThe big news items during the past week regarding the PMi’s in China and Europe plus the FOMC meeting minutes didn’t really move the major pairs out of their trading channels and largely they remained range bound. The big number in the market to trigger moves across the board appears to be the EUR/USD support at 1.3680. If this gives way, and on the day it breaks, we end the day below this level, I believe this will be the catalyst for some bold moves across many currency pairs.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b><b style=\"line-height: 1.5em;\"> </b>\r\n<p align=\"center\"><b>THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:</b><b style=\"line-height: 1.5em;\"> </b></p>\r\nThe market is what it is.\r\n\r\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader .\r\n\r\nThe market is frustrating at the present time, and we seem to be operating in channels that are difficult to trade in. Usually, channel trading is quite straightforward.\r\n\r\nOver the past few years we have lived with and traded currencies within an upward trending equity market scenario. At the end of last year, the FED changed its monetary policy by introducing tapering.\r\n\r\nThis is in itself bound to have an effect.\r\n\r\nInitially, when tapering was talked about it was generally believed that the USD would strengthen hard across the board and equities would fall. To date, this has not happened. Instead, the markets have continued to grind higher and although there are plenty of inter-market correlations that are no longer in sync the predicted USD strength still has not emerged along the lines thought of at the outset of tapering. Market dis-connects continue.\r\n\r\nIn the short to medium term I do believe that a major news event will be the trigger to get the ball moving but until that happens I think we ‘Chop”\r\n\r\nBit by bit the long term effects of Quantitative Easing will be tapered out of the markets and we will spend most of 2014 unwinding. Standing back it makes sense that conditions will be choppy as the Fed monetary policy changes take hold. I think because we live in a “now” society we expect the markets to react instantaneously; but we have to be patient.\r\n\r\nTrader survival is therefore paramount in a “Chop Fest” environment. What are the survival rules to consider?\r\n<ol>\r\n	<li>Risk Management is now even more important than ever. One way to help in this area is to keep your risk tolerance the same but do it by taking smaller positions and widening your stops so that the overall risk is the same but you just have more trading space to deal with volatility.</li>\r\n	<li>If you trade Standard lots maybe consider trading Mini lots instead. You can still build up profitable trades by adding multi lots. It also allows you greater flexibility to react to live trades by adding to positions or conversely taking partial position sizes off the table. Obviously, if you trade Mini lots you could consider Micro lots as an option.The bottom line though is smaller positions sizes makes sense in this type of market condition.\r\n\r\nYou can always revert back when the market changes to more trending market.</li>\r\n	<li>To give you an edge when entering trades. The best discipline that I have found is to use a “PULLBACK STRATEGY”. This basically involves waiting for a currency pair to pullback from the direction in which it is trading for maybe 15-30 minutes and then as it resumes it direction again you enter your trade back in the direction of the trend.I use this strategy for about 80% of my FLASH TRADES that are given to subscribers in the PREMIUM SERVICE.\r\n\r\nEvery trade is a risk. The key is doing everything you can to minimise the risk parameters you have. The “PULLBACK STRATEGY” does this and once you get proficient in adopting it as a trading style it can be used 24 x 7 x 365.</li>\r\n	<li>If you are a very Conservative trader and you do not like the “Chop Fest” - Stop trading…. and stand aside and keep your broker account in $$$. This is a great trading option if you are uncomfortable with present conditions. When I first started trading I was once told sometimes your best trade is the trade you don\'t take.You are not chicken. Your trading style and your TRADING PLAN objectives (This is the discussion topic in TRADER TOPIC’s this week later in the blog), are your own.\r\n\r\nCapital preservation is paramount to success. Without capital you simply cannot trade. The market is cyclical, sometimes just need to be patient and wait to get on board again.</li>\r\n	<li>Basic trading guidelines often go out of the window through trader frustration particularly when, conditions are difficult to read and trends are virtually non-existent.Go back to basics; Remember you sell into strength and you buy into weakness. Buy low and sell high. Review your interpretation of Fibonacci charts and how to use pivot points.</li>\r\n</ol>\r\nThe above are just some very basic thoughts that if adopted should keep your broker accounts with a trading balance.\r\n\r\nI wrote last week about FEAR and GREED and how “twitchy” the markets have become. My comments are still very much relevant this week.\r\n\r\nGood luck with your trading and take car\r\n\r\n<b><span style=\"text-decoration: underline;\">\r\n3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3738.</b>  All eyes are on 1.3680 as the bull / bear line in the sand for the EUR/USD. To be honest the break of this support level is probably a lot to do with the way the Forex markets are operating at the moment. It is obviously very well supported.  I am looking at the range being 1.3680 to 1.3800.\r\n\r\n<b>GBP/USD: Closing Price 1.6614.  </b>The cable (GBP/USD) is now under pressure after breaking out last week. It was refused entry above 1.6800 and was dumped down. Some mixed data from the UK has forced it even lower during the week taking the cross rate pairs with it as well. Personally, below 1.6600 I see a re-test of 1.6250 and resistance is really set now at 1.6650 and then 1.6700.\r\n\r\n<b>AUD/USD: Closing Price 0.8978</b>.  The AUD I thought was going to put up the white flag earlier in the week but with equities continuing to grind higher it has remained reasonably well supported. It is not where it should be price wise given that the S &amp; P is hovering around all-time highs but nevertheless it has NOT collapsed. The range that interests me is 0.8950 to 0.9075.\r\n\r\n<b>NZD/USD: Closing Price 0.8274</b>.  A very similar story with the NZD as it is with the AUD. Support is big at 0.8250 and resistance is excellent at 0.8320.\r\n\r\n<b>USD/CAD: Closing Price 1.1107.</b>  Some stellar moves in the CAD and its cross rates during the week and today we pulled back almost 100 pips off the highs. Around this level is a place to establish a long position. The range is 1.1080 to 1.1230.\r\n\r\n<b>USD/CHF: Closing Price 0.8879</b>.  I see absolutely no point whatsoever trading this pair. Boring, boring, boring. Wake me up at 0.8800.\r\n\r\n<b>USD/JPY: Closing Price 102.48.  </b>We are still in exactly the same range as last week.  No change in my opinion. I think it’s going lower towards 99.50 before we hit 110.00. The range is 101.50 to 102.80.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A\r\n\r\nMONDAY: N/A\r\n\r\nTUESDAY: N/A\r\n\r\nWEDNESDAY: N/A\r\n\r\nTHURSDAY: N/A\r\n\r\nFRIDAY: EUR – CPi.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. PREMIUM SERVICE (WITH 2014 PERFORMANCE RESULTS TO DATE:)</span></b>\r\n\r\nAs there are always new readers of this blog each week, I thought that I should mention the subscriber based option of the WEEKLY FX DRIVE-THRU that has been in existence now since the beginning of 2014; THE PREMIUM SERVICE\r\n\r\nIt is an honest blog containing trade set-ups, profitable and losing trades, my ideas and thoughts and it also has for an instant communication to subscribers a dedicated protected TWITTER feed. All trades (profitable and losing) are monitored and recorded within the secure section of the WEEKLY FX DRIVE-THRU website.\r\n<p align=\"center\"><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">PREMIUM SERVICE   </span></b>\r\n\r\n</p><p align=\"center\">Are you a part-time forex trader?</p>\r\n<p align=\"center\">Are you a novice trader still coming to terms with the complexities of trading the forex market full-time?</p>\r\n<p align=\"center\">Do you feel a little overwhelmed with terminology, when to enter a trade, when to exit, what is being over-leveraged, what is effective risk / money management and what is a trading plan?</p>\r\n<p align=\"center\">The PREMIUM SERVICE may be an option worthy of serious consideration.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not a robot.</p>\r\n<p align=\"center\">The PREMIUM SERVICE it is not an automated system.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not an expensive fleecing series of daily financial updates, pages long that do not give you trading ideas or trade set-ups.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">What is the PREMIUM SERVICE?</span></b></p>\r\nFirstly, the PREMIUM SERVICE is a subscriber only addition to The WEEKLY FX DRIVE-THRU. The WEEKLY FX DRIVE-THRU is a weekly blog that I started over two years ago. Its aim was to review my thoughts and ideas on the forex market. I then started to add trade set-ups and write about trades that would be on my mind if certain events took place.\r\n\r\nI started to publish my future trade set-ups, which were predominantly profitable and as I approached my 100<sup>th</sup> blog, I decided that it was time to move to the next stage…. the PREMIUM SERVICE.\r\n\r\nThe PREMIUM SERVICE contains trade-set ups of my various styles of trades that I developed into a successful formula for trading the forex market with more profitable than losing trades.\r\n\r\nAs a subscriber to the PREMIUM SERVICE, you will receive all my suggested trades whether they are: - FLASH trades, RADAR trades or FUNDAMENTAL trades via an exclusive protected Twitter feed. I give you my thoughts on entry, exit, trade size and what type of lot to trade.\r\n\r\nI do the risk assessment ahead of the trade. You decide whether you want to take the trade and what position size to take.\r\n\r\nIf you trade part-time: with the RADAR TRADE suggestions you simply load a limit order with your broker and the trade will enter and exit automatically, if you use the suggestions I provide, or you can chose your own exit strategy.\r\n\r\n(Full details and definitions of FLASH, RADAR and FUNDAMENTAL trades are inside the secure members area of the PREMIUM SERVICE)\r\n\r\nHowever, I do trade currencies to make money.\r\n\r\nWhilst I like the idea of longer-term trading, if the market looks false to me I will cut profitable trades and bank money. I am not looking for the glory of three/four week trades to show I have nerves of steel to make +300 pips or so. If I can make 300 pips from three or four 24/48-hour trades instead, who cares? It’s all about banking profits and minimizing risk.\r\n\r\nI will have a balance of intra-day, swing and long term trades. It is your choice to pick what you want to take and what to risk. I am a low-risk very conservative trader.\r\n<p align=\"center\">FUNDAMENTALS MATTER TO ME</p>\r\n<p align=\"center\">I TRADE TO MAKE MONEY…NOT TO PICK TOPS OR BOTTOMS</p>\r\n<p align=\"center\">I TRADE LOW RISK</p>\r\n<p align=\"center\">I DO NOT CHASE MARKETS</p>\r\n<p align=\"center\">I LIKE THE TRADES TO COME TO ME</p>\r\n<p align=\"center\">I AM NOT A GREEDY TRADER</p>\r\n<p align=\"center\">I LIKE TO TRADE MOMENTUMS IN THE DIRECTION OF TRENDS</p>\r\n<p align=\"center\">I USE FIBONACCI LEVELS TO ENTER &amp; EXIT ON MANY TRADES</p>\r\n<p align=\"center\">PLUS</p>\r\n<p align=\"center\">MY TRADING STYLE IS MIXED EVEN WITH THE ABOVE KEY BASICS</p>\r\n<p align=\"center\">I USE THE PULLBACK STRATEGY TO ENTER AND I LIKE SWING AND LONGER-TERM TRADES (WHEN POSSIBLE)</p>\r\nThe members area of the website contains not just the comprehensive trading history / journal of trades but it also contains as much support information as I can gather that is of use to help us all trade profitably. As time moves on, the support pages areas will increase so that it becomes a one-stop point of reference for all styles and types of traders regardless of experience.\r\n\r\nI am hoping to have a chat room so that subscribers and myself can chat live about potential live trades. In addition, if the number of participants is economically viable, I will hold webinars on trading issues. Below is a list of questions so far that will either be addressed by webinar or by a future section within a blog post.\r\n<p align=\"center\"><b>Trade Plans and how to work with them\r\nHow to find a good broker to partner with</b>\r\n<b>What trades for what broker\r\nMicro, Mini or Standard lots\r\nPlacing Stops</b>\r\n<b>Strategies on when to enter and exit trades</b>\r\n<b>Risk Assessment</b>\r\n<b>When to fade trades</b>\r\n<b>How to cost average effectively</b>\r\n<b>How to use Trade Zones effectively - Buy Zones and Sell zones</b>\r\n<b>Working with Fibonacci levels</b>\r\n<b>Basic Chart analysis</b></p>\r\nThe PREMIUM SERVICE will evolve as it moves forward. I have lots of ideas to integrate into this area, but I am also open to ideas from readers / followers and subscribers.\r\n\r\nThis is a very important step for me as well; I want the PREMIUM SERVICE to be different to other services currently available.\r\n\r\n&nbsp;\r\n\r\nWhilst upon first look, it may appear that the Premium Service is directed solely at new traders, or those with intermediate skill levels. Please note this is not my intention. Trading can be lonely, and sometimes it is good to feel that you are part of a team. With this in mind, I am thinking that a “Chat Room” style area would be of benefit to all traders to share ideas and trade set-ups. Plus, whether you are a new trader or an experienced trader it is always good to have a library of information available close at hand.\r\n\r\nWhat are the costs?\r\n\r\nThere will be 40 weekly blogs / issues per year. I will not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR and FUNDAMENTAL trades” and issues emanating from previous blogs.\r\n<p align=\"center\"><b>There are three subscription options: </b></p>\r\n<p align=\"center\"><b>ANNUAL (40 WEEK) SUBSCRIPTION: $750.00 (this equates to $18.75 per week) </b></p>\r\n<p align=\"center\"><b>20 WEEKS SUBSCRIPTION: $450.00 (this equates to $22.50 per week)  </b></p>\r\n<p align=\"center\"><b>10 WEEKS SUBSCRIPTION: $250.00 (this equates to $25.00 per week) </b></p>\r\n<p align=\"center\"><b>(All Fees are quoted in USD\r\nand\r\nPlease note: There are no refunds once a subscription is accepted)</b></p>\r\nTo expand on the statements made above and, hopefully place costs into perspective should you still doubt the value of a subscription.\r\n\r\nBelow are the February 2014 month to date performance results so far and a combined year to date 2014 summary.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.\r\n\r\n<b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n11 trades at $0.10 cents each = $1.10 risk for $14.80 profit.</p>\r\n<p style=\"text-align: center;\"><span style=\"line-height: 1.5em;\">1 x MINI-LOT:\r\n</span><span style=\"line-height: 1.5em;\">11 trades at $1.00 each = $11.00 risk for $148.00 profit.</span></p>\r\n<p style=\"text-align: center;\"><span style=\"line-height: 1.5em;\">1 x STANDARD LOT:\r\n</span><span style=\"line-height: 1.5em;\">11 trades at $10.00 each = $110.00 risk for $1,480.00 profit.</span></p>\r\n<b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n24 trades at $0.10 cents each = $2.40 cents risk for $59.90 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n24 trades at $1.00 each = $24.00 risk for $599.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n24 trades at $10.00 each = $240.00 risk for $5,990.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n13 trades at $0.10 cents each = $1.30 cents risk for $16.10 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n13 trades at $1.00 each = $13.00 risk for $161.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n13 trades at $10.00 each = $130.00 risk for $1,610.00 loss</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">FEBRUARY - 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n48 trades at $0.10 cents each = $4.80 risk for $58.60 profit.</p>\r\n<p align=\"center\"> TRADING MINI-LOTS:\r\n48 trades at $1.00 each = $48.00 risk for $586.00 profit.</p>\r\n<p align=\"center\"> TRADING STANDARD LOTS:\r\n48 trades at $10.00 each = $480.00 risk for $5,860.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n92 trades at $0.10 cents each = $9.20 risk for $137.10 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n92 trades at $1.00 each = $92.00 risk for $1,371.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n92 trades at $10.00 each = $920.00 risk for $13,710.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<b><span style=\"text-decoration: underline;\">6. FINAL THOUGHTS:</span></b>\r\n\r\nNot much in news events that interest me this week.\r\n\r\nI am expecting the “Chop Fest” to continue and with no major published news that really interests me due to published I think that the forex markets will be in the hands of the equity markets for direction and also “God help us all” the “numpty” politicians claiming their 30 seconds of TV fame with sound- bytes.\r\n\r\nWith that in mind, always remember that there is a market everyday. You do not need to trade everyday to make your financial goals. If it’s too choppy stand aside and in any event take smaller position sizes.\r\n\r\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\r\n\r\nPLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday February 22nd 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n&nbsp;','THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:','','publish','open','closed','','market-chop-festhere-thoughts-surviving','','','2014-02-22 10:54:39','2014-02-22 15:54:39','',0,'https://weeklyfxdrivethru.com/?p=3281',0,'post','',0),(3282,1,'2014-02-22 10:42:05','2014-02-22 15:42:05','&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nDespite the fact I think that in my opinion the Forex market is currently a bit of a chop fest and that it seems to just want to squeeze extremes and exert as much pain as possible to traders, I had from a personal viewpoint my best trading week this year. This week over +500 pips profit again. My absolute $$$ return has me well ahead of my trading plan objective. To place the week in context, most of the pips were generated from related to CAD related trades in one day.\r\n\r\nI do not want to promote “doom and gloom” but I see a period of chop fest intensifying as we move forward and in these situations sometimes your best trade is NOT to trade. I will debate the current market conditions later in this blog.\r\n\r\nThe big news items during the past week regarding the PMi’s in China and Europe plus the FOMC meeting minutes didn’t really move the major pairs out of their trading channels and largely they remained range bound. The big number in the market to trigger moves across the board appears to be the EUR/USD support at 1.3680. If this gives way, and on the day it breaks, we end the day below this level, I believe this will be the catalyst for some bold moves across many currency pairs.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b><b style=\"line-height: 1.5em;\"> </b>\r\n<p align=\"center\"><b>THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:</b><b style=\"line-height: 1.5em;\"> </b></p>\r\nThe market is what it is.\r\n\r\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader .\r\n\r\nThe market is frustrating at the present time, and we seem to be operating in channels that are difficult to trade in. Usually, channel trading is quite straightforward.\r\n\r\nOver the past few years we have lived with and traded currencies within an upward trending equity market scenario. At the end of last year, the FED changed its monetary policy by introducing tapering.\r\n\r\nThis is in itself bound to have an effect.\r\n\r\nInitially, when tapering was talked about it was generally believed that the USD would strengthen hard across the board and equities would fall. To date, this has not happened. Instead, the markets have continued to grind higher and although there are plenty of inter-market correlations that are no longer in sync the predicted USD strength still has not emerged along the lines thought of at the outset of tapering. Market dis-connects continue.\r\n\r\nIn the short to medium term I do believe that a major news event will be the trigger to get the ball moving but until that happens I think we ‘Chop”\r\n\r\nBit by bit the long term effects of Quantitative Easing will be tapered out of the markets and we will spend most of 2014 unwinding. Standing back it makes sense that conditions will be choppy as the Fed monetary policy changes take hold. I think because we live in a “now” society we expect the markets to react instantaneously; but we have to be patient.\r\n\r\nTrader survival is therefore paramount in a “Chop Fest” environment. What are the survival rules to consider?\r\n<ol>\r\n	<li>Risk Management is now even more important than ever. One way to help in this area is to keep your risk tolerance the same but do it by taking smaller positions and widening your stops so that the overall risk is the same but you just have more trading space to deal with volatility.</li>\r\n	<li>If you trade Standard lots maybe consider trading Mini lots instead. You can still build up profitable trades by adding multi lots. It also allows you greater flexibility to react to live trades by adding to positions or conversely taking partial position sizes off the table. Obviously, if you trade Mini lots you could consider Micro lots as an option.\r\n\r\nThe bottom line though is smaller positions sizes makes sense in this type of market condition.\r\n\r\nYou can always revert back when the market changes to more trending market.</li>\r\n	<li>To give you an edge when entering trades. The best discipline that I have found is to use a “PULLBACK STRATEGY”. This basically involves waiting for a currency pair to pullback from the direction in which it is trading for maybe 15-30 minutes and then as it resumes it direction again you enter your trade back in the direction of the trend.\r\n\r\nI use this strategy for about 80% of my FLASH TRADES that are given to subscribers in the PREMIUM SERVICE.\r\n\r\nEvery trade is a risk. The key is doing everything you can to minimise the risk parameters you have. The “PULLBACK STRATEGY” does this and once you get proficient in adopting it as a trading style it can be used 24 x 7 x 365.</li>\r\n	<li>If you are a very Conservative trader and you do not like the “Chop Fest” - Stop trading…. and stand aside and keep your broker account in $$$. This is a great trading option if you are uncomfortable with present conditions. When I first started trading I was once told sometimes your best trade is the trade you don\'t take.\r\n\r\nYou are not chicken. Your trading style and your TRADING PLAN objectives (This is the discussion topic in TRADER TOPIC’s this week later in the blog), are your own.\r\n\r\nCapital preservation is paramount to success. Without capital you simply cannot trade. The market is cyclical, sometimes just need to be patient and wait to get on board again.</li>\r\n	<li>Basic trading guidelines often go out of the window through trader frustration particularly when, conditions are difficult to read and trends are virtually non-existent.\r\n\r\nGo back to basics; Remember you sell into strength and you buy into weakness. Buy low and sell high. Review your interpretation of Fibonacci charts and how to use pivot points.</li>\r\n</ol>\r\nThe above are just some very basic thoughts that if adopted should keep your broker accounts with a trading balance.\r\n\r\nI wrote last week about FEAR and GREED and how “twitchy” the markets have become. My comments are still very much relevant this week.\r\n\r\nGood luck with your trading and take car\r\n\r\n<b><span style=\"text-decoration: underline;\">\r\n3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3738.</b>  All eyes are on 1.3680 as the bull / bear line in the sand for the EUR/USD. To be honest the break of this support level is probably a lot to do with the way the Forex markets are operating at the moment. It is obviously very well supported.  I am looking at the range being 1.3680 to 1.3800.\r\n\r\n<b>GBP/USD: Closing Price 1.6614.  </b>The cable (GBP/USD) is now under pressure after breaking out last week. It was refused entry above 1.6800 and was dumped down. Some mixed data from the UK has forced it even lower during the week taking the cross rate pairs with it as well. Personally, below 1.6600 I see a re-test of 1.6250 and resistance is really set now at 1.6650 and then 1.6700.\r\n\r\n<b>AUD/USD: Closing Price 0.8978</b>.  The AUD I thought was going to put up the white flag earlier in the week but with equities continuing to grind higher it has remained reasonably well supported. It is not where it should be price wise given that the S &amp; P is hovering around all-time highs but nevertheless it has NOT collapsed. The range that interests me is 0.8950 to 0.9075.\r\n\r\n<b>NZD/USD: Closing Price 0.8274</b>.  A very similar story with the NZD as it is with the AUD. Support is big at 0.8250 and resistance is excellent at 0.8320.\r\n\r\n<b>USD/CAD: Closing Price 1.1107.</b>  Some stellar moves in the CAD and its cross rates during the week and today we pulled back almost 100 pips off the highs. Around this level is a place to establish a long position. The range is 1.1080 to 1.1230.\r\n\r\n<b>USD/CHF: Closing Price 0.8879</b>.  I see absolutely no point whatsoever trading this pair. Boring, boring, boring. Wake me up at 0.8800.\r\n\r\n<b>USD/JPY: Closing Price 102.48.  </b>We are still in exactly the same range as last week.  No change in my opinion. I think it’s going lower towards 99.50 before we hit 110.00. The range is 101.50 to 102.80.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A\r\n\r\nMONDAY: N/A\r\n\r\nTUESDAY: N/A\r\n\r\nWEDNESDAY: N/A\r\n\r\nTHURSDAY: N/A\r\n\r\nFRIDAY: EUR – CPi.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. PREMIUM SERVICE (WITH 2014 PERFORMANCE RESULTS TO DATE:)</span></b>\r\n\r\nAs there are always new readers of this blog each week, I thought that I should mention the subscriber based option of the WEEKLY FX DRIVE-THRU that has been in existence now since the beginning of 2014; THE PREMIUM SERVICE\r\n\r\nIt is an honest blog containing trade set-ups, profitable and losing trades, my ideas and thoughts and it also has for an instant communication to subscribers a dedicated protected TWITTER feed. All trades (profitable and losing) are monitored and recorded within the secure section of the WEEKLY FX DRIVE-THRU website.\r\n<p align=\"center\"><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">PREMIUM SERVICE   </span></b>\r\n\r\n</p><p align=\"center\">Are you a part-time forex trader?</p>\r\n<p align=\"center\">Are you a novice trader still coming to terms with the complexities of trading the forex market full-time?</p>\r\n<p align=\"center\">Do you feel a little overwhelmed with terminology, when to enter a trade, when to exit, what is being over-leveraged, what is effective risk / money management and what is a trading plan?</p>\r\n<p align=\"center\">The PREMIUM SERVICE may be an option worthy of serious consideration.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not a robot.</p>\r\n<p align=\"center\">The PREMIUM SERVICE it is not an automated system.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not an expensive fleecing series of daily financial updates, pages long that do not give you trading ideas or trade set-ups.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">What is the PREMIUM SERVICE?</span></b></p>\r\nFirstly, the PREMIUM SERVICE is a subscriber only addition to The WEEKLY FX DRIVE-THRU. The WEEKLY FX DRIVE-THRU is a weekly blog that I started over two years ago. Its aim was to review my thoughts and ideas on the forex market. I then started to add trade set-ups and write about trades that would be on my mind if certain events took place.\r\n\r\nI started to publish my future trade set-ups, which were predominantly profitable and as I approached my 100<sup>th</sup> blog, I decided that it was time to move to the next stage…. the PREMIUM SERVICE.\r\n\r\nThe PREMIUM SERVICE contains trade-set ups of my various styles of trades that I developed into a successful formula for trading the forex market with more profitable than losing trades.\r\n\r\nAs a subscriber to the PREMIUM SERVICE, you will receive all my suggested trades whether they are: - FLASH trades, RADAR trades or FUNDAMENTAL trades via an exclusive protected Twitter feed. I give you my thoughts on entry, exit, trade size and what type of lot to trade.\r\n\r\nI do the risk assessment ahead of the trade. You decide whether you want to take the trade and what position size to take.\r\n\r\nIf you trade part-time: with the RADAR TRADE suggestions you simply load a limit order with your broker and the trade will enter and exit automatically, if you use the suggestions I provide, or you can chose your own exit strategy.\r\n\r\n(Full details and definitions of FLASH, RADAR and FUNDAMENTAL trades are inside the secure members area of the PREMIUM SERVICE)\r\n\r\nHowever, I do trade currencies to make money.\r\n\r\nWhilst I like the idea of longer-term trading, if the market looks false to me I will cut profitable trades and bank money. I am not looking for the glory of three/four week trades to show I have nerves of steel to make +300 pips or so. If I can make 300 pips from three or four 24/48-hour trades instead, who cares? It’s all about banking profits and minimizing risk.\r\n\r\nI will have a balance of intra-day, swing and long term trades. It is your choice to pick what you want to take and what to risk. I am a low-risk very conservative trader.\r\n<p align=\"center\">FUNDAMENTALS MATTER TO ME</p>\r\n<p align=\"center\">I TRADE TO MAKE MONEY…NOT TO PICK TOPS OR BOTTOMS</p>\r\n<p align=\"center\">I TRADE LOW RISK</p>\r\n<p align=\"center\">I DO NOT CHASE MARKETS</p>\r\n<p align=\"center\">I LIKE THE TRADES TO COME TO ME</p>\r\n<p align=\"center\">I AM NOT A GREEDY TRADER</p>\r\n<p align=\"center\">I LIKE TO TRADE MOMENTUMS IN THE DIRECTION OF TRENDS</p>\r\n<p align=\"center\">I USE FIBONACCI LEVELS TO ENTER &amp; EXIT ON MANY TRADES</p>\r\n<p align=\"center\">PLUS</p>\r\n<p align=\"center\">MY TRADING STYLE IS MIXED EVEN WITH THE ABOVE KEY BASICS</p>\r\n<p align=\"center\">I USE THE PULLBACK STRATEGY TO ENTER AND I LIKE SWING AND LONGER-TERM TRADES (WHEN POSSIBLE)</p>\r\nThe members area of the website contains not just the comprehensive trading history / journal of trades but it also contains as much support information as I can gather that is of use to help us all trade profitably. As time moves on, the support pages areas will increase so that it becomes a one-stop point of reference for all styles and types of traders regardless of experience.\r\n\r\nI am hoping to have a chat room so that subscribers and myself can chat live about potential live trades. In addition, if the number of participants is economically viable, I will hold webinars on trading issues. Below is a list of questions so far that will either be addressed by webinar or by a future section within a blog post.\r\n<p align=\"center\"><b>Trade Plans and how to work with them\r\nHow to find a good broker to partner with</b>\r\n<b>What trades for what broker\r\nMicro, Mini or Standard lots\r\nPlacing Stops</b>\r\n<b>Strategies on when to enter and exit trades</b>\r\n<b>Risk Assessment</b>\r\n<b>When to fade trades</b>\r\n<b>How to cost average effectively</b>\r\n<b>How to use Trade Zones effectively - Buy Zones and Sell zones</b>\r\n<b>Working with Fibonacci levels</b>\r\n<b>Basic Chart analysis</b></p>\r\nThe PREMIUM SERVICE will evolve as it moves forward. I have lots of ideas to integrate into this area, but I am also open to ideas from readers / followers and subscribers.\r\n\r\nThis is a very important step for me as well; I want the PREMIUM SERVICE to be different to other services currently available.\r\n\r\n&nbsp;\r\n\r\nWhilst upon first look, it may appear that the Premium Service is directed solely at new traders, or those with intermediate skill levels. Please note this is not my intention. Trading can be lonely, and sometimes it is good to feel that you are part of a team. With this in mind, I am thinking that a “Chat Room” style area would be of benefit to all traders to share ideas and trade set-ups. Plus, whether you are a new trader or an experienced trader it is always good to have a library of information available close at hand.\r\n\r\nWhat are the costs?\r\n\r\nThere will be 40 weekly blogs / issues per year. I will not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR and FUNDAMENTAL trades” and issues emanating from previous blogs.\r\n<p align=\"center\"><b>There are three subscription options: </b></p>\r\n<p align=\"center\"><b>ANNUAL (40 WEEK) SUBSCRIPTION: $750.00 (this equates to $18.75 per week) </b></p>\r\n<p align=\"center\"><b>20 WEEKS SUBSCRIPTION: $450.00 (this equates to $22.50 per week)  </b></p>\r\n<p align=\"center\"><b>10 WEEKS SUBSCRIPTION: $250.00 (this equates to $25.00 per week) </b></p>\r\n<p align=\"center\"><b>(All Fees are quoted in USD\r\nand\r\nPlease note: There are no refunds once a subscription is accepted)</b></p>\r\nTo expand on the statements made above and, hopefully place costs into perspective should you still doubt the value of a subscription.\r\n\r\nBelow are the February 2014 month to date performance results so far and a combined year to date 2014 summary.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\r\n\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.\r\n\r\n<b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n11 trades at $0.10 cents each = $1.10 risk for $14.80 profit.\r\n\r\n<span style=\"line-height: 1.5em;\">1 x MINI-LOT:\r\n</span><span style=\"line-height: 1.5em;\">11 trades at $1.00 each = $11.00 risk for $148.00 profit.\r\n\r\n</span><span style=\"line-height: 1.5em;\">1 x STANDARD LOT:\r\n</span><span style=\"line-height: 1.5em;\">11 trades at $10.00 each = $110.00 risk for $1,480.00 profit.</span></p>\r\n<b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n24 trades at $0.10 cents each = $2.40 cents risk for $59.90 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n24 trades at $1.00 each = $24.00 risk for $599.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n24 trades at $10.00 each = $240.00 risk for $5,990.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n13 trades at $0.10 cents each = $1.30 cents risk for $16.10 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n13 trades at $1.00 each = $13.00 risk for $161.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n13 trades at $10.00 each = $130.00 risk for $1,610.00 loss\r\n\r\n\r\n</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">FEBRUARY - 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n48 trades at $0.10 cents each = $4.80 risk for $58.60 profit.</p>\r\n<p align=\"center\"> TRADING MINI-LOTS:\r\n48 trades at $1.00 each = $48.00 risk for $586.00 profit.</p>\r\n<p align=\"center\"> TRADING STANDARD LOTS:\r\n48 trades at $10.00 each = $480.00 risk for $5,860.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n92 trades at $0.10 cents each = $9.20 risk for $137.10 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n92 trades at $1.00 each = $92.00 risk for $1,371.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n92 trades at $10.00 each = $920.00 risk for $13,710.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<b><span style=\"text-decoration: underline;\">6. FINAL THOUGHTS:</span></b>\r\n\r\nNot much in news events that interest me this week.\r\n\r\nI am expecting the “Chop Fest” to continue and with no major published news that really interests me due to published I think that the forex markets will be in the hands of the equity markets for direction and also “God help us all” the “numpty” politicians claiming their 30 seconds of TV fame with sound- bytes.\r\n\r\nWith that in mind, always remember that there is a market everyday. You do not need to trade everyday to make your financial goals. If it’s too choppy stand aside and in any event take smaller position sizes.\r\n\r\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\r\n\r\nPLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday February 22nd 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n&nbsp;','THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:','','inherit','open','closed','','3281-revision-v1','','','2014-02-22 10:42:05','2014-02-22 15:42:05','',3281,'https://weeklyfxdrivethru.com/3281-revision-v1/',0,'revision','',0),(3283,1,'2014-02-22 10:54:39','2014-02-22 15:54:39','&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nDespite the fact I think that in my opinion the Forex market is currently a bit of a chop fest and that it seems to just want to squeeze extremes and exert as much pain as possible to traders, I had from a personal viewpoint my best trading week this year. This week over +500 pips profit again. My absolute $$$ return has me well ahead of my trading plan objective. To place the week in context, most of the pips were generated from related to CAD related trades in one day.\r\n\r\nI do not want to promote “doom and gloom” but I see a period of chop fest intensifying as we move forward and in these situations sometimes your best trade is NOT to trade. I will debate the current market conditions later in this blog.\r\n\r\nThe big news items during the past week regarding the PMi’s in China and Europe plus the FOMC meeting minutes didn’t really move the major pairs out of their trading channels and largely they remained range bound. The big number in the market to trigger moves across the board appears to be the EUR/USD support at 1.3680. If this gives way, and on the day it breaks, we end the day below this level, I believe this will be the catalyst for some bold moves across many currency pairs.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b><b style=\"line-height: 1.5em;\"> </b>\r\n<p align=\"center\"><b>THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:</b><b style=\"line-height: 1.5em;\"> </b></p>\r\nThe market is what it is.\r\n\r\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader .\r\n\r\nThe market is frustrating at the present time, and we seem to be operating in channels that are difficult to trade in. Usually, channel trading is quite straightforward.\r\n\r\nOver the past few years we have lived with and traded currencies within an upward trending equity market scenario. At the end of last year, the FED changed its monetary policy by introducing tapering.\r\n\r\nThis is in itself bound to have an effect.\r\n\r\nInitially, when tapering was talked about it was generally believed that the USD would strengthen hard across the board and equities would fall. To date, this has not happened. Instead, the markets have continued to grind higher and although there are plenty of inter-market correlations that are no longer in sync the predicted USD strength still has not emerged along the lines thought of at the outset of tapering. Market dis-connects continue.\r\n\r\nIn the short to medium term I do believe that a major news event will be the trigger to get the ball moving but until that happens I think we ‘Chop”\r\n\r\nBit by bit the long term effects of Quantitative Easing will be tapered out of the markets and we will spend most of 2014 unwinding. Standing back it makes sense that conditions will be choppy as the Fed monetary policy changes take hold. I think because we live in a “now” society we expect the markets to react instantaneously; but we have to be patient.\r\n\r\nTrader survival is therefore paramount in a “Chop Fest” environment. What are the survival rules to consider?\r\n<ol>\r\n	<li>Risk Management is now even more important than ever. One way to help in this area is to keep your risk tolerance the same but do it by taking smaller positions and widening your stops so that the overall risk is the same but you just have more trading space to deal with volatility.</li>\r\n	<li>If you trade Standard lots maybe consider trading Mini lots instead. You can still build up profitable trades by adding multi lots. It also allows you greater flexibility to react to live trades by adding to positions or conversely taking partial position sizes off the table. Obviously, if you trade Mini lots you could consider Micro lots as an option.The bottom line though is smaller positions sizes makes sense in this type of market condition.\r\n\r\nYou can always revert back when the market changes to more trending market.</li>\r\n	<li>To give you an edge when entering trades. The best discipline that I have found is to use a “PULLBACK STRATEGY”. This basically involves waiting for a currency pair to pullback from the direction in which it is trading for maybe 15-30 minutes and then as it resumes it direction again you enter your trade back in the direction of the trend.I use this strategy for about 80% of my FLASH TRADES that are given to subscribers in the PREMIUM SERVICE.\r\n\r\nEvery trade is a risk. The key is doing everything you can to minimise the risk parameters you have. The “PULLBACK STRATEGY” does this and once you get proficient in adopting it as a trading style it can be used 24 x 7 x 365.</li>\r\n	<li>If you are a very Conservative trader and you do not like the “Chop Fest” - Stop trading…. and stand aside and keep your broker account in $$$. This is a great trading option if you are uncomfortable with present conditions. When I first started trading I was once told sometimes your best trade is the trade you don\'t take.You are not chicken. Your trading style and your TRADING PLAN objectives (This is the discussion topic in TRADER TOPIC’s this week later in the blog), are your own.\r\n\r\nCapital preservation is paramount to success. Without capital you simply cannot trade. The market is cyclical, sometimes just need to be patient and wait to get on board again.</li>\r\n	<li>Basic trading guidelines often go out of the window through trader frustration particularly when, conditions are difficult to read and trends are virtually non-existent.Go back to basics; Remember you sell into strength and you buy into weakness. Buy low and sell high. Review your interpretation of Fibonacci charts and how to use pivot points.</li>\r\n</ol>\r\nThe above are just some very basic thoughts that if adopted should keep your broker accounts with a trading balance.\r\n\r\nI wrote last week about FEAR and GREED and how “twitchy” the markets have become. My comments are still very much relevant this week.\r\n\r\nGood luck with your trading and take car\r\n\r\n<b><span style=\"text-decoration: underline;\">\r\n3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3738.</b>  All eyes are on 1.3680 as the bull / bear line in the sand for the EUR/USD. To be honest the break of this support level is probably a lot to do with the way the Forex markets are operating at the moment. It is obviously very well supported.  I am looking at the range being 1.3680 to 1.3800.\r\n\r\n<b>GBP/USD: Closing Price 1.6614.  </b>The cable (GBP/USD) is now under pressure after breaking out last week. It was refused entry above 1.6800 and was dumped down. Some mixed data from the UK has forced it even lower during the week taking the cross rate pairs with it as well. Personally, below 1.6600 I see a re-test of 1.6250 and resistance is really set now at 1.6650 and then 1.6700.\r\n\r\n<b>AUD/USD: Closing Price 0.8978</b>.  The AUD I thought was going to put up the white flag earlier in the week but with equities continuing to grind higher it has remained reasonably well supported. It is not where it should be price wise given that the S &amp; P is hovering around all-time highs but nevertheless it has NOT collapsed. The range that interests me is 0.8950 to 0.9075.\r\n\r\n<b>NZD/USD: Closing Price 0.8274</b>.  A very similar story with the NZD as it is with the AUD. Support is big at 0.8250 and resistance is excellent at 0.8320.\r\n\r\n<b>USD/CAD: Closing Price 1.1107.</b>  Some stellar moves in the CAD and its cross rates during the week and today we pulled back almost 100 pips off the highs. Around this level is a place to establish a long position. The range is 1.1080 to 1.1230.\r\n\r\n<b>USD/CHF: Closing Price 0.8879</b>.  I see absolutely no point whatsoever trading this pair. Boring, boring, boring. Wake me up at 0.8800.\r\n\r\n<b>USD/JPY: Closing Price 102.48.  </b>We are still in exactly the same range as last week.  No change in my opinion. I think it’s going lower towards 99.50 before we hit 110.00. The range is 101.50 to 102.80.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A\r\n\r\nMONDAY: N/A\r\n\r\nTUESDAY: N/A\r\n\r\nWEDNESDAY: N/A\r\n\r\nTHURSDAY: N/A\r\n\r\nFRIDAY: EUR – CPi.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. PREMIUM SERVICE (WITH 2014 PERFORMANCE RESULTS TO DATE:)</span></b>\r\n\r\nAs there are always new readers of this blog each week, I thought that I should mention the subscriber based option of the WEEKLY FX DRIVE-THRU that has been in existence now since the beginning of 2014; THE PREMIUM SERVICE\r\n\r\nIt is an honest blog containing trade set-ups, profitable and losing trades, my ideas and thoughts and it also has for an instant communication to subscribers a dedicated protected TWITTER feed. All trades (profitable and losing) are monitored and recorded within the secure section of the WEEKLY FX DRIVE-THRU website.\r\n<p align=\"center\"><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">PREMIUM SERVICE   </span></b>\r\n\r\n</p><p align=\"center\">Are you a part-time forex trader?</p>\r\n<p align=\"center\">Are you a novice trader still coming to terms with the complexities of trading the forex market full-time?</p>\r\n<p align=\"center\">Do you feel a little overwhelmed with terminology, when to enter a trade, when to exit, what is being over-leveraged, what is effective risk / money management and what is a trading plan?</p>\r\n<p align=\"center\">The PREMIUM SERVICE may be an option worthy of serious consideration.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not a robot.</p>\r\n<p align=\"center\">The PREMIUM SERVICE it is not an automated system.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not an expensive fleecing series of daily financial updates, pages long that do not give you trading ideas or trade set-ups.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">What is the PREMIUM SERVICE?</span></b></p>\r\nFirstly, the PREMIUM SERVICE is a subscriber only addition to The WEEKLY FX DRIVE-THRU. The WEEKLY FX DRIVE-THRU is a weekly blog that I started over two years ago. Its aim was to review my thoughts and ideas on the forex market. I then started to add trade set-ups and write about trades that would be on my mind if certain events took place.\r\n\r\nI started to publish my future trade set-ups, which were predominantly profitable and as I approached my 100<sup>th</sup> blog, I decided that it was time to move to the next stage…. the PREMIUM SERVICE.\r\n\r\nThe PREMIUM SERVICE contains trade-set ups of my various styles of trades that I developed into a successful formula for trading the forex market with more profitable than losing trades.\r\n\r\nAs a subscriber to the PREMIUM SERVICE, you will receive all my suggested trades whether they are: - FLASH trades, RADAR trades or FUNDAMENTAL trades via an exclusive protected Twitter feed. I give you my thoughts on entry, exit, trade size and what type of lot to trade.\r\n\r\nI do the risk assessment ahead of the trade. You decide whether you want to take the trade and what position size to take.\r\n\r\nIf you trade part-time: with the RADAR TRADE suggestions you simply load a limit order with your broker and the trade will enter and exit automatically, if you use the suggestions I provide, or you can chose your own exit strategy.\r\n\r\n(Full details and definitions of FLASH, RADAR and FUNDAMENTAL trades are inside the secure members area of the PREMIUM SERVICE)\r\n\r\nHowever, I do trade currencies to make money.\r\n\r\nWhilst I like the idea of longer-term trading, if the market looks false to me I will cut profitable trades and bank money. I am not looking for the glory of three/four week trades to show I have nerves of steel to make +300 pips or so. If I can make 300 pips from three or four 24/48-hour trades instead, who cares? It’s all about banking profits and minimizing risk.\r\n\r\nI will have a balance of intra-day, swing and long term trades. It is your choice to pick what you want to take and what to risk. I am a low-risk very conservative trader.\r\n<p align=\"center\">FUNDAMENTALS MATTER TO ME</p>\r\n<p align=\"center\">I TRADE TO MAKE MONEY…NOT TO PICK TOPS OR BOTTOMS</p>\r\n<p align=\"center\">I TRADE LOW RISK</p>\r\n<p align=\"center\">I DO NOT CHASE MARKETS</p>\r\n<p align=\"center\">I LIKE THE TRADES TO COME TO ME</p>\r\n<p align=\"center\">I AM NOT A GREEDY TRADER</p>\r\n<p align=\"center\">I LIKE TO TRADE MOMENTUMS IN THE DIRECTION OF TRENDS</p>\r\n<p align=\"center\">I USE FIBONACCI LEVELS TO ENTER &amp; EXIT ON MANY TRADES</p>\r\n<p align=\"center\">PLUS</p>\r\n<p align=\"center\">MY TRADING STYLE IS MIXED EVEN WITH THE ABOVE KEY BASICS</p>\r\n<p align=\"center\">I USE THE PULLBACK STRATEGY TO ENTER AND I LIKE SWING AND LONGER-TERM TRADES (WHEN POSSIBLE)</p>\r\nThe members area of the website contains not just the comprehensive trading history / journal of trades but it also contains as much support information as I can gather that is of use to help us all trade profitably. As time moves on, the support pages areas will increase so that it becomes a one-stop point of reference for all styles and types of traders regardless of experience.\r\n\r\nI am hoping to have a chat room so that subscribers and myself can chat live about potential live trades. In addition, if the number of participants is economically viable, I will hold webinars on trading issues. Below is a list of questions so far that will either be addressed by webinar or by a future section within a blog post.\r\n<p align=\"center\"><b>Trade Plans and how to work with them\r\nHow to find a good broker to partner with</b>\r\n<b>What trades for what broker\r\nMicro, Mini or Standard lots\r\nPlacing Stops</b>\r\n<b>Strategies on when to enter and exit trades</b>\r\n<b>Risk Assessment</b>\r\n<b>When to fade trades</b>\r\n<b>How to cost average effectively</b>\r\n<b>How to use Trade Zones effectively - Buy Zones and Sell zones</b>\r\n<b>Working with Fibonacci levels</b>\r\n<b>Basic Chart analysis</b></p>\r\nThe PREMIUM SERVICE will evolve as it moves forward. I have lots of ideas to integrate into this area, but I am also open to ideas from readers / followers and subscribers.\r\n\r\nThis is a very important step for me as well; I want the PREMIUM SERVICE to be different to other services currently available.\r\n\r\n&nbsp;\r\n\r\nWhilst upon first look, it may appear that the Premium Service is directed solely at new traders, or those with intermediate skill levels. Please note this is not my intention. Trading can be lonely, and sometimes it is good to feel that you are part of a team. With this in mind, I am thinking that a “Chat Room” style area would be of benefit to all traders to share ideas and trade set-ups. Plus, whether you are a new trader or an experienced trader it is always good to have a library of information available close at hand.\r\n\r\nWhat are the costs?\r\n\r\nThere will be 40 weekly blogs / issues per year. I will not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR and FUNDAMENTAL trades” and issues emanating from previous blogs.\r\n<p align=\"center\"><b>There are three subscription options: </b></p>\r\n<p align=\"center\"><b>ANNUAL (40 WEEK) SUBSCRIPTION: $750.00 (this equates to $18.75 per week) </b></p>\r\n<p align=\"center\"><b>20 WEEKS SUBSCRIPTION: $450.00 (this equates to $22.50 per week)  </b></p>\r\n<p align=\"center\"><b>10 WEEKS SUBSCRIPTION: $250.00 (this equates to $25.00 per week) </b></p>\r\n<p align=\"center\"><b>(All Fees are quoted in USD\r\nand\r\nPlease note: There are no refunds once a subscription is accepted)</b></p>\r\nTo expand on the statements made above and, hopefully place costs into perspective should you still doubt the value of a subscription.\r\n\r\nBelow are the February 2014 month to date performance results so far and a combined year to date 2014 summary.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.\r\n\r\n<b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n11 trades at $0.10 cents each = $1.10 risk for $14.80 profit.</p>\r\n<p style=\"text-align: center;\"><span style=\"line-height: 1.5em;\">1 x MINI-LOT:\r\n</span><span style=\"line-height: 1.5em;\">11 trades at $1.00 each = $11.00 risk for $148.00 profit.</span></p>\r\n<p style=\"text-align: center;\"><span style=\"line-height: 1.5em;\">1 x STANDARD LOT:\r\n</span><span style=\"line-height: 1.5em;\">11 trades at $10.00 each = $110.00 risk for $1,480.00 profit.</span></p>\r\n<b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n24 trades at $0.10 cents each = $2.40 cents risk for $59.90 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n24 trades at $1.00 each = $24.00 risk for $599.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n24 trades at $10.00 each = $240.00 risk for $5,990.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n13 trades at $0.10 cents each = $1.30 cents risk for $16.10 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n13 trades at $1.00 each = $13.00 risk for $161.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n13 trades at $10.00 each = $130.00 risk for $1,610.00 loss</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">FEBRUARY - 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n48 trades at $0.10 cents each = $4.80 risk for $58.60 profit.</p>\r\n<p align=\"center\"> TRADING MINI-LOTS:\r\n48 trades at $1.00 each = $48.00 risk for $586.00 profit.</p>\r\n<p align=\"center\"> TRADING STANDARD LOTS:\r\n48 trades at $10.00 each = $480.00 risk for $5,860.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n92 trades at $0.10 cents each = $9.20 risk for $137.10 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n92 trades at $1.00 each = $92.00 risk for $1,371.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n92 trades at $10.00 each = $920.00 risk for $13,710.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n<b><span style=\"text-decoration: underline;\">6. FINAL THOUGHTS:</span></b>\r\n\r\nNot much in news events that interest me this week.\r\n\r\nI am expecting the “Chop Fest” to continue and with no major published news that really interests me due to published I think that the forex markets will be in the hands of the equity markets for direction and also “God help us all” the “numpty” politicians claiming their 30 seconds of TV fame with sound- bytes.\r\n\r\nWith that in mind, always remember that there is a market everyday. You do not need to trade everyday to make your financial goals. If it’s too choppy stand aside and in any event take smaller position sizes.\r\n\r\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\r\n\r\nPLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday February 22nd 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n&nbsp;','THE MARKET IS A CHOP FEST…HERE ARE SOME THOUGHTS ON SURVIVING:','','inherit','open','closed','','3281-revision-v1','','','2014-02-22 10:54:39','2014-02-22 15:54:39','',3281,'https://weeklyfxdrivethru.com/3281-revision-v1/',0,'revision','',0),(3334,1,'2014-03-08 10:33:02','2014-03-08 15:33:02','<b style=\"line-height: 1.5em;\"> </b>\r\n\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nI do not mean to complain, or sound negative; but I am finding this market very challenging.\r\n\r\nI “Tweeted” earlier in the week that the next blog would be about trade potentials, and set-ups, looking forward, and, those of you who are subscribers to the PREMIUM SERVICE, will have that version of the blog. The rest of you who subscribe to the WEEKLY FX DRIVE THRU blog will have a version with that section removed. That comes later.\r\n\r\nRight now, I think that my emotions on what I think the market should be doing and what is in effect happening is affecting my whole approach to trading. I am having a lot more “What if’s” and “Yes but’s” at the back of my mind. I am trading purely off pullbacks on FLASH trades. Because the markets are at all-time highs, and very complacent about news/data events, the chances of false breakouts and false breakdowns are increased and my limit order entries on RADAR trades are mostly set at only the 38.2% and 61.7% Fibonacci levels, this creates less trades, which is probably not a bad thing. I think what I am trying to say is that I need to see a definitive move from these elevated equity positions to give me a direction, and I do not care which direction. In saying that, not just a one day move, but a confirmed move with chart technicals supporting it.\r\n\r\nDespite my concerns, the PREMIUM SERVICE has turned a profit in the past week, and, from a personal perspective my best trade of the week was a “fat finger” entry on the EUR/USD long after the ECB Press Conference on a tiny pullback that I was trying to draw a line on and I entered the trade in error. This trade provided three profit opportunities and over 340 pips of profit emanating from the original position size. Although for the purposes of reporting on the PREMIUM SERVICE performance it shows as +86 pips.\r\n\r\nHowever, my view which I have made public on several occasions, I feel is still valid. If you can keep your head above water right now, you are doing well. There will be many trading accounts failing and traders pulling out of trading because it’s too hard.\r\n\r\nLooking at the past weeks major news items: -\r\n\r\nThe AUD/USD: - We had during the week a GDP release, RBA Interest Rate Statement, Retail Sales and a Stevens Press Conference. The AUD/USD did not give up and head towards 0.8000; instead the majority of the news was AUD positive. RBA Stevens, at the end of the week in his press release mentioned that the AUD was high, but never gave guidelines to levels that the RBA wanted to see or would feel happier with, so, the rally continued.\r\n\r\nThe EUROZONE: Nothing was done to ease and the EUR/USD grind higher increased in pace and it broke 1.3900. On the monthly chart, this is a breakout above the multi-year trend line (chart is later in blog). Draghi really emphasizes any good news and really plays down bad news. He has it perfect on how to play the press conferences. Once you realize this, and, understand that Angela Merkel is actually writing his press statement and leading him via an ear piece on his responses in the Q &amp; A section….you have the show in your measure.\r\n\r\nNon-Farm Payrolls: Unbelievable, what a surprise - a beat. Very convenient timing….my God I am soooooooooo cynical now. Once again, every expert, political commentator, pundit….whatever you want to call them, got it wrong, the weather never impacted the numbers and all the bulls**t about numbers being collated during the week of the worst weather was crap. That is of course unless the numbers were fixed!\r\nThe reaction to this data….the market pauses / consolidates.\r\n\r\nThe one consistency, that I draw from these data releases is that fundamentally they were opposite, except the ECB, to what was believed to be the sentiment.\r\n\r\nMy take from this week’s news events is simple, trade small or stay in $$$. This is why I keep writing words and phrases like choppy, uncertainty, irrational, lack of momentum, divergence, lack of correlation, non-directional, head above water, difficult conditions, stay in $$$ and sidelined in tweets.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b>\r\n<p align=\"center\"><b>GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS… COMPLACENT OR IRRATIONAL?…YOU CHOOSE</b></p>\r\nThe constant grind higher in equities on the back of good or bad data is frightening. The belief that the FED will just jump in and stop the monthly tapering if the economic data gets worse, I find quite disturbing. Basically, it appears that the markets believe that there is only one way for equities to move as it has a backstop; the FED.\r\n\r\nI watched CNBC a couple of times this past week and I was horrified with some of the “experts” that were rolled out. These people, basically, can only see one way for the markets to move and have are no major concerns or issues, there are no fears and there is a belief that the FED will support the markets.\r\n\r\nI know that there are plenty of traders getting short and getting crushed by the market as they are trying to pick tops. Contrarian trading is for a very select group of traders who are willing to take four or five losses on the run before that profitable trade happens. For most of us, even if our pockets are deep enough, our emotions couldn’t cope. For us we just have to sit it out or trade very small position sizes.<b> </b>\r\n\r\nWe all have opinions on the market and what happens from session to session, day to day.\r\n\r\nAre the markets complacent?\r\n\r\nIn my opinion dead right they are.\r\n\r\nThe present moves are unsustainable and a correction should be happening.  However, we are not getting a pullback. Even with the Ukraine situation.\r\n\r\nOver a week ago the equity markets pulled back after Russian troops were deployed on Ukrainian soil. Monday this past week we were told that they were being pulled back to their barracks. The markets rallied hard on this news. Hello…..they still occupy the Crimea area of Ukraine as Vladimir Putin (Russian President) wants to ensure that the Black Sea deep water ports where the Russian fleets are based remain in Russian hands and no EUROZONE or American agreement with Ukraine threatens this.\r\n\r\nI see this as a potential issue moving forward…..for equity markets in the world it is a “Fur coat and no knickers” press release that caused the markets to rally. The Ukrainian problem is by no means over.\r\n\r\nAre the markets irrational?\r\n\r\nIn my opinion dead right they are.\r\n\r\nMy best description here is that I think I have seen better organized chickens running around farm-yards with their heads chopped off..it is scary.\r\n\r\nHowever, the market it is what it is. In the name of sanity how can good news be good news and bad news be good news. This is what we are dealing with at the moment. So my claims of irrationality are probably well grounded.\r\n\r\nWe are in a one-sided market at these elevated levels. Bulls are leading the way right now but a macro level news event could be the catalyst that drives the bears to pole position. The whipsaw event that happens when bears take control will be dramatic, given the fact we keep grinding higher. In addition, the markets reaction following Non-Farm Payroll was totally surprising and causes concern and twitchiness!\r\n\r\nAll the above said….How do we trade?\r\n\r\nObviously, in one sided stretched market conditions, averages on the charts and technical levels are challenging, they actually mean less and less the more the markets stretch. The reverses of stretched markets are nasty.\r\n\r\nMy conclusion is that the only sensible approach is to trade smaller positions with wider stops, or stay sidelined in cash.\r\n\r\nIn the TRADES ON MY RADAR section there are several trades that are listed with charts that hopefully give us an edge going forward, bearing in mind that we have a lot to deal with.\r\n\r\nTake care…PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. TRADER TOPICS: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b><b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MY CURRENT LIVE TRADES: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. TRADES THAT ARE ON MY RADAR: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">6. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3875.</b> The EUR/USD is still in breakout territory. The next few sessions should determine whether this pair is going higher or we topped at 1.3915.  I do not think that the USD is out of the woods yet, despite the weird market response to Non-Farm payrolls. The range is simple 1.3825 to 1.3915.\r\n\r\n<b>GBP/USD: Closing Price 1.6711. </b>Not much of a change in price in the past week, which indicates to me consolidation of the past move. Should cable break through 1.6825 (NFP highs), I do think that 1.6875 will follow soon after and then possibly into the mid 1.70’s. But a lot of that potential move depends on the EUR/USD. Should the EUR/USD go higher that should bring the EUR/GBP with it and therefore the GBP/USD may not gather the momentum that one normally associates with this pair. Support is at 1.6640.\r\n\r\n<b>AUD/USD: Closing Price 0.9070</b>. After a week of good data, the AUD/USD fell back after Non-Farm payrolls. Not certain that this drop will be confirmed over the coming sessions, so the levels that interest me are 0.8990 to 0.9120.\r\n\r\n<b>NZD/USD: Closing Price 0.8464</b>. I have very similar thoughts to those for the AUD/USD. This pair has been really well supported this past week or so. We have the RBNZ interest Rate statement on Wednesday. I am staying clear of this pair until after RBNZ Governor “Wheeler the dealer” has strutted his stuff. The levels for me are 0.8430 to 0.8510.<b> </b>\r\n\r\n<b>USD/CAD: Closing Price 1.1087.</b> The USD/CAD saw a bold move higher on Friday following very poor employment data.  Support should be good at 1.1040 and resistance at 1.1160 are the initial levels to look for.\r\n\r\n<b>USD/CHF: Closing Price 0.8774</b>. I am just not interested in this pair until the EUR/USD makes its mind up. My favoured trade is long at 0.8600 or 0.8700 dependent on EUR/USD trading activity. Resistance to get this pair bullish lies at 0.8820.\r\n\r\n<b>USD/JPY: Closing Price 103.25.  </b>Last week I thought that the USD/JPY was on the cusp of a breakdown. We broke higher towards the end of the week. I stopped trading the USD/JPY a while ago after three or four bad trades. I see the levels for those of you interested being 102.60 to 104.00.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation report hearings.\r\n\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Press Conference.\r\nWEDNESDAY: AUD – Employment Rates.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">8. THE PREMIUM SERVICE:</span></b>\r\n\r\nAs there are always new readers of this blog each week, I thought that I should mention the subscriber based option of the WEEKLY FX DRIVE-THRU that has been in existence now since the beginning of 2014; THE PREMIUM SERVICE.\r\n\r\nIt is an honest blog containing trade set-ups, profitable and losing trades, my ideas and thoughts and it also has for an instant communication to subscribers a dedicated protected TWITTER feed. All trades (profitable and losing) are monitored and recorded within the secure section of the WEEKLY FX DRIVE-THRU website.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">THE PREMIUM SERVICE   </span></b>\r\n\r\n</p><p align=\"center\">Are you a part-time forex trader?</p>\r\n<p align=\"center\">Are you a novice trader still coming to terms with the complexities of trading the forex market full-time?</p>\r\n<p align=\"center\">Do you feel a little overwhelmed with terminology, when to enter a trade, when to exit, what is being over-leveraged, what is effective risk / money management and what is a trading plan?</p>\r\n<p align=\"center\">The PREMIUM SERVICE may be an option worthy of serious consideration.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not a robot.</p>\r\n<p align=\"center\">The PREMIUM SERVICE it is not an automated system.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not an expensive fleecing series of daily financial updates, pages long that do not give you trading ideas or trade set-ups.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">What is the PREMIUM SERVICE?</span></b></p>\r\nFirstly, the PREMIUM SERVICE is a subscriber only addition to The WEEKLY FX DRIVE-THRU. The WEEKLY FX DRIVE-THRU is a weekly blog that I started over two years ago. Its aim was to review my thoughts and ideas on the forex market. I then started to add trade set-ups and write about trades that would be on my mind if certain events took place.\r\n\r\nI started to publish my future trade set-ups, which were predominantly profitable and as I approached my 100<sup>th</sup> blog, I decided that it was time to move to the next stage…. the PREMIUM SERVICE.\r\n\r\nThe PREMIUM SERVICE contains trade-set ups of my various styles of trades that I developed into a successful formula for trading the forex market with more profitable than losing trades.\r\n\r\nAs a subscriber to the PREMIUM SERVICE, you will receive all my suggested trades whether they are: - FLASH trades, RADAR trades or FUNDAMENTAL trades via an exclusive protected Twitter feed. I give you my thoughts on entry, exit, trade size and what type of lot to trade.\r\n\r\nI do the risk assessment ahead of the trade. You decide whether you want to take the trade and what position size to take.\r\n\r\nIf you trade part-time: with the RADAR TRADE suggestions you simply load a limit order with your broker and the trade will enter and exit automatically, if you use the suggestions I provide, or you can chose your own exit strategy.\r\n\r\n(Full details and definitions of FLASH, RADAR and FUNDAMENTAL trades are inside the secure members area of the PREMIUM SERVICE)\r\n\r\nHowever, I do trade currencies to make money.\r\n\r\nWhilst I like the idea of longer-term trading, if the market looks false to me I will cut profitable trades and bank money. I am not looking for the glory of three/four week trades to show I have nerves of steel to make +300 pips or so. If I can make 300 pips from three or four 24/48-hour trades instead, who cares? It’s all about banking profits and minimizing risk.\r\n\r\nI will have a balance of intra-day, swing and long term trades. It is your choice to pick what you want to take and what to risk. I am a low-risk very conservative trader.\r\n<p align=\"center\">FUNDAMENTALS MATTER TO ME</p>\r\n<p align=\"center\">I TRADE TO MAKE MONEY…NOT TO PICK TOPS OR BOTTOMS</p>\r\n<p align=\"center\">I TRADE LOW RISK</p>\r\n<p align=\"center\">I DO NOT CHASE MARKETS</p>\r\n<p align=\"center\">I LIKE THE TRADES TO COME TO ME</p>\r\n<p align=\"center\">I AM NOT A GREEDY TRADER</p>\r\n<p align=\"center\">I LIKE TO TRADE MOMENTUMS IN THE DIRECTION OF TRENDS</p>\r\n<p align=\"center\">I USE FIBONACCI LEVELS TO ENTER &amp; EXIT ON MANY TRADES</p>\r\n<p align=\"center\">PLUS</p>\r\n<p align=\"center\">MY TRADING STYLE IS MIXED EVEN WITH THE ABOVE KEY BASICS</p>\r\n<p align=\"center\">I USE THE PULLBACK STRATEGY TO ENTER AND I LIKE SWING AND LONGER-TERM TRADES (WHEN POSSIBLE)</p>\r\nThe members area of the website contains not just the comprehensive trading history / journal of trades but it also contains as much support information as I can gather that is of use to help us all trade profitably. As time moves on, the support pages areas will increase so that it becomes a one-stop point of reference for all styles and types of traders regardless of experience.\r\n\r\nI am hoping to have a chat room so that subscribers and myself can chat live about potential live trades. In addition, if the number of participants is economically viable, I will hold webinars on trading issues. Below is a list of questions so far that will either be addressed by webinar or by a future section within a blog post.\r\n<p align=\"center\"><b>Trade Plans and how to work with them\r\nHow to find a good broker to partner with</b>\r\n<b>What trades for what broker\r\nMicro, Mini or Standard lots\r\nPlacing Stops</b>\r\n<b>Strategies on when to enter and exit trades</b>\r\n<b>Risk Assessment</b>\r\n<b>When to fade trades</b>\r\n<b>How to cost average effectively</b>\r\n<b>How to use Trade Zones effectively - Buy Zones and Sell zones</b>\r\n<b>Working with Fibonacci levels</b>\r\n<b>Basic Chart analysis</b></p>\r\nThe PREMIUM SERVICE will evolve as it moves forward. I have lots of ideas to integrate into this area, but I am also open to ideas from readers / followers and subscribers.\r\n\r\nThis is a very important step for me as well; I want the PREMIUM SERVICE to be different to other services currently available.\r\n\r\nWhilst upon first look, it may appear that the Premium Service is directed solely at new traders, or those with intermediate skill levels. Please note this is not my intention. Trading can be lonely, and sometimes it is good to feel that you are part of a team. With this in mind, I am thinking that a “Chat Room” style area would be of benefit to all traders to share ideas and trade set-ups. Plus, whether you are a new trader or an experienced trader it is always good to have a library of information available close at hand.\r\n\r\nWhat are the costs?\r\n\r\nThere will be 40 weekly blogs / issues per year. I will not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR and FUNDAMENTAL trades” and issues emanating from previous blogs.\r\n<p align=\"center\"><b>There are three subscription options: </b></p>\r\n<p align=\"center\"><b>ANNUAL (40 WEEK) SUBSCRIPTION: $750.00 (this equates to $18.75 per week) </b></p>\r\n<p align=\"center\"><b>20 WEEKS SUBSCRIPTION: $450.00 (this equates to $22.50 per week)  </b></p>\r\n<p align=\"center\"><b>10 WEEKS SUBSCRIPTION: $250.00 (this equates to $25.00 per week) </b></p>\r\n<p align=\"center\"><b>(All Fees are quoted in USD\r\nand\r\nPlease note: There are no refunds once a subscription is accepted)</b></p>\r\nTo expand on the statements made above and, hopefully place costs into perspective should you still doubt the value of a subscription.\r\n\r\nBelow is the 2014 summary of performance year to date:\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014 and YEAR to date</span></b></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n4 trades at $0.10 cents each = $0.40 risk for $12.90 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n4 trades at $1.00 each = $4.00 risk for $129.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n4 trades at $10.00 each = $40.00 risk for $1,290.00.</p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n6 trades at $0.10 cents each = $0.60 cents risk for $18.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n6 trades at $1.00 each = $6.00 risk for $186.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n6 trades at $10.00 each = $60.00 risk for $1,860.00 profit.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – MARCH 2014:\r\n</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n0 trades at $0.10 cents each = $0.00 cents risk for $0.00 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n0 trades at $1.00 each = $0.00 risk for $0.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n0 trades at $10.00 each = $0.00 risk for $0.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n10 trades at $0.10 cents each = $1.00 risk for $5.70 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n10 trades at $1.00 each = $100.00 risk for $57.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n10 trades at $10.00 each = $100.00 risk for $570.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n119 trades at $0.10 cents each = $11.90 risk for $184.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n119 trades at $1.00 each = $119.00 risk for $1,840.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n119 trades at $10.00 each = $1,190.00 risk for $18,400.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk/reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">9. PREMIUM SERVICE SUBSCRIPTION – SPECIAL OFFERS:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PREMIUM SERVICE\r\nSPECIAL OFFERS – SPRING 2014</span></b><b> </b></p>\r\n<p align=\"center\"><b>SPECIAL DEALS with MY PREFERRED BROKERS</b></p>\r\nOpen a new live trading account, with either IRON FX, SENSUS-CAPITAL MARKETS or BLACKWELL GLOBAL, using the banners on the welcome page of the WEEKLY FX DRIVE-THRU, and, receive a 10 week subscription to the PREMIUM SERVICE blog and exclusive protected “Twitter” feed that provides all my trade set-ups as they happen FREE OF CHARGE.\r\n\r\nOnce you have opened your account with the broker of your choice, please email me at,<b> </b>\r\n<p align=\"center\"><b><a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a></b></p>\r\nI will contact you via email with full subscription details for your 10-week membership.\r\n\r\nAt the end of the subscription period I will write to you again, asking you do you wish to extend for either 10, 20 or 40 weeks. All renewals for existing subscribers are subject to special rates.\r\n<p align=\"center\"><b>ALREADY AN EXISTING CLIENT with MY PREFERRED BROKERS</b><b> </b></p>\r\nWhat if you already maintain a live trading account with IRON FX, SENSUS –CAPITAL MARKETS or BLACKWELL GLOBAL?\r\n\r\nSubject to confirmation, you will receive if you want it that is, for a very special price, a 10 week subscription to the PREMIUM SERVICE blog and the exclusive protected “Twitter” feed that provides you with trade-set ups as they happen during the week as they happen for a special price of $50.00 (This is just 20% of the standard price)\r\n\r\nEmail me for any additional information at:\r\n<p align=\"center\"><b><a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a></b></p>\r\nI will contact you via email with full subscription details for your 10-week membership.\r\n\r\nAt the end of the subscription period I will write to you again, asking you do you wish to extend for either 10, 20 or 40 weeks. All renewals for existing subscribers are subject to special rates.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">10. FINAL THOUGHTS:</span></b>\r\n\r\nThis week should be an interesting week.\r\n\r\nThe Ukraine is NOT finished yet and there are a couple of interesting high beta news events, plus we have Non-Farm Payrolls fallout to deal with.\r\n\r\nI still think we will be in very difficult trading conditions as the ‘twitchiness’ in the market continues. I actually think that matters will intensify, as we are very stretched.\r\n\r\nMore subscribers joined in the past week, which is brilliant, but not everyone is interested in Twitter. I am still thinking of other methods but still not sure due to time pressures on getting information to you. Twitter is usually very fast. I will come back with my thoughts in a few weeks.\r\n\r\nThere will be no PREMIUM SERVICE or WEEKLY FX DRIVE-THRU blogs next week (Subscribers expiation dates will be extended by one week…this is done automatically you need do nothing).\r\n\r\nMy wife (who is Irish) and myself are off to Dublin for the St Patrick’s Day celebrations. There is little point telling you that I may blog, and those of you who have been to Ireland will understand why.\r\n\r\nI will be tweeting up to Thursday morning and then possibly occasionally as I look at charts and read news when I am traveling. It will be back to normal Thursday 20<sup>th</sup> March and blogs will be resumed Saturday 22<sup>nd</sup> March 2014\r\n\r\nTrade carefully, exercise good and sound MONEY MANAGEMENT. Always trade using the guidelines set out inside your TRADING PLAN.\r\n\r\nGood luck and be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 8th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n&nbsp;','GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS…COMPLACENT OR IRRATIONAL?…YOU CHOOSE','','publish','open','closed','','good-news-good-news-bad-news-good-newscomplacent-irrationalyou-choose','','','2014-03-08 10:34:09','2014-03-08 15:34:09','',0,'https://weeklyfxdrivethru.com/?p=3334',0,'post','',0),(3299,1,'2014-03-01 09:32:26','2014-03-01 14:32:26','','FOLLOWING YOUR TRADING PLAN','','inherit','open','closed','','following-your-trading-plan','','','2014-03-01 09:32:26','2014-03-01 14:32:26','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/FOLLOWING-YOUR-TRADING-PLAN-.pdf',0,'attachment','application/pdf',0),(3301,1,'2014-03-01 12:07:29','2014-03-01 17:07:29','<p style=\"text-align: left;\" align=\"center\"><b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b></p>\r\nLast week I wrote about survival tactics in a chop fest market. I had lots of feedback about that piece and I would just like to say that inside the PREMIUM SERVICE each week I am adding similar useful content to hopefully help us all be better traders.\r\n\r\nThat aside, the “Chop Fest” continues and more importantly for most of us we are at yet another set of crossroads. This time probably one of the most important crossroads for sometime. I have written many times stating that what appears to make common sense is irrelevant when trading to a large extent, simply because we have to deal the hand that we are dealt. Fundamentally, I just cannot see any validation for equities to keep grinding higher, yet they are. It is therefore time to sit back, be more conservative than usual, limit trades and focus on currency pairs that are to the greatest extent possible indemnified from the noise that surrounds the USD and to a lesser extent the JPY.\r\n\r\nDespite the deep thinking and strategy amendments that are in the mix last week was a profitable week. It was to coin a phrase “Hairy at times” but still a plus number at the end of the week.\r\n\r\nFor those of you who are newish to trading: if you are able to keep your head above water in these trading conditions…. well done! I find these large / wild swings in the markets very difficult to trade, never mind manage. The best example was on Wednesday last week around the 11.30am European Fix, both the EUR and GBP fell 80 pips in 7 minutes, bounced back 90 pips in the next 5 minutes and then pulled back again. It does NOT matter how good you think you are, these conditions can shatter confidence and liquidate accounts if you do not trade with protection.\r\n\r\nAs I wrote last week, now is the time whilst we at the crossroads / inflection point to take smaller positions with wider stops or just stand aside. The market takes no prisoners…it just kills by squeezing the last ounce out of you.\r\n\r\nNext week is a massive news week. There are several high level news events that are market moving, so we have to be very careful the way we trade and what exposure we have around these news events.\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK</span></b><b> </b>\r\n<p align=\"center\"><b>AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT</b></p>\r\nBelow is the EUR/USD monthly chart.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014.png\"><img class=\"aligncenter size-large wp-image-3289\" alt=\"EURUSD MONTHLY 01.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nFollowing the Eurozone GDP release yesterday (Friday), which confirmed what Draghi had intimated the previous day ie: regarding the fact that he proclaimed that DEFLATION was not a current concern in the Eurozone. the EUR/USD rallied through 1.3800 to sit right on trend line resistance. Whichever way you look at this, when you combine this level of upward momentum in the EUR/USD with the relentless upward grind that we have had in equities to reach all time highs, together with big fibonacci extensions and we have a crossroads.\r\n\r\nThe market is what it is…\r\n\r\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader.\r\n\r\nMy views were that equities should pullback and roll over. The S&amp;P should be challenging 1730-1750 in my opinion not pushing through Fibonacci extensions looking as though 1700 is the next objective.\r\n\r\nI also thought that with the FED’s change in monetary policy i.e. tapering, that this would have strengthened the USD and this would have together with an equity pullback, brought about a target of 1.3000 or less in the EUR/USD. It simply has NOT happened.\r\n\r\nIt looks like I am going to be wrong, with my assumptions.\r\n\r\nMost of the indicators that have served me well in the past are giving me the signs:\r\n<p style=\"text-align: center;\"> <strong><i>AUD/USD - yes\r\n</i><i>USD/CAD - yes\r\n</i><i>GOLD - yes\r\n</i><i>COPPER - yes\r\n</i><i>OIL - no</i></strong></p>\r\nBut since I started getting excited about the market dis-connects, with the amount of time that has gone by, one would have thought that USD strength would have powering through the markets by now. It is just not happening.\r\n\r\nOr,\r\n\r\nMaybe it is just all about to happen now that the EUR/USD is at trend line resistance.\r\n\r\nI think that this is probably wishful thinking. I am now 80% certain that we are heading for a full on bull-run in equities and the EUR/USD is heading into the 1.40’s.\r\n\r\nIn my opinion, it was 9 months ago when the correlations and dis-connects started. The AUD/USD started it’s disconnect from the S&amp;P in May 2013 when it fell from 1.0400. Since then it has at times been supported by the S&amp;P but generally speaking it was trading opposite. Given where the S&amp;P is right now, one would have expected the AUD/USD to be sitting at 1.1500 to 1.2000 and the USD/CAD to be at 0.8500.\r\n\r\nThe EUR/USD is pushed up right against resistance at 1.3808; It is trend line resistance and a 61.8% Fibonacci level as well.\r\n\r\nAllowing for a little wiggle room and a stop loss run, I would say 1.3900 is the level to watch. A break above 1.3900 and it’s a squeeze much higher, the rest is history as they say. Given that the EUR/USD is the primary currency in the forex market it will very heavily influence what happens overall.\r\n\r\nNow a few regular readers, may be saying only two /three weeks ago I was talking about placing a stop in the EUR/USD at 1.3900, targeting 1.3000 closing my eyes and going short. I was that trader. I took that trade but exited.\r\n\r\nSince looking at the EUR/USD short option a couple of weeks ago, market sentiment has not altered. The equities markets look at times very twitchy and that is why I am 100% USD bearish yet. However, we did hear twice from FED Chair Janet Yellen and she never put a foot wrong with her testimony. As mentioned earlier tapering has had no effect on the USD. In fact when she (Janet Yellen) talked about sticking to the tapering plan the USD weakened as equities climbed, I expected the opposite. So to coin a phrase I do not want to be waiting in the harbor for a plane to land, or sitting in the airport terminal waiting for my ship to dock.\r\n\r\nThe bull / bear line in the sand sits around 1.3860 –1.3900 in the EUR/USD. If we break through these levels, we take off to new levels and new ranges.\r\n\r\nThat being said, as I have said a few times the markets are twitchy, there is a FEAR factor in play that means nobody wants to be buying at the highs…would you? Common sense suggests that the bull-run that equities have been on for over 12 months needs a substantial pullback of at least 15%-20%.\r\n\r\nI believe FEAR rules GREED right now, but, one cannot dismiss the numbers, we are still grinding higher.\r\n\r\nIn my opinion trading here is dangerous in the sense that there is obviously at such elevated levels and inflection points a huge amount of buyer – seller activity. Each side will be trying to prevent the opposite from happening.\r\n\r\nTherefore this is what I see as “the trader” options:\r\n<ol>\r\n	<li>Stop trading until the direction is clear after seeing who wins the battle of the inflection points…BULLS or BEARS.</li>\r\n	<li>Do not touch the EUR/USD or GBP/USD as they are set for some very wild / volatile sessions ahead.\r\nTrade the commodity cross rates instead.\r\nEUR/AUD, GBP/AUD\r\nEUR/CAD, GBP/CAD\r\nEUR/NZD, GBP/NZD</li>\r\n	<li>If you have to trade the USD, use the PULLBACK STRATEGY to enter trades in USD related currencies and only trade very short term intraday trades. Hover over your computer like a hawk.\r\nI still think that your risk is much lower if you trade the commodity currencies: - AUDUSD, NZD/USD, USD/CAD, USD/SEK and USD/NOK.</li>\r\n</ol>\r\nMy option will be option 2 from the three options I have offered above. I see this a lower risk, although the currencies involved are very volatile. Mini lots only or even multiple micro lots until we get clarity.\r\n\r\n<b>(In this section of the equivalent PREMIUM SERVICE version of this blog there is trade set-up, which is available to PREMIUM SERVICE subscribers only)</b>\r\n\r\nIt is very, very volatile and this requires careful conservative trading.\r\n\r\nGood luck and most of all do not try to be a hero.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. TRADER TOPICS: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. CURRENT LIVE TRADES: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. TRADES THAT ARE ON MY RADAR: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. THE PREMIUM SERVICE:</span></b>\r\n\r\nAs there are always new readers of this blog each week, I thought that I should mention the subscriber based option of the WEEKLY FX DRIVE-THRU that has been in existence now since the beginning of 2014; THE PREMIUM SERVICE\r\n\r\nIt is an honest blog containing trade set-ups, profitable and losing trades, my ideas and thoughts and it also has for an instant communication to subscribers a dedicated protected TWITTER feed. All trades (profitable and losing) are monitored and recorded within the secure section of the WEEKLY FX DRIVE-THRU website.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">THE PREMIUM SERVICE   </span></b>\r\n\r\n</p><p align=\"center\">Are you a part-time forex trader?</p>\r\n<p align=\"center\">Are you a novice trader still coming to terms with the complexities of trading the forex market full-time?</p>\r\n<p align=\"center\">Do you feel a little overwhelmed with terminology, when to enter a trade, when to exit, what is being over-leveraged, what is effective risk / money management and what is a trading plan?</p>\r\n<p align=\"center\">The PREMIUM SERVICE may be an option worthy of serious consideration.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not a robot.</p>\r\n<p align=\"center\">The PREMIUM SERVICE it is not an automated system.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not an expensive fleecing series of daily financial updates, pages long that do not give you trading ideas or trade set-ups.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">What is the PREMIUM SERVICE?</span></b></p>\r\nFirstly, the PREMIUM SERVICE is a subscriber only addition to The WEEKLY FX DRIVE-THRU. The WEEKLY FX DRIVE-THRU is a weekly blog that I started over two years ago. Its aim was to review my thoughts and ideas on the forex market. I then started to add trade set-ups and write about trades that would be on my mind if certain events took place.\r\n\r\nI started to publish my future trade set-ups, which were predominantly profitable and as I approached my 100<sup>th</sup> blog, I decided that it was time to move to the next stage…. the PREMIUM SERVICE.\r\n\r\nThe PREMIUM SERVICE contains trade-set ups of my various styles of trades that I developed into a successful formula for trading the forex market with more profitable than losing trades.\r\n\r\nAs a subscriber to the PREMIUM SERVICE, you will receive all my suggested trades whether they are: - FLASH trades, RADAR trades or FUNDAMENTAL trades via an exclusive protected Twitter feed. I give you my thoughts on entry, exit, trade size and what type of lot to trade.\r\n\r\nI do the risk assessment ahead of the trade. You decide whether you want to take the trade and what position size to take.\r\n\r\nIf you trade part-time: with the RADAR TRADE suggestions you simply load a limit order with your broker and the trade will enter and exit automatically, if you use the suggestions I provide, or you can chose your own exit strategy.\r\n\r\n(Full details and definitions of FLASH, RADAR and FUNDAMENTAL trades are inside the secure members area of the PREMIUM SERVICE)\r\n\r\nHowever, I do trade currencies to make money.\r\n\r\nWhilst I like the idea of longer-term trading, if the market looks false to me I will cut profitable trades and bank money. I am not looking for the glory of three/four week trades to show I have nerves of steel to make +300 pips or so. If I can make 300 pips from three or four 24/48-hour trades instead, who cares? It’s all about banking profits and minimizing risk.\r\n\r\nI will have a balance of intra-day, swing and long term trades. It is your choice to pick what you want to take and what to risk. I am a low-risk very conservative trader.\r\n\r\n&nbsp;\r\n<p align=\"center\">FUNDAMENTALS MATTER TO ME</p>\r\n<p align=\"center\">I TRADE TO MAKE MONEY…NOT TO PICK TOPS OR BOTTOMS</p>\r\n<p align=\"center\">I TRADE LOW RISK</p>\r\n<p align=\"center\">I DO NOT CHASE MARKETS</p>\r\n<p align=\"center\">I LIKE THE TRADES TO COME TO ME</p>\r\n<p align=\"center\">I AM NOT A GREEDY TRADER</p>\r\n<p align=\"center\">I LIKE TO TRADE MOMENTUMS IN THE DIRECTION OF TRENDS</p>\r\n<p align=\"center\">I USE FIBONACCI LEVELS TO ENTER &amp; EXIT ON MANY TRADES</p>\r\n<p align=\"center\">PLUS</p>\r\n<p align=\"center\">MY TRADING STYLE IS MIXED EVEN WITH THE ABOVE KEY BASICS</p>\r\n<p align=\"center\">I USE THE PULLBACK STRATEGY TO ENTER AND I LIKE SWING AND LONGER-TERM TRADES (WHEN POSSIBLE)</p>\r\nThe members area of the website contains not just the comprehensive trading history / journal of trades but it also contains as much support information as I can gather that is of use to help us all trade profitably. As time moves on, the support pages areas will increase so that it becomes a one-stop point of reference for all styles and types of traders regardless of experience.\r\n\r\nI am hoping to have a chat room so that subscribers and myself can chat live about potential live trades. In addition, if the number of participants is economically viable, I will hold webinars on trading issues. Below is a list of questions so far that will either be addressed by webinar or by a future section within a blog post.\r\n<p align=\"center\"><b>Trade Plans and how to work with them\r\nHow to find a good broker to partner with</b>\r\n<b>What trades for what broker\r\nMicro, Mini or Standard lots\r\nPlacing Stops</b>\r\n<b>Strategies on when to enter and exit trades</b>\r\n<b>Risk Assessment</b>\r\n<b>When to fade trades</b>\r\n<b>How to cost average effectively</b>\r\n<b>How to use Trade Zones effectively - Buy Zones and Sell zones</b>\r\n<b>Working with Fibonacci levels</b>\r\n<b>Basic Chart analysis</b></p>\r\nThe PREMIUM SERVICE will evolve as it moves forward. I have lots of ideas to integrate into this area, but I am also open to ideas from readers / followers and subscribers.\r\n\r\nThis is a very important step for me as well; I want the PREMIUM SERVICE to be different to other services currently available.\r\n\r\nWhilst upon first look, it may appear that the Premium Service is directed solely at new traders, or those with intermediate skill levels. Please note this is not my intention. Trading can be lonely, and sometimes it is good to feel that you are part of a team. With this in mind, I am thinking that a “Chat Room” style area would be of benefit to all traders to share ideas and trade set-ups. Plus, whether you are a new trader or an experienced trader it is always good to have a library of information available close at hand.\r\n\r\nWhat are the costs?\r\n\r\nThere will be 40 weekly blogs / issues per year. I will not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR and FUNDAMENTAL trades” and issues emanating from previous blogs.\r\n<p align=\"center\"><b>There are three subscription options: </b></p>\r\n<p align=\"center\"><b>ANNUAL (40 WEEK) SUBSCRIPTION: $750.00 (this equates to $18.75 per week) </b></p>\r\n<p align=\"center\"><b>20 WEEKS SUBSCRIPTION: $450.00 (this equates to $22.50 per week)  </b></p>\r\n<p align=\"center\"><b>10 WEEKS SUBSCRIPTION: $250.00 (this equates to $25.00 per week) </b></p>\r\n<p align=\"center\"><b>(All Fees are quoted in USD\r\nand\r\nPlease note: There are no refunds once a subscription is accepted)</b></p>\r\nTo expand on the statements made above and, hopefully place costs into perspective should you still doubt the value of a subscription.\r\n\r\nBelow is the 2014 summary of performance year to date:\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\"> </span></b><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\r\n<p style=\"text-align: center;\"><span style=\"line-height: 1.5em;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</span></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n14 trades at $0.10 cents each = $1.40 risk for $18.80 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:1\r\n4 trades at $1.00 each = $14.00 risk for $188.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n14 trades at $10.00 each = $140.00 risk for $1,880.00 profit.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n28 trades at $0.10 cents each = $2.80 cents risk for $65.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n28 trades at $1.00 each = $28.00 risk for $655.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n28 trades at $10.00 each = $280.00 risk for $6,550.00 profit.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n20 trades at $0.10 cents each = $2.00 cents risk for $15.50 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n20 trades at $1.00 each = $20.00 risk for $155.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n20 trades at $10.00 each = $200.00 risk for $1,550.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n62 trades at $0.10 cents each = $6.20 risk for $99.80 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n62 trades at $1.00 each = $62.00 risk for $998.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n62 trades at $10.00 each = $620.00 risk for $9,980.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n109 trades at $0.10 cents each = $10.90 risk for $178.30 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n109 trades at $1.00 each = $109.00 risk for $1,783.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n109 trades at $10.00 each = $1,090.00 risk for $17,830 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b><b> </b>\r\n\r\n<b>EUR/USD: Closing Price 1.3801.</b> The EUR/USD is in breakout territory. Following better than expected CPi data on Friday morning, this sparked a rally up to critical trend line resistance at 1.3808.  The closing weekly candles look bullish and unless a major disaster happens the EUR/USD looks set for the lower 1.40’s. I.4250 looks to be the next major stopping point. Obviously breaking  1.4000 will be psychological but I feel that with all talk of easing from the ECB now on the back foot and an ECB press conference this week the potential upside move could be swift with squeezing involved to leap 1.3900.  In order for this pair to turn bearish again, I think we will need to drop back below 1.3700. The market was not expecting this and the potential for the upside is heavily weighted.\r\n\r\n<b>GBP/USD: Closing Price 1.6739. </b>Cable will be dragged up in sympathy with the EUR/USD not that it will require much dragging. Over recent weeks the GBP/USD has been very strong. I think if it can break 1.6770 and 1.6750, the potential for 1.7000 must be on the cards once again, despite what Mark Carney Governor of the BOE may think. Constant speculation of a rate rise in the UK only adds weight to the upside move. For this pair to turn bearish, in my opinion I think we need to see a pull back towards 1.6600, which, is a long, long way away from present levels.<b> </b>\r\n\r\n<b>AUD/USD: Closing Price 0.8924</b>. The RBA Rate Statement and other key AUD data this week will be crucial to the direction over the next week or so of this pair. We also have RBA Governor Stevens speaking at the end of the week as well, so there is plenty of news that will keep this pair on most traders’ radar screens. Basically, the economic data from Australia of late has been vomit material and in my opinion I see sub 0.8000 as the final stopping point in the downward push. It could be even lower. Support is vital at 0.8900, but with so much high level news about to hit, I just cannot see this holding and more like 0.8750 could be hit on weak data, if there is weak data all week. Resistance is good at 0.9010 and then 0.9075. This is a big week for the AUD currency.\r\n\r\n<b>NZD/USD: Closing Price 0.8379</b>. Cross rate support of the AUD/NZD plus stellar New Business Confidence figures have had this pair on a tear this week. At the end of the day whilst I think the potential for an upside move on USD weakness could see 0.8500 or even 0.8600, it may not move as far to the long side unless supported by movements in the S&amp;P, Gold and Copper.  Support is at 0.8320.\r\n\r\n<b>USD/CAD: Closing Price 1.1060.</b> A big fall yesterday (Friday) on the back of GDP numbers. The month on month statistics were dreadful but yearly were good overall and this pair “waterfalled” into the weekly close.  We may have to go as low as 1.0980 to 1.1020 before establishing a base to resume the upward move once again. Resistance on the way back up will be at 1.1100 and 1.1160.\r\n\r\n<b>USD/CHF: Closing Price 0.8798</b>. We are just sub 0.8800 and I am tempted to go long, but the with the potential EUR/USD breakout and tensions in Ukraine we could drop to 0.8650 before finding a bottom. I would avoid this pair. I think it’s at a great level to go long but its risky.\r\n\r\n<b>USD/JPY: Closing Price 101.78. </b>This pair is<b> </b>sitting on the cusp / precipice of a major breakdown. Will equities keep it from falling lower and breaking down? At the moment it is kind of doing it’s own thing. The range is still what I wrote last week, but my bias is a downside move sub 100.00. The range is 101.50 to 102.80.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: CNY – HSBC Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: EUR – ECB Draghi speaks.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Building Approvals and RBA Rate Statement.\r\n\r\nTUESDAY: GBP – Construction PMi\r\nTUESDAY: AUD – GDP q/q.\r\n\r\nWEDNESDAY: GBP – Services PMi\r\nWEDNESDAY: USD – ADP Non Farm Employment Change.\r\n<span style=\"line-height: 1.5em;\">WEDNESDAY: CAD – BOC Rate Statement.\r\n</span>WEDNESDAY: USD – ISM Non Manufacturing PMI.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates.\r\n<span style=\"line-height: 1.5em;\">THURSDAY: EUR – ECB Interest Rates and Press Conference.\r\n</span>THURSDAY: CAD – Ivey PMi.\r\nTHURSDAY: AUD – RBA Governor Stevens speaks.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment rate.\r\nFRIDAY: CAD – Trade Balance, Unemployment Rate and Employment Change.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nI have already said it, but it\'s a big week coming up with high beta news events\r\n\r\nI have suggested trade approaches and I can guarantee you that I will be “TRADING MY PLAN” and “PLANNING MY TRADES” accordingly.\r\n\r\nThese are the types of weeks that can get you caught out so many times on the wrong side of the trade that you have to be sensible and manage yourself and your emotions.\r\n\r\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\r\n\r\nFinally, more subscribers are coming on board, which is great.\r\n\r\nI have a lot of subscribers who are not North American based which is fantastic, and, they have decided just to trade from set-ups that are placed in this blog or from emails that we pass among each other, which I do not mind. However, as the numbers swell the TWITTER feed will become the only vehicle for trade set-ups because of time constraints at pressure times on the day.\r\n\r\nI have thought about a DAILY POST or DAILY FX FIX onto the website with my morning set ups, and, I am still working this around. Let me work on this some more.\r\n\r\nI am conscious that the more administration I get involved with, the less time that I have for trading, research and looking at charts etc. But the DAILY POST may be a great solution.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 1st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span>StockTwits; thepipaccumulator\r\n\r\n&nbsp;\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n&nbsp;','AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT','','inherit','open','closed','','3300-revision-v1','','','2014-03-01 12:07:29','2014-03-01 17:07:29','',3300,'https://weeklyfxdrivethru.com/3300-revision-v1/',0,'revision','',0),(3302,1,'2014-03-01 12:09:37','2014-03-01 17:09:37','<p style=\"text-align: left;\" align=\"center\"><b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b></p>\r\nLast week I wrote about survival tactics in a chop fest market. I had lots of feedback about that piece and I would just like to say that inside the PREMIUM SERVICE each week I am adding similar useful content to hopefully help us all be better traders.\r\n\r\nThat aside, the “Chop Fest” continues and more importantly for most of us we are at yet another set of crossroads. This time probably one of the most important crossroads for sometime. I have written many times stating that what appears to make common sense is irrelevant when trading to a large extent, simply because we have to deal the hand that we are dealt. Fundamentally, I just cannot see any validation for equities to keep grinding higher, yet they are. It is therefore time to sit back, be more conservative than usual, limit trades and focus on currency pairs that are to the greatest extent possible indemnified from the noise that surrounds the USD and to a lesser extent the JPY.\r\n\r\nDespite the deep thinking and strategy amendments that are in the mix last week was a profitable week. It was to coin a phrase “Hairy at times” but still a plus number at the end of the week.\r\n\r\nFor those of you who are newish to trading: if you are able to keep your head above water in these trading conditions…. well done! I find these large / wild swings in the markets very difficult to trade, never mind manage. The best example was on Wednesday last week around the 11.30am European Fix, both the EUR and GBP fell 80 pips in 7 minutes, bounced back 90 pips in the next 5 minutes and then pulled back again. It does NOT matter how good you think you are, these conditions can shatter confidence and liquidate accounts if you do not trade with protection.\r\n\r\nAs I wrote last week, now is the time whilst we at the crossroads / inflection point to take smaller positions with wider stops or just stand aside. The market takes no prisoners…it just kills by squeezing the last ounce out of you.\r\n\r\nNext week is a massive news week. There are several high level news events that are market moving, so we have to be very careful the way we trade and what exposure we have around these news events.\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK</span></b><b> </b>\r\n<p align=\"center\"><b>AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT</b></p>\r\nBelow is the EUR/USD monthly chart.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014.png\"><img class=\"aligncenter size-large wp-image-3289\" alt=\"EURUSD MONTHLY 01.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nFollowing the Eurozone GDP release yesterday (Friday), which confirmed what Draghi had intimated the previous day ie: regarding the fact that he proclaimed that DEFLATION was not a current concern in the Eurozone. the EUR/USD rallied through 1.3800 to sit right on trend line resistance. Whichever way you look at this, when you combine this level of upward momentum in the EUR/USD with the relentless upward grind that we have had in equities to reach all time highs, together with big Fibonacci extensions and we have a crossroads.\r\n\r\nThe market is what it is…\r\n\r\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader.\r\n\r\nMy views were that equities should pullback and roll over. The S&amp;P should be challenging 1730-1750 in my opinion not pushing through Fibonacci extensions looking as though 1700 is the next objective.\r\n\r\nI also thought that with the FED’s change in monetary policy i.e. tapering, that this would have strengthened the USD and this would have together with an equity pullback, brought about a target of 1.3000 or less in the EUR/USD. It simply has NOT happened.\r\n\r\nIt looks like I am going to be wrong, with my assumptions.\r\n\r\nMost of the indicators that have served me well in the past are giving me the signs:\r\n<p style=\"text-align: center;\"> <strong><i>AUD/USD - yes\r\n</i><i>USD/CAD - yes\r\n</i><i>GOLD - yes\r\n</i><i>COPPER - yes\r\n</i><i>OIL - no</i></strong></p>\r\nBut since I started getting excited about the market dis-connects, with the amount of time that has gone by, one would have thought that USD strength would have powering through the markets by now. It is just not happening.\r\n\r\nOr,\r\n\r\nMaybe it is just all about to happen now that the EUR/USD is at trend line resistance.\r\n\r\nI think that this is probably wishful thinking. I am now 80% certain that we are heading for a full on bull-run in equities and the EUR/USD is heading into the 1.40’s.\r\n\r\nIn my opinion, it was 9 months ago when the correlations and dis-connects started. The AUD/USD started it’s disconnect from the S&amp;P in May 2013 when it fell from 1.0400. Since then it has at times been supported by the S&amp;P but generally speaking it was trading opposite. Given where the S&amp;P is right now, one would have expected the AUD/USD to be sitting at 1.1500 to 1.2000 and the USD/CAD to be at 0.8500.\r\n\r\nThe EUR/USD is pushed up right against resistance at 1.3808; It is trend line resistance and a 61.8% Fibonacci level as well.\r\n\r\nAllowing for a little wiggle room and a stop loss run, I would say 1.3900 is the level to watch. A break above 1.3900 and it’s a squeeze much higher, the rest is history as they say. Given that the EUR/USD is the primary currency in the forex market it will very heavily influence what happens overall.\r\n\r\nNow a few regular readers, may be saying only two /three weeks ago I was talking about placing a stop in the EUR/USD at 1.3900, targeting 1.3000 closing my eyes and going short. I was that trader. I took that trade but exited.\r\n\r\nSince looking at the EUR/USD short option a couple of weeks ago, market sentiment has not altered. The equities markets look at times very twitchy and that is why I am 100% USD bearish yet. However, we did hear twice from FED Chair Janet Yellen and she never put a foot wrong with her testimony. As mentioned earlier tapering has had no effect on the USD. In fact when she (Janet Yellen) talked about sticking to the tapering plan the USD weakened as equities climbed, I expected the opposite. So to coin a phrase I do not want to be waiting in the harbor for a plane to land, or sitting in the airport terminal waiting for my ship to dock.\r\n\r\nThe bull / bear line in the sand sits around 1.3860 –1.3900 in the EUR/USD. If we break through these levels, we take off to new levels and new ranges.\r\n\r\nThat being said, as I have said a few times the markets are twitchy, there is a FEAR factor in play that means nobody wants to be buying at the highs…would you? Common sense suggests that the bull-run that equities have been on for over 12 months needs a substantial pullback of at least 15%-20%.\r\n\r\nI believe FEAR rules GREED right now, but, one cannot dismiss the numbers, we are still grinding higher.\r\n\r\nIn my opinion trading here is dangerous in the sense that there is obviously at such elevated levels and inflection points a huge amount of buyer – seller activity. Each side will be trying to prevent the opposite from happening.\r\n\r\nTherefore this is what I see as “the trader” options:\r\n<ol>\r\n	<li>Stop trading until the direction is clear after seeing who wins the battle of the inflection points…BULLS or BEARS.</li>\r\n	<li>Do not touch the EUR/USD or GBP/USD as they are set for some very wild / volatile sessions ahead.\r\nTrade the commodity cross rates instead.\r\nEUR/AUD, GBP/AUD\r\nEUR/CAD, GBP/CAD\r\nEUR/NZD, GBP/NZD</li>\r\n	<li>If you have to trade the USD, use the PULLBACK STRATEGY to enter trades in USD related currencies and only trade very short term intraday trades. Hover over your computer like a hawk.\r\nI still think that your risk is much lower if you trade the commodity currencies: - AUD/USD, NZD/USD, USD/CAD, USD/SEK and USD/NOK.</li>\r\n</ol>\r\nMy option will be option 2 from the three options I have offered above. I see this a lower risk, although the currencies involved are very volatile. Mini lots only or even multiple micro lots until we get clarity.\r\n\r\n<b>(In this section of the equivalent PREMIUM SERVICE version of this blog there is trade set-up, which is available to PREMIUM SERVICE subscribers only)</b>\r\n\r\nIt is very, very volatile and this requires careful conservative trading.\r\n\r\nGood luck and most of all do not try to be a hero.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. TRADER TOPICS: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. CURRENT LIVE TRADES: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. TRADES THAT ARE ON MY RADAR: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">6. THE PREMIUM SERVICE:</span></b>\r\n\r\nAs there are always new readers of this blog each week, I thought that I should mention the subscriber based option of the WEEKLY FX DRIVE-THRU that has been in existence now since the beginning of 2014; THE PREMIUM SERVICE\r\n\r\nIt is an honest blog containing trade set-ups, profitable and losing trades, my ideas and thoughts and it also has for an instant communication to subscribers a dedicated protected TWITTER feed. All trades (profitable and losing) are monitored and recorded within the secure section of the WEEKLY FX DRIVE-THRU website.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">THE PREMIUM SERVICE   </span></b>\r\n\r\n</p><p align=\"center\">Are you a part-time forex trader?</p>\r\n<p align=\"center\">Are you a novice trader still coming to terms with the complexities of trading the forex market full-time?</p>\r\n<p align=\"center\">Do you feel a little overwhelmed with terminology, when to enter a trade, when to exit, what is being over-leveraged, what is effective risk / money management and what is a trading plan?</p>\r\n<p align=\"center\">The PREMIUM SERVICE may be an option worthy of serious consideration.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not a robot.</p>\r\n<p align=\"center\">The PREMIUM SERVICE it is not an automated system.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not an expensive fleecing series of daily financial updates, pages long that do not give you trading ideas or trade set-ups.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">What is the PREMIUM SERVICE?</span></b></p>\r\nFirstly, the PREMIUM SERVICE is a subscriber only addition to The WEEKLY FX DRIVE-THRU. The WEEKLY FX DRIVE-THRU is a weekly blog that I started over two years ago. Its aim was to review my thoughts and ideas on the forex market. I then started to add trade set-ups and write about trades that would be on my mind if certain events took place.\r\n\r\nI started to publish my future trade set-ups, which were predominantly profitable and as I approached my 100<sup>th</sup> blog, I decided that it was time to move to the next stage…. the PREMIUM SERVICE.\r\n\r\nThe PREMIUM SERVICE contains trade-set ups of my various styles of trades that I developed into a successful formula for trading the forex market with more profitable than losing trades.\r\n\r\nAs a subscriber to the PREMIUM SERVICE, you will receive all my suggested trades whether they are: - FLASH trades, RADAR trades or FUNDAMENTAL trades via an exclusive protected Twitter feed. I give you my thoughts on entry, exit, trade size and what type of lot to trade.\r\n\r\nI do the risk assessment ahead of the trade. You decide whether you want to take the trade and what position size to take.\r\n\r\nIf you trade part-time: with the RADAR TRADE suggestions you simply load a limit order with your broker and the trade will enter and exit automatically, if you use the suggestions I provide, or you can chose your own exit strategy.\r\n\r\n(Full details and definitions of FLASH, RADAR and FUNDAMENTAL trades are inside the secure members area of the PREMIUM SERVICE)\r\n\r\nHowever, I do trade currencies to make money.\r\n\r\nWhilst I like the idea of longer-term trading, if the market looks false to me I will cut profitable trades and bank money. I am not looking for the glory of three/four week trades to show I have nerves of steel to make +300 pips or so. If I can make 300 pips from three or four 24/48-hour trades instead, who cares? It’s all about banking profits and minimizing risk.\r\n\r\nI will have a balance of intra-day, swing and long term trades. It is your choice to pick what you want to take and what to risk. I am a low-risk very conservative trader.\r\n\r\n&nbsp;\r\n<p align=\"center\">FUNDAMENTALS MATTER TO ME</p>\r\n<p align=\"center\">I TRADE TO MAKE MONEY…NOT TO PICK TOPS OR BOTTOMS</p>\r\n<p align=\"center\">I TRADE LOW RISK</p>\r\n<p align=\"center\">I DO NOT CHASE MARKETS</p>\r\n<p align=\"center\">I LIKE THE TRADES TO COME TO ME</p>\r\n<p align=\"center\">I AM NOT A GREEDY TRADER</p>\r\n<p align=\"center\">I LIKE TO TRADE MOMENTUMS IN THE DIRECTION OF TRENDS</p>\r\n<p align=\"center\">I USE FIBONACCI LEVELS TO ENTER &amp; EXIT ON MANY TRADES</p>\r\n<p align=\"center\">PLUS</p>\r\n<p align=\"center\">MY TRADING STYLE IS MIXED EVEN WITH THE ABOVE KEY BASICS</p>\r\n<p align=\"center\">I USE THE PULLBACK STRATEGY TO ENTER AND I LIKE SWING AND LONGER-TERM TRADES (WHEN POSSIBLE)</p>\r\nThe members area of the website contains not just the comprehensive trading history / journal of trades but it also contains as much support information as I can gather that is of use to help us all trade profitably. As time moves on, the support pages areas will increase so that it becomes a one-stop point of reference for all styles and types of traders regardless of experience.\r\n\r\nI am hoping to have a chat room so that subscribers and myself can chat live about potential live trades. In addition, if the number of participants is economically viable, I will hold webinars on trading issues. Below is a list of questions so far that will either be addressed by webinar or by a future section within a blog post.\r\n<p align=\"center\"><b>Trade Plans and how to work with them\r\nHow to find a good broker to partner with</b>\r\n<b>What trades for what broker\r\nMicro, Mini or Standard lots\r\nPlacing Stops</b>\r\n<b>Strategies on when to enter and exit trades</b>\r\n<b>Risk Assessment</b>\r\n<b>When to fade trades</b>\r\n<b>How to cost average effectively</b>\r\n<b>How to use Trade Zones effectively - Buy Zones and Sell zones</b>\r\n<b>Working with Fibonacci levels</b>\r\n<b>Basic Chart analysis</b></p>\r\nThe PREMIUM SERVICE will evolve as it moves forward. I have lots of ideas to integrate into this area, but I am also open to ideas from readers / followers and subscribers.\r\n\r\nThis is a very important step for me as well; I want the PREMIUM SERVICE to be different to other services currently available.\r\n\r\nWhilst upon first look, it may appear that the Premium Service is directed solely at new traders, or those with intermediate skill levels. Please note this is not my intention. Trading can be lonely, and sometimes it is good to feel that you are part of a team. With this in mind, I am thinking that a “Chat Room” style area would be of benefit to all traders to share ideas and trade set-ups. Plus, whether you are a new trader or an experienced trader it is always good to have a library of information available close at hand.\r\n\r\nWhat are the costs?\r\n\r\nThere will be 40 weekly blogs / issues per year. I will not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR and FUNDAMENTAL trades” and issues emanating from previous blogs.\r\n<p align=\"center\"><b>There are three subscription options: </b></p>\r\n<p align=\"center\"><b>ANNUAL (40 WEEK) SUBSCRIPTION: $750.00 (this equates to $18.75 per week) </b></p>\r\n<p align=\"center\"><b>20 WEEKS SUBSCRIPTION: $450.00 (this equates to $22.50 per week)  </b></p>\r\n<p align=\"center\"><b>10 WEEKS SUBSCRIPTION: $250.00 (this equates to $25.00 per week) </b></p>\r\n<p align=\"center\"><b>(All Fees are quoted in USD\r\nand\r\nPlease note: There are no refunds once a subscription is accepted)</b></p>\r\nTo expand on the statements made above and, hopefully place costs into perspective should you still doubt the value of a subscription.\r\n\r\nBelow is the 2014 summary of performance year to date:\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\"> </span></b><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\r\n<p style=\"text-align: center;\"><span style=\"line-height: 1.5em;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</span></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n14 trades at $0.10 cents each = $1.40 risk for $18.80 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:1\r\n4 trades at $1.00 each = $14.00 risk for $188.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n14 trades at $10.00 each = $140.00 risk for $1,880.00 profit.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n28 trades at $0.10 cents each = $2.80 cents risk for $65.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n28 trades at $1.00 each = $28.00 risk for $655.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n28 trades at $10.00 each = $280.00 risk for $6,550.00 profit.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n20 trades at $0.10 cents each = $2.00 cents risk for $15.50 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n20 trades at $1.00 each = $20.00 risk for $155.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n20 trades at $10.00 each = $200.00 risk for $1,550.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n62 trades at $0.10 cents each = $6.20 risk for $99.80 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n62 trades at $1.00 each = $62.00 risk for $998.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n62 trades at $10.00 each = $620.00 risk for $9,980.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n109 trades at $0.10 cents each = $10.90 risk for $178.30 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n109 trades at $1.00 each = $109.00 risk for $1,783.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n109 trades at $10.00 each = $1,090.00 risk for $17,830 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b><b> </b>\r\n\r\n<b>EUR/USD: Closing Price 1.3801.</b> The EUR/USD is in breakout territory. Following better than expected CPi data on Friday morning, this sparked a rally up to critical trend line resistance at 1.3808.  The closing weekly candles look bullish and unless a major disaster happens the EUR/USD looks set for the lower 1.40’s. I.4250 looks to be the next major stopping point. Obviously breaking  1.4000 will be psychological but I feel that with all talk of easing from the ECB now on the back foot and an ECB press conference this week the potential upside move could be swift with squeezing involved to leap 1.3900.  In order for this pair to turn bearish again, I think we will need to drop back below 1.3700. The market was not expecting this and the potential for the upside is heavily weighted.\r\n\r\n<b>GBP/USD: Closing Price 1.6739. </b>Cable will be dragged up in sympathy with the EUR/USD not that it will require much dragging. Over recent weeks the GBP/USD has been very strong. I think if it can break 1.6770 and 1.6750, the potential for 1.7000 must be on the cards once again, despite what Mark Carney Governor of the BOE may think. Constant speculation of a rate rise in the UK only adds weight to the upside move. For this pair to turn bearish, in my opinion I think we need to see a pull back towards 1.6600, which, is a long, long way away from present levels.<b> </b>\r\n\r\n<b>AUD/USD: Closing Price 0.8924</b>. The RBA Rate Statement and other key AUD data this week will be crucial to the direction over the next week or so of this pair. We also have RBA Governor Stevens speaking at the end of the week as well, so there is plenty of news that will keep this pair on most traders’ radar screens. Basically, the economic data from Australia of late has been vomit material and in my opinion I see sub 0.8000 as the final stopping point in the downward push. It could be even lower. Support is vital at 0.8900, but with so much high level news about to hit, I just cannot see this holding and more like 0.8750 could be hit on weak data, if there is weak data all week. Resistance is good at 0.9010 and then 0.9075. This is a big week for the AUD currency.\r\n\r\n<b>NZD/USD: Closing Price 0.8379</b>. Cross rate support of the AUD/NZD plus stellar New Business Confidence figures have had this pair on a tear this week. At the end of the day whilst I think the potential for an upside move on USD weakness could see 0.8500 or even 0.8600, it may not move as far to the long side unless supported by movements in the S&amp;P, Gold and Copper.  Support is at 0.8320.\r\n\r\n<b>USD/CAD: Closing Price 1.1060.</b> A big fall yesterday (Friday) on the back of GDP numbers. The month on month statistics were dreadful but yearly were good overall and this pair “waterfalled” into the weekly close.  We may have to go as low as 1.0980 to 1.1020 before establishing a base to resume the upward move once again. Resistance on the way back up will be at 1.1100 and 1.1160.\r\n\r\n<b>USD/CHF: Closing Price 0.8798</b>. We are just sub 0.8800 and I am tempted to go long, but the with the potential EUR/USD breakout and tensions in Ukraine we could drop to 0.8650 before finding a bottom. I would avoid this pair. I think it’s at a great level to go long but its risky.\r\n\r\n<b>USD/JPY: Closing Price 101.78. </b>This pair is<b> </b>sitting on the cusp / precipice of a major breakdown. Will equities keep it from falling lower and breaking down? At the moment it is kind of doing it’s own thing. The range is still what I wrote last week, but my bias is a downside move sub 100.00. The range is 101.50 to 102.80.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: CNY – HSBC Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: EUR – ECB Draghi speaks.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Building Approvals and RBA Rate Statement.\r\n\r\nTUESDAY: GBP – Construction PMi\r\nTUESDAY: AUD – GDP q/q.\r\n\r\nWEDNESDAY: GBP – Services PMi\r\nWEDNESDAY: USD – ADP Non Farm Employment Change.\r\n<span style=\"line-height: 1.5em;\">WEDNESDAY: CAD – BOC Rate Statement.\r\n</span>WEDNESDAY: USD – ISM Non Manufacturing PMI.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates.\r\n<span style=\"line-height: 1.5em;\">THURSDAY: EUR – ECB Interest Rates and Press Conference.\r\n</span>THURSDAY: CAD – Ivey PMi.\r\nTHURSDAY: AUD – RBA Governor Stevens speaks.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment rate.\r\nFRIDAY: CAD – Trade Balance, Unemployment Rate and Employment Change.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nI have already said it, but it\'s a big week coming up with high beta news events\r\n\r\nI have suggested trade approaches and I can guarantee you that I will be “TRADING MY PLAN” and “PLANNING MY TRADES” accordingly.\r\n\r\nThese are the types of weeks that can get you caught out so many times on the wrong side of the trade that you have to be sensible and manage yourself and your emotions.\r\n\r\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\r\n\r\nFinally, more subscribers are coming on board, which is great.\r\n\r\nI have a lot of subscribers who are not North American based which is fantastic, and, they have decided just to trade from set-ups that are placed in this blog or from emails that we pass among each other, which I do not mind. However, as the numbers swell the TWITTER feed will become the only vehicle for trade set-ups because of time constraints at pressure times on the day.\r\n\r\nI have thought about a DAILY POST or DAILY FX FIX onto the website with my morning set ups, and, I am still working this around. Let me work on this some more.\r\n\r\nI am conscious that the more administration I get involved with, the less time that I have for trading, research and looking at charts etc. But the DAILY POST may be a great solution.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 1st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span>StockTwits; thepipaccumulator\r\n\r\n&nbsp;\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n&nbsp;','AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT','','inherit','open','closed','','3300-revision-v1','','','2014-03-01 12:09:37','2014-03-01 17:09:37','',3300,'https://weeklyfxdrivethru.com/3300-revision-v1/',0,'revision','',0),(3303,1,'2014-03-01 12:35:27','2014-03-01 17:35:27','<p style=\"text-align: left;\" align=\"center\"><b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b></p>\r\nLast week I wrote about survival tactics in a chop fest market. I had lots of feedback about that piece and I would just like to say that inside the PREMIUM SERVICE each week I am adding similar useful content to hopefully help us all be better traders\r\n\r\nThat aside, the “Chop Fest” continues and more importantly for most of us we are at yet another set of crossroads. This time probably one of the most important crossroads for sometime. I have written many times stating that what appears to make common sense is irrelevant when trading to a large extent, simply because we have to deal the hand that we are dealt. Fundamentally, I just cannot see any validation for equities to keep grinding higher, yet they are. It is therefore time to sit back, be more conservative than usual, limit trades and focus on currency pairs that are to the greatest extent possible indemnified from the noise that surrounds the USD and to a lesser extent the JPY.\r\n\r\nDespite the deep thinking and strategy amendments that are in the mix last week was a profitable week. It was to coin a phrase “Hairy at times” but still a plus number at the end of the week.\r\n\r\nFor those of you who are newish to trading: if you are able to keep your head above water in these trading conditions…. well done! I find these large / wild swings in the markets very difficult to trade, never mind manage. The best example was on Wednesday last week around the 11.30am European Fix, both the EUR and GBP fell 80 pips in 7 minutes, bounced back 90 pips in the next 5 minutes and then pulled back again. It does NOT matter how good you think you are, these conditions can shatter confidence and liquidate accounts if you do not trade with protection.\r\n\r\nAs I wrote last week, now is the time whilst we at the crossroads / inflection point to take smaller positions with wider stops or just stand aside. The market takes no prisoners…it just kills by squeezing the last ounce out of you.\r\n\r\nNext week is a massive news week. There are several high level news events that are market moving, so we have to be very careful the way we trade and what exposure we have around these news events.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n<span style=\"line-height: 1.5em;\">14 trades at $0.10 cents each = $1.40 risk for $18.80 profit.</span></p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n14 trades at $1.00 each = $14.00 risk for $188.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n14 trades at $10.00 each = $140.00 risk for $1,880.00 profit.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n28 trades at $0.10 cents each = $2.80 cents risk for $65.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n28 trades at $1.00 each = $28.00 risk for $655.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n28 trades at $10.00 each = $280.00 risk for $6,550.00 profit.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n20 trades at $0.10 cents each = $2.00 cents risk for $15.50 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:|\r\n20 trades at $1.00 each = $20.00 risk for $155.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n20 trades at $10.00 each = $200.00 risk for $1,550.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n62 trades at $0.10 cents each = $6.20 risk for $99.80 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:|\r\n62 trades at $1.00 each = $62.00 risk for $998.00 profit</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n62 trades at $10.00 each = $620.00 risk for $9,980.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\"> TRADING MICRO-LOTS:\r\n109 trades at $0.10 cents each = $10.90 risk for $178.30 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n109 trades at $1.00 each = $109.00 risk for $1,783.00 profit.</p>\r\n<p align=\"center\"> TRADING STANDARD LOTS:\r\n109 trades at $10.00 each = $1,090.00 risk for $17,830 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b><b> </b>\r\n<p align=\"center\"><b>AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT:</b></p>\r\nBelow is the EUR/USD monthly chart.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014.png\"><img class=\"aligncenter size-large wp-image-3289\" alt=\"EURUSD MONTHLY 01.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nFollowing the Eurozone GDP release yesterday (Friday), which confirmed what Draghi had intimated the previous day ie: regarding the fact that he proclaimed that DEFLATION was not a current concern in the Eurozone. the EUR/USD rallied through 1.3800 to sit right on trend line resistance. Whichever way you look at this, when you combine this level of upward momentum in the EUR/USD with the relentless upward grind that we have had in equities to reach all time highs, together with big fibonacci extensions and we have a crossroads.\r\n\r\nThe market is what it is…\r\n\r\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader.\r\n\r\nMy views were that equities should pullback and roll over. The S&amp;P should be challenging 1730-1750 in my opinion not pushing through Fibonacci extensions looking as though 1700 is the next objective.\r\n\r\nI also thought that with the FED’s change in monetary policy i.e. tapering, that this would have strengthened the USD and this would have together with an equity pullback, brought about a target of 1.3000 or less in the EUR/USD. It simply has NOT happened.\r\n\r\nIt looks like I am going to be wrong, with my assumptions.\r\n\r\nMost of the indicators that have served me well in the past are giving me the signs:\r\n<p align=\"center\"><i>AUD/USD - yes</i></p>\r\n<p align=\"center\"><i>USD/CAD - yes</i></p>\r\n<p align=\"center\"><i>GOLD - yes</i></p>\r\n<p align=\"center\"><i>COPPER - yes</i></p>\r\n<p align=\"center\"><i>OIL - no</i></p>\r\nBut since I started getting excited about the market dis-connects, with the amount of time that has gone by, one would have thought that USD strength would have powering through the markets by now. It is just not happening.\r\n\r\nOr\r\n\r\nMaybe it is just all about to happen now that the EUR/USD is at trend line resistance.\r\n\r\nI think that this is probably wishful thinking. I am now 80% certain that we are heading for a full on bull-run in equities and the EUR/USD is heading into the 1.40’s.\r\n\r\nIn my opinion, it was 9 months ago when the correlations and dis-connects started. The AUD/USD started it’s disconnect from the S&amp;P in May 2013 when it fell from 1.0400. Since then it has at times been supported by the S&amp;P but generally speaking it was trading opposite. Given where the S&amp;P is right now, one would have expected the AUD/USD to be sitting at 1.1500 to 1.2000 and the USD/CAD to be at 0.8500\r\n\r\nThe EUR/USD is pushed up right against resistance at 1.3808; It is trend line resistance and a 61.8% Fibonacci level as well.\r\n\r\nAllowing for a little wiggle room and a stop loss run, I would say 1.3900 is the level to watch. A break above 1.3900 and it’s a squeeze much higher, the rest is history as they say. Given that the EUR/USD is the primary currency in the forex market it will very heavily influence what happens overall.\r\n\r\nNow a few regular readers, may be saying only two /three weeks ago I was talking about placing a stop in the EUR/USD at 1.3900, targeting 1.3000 closing my eyes and going short. I was that trader. I took that trade but exited.\r\n\r\nSince looking at the EUR/USD short option a couple of weeks ago, market sentiment has not altered. The equities markets look at times very twitchy and that is why I am 100% USD bearish yet. However, we did hear twice from FED Chair Janet Yellen and she never put a foot wrong with her testimony. As mentioned earlier tapering has had no effect on the USD. In fact when she (Janet Yellen) talked about sticking to the tapering plan the USD weakened as equities climbed, I expected the opposite. So to coin a phrase I do not want to be waiting in the harbor for a plane to land, or sitting in the airport terminal waiting for my ship to dock.\r\n\r\nThe bull / bear line in the sand sits around 1.3860 –1.3900 in the EUR/USD. If we break through these levels, we take off to new levels and new ranges.\r\n\r\nThat being said, as I have said a few times the markets are twitchy, there is a FEAR factor in play that means nobody wants to be buying at the highs…would you? Common sense suggests that the bull-run that equities have been on for over 12 months needs a substantial pullback of at least 15%-20%.\r\n\r\nI believe FEAR rules GREED right now, but, one cannot dismiss the numbers, we are still grinding higher.\r\n\r\nIn my opinion trading here is dangerous in the sense that there is obviously at such elevated levels and inflection points a huge amount of buyer – seller activity. Each side will be trying to prevent the opposite from happening.\r\n\r\nTherefore this is what I see as “the trader” options:\r\n<ol>\r\n	<li>Stop trading until the direction is clear after seeing who wins the battle of the inflection points…BULLS or BEARS.</li>\r\n	<li>Do not touch the EUR/USD or GBP/USD as they are set for some very wild / volatile sessions ahead.\r\nTrade the commodity cross rates instead.\r\nEUR/AUD, GBP/AUD\r\nEUR/CAD, GBP/CAD\r\nEUR/NZD, GBP/NZD</li>\r\n	<li>If you have to trade the USD, use the PULLBACK STRATEGY to enter trades in USD related currencies and only trade very short term intraday trades. Hover over your computer like a hawk.\r\nI still think that your risk is much lower if you trade the commodity currencies: - AUD/USD, NZD/USD, USD/CAD, USD/SEK and USD/NOK.</li>\r\n</ol>\r\nMy option will be option 2 from the three options I have offered above. I see this a lower risk, although the currencies involved are very volatile. Mini lots only or even multiple micro lots until we get clarity.\r\n\r\n<b><i><span style=\"text-decoration: underline;\">The following is a trade idea for PREMIUM SERVICE subscribers only.</span></i></b>\r\n\r\n<b><i>Here is the bonus from my suggested trade strategy above:</i></b>\r\n\r\n<b><i>The EUR/USD looks very bullish and the closing weekly candle looks extremely bullish. It is heading much, much higher into the 1.40’s in my opinion. Up is the line of least resistance.\r\nThe AUD/USD is very, very weak.\r\nIf the EUR rises and the AUD falls…what happens to the EUR/AUD?</i></b>\r\n\r\n<b><i>I think, potentially a thousand pips minimum is available to the long side, it can potentially have a super explosive move higher.</i></b>\r\n\r\n<b><i>If the NZD starts to follow the AUD lower and the GBP jumps higher with the EUR. The NZD crosses come into play as better options for long side trades. The biggest potential moves are in the EUR/NZD and GBP/NZD. Both these pairs are very volatile but use MONEY MANAGEMENT controls and ACCOUNT MANAGEMENT discipline. There are thousands of pips available. Above 1.6800 in the EUR/NZD and 2.0500 in the GBP/NZD are breakout levels.</i></b>\r\n\r\n<b><i>In general, all the commodity crosses are great potential long trades with thousands of pips available.</i></b>\r\n\r\nIt is very, very volatile and this requires careful conservative trading.\r\n\r\nGood luck and most of all do not try to be a hero.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b>\r\n\r\nAs promised from last week, here is the second part of my TRADING PLANS document.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FOLLOWING YOUR TRADING PLAN</span></b></p>\r\nLet’s say that you have made a very detailed TRADING PLAN.\r\n<ul>\r\n	<li>You know the rules that you are going to follow to place a trade.</li>\r\n	<li>You have maybe even drawn up a checklist to be by the side of your computer to make sure that you follow the guidelines.</li>\r\n	<li>You have your money management / risk strategy in position and you know how much you will risk on each trade placed.</li>\r\n	<li>You may even have noted in your TRADING PLAN that you will only enter a trade with a pre-determined risk / reward ratio.</li>\r\n	<li>You know what times you are going to trade and what currency pairs you will focus on.</li>\r\n	<li>You have your journal / spreadsheet ready to track and provide further trade analysis.</li>\r\n</ul>\r\nThis is the easy part. You can study all you want and can dummy trade “until the cows come home”; the bottom line though is that until real money is on the table it’s all theory, nice as it may be. When your $$$$ are on the line, it is a different ball game.\r\n\r\nHaving a great detailed TRADING PLAN is fantastic but unless it is executed in line with your parameters, it is pointless and you have wasted a great deal of your time putting it together.\r\n\r\nRegular readers of my blogs over the years will know that I am 100% in agreement with many trading gurus that FEAR and GREED drive the markets. These are basic human traits. In trading, the biggest obstacle that prevents most traders from being successful is NOT following their TRADING PLAN…the factors that prevent them following their own guidelines are most of the time psychological.\r\n\r\nPsychological issues can prevent the profitability of a trading performance. If you have been trading for sometime, I am certain that you have felt at times that you are not making as much money as you should be based on the TRADING PLAN that is in place. Most of the time when you analyze your results emotion plays a huge part, and at the end of the day we are human and humans have emotions.\r\n\r\nThere are probably three mistakes that can ruin even the best TRADING PLAN.\r\n<ol>\r\n	<li>Taking a trade that is NOT part of you guidelines.</li>\r\n	<li>NOT taking a trade that is within your guidelines.</li>\r\n	<li>Changing the guidelines of your plan based upon an event.</li>\r\n</ol>\r\nTaking a trade that is not part of you plan is tempting. There are many reasons why you as a trader would do this.\r\n<ul>\r\n	<li>You have a series of poor trades, and you are in a losing streak desperate for a profitable trade.</li>\r\n	<li>You have so much success recently with your trading you think that you know better than the markets, you think you are invincible.</li>\r\n	<li>You read or heard “a tip” from a bank or large institution to say that it is buying a particular currency. You get suckered into a trade and when in it you recognize that ‘the tip” was a sucker trade.</li>\r\n	<li>You jump into a trade, just to get into the market.</li>\r\n</ul>\r\nAll of the above scenarios are quite dangerous. If you generate a set of loss making trades you feel depressed. If by a fluke you generate a few profitable trades, you then break the rules and your plan is worthless. If you make money, it was a pure fluke and just cannot be sustained for anything other than very short-term. Psychologically, this is a bad practice for any trader.\r\n\r\nNot taking a trade that is part of your TRADING PLAN, sounds weird put it is quite commonplace. This is where FEAR and GREED comes into play.\r\n<ul>\r\n	<li>You may have had a series of trades within your trading guidelines that lost money and you decide on the next one to let it go by even though it is within your TRADING PLAN guidelines. You are scared…FEAR of losing.</li>\r\n	<li>You have had 5 or 6 very profitable trades in a row and you believe that your “luck” cannot last any longer</li>\r\n</ul>\r\nRegardless of the cause, this is a dangerous path to be on. You can watch what would have been a great trade go by and then you jump in on the trade that may not meet your guidelines. You change the rules to revenge a trade you missed. This usually means that you never maximize your profit opportunity.\r\n\r\nFinally, changing your rules can be the worst thing ever that you can do. As a trader you will have loss making trades as well as profitable ones…. it is a fact. If you had entered say 300 trades and you have had success and your strategy is profitable, you should be happy. Some traders may experience 5 or 6 loss making trades in a row, and then without reason change their strategy on entry / exit / risk. Why change your guidelines on such a small sample of trades. Changing your guidelines is something you can do but a “Knee- jerk” reaction is a poor reason to change. You should make any changes based on analysis.\r\n\r\nSome traders are happy with 60% -40% ratio of profitable trades to loss making trades. Others are 80% - 20% profitable to loss making trades. It all depends on the type of trader you are and your exit rules on trades as to what to expect with regards to your success ratio.\r\n\r\nHopefully, this short document will serve as a good reference. If you review your trades after 90- days and look at the reasons why you were not as profitable as you thought you should be, check the points above and see if one or more applied to yourself.\r\n\r\nAs long as we learn from our errors we can move forward profitably. You have the guidelines and rules in place. You just need discipline. Overall my point is you must PLAN YOUR TRADE and TRADE YOUR PLAN.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">FLASH TRADES:</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>FT37</strong>\r\n<strong>EUR/AUD</strong>\r\n<strong> Long</strong>\r\n<strong>Cost Average: 1.5419</strong>\r\n<strong>Stop Loss: 1.5200</strong>\r\n<strong>Limit / Target: 1.7400</strong>\r\n<strong>My Position Size: 7.50%</strong>\r\n<strong>Closing Weekly Position:1.5447</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  +28 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong> FT48</strong>\r\n<strong>EUR/CAD </strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.5314</strong>\r\n<strong>Stop Loss: 1.5150</strong>\r\n<strong>Limit / Target:1.7503</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.5267</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 47 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong> FT49</strong>\r\n<strong>GBP/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.8532</strong>\r\n<strong>Stop Loss: 1.8450</strong>\r\n<strong>Limit / Target: 2.024</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.8514</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 18 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">RADAR TRADES:</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>RT40</strong>\r\n<strong>NZD/USD</strong>\r\n<strong>Short </strong>\r\n<strong>Cost Average: 0.8320</strong>\r\n<strong>Stop Loss: 0.8450</strong>\r\n<strong>Limit / Target: 0.8000</strong>\r\n<strong>My Position Size: 20%</strong>\r\n<strong>Closing Weekly Position: 0.8379</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 59 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN14</strong>\r\n<strong>EUR/NZD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.6450</strong>\r\n<strong>Stop Loss: 1.6000</strong>\r\n<strong>Limit / Target: 1.9000</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.6451 </strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  + 1pip</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN15</strong>\r\n<strong>GBP/NZD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9300</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.9950. </strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position: level pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\"> </span></strong></p>\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nI have nothing that I want to commit to the blog. I will advise all trades on my RADAR via twitter early next week.\r\n\r\nI am looking at pullbacks to enter long the GBP/AUD. I am tempted with the USD/CHF long at lower levels than 0.8800. The AUD/NZD interests me around 1.0500 to enter long.\r\n\r\nHowever, do not expect a huge amount this coming week I will be sidelined for a lot of time given the reasons already written.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3801.</b> The EUR/USD is in breakout territory. Following better than expected CPi data on Friday morning, this sparked a rally up to critical trend line resistance at 1.3808.  The closing weekly candles look bullish and unless a major disaster happens the EUR/USD looks set for the lower 1.40’s. I.4250 looks to be the next major stopping point. Obviously breaking  1.4000 will be psychological but I feel that with all talk of easing from the ECB now on the back foot and an ECB press conference this week the potential upside move could be swift with squeezing involved to leap 1.3900.  In order for this pair to turn bearish again, I think we will need to drop back below 1.3700. The market was not expecting this and the potential for the upside is heavily weighted.\r\n\r\n<b>GBP/USD: Closing Price 1.6739. </b>Cable will be dragged up in sympathy with the EUR/USD not that it will require much dragging. Over recent weeks the GBP/USD has been very strong. I think if it can break 1.6770 and 1.6750, the potential for 1.7000 must be on the cards once again, despite what Mark Carney Governor of the BOE may think. Constant speculation of a rate rise in the UK only adds weight to the upside move. For this pair to turn bearish, in my opinion I think we need to see a pull back towards 1.6600, which, is a long, long way away from present levels.\r\n\r\n<b>AUD/USD: Closing Price 0.8924</b>. The RBA Rate Statement and other key AUD data this week will be crucial to the direction over the next week or so of this pair. We also have RBA Governor Stevens speaking at the end of the week as well, so there is plenty of news that will keep this pair on most traders’ radar screens. Basically, the economic data from Australia of late has been vomit material and in my opinion I see sub 0.8000 as the final stopping point in the downward push. It could be even lower. Support is vital at 0.8900, but with so much high level news about to hit, I just cannot see this holding and more like 0.8750 could be hit on weak data, if there is weak data all week. Resistance is good at 0.9010 and then 0.9075. This is a big week for the AUD currency.\r\n\r\n<b>NZD/USD: Closing Price 0.8379</b>. Cross rate support of the AUD/NZD plus stellar New Business Confidence figures have had this pair on a tear this week. At the end of the day whilst I think the potential for an upside move on USD weakness could see 0.8500 or even 0.8600, it may not move as far to the long side unless supported by movements in the S&amp;P, Gold and Copper.  Support is at 0.8320.\r\n\r\n<b>USD/CAD: Closing Price 1.1060.</b> A big fall yesterday (Friday) on the back of GDP numbers. The month on month statistics were dreadful but yearly were good overall and this pair “waterfalled” into the weekly close.  We may have to go as low as 1.0980 to 1.1020 before establishing a base to resume the upward move once again. Resistance on the way back up will be at 1.1100 and 1.1160.\r\n\r\n<b>USD/CHF: Closing Price 0.8798</b>. We are just sub 0.8800 and I am tempted to go long, but the with the potential EUR/USD breakout and tensions in Ukraine we could drop to 0.8650 before finding a bottom. I would avoid this pair. I think it’s at a great level to go long but its risky.\r\n\r\n<b>USD/JPY: Closing Price 101.78. </b>This pair is<b> </b>sitting on the cusp / precipice of a major breakdown. Will equities keep it from falling lower and breaking down? At the moment it is kind of doing it’s own thing. The range is still what I wrote last week, but my bias is a downside move sub 100.00. The range is 101.50 to 102.80.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: CNY – HSBC Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: EUR – ECB Draghi speaks.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Building Approvals and RBA Rate Statement.\r\n\r\nTUESDAY: GBP – Construction PMi\r\nTUESDAY: AUD – GDP q/q.\r\n\r\nWEDNESDAY: GBP – Services PMi\r\nWEDNESDAY: USD – ADP Non Farm Employment Change.\r\n<span style=\"line-height: 1.5em;\">WEDNESDAY: CAD – BOC Rate Statement.\r\n</span>WEDNESDAY: USD – ISM Non Manufacturing PMI.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates.\r\nTHURSDAY: EUR – ECB Interest Rates and Press Conference.\r\nTHURSDAY: CAD – Ivey PMi.\r\nTHURSDAY: AUD – RBA Governor Stevens speaks.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment rate.\r\nFRIDAY: CAD – Trade Balance, Unemployment Rate and Employment Change.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nI have already said it, but it\'s a big week coming up with high beta news events.\r\n\r\nI have suggested trade approaches and I can guarantee you that I will be “TRADING MY PLAN” and “PLANNING MY TRADES” accordingly.\r\n\r\nThese are the types of weeks that can get you caught out so many times on the wrong side of the trade that you have to be sensible and manage yourself and your emotions.\r\n\r\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\r\n\r\nFinally, more subscribers are coming on board, which is great.\r\n\r\nI have a lot of subscribers who are not North American based which is fantastic, and, they have decided just to trade from set-ups that are placed in this blog or from emails that we pass among each other, which I do not mind. However, as the numbers swell the TWITTER feed will become the only vehicle for trade set-ups because of time constraints at pressure times on the day.\r\n\r\nI have thought about a DAILY POST or DAILY FX FIX onto the website with my morning set ups, and, I am still working this around. Let me work on this some more.\r\n\r\nI am conscious that the more administration I get involved with, the less time that I have for trading, research and looking at charts etc. But the DAILY POST may be a great solution.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 1st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;','AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT','','publish','open','closed','','crossroads-againfear-rules-greed-moment','','','2014-03-01 12:35:27','2014-03-01 17:35:27','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3303',0,'member_posts','',0),(3304,1,'2014-03-01 12:33:38','2014-03-01 17:33:38','<p style=\"text-align: left;\" align=\"center\"><b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b></p>\r\nLast week I wrote about survival tactics in a chop fest market. I had lots of feedback about that piece and I would just like to say that inside the PREMIUM SERVICE each week I am adding similar useful content to hopefully help us all be better traders\r\n\r\nThat aside, the “Chop Fest” continues and more importantly for most of us we are at yet another set of crossroads. This time probably one of the most important crossroads for sometime. I have written many times stating that what appears to make common sense is irrelevant when trading to a large extent, simply because we have to deal the hand that we are dealt. Fundamentally, I just cannot see any validation for equities to keep grinding higher, yet they are. It is therefore time to sit back, be more conservative than usual, limit trades and focus on currency pairs that are to the greatest extent possible indemnified from the noise that surrounds the USD and to a lesser extent the JPY.\r\n\r\nDespite the deep thinking and strategy amendments that are in the mix last week was a profitable week. It was to coin a phrase “Hairy at times” but still a plus number at the end of the week.\r\n\r\nFor those of you who are newish to trading: if you are able to keep your head above water in these trading conditions…. well done! I find these large / wild swings in the markets very difficult to trade, never mind manage. The best example was on Wednesday last week around the 11.30am European Fix, both the EUR and GBP fell 80 pips in 7 minutes, bounced back 90 pips in the next 5 minutes and then pulled back again. It does NOT matter how good you think you are, these conditions can shatter confidence and liquidate accounts if you do not trade with protection.\r\n\r\nAs I wrote last week, now is the time whilst we at the crossroads / inflection point to take smaller positions with wider stops or just stand aside. The market takes no prisoners…it just kills by squeezing the last ounce out of you.\r\n\r\nNext week is a massive news week. There are several high level news events that are market moving, so we have to be very careful the way we trade and what exposure we have around these news events.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\r\n\r\nBelow I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n<span style=\"line-height: 1.5em;\">14 trades at $0.10 cents each = $1.40 risk for $18.80 profit.</span></p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n14 trades at $1.00 each = $14.00 risk for $188.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n14 trades at $10.00 each = $140.00 risk for $1,880.00 profit.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n28 trades at $0.10 cents each = $2.80 cents risk for $65.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n28 trades at $1.00 each = $28.00 risk for $655.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n28 trades at $10.00 each = $280.00 risk for $6,550.00 profit.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n20 trades at $0.10 cents each = $2.00 cents risk for $15.50 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:|\r\n20 trades at $1.00 each = $20.00 risk for $155.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n20 trades at $10.00 each = $200.00 risk for $1,550.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n62 trades at $0.10 cents each = $6.20 risk for $99.80 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:|\r\n62 trades at $1.00 each = $62.00 risk for $998.00 profit</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n62 trades at $10.00 each = $620.00 risk for $9,980.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\"> TRADING MICRO-LOTS:\r\n109 trades at $0.10 cents each = $10.90 risk for $178.30 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n109 trades at $1.00 each = $109.00 risk for $1,783.00 profit.</p>\r\n<p align=\"center\"> TRADING STANDARD LOTS:\r\n109 trades at $10.00 each = $1,090.00 risk for $17,830 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b><b> </b>\r\n<p align=\"center\"><b>AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT:</b></p>\r\nBelow is the EUR/USD monthly chart.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014.png\"><img class=\"aligncenter size-large wp-image-3289\" alt=\"EURUSD MONTHLY 01.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nFollowing the Eurozone GDP release yesterday (Friday), which confirmed what Draghi had intimated the previous day ie: regarding the fact that he proclaimed that DEFLATION was not a current concern in the Eurozone. the EUR/USD rallied through 1.3800 to sit right on trend line resistance. Whichever way you look at this, when you combine this level of upward momentum in the EUR/USD with the relentless upward grind that we have had in equities to reach all time highs, together with big fibonacci extensions and we have a crossroads.\r\n\r\nThe market is what it is…\r\n\r\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader.\r\n\r\nMy views were that equities should pullback and roll over. The S&amp;P should be challenging 1730-1750 in my opinion not pushing through Fibonacci extensions looking as though 1700 is the next objective.\r\n\r\nI also thought that with the FED’s change in monetary policy i.e. tapering, that this would have strengthened the USD and this would have together with an equity pullback, brought about a target of 1.3000 or less in the EUR/USD. It simply has NOT happened.\r\n\r\nIt looks like I am going to be wrong, with my assumptions.\r\n\r\nMost of the indicators that have served me well in the past are giving me the signs:\r\n<p align=\"center\"><i>AUD/USD - yes</i></p>\r\n<p align=\"center\"><i>USD/CAD - yes</i></p>\r\n<p align=\"center\"><i>GOLD - yes</i></p>\r\n<p align=\"center\"><i>COPPER - yes</i></p>\r\n<p align=\"center\"><i>OIL - no</i></p>\r\nBut since I started getting excited about the market dis-connects, with the amount of time that has gone by, one would have thought that USD strength would have powering through the markets by now. It is just not happening.\r\n\r\nOr\r\n\r\nMaybe it is just all about to happen now that the EUR/USD is at trend line resistance.\r\n\r\nI think that this is probably wishful thinking. I am now 80% certain that we are heading for a full on bull-run in equities and the EUR/USD is heading into the 1.40’s.\r\n\r\nIn my opinion, it was 9 months ago when the correlations and dis-connects started. The AUD/USD started it’s disconnect from the S&amp;P in May 2013 when it fell from 1.0400. Since then it has at times been supported by the S&amp;P but generally speaking it was trading opposite. Given where the S&amp;P is right now, one would have expected the AUD/USD to be sitting at 1.1500 to 1.2000 and the USD/CAD to be at 0.8500\r\n\r\nThe EUR/USD is pushed up right against resistance at 1.3808; It is trend line resistance and a 61.8% Fibonacci level as well.\r\n\r\nAllowing for a little wiggle room and a stop loss run, I would say 1.3900 is the level to watch. A break above 1.3900 and it’s a squeeze much higher, the rest is history as they say. Given that the EUR/USD is the primary currency in the forex market it will very heavily influence what happens overall.\r\n\r\nNow a few regular readers, may be saying only two /three weeks ago I was talking about placing a stop in the EUR/USD at 1.3900, targeting 1.3000 closing my eyes and going short. I was that trader. I took that trade but exited.\r\n\r\nSince looking at the EUR/USD short option a couple of weeks ago, market sentiment has not altered. The equities markets look at times very twitchy and that is why I am 100% USD bearish yet. However, we did hear twice from FED Chair Janet Yellen and she never put a foot wrong with her testimony. As mentioned earlier tapering has had no effect on the USD. In fact when she (Janet Yellen) talked about sticking to the tapering plan the USD weakened as equities climbed, I expected the opposite. So to coin a phrase I do not want to be waiting in the harbor for a plane to land, or sitting in the airport terminal waiting for my ship to dock.\r\n\r\nThe bull / bear line in the sand sits around 1.3860 –1.3900 in the EUR/USD. If we break through these levels, we take off to new levels and new ranges.\r\n\r\nThat being said, as I have said a few times the markets are twitchy, there is a FEAR factor in play that means nobody wants to be buying at the highs…would you? Common sense suggests that the bull-run that equities have been on for over 12 months needs a substantial pullback of at least 15%-20%.\r\n\r\nI believe FEAR rules GREED right now, but, one cannot dismiss the numbers, we are still grinding higher.\r\n\r\nIn my opinion trading here is dangerous in the sense that there is obviously at such elevated levels and inflection points a huge amount of buyer – seller activity. Each side will be trying to prevent the opposite from happening.\r\n\r\nTherefore this is what I see as “the trader” options:\r\n<ol>\r\n	<li>Stop trading until the direction is clear after seeing who wins the battle of the inflection points…BULLS or BEARS.</li>\r\n	<li>Do not touch the EUR/USD or GBP/USD as they are set for some very wild / volatile sessions ahead.\r\nTrade the commodity cross rates instead.\r\nEUR/AUD, GBP/AUD\r\nEUR/CAD, GBP/CAD\r\nEUR/NZD, GBP/NZD</li>\r\n	<li>If you have to trade the USD, use the PULLBACK STRATEGY to enter trades in USD related currencies and only trade very short term intraday trades. Hover over your computer like a hawk.\r\nI still think that your risk is much lower if you trade the commodity currencies: - AUDUSD, NZD/USD, USD/CAD, USD/SEK and USD/NOK.</li>\r\n</ol>\r\nMy option will be option 2 from the three options I have offered above. I see this a lower risk, although the currencies involved are very volatile. Mini lots only or even multiple micro lots until we get clarity.\r\n\r\n<b><i><span style=\"text-decoration: underline;\">The following is a trade idea for PREMIUM SERVICE subscribers only.</span></i></b>\r\n\r\n<b><i>Here is the bonus from my suggested trade strategy above:</i></b>\r\n\r\n<b><i>The EUR/USD looks very bullish and the closing weekly candle looks extremely bullish. It is heading much, much higher into the 1.40’s in my opinion. Up is the line of least resistance.\r\nThe AUD/USD is very, very weak.\r\nIf the EUR rises and the AUD falls…what happens to the EUR/AUD?</i></b>\r\n\r\n<b><i>I think, potentially a thousand pips minimum is available to the long side, it can potentially have a super explosive move higher.</i></b>\r\n\r\n<b><i>If the NZD starts to follow the AUD lower and the GBP jumps higher with the EUR. The NZD crosses come into play as better options for long side trades. The biggest potential moves are in the EUR/NZD and GBP/NZD. Both these pairs are very volatile but use MONEY MANAGEMENT controls and ACCOUNT MANAGEMENT discipline. There are thousands of pips available. Above 1.6800 in the EUR/NZD and 2.0500 in the GBP/NZD are breakout levels.</i></b>\r\n\r\n<b><i>In general, all the commodity crosses are great potential long trades with thousands of pips available.</i></b>\r\n\r\nIt is very, very volatile and this requires careful conservative trading.\r\n\r\nGood luck and most of all do not try to be a hero.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b>\r\n\r\nAs promised from last week, here is the second part of my TRADING PLANS document.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FOLLOWING YOUR TRADING PLAN</span></b></p>\r\nLet’s say that you have made a very detailed TRADING PLAN.\r\n<ul>\r\n	<li>You know the rules that you are going to follow to place a trade.</li>\r\n	<li>You have maybe even drawn up a checklist to be by the side of your computer to make sure that you follow the guidelines.</li>\r\n	<li>You have your money management / risk strategy in position and you know how much you will risk on each trade placed.</li>\r\n	<li>You may even have noted in your TRADING PLAN that you will only enter a trade with a pre-determined risk / reward ratio.</li>\r\n	<li>You know what times you are going to trade and what currency pairs you will focus on.</li>\r\n	<li>You have your journal / spreadsheet ready to track and provide further trade analysis.</li>\r\n</ul>\r\nThis is the easy part. You can study all you want and can dummy trade “until the cows come home”; the bottom line though is that until real money is on the table it’s all theory, nice as it may be. When your $$$$ are on the line, it is a different ball game.\r\n\r\nHaving a great detailed TRADING PLAN is fantastic but unless it is executed in line with your parameters, it is pointless and you have wasted a great deal of your time putting it together.\r\n\r\nRegular readers of my blogs over the years will know that I am 100% in agreement with many trading gurus that FEAR and GREED drive the markets. These are basic human traits. In trading, the biggest obstacle that prevents most traders from being successful is NOT following their TRADING PLAN…the factors that prevent them following their own guidelines are most of the time psychological.\r\n\r\nPsychological issues can prevent the profitability of a trading performance. If you have been trading for sometime, I am certain that you have felt at times that you are not making as much money as you should be based on the TRADING PLAN that is in place. Most of the time when you analyze your results emotion plays a huge part, and at the end of the day we are human and humans have emotions.\r\n\r\nThere are probably three mistakes that can ruin even the best TRADING PLAN.\r\n<ol>\r\n	<li>Taking a trade that is NOT part of you guidelines.</li>\r\n	<li>NOT taking a trade that is within your guidelines.</li>\r\n	<li>Changing the guidelines of your plan based upon an event.</li>\r\n</ol>\r\nTaking a trade that is not part of you plan is tempting. There are many reasons why you as a trader would do this.\r\n<ul>\r\n	<li>You have a series of poor trades, and you are in a losing streak desperate for a profitable trade.</li>\r\n	<li>You have so much success recently with your trading you think that you know better than the markets, you think you are invincible.</li>\r\n	<li>You read or heard “a tip” from a bank or large institution to say that it is buying a particular currency. You get suckered into a trade and when in it you recognize that ‘the tip” was a sucker trade.</li>\r\n	<li>You jump into a trade, just to get into the market.</li>\r\n</ul>\r\nAll of the above scenarios are quite dangerous. If you generate a set of loss making trades you feel depressed. If by a fluke you generate a few profitable trades, you then break the rules and your plan is worthless. If you make money, it was a pure fluke and just cannot be sustained for anything other than very short-term. Psychologically, this is a bad practice for any trader.\r\n\r\nNot taking a trade that is part of your TRADING PLAN, sounds weird put it is quite commonplace. This is where FEAR and GREED comes into play.\r\n<ul>\r\n	<li>You may have had a series of trades within your trading guidelines that lost money and you decide on the next one to let it go by even though it is within your TRADING PLAN guidelines. You are scared…FEAR of losing.</li>\r\n	<li>You have had 5 or 6 very profitable trades in a row and you believe that your “luck” cannot last any longer</li>\r\n</ul>\r\nRegardless of the cause, this is a dangerous path to be on. You can watch what would have been a great trade go by and then you jump in on the trade that may not meet your guidelines. You change the rules to revenge a trade you missed. This usually means that you never maximize your profit opportunity.\r\n\r\nFinally, changing your rules can be the worst thing ever that you can do. As a trader you will have loss making trades as well as profitable ones…. it is a fact. If you had entered say 300 trades and you have had success and your strategy is profitable, you should be happy. Some traders may experience 5 or 6 loss making trades in a row, and then without reason change their strategy on entry / exit / risk. Why change your guidelines on such a small sample of trades. Changing your guidelines is something you can do but a “Knee- jerk” reaction is a poor reason to change. You should make any changes based on analysis.\r\n\r\nSome traders are happy with 60% -40% ratio of profitable trades to loss making trades. Others are 80% - 20% profitable to loss making trades. It all depends on the type of trader you are and your exit rules on trades as to what to expect with regards to your success ratio.\r\n\r\nHopefully, this short document will serve as a good reference. If you review your trades after 90- days and look at the reasons why you were not as profitable as you thought you should be, check the points above and see if one or more applied to yourself.\r\n\r\nAs long as we learn from our errors we can move forward profitably. You have the guidelines and rules in place. You just need discipline. Overall my point is you must PLAN YOUR TRADE and TRADE YOUR PLAN.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">FLASH TRADES:</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>FT37</strong>\r\n<strong>EUR/AUD</strong>\r\n<strong> Long</strong>\r\n<strong>Cost Average: 1.5419</strong>\r\n<strong>Stop Loss: 1.5200</strong>\r\n<strong>Limit / Target: 1.7400</strong>\r\n<strong>My Position Size: 7.50%</strong>\r\n<strong>Closing Weekly Position:1.5447</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  +28 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong> FT48</strong>\r\n<strong>EUR/CAD </strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.5314</strong>\r\n<strong>Stop Loss: 1.5150</strong>\r\n<strong>Limit / Target:1.7503</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.5267</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 47 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong> FT49</strong>\r\n<strong>GBP/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.8532</strong>\r\n<strong>Stop Loss: 1.8450</strong>\r\n<strong>Limit / Target: 2.024</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.8514</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 18 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">RADAR TRADES:</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>RT40</strong>\r\n<strong>NZD/USD</strong>\r\n<strong>Short </strong>\r\n<strong>Cost Average: 0.8320</strong>\r\n<strong>Stop Loss: 0.8450</strong>\r\n<strong>Limit / Target: 0.8000</strong>\r\n<strong>My Position Size: 20%</strong>\r\n<strong>Closing Weekly Position: 0.8379</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 59 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN14</strong>\r\n<strong>EUR/NZD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.6450</strong>\r\n<strong>Stop Loss: 1.6000</strong>\r\n<strong>Limit / Target: 1.9000</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.6451 </strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  + 1pip</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN14</strong>\r\n<strong>GBP/NZD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9300</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.9950. </strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position: level pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\"> </span></strong></p>\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nI have nothing that I want to commit to the blog. I will advise all trades on my RADAR via twitter early next week.\r\n\r\nI am looking at pullbacks to enter long the GBP/AUD. I am tempted with the USD/CHF long at lower levels than 0.8800. The AUD/NZD interests me around 1.0500 to enter long.\r\n\r\nHowever, do not expect a huge amount this coming week I will be sidelined for a lot of time given the reasons already written.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3801.</b> The EUR/USD is in breakout territory. Following better than expected CPi data on Friday morning, this sparked a rally up to critical trend line resistance at 1.3808.  The closing weekly candles look bullish and unless a major disaster happens the EUR/USD looks set for the lower 1.40’s. I.4250 looks to be the next major stopping point. Obviously breaking  1.4000 will be psychological but I feel that with all talk of easing from the ECB now on the back foot and an ECB press conference this week the potential upside move could be swift with squeezing involved to leap 1.3900.  In order for this pair to turn bearish again, I think we will need to drop back below 1.3700. The market was not expecting this and the potential for the upside is heavily weighted.\r\n\r\n<b>GBP/USD: Closing Price 1.6739. </b>Cable will be dragged up in sympathy with the EUR/USD not that it will require much dragging. Over recent weeks the GBP/USD has been very strong. I think if it can break 1.6770 and 1.6750, the potential for 1.7000 must be on the cards once again, despite what Mark Carney Governor of the BOE may think. Constant speculation of a rate rise in the UK only adds weight to the upside move. For this pair to turn bearish, in my opinion I think we need to see a pull back towards 1.6600, which, is a long, long way away from present levels.\r\n\r\n<b>AUD/USD: Closing Price 0.8924</b>. The RBA Rate Statement and other key AUD data this week will be crucial to the direction over the next week or so of this pair. We also have RBA Governor Stevens speaking at the end of the week as well, so there is plenty of news that will keep this pair on most traders’ radar screens. Basically, the economic data from Australia of late has been vomit material and in my opinion I see sub 0.8000 as the final stopping point in the downward push. It could be even lower. Support is vital at 0.8900, but with so much high level news about to hit, I just cannot see this holding and more like 0.8750 could be hit on weak data, if there is weak data all week. Resistance is good at 0.9010 and then 0.9075. This is a big week for the AUD currency.\r\n\r\n<b>NZD/USD: Closing Price 0.8379</b>. Cross rate support of the AUD/NZD plus stellar New Business Confidence figures have had this pair on a tear this week. At the end of the day whilst I think the potential for an upside move on USD weakness could see 0.8500 or even 0.8600, it may not move as far to the long side unless supported by movements in the S&amp;P, Gold and Copper.  Support is at 0.8320.\r\n\r\n<b>USD/CAD: Closing Price 1.1060.</b> A big fall yesterday (Friday) on the back of GDP numbers. The month on month statistics were dreadful but yearly were good overall and this pair “waterfalled” into the weekly close.  We may have to go as low as 1.0980 to 1.1020 before establishing a base to resume the upward move once again. Resistance on the way back up will be at 1.1100 and 1.1160.\r\n\r\n<b>USD/CHF: Closing Price 0.8798</b>. We are just sub 0.8800 and I am tempted to go long, but the with the potential EUR/USD breakout and tensions in Ukraine we could drop to 0.8650 before finding a bottom. I would avoid this pair. I think it’s at a great level to go long but its risky.\r\n\r\n<b>USD/JPY: Closing Price 101.78. </b>This pair is<b> </b>sitting on the cusp / precipice of a major breakdown. Will equities keep it from falling lower and breaking down? At the moment it is kind of doing it’s own thing. The range is still what I wrote last week, but my bias is a downside move sub 100.00. The range is 101.50 to 102.80.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: CNY – HSBC Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: EUR – ECB Draghi speaks.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Building Approvals and RBA Rate Statement.\r\n\r\nTUESDAY: GBP – Construction PMi\r\nTUESDAY: AUD – GDP q/q.\r\n\r\nWEDNESDAY: GBP – Services PMi\r\nWEDNESDAY: USD – ADP Non Farm Employment Change.\r\n<span style=\"line-height: 1.5em;\">WEDNESDAY: CAD – BOC Rate Statement.\r\n</span>WEDNESDAY: USD – ISM Non Manufacturing PMI.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates.\r\nTHURSDAY: EUR – ECB Interest Rates and Press Conference.\r\nTHURSDAY: CAD – Ivey PMi.\r\nTHURSDAY: AUD – RBA Governor Stevens speaks.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment rate.\r\nFRIDAY: CAD – Trade Balance, Unemployment Rate and Employment Change.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nI have already said it, but it\'s a big week coming up with high beta news events.\r\n\r\nI have suggested trade approaches and I can guarantee you that I will be “TRADING MY PLAN” and “PLANNING MY TRADES” accordingly.\r\n\r\nThese are the types of weeks that can get you caught out so many times on the wrong side of the trade that you have to be sensible and manage yourself and your emotions.\r\n\r\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\r\n\r\nFinally, more subscribers are coming on board, which is great.\r\n\r\nI have a lot of subscribers who are not North American based which is fantastic, and, they have decided just to trade from set-ups that are placed in this blog or from emails that we pass among each other, which I do not mind. However, as the numbers swell the TWITTER feed will become the only vehicle for trade set-ups because of time constraints at pressure times on the day.\r\n\r\nI have thought about a DAILY POST or DAILY FX FIX onto the website with my morning set ups, and, I am still working this around. Let me work on this some more.\r\n\r\nI am conscious that the more administration I get involved with, the less time that I have for trading, research and looking at charts etc. But the DAILY POST may be a great solution.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 1st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;','AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT','','inherit','open','closed','','3303-revision-v1','','','2014-03-01 12:33:38','2014-03-01 17:33:38','',3303,'https://weeklyfxdrivethru.com/3303-revision-v1/',0,'revision','',0),(3305,1,'2014-03-01 12:35:27','2014-03-01 17:35:27','<p style=\"text-align: left;\" align=\"center\"><b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b></p>\r\nLast week I wrote about survival tactics in a chop fest market. I had lots of feedback about that piece and I would just like to say that inside the PREMIUM SERVICE each week I am adding similar useful content to hopefully help us all be better traders\r\n\r\nThat aside, the “Chop Fest” continues and more importantly for most of us we are at yet another set of crossroads. This time probably one of the most important crossroads for sometime. I have written many times stating that what appears to make common sense is irrelevant when trading to a large extent, simply because we have to deal the hand that we are dealt. Fundamentally, I just cannot see any validation for equities to keep grinding higher, yet they are. It is therefore time to sit back, be more conservative than usual, limit trades and focus on currency pairs that are to the greatest extent possible indemnified from the noise that surrounds the USD and to a lesser extent the JPY.\r\n\r\nDespite the deep thinking and strategy amendments that are in the mix last week was a profitable week. It was to coin a phrase “Hairy at times” but still a plus number at the end of the week.\r\n\r\nFor those of you who are newish to trading: if you are able to keep your head above water in these trading conditions…. well done! I find these large / wild swings in the markets very difficult to trade, never mind manage. The best example was on Wednesday last week around the 11.30am European Fix, both the EUR and GBP fell 80 pips in 7 minutes, bounced back 90 pips in the next 5 minutes and then pulled back again. It does NOT matter how good you think you are, these conditions can shatter confidence and liquidate accounts if you do not trade with protection.\r\n\r\nAs I wrote last week, now is the time whilst we at the crossroads / inflection point to take smaller positions with wider stops or just stand aside. The market takes no prisoners…it just kills by squeezing the last ounce out of you.\r\n\r\nNext week is a massive news week. There are several high level news events that are market moving, so we have to be very careful the way we trade and what exposure we have around these news events.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014 and YEAR to date:</span></b></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n<span style=\"line-height: 1.5em;\">14 trades at $0.10 cents each = $1.40 risk for $18.80 profit.</span></p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n14 trades at $1.00 each = $14.00 risk for $188.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n14 trades at $10.00 each = $140.00 risk for $1,880.00 profit.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n28 trades at $0.10 cents each = $2.80 cents risk for $65.50 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n28 trades at $1.00 each = $28.00 risk for $655.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n28 trades at $10.00 each = $280.00 risk for $6,550.00 profit.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – FEBRUARY 2014:</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n20 trades at $0.10 cents each = $2.00 cents risk for $15.50 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:|\r\n20 trades at $1.00 each = $20.00 risk for $155.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n20 trades at $10.00 each = $200.00 risk for $1,550.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FEBRUARY 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n62 trades at $0.10 cents each = $6.20 risk for $99.80 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:|\r\n62 trades at $1.00 each = $62.00 risk for $998.00 profit</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n62 trades at $10.00 each = $620.00 risk for $9,980.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE</span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\"> TRADING MICRO-LOTS:\r\n109 trades at $0.10 cents each = $10.90 risk for $178.30 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n109 trades at $1.00 each = $109.00 risk for $1,783.00 profit.</p>\r\n<p align=\"center\"> TRADING STANDARD LOTS:\r\n109 trades at $10.00 each = $1,090.00 risk for $17,830 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b><b> </b>\r\n<p align=\"center\"><b>AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT:</b></p>\r\nBelow is the EUR/USD monthly chart.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014.png\"><img class=\"aligncenter size-large wp-image-3289\" alt=\"EURUSD MONTHLY 01.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/EURUSD-MONTHLY-01.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nFollowing the Eurozone GDP release yesterday (Friday), which confirmed what Draghi had intimated the previous day ie: regarding the fact that he proclaimed that DEFLATION was not a current concern in the Eurozone. the EUR/USD rallied through 1.3800 to sit right on trend line resistance. Whichever way you look at this, when you combine this level of upward momentum in the EUR/USD with the relentless upward grind that we have had in equities to reach all time highs, together with big fibonacci extensions and we have a crossroads.\r\n\r\nThe market is what it is…\r\n\r\nAs traders we have to react and trade within what the market does whether we agree with the way the market implements news or reacts to technical levels. This can be a difficult pill to swallow if, like me, you are a fundamental before technical trader.\r\n\r\nMy views were that equities should pullback and roll over. The S&amp;P should be challenging 1730-1750 in my opinion not pushing through Fibonacci extensions looking as though 1700 is the next objective.\r\n\r\nI also thought that with the FED’s change in monetary policy i.e. tapering, that this would have strengthened the USD and this would have together with an equity pullback, brought about a target of 1.3000 or less in the EUR/USD. It simply has NOT happened.\r\n\r\nIt looks like I am going to be wrong, with my assumptions.\r\n\r\nMost of the indicators that have served me well in the past are giving me the signs:\r\n<p align=\"center\"><i>AUD/USD - yes</i></p>\r\n<p align=\"center\"><i>USD/CAD - yes</i></p>\r\n<p align=\"center\"><i>GOLD - yes</i></p>\r\n<p align=\"center\"><i>COPPER - yes</i></p>\r\n<p align=\"center\"><i>OIL - no</i></p>\r\nBut since I started getting excited about the market dis-connects, with the amount of time that has gone by, one would have thought that USD strength would have powering through the markets by now. It is just not happening.\r\n\r\nOr\r\n\r\nMaybe it is just all about to happen now that the EUR/USD is at trend line resistance.\r\n\r\nI think that this is probably wishful thinking. I am now 80% certain that we are heading for a full on bull-run in equities and the EUR/USD is heading into the 1.40’s.\r\n\r\nIn my opinion, it was 9 months ago when the correlations and dis-connects started. The AUD/USD started it’s disconnect from the S&amp;P in May 2013 when it fell from 1.0400. Since then it has at times been supported by the S&amp;P but generally speaking it was trading opposite. Given where the S&amp;P is right now, one would have expected the AUD/USD to be sitting at 1.1500 to 1.2000 and the USD/CAD to be at 0.8500\r\n\r\nThe EUR/USD is pushed up right against resistance at 1.3808; It is trend line resistance and a 61.8% Fibonacci level as well.\r\n\r\nAllowing for a little wiggle room and a stop loss run, I would say 1.3900 is the level to watch. A break above 1.3900 and it’s a squeeze much higher, the rest is history as they say. Given that the EUR/USD is the primary currency in the forex market it will very heavily influence what happens overall.\r\n\r\nNow a few regular readers, may be saying only two /three weeks ago I was talking about placing a stop in the EUR/USD at 1.3900, targeting 1.3000 closing my eyes and going short. I was that trader. I took that trade but exited.\r\n\r\nSince looking at the EUR/USD short option a couple of weeks ago, market sentiment has not altered. The equities markets look at times very twitchy and that is why I am 100% USD bearish yet. However, we did hear twice from FED Chair Janet Yellen and she never put a foot wrong with her testimony. As mentioned earlier tapering has had no effect on the USD. In fact when she (Janet Yellen) talked about sticking to the tapering plan the USD weakened as equities climbed, I expected the opposite. So to coin a phrase I do not want to be waiting in the harbor for a plane to land, or sitting in the airport terminal waiting for my ship to dock.\r\n\r\nThe bull / bear line in the sand sits around 1.3860 –1.3900 in the EUR/USD. If we break through these levels, we take off to new levels and new ranges.\r\n\r\nThat being said, as I have said a few times the markets are twitchy, there is a FEAR factor in play that means nobody wants to be buying at the highs…would you? Common sense suggests that the bull-run that equities have been on for over 12 months needs a substantial pullback of at least 15%-20%.\r\n\r\nI believe FEAR rules GREED right now, but, one cannot dismiss the numbers, we are still grinding higher.\r\n\r\nIn my opinion trading here is dangerous in the sense that there is obviously at such elevated levels and inflection points a huge amount of buyer – seller activity. Each side will be trying to prevent the opposite from happening.\r\n\r\nTherefore this is what I see as “the trader” options:\r\n<ol>\r\n	<li>Stop trading until the direction is clear after seeing who wins the battle of the inflection points…BULLS or BEARS.</li>\r\n	<li>Do not touch the EUR/USD or GBP/USD as they are set for some very wild / volatile sessions ahead.\r\nTrade the commodity cross rates instead.\r\nEUR/AUD, GBP/AUD\r\nEUR/CAD, GBP/CAD\r\nEUR/NZD, GBP/NZD</li>\r\n	<li>If you have to trade the USD, use the PULLBACK STRATEGY to enter trades in USD related currencies and only trade very short term intraday trades. Hover over your computer like a hawk.\r\nI still think that your risk is much lower if you trade the commodity currencies: - AUD/USD, NZD/USD, USD/CAD, USD/SEK and USD/NOK.</li>\r\n</ol>\r\nMy option will be option 2 from the three options I have offered above. I see this a lower risk, although the currencies involved are very volatile. Mini lots only or even multiple micro lots until we get clarity.\r\n\r\n<b><i><span style=\"text-decoration: underline;\">The following is a trade idea for PREMIUM SERVICE subscribers only.</span></i></b>\r\n\r\n<b><i>Here is the bonus from my suggested trade strategy above:</i></b>\r\n\r\n<b><i>The EUR/USD looks very bullish and the closing weekly candle looks extremely bullish. It is heading much, much higher into the 1.40’s in my opinion. Up is the line of least resistance.\r\nThe AUD/USD is very, very weak.\r\nIf the EUR rises and the AUD falls…what happens to the EUR/AUD?</i></b>\r\n\r\n<b><i>I think, potentially a thousand pips minimum is available to the long side, it can potentially have a super explosive move higher.</i></b>\r\n\r\n<b><i>If the NZD starts to follow the AUD lower and the GBP jumps higher with the EUR. The NZD crosses come into play as better options for long side trades. The biggest potential moves are in the EUR/NZD and GBP/NZD. Both these pairs are very volatile but use MONEY MANAGEMENT controls and ACCOUNT MANAGEMENT discipline. There are thousands of pips available. Above 1.6800 in the EUR/NZD and 2.0500 in the GBP/NZD are breakout levels.</i></b>\r\n\r\n<b><i>In general, all the commodity crosses are great potential long trades with thousands of pips available.</i></b>\r\n\r\nIt is very, very volatile and this requires careful conservative trading.\r\n\r\nGood luck and most of all do not try to be a hero.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b>\r\n\r\nAs promised from last week, here is the second part of my TRADING PLANS document.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">FOLLOWING YOUR TRADING PLAN</span></b></p>\r\nLet’s say that you have made a very detailed TRADING PLAN.\r\n<ul>\r\n	<li>You know the rules that you are going to follow to place a trade.</li>\r\n	<li>You have maybe even drawn up a checklist to be by the side of your computer to make sure that you follow the guidelines.</li>\r\n	<li>You have your money management / risk strategy in position and you know how much you will risk on each trade placed.</li>\r\n	<li>You may even have noted in your TRADING PLAN that you will only enter a trade with a pre-determined risk / reward ratio.</li>\r\n	<li>You know what times you are going to trade and what currency pairs you will focus on.</li>\r\n	<li>You have your journal / spreadsheet ready to track and provide further trade analysis.</li>\r\n</ul>\r\nThis is the easy part. You can study all you want and can dummy trade “until the cows come home”; the bottom line though is that until real money is on the table it’s all theory, nice as it may be. When your $$$$ are on the line, it is a different ball game.\r\n\r\nHaving a great detailed TRADING PLAN is fantastic but unless it is executed in line with your parameters, it is pointless and you have wasted a great deal of your time putting it together.\r\n\r\nRegular readers of my blogs over the years will know that I am 100% in agreement with many trading gurus that FEAR and GREED drive the markets. These are basic human traits. In trading, the biggest obstacle that prevents most traders from being successful is NOT following their TRADING PLAN…the factors that prevent them following their own guidelines are most of the time psychological.\r\n\r\nPsychological issues can prevent the profitability of a trading performance. If you have been trading for sometime, I am certain that you have felt at times that you are not making as much money as you should be based on the TRADING PLAN that is in place. Most of the time when you analyze your results emotion plays a huge part, and at the end of the day we are human and humans have emotions.\r\n\r\nThere are probably three mistakes that can ruin even the best TRADING PLAN.\r\n<ol>\r\n	<li>Taking a trade that is NOT part of you guidelines.</li>\r\n	<li>NOT taking a trade that is within your guidelines.</li>\r\n	<li>Changing the guidelines of your plan based upon an event.</li>\r\n</ol>\r\nTaking a trade that is not part of you plan is tempting. There are many reasons why you as a trader would do this.\r\n<ul>\r\n	<li>You have a series of poor trades, and you are in a losing streak desperate for a profitable trade.</li>\r\n	<li>You have so much success recently with your trading you think that you know better than the markets, you think you are invincible.</li>\r\n	<li>You read or heard “a tip” from a bank or large institution to say that it is buying a particular currency. You get suckered into a trade and when in it you recognize that ‘the tip” was a sucker trade.</li>\r\n	<li>You jump into a trade, just to get into the market.</li>\r\n</ul>\r\nAll of the above scenarios are quite dangerous. If you generate a set of loss making trades you feel depressed. If by a fluke you generate a few profitable trades, you then break the rules and your plan is worthless. If you make money, it was a pure fluke and just cannot be sustained for anything other than very short-term. Psychologically, this is a bad practice for any trader.\r\n\r\nNot taking a trade that is part of your TRADING PLAN, sounds weird put it is quite commonplace. This is where FEAR and GREED comes into play.\r\n<ul>\r\n	<li>You may have had a series of trades within your trading guidelines that lost money and you decide on the next one to let it go by even though it is within your TRADING PLAN guidelines. You are scared…FEAR of losing.</li>\r\n	<li>You have had 5 or 6 very profitable trades in a row and you believe that your “luck” cannot last any longer</li>\r\n</ul>\r\nRegardless of the cause, this is a dangerous path to be on. You can watch what would have been a great trade go by and then you jump in on the trade that may not meet your guidelines. You change the rules to revenge a trade you missed. This usually means that you never maximize your profit opportunity.\r\n\r\nFinally, changing your rules can be the worst thing ever that you can do. As a trader you will have loss making trades as well as profitable ones…. it is a fact. If you had entered say 300 trades and you have had success and your strategy is profitable, you should be happy. Some traders may experience 5 or 6 loss making trades in a row, and then without reason change their strategy on entry / exit / risk. Why change your guidelines on such a small sample of trades. Changing your guidelines is something you can do but a “Knee- jerk” reaction is a poor reason to change. You should make any changes based on analysis.\r\n\r\nSome traders are happy with 60% -40% ratio of profitable trades to loss making trades. Others are 80% - 20% profitable to loss making trades. It all depends on the type of trader you are and your exit rules on trades as to what to expect with regards to your success ratio.\r\n\r\nHopefully, this short document will serve as a good reference. If you review your trades after 90- days and look at the reasons why you were not as profitable as you thought you should be, check the points above and see if one or more applied to yourself.\r\n\r\nAs long as we learn from our errors we can move forward profitably. You have the guidelines and rules in place. You just need discipline. Overall my point is you must PLAN YOUR TRADE and TRADE YOUR PLAN.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">FLASH TRADES:</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>FT37</strong>\r\n<strong>EUR/AUD</strong>\r\n<strong> Long</strong>\r\n<strong>Cost Average: 1.5419</strong>\r\n<strong>Stop Loss: 1.5200</strong>\r\n<strong>Limit / Target: 1.7400</strong>\r\n<strong>My Position Size: 7.50%</strong>\r\n<strong>Closing Weekly Position:1.5447</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  +28 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong> FT48</strong>\r\n<strong>EUR/CAD </strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.5314</strong>\r\n<strong>Stop Loss: 1.5150</strong>\r\n<strong>Limit / Target:1.7503</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.5267</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 47 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong> FT49</strong>\r\n<strong>GBP/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.8532</strong>\r\n<strong>Stop Loss: 1.8450</strong>\r\n<strong>Limit / Target: 2.024</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.8514</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 18 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">RADAR TRADES:</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>RT40</strong>\r\n<strong>NZD/USD</strong>\r\n<strong>Short </strong>\r\n<strong>Cost Average: 0.8320</strong>\r\n<strong>Stop Loss: 0.8450</strong>\r\n<strong>Limit / Target: 0.8000</strong>\r\n<strong>My Position Size: 20%</strong>\r\n<strong>Closing Weekly Position: 0.8379</strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  - 59 pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES:</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN14</strong>\r\n<strong>EUR/NZD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.6450</strong>\r\n<strong>Stop Loss: 1.6000</strong>\r\n<strong>Limit / Target: 1.9000</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.6451 </strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position:  + 1pip</span></strong></p>\r\n<p style=\"text-align: center;\"><strong>FUN15</strong>\r\n<strong>GBP/NZD</strong>\r\n<strong>Long</strong>\r\n<strong>Cost Average: 1.9950</strong>\r\n<strong>Stop Loss: 1.9300</strong>\r\n<strong>Limit / Target: 2.2350</strong>\r\n<strong>My Position Size: 7.5%</strong>\r\n<strong>Closing Weekly Position: 1.9950. </strong>\r\n<strong><span style=\"line-height: 1.5em;\">My present Profit/Loss position: level pips</span></strong></p>\r\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\"> </span></strong></p>\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nI have nothing that I want to commit to the blog. I will advise all trades on my RADAR via twitter early next week.\r\n\r\nI am looking at pullbacks to enter long the GBP/AUD. I am tempted with the USD/CHF long at lower levels than 0.8800. The AUD/NZD interests me around 1.0500 to enter long.\r\n\r\nHowever, do not expect a huge amount this coming week I will be sidelined for a lot of time given the reasons already written.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3801.</b> The EUR/USD is in breakout territory. Following better than expected CPi data on Friday morning, this sparked a rally up to critical trend line resistance at 1.3808.  The closing weekly candles look bullish and unless a major disaster happens the EUR/USD looks set for the lower 1.40’s. I.4250 looks to be the next major stopping point. Obviously breaking  1.4000 will be psychological but I feel that with all talk of easing from the ECB now on the back foot and an ECB press conference this week the potential upside move could be swift with squeezing involved to leap 1.3900.  In order for this pair to turn bearish again, I think we will need to drop back below 1.3700. The market was not expecting this and the potential for the upside is heavily weighted.\r\n\r\n<b>GBP/USD: Closing Price 1.6739. </b>Cable will be dragged up in sympathy with the EUR/USD not that it will require much dragging. Over recent weeks the GBP/USD has been very strong. I think if it can break 1.6770 and 1.6750, the potential for 1.7000 must be on the cards once again, despite what Mark Carney Governor of the BOE may think. Constant speculation of a rate rise in the UK only adds weight to the upside move. For this pair to turn bearish, in my opinion I think we need to see a pull back towards 1.6600, which, is a long, long way away from present levels.\r\n\r\n<b>AUD/USD: Closing Price 0.8924</b>. The RBA Rate Statement and other key AUD data this week will be crucial to the direction over the next week or so of this pair. We also have RBA Governor Stevens speaking at the end of the week as well, so there is plenty of news that will keep this pair on most traders’ radar screens. Basically, the economic data from Australia of late has been vomit material and in my opinion I see sub 0.8000 as the final stopping point in the downward push. It could be even lower. Support is vital at 0.8900, but with so much high level news about to hit, I just cannot see this holding and more like 0.8750 could be hit on weak data, if there is weak data all week. Resistance is good at 0.9010 and then 0.9075. This is a big week for the AUD currency.\r\n\r\n<b>NZD/USD: Closing Price 0.8379</b>. Cross rate support of the AUD/NZD plus stellar New Business Confidence figures have had this pair on a tear this week. At the end of the day whilst I think the potential for an upside move on USD weakness could see 0.8500 or even 0.8600, it may not move as far to the long side unless supported by movements in the S&amp;P, Gold and Copper.  Support is at 0.8320.\r\n\r\n<b>USD/CAD: Closing Price 1.1060.</b> A big fall yesterday (Friday) on the back of GDP numbers. The month on month statistics were dreadful but yearly were good overall and this pair “waterfalled” into the weekly close.  We may have to go as low as 1.0980 to 1.1020 before establishing a base to resume the upward move once again. Resistance on the way back up will be at 1.1100 and 1.1160.\r\n\r\n<b>USD/CHF: Closing Price 0.8798</b>. We are just sub 0.8800 and I am tempted to go long, but the with the potential EUR/USD breakout and tensions in Ukraine we could drop to 0.8650 before finding a bottom. I would avoid this pair. I think it’s at a great level to go long but its risky.\r\n\r\n<b>USD/JPY: Closing Price 101.78. </b>This pair is<b> </b>sitting on the cusp / precipice of a major breakdown. Will equities keep it from falling lower and breaking down? At the moment it is kind of doing it’s own thing. The range is still what I wrote last week, but my bias is a downside move sub 100.00. The range is 101.50 to 102.80.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: CNY – HSBC Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: EUR – ECB Draghi speaks.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Building Approvals and RBA Rate Statement.\r\n\r\nTUESDAY: GBP – Construction PMi\r\nTUESDAY: AUD – GDP q/q.\r\n\r\nWEDNESDAY: GBP – Services PMi\r\nWEDNESDAY: USD – ADP Non Farm Employment Change.\r\n<span style=\"line-height: 1.5em;\">WEDNESDAY: CAD – BOC Rate Statement.\r\n</span>WEDNESDAY: USD – ISM Non Manufacturing PMI.\r\nWEDNESDAY: AUD – Retail Sales and Trade Balance.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates.\r\nTHURSDAY: EUR – ECB Interest Rates and Press Conference.\r\nTHURSDAY: CAD – Ivey PMi.\r\nTHURSDAY: AUD – RBA Governor Stevens speaks.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment rate.\r\nFRIDAY: CAD – Trade Balance, Unemployment Rate and Employment Change.<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nI have already said it, but it\'s a big week coming up with high beta news events.\r\n\r\nI have suggested trade approaches and I can guarantee you that I will be “TRADING MY PLAN” and “PLANNING MY TRADES” accordingly.\r\n\r\nThese are the types of weeks that can get you caught out so many times on the wrong side of the trade that you have to be sensible and manage yourself and your emotions.\r\n\r\nGood luck and trade within your TRADE PLAN guidelines and most importantly use sound MONEY MANAGEMENT SKILLS to control your risk.\r\n\r\nFinally, more subscribers are coming on board, which is great.\r\n\r\nI have a lot of subscribers who are not North American based which is fantastic, and, they have decided just to trade from set-ups that are placed in this blog or from emails that we pass among each other, which I do not mind. However, as the numbers swell the TWITTER feed will become the only vehicle for trade set-ups because of time constraints at pressure times on the day.\r\n\r\nI have thought about a DAILY POST or DAILY FX FIX onto the website with my morning set ups, and, I am still working this around. Let me work on this some more.\r\n\r\nI am conscious that the more administration I get involved with, the less time that I have for trading, research and looking at charts etc. But the DAILY POST may be a great solution.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 1st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;','AT THE CROSSROADS AGAIN…FEAR RULES GREED AT THE MOMENT','','inherit','open','closed','','3303-revision-v1','','','2014-03-01 12:35:27','2014-03-01 17:35:27','',3303,'https://weeklyfxdrivethru.com/3303-revision-v1/',0,'revision','',0),(3313,1,'2014-03-01 12:45:52','2014-03-01 17:45:52','<section class=\"pdf-links\">\r\n<div class=\"one-third first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\r\n<div class=\"one-third\"></div>\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</section>\r\n<div class=\"one-half first\">\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/FOLLOWING-YOUR-TRADING-PLAN-.pdf\">FOLLOWING YOUR TRADING PLAN</a>\r\nThese resources are in PDF format that will allow for easy printing\r\n\r\n</div>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-03-01 12:45:52','2014-03-01 17:45:52','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3314,1,'2016-05-28 12:17:22','2016-05-28 17:17:22','<section class=\"pdf-links\">\n<div class=\"one-third first\">\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/CREATING-A-TRADING-PLAN-3.0.pdf\">CREATING A TRADING PLAN</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/FOLLOWING-YOUR-TRADING-PLAN-.pdf\">FOLLOWING YOUR TRADING PLAN</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/PLANNING-YOUR-TRADES-2.0.pdf\">PLANNING YOUR TRADES (2.0)</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/MANAGING-RISK.pdf\">MANAGING RISK</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/STOP-PLACEMENT.pdf\">STOP PLACEMENT</a>\n\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>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-AROUND-THE-NEWS.pdf\">TRADING AROUND THE NEWS</a>\n\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>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\">TRADING WITH A FLEXIBLE MINDSET</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PROBABILITIES-IN-TRADING.pdf\">PROBABILITIES IN TRADING</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf\">TRADING PSYCHOLOGY AND DRAWDOWNS</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-RECENCY-BIAS.pdf\">TRADING PSYCHOLOGY - RECENCY BIAS</a>\n\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>\n\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>\n\n</div>\n<div class=\"one-third\">\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/ARE-YOU-FORCING-TRADES_.pdf\">ARE YOU FORCING TRADES_</a>\n\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>\n\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>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/FX-BROKERS-PART-1.pdf\">FX BROKERS -PART 1</a>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/FX-BROKERS-PART-2.pdf\">FX BROKERS - PART 2</a>\n\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>\n\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>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/09/ARE-YOU-PREDICTING-PRICE-ACTION_.pdf\">ARE YOU PREDICTING PRICE ACTION</a>\n\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>\n\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>\n\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>\n\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>\n\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>\n\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>\n\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>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/10/STAIR-STEPPING-STOP-PROTECTION.pdf\">STAIR STEPPING STOP PROTECTION</a>\n\n</div>\n<div class=\"one-third\">\n\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>\n\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>\n\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>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/01/MY-APPROACH-ON-POSITION-SIZING.pdf\">MY APPROACH ON POSITION SIZING</a>\n\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>\n\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>\n\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>\n\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>\n\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>\n\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>\n\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>\n\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>\n\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>\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/CURRENCY-CORRELATION-EXPLAINED.pdf\">CURRENCY CORRELATION EXPLAINED</a>\n\n<a href=\n\n&nbsp;\n\n</div>\n</a></div></section>\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>','Trading Essentials','','inherit','open','closed','','2538-autosave-v1','','','2016-05-28 12:17:22','2016-05-28 17:17:22','',2538,'https://weeklyfxdrivethru.com/2538-autosave-v1/',0,'revision','',0),(3315,1,'2014-03-01 12:48:12','2014-03-01 17:48:12','<section class=\"pdf-links\">\r\n<div class=\"one-third first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\r\n<div class=\"one-third\"></div>\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<div class=\"one-third\"></div>\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\r\n<div class=\"one-half first\">\r\nThese resources are in PDF format that will allow for easy printing</div></section>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-03-01 12:48:12','2014-03-01 17:48:12','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3759,1,'2014-05-30 07:09:58','2014-05-30 12:09:58','Hi Everyone,\r\n\r\nLast day of the week and the last day of the month. It could be a volatile Friday morning in the U.S. session with the usual stock holding positioning and month end flows. Today is a day to be careful not to get positioned incorrectly going into the weekend, plus next week is a FULL week of data, and, lots of potentially market moving data.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nThere was a little bit of volatility last night in the Asian session as a plethora Japanese  data was released. The upshot of which was that it appears that the government are quite happy at the moment, which means, there will be no further easing in the near term.\r\n\r\nBoth the AUD/USD and NZD/USD rallied after the New York close yesterday and for the main held their gains through Asia and Europe. I took the opportunity near their highs to add to my short positions already held. The EUR/NZD and GBP/NZD are soooooo close to breaking out, should the NZD/USD fall today there could be some very big moves on the cards. (AUD/NZD as well).\r\n\r\nThere is a lot of data this morning in the U.S. session, the highlight for me in the CAD GDP. I cancelled a limit order (Long) this pair earlier as I do not want it to trigger around this major news event.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nI am so annoyed with myself regarding the USD/SEK, EUR/SEK and USD/NOK. I traded these three pairs quite a bit recently, and set me entry levels recently to get long too far away from the market and obviously they did not trigger . I do not want to chase any of these trades but I am looking at charts for entries next week based upon pullbacks that may not be too far away from current prices. The potential moves higher are extreme in all three pairs so I am not worried about being too late to join in at the party!\r\n\r\nBeing a Friday, I am not looking to add trades today, but I will should the trade meet my criteria. I will tweet should that be the case.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TOMORROW\'S BLOG:</strong></span>\r\n\r\nThis will be delayed until about 1900- 2100 EDT for publication. I have been invited on a jolly tomorrow to test drive the new Porsche crossover. It is a bright and early start, which will mean that my Saturday morning routine on charts and blogs will be delayed.\r\n\r\nHave a great trading day and a good weekend, ready for the massive data dump next week......\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#41 - THE DAILY FX BLOG, Friday May 30th 2014','','publish','open','closed','','41-daily-fx-blog-friday-may-30th-2014','','','2014-05-30 07:09:58','2014-05-30 12:09:58','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3759',0,'member_posts','',0),(3760,1,'2014-05-30 07:09:15','2014-05-30 12:09:15','Hi Everyone,\r\n\r\nLast day of the week and the last day of the month. It could be a volatile Friday morning in the U.S. session with the usual stock holding positioning and month end flows. Today is a day to be careful not to get positioned incorrectly going into the weekend, plus next week is a FULL week of data, and, lots of potentially market moving data.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nThere was a little bit of volatility last night in the Asian session as a plethora Japanese  data was released. The upshot of which was that it appears that the government are quite happy at the moment, which means, there will be no further easing in the near term.\r\n\r\nBoth the AUD/USD and NZD/USD rallied after the New York close yesterday and for the main held their gains through Asia and Europe. I took the opportunity near their highs to add to my short positions already held. The EUR/NZD and GBP/NZD are soooooo close to breaking out, should the NZD/USD fall today there could be some very big moves on the cards. (AUD/NZD as well).\r\n\r\nThere is a lot of data this morning in the U.S. session, the highlight for me in the CAD GDP. I cancelled a limit order (Long) this pair earlier as I do not want it to trigger around this major news event.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nI am so annoyed with myself regarding the USD/SEK, EUR/SEK and USD/NOK. I traded these three pairs quite a bit recently, and set me entry levels recently to get long too far away from the market and obviously they did not trigger . I do not want to chase any of these trades but I am looking at charts for entries next week based upon pullbacks that may not be too far away from current prices. The potential moves higher are extreme in all three pairs so I am not worried about being too late to join in at the party!\r\n\r\nBeing a Friday, I am not looking to add trades today, but I will should the trade meet my criteria. I will tweet should that be the case.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TOMORROW\'S BLOG:</strong></span>\r\n\r\nThis will be delayed until about 1900- 2100 EDT for publication. I have been invited on a jolly tomorrow to test drive the new Porche crossover. It is a bright and early start, which will mean that my Saturday morning routine on charts and blogs will be delayed.\r\n\r\nHave a great trading day and a good weekend, ready for the massive data dump next week......\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#41 - THE DAILY FX BLOG, Friday May 30th 2014','','inherit','open','closed','','3759-revision-v1','','','2014-05-30 07:09:15','2014-05-30 12:09:15','',3759,'https://weeklyfxdrivethru.com/3759-revision-v1/',0,'revision','',0),(3561,1,'2014-04-30 07:10:41','2014-04-30 12:10:41','Good Morning,\r\n\r\nAs we head towards several major news events in the next day or so (listed below), given the markets tight trading ranges and the Chop Fest conditions, I am looking to exit a number of trades during the day.\r\n\r\nI am watching some trades just bounce around going nowhere, many of them are loss trades at the moment. I may just take 50% or 75% position sizes off the table, but most trades are already quite small.....but I just don\'t want the risk exposure. I will tweet the trades I remove or amend as I  review them.\r\n\r\nU.S.  - ADP\r\nCAD - GDP\r\nU.S. - FOMC\r\nCHINA - PMi\r\nGBP - PMi\r\nU.S. - Yellen and PMi and Unemployment Claims\r\nAUD - PPi\r\n\r\nAll of the above in the next 36 hours or so, prior to Non Farm Payrolls on Friday morning.\r\n\r\nI am not intending to add trades today, but, if something comes up I will take a look at it. I will intro-day (FLASH) trade if the opportunity arises, but my goal today is to fully review risk exposure. It all looks good and well within my TRADE PLAN guidelines but I can reduce size given the importance of the news on the horizon.\r\n\r\nTake care, if you are trading and I suggest smaller position sizes to limit risk.\r\n\r\nThe ranges are getting tighter and the EUR volatility is at 3 year lows. This means that there is breakout looming, so please do not caught and trade smaller.\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#21 - THE DAILY FX POST, Wednesday 30th April 2014','','publish','open','closed','','21-daily-fx-post-wednesday-30th-april-2014','','','2014-04-30 07:10:41','2014-04-30 12:10:41','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3561',0,'member_posts','',0),(3320,16,'2014-03-02 15:19:34','2014-03-02 20:19:34','','Go to menu','Go to menu','publish','open','closed','','go-to-menu','','','2014-03-02 15:19:34','2014-03-02 20:19:34','',0,'https://weeklyfxdrivethru.com/?p=3320',1,'nav_menu_item','',0),(3336,1,'2014-03-08 10:33:02','2014-03-08 15:33:02','<b style=\"line-height: 1.5em;\"> </b>\r\n\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nI do not mean to complain, or sound negative; but I am finding this market very challenging.\r\n\r\nI “Tweeted” earlier in the week that the next blog would be about trade potentials, and set-ups, looking forward, and, those of you who are subscribers to the PREMIUM SERVICE, will have that version of the blog. The rest of you who subscribe to the WEEKLY FX DRIVE THRU blog will have a version with that section removed. That comes later.\r\n\r\nRight now, I think that my emotions on what I think the market should be doing and what is in effect happening is affecting my whole approach to trading. I am having a lot more “What if’s” and “Yes but’s” at the back of my mind. I am trading purely off pullbacks on FLASH trades. Because the markets are at all-time highs, and very complacent about news/data events, the chances of false breakouts and false breakdowns are increased and my limit order entries on RADAR trades are mostly set at only the 38.2% and 61.7% Fibonacci levels, this creates less trades, which is probably not a bad thing. I think what I am trying to say is that I need to see a definitive move from these elevated equity positions to give me a direction, and I do not care which direction. In saying that, not just a one day move, but a confirmed move with chart technicals supporting it.\r\n\r\nDespite my concerns, the PREMIUM SERVICE has turned a profit in the past week, and, from a personal perspective my best trade of the week was a “fat finger” entry on the EUR/USD long after the ECB Press Conference on a tiny pullback that I was trying to draw a line on and I entered the trade in error. This trade provided three profit opportunities and over 340 pips of profit emanating from the original position size. Although for the purposes of reporting on the PREMIUM SERVICE performance it shows as +86 pips.\r\n\r\nHowever, my view which I have made public on several occasions, I feel is still valid. If you can keep your head above water right now, you are doing well. There will be many trading accounts failing and traders pulling out of trading because it’s too hard.\r\n\r\nLooking at the past weeks major news items: -\r\n\r\nThe AUD/USD: - We had during the week a GDP release, RBA Interest Rate Statement, Retail Sales and a Stevens Press Conference. The AUD/USD did not give up and head towards 0.8000; instead the majority of the news was AUD positive. RBA Stevens, at the end of the week in his press release mentioned that the AUD was high, but never gave guidelines to levels that the RBA wanted to see or would feel happier with, so, the rally continued.\r\n\r\nThe EUROZONE: Nothing was done to ease and the EUR/USD grind higher increased in pace and it broke 1.3900. On the monthly chart, this is a breakout above the multi-year trend line (chart is later in blog). Draghi really emphasizes any good news and really plays down bad news. He has it perfect on how to play the press conferences. Once you realize this, and, understand that Angela Merkel is actually writing his press statement and leading him via an ear piece on his responses in the Q &amp; A section….you have the show in your measure.\r\n\r\nNon-Farm Payrolls: Unbelievable, what a surprise - a beat. Very convenient timing….my God I am soooooooooo cynical now. Once again, every expert, political commentator, pundit….whatever you want to call them, got it wrong, the weather never impacted the numbers and all the bulls**t about numbers being collated during the week of the worst weather was crap. That is of course unless the numbers were fixed!\r\nThe reaction to this data….the market pauses / consolidates.\r\n\r\nThe one consistency, that I draw from these data releases is that fundamentally they were opposite, except the ECB, to what was believed to be the sentiment.\r\n\r\nMy take from this week’s news events is simple, trade small or stay in $$$. This is why I keep writing words and phrases like choppy, uncertainty, irrational, lack of momentum, divergence, lack of correlation, non-directional, head above water, difficult conditions, stay in $$$ and sidelined in tweets.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b>\r\n<p align=\"center\"><b>GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS… COMPLACENT OR IRRATIONAL?…YOU CHOOSE</b></p>\r\nThe constant grind higher in equities on the back of good or bad data is frightening. The belief that the FED will just jump in and stop the monthly tapering if the economic data gets worse, I find quite disturbing. Basically, it appears that the markets believe that there is only one way for equities to move as it has a backstop; the FED.\r\n\r\nI watched CNBC a couple of times this past week and I was horrified with some of the “experts” that were rolled out. These people, basically, can only see one way for the markets to move and have are no major concerns or issues, there are no fears and there is a belief that the FED will support the markets.\r\n\r\nI know that there are plenty of traders getting short and getting crushed by the market as they are trying to pick tops. Contrarian trading is for a very select group of traders who are willing to take four or five losses on the run before that profitable trade happens. For most of us, even if our pockets are deep enough, our emotions couldn’t cope. For us we just have to sit it out or trade very small position sizes.<b> </b>\r\n\r\nWe all have opinions on the market and what happens from session to session, day to day.\r\n\r\nAre the markets complacent?\r\n\r\nIn my opinion dead right they are.\r\n\r\nThe present moves are unsustainable and a correction should be happening.  However, we are not getting a pullback. Even with the Ukraine situation.\r\n\r\nOver a week ago the equity markets pulled back after Russian troops were deployed on Ukrainian soil. Monday this past week we were told that they were being pulled back to their barracks. The markets rallied hard on this news. Hello…..they still occupy the Crimea area of Ukraine as Vladimir Putin (Russian President) wants to ensure that the Black Sea deep water ports where the Russian fleets are based remain in Russian hands and no EUROZONE or American agreement with Ukraine threatens this.\r\n\r\nI see this as a potential issue moving forward…..for equity markets in the world it is a “Fur coat and no knickers” press release that caused the markets to rally. The Ukrainian problem is by no means over.\r\n\r\nAre the markets irrational?\r\n\r\nIn my opinion dead right they are.\r\n\r\nMy best description here is that I think I have seen better organized chickens running around farm-yards with their heads chopped off..it is scary.\r\n\r\nHowever, the market it is what it is. In the name of sanity how can good news be good news and bad news be good news. This is what we are dealing with at the moment. So my claims of irrationality are probably well grounded.\r\n\r\nWe are in a one-sided market at these elevated levels. Bulls are leading the way right now but a macro level news event could be the catalyst that drives the bears to pole position. The whipsaw event that happens when bears take control will be dramatic, given the fact we keep grinding higher. In addition, the markets reaction following Non-Farm Payroll was totally surprising and causes concern and twitchiness!\r\n\r\nAll the above said….How do we trade?\r\n\r\nObviously, in one sided stretched market conditions, averages on the charts and technical levels are challenging, they actually mean less and less the more the markets stretch. The reverses of stretched markets are nasty.\r\n\r\nMy conclusion is that the only sensible approach is to trade smaller positions with wider stops, or stay sidelined in cash.\r\n\r\nIn the TRADES ON MY RADAR section there are several trades that are listed with charts that hopefully give us an edge going forward, bearing in mind that we have a lot to deal with.\r\n\r\nTake care…PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. TRADER TOPICS: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b><b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MY CURRENT LIVE TRADES: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. TRADES THAT ARE ON MY RADAR: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">6. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3875.</b> The EUR/USD is still in breakout territory. The next few sessions should determine whether this pair is going higher or we topped at 1.3915.  I do not think that the USD is out of the woods yet, despite the weird market response to Non-Farm payrolls. The range is simple 1.3825 to 1.3915.\r\n\r\n<b>GBP/USD: Closing Price 1.6711. </b>Not much of a change in price in the past week, which indicates to me consolidation of the past move. Should cable break through 1.6825 (NFP highs), I do think that 1.6875 will follow soon after and then possibly into the mid 1.70’s. But a lot of that potential move depends on the EUR/USD. Should the EUR/USD go higher that should bring the EUR/GBP with it and therefore the GBP/USD may not gather the momentum that one normally associates with this pair. Support is at 1.6640.\r\n\r\n<b>AUD/USD: Closing Price 0.9070</b>. After a week of good data, the AUD/USD fell back after Non-Farm payrolls. Not certain that this drop will be confirmed over the coming sessions, so the levels that interest me are 0.8990 to 0.9120.\r\n\r\n<b>NZD/USD: Closing Price 0.8464</b>. I have very similar thoughts to those for the AUD/USD. This pair has been really well supported this past week or so. We have the RBNZ interest Rate statement on Wednesday. I am staying clear of this pair until after RBNZ Governor “Wheeler the dealer” has strutted his stuff. The levels for me are 0.8430 to 0.8510.<b> </b>\r\n\r\n<b>USD/CAD: Closing Price 1.1087.</b> The USD/CAD saw a bold move higher on Friday following very poor employment data.  Support should be good at 1.1040 and resistance at 1.1160 are the initial levels to look for.\r\n\r\n<b>USD/CHF: Closing Price 0.8774</b>. I am just not interested in this pair until the EUR/USD makes its mind up. My favoured trade is long at 0.8600 or 0.8700 dependent on EUR/USD trading activity. Resistance to get this pair bullish lies at 0.8820.\r\n\r\n<b>USD/JPY: Closing Price 103.25.  </b>Last week I thought that the USD/JPY was on the cusp of a breakdown. We broke higher towards the end of the week. I stopped trading the USD/JPY a while ago after three or four bad trades. I see the levels for those of you interested being 102.60 to 104.00.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation report hearings.\r\n\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Press Conference.\r\nWEDNESDAY: AUD – Employment Rates.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">8. THE PREMIUM SERVICE:</span></b>\r\n\r\nAs there are always new readers of this blog each week, I thought that I should mention the subscriber based option of the WEEKLY FX DRIVE-THRU that has been in existence now since the beginning of 2014; THE PREMIUM SERVICE.\r\n\r\nIt is an honest blog containing trade set-ups, profitable and losing trades, my ideas and thoughts and it also has for an instant communication to subscribers a dedicated protected TWITTER feed. All trades (profitable and losing) are monitored and recorded within the secure section of the WEEKLY FX DRIVE-THRU website.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">THE PREMIUM SERVICE   </span></b>\r\n\r\n</p><p align=\"center\">Are you a part-time forex trader?</p>\r\n<p align=\"center\">Are you a novice trader still coming to terms with the complexities of trading the forex market full-time?</p>\r\n<p align=\"center\">Do you feel a little overwhelmed with terminology, when to enter a trade, when to exit, what is being over-leveraged, what is effective risk / money management and what is a trading plan?</p>\r\n<p align=\"center\">The PREMIUM SERVICE may be an option worthy of serious consideration.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not a robot.</p>\r\n<p align=\"center\">The PREMIUM SERVICE it is not an automated system.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not an expensive fleecing series of daily financial updates, pages long that do not give you trading ideas or trade set-ups.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">What is the PREMIUM SERVICE?</span></b></p>\r\nFirstly, the PREMIUM SERVICE is a subscriber only addition to The WEEKLY FX DRIVE-THRU. The WEEKLY FX DRIVE-THRU is a weekly blog that I started over two years ago. Its aim was to review my thoughts and ideas on the forex market. I then started to add trade set-ups and write about trades that would be on my mind if certain events took place.\r\n\r\nI started to publish my future trade set-ups, which were predominantly profitable and as I approached my 100<sup>th</sup> blog, I decided that it was time to move to the next stage…. the PREMIUM SERVICE.\r\n\r\nThe PREMIUM SERVICE contains trade-set ups of my various styles of trades that I developed into a successful formula for trading the forex market with more profitable than losing trades.\r\n\r\nAs a subscriber to the PREMIUM SERVICE, you will receive all my suggested trades whether they are: - FLASH trades, RADAR trades or FUNDAMENTAL trades via an exclusive protected Twitter feed. I give you my thoughts on entry, exit, trade size and what type of lot to trade.\r\n\r\nI do the risk assessment ahead of the trade. You decide whether you want to take the trade and what position size to take.\r\n\r\nIf you trade part-time: with the RADAR TRADE suggestions you simply load a limit order with your broker and the trade will enter and exit automatically, if you use the suggestions I provide, or you can chose your own exit strategy.\r\n\r\n(Full details and definitions of FLASH, RADAR and FUNDAMENTAL trades are inside the secure members area of the PREMIUM SERVICE)\r\n\r\nHowever, I do trade currencies to make money.\r\n\r\nWhilst I like the idea of longer-term trading, if the market looks false to me I will cut profitable trades and bank money. I am not looking for the glory of three/four week trades to show I have nerves of steel to make +300 pips or so. If I can make 300 pips from three or four 24/48-hour trades instead, who cares? It’s all about banking profits and minimizing risk.\r\n\r\nI will have a balance of intra-day, swing and long term trades. It is your choice to pick what you want to take and what to risk. I am a low-risk very conservative trader.\r\n<p align=\"center\">FUNDAMENTALS MATTER TO ME</p>\r\n<p align=\"center\">I TRADE TO MAKE MONEY…NOT TO PICK TOPS OR BOTTOMS</p>\r\n<p align=\"center\">I TRADE LOW RISK</p>\r\n<p align=\"center\">I DO NOT CHASE MARKETS</p>\r\n<p align=\"center\">I LIKE THE TRADES TO COME TO ME</p>\r\n<p align=\"center\">I AM NOT A GREEDY TRADER</p>\r\n<p align=\"center\">I LIKE TO TRADE MOMENTUMS IN THE DIRECTION OF TRENDS</p>\r\n<p align=\"center\">I USE FIBONACCI LEVELS TO ENTER &amp; EXIT ON MANY TRADES</p>\r\n<p align=\"center\">PLUS</p>\r\n<p align=\"center\">MY TRADING STYLE IS MIXED EVEN WITH THE ABOVE KEY BASICS</p>\r\n<p align=\"center\">I USE THE PULLBACK STRATEGY TO ENTER AND I LIKE SWING AND LONGER-TERM TRADES (WHEN POSSIBLE)</p>\r\nThe members area of the website contains not just the comprehensive trading history / journal of trades but it also contains as much support information as I can gather that is of use to help us all trade profitably. As time moves on, the support pages areas will increase so that it becomes a one-stop point of reference for all styles and types of traders regardless of experience.\r\n\r\nI am hoping to have a chat room so that subscribers and myself can chat live about potential live trades. In addition, if the number of participants is economically viable, I will hold webinars on trading issues. Below is a list of questions so far that will either be addressed by webinar or by a future section within a blog post.\r\n<p align=\"center\"><b>Trade Plans and how to work with them\r\nHow to find a good broker to partner with</b>\r\n<b>What trades for what broker\r\nMicro, Mini or Standard lots\r\nPlacing Stops</b>\r\n<b>Strategies on when to enter and exit trades</b>\r\n<b>Risk Assessment</b>\r\n<b>When to fade trades</b>\r\n<b>How to cost average effectively</b>\r\n<b>How to use Trade Zones effectively - Buy Zones and Sell zones</b>\r\n<b>Working with Fibonacci levels</b>\r\n<b>Basic Chart analysis</b></p>\r\nThe PREMIUM SERVICE will evolve as it moves forward. I have lots of ideas to integrate into this area, but I am also open to ideas from readers / followers and subscribers.\r\n\r\nThis is a very important step for me as well; I want the PREMIUM SERVICE to be different to other services currently available.\r\n\r\nWhilst upon first look, it may appear that the Premium Service is directed solely at new traders, or those with intermediate skill levels. Please note this is not my intention. Trading can be lonely, and sometimes it is good to feel that you are part of a team. With this in mind, I am thinking that a “Chat Room” style area would be of benefit to all traders to share ideas and trade set-ups. Plus, whether you are a new trader or an experienced trader it is always good to have a library of information available close at hand.\r\n\r\nWhat are the costs?\r\n\r\nThere will be 40 weekly blogs / issues per year. I will not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR and FUNDAMENTAL trades” and issues emanating from previous blogs.\r\n<p align=\"center\"><b>There are three subscription options: </b></p>\r\n<p align=\"center\"><b>ANNUAL (40 WEEK) SUBSCRIPTION: $750.00 (this equates to $18.75 per week) </b></p>\r\n<p align=\"center\"><b>20 WEEKS SUBSCRIPTION: $450.00 (this equates to $22.50 per week)  </b></p>\r\n<p align=\"center\"><b>10 WEEKS SUBSCRIPTION: $250.00 (this equates to $25.00 per week) </b></p>\r\n<p align=\"center\"><b>(All Fees are quoted in USD\r\nand\r\nPlease note: There are no refunds once a subscription is accepted)</b></p>\r\nTo expand on the statements made above and, hopefully place costs into perspective should you still doubt the value of a subscription.\r\n\r\nBelow is the 2014 summary of performance year to date:\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014 and YEAR to date</span></b></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n4 trades at $0.10 cents each = $0.40 risk for $12.90 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n4 trades at $1.00 each = $4.00 risk for $129.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n4 trades at $10.00 each = $40.00 risk for $1,290.00.</p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n6 trades at $0.10 cents each = $0.60 cents risk for $18.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n6 trades at $1.00 each = $6.00 risk for $186.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n6 trades at $10.00 each = $60.00 risk for $1,860.00 profit.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – MARCH 2014:\r\n</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n0 trades at $0.10 cents each = $0.00 cents risk for $0.00 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n0 trades at $1.00 each = $0.00 risk for $0.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n0 trades at $10.00 each = $0.00 risk for $0.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n10 trades at $0.10 cents each = $1.00 risk for $5.70 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n10 trades at $1.00 each = $100.00 risk for $57.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n10 trades at $10.00 each = $100.00 risk for $570.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n119 trades at $0.10 cents each = $11.90 risk for $184.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n119 trades at $1.00 each = $119.00 risk for $1,840.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n119 trades at $10.00 each = $1,190.00 risk for $18,400.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk/reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">9. PREMIUM SERVICE SUBSCRIPTION – SPECIAL OFFERS:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PREMIUM SERVICE\r\nSPECIAL OFFERS – SPRING 2014</span></b><b> </b></p>\r\n<p align=\"center\"><b>SPECIAL DEALS with MY PREFERRED BROKERS</b></p>\r\nOpen a new live trading account, with either IRON FX, SENSUS-CAPITAL MARKETS or BLACKWELL GLOBAL, using the banners on the welcome page of the WEEKLY FX DRIVE-THRU, and, receive a 10 week subscription to the PREMIUM SERVICE blog and exclusive protected “Twitter” feed that provides all my trade set-ups as they happen FREE OF CHARGE.\r\n\r\nOnce you have opened your account with the broker of your choice, please email me at,<b> </b>\r\n<p align=\"center\"><b><a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a></b></p>\r\nI will contact you via email with full subscription details for your 10-week membership.\r\n\r\nAt the end of the subscription period I will write to you again, asking you do you wish to extend for either 10, 20 or 40 weeks. All renewals for existing subscribers are subject to special rates.\r\n<p align=\"center\"><b>ALREADY AN EXISTING CLIENT with MY PREFERRED BROKERS</b><b> </b></p>\r\nWhat if you already maintain a live trading account with IRON FX, SENSUS –CAPITAL MARKETS or BLACKWELL GLOBAL?\r\n\r\nSubject to confirmation, you will receive if you want it that is, for a very special price, a 10 week subscription to the PREMIUM SERVICE blog and the exclusive protected “Twitter” feed that provides you with trade-set ups as they happen during the week as they happen for a special price of $50.00 (This is just 20% of the standard price)\r\n\r\nEmail me for any additional information at:\r\n<p align=\"center\"><b><a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a></b></p>\r\nI will contact you via email with full subscription details for your 10-week membership.\r\n\r\nAt the end of the subscription period I will write to you again, asking you do you wish to extend for either 10, 20 or 40 weeks. All renewals for existing subscribers are subject to special rates.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">10. FINAL THOUGHTS:</span></b>\r\n\r\nThis week should be an interesting week.\r\n\r\nThe Ukraine is NOT finished yet and there are a couple of interesting high beta news events, plus we have Non-Farm Payrolls fallout to deal with.\r\n\r\nI still think we will be in very difficult trading conditions as the ‘twitchiness’ in the market continues. I actually think that matters will intensify, as we are very stretched.\r\n\r\nMore subscribers joined in the past week, which is brilliant, but not everyone is interested in Twitter. I am still thinking of other methods but still not sure due to time pressures on getting information to you. Twitter is usually very fast. I will come back with my thoughts in a few weeks.\r\n\r\nThere will be no PREMIUM SERVICE or WEEKLY FX DRIVE-THRU blogs next week (Subscribers expiation dates will be extended by one week…this is done automatically you need do nothing).\r\n\r\nMy wife (who is Irish) and myself are off to Dublin for the St Patrick’s Day celebrations. There is little point telling you that I may blog, and those of you who have been to Ireland will understand why.\r\n\r\nI will be tweeting up to Thursday morning and then possibly occasionally as I look at charts and read news when I am traveling. It will be back to normal Thursday 20<sup>th</sup> March and blogs will be resumed Saturday 22<sup>nd</sup> March 2014\r\n\r\nTrade carefully, exercise good and sound MONEY MANAGEMENT. Always trade using the guidelines set out inside your TRADING PLAN.\r\n\r\nGood luck and be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 8th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n&nbsp;','GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS…COMPLACENT OR IRRATIONAL?…YOU CHOOSE','','inherit','open','closed','','3334-revision-v1','','','2014-03-08 10:33:02','2014-03-08 15:33:02','',3334,'https://weeklyfxdrivethru.com/3334-revision-v1/',0,'revision','',0),(3335,1,'2014-03-08 10:30:53','2014-03-08 15:30:53','<b style=\"line-height: 1.5em;\"> </b>\r\n\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nI do not mean to complain, or sound negative; but I am finding this market very challenging.\r\n\r\nI “Tweeted” earlier in the week that the next blog would be about trade potentials, and set-ups, looking forward, and, those of you who are subscribers to the PREMIUM SERVICE, will have that version of the blog. The rest of you who subscribe to the WEEKLY FX DRIVE THRU blog will have a version with that section removed. That comes later.\r\n\r\nRight now, I think that my emotions on what I think the market should be doing and what is in effect happening is affecting my whole approach to trading. I am having a lot more “What if’s” and “Yes but’s” at the back of my mind. I am trading purely off pullbacks on FLASH trades. Because the markets are at all-time highs, and very complacent about news/data events, the chances of false breakouts and false breakdowns are increased and my limit order entries on RADAR trades are mostly set at only the 38.2% and 61.7% Fibonacci levels, this creates less trades, which is probably not a bad thing. I think what I am trying to say is that I need to see a definitive move from these elevated equity positions to give me a direction, and I do not care which direction. In saying that, not just a one day move, but a confirmed move with chart technicals supporting it.\r\n\r\nDespite my concerns, the PREMIUM SERVICE has turned a profit in the past week, and, from a personal perspective my best trade of the week was a “fat finger” entry on the EUR/USD long after the ECB Press Conference on a tiny pullback that I was trying to draw a line on and I entered the trade in error. This trade provided three profit opportunities and over 340 pips of profit emanating from the original position size. Although for the purposes of reporting on the PREMIUM SERVICE performance it shows as +86 pips.\r\n\r\nHowever, my view which I have made public on several occasions, I feel is still valid. If you can keep your head above water right now, you are doing well. There will be many trading accounts failing and traders pulling out of trading because it’s too hard.\r\n\r\nLooking at the past weeks major news items: -\r\n\r\nThe AUD/USD: - We had during the week a GDP release, RBA Interest Rate Statement, Retail Sales and a Stevens Press Conference. The AUD/USD did not give up and head towards 0.8000; instead the majority of the news was AUD positive. RBA Stevens, at the end of the week in his press release mentioned that the AUD was high, but never gave guidelines to levels that the RBA wanted to see or would feel happier with, so, the rally continued.\r\n\r\nThe EUROZONE: Nothing was done to ease and the EUR/USD grind higher increased in pace and it broke 1.3900. On the monthly chart, this is a breakout above the multi-year trend line (chart is later in blog). Draghi really emphasizes any good news and really plays down bad news. He has it perfect on how to play the press conferences. Once you realize this, and, understand that Angela Merkel is actually writing his press statement and leading him via an ear piece on his responses in the Q &amp; A section….you have the show in your measure.\r\n\r\nNon-Farm Payrolls: Unbelievable, what a surprise - a beat. Very convenient timing….my God I am soooooooooo cynical now. Once again, every expert, political commentator, pundit….whatever you want to call them, got it wrong, the weather never impacted the numbers and all the bulls**t about numbers being collated during the week of the worst weather was crap. That is of course unless the numbers were fixed!\r\nThe reaction to this data….the market pauses / consolidates.\r\n\r\nThe one consistency, that I draw from these data releases is that fundamentally they were opposite, except the ECB, to what was believed to be the sentiment.\r\n\r\nMy take from this week’s news events is simple, trade small or stay in $$$. This is why I keep writing words and phrases like choppy, uncertainty, irrational, lack of momentum, divergence, lack of correlation, non-directional, head above water, difficult conditions, stay in $$$ and sidelined in tweets.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. THE VIEW FROM MY TRADING DESK:</span></b>\r\n<p align=\"center\"><b>GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS… COMPLACENT OR IRRATIONAL?…YOU CHOOSE</b></p>\r\nThe constant grind higher in equities on the back of good or bad data is frightening. The belief that the FED will just jump in and stop the monthly tapering if the economic data gets worse, I find quite disturbing. Basically, it appears that the markets believe that there is only one way for equities to move as it has a backstop; the FED.\r\n\r\nI watched CNBC a couple of times this past week and I was horrified with some of the “experts” that were rolled out. These people, basically, can only see one way for the markets to move and have are no major concerns or issues, there are no fears and there is a belief that the FED will support the markets.\r\n\r\nI know that there are plenty of traders getting short and getting crushed by the market as they are trying to pick tops. Contrarian trading is for a very select group of traders who are willing to take four or five losses on the run before that profitable trade happens. For most of us, even if our pockets are deep enough, our emotions couldn’t cope. For us we just have to sit it out or trade very small position sizes.<b> </b>\r\n\r\nWe all have opinions on the market and what happens from session to session, day to day.\r\n\r\nAre the markets complacent?\r\n\r\nIn my opinion dead right they are.\r\n\r\nThe present moves are unsustainable and a correction should be happening.  However, we are not getting a pullback. Even with the Ukraine situation.\r\n\r\nOver a week ago the equity markets pulled back after Russian troops were deployed on Ukrainian soil. Monday this past week we were told that they were being pulled back to their barracks. The markets rallied hard on this news. Hello…..they still occupy the Crimea area of Ukraine as Vladimir Putin (Russian President) wants to ensure that the Black Sea deep water ports where the Russian fleets are based remain in Russian hands and no EUROZONE or American agreement with Ukraine threatens this.\r\n\r\nI see this as a potential issue moving forward…..for equity markets in the world it is a “Fur coat and no knickers” press release that caused the markets to rally. The Ukrainian problem is by no means over.\r\n\r\nAre the markets irrational?\r\n\r\nIn my opinion dead right they are.\r\n\r\nMy best description here is that I think I have seen better organized chickens running around farmyards with their heads chopped off..it is scary.\r\n\r\nHowever, the market it is what it is. In the name of sanity how can good news be good news and bad news be good news. This is what we are dealing with at the moment. So my claims of irrationality are probably well grounded.\r\n\r\nWe are in a one-sided market at these elevated levels. Bulls are leading the way right now but a macro level news event could be the catalyst that drives the bears to pole position. The whipsaw event that happens when bears take control will be dramatic, given the fact we keep grinding higher. In addition, the markets reaction following Non-Farm Payroll was totally surprising and causes concern and twitchiness!\r\n\r\nAll the above said….How do we trade?\r\n\r\nObviously, in one sided stretched market conditions, averages on the charts and technical levels are challenging, they actually mean less and less the more the markets stretch. The reverses of stretched markets are nasty.\r\n\r\nMy conclusion is that the only sensible approach is to trade smaller positions with wider stops, or stay sidelined in cash.\r\n\r\nIn the TRADES ON MY RADAR section there are several trades that are listed with charts that hopefully give us an edge going forward, bearing in mind that we have a lot to deal with.\r\n\r\nTake care…PLAN YOUR TRADES and TRADE YOUR PLAN.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. TRADER TOPICS: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b><b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. MY CURRENT LIVE TRADES: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">5. TRADES THAT ARE ON MY RADAR: (PREMIUM SERVICE SUBSCRIBERS ONLY)</span></b>\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">6. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3875.</b> The EUR/USD is still in breakout territory. The next few sessions should determine whether this pair is going higher or we topped at 1.3915.  I do not think that the USD is out of the woods yet, despite the weird market response to Non-Farm payrolls. The range is simple 1.3825 to 1.3915.\r\n\r\n<b>GBP/USD: Closing Price 1.6711. </b>Not much of a change in price in the past week, which indicates to me consolidation of the past move. Should cable break through 1.6825 (NFP highs), I do think that 1.6875 will follow soon after and then possibly into the mid 1.70’s. But a lot of that potential move depends on the EUR/USD. Should the EUR/USD go higher that should bring the EUR/GBP with it and therefore the GBP/USD may not gather the momentum that one normally associates with this pair. Support is at 1.6640.\r\n\r\n<b>AUD/USD: Closing Price 0.9070</b>. After a week of good data, the AUD/USD fell back after Non-Farm payrolls. Not certain that this drop will be confirmed over the coming sessions, so the levels that interest me are 0.8990 to 0.9120.\r\n\r\n<b>NZD/USD: Closing Price 0.8464</b>. I have very similar thoughts to those for the AUD/USD. This pair has been really well supported this past week or so. We have the RBNZ interest Rate statement on Wednesday. I am staying clear of this pair until after RBNZ Governor “Wheeler the dealer” has strutted his stuff. The levels for me are 0.8430 to 0.8510.<b> </b>\r\n\r\n<b>USD/CAD: Closing Price 1.1087.</b> The USD/CAD saw a bold move higher on Friday following very poor employment data.  Support should be good at 1.1040 and resistance at 1.1160 are the initial levels to look for.\r\n\r\n<b>USD/CHF: Closing Price 0.8774</b>. I am just not interested in this pair until the EUR/USD makes its mind up. My favoured trade is long at 0.8600 or 0.8700 dependent on EUR/USD trading activity. Resistance to get this pair bullish lies at 0.8820.\r\n\r\n<b>USD/JPY: Closing Price 103.25.  </b>Last week I thought that the USD/JPY was on the cusp of a breakdown. We broke higher towards the end of the week. I stopped trading the USD/JPY a while ago after three or four bad trades. I see the levels for those of you interested being 102.60 to 104.00.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation report hearings.\r\n\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Press Conference.\r\nWEDNESDAY: AUD – Employment Rates.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">8. THE PREMIUM SERVICE:</span></b>\r\n\r\nAs there are always new readers of this blog each week, I thought that I should mention the subscriber based option of the WEEKLY FX DRIVE-THRU that has been in existence now since the beginning of 2014; THE PREMIUM SERVICE.\r\n\r\nIt is an honest blog containing trade set-ups, profitable and losing trades, my ideas and thoughts and it also has for an instant communication to subscribers a dedicated protected TWITTER feed. All trades (profitable and losing) are monitored and recorded within the secure section of the WEEKLY FX DRIVE-THRU website.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">THE PREMIUM SERVICE   </span></b>\r\n\r\n</p><p align=\"center\">Are you a part-time forex trader?</p>\r\n<p align=\"center\">Are you a novice trader still coming to terms with the complexities of trading the forex market full-time?</p>\r\n<p align=\"center\">Do you feel a little overwhelmed with terminology, when to enter a trade, when to exit, what is being over-leveraged, what is effective risk / money management and what is a trading plan?</p>\r\n<p align=\"center\">The PREMIUM SERVICE may be an option worthy of serious consideration.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not a robot.</p>\r\n<p align=\"center\">The PREMIUM SERVICE it is not an automated system.</p>\r\n<p align=\"center\">The PREMIUM SERVICE is not an expensive fleecing series of daily financial updates, pages long that do not give you trading ideas or trade set-ups.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">What is the PREMIUM SERVICE?</span></b></p>\r\nFirstly, the PREMIUM SERVICE is a subscriber only addition to The WEEKLY FX DRIVE-THRU. The WEEKLY FX DRIVE-THRU is a weekly blog that I started over two years ago. Its aim was to review my thoughts and ideas on the forex market. I then started to add trade set-ups and write about trades that would be on my mind if certain events took place.\r\n\r\nI started to publish my future trade set-ups, which were predominantly profitable and as I approached my 100<sup>th</sup> blog, I decided that it was time to move to the next stage…. the PREMIUM SERVICE.\r\n\r\nThe PREMIUM SERVICE contains trade-set ups of my various styles of trades that I developed into a successful formula for trading the forex market with more profitable than losing trades.\r\n\r\nAs a subscriber to the PREMIUM SERVICE, you will receive all my suggested trades whether they are: - FLASH trades, RADAR trades or FUNDAMENTAL trades via an exclusive protected Twitter feed. I give you my thoughts on entry, exit, trade size and what type of lot to trade.\r\n\r\nI do the risk assessment ahead of the trade. You decide whether you want to take the trade and what position size to take.\r\n\r\nIf you trade part-time: with the RADAR TRADE suggestions you simply load a limit order with your broker and the trade will enter and exit automatically, if you use the suggestions I provide, or you can chose your own exit strategy.\r\n\r\n(Full details and definitions of FLASH, RADAR and FUNDAMENTAL trades are inside the secure members area of the PREMIUM SERVICE)\r\n\r\nHowever, I do trade currencies to make money.\r\n\r\nWhilst I like the idea of longer-term trading, if the market looks false to me I will cut profitable trades and bank money. I am not looking for the glory of three/four week trades to show I have nerves of steel to make +300 pips or so. If I can make 300 pips from three or four 24/48-hour trades instead, who cares? It’s all about banking profits and minimizing risk.\r\n\r\nI will have a balance of intra-day, swing and long term trades. It is your choice to pick what you want to take and what to risk. I am a low-risk very conservative trader.\r\n<p align=\"center\">FUNDAMENTALS MATTER TO ME</p>\r\n<p align=\"center\">I TRADE TO MAKE MONEY…NOT TO PICK TOPS OR BOTTOMS</p>\r\n<p align=\"center\">I TRADE LOW RISK</p>\r\n<p align=\"center\">I DO NOT CHASE MARKETS</p>\r\n<p align=\"center\">I LIKE THE TRADES TO COME TO ME</p>\r\n<p align=\"center\">I AM NOT A GREEDY TRADER</p>\r\n<p align=\"center\">I LIKE TO TRADE MOMENTUMS IN THE DIRECTION OF TRENDS</p>\r\n<p align=\"center\">I USE FIBONACCI LEVELS TO ENTER &amp; EXIT ON MANY TRADES</p>\r\n<p align=\"center\">PLUS</p>\r\n<p align=\"center\">MY TRADING STYLE IS MIXED EVEN WITH THE ABOVE KEY BASICS</p>\r\n<p align=\"center\">I USE THE PULLBACK STRATEGY TO ENTER AND I LIKE SWING AND LONGER-TERM TRADES (WHEN POSSIBLE)</p>\r\nThe members area of the website contains not just the comprehensive trading history / journal of trades but it also contains as much support information as I can gather that is of use to help us all trade profitably. As time moves on, the support pages areas will increase so that it becomes a one-stop point of reference for all styles and types of traders regardless of experience.\r\n\r\nI am hoping to have a chat room so that subscribers and myself can chat live about potential live trades. In addition, if the number of participants is economically viable, I will hold webinars on trading issues. Below is a list of questions so far that will either be addressed by webinar or by a future section within a blog post.\r\n<p align=\"center\"><b>Trade Plans and how to work with them\r\nHow to find a good broker to partner with</b>\r\n<b>What trades for what broker\r\nMicro, Mini or Standard lots\r\nPlacing Stops</b>\r\n<b>Strategies on when to enter and exit trades</b>\r\n<b>Risk Assessment</b>\r\n<b>When to fade trades</b>\r\n<b>How to cost average effectively</b>\r\n<b>How to use Trade Zones effectively - Buy Zones and Sell zones</b>\r\n<b>Working with Fibonacci levels</b>\r\n<b>Basic Chart analysis</b></p>\r\nThe PREMIUM SERVICE will evolve as it moves forward. I have lots of ideas to integrate into this area, but I am also open to ideas from readers / followers and subscribers.\r\n\r\nThis is a very important step for me as well; I want the PREMIUM SERVICE to be different to other services currently available.\r\n\r\nWhilst upon first look, it may appear that the Premium Service is directed solely at new traders, or those with intermediate skill levels. Please note this is not my intention. Trading can be lonely, and sometimes it is good to feel that you are part of a team. With this in mind, I am thinking that a “Chat Room” style area would be of benefit to all traders to share ideas and trade set-ups. Plus, whether you are a new trader or an experienced trader it is always good to have a library of information available close at hand.\r\n\r\nWhat are the costs?\r\n\r\nThere will be 40 weekly blogs / issues per year. I will not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR and FUNDAMENTAL trades” and issues emanating from previous blogs.\r\n<p align=\"center\"><b>There are three subscription options: </b></p>\r\n<p align=\"center\"><b>ANNUAL (40 WEEK) SUBSCRIPTION: $750.00 (this equates to $18.75 per week) </b></p>\r\n<p align=\"center\"><b>20 WEEKS SUBSCRIPTION: $450.00 (this equates to $22.50 per week)  </b></p>\r\n<p align=\"center\"><b>10 WEEKS SUBSCRIPTION: $250.00 (this equates to $25.00 per week) </b></p>\r\n<p align=\"center\"><b>(All Fees are quoted in USD\r\nand\r\nPlease note: There are no refunds once a subscription is accepted)</b></p>\r\nTo expand on the statements made above and, hopefully place costs into perspective should you still doubt the value of a subscription.\r\n\r\nBelow is the 2014 summary of performance year to date:\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014 and YEAR to date</span></b></p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n4 trades at $0.10 cents each = $0.40 risk for $12.90 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n4 trades at $1.00 each = $4.00 risk for $129.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n4 trades at $10.00 each = $40.00 risk for $1,290.00.</p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n6 trades at $0.10 cents each = $0.60 cents risk for $18.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n6 trades at $1.00 each = $6.00 risk for $186.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n6 trades at $10.00 each = $60.00 risk for $1,860.00 profit.</p>\r\n<p align=\"center\"></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – MARCH 2014:\r\n</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n0 trades at $0.10 cents each = $0.00 cents risk for $0.00 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n0 trades at $1.00 each = $0.00 risk for $0.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n0 trades at $10.00 each = $0.00 risk for $0.00 profit</p>\r\n<p align=\"center\"></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n10 trades at $0.10 cents each = $1.00 risk for $5.70 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n10 trades at $1.00 each = $100.00 risk for $57.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n10 trades at $10.00 each = $100.00 risk for $570.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n119 trades at $0.10 cents each = $11.90 risk for $184.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n119 trades at $1.00 each = $119.00 risk for $1,840.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n119 trades at $10.00 each = $1,190.00 risk for $18,400.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk/reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">9. PREMIUM SERVICE SUBSCRIPTION – SPECIAL OFFERS:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PREMIUM SERVICE\r\nSPECIAL OFFERS – SPRING 2014</span></b><b> </b></p>\r\n<p align=\"center\"><b>SPECIAL DEALS with MY PREFERRED BROKERS</b></p>\r\nOpen a new live trading account, with either IRON FX, SENSUS-CAPITAL MARKETS or BLACKWELL GLOBAL, using the banners on the welcome page of the WEEKLY FX DRIVE-THRU, and, receive a 10 week subscription to the PREMIUM SERVICE blog and exclusive protected “Twitter” feed that provides all my trade set-ups as they happen FREE OF CHARGE.\r\n\r\nOnce you have opened your account with the broker of your choice, please email me at,<b> </b>\r\n<p align=\"center\"><b><a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a></b></p>\r\nI will contact you via email with full subscription details for your 10-week membership.\r\n\r\nAt the end of the subscription period I will write to you again, asking you do you wish to extend for either 10, 20 or 40 weeks. All renewals for existing subscribers are subject to special rates.\r\n<p align=\"center\"><b>ALREADY AN EXISTING CLIENT with MY PREFERRED BROKERS</b><b> </b></p>\r\nWhat if you already maintain a live trading account with IRON FX, SENSUS –CAPITAL MARKETS or BLACKWELL GLOBAL?\r\n\r\nSubject to confirmation, you will receive if you want it that is, for a very special price, a 10 week subscription to the PREMIUM SERVICE blog and the exclusive protected “Twitter” feed that provides you with trade-set ups as they happen during the week as they happen for a special price of $50.00 (This is just 20% of the standard price)\r\n\r\nEmail me for any additional information at:\r\n<p align=\"center\"><b><a href=\"mailto:premiumservice@weeklyfxdrivethru.com\">premiumservice@weeklyfxdrivethru.com</a></b></p>\r\nI will contact you via email with full subscription details for your 10-week membership.\r\n\r\nAt the end of the subscription period I will write to you again, asking you do you wish to extend for either 10, 20 or 40 weeks. All renewals for existing subscribers are subject to special rates.\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">10. FINAL THOUGHTS:</span></b>\r\n\r\nThis week should be an interesting week.\r\n\r\nThe Ukraine is NOT finished yet and there are a couple of interesting high beta news events, plus we have Non-Farm Payrolls fallout to deal with.\r\n\r\nI still think we will be in very difficult trading conditions as the ‘twitchiness’ in the market continues. I actually think that matters will intensify, as we are very stretched.\r\n\r\nMore subscribers joined in the past week, which is brilliant, but not everyone is interested in Twitter. I am still thinking of other methods but still not sure due to time pressures on getting information to you. Twitter is usually very fast. I will come back with my thoughts in a few weeks.\r\n\r\nThere will be no PREMIUM SERVICE or WEEKLY FX DRIVE-THRU blogs next week (Subscribers expiation dates will be extended by one week…this is done automatically you need do nothing).\r\n\r\nMy wife (who is Irish) and myself are off to Dublin for the St Patrick’s Day celebrations. There is little point telling you that I may blog, and those of you who have been to Ireland will understand why.\r\n\r\nI will be tweeting up to Thursday morning and then possibly occasionally as I look at charts and read news when I am traveling. It will be back to normal Thursday 20<sup>th</sup> March and blogs will be resumed Saturday 22<sup>nd</sup> March 2014\r\n\r\nTrade carefully, exercise good and sound MONEY MANAGEMENT. Always trade using the guidelines set out inside your TRADING PLAN.\r\n\r\nGood luck and be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 8th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n&nbsp;','GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS…COMPLACENT OR IRRATIONAL?…YOU CHOOSE','','inherit','open','closed','','3334-revision-v1','','','2014-03-08 10:30:53','2014-03-08 15:30:53','',3334,'https://weeklyfxdrivethru.com/3334-revision-v1/',0,'revision','',0),(3337,1,'2014-03-08 11:02:15','2014-03-08 16:02:15','<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nI do not mean to complain, or sound negative; but I am finding this market very challenging.\r\n\r\nI “Tweeted” earlier in the week that the next blog would be about trade potentials, and set-ups, looking forward, and, those of you who are subscribers to the PREMIUM SERVICE, will have that version of the blog. The rest of you who subscribe to the WEEKLY FX DRIVE THRU blog will have a version with that section removed. That comes later.\r\n\r\nRight now, I think that my emotions on what I think the market should be doing and what is in effect happening is affecting my whole approach to trading. I am having a lot more “What if’s” and “Yes but’s” at the back of my mind. I am trading purely off pullbacks on FLASH trades. Because the markets are at all-time highs, and very complacent about news/data events, the chances of false breakouts and false breakdowns are increased and my limit order entries on RADAR trades are mostly set at only the 38.2% and 61.7% Fibonacci levels, this creates less trades, which is probably not a bad thing. I think what I am trying to say is that I need to see a definitive move from these elevated equity positions to give me a direction, and I do not care which direction. In saying that, not just a one day move, but a confirmed move with chart technicals supporting it.\r\n\r\nDespite my concerns, the PREMIUM SERVICE has turned a profit in the past week, and, from a personal perspective my best trade of the week was a “fat finger” entry on the EUR/USD long after the ECB Press Conference on a tiny pullback that I was trying to draw a line on and I entered the trade in error. This trade provided three profit opportunities and over 340 pips of profit emanating from the original position size. Although for the purposes of reporting on the PREMIUM SERVICE performance it shows as +86 pips.\r\n\r\nHowever, my view which I have made public on several occasions, I feel is still valid. If you can keep your head above water right now, you are doing well. There will be many trading accounts failing and traders pulling out of trading because it’s too hard.\r\n\r\nLooking at the past weeks major news items: -\r\n\r\nThe AUD/USD: - We had during the week a GDP release, RBA Interest Rate Statement, Retail Sales and a Stevens Press Conference. The AUD/USD did not give up and head towards 0.8000; instead the majority of the news was AUD positive. RBA Stevens, at the end of the week in his press release mentioned that the AUD was high, but never gave guidelines to levels that the RBA wanted to see or would feel happier with, so, the rally continued.\r\n\r\nThe EUROZONE: Nothing was done to ease and the EUR/USD grind higher increased in pace and it broke 1.3900. On the monthly chart, this is a breakout above the multi-year trend line (chart is later in blog). Draghi really emphasizes any good news and really plays down bad news. He has it perfect on how to play the press conferences. Once you realize this, and, understand that Angela Merkel is actually writing his press statement and leading him via an ear piece on his responses in the Q &amp; A section….you have the show in your measure.\r\n\r\nNon-Farm Payrolls: Unbelievable, what a surprise - a beat. Very convenient timing….my God I am soooooooooo cynical now. Once again, every expert, political commentator, pundit….whatever you want to call them, got it wrong, the weather never impacted the numbers and all the bulls**t about numbers being collated during the week of the worst weather was crap. That is of course unless the numbers were fixed!\r\nThe reaction to this data….the market pauses / consolidates.\r\n\r\nThe one consistency, that I draw from these data releases is that fundamentally they were opposite, except the ECB, to what was believed to be the sentiment.\r\n\r\nMy take from this week’s news events is simple, trade small or stay in $$$. This is why I keep writing words and phrases like choppy, uncertainty, irrational, lack of momentum, divergence, lack of correlation, non-directional, head above water, difficult conditions, stay in $$$ and sidelined in tweets.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014 and YEAR to date:</span></b></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n4 trades at $0.10 cents each = $0.40 risk for $12.90 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n4 trades at $1.00 each = $4.00 risk for $129.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n4 trades at $10.00 each = $40.00 risk for $1,290.00.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n6 trades at $0.10 cents each = $0.60 cents risk for $18.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n6 trades at $1.00 each = $6.00 risk for $186.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n6 trades at $10.00 each = $60.00 risk for $1,860.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">\r\n</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – MARCH 2014:\r\n</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n0 trades at $0.10 cents each = $0.00 cents risk for $0.00 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n0 trades at $1.00 each = $0.00 risk for $0.00 profit</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n0 trades at $10.00 each = $0.00 risk for $0.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n10 trades at $0.10 cents each = $1.00 risk for $5.70 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n10 trades at $1.00 each = $100.00 risk for $57.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n10 trades at $10.00 each = $100.00 risk for $570.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n119 trades at $0.10 cents each = $11.90 risk for $184.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n119 trades at $1.00 each = $119.00 risk for $1,840.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n119 trades at $10.00 each = $1,190.00 risk for $18,400.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b><b> </b>\r\n<p align=\"center\"><b>GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS… COMPLACENT OR IRRATIONAL?…YOU CHOOSE</b><b style=\"line-height: 1.5em;\"> </b></p>\r\nThe constant grind higher in equities on the back of good or bad data is frightening. The belief that the FED will just jump in and stop the monthly tapering if the economic data gets worse, I find quite disturbing. Basically, it appears that the markets believe that there is only one way for equities to move as it has a backstop; the FED.\r\n\r\nI watched CNBC a couple of times this past week and I was horrified with some of the “experts” that were rolled out. These people, basically, can only see one way for the markets to move and have are no major concerns or issues, there are no fears and there is a belief that the FED will support the markets.\r\n\r\nI know that there are plenty of traders getting short and getting crushed by the market as they are trying to pick tops. Contrarian trading is for a very select group of traders who are willing to take four or five losses on the run before that profitable trade happens. For most of us, even if our pockets are deep enough, our emotions couldn’t cope. For us we just have to sit it out or trade very small position sizes.<b> </b>\r\n\r\nWe all have opinions on the market and what happens from session to session, day to day.\r\n\r\nAre the markets complacent?\r\n\r\nIn my opinion dead right they are.\r\n\r\nThe present moves are unsustainable and a correction should be happening.  However, we are not getting a pullback. Even with the Ukraine situation\r\n\r\nOver a week ago the equity markets pulled back after Russian troops were deployed on Ukrainian soil. Monday this past week we were told that they were being pulled back to their barracks. The markets rallied hard on this news. Hello…..they still occupy the Crimea area of Ukraine as Vladimir Putin (Russian President) wants to ensure that the Black Sea deep water ports where the Russian fleets are based remain in Russian hands and no EUROZONE or American agreement with Ukraine threatens this.\r\n\r\nI see this as a potential issue moving forward…..for equity markets in the world it is a “Fur coat and no knickers” press release that caused the markets to rally. The Ukrainian problem is by no means over.\r\n\r\nAre the markets irrational?\r\n\r\nIn my opinion dead right they are.\r\n\r\nMy best description here is that I think I have seen better organized chickens running around farm-yards with their heads chopped off..it is scary.\r\n\r\nHowever, the market it is what it is. In the name of sanity how can good news be good news and bad news be good news. This is what we are dealing with at the moment. So my claims of irrationality are probably well grounded.\r\n\r\nWe are in a one sided market at these elevated levels. Bulls are leading the way right now but a macro level news event could be the catalyst that drives the bears to pole position. The whipsaw event that happens when bears take control will be dramatic, given the fact we keep grinding higher. In addition, the markets reaction following Non-Farm Payroll was totally surprising and causes concern and twitchiness!\r\n\r\nAll the above said….How do we trade?\r\n\r\nObviously, in one sided stretched market conditions, averages on the charts and technical levels are challenging, they actually mean less and less the more the markets stretch. The reverses of stretched markets are nasty.\r\n\r\nMy conclusion is that the only sensible approach is to trade smaller positions with wider stops, or stay sidelined in cash.\r\n\r\nIn the TRADES ON MY RADAR section there are several trades that are listed with charts that hopefully give us an edge going forward, bearing in mind that we have a lot to deal with.\r\n\r\nTake care…PLAN YOUR TRADES and TRADE YOUR PLAN\r\n\r\n<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">\r\n</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PLANNING YOUR TRADES</span></b></p>\r\nGenerally speaking when new traders start trading, they do not place too much thought into their trades. Most new traders will either just buy or sell a currency pair because they think that they see a trend developing or maybe they have placed a moving average on a chart,  and decide to enter a trade based on the view on their screen. Other times, there can just be no reason behind placing the trade, other than they just want to be trading something\r\n\r\nI know this sounds crazy, but if the trade nets a small profit the new trader feels that trading is so simple anyone can do this and enter more trades based upon the same criteria. Naturally, the new trader expects all trades to be profitable ones. When a trade starts to move against the trader, the initial thoughts are most probably, I will sit in front of this machine until it breaks even and then I am getting out…breathing a huge sigh of relief if that happens.\r\n\r\nAfter time, the trader who may have had a few profitable trades with a hap hazard approach then gets a negative trade and after a big loss on their broker account, reacts in ”revenge” by entering a large trading position in an attempt to recover the prior loss. That trade may also be a loss making trade that crushes their broker account, or if not that trade but one soon after….\r\n\r\nDoes this sound familiar?\r\n\r\nThe reasons that so many new traders “blow” their broker accounts is that they assume that trading is easy. They do not realize that emotion plays a huge part in trading psychology, in particular, when you are using real money rather than a “practice” account, and they have no TRADING PLAN.\r\n\r\nAs you probably know, it doesn’t take long to learn that trading isn’t easy. This is why using a TRADING PLAN is the main way to help with emotions and develop a consistency with trading. If you enter at random places and exit when you have a “gut” feeling to do so, you are probably in for a lot of pain.\r\n\r\nSuccessful traders have a TRADING PLAN. These traders do the same thing every time, only very occasionally tweaking one aspect of their plan at a time. Trying to make wholesale changes at once makes it impossible to tell what is working and what is not.\r\n\r\nBefore placing a trade it is vital to identify your entry, stop and profit targets before entering the trade. If you try to determine your exits once in the trade, emotions have a tendency to skew your view of all the facts that is of course unless you have the ability to be a robot. If you know your exit (your risk) before you enter the trade it is harder for emotions to become involved. It is also a very major step in keeping you as a trader disciplined. It keeps you trading in line with your TRADING PLAN.\r\n\r\nIn my trading, blogs and tweets I often refer to the risk / reward ratio. This is something that I use all the time before entering a trade. I know the risk first. This is critical to be a successful trader. If you do not determine the risk / reward before placing a trade you are not adopting ACCOUNT MANAGEMENT.\r\n\r\nA quick way to measure risk / reward is as follows: Simply divide the distance between the entry and the profit target by the distance between the entry and the stop. Everyone has a different concept of what is a “good” risk / reward ratio. A good guideline is around 1:1.5.\r\n\r\nOnce you have your entry and stop sorted out, next is your position size. Your position size should be the same percentage of your equity in each trade. Many traders will tell you that they risk between 1-3% on each trade, and they use the same position sizes every time. In other words all trades are weighted equally. The same capital is risked on a trade with a 30-pip stop as a trade with a 300-pip stop.\r\n\r\nIn order to determine your position size, multiply you\'re your total equity by your percentage risk per trade (1-3%), which is the amount of money that you should risk per trade (X). Next calculate the number of pips between your entry and the stop by the currency’s pip value (Y). Then divide X by Y and you should have the number of lots that you should trade. Once you get practice at this it is easy.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RISK EXAMPLE:</span></b></p>\r\n<p align=\"center\"><b>BROKER ACCOUNT BALANCE = $5,000.00</b></p>\r\n<p align=\"center\"><b>CURRENCY PAIR\r\nEUR/USD</b></p>\r\n<p align=\"center\"><b>ENTRY LEVEL is 1.3750.</b></p>\r\n<p align=\"center\"><b>1% of risk = $5,000 x 1 /100 = $50 (X)</b></p>\r\n<p align=\"center\"><b>Fib level for STOP = 1.3775 plus wiggle room of 10 more pips = 1.3785 total of 35 pips</b></p>\r\n<p align=\"center\"><b>X divided by Y = 50/35 = position size 1.4 lots.\r\nThe above (1.4 lots) is the maximum position size based on 1% account risk.</b></p>\r\n&nbsp;\r\n\r\nNow, I trade with MICRO, MINI and STANDARD lots depending on the currency pair I am trading. To accommodate this variance, I adjust the values accordingly to ensure that my risk tolerances are not exceeded. I use different brokers for different trade styles, different position sizes and the brokers have different sizes of balances to reflect this. This is another layer of calculation, but when it’s done once or twice it becomes second nature.\r\n\r\nBy planning your trades out before you enter, you can trade on any time frame because you are risking the same amount for each trade. This will lead to much more consistent results.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES:</span></b></p>\r\n<p style=\"text-align: center;\"> FT37\r\nEUR/AUD\r\nLong\r\nCost Average: 1.5419\r\nStop Loss: 1.4900\r\nLimit / Target: 1.7400\r\nMy Position Size: 7.50%\r\nClosing Weekly Position: 1.5295\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  -124 pips</span></p>\r\n<p style=\"text-align: center;\"> FT48\r\nEUR/CAD\r\nLong\r\nCost Average: 1.5314\r\nStop Loss: 1.500\r\nLimit / Target: 1.7500\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.5384\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position: +70 pips</span></p>\r\n<p style=\"text-align: center;\"> FT49\r\nGBP/CAD\r\nLong\r\nCost Average: 1.8532\r\nStop Loss: 1.8250\r\nLimit / Target: 2.0240\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.8529\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  -3 pips</span></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES:</span></b></p>\r\n<p style=\"text-align: center;\">I have no LIVE RADAR trades at the moment.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">\r\nFUNDAMENTAL TRADES:</span></b></p>\r\n<p style=\"text-align: center;\">FUN13\r\nEUR/NZD\r\nLong\r\nCost Average: 1.6450\r\nStop Loss: 1.6000\r\nLimit / Target: 1.9000\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.6367\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  -83 pips</span></p>\r\n<p style=\"text-align: center;\"> FUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9300\r\nLimit / Target: 2.2350\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.9714\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position: -236 pips</span></p>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nBefore I write anything.\r\n\r\nBelow is the monthly chart of the EUR/USD. Please bear this in mind with whatever you do in the coming sessions. We are in breakout territory. The USD is NOT dead and buried yet, but neither has it done a Lazarus and risen from the dead.\r\n\r\nThe movements in this pair will have a direct involvement in all currency pairs moving forward. I am not saying trade it, I am saying be aware of it.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURUSD-MONTHLY-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3323\" alt=\"EURUSD MONTHLY 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURUSD-MONTHLY-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nThere are several opportunities available next week. What usually happens following Non-Farm Payrolls is that on a Sunday/Monday the Asian and European sessions tend to follow on from what happened in the US session.\r\n\r\nLooking at USD related currency pairs, I still think is risky, although there are opportunities to the long side with both the EUR/USD and GBP/USD.\r\n\r\nThe support levels after Non-Farm Payrolls with both pairs could offer long trade opportunities. They are not trades for me but here are the entry levels that should offer interest.\r\n\r\nEUR/USD at 1.3850\r\nGBP/USD at 1.6700\r\n\r\nThe AUD/USD and NZD/USD, I am certain will offer great opportunities and the fact that copper has had a big drop prior to and after Non-Farm Payroll gets me interested in these pairs. However, at this stage I would like to see the moves lower after NFP confirmed and “short-in” on pullbacks.\r\n\r\nPullback entries would be the way to enter these two currency pairs lower, let them test the breakdown points / previous resistance levels at the following levels:\r\n\r\nAUD/USD short at 0.9120\r\nNZD/USD short at 0.8510 (RBNZ Interest Rate Statement on Wednesday)\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n\r\nFollowing Non-Farm payrolls, the reaction with the commodity currencies was to me a little surprising. Canadian unemployment news was a disaster and the response was a move of over +100 pips to the long side. The cross–rate Canadian currencies I am already long (EUR/CAD &amp; GBP/CAD), also these too had explosive upside moves of over +150 to +200 pips.\r\n\r\nGiven the bad CAD news I feel that there is a great follow through opportunity. The USD/CAD charts below shows the major levels to bear in mind.\r\n\r\nThe Monthly Chart below: this highlights the very important down sloping trend line that is supporting this currency at 1.0815.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-MONTHLY-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3324\" alt=\"USDCAD MONTHLY 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-MONTHLY-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nThe 12-hour chart below highlights the levels to look out for.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-12-HOUR-CHART-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3325\" alt=\"USDCAD 12 HOUR CHART 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-12-HOUR-CHART-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nI will be looking to enter this currency pair as follows: -\r\n<p style=\"text-align: center;\"><strong>USD/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Limit Order Entry at: 1.1040</strong>\r\n<strong>Stop Loss: 1.0970</strong>\r\n<strong>Limit / Target: 1.1230</strong></p>\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/GBP:</strong></span>\r\n\r\nWith this pair I missed the initial trade but I think that I may be able to enter long on a re-test of the breakout point. This pair has eluded me on several occasions recently but I now think that there is quite a good trade in the making if everything falls into place.\r\n\r\nDo not get into the trade like a bull in a china shop. I have decided on this trade to show a staggered in approach in detail below. This may help, it may not help you, but it does give you my thoughts when assessing the trade.\r\n\r\nOne guy whom I respect enormously in the forex markets is a master of this type of set up and I think I made about 5 pages of notes on these types of approaches. They come about every now and then but you need to have a market moving type of move in the mix as well to really maximize the move. The EUR/USD move is the determining factor with this trade set-up.\r\n\r\nThe EUR/GBP daily chart below shows the levels that interest me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURGBP-MONTHLY-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3326\" alt=\"EURGBP MONTHLY 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURGBP-MONTHLY-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nBreakout point was 0.8268.\r\n\r\nThe trend line resistance runs through at about 0.8285.\r\n\r\nMy trade was to buy in in stages, subject to a confirmed breakout.\r\n\r\n1. First position was at 0.8268. Very small limited risk in case the trade does not manufacture.\r\n2. Assuming a break through the trend line is confirmed add to your position at 0.8308.\r\n3. Add again at 0.8350.\r\n<span style=\"line-height: 1.5em;\">4. My target would be about 0.8500.</span>\r\n\r\nObviously, I am looking for a re-test of the breakout. It may not happen, in which case I will re-evaluate early next week. The bottom line is that there is a potential move\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3875.</b> The EUR/USD is still in breakout territory. The next few sessions should determine whether this pair is going higher or we topped at 1.3915.  I do not think that the USD is out of the woods yet, despite the weird market response to Non-Farm payrolls. The range is simple 1.3825 to 1.3915.\r\n\r\n<b>GBP/USD: Closing Price 1.6711. </b>Not much of a change in price in the past week, which indicates to me consolidation of the past move. Should cable break through 1.6825 (NFP highs), I do think that 1.6875 will follow soon after and then possibly into the mid 1.70’s. But a lot of that potential move depends on the EUR/USD. Should the EUR/USD go higher that should bring the EUR/GBP with it and therefore the GBP/USD may not gather the momentum that one normally associates with this pair. Support is at 1.6640.<b> </b>\r\n\r\n<b>AUD/USD: Closing Price 0.9070</b>. After a week of good data, the AUD/USD fell back after Non-Farm payrolls. Not certain that this drop will be confirmed over the coming sessions, so the levels that interest me are 0.8990 to 0.9120.\r\n\r\n<b>NZD/USD: Closing Price 0.8464</b>. I have very similar thoughts to those for the AUD/USD. This pair has been really well supported this past week or so. We have the RBNZ interest Rate statement on Wednesday. I am staying clear of this pair until after RBNZ Governor “Wheeler the dealer” has strutted his stuff. The levels for me are 0.8430 to 0.8510.\r\n\r\n<b>USD/CAD: Closing Price 1.1087.</b> The USD/CAD saw a bold move higher on Friday following very poor employment data.  Support should be good at 1.1040 and resistance at 1.1160 are the initial levels to look for.\r\n\r\n<b>USD/CHF: Closing Price 0.8774</b>. I am just not interested in this pair until the EUR/USD makes its mind up. My favoured trade is long at 0.8600 or 0.8700 dependent on EUR/USD trading activity. Resistance to get this pair bullish lies at 0.8820.\r\n\r\n<b>USD/JPY: Closing Price 103.25.  </b>Last week I thought that the USD/JPY was on the cusp of a breakdown. We broke higher towards the end of the week. I stopped trading the USD/JPY a while ago after three or four bad trades. I see the levels for those of you interested being 102.60 to 104.00.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation report hearings.\r\n\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Press Conference.\r\nWEDNESDAY: AUD – Employment Rates.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nThis week should be an interesting week\r\n\r\nThe Ukraine is NOT finished yet and there are a couple of interesting high beta news events, plus we have Non-Farm Payrolls fallout to deal with.\r\n\r\nI still think we will be in very difficult trading conditions as the ‘twitchiness’ in the market continues. I actually think that matters will intensify, as we are very stretched.\r\n\r\nMore subscribers joined in the past week, which is brilliant, but not everyone is interested in Twitter. I am still thinking of other methods but still not sure due to time pressures on getting information to you. Twitter is usually very fast. I will come back with my thoughts in a few weeks.\r\n\r\nThere will be no PREMIUM SERVICE or WEEKLY FX DRIVE-THRU blogs next week (Subscribers expiation dates will be extended by one week…this is done automatically you need do nothing).\r\n\r\nMy wife (who is Irish) and myself are off to Dublin for the St Patrick’s Day celebrations. There is little point telling you that I may blog, and those of you who have been to Ireland will understand why.\r\n\r\nI will be tweeting up to Thursday morning and then possibly occasionally as I look at charts and read news when I am traveling. It will be back to normal Thursday 20<sup>th</sup> March and blogs will be resumed Saturday 22<sup>nd</sup> March 2014.\r\n\r\nTrade carefully, exercise good and sound MONEY MANAGEMENT. Always trade using the guidelines set out inside your TRADING PLAN.\r\n\r\n&nbsp;\r\n\r\nGood luck and be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 8th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;','GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS…COMPLACENT OR IRRATIONAL?…YOU CHOOSE','','publish','open','closed','','good-news-good-news-bad-news-good-newscomplacent-irrationalyou-choose','','','2014-03-08 11:02:15','2014-03-08 16:02:15','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3337',0,'member_posts','',0),(3338,1,'2014-03-08 11:02:00','2014-03-08 16:02:00','<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nI do not mean to complain, or sound negative; but I am finding this market very challenging.\r\n\r\nI “Tweeted” earlier in the week that the next blog would be about trade potentials, and set-ups, looking forward, and, those of you who are subscribers to the PREMIUM SERVICE, will have that version of the blog. The rest of you who subscribe to the WEEKLY FX DRIVE THRU blog will have a version with that section removed. That comes later.\r\n\r\nRight now, I think that my emotions on what I think the market should be doing and what is in effect happening is affecting my whole approach to trading. I am having a lot more “What if’s” and “Yes but’s” at the back of my mind. I am trading purely off pullbacks on FLASH trades. Because the markets are at all-time highs, and very complacent about news/data events, the chances of false breakouts and false breakdowns are increased and my limit order entries on RADAR trades are mostly set at only the 38.2% and 61.7% Fibonacci levels, this creates less trades, which is probably not a bad thing. I think what I am trying to say is that I need to see a definitive move from these elevated equity positions to give me a direction, and I do not care which direction. In saying that, not just a one day move, but a confirmed move with chart technicals supporting it.\r\n\r\nDespite my concerns, the PREMIUM SERVICE has turned a profit in the past week, and, from a personal perspective my best trade of the week was a “fat finger” entry on the EUR/USD long after the ECB Press Conference on a tiny pullback that I was trying to draw a line on and I entered the trade in error. This trade provided three profit opportunities and over 340 pips of profit emanating from the original position size. Although for the purposes of reporting on the PREMIUM SERVICE performance it shows as +86 pips.\r\n\r\nHowever, my view which I have made public on several occasions, I feel is still valid. If you can keep your head above water right now, you are doing well. There will be many trading accounts failing and traders pulling out of trading because it’s too hard.\r\n\r\nLooking at the past weeks major news items: -\r\n\r\nThe AUD/USD: - We had during the week a GDP release, RBA Interest Rate Statement, Retail Sales and a Stevens Press Conference. The AUD/USD did not give up and head towards 0.8000; instead the majority of the news was AUD positive. RBA Stevens, at the end of the week in his press release mentioned that the AUD was high, but never gave guidelines to levels that the RBA wanted to see or would feel happier with, so, the rally continued.\r\n\r\nThe EUROZONE: Nothing was done to ease and the EUR/USD grind higher increased in pace and it broke 1.3900. On the monthly chart, this is a breakout above the multi-year trend line (chart is later in blog). Draghi really emphasizes any good news and really plays down bad news. He has it perfect on how to play the press conferences. Once you realize this, and, understand that Angela Merkel is actually writing his press statement and leading him via an ear piece on his responses in the Q &amp; A section….you have the show in your measure.\r\n\r\nNon-Farm Payrolls: Unbelievable, what a surprise - a beat. Very convenient timing….my God I am soooooooooo cynical now. Once again, every expert, political commentator, pundit….whatever you want to call them, got it wrong, the weather never impacted the numbers and all the bulls**t about numbers being collated during the week of the worst weather was crap. That is of course unless the numbers were fixed!\r\nThe reaction to this data….the market pauses / consolidates.\r\n\r\nThe one consistency, that I draw from these data releases is that fundamentally they were opposite, except the ECB, to what was believed to be the sentiment.\r\n\r\nMy take from this week’s news events is simple, trade small or stay in $$$. This is why I keep writing words and phrases like choppy, uncertainty, irrational, lack of momentum, divergence, lack of correlation, non-directional, head above water, difficult conditions, stay in $$$ and sidelined in tweets.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014 and YEAR to date:</span></b></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n4 trades at $0.10 cents each = $0.40 risk for $12.90 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n4 trades at $1.00 each = $4.00 risk for $129.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n4 trades at $10.00 each = $40.00 risk for $1,290.00.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n6 trades at $0.10 cents each = $0.60 cents risk for $18.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n6 trades at $1.00 each = $6.00 risk for $186.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n6 trades at $10.00 each = $60.00 risk for $1,860.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">\r\n</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – MARCH 2014:\r\n</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n0 trades at $0.10 cents each = $0.00 cents risk for $0.00 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n0 trades at $1.00 each = $0.00 risk for $0.00 profit</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n0 trades at $10.00 each = $0.00 risk for $0.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n10 trades at $0.10 cents each = $1.00 risk for $5.70 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n10 trades at $1.00 each = $100.00 risk for $57.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n10 trades at $10.00 each = $100.00 risk for $570.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n119 trades at $0.10 cents each = $11.90 risk for $184.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n119 trades at $1.00 each = $119.00 risk for $1,840.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n119 trades at $10.00 each = $1,190.00 risk for $18,400.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b><b> </b>\r\n<p align=\"center\"><b>GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS… COMPLACENT OR IRRATIONAL?…YOU CHOOSE</b><b style=\"line-height: 1.5em;\"> </b></p>\r\nThe constant grind higher in equities on the back of good or bad data is frightening. The belief that the FED will just jump in and stop the monthly tapering if the economic data gets worse, I find quite disturbing. Basically, it appears that the markets believe that there is only one way for equities to move as it has a backstop; the FED.\r\n\r\nI watched CNBC a couple of times this past week and I was horrified with some of the “experts” that were rolled out. These people, basically, can only see one way for the markets to move and have are no major concerns or issues, there are no fears and there is a belief that the FED will support the markets.\r\n\r\nI know that there are plenty of traders getting short and getting crushed by the market as they are trying to pick tops. Contrarian trading is for a very select group of traders who are willing to take four or five losses on the run before that profitable trade happens. For most of us, even if our pockets are deep enough, our emotions couldn’t cope. For us we just have to sit it out or trade very small position sizes.<b> </b>\r\n\r\nWe all have opinions on the market and what happens from session to session, day to day.\r\n\r\nAre the markets complacent?\r\n\r\nIn my opinion dead right they are.\r\n\r\nThe present moves are unsustainable and a correction should be happening.  However, we are not getting a pullback. Even with the Ukraine situation\r\n\r\nOver a week ago the equity markets pulled back after Russian troops were deployed on Ukrainian soil. Monday this past week we were told that they were being pulled back to their barracks. The markets rallied hard on this news. Hello…..they still occupy the Crimea area of Ukraine as Vladimir Putin (Russian President) wants to ensure that the Black Sea deep water ports where the Russian fleets are based remain in Russian hands and no EUROZONE or American agreement with Ukraine threatens this.\r\n\r\nI see this as a potential issue moving forward…..for equity markets in the world it is a “Fur coat and no knickers” press release that caused the markets to rally. The Ukrainian problem is by no means over.\r\n\r\nAre the markets irrational?\r\n\r\nIn my opinion dead right they are.\r\n\r\nMy best description here is that I think I have seen better organized chickens running around farm-yards with their heads chopped off..it is scary.\r\n\r\nHowever, the market it is what it is. In the name of sanity how can good news be good news and bad news be good news. This is what we are dealing with at the moment. So my claims of irrationality are probably well grounded.\r\n\r\nWe are in a one sided market at these elevated levels. Bulls are leading the way right now but a macro level news event could be the catalyst that drives the bears to pole position. The whipsaw event that happens when bears take control will be dramatic, given the fact we keep grinding higher. In addition, the markets reaction following Non-Farm Payroll was totally surprising and causes concern and twitchiness!\r\n\r\nAll the above said….How do we trade?\r\n\r\nObviously, in one sided stretched market conditions, averages on the charts and technical levels are challenging, they actually mean less and less the more the markets stretch. The reverses of stretched markets are nasty.\r\n\r\nMy conclusion is that the only sensible approach is to trade smaller positions with wider stops, or stay sidelined in cash.\r\n\r\nIn the TRADES ON MY RADAR section there are several trades that are listed with charts that hopefully give us an edge going forward, bearing in mind that we have a lot to deal with.\r\n\r\nTake care…PLAN YOUR TRADES and TRADE YOUR PLAN\r\n\r\n<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">\r\n</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PLANNING YOUR TRADES</span></b></p>\r\nGenerally speaking when new traders start trading, they do not place too much thought into their trades. Most new traders will either just buy or sell a currency pair because they think that they see a trend developing or maybe they have placed a moving average on a chart,  and decide to enter a trade based on the view on their screen. Other times, there can just be no reason behind placing the trade, other than they just want to be trading something\r\n\r\nI know this sounds crazy, but if the trade nets a small profit the new trader feels that trading is so simple anyone can do this and enter more trades based upon the same criteria. Naturally, the new trader expects all trades to be profitable ones. When a trade starts to move against the trader, the initial thoughts are most probably, I will sit in front of this machine until it breaks even and then I am getting out…breathing a huge sigh of relief if that happens.\r\n\r\nAfter time, the trader who may have had a few profitable trades with a hap hazard approach then gets a negative trade and after a big loss on their broker account, reacts in ”revenge” by entering a large trading position in an attempt to recover the prior loss. That trade may also be a loss making trade that crushes their broker account, or if not that trade but one soon after….\r\n\r\nDoes this sound familiar?\r\n\r\nThe reasons that so many new traders “blow” their broker accounts is that they assume that trading is easy. They do not realize that emotion plays a huge part in trading psychology, in particular, when you are using real money rather than a “practice” account, and they have no TRADING PLAN.\r\n\r\nAs you probably know, it doesn’t take long to learn that trading isn’t easy. This is why using a TRADING PLAN is the main way to help with emotions and develop a consistency with trading. If you enter at random places and exit when you have a “gut” feeling to do so, you are probably in for a lot of pain.\r\n\r\nSuccessful traders have a TRADING PLAN. These traders do the same thing every time, only very occasionally tweaking one aspect of their plan at a time. Trying to make wholesale changes at once makes it impossible to tell what is working and what is not.\r\n\r\nBefore placing a trade it is vital to identify your entry, stop and profit targets before entering the trade. If you try to determine your exits once in the trade, emotions have a tendency to skew your view of all the facts that is of course unless you have the ability to be a robot. If you know your exit (your risk) before you enter the trade it is harder for emotions to become involved. It is also a very major step in keeping you as a trader disciplined. It keeps you trading in line with your TRADING PLAN.\r\n\r\nIn my trading, blogs and tweets I often refer to the risk / reward ratio. This is something that I use all the time before entering a trade. I know the risk first. This is critical to be a successful trader. If you do not determine the risk / reward before placing a trade you are not adopting ACCOUNT MANAGEMENT.\r\n\r\nA quick way to measure risk / reward is as follows: Simply divide the distance between the entry and the profit target by the distance between the entry and the stop. Everyone has a different concept of what is a “good” risk / reward ratio. A good guideline is around 1:1.5.\r\n\r\nOnce you have your entry and stop sorted out, next is your position size. Your position size should be the same percentage of your equity in each trade. Many traders will tell you that they risk between 1-3% on each trade, and they use the same position sizes every time. In other words all trades are weighted equally. The same capital is risked on a trade with a 30-pip stop as a trade with a 300-pip stop.\r\n\r\nIn order to determine your position size, multiply you\'re your total equity by your percentage risk per trade (1-3%), which is the amount of money that you should risk per trade (X). Next calculate the number of pips between your entry and the stop by the currency’s pip value (Y). Then divide X by Y and you should have the number of lots that you should trade. Once you get practice at this it is easy.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RISK EXAMPLE:</span></b></p>\r\n<p align=\"center\"><b>BROKER ACCOUNT BALANCE = $5,000.00</b></p>\r\n<p align=\"center\"><b>CURRENCY PAIR\r\nEUR/USD</b></p>\r\n<p align=\"center\"><b>ENTRY LEVEL is 1.3750.</b></p>\r\n<p align=\"center\"><b>1% of risk = $5,000 x 1 /100 = $50 (X)</b></p>\r\n<p align=\"center\"><b>Fib level for STOP = 1.3775 plus wiggle room of 10 more pips = 1.3785 total of 35 pips</b></p>\r\n<p align=\"center\"><b>X divided by Y = 50/35 = position size 1.4 lots.\r\nThe above (1.4 lots) is the maximum position size based on 1% account risk.</b></p>\r\n&nbsp;\r\n\r\nNow, I trade with MICRO, MINI and STANDARD lots depending on the currency pair I am trading. To accommodate this variance, I adjust the values accordingly to ensure that my risk tolerances are not exceeded. I use different brokers for different trade styles, different position sizes and the brokers have different sizes of balances to reflect this. This is another layer of calculation, but when it’s done once or twice it becomes second nature.\r\n\r\nBy planning your trades out before you enter, you can trade on any time frame because you are risking the same amount for each trade. This will lead to much more consistent results.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES:</span></b></p>\r\n<p style=\"text-align: center;\"> FT37\r\nEUR/AUD\r\nLong\r\nCost Average: 1.5419\r\nStop Loss: 1.4900\r\nLimit / Target: 1.7400\r\nMy Position Size: 7.50%\r\nClosing Weekly Position: 1.5295\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  -124 pips</span></p>\r\n<p style=\"text-align: center;\"> FT48\r\nEUR/CAD\r\nLong\r\nCost Average: 1.5314\r\nStop Loss: 1.500\r\nLimit / Target: 1.7500\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.5384\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position: +70 pips</span></p>\r\n<p style=\"text-align: center;\"> FT49\r\nGBP/CAD\r\nLong\r\nCost Average: 1.8532\r\nStop Loss: 1.8250\r\nLimit / Target: 2.0240\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.8529\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  -3 pips</span></p>\r\n<p style=\"text-align: center;\"></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES:</span></b></p>\r\n<p style=\"text-align: center;\">I have no LIVE RADAR trades at the moment.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">\r\nFUNDAMENTAL TRADES:</span></b></p>\r\n<p style=\"text-align: center;\">FUN13\r\nEUR/NZD\r\nLong\r\nCost Average: 1.6450\r\nStop Loss: 1.6000\r\nLimit / Target: 1.9000\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.6367\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  -83 pips</span></p>\r\n<p style=\"text-align: center;\"> FUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9300\r\nLimit / Target: 2.2350\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.9714\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position: -236 pips</span></p>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nBefore I write anything.\r\n\r\nBelow is the monthly chart of the EUR/USD. Please bear this in mind with whatever you do in the coming sessions. We are in breakout territory. The USD is NOT dead and buried yet, but neither has it done a Lazarus and risen from the dead.\r\n\r\nThe movements in this pair will have a direct involvement in all currency pairs moving forward. I am not saying trade it, I am saying be aware of it.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURUSD-MONTHLY-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3323\" alt=\"EURUSD MONTHLY 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURUSD-MONTHLY-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nThere are several opportunities available next week. What usually happens following Non-Farm Payrolls is that on a Sunday/Monday the Asian and European sessions tend to follow on from what happened in the US session.\r\n\r\nLooking at USD related currency pairs, I still think is risky, although there are opportunities to the long side with both the EUR/USD and GBP/USD.\r\n\r\nThe support levels after Non-Farm Payrolls with both pairs could offer long trade opportunities. They are not trades for me but here are the entry levels that should offer interest.\r\n\r\nEUR/USD at 1.3850\r\nGBP/USD at 1.6700\r\n\r\nThe AUD/USD and NZD/USD, I am certain will offer great opportunities and the fact that copper has had a big drop prior to and after Non-Farm Payroll gets me interested in these pairs. However, at this stage I would like to see the moves lower after NFP confirmed and “short-in” on pullbacks.\r\n\r\nPullback entries would be the way to enter these two currency pairs lower, let them test the breakdown points / previous resistance levels at the following levels:\r\n\r\nAUD/USD short at 0.9120\r\nNZD/USD short at 0.8510 (RBNZ Interest Rate Statement on Wednesday)\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n\r\nFollowing Non-Farm payrolls, the reaction with the commodity currencies was to me a little surprising. Canadian unemployment news was a disaster and the response was a move of over +100 pips to the long side. The cross–rate Canadian currencies I am already long (EUR/CAD &amp; GBP/CAD), also these too had explosive upside moves of over +150 to +200 pips.\r\n\r\nGiven the bad CAD news I feel that there is a great follow through opportunity. The USD/CAD charts below shows the major levels to bear in mind.\r\n\r\nThe Monthly Chart below: this highlights the very important down sloping trend line that is supporting this currency at 1.0815.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-MONTHLY-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3324\" alt=\"USDCAD MONTHLY 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-MONTHLY-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nThe 12-hour chart below highlights the levels to look out for.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-12-HOUR-CHART-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3325\" alt=\"USDCAD 12 HOUR CHART 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-12-HOUR-CHART-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nI will be looking to enter this currency pair as follows: -\r\n<p style=\"text-align: center;\"><strong>USD/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Limit Order Entry at: 1.1040</strong>\r\n<strong>Stop Loss: 1.0970</strong>\r\n<strong>Limit / Target: 1.1230</strong></p>\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/GBP:</strong></span>\r\n\r\nWith this pair I missed the initial trade but I think that I may be able to enter long on a re-test of the breakout point. This pair has eluded me on several occasions recently but I now think that there is quite a good trade in the making if everything falls into place.\r\n\r\nDo not get into the trade like a bull in a china shop. I have decided on this trade to show a staggered in approach in detail below. This may help, it may not help you, but it does give you my thoughts when assessing the trade.\r\n\r\nOne guy whom I respect enormously in the forex markets is a master of this type of set up and I think I made about 5 pages of notes on these types of approaches. They come about every now and then but you need to have a market moving type of move in the mix as well to really maximize the move. The EUR/USD move is the determining factor with this trade set-up.\r\n\r\nThe EUR/GBP daily chart below shows the levels that interest me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURGBP-MONTHLY-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3326\" alt=\"EURGBP MONTHLY 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURGBP-MONTHLY-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nBreakout point was 0.8268.\r\n\r\nThe trend line resistance runs through at about 0.8285.\r\n\r\nMy trade was to buy in in stages, subject to a confirmed breakout.\r\n\r\n1. First position was at 0.8268. Very small limited risk in case the trade does not manufacture.\r\n2. Assuming a break through the trend line is confirmed add to your position at 0.8308.\r\n3. Add again at 0.8350.\r\n<span style=\"line-height: 1.5em;\">4. My target would be about 0.8500.</span>\r\n\r\nObviously, I am looking for a re-test of the breakout. It may not happen, in which case I will re-evaluate early next week. The bottom line is that there is a potential move\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3875.</b> The EUR/USD is still in breakout territory. The next few sessions should determine whether this pair is going higher or we topped at 1.3915.  I do not think that the USD is out of the woods yet, despite the weird market response to Non-Farm payrolls. The range is simple 1.3825 to 1.3915.\r\n\r\n<b>GBP/USD: Closing Price 1.6711. </b>Not much of a change in price in the past week, which indicates to me consolidation of the past move. Should cable break through 1.6825 (NFP highs), I do think that 1.6875 will follow soon after and then possibly into the mid 1.70’s. But a lot of that potential move depends on the EUR/USD. Should the EUR/USD go higher that should bring the EUR/GBP with it and therefore the GBP/USD may not gather the momentum that one normally associates with this pair. Support is at 1.6640.<b> </b>\r\n\r\n<b>AUD/USD: Closing Price 0.9070</b>. After a week of good data, the AUD/USD fell back after Non-Farm payrolls. Not certain that this drop will be confirmed over the coming sessions, so the levels that interest me are 0.8990 to 0.9120.\r\n\r\n<b>NZD/USD: Closing Price 0.8464</b>. I have very similar thoughts to those for the AUD/USD. This pair has been really well supported this past week or so. We have the RBNZ interest Rate statement on Wednesday. I am staying clear of this pair until after RBNZ Governor “Wheeler the dealer” has strutted his stuff. The levels for me are 0.8430 to 0.8510.\r\n\r\n<b>USD/CAD: Closing Price 1.1087.</b> The USD/CAD saw a bold move higher on Friday following very poor employment data.  Support should be good at 1.1040 and resistance at 1.1160 are the initial levels to look for.\r\n\r\n<b>USD/CHF: Closing Price 0.8774</b>. I am just not interested in this pair until the EUR/USD makes its mind up. My favoured trade is long at 0.8600 or 0.8700 dependent on EUR/USD trading activity. Resistance to get this pair bullish lies at 0.8820.\r\n\r\n<b>USD/JPY: Closing Price 103.25.  </b>Last week I thought that the USD/JPY was on the cusp of a breakdown. We broke higher towards the end of the week. I stopped trading the USD/JPY a while ago after three or four bad trades. I see the levels for those of you interested being 102.60 to 104.00.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation report hearings.\r\n\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Press Conference.\r\nWEDNESDAY: AUD – Employment Rates.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nThis week should be an interesting week\r\n\r\nThe Ukraine is NOT finished yet and there are a couple of interesting high beta news events, plus we have Non-Farm Payrolls fallout to deal with.\r\n\r\nI still think we will be in very difficult trading conditions as the ‘twitchiness’ in the market continues. I actually think that matters will intensify, as we are very stretched.\r\n\r\nMore subscribers joined in the past week, which is brilliant, but not everyone is interested in Twitter. I am still thinking of other methods but still not sure due to time pressures on getting information to you. Twitter is usually very fast. I will come back with my thoughts in a few weeks.\r\n\r\nThere will be no PREMIUM SERVICE or WEEKLY FX DRIVE-THRU blogs next week (Subscribers expiation dates will be extended by one week…this is done automatically you need do nothing).\r\n\r\nMy wife (who is Irish) and myself are off to Dublin for the St Patrick’s Day celebrations. There is little point telling you that I may blog, and those of you who have been to Ireland will understand why.\r\n\r\nI will be tweeting up to Thursday morning and then possibly occasionally as I look at charts and read news when I am traveling. It will be back to normal Thursday 20<sup>th</sup> March and blogs will be resumed Saturday 22<sup>nd</sup> March 2014.\r\n\r\nTrade carefully, exercise good and sound MONEY MANAGEMENT. Always trade using the guidelines set out inside your TRADING PLAN.\r\n\r\n&nbsp;\r\n\r\nGood luck and be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 8th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;','GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS…COMPLACENT OR IRRATIONAL?…YOU CHOOSE','','inherit','open','closed','','3337-revision-v1','','','2014-03-08 11:02:00','2014-03-08 16:02:00','',3337,'https://weeklyfxdrivethru.com/3337-revision-v1/',0,'revision','',0),(3339,1,'2014-03-08 11:02:15','2014-03-08 16:02:15','<p align=\"center\"><b> </b></p>\r\n<b><span style=\"text-decoration: underline;\">1. INTRODUCTION:</span></b>\r\n\r\nI do not mean to complain, or sound negative; but I am finding this market very challenging.\r\n\r\nI “Tweeted” earlier in the week that the next blog would be about trade potentials, and set-ups, looking forward, and, those of you who are subscribers to the PREMIUM SERVICE, will have that version of the blog. The rest of you who subscribe to the WEEKLY FX DRIVE THRU blog will have a version with that section removed. That comes later.\r\n\r\nRight now, I think that my emotions on what I think the market should be doing and what is in effect happening is affecting my whole approach to trading. I am having a lot more “What if’s” and “Yes but’s” at the back of my mind. I am trading purely off pullbacks on FLASH trades. Because the markets are at all-time highs, and very complacent about news/data events, the chances of false breakouts and false breakdowns are increased and my limit order entries on RADAR trades are mostly set at only the 38.2% and 61.7% Fibonacci levels, this creates less trades, which is probably not a bad thing. I think what I am trying to say is that I need to see a definitive move from these elevated equity positions to give me a direction, and I do not care which direction. In saying that, not just a one day move, but a confirmed move with chart technicals supporting it.\r\n\r\nDespite my concerns, the PREMIUM SERVICE has turned a profit in the past week, and, from a personal perspective my best trade of the week was a “fat finger” entry on the EUR/USD long after the ECB Press Conference on a tiny pullback that I was trying to draw a line on and I entered the trade in error. This trade provided three profit opportunities and over 340 pips of profit emanating from the original position size. Although for the purposes of reporting on the PREMIUM SERVICE performance it shows as +86 pips.\r\n\r\nHowever, my view which I have made public on several occasions, I feel is still valid. If you can keep your head above water right now, you are doing well. There will be many trading accounts failing and traders pulling out of trading because it’s too hard.\r\n\r\nLooking at the past weeks major news items: -\r\n\r\nThe AUD/USD: - We had during the week a GDP release, RBA Interest Rate Statement, Retail Sales and a Stevens Press Conference. The AUD/USD did not give up and head towards 0.8000; instead the majority of the news was AUD positive. RBA Stevens, at the end of the week in his press release mentioned that the AUD was high, but never gave guidelines to levels that the RBA wanted to see or would feel happier with, so, the rally continued.\r\n\r\nThe EUROZONE: Nothing was done to ease and the EUR/USD grind higher increased in pace and it broke 1.3900. On the monthly chart, this is a breakout above the multi-year trend line (chart is later in blog). Draghi really emphasizes any good news and really plays down bad news. He has it perfect on how to play the press conferences. Once you realize this, and, understand that Angela Merkel is actually writing his press statement and leading him via an ear piece on his responses in the Q &amp; A section….you have the show in your measure.\r\n\r\nNon-Farm Payrolls: Unbelievable, what a surprise - a beat. Very convenient timing….my God I am soooooooooo cynical now. Once again, every expert, political commentator, pundit….whatever you want to call them, got it wrong, the weather never impacted the numbers and all the bulls**t about numbers being collated during the week of the worst weather was crap. That is of course unless the numbers were fixed!\r\nThe reaction to this data….the market pauses / consolidates.\r\n\r\nThe one consistency, that I draw from these data releases is that fundamentally they were opposite, except the ECB, to what was believed to be the sentiment.\r\n\r\nMy take from this week’s news events is simple, trade small or stay in $$$. This is why I keep writing words and phrases like choppy, uncertainty, irrational, lack of momentum, divergence, lack of correlation, non-directional, head above water, difficult conditions, stay in $$$ and sidelined in tweets.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">2. TRADING SUMMARY:</span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RADAR, FLASH and FUNDAMENTAL TRADES\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014 and YEAR to date:</span></b></p>\r\n<p style=\"text-align: center;\">Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED RADAR TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n4 trades at $0.10 cents each = $0.40 risk for $12.90 loss.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n4 trades at $1.00 each = $4.00 risk for $129.00 loss.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n4 trades at $10.00 each = $40.00 risk for $1,290.00.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES – MARCH 2014:\r\n</span></b><b><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FLASH TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n6 trades at $0.10 cents each = $0.60 cents risk for $18.60 profit.</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n6 trades at $1.00 each = $6.00 risk for $186.00 profit.</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n6 trades at $10.00 each = $60.00 risk for $1,860.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">\r\n</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">FUNDAMENTAL TRADES – MARCH 2014:\r\n</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">PROFITS FROM SINGLE LOT COMPLETED FUNDAMENTAL TRADES:</span></b></p>\r\n<p align=\"center\">1 x MICRO-LOT:\r\n0 trades at $0.10 cents each = $0.00 cents risk for $0.00 profit</p>\r\n<p align=\"center\">1 x MINI-LOT:\r\n0 trades at $1.00 each = $0.00 risk for $0.00 profit</p>\r\n<p align=\"center\">1 x STANDARD LOT:\r\n0 trades at $10.00 each = $0.00 risk for $0.00 profit</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">MARCH 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n10 trades at $0.10 cents each = $1.00 risk for $5.70 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n10 trades at $1.00 each = $100.00 risk for $57.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n10 trades at $10.00 each = $100.00 risk for $570.00 profit.</p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\"> </span></b></p>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">COMBINED FLASH, RADAR AND FUNDAMENTAL TRADES PROFIT PERFORMANCE\r\n</span></b><b><span style=\"text-decoration: underline;\">TOTAL 2014…SO FAR:</span></b></p>\r\n<p align=\"center\">TRADING MICRO-LOTS:\r\n119 trades at $0.10 cents each = $11.90 risk for $184.00 profit.</p>\r\n<p align=\"center\">TRADING MINI-LOTS:\r\n119 trades at $1.00 each = $119.00 risk for $1,840.00 profit.</p>\r\n<p align=\"center\">TRADING STANDARD LOTS:\r\n119 trades at $10.00 each = $1,190.00 risk for $18,400.00 profit.</p>\r\nThe above examples are for illustration purposes only:\r\n\r\nThe profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.\r\n\r\nJust to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance. I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.\r\n\r\nThe above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">3. THE FUNDAMENTAL TRADERS OVERVIEW:</span></b><b> </b>\r\n<p align=\"center\"><b>GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS… COMPLACENT OR IRRATIONAL?…YOU CHOOSE</b><b style=\"line-height: 1.5em;\"> </b></p>\r\nThe constant grind higher in equities on the back of good or bad data is frightening. The belief that the FED will just jump in and stop the monthly tapering if the economic data gets worse, I find quite disturbing. Basically, it appears that the markets believe that there is only one way for equities to move as it has a backstop; the FED.\r\n\r\nI watched CNBC a couple of times this past week and I was horrified with some of the “experts” that were rolled out. These people, basically, can only see one way for the markets to move and have are no major concerns or issues, there are no fears and there is a belief that the FED will support the markets.\r\n\r\nI know that there are plenty of traders getting short and getting crushed by the market as they are trying to pick tops. Contrarian trading is for a very select group of traders who are willing to take four or five losses on the run before that profitable trade happens. For most of us, even if our pockets are deep enough, our emotions couldn’t cope. For us we just have to sit it out or trade very small position sizes.<b> </b>\r\n\r\nWe all have opinions on the market and what happens from session to session, day to day.\r\n\r\nAre the markets complacent?\r\n\r\nIn my opinion dead right they are.\r\n\r\nThe present moves are unsustainable and a correction should be happening.  However, we are not getting a pullback. Even with the Ukraine situation\r\n\r\nOver a week ago the equity markets pulled back after Russian troops were deployed on Ukrainian soil. Monday this past week we were told that they were being pulled back to their barracks. The markets rallied hard on this news. Hello…..they still occupy the Crimea area of Ukraine as Vladimir Putin (Russian President) wants to ensure that the Black Sea deep water ports where the Russian fleets are based remain in Russian hands and no EUROZONE or American agreement with Ukraine threatens this.\r\n\r\nI see this as a potential issue moving forward…..for equity markets in the world it is a “Fur coat and no knickers” press release that caused the markets to rally. The Ukrainian problem is by no means over.\r\n\r\nAre the markets irrational?\r\n\r\nIn my opinion dead right they are.\r\n\r\nMy best description here is that I think I have seen better organized chickens running around farm-yards with their heads chopped off..it is scary.\r\n\r\nHowever, the market it is what it is. In the name of sanity how can good news be good news and bad news be good news. This is what we are dealing with at the moment. So my claims of irrationality are probably well grounded.\r\n\r\nWe are in a one sided market at these elevated levels. Bulls are leading the way right now but a macro level news event could be the catalyst that drives the bears to pole position. The whipsaw event that happens when bears take control will be dramatic, given the fact we keep grinding higher. In addition, the markets reaction following Non-Farm Payroll was totally surprising and causes concern and twitchiness!\r\n\r\nAll the above said….How do we trade?\r\n\r\nObviously, in one sided stretched market conditions, averages on the charts and technical levels are challenging, they actually mean less and less the more the markets stretch. The reverses of stretched markets are nasty.\r\n\r\nMy conclusion is that the only sensible approach is to trade smaller positions with wider stops, or stay sidelined in cash.\r\n\r\nIn the TRADES ON MY RADAR section there are several trades that are listed with charts that hopefully give us an edge going forward, bearing in mind that we have a lot to deal with.\r\n\r\nTake care…PLAN YOUR TRADES and TRADE YOUR PLAN\r\n\r\n<b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\">\r\n</span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">4. TRADER TOPICS:</span></b><b style=\"line-height: 1.5em;\"><span style=\"text-decoration: underline;\"> </span></b>\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">PLANNING YOUR TRADES</span></b></p>\r\nGenerally speaking when new traders start trading, they do not place too much thought into their trades. Most new traders will either just buy or sell a currency pair because they think that they see a trend developing or maybe they have placed a moving average on a chart,  and decide to enter a trade based on the view on their screen. Other times, there can just be no reason behind placing the trade, other than they just want to be trading something\r\n\r\nI know this sounds crazy, but if the trade nets a small profit the new trader feels that trading is so simple anyone can do this and enter more trades based upon the same criteria. Naturally, the new trader expects all trades to be profitable ones. When a trade starts to move against the trader, the initial thoughts are most probably, I will sit in front of this machine until it breaks even and then I am getting out…breathing a huge sigh of relief if that happens.\r\n\r\nAfter time, the trader who may have had a few profitable trades with a hap hazard approach then gets a negative trade and after a big loss on their broker account, reacts in ”revenge” by entering a large trading position in an attempt to recover the prior loss. That trade may also be a loss making trade that crushes their broker account, or if not that trade but one soon after….\r\n\r\nDoes this sound familiar?\r\n\r\nThe reasons that so many new traders “blow” their broker accounts is that they assume that trading is easy. They do not realize that emotion plays a huge part in trading psychology, in particular, when you are using real money rather than a “practice” account, and they have no TRADING PLAN.\r\n\r\nAs you probably know, it doesn’t take long to learn that trading isn’t easy. This is why using a TRADING PLAN is the main way to help with emotions and develop a consistency with trading. If you enter at random places and exit when you have a “gut” feeling to do so, you are probably in for a lot of pain.\r\n\r\nSuccessful traders have a TRADING PLAN. These traders do the same thing every time, only very occasionally tweaking one aspect of their plan at a time. Trying to make wholesale changes at once makes it impossible to tell what is working and what is not.\r\n\r\nBefore placing a trade it is vital to identify your entry, stop and profit targets before entering the trade. If you try to determine your exits once in the trade, emotions have a tendency to skew your view of all the facts that is of course unless you have the ability to be a robot. If you know your exit (your risk) before you enter the trade it is harder for emotions to become involved. It is also a very major step in keeping you as a trader disciplined. It keeps you trading in line with your TRADING PLAN.\r\n\r\nIn my trading, blogs and tweets I often refer to the risk / reward ratio. This is something that I use all the time before entering a trade. I know the risk first. This is critical to be a successful trader. If you do not determine the risk / reward before placing a trade you are not adopting ACCOUNT MANAGEMENT.\r\n\r\nA quick way to measure risk / reward is as follows: Simply divide the distance between the entry and the profit target by the distance between the entry and the stop. Everyone has a different concept of what is a “good” risk / reward ratio. A good guideline is around 1:1.5.\r\n\r\nOnce you have your entry and stop sorted out, next is your position size. Your position size should be the same percentage of your equity in each trade. Many traders will tell you that they risk between 1-3% on each trade, and they use the same position sizes every time. In other words all trades are weighted equally. The same capital is risked on a trade with a 30-pip stop as a trade with a 300-pip stop.\r\n\r\nIn order to determine your position size, multiply you\'re your total equity by your percentage risk per trade (1-3%), which is the amount of money that you should risk per trade (X). Next calculate the number of pips between your entry and the stop by the currency’s pip value (Y). Then divide X by Y and you should have the number of lots that you should trade. Once you get practice at this it is easy.\r\n<p align=\"center\"><b><span style=\"text-decoration: underline;\">RISK EXAMPLE:</span></b></p>\r\n<p align=\"center\"><b>BROKER ACCOUNT BALANCE = $5,000.00</b></p>\r\n<p align=\"center\"><b>CURRENCY PAIR\r\nEUR/USD</b></p>\r\n<p align=\"center\"><b>ENTRY LEVEL is 1.3750.</b></p>\r\n<p align=\"center\"><b>1% of risk = $5,000 x 1 /100 = $50 (X)</b></p>\r\n<p align=\"center\"><b>Fib level for STOP = 1.3775 plus wiggle room of 10 more pips = 1.3785 total of 35 pips</b></p>\r\n<p align=\"center\"><b>X divided by Y = 50/35 = position size 1.4 lots.\r\nThe above (1.4 lots) is the maximum position size based on 1% account risk.</b></p>\r\n&nbsp;\r\n\r\nNow, I trade with MICRO, MINI and STANDARD lots depending on the currency pair I am trading. To accommodate this variance, I adjust the values accordingly to ensure that my risk tolerances are not exceeded. I use different brokers for different trade styles, different position sizes and the brokers have different sizes of balances to reflect this. This is another layer of calculation, but when it’s done once or twice it becomes second nature.\r\n\r\nBy planning your trades out before you enter, you can trade on any time frame because you are risking the same amount for each trade. This will lead to much more consistent results.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">5. MY CURRENT LIVE TRADES:</span></b>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">FLASH TRADES:</span></b></p>\r\n<p style=\"text-align: center;\"> FT37\r\nEUR/AUD\r\nLong\r\nCost Average: 1.5419\r\nStop Loss: 1.4900\r\nLimit / Target: 1.7400\r\nMy Position Size: 7.50%\r\nClosing Weekly Position: 1.5295\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  -124 pips</span></p>\r\n<p style=\"text-align: center;\"> FT48\r\nEUR/CAD\r\nLong\r\nCost Average: 1.5314\r\nStop Loss: 1.500\r\nLimit / Target: 1.7500\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.5384\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position: +70 pips</span></p>\r\n<p style=\"text-align: center;\"> FT49\r\nGBP/CAD\r\nLong\r\nCost Average: 1.8532\r\nStop Loss: 1.8250\r\nLimit / Target: 2.0240\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.8529\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  -3 pips</span></p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">RADAR TRADES:</span></b></p>\r\n<p style=\"text-align: center;\">I have no LIVE RADAR trades at the moment.</p>\r\n<p style=\"text-align: center;\"><b><span style=\"text-decoration: underline;\">\r\nFUNDAMENTAL TRADES:</span></b></p>\r\n<p style=\"text-align: center;\">FUN13\r\nEUR/NZD\r\nLong\r\nCost Average: 1.6450\r\nStop Loss: 1.6000\r\nLimit / Target: 1.9000\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.6367\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position:  -83 pips</span></p>\r\n<p style=\"text-align: center;\"> FUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9300\r\nLimit / Target: 2.2350\r\nMy Position Size: 7.5%\r\nClosing Weekly Position: 1.9714\r\n<span style=\"line-height: 1.5em;\">My present Profit/Loss position: -236 pips</span></p>\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">6. TRADES THAT ARE ON MY RADAR:</span></b>\r\n\r\nBefore I write anything.\r\n\r\nBelow is the monthly chart of the EUR/USD. Please bear this in mind with whatever you do in the coming sessions. We are in breakout territory. The USD is NOT dead and buried yet, but neither has it done a Lazarus and risen from the dead.\r\n\r\nThe movements in this pair will have a direct involvement in all currency pairs moving forward. I am not saying trade it, I am saying be aware of it.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURUSD-MONTHLY-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3323\" alt=\"EURUSD MONTHLY 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURUSD-MONTHLY-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\n&nbsp;\r\n\r\nThere are several opportunities available next week. What usually happens following Non-Farm Payrolls is that on a Sunday/Monday the Asian and European sessions tend to follow on from what happened in the US session.\r\n\r\nLooking at USD related currency pairs, I still think is risky, although there are opportunities to the long side with both the EUR/USD and GBP/USD.\r\n\r\nThe support levels after Non-Farm Payrolls with both pairs could offer long trade opportunities. They are not trades for me but here are the entry levels that should offer interest.\r\n\r\nEUR/USD at 1.3850\r\nGBP/USD at 1.6700\r\n\r\nThe AUD/USD and NZD/USD, I am certain will offer great opportunities and the fact that copper has had a big drop prior to and after Non-Farm Payroll gets me interested in these pairs. However, at this stage I would like to see the moves lower after NFP confirmed and “short-in” on pullbacks.\r\n\r\nPullback entries would be the way to enter these two currency pairs lower, let them test the breakdown points / previous resistance levels at the following levels:\r\n\r\nAUD/USD short at 0.9120\r\nNZD/USD short at 0.8510 (RBNZ Interest Rate Statement on Wednesday)\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>USD/CAD:</strong></span>\r\n\r\nFollowing Non-Farm payrolls, the reaction with the commodity currencies was to me a little surprising. Canadian unemployment news was a disaster and the response was a move of over +100 pips to the long side. The cross–rate Canadian currencies I am already long (EUR/CAD &amp; GBP/CAD), also these too had explosive upside moves of over +150 to +200 pips.\r\n\r\nGiven the bad CAD news I feel that there is a great follow through opportunity. The USD/CAD charts below shows the major levels to bear in mind.\r\n\r\nThe Monthly Chart below: this highlights the very important down sloping trend line that is supporting this currency at 1.0815.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-MONTHLY-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3324\" alt=\"USDCAD MONTHLY 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-MONTHLY-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nThe 12-hour chart below highlights the levels to look out for.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-12-HOUR-CHART-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3325\" alt=\"USDCAD 12 HOUR CHART 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/USDCAD-12-HOUR-CHART-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nI will be looking to enter this currency pair as follows: -\r\n<p style=\"text-align: center;\"><strong>USD/CAD</strong>\r\n<strong>Long</strong>\r\n<strong>Limit Order Entry at: 1.1040</strong>\r\n<strong>Stop Loss: 1.0970</strong>\r\n<strong>Limit / Target: 1.1230</strong></p>\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/GBP:</strong></span>\r\n\r\nWith this pair I missed the initial trade but I think that I may be able to enter long on a re-test of the breakout point. This pair has eluded me on several occasions recently but I now think that there is quite a good trade in the making if everything falls into place.\r\n\r\nDo not get into the trade like a bull in a china shop. I have decided on this trade to show a staggered in approach in detail below. This may help, it may not help you, but it does give you my thoughts when assessing the trade.\r\n\r\nOne guy whom I respect enormously in the forex markets is a master of this type of set up and I think I made about 5 pages of notes on these types of approaches. They come about every now and then but you need to have a market moving type of move in the mix as well to really maximize the move. The EUR/USD move is the determining factor with this trade set-up.\r\n\r\nThe EUR/GBP daily chart below shows the levels that interest me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURGBP-MONTHLY-08.03.2014.png\"><img class=\"aligncenter size-large wp-image-3326\" alt=\"EURGBP MONTHLY 08.03.2014\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/EURGBP-MONTHLY-08.03.2014-1024x522.png\" width=\"1024\" height=\"522\" /></a>\r\n\r\nBreakout point was 0.8268.\r\n\r\nThe trend line resistance runs through at about 0.8285.\r\n\r\nMy trade was to buy in in stages, subject to a confirmed breakout.\r\n\r\n1. First position was at 0.8268. Very small limited risk in case the trade does not manufacture.\r\n2. Assuming a break through the trend line is confirmed add to your position at 0.8308.\r\n3. Add again at 0.8350.\r\n<span style=\"line-height: 1.5em;\">4. My target would be about 0.8500.</span>\r\n\r\nObviously, I am looking for a re-test of the breakout. It may not happen, in which case I will re-evaluate early next week. The bottom line is that there is a potential move\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\">7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</span></b>\r\n\r\n<b>EUR/USD: Closing Price 1.3875.</b> The EUR/USD is still in breakout territory. The next few sessions should determine whether this pair is going higher or we topped at 1.3915.  I do not think that the USD is out of the woods yet, despite the weird market response to Non-Farm payrolls. The range is simple 1.3825 to 1.3915.\r\n\r\n<b>GBP/USD: Closing Price 1.6711. </b>Not much of a change in price in the past week, which indicates to me consolidation of the past move. Should cable break through 1.6825 (NFP highs), I do think that 1.6875 will follow soon after and then possibly into the mid 1.70’s. But a lot of that potential move depends on the EUR/USD. Should the EUR/USD go higher that should bring the EUR/GBP with it and therefore the GBP/USD may not gather the momentum that one normally associates with this pair. Support is at 1.6640.<b> </b>\r\n\r\n<b>AUD/USD: Closing Price 0.9070</b>. After a week of good data, the AUD/USD fell back after Non-Farm payrolls. Not certain that this drop will be confirmed over the coming sessions, so the levels that interest me are 0.8990 to 0.9120.\r\n\r\n<b>NZD/USD: Closing Price 0.8464</b>. I have very similar thoughts to those for the AUD/USD. This pair has been really well supported this past week or so. We have the RBNZ interest Rate statement on Wednesday. I am staying clear of this pair until after RBNZ Governor “Wheeler the dealer” has strutted his stuff. The levels for me are 0.8430 to 0.8510.\r\n\r\n<b>USD/CAD: Closing Price 1.1087.</b> The USD/CAD saw a bold move higher on Friday following very poor employment data.  Support should be good at 1.1040 and resistance at 1.1160 are the initial levels to look for.\r\n\r\n<b>USD/CHF: Closing Price 0.8774</b>. I am just not interested in this pair until the EUR/USD makes its mind up. My favoured trade is long at 0.8600 or 0.8700 dependent on EUR/USD trading activity. Resistance to get this pair bullish lies at 0.8820.\r\n\r\n<b>USD/JPY: Closing Price 103.25.  </b>Last week I thought that the USD/JPY was on the cusp of a breakdown. We broke higher towards the end of the week. I stopped trading the USD/JPY a while ago after three or four bad trades. I see the levels for those of you interested being 102.60 to 104.00.\r\n\r\n&nbsp;\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span></b>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation report hearings.\r\n\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Press Conference.\r\nWEDNESDAY: AUD – Employment Rates.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.<b></b>\r\n\r\n<b><span style=\"text-decoration: underline;\"> </span></b>\r\n\r\n<b><span style=\"text-decoration: underline;\">9. FINAL THOUGHTS:</span></b>\r\n\r\nThis week should be an interesting week\r\n\r\nThe Ukraine is NOT finished yet and there are a couple of interesting high beta news events, plus we have Non-Farm Payrolls fallout to deal with.\r\n\r\nI still think we will be in very difficult trading conditions as the ‘twitchiness’ in the market continues. I actually think that matters will intensify, as we are very stretched.\r\n\r\nMore subscribers joined in the past week, which is brilliant, but not everyone is interested in Twitter. I am still thinking of other methods but still not sure due to time pressures on getting information to you. Twitter is usually very fast. I will come back with my thoughts in a few weeks.\r\n\r\nThere will be no PREMIUM SERVICE or WEEKLY FX DRIVE-THRU blogs next week (Subscribers expiation dates will be extended by one week…this is done automatically you need do nothing).\r\n\r\nMy wife (who is Irish) and myself are off to Dublin for the St Patrick’s Day celebrations. There is little point telling you that I may blog, and those of you who have been to Ireland will understand why.\r\n\r\nI will be tweeting up to Thursday morning and then possibly occasionally as I look at charts and read news when I am traveling. It will be back to normal Thursday 20<sup>th</sup> March and blogs will be resumed Saturday 22<sup>nd</sup> March 2014.\r\n\r\nTrade carefully, exercise good and sound MONEY MANAGEMENT. Always trade using the guidelines set out inside your TRADING PLAN.\r\n\r\n&nbsp;\r\n\r\nGood luck and be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday March 8th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\n<span style=\"line-height: 1.5em;\">Google+/scottpickering\r\n</span><span style=\"line-height: 1.5em;\">StockTwits; thepipaccumulator</span>\r\n\r\n&nbsp;','GOOD NEWS IS GOOD NEWS and BAD NEWS IS GOOD NEWS…COMPLACENT OR IRRATIONAL?…YOU CHOOSE','','inherit','open','closed','','3337-revision-v1','','','2014-03-08 11:02:15','2014-03-08 16:02:15','',3337,'https://weeklyfxdrivethru.com/3337-revision-v1/',0,'revision','',0),(3343,1,'2014-03-08 11:12:17','2014-03-08 16:12:17','<section class=\"pdf-links\">\r\n<div class=\"one-third first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/TRADING-WITH-ATRs.pdf\">TRADING WITH ATR\'s</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/02/HEDGING.pdf\">HEDGING</a>\r\n<div class=\"one-third\"></div>\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<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/FOLLOWING-YOUR-TRADING-PLAN-.pdf\">FOLLOWING YOUR TRADING PLAN</a>\r\n<div class=\"one-third\"></div>\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<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>\r\n</section>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-03-08 11:12:17','2014-03-08 16:12:17','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3446,1,'2014-04-07 07:27:19','2014-04-07 12:27:19','Good morning,\r\n\r\nA very subdued opening in Asia and Europe was not much better. No major news driving the FX market this week, so we will be relying quite heavily on the equities markets.\r\n\r\nLIVE TRADES are as follows: -\r\n\r\n<strong>USD/CAD - long</strong>\r\n<strong>NZD/USD - short</strong>\r\n<strong>USD/CHF - long</strong>\r\n<strong>CAD/CHF - long</strong>\r\n<strong>AUD/CHF - long </strong>\r\n<strong>USD/SEK - long\r\nGBP/NZD - long</strong>\r\n\r\nLimit orders outstanding AUD/USD short. I have amended the entry level slightly with my broker this morning. Really post off that it did not trigger last night.\r\nLIMIT ORDER ENTRY 0.9290\r\nSTOP LOSS 0.9340\r\nLIMIT / TARGET 0.8500\r\nI may have to review this again as the day progresses.\r\n\r\nShould the AUD fall aggressively I will be getting long EUR/AUD and GBP/AUD.\r\n\r\nADDITIONAL TRADE SET UP (with my USD majors broker): -\r\n\r\nEUR/USD\r\nShort\r\nLIMIT ENTRY: 1.3750\r\nStop Loss 1.3830\r\nLimit 1.3450\r\n\r\nIf any of you are not yet long the USD/CHF, should it fall to 0.8850 trend line support this would be an excellent place to consider a long trade. Obviously, movements in this pair are determined by the price action in the EUR/USD.\r\n\r\nMy overview thoughts of the market are solidifying from my thoughts expressed in recent blogs.\r\n<ol>\r\n	<li>Equities are trading very heavy at the moment and are week.</li>\r\n	<li>The 5 year S&amp;P 127.6% extension is creating huge issues and therefore  hence the volatility.</li>\r\n	<li>I still think a correction / pullback has  S&amp;P 1600 written all over it. Hence my commodity currency thoughts with trades.</li>\r\n	<li>The Dow Jones has been struggling with 16,500/16,550 - 4 times we have rejected at these lofty levels.</li>\r\n	<li>The NASDAQ is under-performing. The Daily Chart Trend line support is broken. We are pulling back.</li>\r\n	<li>Momentum stocks are being actively sold.</li>\r\n	<li>Bio-Tech and Tech stocks are being hit first, which is consistent with twitchiness in the market as far as I am concerned.</li>\r\n	<li>Dow Transports had a great opportunity to clip the GOLDEN FIB extension of 161.8% on Friday last week. It failed and pulled back. All time highs missed, this is very bearish.</li>\r\n</ol>\r\nAs time goes if the above consolidates I will be adding to existing positions and adding new trades. The key for me right now is not  to get too carried away.\r\n\r\nI am looking to my lead indicators for clues: -\r\n\r\nAUD/USD below 0.9200 and then 0.9130.\r\nUSD/CAD above 1.1050.\r\nNZD/USD below 0.8480.\r\n\r\nRISK MANAGEMENT is crucial when one has a master plan coming into play. If my thoughts are confirmed I must ensure that any trades placed or added to are within my RISK MANAGEMENT guidelines. I may exit trades in favour of better risks to ensure that I trade within my TRADING PLAN guidelines.\r\n\r\nScott','#6 - THE DAILY FX POST, Monday 7th April 2014','','publish','open','closed','','6-daily-fx-post-monday-7th-april-2014','','','2014-04-07 07:27:19','2014-04-07 12:27:19','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3446',0,'member_posts','',0),