&nbsp;

<strong> </strong>
<ol>
 	<li><strong> INTRODUCTION:</strong></li>
</ol>
As you know, I am now taking a few weeks away from blogging

However, as we are at a month end and in the middle of some high profile news events, it seems appropriate for me just to mention a few things to my subscriber base.

I was caught yesterday at a meeting northwest of Hudson; the area was subject to a complete ISP outage with no cell phone signal to boot. What a complete and utter disaster. I was in two minds about going given the markets reaction to the US GDP numbers. That was an expensive meeting in terms of pips (c.500), thankfully from a $$$ basis it was not as bad as it could have been under normal trading conditions. It still hurt though.

The event does however highlight the fact that the markets right now are in such a reactive mode that Fibonacci levels, fundamentals, chart patterns and pivot points are not being respected. It all adds up to one hell of a challenge to say the least.

To say at the moment that I am NOT a happy camper would be one of the biggest understatements in 2016 so far. I am adding pips to the PREMIUM SERVICE monthly totals, but I am carrying forward several longer-term (POSITION) trades, with roughly weekly ATR losses attached to them. I am cashing in on other POSITION TRADES just to keep the numbers moving

I know that I keep saying be patient, but it is very difficult at times as the markets seem to lack conviction.

This is not helped with the S&amp;P being basically stuck at the top of its range. This position, in my opinion, is primed to sucker in the retail investors at the top of the market. I am expecting a 10% S&amp;P correction and this would still keep it inside its recent well-defined trading range. The problem is of course the hunt for yield. The central banks have made it impossible to obtain yield from anything other than equities.

So we have a Mexican stand-off in play.

We will shuffle around like this for some time unfortunately. I had thought that the FED would lead but Yellen has really shown her true colours in my opinion. She is a ditherer and all of this inactivity will come back to bite her in the ass in the future. I can understand why she hasn't raised rates, but the argument not to outweighs those reasons in my opinion.

&nbsp;
<ol start="2">
 	<li><strong> BREXIT TRADES:</strong></li>
</ol>
I covered, took profits off the table on a lot of these set ups and trades. I have had a few communications from several of as to why?

Am I doing a Yellen dither? To some extent, I hate to admit it but yes.

Initially, I loaded up 12 trades. 10 of which on the cross-rates had a LIMIT ORDER and either a BUY STOP or SELL STOP order attached. My intention was from the get go with the cross rate trades just to have one in play to begin with, and frankly, I did not think any of these would trigger ahead of the BOE interest rate announcement and press conference from Carney this Thursday.

The FOMC reaction and the BOJ shambles clearly upset that apple cart!!

My intention is either to have SELL STOP / BUY STOP orders in position ahead of Carney, or, just wait and see what he says and BOT trades will enter in the same way as a FLASH trade on the day.

On a positive note we took 196 pips off the BREXIT trades so far.

&nbsp;
<ol start="3">
 	<li><strong> PREMIUM SERVICE PERFORMANCE:</strong></li>
</ol>
<ul>
 	<li>I lost pips this month on both FLASH and RADAR trades.</li>
 	<li>FUNDAMENTAL and POSITION trades make good pips and for the month 1,346 pips were added.</li>
 	<li>Year to date, I am 277 pips behind last years pip total at the same point. 7,466 this year versus 7,743 last year.</li>
 	<li>Profit/Loss ratios are consistent at 76% versus 24%.</li>
</ul>
Every time I look at the monthly numbers I am becoming more and more convinced that shorter-term trading is just too painful. I am entering short-term, then having to extend my thought process. The present market is basically a chop fest and these short-term trades are NOT for now unless we have serious market momentum, which frankly has not been around for some considerable time in any consistent manner.

POSITION trades account for 80% of the PREMIUM SERVICE pip performance this year. Whilst it has been fantastic to adjust this year to this type of trading, I did NOT expect this style of trading to be as dominant.

I know that a lot of day traders are suffering, whilst this fact does not please me, I do feel somewhat vindicated in my change of direction to maintain performance results. This is a results business… nothing else.

&nbsp;
<ol start="4">
 	<li><strong> LIVE &amp; LIMIT ORDER TRADES:</strong></li>
</ol>
Below are the current spreadsheets detailing the LIVE and LIMIT ORDER trades that I have with my brokers

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-31072016.png"><img class="aligncenter size-full wp-image-8226" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-31072016.png" alt="LIVE TRADES 31072016" width="796" height="584" /></a>

&nbsp;

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-31072016.png"><img class="aligncenter size-full wp-image-8225" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-31072016.png" alt="LIMIT ORDERS 31072016" width="771" height="593" /></a>

&nbsp;
<ol start="5">
 	<li><strong> SUMMARY:</strong></li>
</ol>
This week we have China PMi, the RBA and BOE interest rates, ADP, NFP plus CAD employment and a RBA Monetary Policy Statement. To top it all we also have Carney’s moment in the limelight.

Choppy… you bet.
Directional… probably not.
A pain in the ass… probably.

It is what it is, so be careful.

Take care,

Scott Pickering
The Pip Accumulator
<a href="http://weeklyfxdrivethru.com/disclaimer/">http://weeklyfxdrivethru.com/disclaimer/</a>

DATE: 30th July 2016
BLOG VERSION: #109 PREMIUM SERVICE

&nbsp;