(3703,1,'2014-05-17 08:56:41','2014-05-17 13:56:41','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nFrom a personal trading week, it was a really good one. Somehow though I am still not feeling bouncy, bouncy, bouncy with the joys of Spring and the Forex Markets.\r\n\r\nTrading psychology is on of the most important aspects to consider in trading. FEAR and GREED dominate everything and at the moment, using self-diagnosis, I believe that I am in FEAR MOMENT with regards to my trading. I am so used to false breakouts and false breakdowns, that I simply do not want to give hard earned $$$$ back to the brokers. I am probably not allowing profitable trades to develop to their full potential. Given the “Chop Fest” that we are dealing with at the moment and if it’s not a chop fest, it’s very tight ranges almost stagnation, am I wrong to trade the way that I am?\r\n\r\nI am banking $$$, so I should not complain, but am I maximizing the profit? I am beating myself up at times and perhaps I should just take a step back and take a macro view of what is going on, and, maybe it’s not so bad.\r\n\r\nLooking at the worldwide currency trading market for a moment, from a very macro level: -\r\n<ul>\r\n	<li>There are according to reports from brokers less live accounts being used right now by individual traders like you and me.</li>\r\n</ul>\r\n<ul>\r\n	<li>The banking Forex operations are either losing money or not turning the huge profits that they were before (Royal Bank of Scotland and Credit Suisse).</li>\r\n</ul>\r\n<ul>\r\n	<li>Most of the major Forex institutions are scaling back, there are staff being fired, suspended or on gardening leave.</li>\r\n</ul>\r\n<ul>\r\n	<li>The top 5 banks in currency dealing worldwide now control over 60% of the market, which now trades a mere $5.3tn per day.</li>\r\n</ul>\r\n<ul>\r\n	<li>The overall market operation worldwide in currency trading is being squeezed as the changes happen.</li>\r\n</ul>\r\n<ul>\r\n	<li>High Frequency trading (HFT) is never far from the headlines in any marketplace at the moment.</li>\r\n</ul>\r\n<ul>\r\n	<li>Things have changed and are changing all the time as the market evolves</li>\r\n</ul>\r\nMy point is, at my micro level, if the smaller banking operations involved in Forex trading are suffering, and, if I am making my few dollars each day, I should be a happy camper! I suppose I will have to put it down to self imposed pressure to always do a little bit better.\r\n\r\nDuring the week, the Eurozone debate, and as well predicted last week, what measures are open to the ECB in June has captivated journalists all over Europe. The one agreement is that, Draghi has backed himself into a corner so he has to act and do something. If he fails to act he will lose a huge amount of credibility.\r\n\r\nMy mate “Wheeler the Dealer” Governor of the RBNZ failed to talk down the Kiwi on two occasions during the past week and so it remains above key support at 0.8600, but it has been trading heavy and every now and then getting little bounces to keep it elevated. As long as equities remain in an uptrend the NZD will always be supported.\r\n\r\nCarney BOE Governor, didn\'t talk about interest rate increases in the UK and that stopped the cable dead in it’s tracks to 1.7000 for me to activate my short.\r\n\r\nLooking forward I think we are going to find that USD/JPY is going to dominate Forex matters. The support level of 101.20 is crucial. We are flirting with it hovering 20-30 pips above and trading in a very tight range. Yesterday (Friday) it was in a 31 pips trading range...hold your breath the JPY could be the one currency that is going to push and pull the Forex market in the coming sessions.\r\n\r\nWe have a couple of weeks before the “Draghi Roadshow” hits the markets so the filler will not be the EUR/USD but the USD/JPY and it’s cross-rates.\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE VIEW FROM MY TRADERS DESK:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>MOVE OVER EUR…IT’S GOING TO BE ABOUT THE JPY FIRST</strong><strong> </strong></p>\r\nI eluded to it earlier in the blog and, despite closing out all my short JPY positions yesterday for over a big +200 pips with having two great bites of profit on these trades in two days, I am looking to re-enter short early next week.\r\n\r\nIf you recall a few months ago the JPY had a day or two where it controlled all things Forex. The USD was handed it’s butt to itself on a plate then kicked to the left and then to the right. As the USD/JPY collapsed, the EUR/USD, GBP/USD, AUD/USD and NZD/USD squeezed high.\r\n\r\nI want the same to happen again, enabling the following: -\r\n\r\nShort EUR/USD at 1.3800\r\nShort GBP/USD at 1.7000\r\nShort AUD/USD at 0.9500\r\nShort NZD/USD at 0.8750\r\n\r\nThe writing is on the wall. There is a lack of consistent correlation in the USD/JPY with the S&amp;P. The S&amp;P and Dow Jones are touching all-time highs and the JPY is falling. U.S. Bonds are ripping higher both 10 and 30 year, this is keeping the USD/JPY pressured. The USD/JPY is skirting key support at 101.20 and the cross-rates are on the precipice of huge falls.\r\n\r\nI have charts of my favourite three JPY trades. The USD/JPY, CHF/JPY and EUR/JPY.\r\n\r\nOne of the great things in trading the JPY pairs is that round numbers seem to hold some sort of fascination for JPY traders. Once a round number is broken to me it feels like a directional / momentum confirmation has been verified.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-17052014.png\"><img class=\"aligncenter size-large wp-image-3688\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-17052014-1024x514.png\" alt=\"USDJPY DAILY 17052014\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the chart above you can see how important 101.20 is as support. We have broken trend line support already. I think that rather than Fibonacci levels the horizontal supports will offer better support levels if it moves lower.\r\n\r\nI do think that this pair could hit 98.00 (I will have this Monthly chart for PREMIUM SERVICE subscribers in Monday’s DAILY FX POST, if we break down)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURJPY-DAILY-17052014.png\"><img class=\"aligncenter size-large wp-image-3689\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURJPY-DAILY-17052014-1024x514.png\" alt=\"EURJPY DAILY 17052014\" width=\"1024\" height=\"514\" /></a>\r\n\r\nLooking at the EUR/JPY chart above, you can see that we are well below trend line support. I think we are going to re-trace all the way to 136.25 with this pair, maybe even further, if Draghi extracts the digit. 138.50 is the next support level.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/CHFJPY-DAILY-17052014.png\"><img class=\"aligncenter size-large wp-image-3690\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/CHFJPY-DAILY-17052014-1024x514.png\" alt=\"CHFJPY DAILY 17052014\" width=\"1024\" height=\"514\" /></a>\r\n\r\nThe trend line support is also broken with this pair and it looks like a sub 112.00 is possible. The only caveat with this pair is the CHF reaction if the ECB really reacts. The other major point to keep in your mind is what happens if the SNB gets the nod from the ECB that they are going to act to “ease” in the markets with a host of measures. Will the SNB raise the floor with the EUR/CHF from 1.2000 to say 1.2500…there could be great fireworks?\r\n\r\nSo with the divergences in play at the moment, keeping your eyes glued to the JPY pairs could be a profitable move to make. Obviously, I think that USD/JPY should lead but do NOT rule of the EUR/JPY driving matters. The Eurozone is a massive trading partner with Japan and, if there are moves in the EUR driven by political sound-bytes of “numpty” European politicians sticking their noses in the debate, and, subsequently the ECB officials having to fiercely defend their alleged independence against what was said, then the usual mixed messages out of the Eurozone will rule the day causing volatility and confusion. So be careful of this happening, you know the history of the Eurozone; never a dull moment and a potential for major F**K ups.\r\n\r\nI do believe however that we have a great $$$ opportunity with these JPY pairs. My trade set-ups are later for PREMIUM SERVICE subscribers.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3693.</strong> A nice drop to 1.3650, then we had a squeeze back to 1.3725. The momentum is to the downside, but I really would like a move higher back to 1.3800 to short again. Not sure that we will get this. Therefore the immediate range to keep ones eyes on is 1.3650 to 1.3775.\r\n\r\n<strong>GBP/USD: Closing Price 1.601</strong>. To close the week we are parked at resistance at 1.6820. Please can we try 1.7000 again so I can short again? Not sure how this pair is going to move, I think Carney really spooked both the cable bulls and bears last week. The range is 1.6730 to 1.6920.\r\n\r\n<strong>AUD/USD: Closing Price 0.9359</strong>. Practically a zero overall move in the last seven days, that must please the RBA. We are locked in a very tight range and have been most of the past week: Support is at 0.915 and resistance is at 0.9410.\r\n\r\n<strong>NZD/USD: Closing Price 0.8626</strong>. Like the Aussie the NZD/USD has been trapped in a tight range. 0.800 to 0.8695, unless we break free it will be boring. This pair will always threaten to do something but of late it has been the equivalent of the “Boy who cried wolf”.\r\n\r\n<strong>USD/CAD: Closing Price 1.0860.</strong> The recent CAD strength has surprised me a little and as a result I am not 100% confident in this pair anymore, for the time being anyhow. A few weeks ago I was thinking 1.1600 here we come, but that looks like a bit of a dream at the moment, and far fetched at that! I am concentrating on 1.0800 to 1.0910 for now.\r\n\r\n<strong>USD/CHF: Closing Price 0.8926</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. Earlier last week I finally exited my 6 week trade of this pair long, I made good $$$. If we break 0.8960 to the long side I think that there is a chance of a squeeze and I may have to chase, which is something I do not normally do. I have a set-up in the “TRADES ON MY RADAR SECTION”, lets hope that that entry triggers instead. I see support pretty good at 0.8860 / 0.8900 and resistance is 0.8960.\r\n\r\n<strong>USD/JPY: Closing Price 101.49. </strong>I think we are on the fringes of a huge break to the down side. Support is at 101.20 and resistance at 102.10.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: AUD – RBA Monetary Policy Meeting Minutes.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\n\r\nWEDNESDAY: USD – Janet Yellen Speaks and FOMC Meeting Minutes.\r\nWEDNESDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nTHURSDAY: EUR – Flash PMI’s (Germany and France).\r\n\r\nFRIDAY: EUR – German IFO Business Climate.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nThis coming week has the potential for sparks to fly. Of course, that does not mean that it will happen, but the potential is there.\r\n\r\nOur trading guards have to be up (like shields in Star Trek). I am very conscious that false breakouts and false breakdowns will still rule the day as the markets are twitchy. No one wants to be the one to pull the trigger first and this choppy market style will remain until a catalyst is found to do the damage required. I think that it may be the JPY, but that is just what is on mind right now.\r\n\r\nKeep your eyes and ears on the Eurozone as well. Plus whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain active this week.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 17th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>','MOVE OVER EUR…IT’S GOING TO BE ABOUT THE JPY FIRST','','publish','open','closed','','move-eurits-going-jpy-first','','','2014-05-17 08:56:41','2014-05-17 13:56:41','',0,'https://weeklyfxdrivethru.com/?p=3703',0,'post','',0),(3704,1,'2014-05-17 08:55:41','2014-05-17 13:55:41','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nFrom a personal trading week, it was a really good one. Somehow though I am still not feeling bouncy, bouncy, bouncy with the joys of Spring and the Forex Markets.\r\n\r\nTrading psychology is on of the most important aspects to consider in trading. FEAR and GREED dominate everything and at the moment, using self-diagnosis, I believe that I am in FEAR MOMENT with regards to my trading. I am so used to false breakouts and false breakdowns, that I simply do not want to give hard earned $$$$ back to the brokers. I am probably not allowing profitable trades to develop to their full potential. Given the “Chop Fest” that we are dealing with at the moment and if it’s not a chop fest, it’s very tight ranges almost stagnation, am I wrong to trade the way that I am?\r\n\r\nI am banking $$$, so I should not complain, but am I maximizing the profit? I am beating myself up at times and perhaps I should just take a step back and take a macro view of what is going on, and, maybe it’s not so bad.\r\n\r\nLooking at the worldwide currency trading market for a moment, from a very macro level: -\r\n<ul>\r\n	<li>There are according to reports from brokers less live accounts being used right now by individual traders like you and me.</li>\r\n</ul>\r\n<ul>\r\n	<li>The banking Forex operations are either losing money or not turning the huge profits that they were before (Royal Bank of Scotland and Credit Suisse).</li>\r\n</ul>\r\n<ul>\r\n	<li>Most of the major Forex institutions are scaling back, there are staff being fired, suspended or on gardening leave.</li>\r\n</ul>\r\n<ul>\r\n	<li>The top 5 banks in currency dealing worldwide now control over 60% of the market, which now trades a mere $5.3tn per day.</li>\r\n</ul>\r\n<ul>\r\n	<li>The overall market operation worldwide in currency trading is being squeezed as the changes happen.</li>\r\n</ul>\r\n<ul>\r\n	<li>High Frequency trading (HFT) is never far from the headlines in any marketplace at the moment.</li>\r\n</ul>\r\n<ul>\r\n	<li>Things have changed and are changing all the time as the market evolves</li>\r\n</ul>\r\nMy point is, at my micro level, if the smaller banking operations involved in Forex trading are suffering, and, if I am making my few dollars each day, I should be a happy camper! I suppose I will have to put it down to self imposed pressure to always do a little bit better.\r\n\r\nDuring the week, the Eurozone debate, and as well predicted last week, what measures are open to the ECB in June has captivated journalists all over Europe. The one agreement is that, Draghi has backed himself into a corner so he has to act and do something. If he fails to act he will lose a huge amount of credibility.\r\n\r\nMy mate “Wheeler the Dealer” Governor of the RBNZ failed to talk down the Kiwi on two occasions during the past week and so it remains above key support at 0.8600, but it has been trading heavy and every now and then getting little bounces to keep it elevated. As long as equities remain in an uptrend the NZD will always be supported.\r\n\r\nCarney BOE Governor, didn\'t talk about interest rate increases in the UK and that stopped the cable dead in it’s tracks to 1.7000 for me to activate my short.\r\n\r\nLooking forward I think we are going to find that USD/JPY is going to dominate Forex matters. The support level of 101.20 is crucial. We are flirting with it hovering 20-30 pips above and trading in a very tight range. Yesterday (Friday) it was in a 31 pips trading range...hold your breath the JPY could be the one currency that is going to push and pull the Forex market in the coming sessions.\r\n\r\nWe have a couple of weeks before the “Draghi Roadshow” hits the markets so the filler will not be the EUR/USD but the USD/JPY and it’s cross-rates.\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE VIEW FROM MY TRADERS DESK:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>MOVE OVER EUR…IT’S GOING TO BE ABOUT THE JPY FIRST</strong><strong> </strong></p>\r\nI eluded to it earlier in the blog and, despite closing out all my short JPY positions yesterday for over a big +200 pips with having two great bites of profit on these trades in two days, I am looking to re-enter short early next week.\r\n\r\nIf you recall a few months ago the JPY had a day or two where it controlled all things Forex. The USD was handed it’s butt to itself on a plate then kicked to the left and then to the right. As the USD/JPY collapsed, the EUR/USD, GBP/USD, AUD/USD and NZD/USD squeezed high.\r\n\r\nI want the same to happen again, enabling the following: -\r\n\r\nShort EUR/USD at 1.3800\r\nShort GBP/USD at 1.7000\r\nShort AUD/USD at 0.9500\r\nShort NZD/USD at 0.8750\r\n\r\nThe writing is on the wall. There is a lack of consistent correlation in the USD/JPY with the S&amp;P. The S&amp;P and Dow Jones are touching all-time highs and the JPY is falling. U.S. Bonds are ripping higher both 10 and 30 year, this is keeping the USD/JPY pressured. The USD/JPY is skirting key support at 101.20 and the cross-rates are on the precipice of huge falls.\r\n\r\nI have charts of my favourite three JPY trades. The USD/JPY, CHF/JPY and EUR/JPY.\r\n\r\nOne of the great things in trading the JPY pairs is that round numbers seem to hold some sort of fascination for JPY traders. Once a round number is broken to me it feels like a directional / momentum confirmation has been verified.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-17052014.png\"><img class=\"aligncenter size-large wp-image-3688\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-17052014-1024x514.png\" alt=\"USDJPY DAILY 17052014\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the chart above you can see how important 101.20 is as support. We have broken trend line support already. I think that rather than Fibonacci levels the horizontal supports will offer better support levels if it moves lower.\r\n\r\nI do think that this pair could hit 98.00 (I will have this Monthly chart for PREMIUM SERVICE subscribers in Monday’s DAILY FX POST, if we break down)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURJPY-DAILY-17052014.png\"><img class=\"aligncenter size-large wp-image-3689\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURJPY-DAILY-17052014-1024x514.png\" alt=\"EURJPY DAILY 17052014\" width=\"1024\" height=\"514\" /></a>\r\n\r\nLooking at the EUR/JPY chart above, you can see that we are well below trend line support. I think we are going to re-trace all the way to 136.25 with this pair, maybe even further, if Draghi extracts the digit. 138.50 is the next support level.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/CHFJPY-DAILY-17052014.png\"><img class=\"aligncenter size-large wp-image-3690\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/CHFJPY-DAILY-17052014-1024x514.png\" alt=\"CHFJPY DAILY 17052014\" width=\"1024\" height=\"514\" /></a>\r\n\r\nThe trend line support is also broken with this pair and it looks like a sub 112.00 is possible. The only caveat with this pair is the CHF reaction if the ECB really reacts. The other major point to keep in your mind is what happens if the SNB gets the nod from the ECB that they are going to act to “ease” in the markets with a host of measures. Will the SNB raise the floor with the EUR/CHF from 1.2000 to say 1.2500…there could be great fireworks?\r\n\r\nSo with the divergences in play at the moment, keeping your eyes glued to the JPY pairs could be a profitable move to make. Obviously, I think that USD/JPY should lead but do NOT rule of the EUR/JPY driving matters. The Eurozone is a massive trading partner with Japan and, if there are moves in the EUR driven by political sound-bytes of “numpty” European politicians sticking their noses in the debate, and, subsequently the ECB officials having to fiercely defend their alleged independence against what was said, then the usual mixed messages out of the Eurozone will rule the day causing volatility and confusion. So be careful of this happening, you know the history of the Eurozone; never a dull moment and a potential for major F**K ups.\r\n\r\nI do believe however that we have a great $$$ opportunity with these JPY pairs. My trade set-ups are later for PREMIUM SERVICE subscribers.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3693.</strong> A nice drop to 1.3650, then we had a squeeze back to 1.3725. The momentum is to the downside, but I really would like a move higher back to 1.3800 to short again. Not sure that we will get this. Therefore the immediate range to keep ones eyes on is 1.3650 to 1.3775.\r\n\r\n<strong>GBP/USD: Closing Price 1.601</strong>. To close the week we are parked at resistance at 1.6820. Please can we try 1.7000 again so I can short again? Not sure how this pair is going to move, I think Carney really spooked both the cable bulls and bears last week. The range is 1.6730 to 1.6920.\r\n\r\n<strong>AUD/USD: Closing Price 0.9359</strong>. Practically a zero overall move in the last seven days, that must please the RBA. We are locked in a very tight range and have been most of the past week: Support is at 0.915 and resistance is at 0.9410.\r\n\r\n<strong>NZD/USD: Closing Price 0.8626</strong>. Like the Aussie the NZD/USD has been trapped in a tight range. 0.800 to 0.8695, unless we break free it will be boring. This pair will always threaten to do something but of late it has been the equivalent of the “Boy who cried wolf”.\r\n\r\n<strong>USD/CAD: Closing Price 1.0860.</strong> The recent CAD strength has surprised me a little and as a result I am not 100% confident in this pair anymore, for the time being anyhow. A few weeks ago I was thinking 1.1600 here we come, but that looks like a bit of a dream at the moment, and far fetched at that! I am concentrating on 1.0800 to 1.0910 for now.\r\n\r\n<strong>USD/CHF: Closing Price 0.8926</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. Earlier last week I finally exited my 6 week trade of this pair long, I made good $$$. If we break 0.8960 to the long side I think that there is a chance of a squeeze and I may have to chase, which is something I do not normally do. I have a set-up in the “TRADES ON MY RADAR SECTION”, lets hope that that entry triggers instead. I see support pretty good at 0.8860 / 0.8900 and resistance is 0.8960.\r\n\r\n<strong>USD/JPY: Closing Price 101.49. </strong>I think we are on the fringes of a huge break to the down side. Support is at 101.20 and resistance at 102.10.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: AUD – RBA Monetary Policy Meeting Minutes.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: JPY – Monetary Policy Statement and BOJ Press Conference.\r\n\r\nWEDNESDAY: USD – Janet Yellen Speaks and FOMC Meeting Minutes.\r\nWEDNESDAY: CNY – HSBC Flash Manufacturing PMi.\r\n\r\nTHURSDAY: EUR – Flash PMI’s (Germany and France).\r\n\r\nFRIDAY: EUR – German IFO Business Climate.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nThis coming week has the potential for sparks to fly. Of course, that does not mean that it will happen, but the potential is there.\r\n\r\nOur trading guards have to be up (like shields in Star Trek). I am very conscious that false breakouts and false breakdowns will still rule the day as the markets are twitchy. No one wants to be the one to pull the trigger first and this choppy market style will remain until a catalyst is found to do the damage required. I think that it may be the JPY, but that is just what is on mind right now.\r\n\r\nKeep your eyes and ears on the Eurozone as well. Plus whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain active this week.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 17th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>','MOVE OVER EUR…IT’S GOING TO BE ABOUT THE JPY FIRST','','inherit','open','closed','','3703-revision-v1','','','2014-05-17 08:55:41','2014-05-17 13:55:41','',3703,'https://weeklyfxdrivethru.com/3703-revision-v1/',0,'revision','',0),(3706,1,'2014-05-19 06:31:37','2014-05-19 11:31:37','Good Day,\r\n\r\nWelcome to the 4 new subscribers from the weekend.\r\n\r\nMy blog\'s main article from  Saturday was  focussed on the USD/JPY. Today sitting in front of my computer the first two currencies that I looked at were the USD/JPY and EUR/USD.  The EUR/USD cannot at the time of writing get above 1.3725 and the USD/JPY continues to strengthen and it is now below 101.40 flirting just above 101.00.','#33 - THE DAILY FX POST, Monday 19th May 2014','','inherit','open','closed','','3705-revision-v1','','','2014-05-19 06:31:37','2014-05-19 11:31:37','',3705,'https://weeklyfxdrivethru.com/3705-revision-v1/',0,'revision','',0),(3707,1,'2014-05-19 07:10:57','2014-05-19 12:10:57','Good Day,\r\n\r\nWelcome to the 4 new subscribers from the weekend.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nMy blog\'s main article from  Saturday was focussed on the USD/JPY. Today sitting in front of my computer the first two currencies that I looked at were the USD/JPY and EUR/USD.  The EUR/USD cannot at the time of writing get above 1.3725 and the USD/JPY continues to strengthen and it is now below 101.40 flirting just above 101.00.\r\n\r\nThe U.S. futures are beginning to rally back from negative towards positive but the USD/JPY is not rallying.\r\n\r\nThe AUD and NZD are not really moving.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE SET-UPS:</strong></span>\r\n\r\nFrom the blog I am set up with multiple stop and limit orders waiting for my trades to come into play. There is no major economic data in the North American session and it looks like we will moved around by equities today. Should the JPY strengthen without any of my 3 orders being triggered I may have to chase. Regular followers will know, I do not chase, and should I do so, I try as best I can to at least obtain a little bit of a pullback to enter. The problem with any JPY move today, is that I think it has the opportunity to be dramatic.\r\n\r\n<strong>USD/JPY</strong>: Below 101.00 the next target is 100.70. I can\'t really see this pair getting bullish unless it breaks above 101.40. If we see a bounce to 101.40 and a reversal back lower, this will be a great area to try a short. The 6J is in breakout territory and with regards to the Nikkei futures 13,850 is major support.. There are so many patterns and measured moves potential on the Nikkei, right now, I do not want to list them because they are potentially huge/dramatic moves......so there is a lot to consider.\r\n\r\n<strong>EUR/USD</strong>: I have a limit order entry at 1.3775. I am not 100% certain we will get there, but looking at the EUR/USD charts here are my thoughts this morning. As stated last week or the week before and this has not altered, on the daily chart we are in an ascending wedge, which is, bearish by default. However, on the 240M chart there looks to be the possibility of an inverted head and shoulders from 1.3650 (Head)  to 1.3730/40 (neck line). Should the neckline get taken out, the measured move is to just over 1.3800, around 1.3810-30. Watch this pair.\r\n\r\n&nbsp;\r\n\r\nToday, is a day to be patient.\r\n\r\nI will tweet should I enter trades and alert if the \"triggers\" are activated.\r\n\r\nGood luck today,\r\n\r\nScott','#33 - THE DAILY FX POST, Monday 19th May 2014','','inherit','open','closed','','3705-revision-v1','','','2014-05-19 07:10:57','2014-05-19 12:10:57','',3705,'https://weeklyfxdrivethru.com/3705-revision-v1/',0,'revision','',0);
INSERT INTO `vp_backup_wp_posts` VALUES (3709,1,'2014-05-20 07:26:53','2014-05-20 12:26:53','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nWe had a bit of volatility in the latest Asian and European sessions, in particular with the AUD/USD and NZD/USD. Primarily, I think, to do with the review of the threat of a change in the AUD debt rating. For whatever reason we finally broke lower in AUD/USD through 0.9300 and through 0.8600 in the Kiwi.\r\nIf anyone missed these moves both of the break thru levels which were previous excellent support levels will provide a great shorting opportunity if either or both of these pairs pullback.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>REVIEW OF LIMIT ORDERS:</strong></span>\r\n\r\nI have cancelled the following: - AUD/NZD, NZD/USD and AUD/USD.\r\n\r\nAs regular followers know, I hate and try my best not to chase pairs lower. I am faced with a dilemma soon. During my night, I said that I would review all my outstanding limit orders so here we go: -\r\n\r\n<strong>USD/JPY</strong> only managed a pullback to 101.60, off the 101.10 bounce level yesterday. I have therefore moved my limit order entry for this pair from 101.10 to 101.60.\r\n\r\n<strong>EUR/USD</strong> is now moved to yesterdays resistance from 1.3775 to 1.3735.\r\n\r\n<strong>GBP/USD</strong> looked like it was going to shoot higher after the CPi data release earlier today. It stopped at 1.6865. I hate trading this pair when I am not in front of my desk. Below my existing limit order entry at 1.6980, the next level for me is 1.6920. I have moved my entry to this point and I will review again tonight.\r\n\r\n<strong>USD/CHF</strong> at 0.9000 unchanged.\r\n\r\n<strong>CHF/JPY</strong>  moved lower to 113.90\r\n\r\n<strong>EUR/JPY</strong> moved lower to 139.30\r\n\r\nAs I mentioned on twitter, I have to go into Montreal once again today on business, so I will be away from my desk for most of the North American session.\r\n\r\nOne very interesting development overnight (for me), my broker relationships article looks like it is going to have a new twist. Therefore my section which has a working title of:-\r\n\r\n<strong>TRADING WITH MULTIPLE BROKERS: (</strong><strong>HOW DO I DO IT? / WHY DO I DO IT?/ WHO DO YOU CHOSE AS A PARTNER?</strong>\r\n\r\nThis piece has been difficult at times because I have been testing <span style=\"text-decoration: underline;\">BAD</span> brokers with live money (small $$$) to see how bad they are so I can recommend only the best options that I have found. I am naming and shaming. This could be delayed a little longer as I am trying and agreeing to some great offers for potential clients.\r\n\r\n&nbsp;\r\n\r\nGood luck today, it all looks a bit boring at the moment.\r\n\r\nScott','#34 - THE DAILY FX POST, Tuesday 20th May 2014','','inherit','open','closed','','3708-revision-v1','','','2014-05-20 07:26:53','2014-05-20 12:26:53','',3708,'https://weeklyfxdrivethru.com/3708-revision-v1/',0,'revision','',0),(3710,1,'2014-05-20 07:28:16','2014-05-20 12:28:16','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nWe had a bit of volatility in the latest Asian and European sessions, in particular with the AUD/USD and NZD/USD. Primarily, I think, to do with the review of the threat of a change in the AUD debt rating. For whatever reason we finally broke lower in AUD/USD through 0.9300 and through 0.8600 in the Kiwi.\r\nIf anyone missed these moves both of the break thru levels which were previous excellent support levels will provide a great shorting opportunity if either or both of these pairs pullback.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>REVIEW OF LIMIT ORDERS:</strong></span>\r\n\r\nI have cancelled the following: - AUD/NZD, NZD/USD and AUD/USD.\r\n\r\nAs regular followers know, I hate and try my best not to chase pairs lower. I am faced with a dilemma soon. During my night, I said that I would review all my outstanding limit orders so here we go: -\r\n\r\n<strong>USD/JPY</strong> only managed a pullback to 101.60, off the 101.10 bounce level yesterday. I have moved my limit order entry for this pair from 101.10 to 101.60.\r\n\r\n<strong>EUR/USD</strong> is now moved to yesterdays resistance from 1.3775 to 1.3735.\r\n\r\n<strong>GBP/USD</strong> looked like it was going to shoot higher after the CPi data release earlier today. It stopped at 1.6865. I hate trading this pair when I am not in front of my desk. Below my existing limit order entry at 1.6980, the next level for me is 1.6920. I have moved my entry to this point and I will check again tonight.\r\n\r\n<strong>USD/CHF</strong> at 0.9000 unchanged.\r\n\r\n<strong>CHF/JPY</strong>  moved lower to 113.90\r\n\r\n<strong>EUR/JPY</strong> moved lower to 139.30\r\n\r\nAs I mentioned on twitter, I have to go into Montreal once again today on business, so I will be away from my desk for most of the North American session.\r\n\r\nOne very interesting development overnight (for me), my broker relationships article looks like it is going to have a new twist. Therefore my section which has a working title of:-\r\n\r\n<strong>TRADING WITH MULTIPLE BROKERS: (</strong><strong>HOW DO I DO IT? / WHY DO I DO IT?/ WHO DO YOU CHOSE AS A PARTNER?</strong>\r\n\r\nThis piece has been difficult at times because I have tested <span style=\"text-decoration: underline;\">BAD</span> brokers with live money (small $$$) to see how bad they are so I can recommend only the best options that I have found. I am naming and shaming. This could be delayed a little longer as I am trying and agreeing to some great offers for potential clients.\r\n\r\n&nbsp;\r\n\r\nGood luck today, it all looks a bit boring at the moment.\r\n\r\nScott','#34 - THE DAILY FX POST, Tuesday 20th May 2014','','inherit','open','closed','','3708-revision-v1','','','2014-05-20 07:28:16','2014-05-20 12:28:16','',3708,'https://weeklyfxdrivethru.com/3708-revision-v1/',0,'revision','',0),(3711,1,'2014-05-21 07:32:18','2014-05-21 12:32:18','Good Day,\r\n\r\nWe are finally starting to seed some action in the Forex market. I am not going to get carried away yet. We have key, very key support levels in sight and I am still deciding how to play matters when/ if we arrive at these support levels.\r\n<p style=\"text-align: center;\"><strong>USD/JPY: 100.70</strong>\r\n<strong>EUR/USD: 1.3650</strong>\r\n<strong>AUD/USD: 0.9205\r\nUSD/CHF: 0.8960\r\nNZD/USD: 0.8500</strong></p>\r\n<p style=\"text-align: left;\">There are other levels but these five really interest me.</p>\r\n<p style=\"text-align: left;\">USD/JPY: - I am currently short the USD/JPY, I will add on a confirmed break below 100.70.....target 98.00. A couple of points to bear in mind. We are currently trading below the 200SMA. The last time we close below this indicator was November 2012. A close below the 200 SMA at the end of the day tonight will be VERY BEARISH.</p>\r\nUSD/CHF: - A break above 0.8960, I will add to this pair. I think we are heading towards mid 90\'s...my target 0.9320.\r\n\r\nEUR/USD: - My target is 1.3450. There is no real pullback at the moment but back 1.3800 and I am short.\r\n\r\nAUD/USD: - Great profits on the initial downside trade. Very bearish, any move back towards 0.9250 and I will be over this like a rash.\r\n\r\nNZD/USD: A move back to 0.8600 and I will be short.\r\n<p style=\"text-align: left;\">Therefore, I am adjusting and adding to my LIMIT ORDERS as follows: -</p>\r\n<p style=\"text-align: left;\">FUN24\r\nEUR/AUD\r\nLong at 1.4750\r\nStop at 1.4500\r\nTarget 1.5250</p>\r\nRT82\r\nCHF/JPY\r\nShort at 113.30\r\nStop 113.90\r\nTarget 110.80\r\n\r\nRT83\r\nEUR/JPY\r\nShort at 138.50\r\nStop at 139.50\r\nTarget 132.50\r\n\r\nRT84\r\nEUR/GBP\r\nShort at 0.8119\r\nStop at 0.8150\r\nLimit at 0.7900\r\n\r\nRT85\r\nEUR/USD\r\nShort at 1.3805\r\nStop at 1.3840\r\nTarget 1.3450\r\n\r\nRT86\r\nAUD/USD\r\nShort at 0.9240\r\nStop at 0.9315\r\nTarget 0.8800\r\n\r\nRT87\r\nNZD/USD\r\nShort at 0.8590\r\nStop at 0.8640\r\nTarget 0.8000\r\n<p style=\"text-align: left;\">I hope that this is easy to follow, if not, please email me and I will clarify.</p>\r\n<p style=\"text-align: left;\">Good luck today....my months target is not achieved in $$$ I am a very happy bunny today,</p>\r\n<p style=\"text-align: left;\">Scott</p>','#35 - THE DAILY FX POST, Wednesday 21st May 2014','','publish','open','closed','','35-daily-fx-post-wednesday-21st-may-2014','','','2014-05-21 07:32:18','2014-05-21 12:32:18','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3711',0,'member_posts','',0),(3712,1,'2014-05-21 07:31:26','2014-05-21 12:31:26','Good Day,\r\n\r\nWe are finally starting to seed some action in the Forex market. I am not going to get carried away yet. We have key, very key support levels in sight and I am still deciding how to play matters when/ if we arrive at these support levels.\r\n<p style=\"text-align: center;\"><strong>USD/JPY: 100.70</strong>\r\n<strong>EUR/USD: 1.3650</strong>\r\n<strong>AUD/USD: 0.9205\r\nUSD/CHF: 0.8960\r\nNZD/USD: 0.8500</strong></p>\r\n<p style=\"text-align: left;\">There are other levels but these five really interest me.</p>\r\n<p style=\"text-align: left;\">USD/JPY: - I am currently short the USD/JPY, I will add on a confirmed break below 100.70.....target 98.00. A couple of points to bear in mind. We are currently trading below the 200SMA. The last time we close below this indicator was November 2012. A close below the 200 SMA at the end of the day tonight will be VERY BEARISH.\r\n\r\nUSD/CHF: - A break above 0.8960, I will add to this pair. I think we are heading towards mid 90\'s...my target 0.9320.\r\n\r\nEUR/USD: - My target is 1.3450. There is no real pullback at the moment but back 1.3800 and I am short.\r\n\r\nAUD/USD: - Great profits on the initial downside trade. Very bearish, any move back towards 0.9250 and I will be over this like a rash.\r\n\r\nNZD/USD: A move back to 0.8600 and I will be short.\r\n\r\n</p>\r\n<p style=\"text-align: left;\">Therefore, I am adjusting and adding to my LIMIT ORDERS as follows: -</p>\r\n<p style=\"text-align: left;\">FUN24\r\nEUR/AUD\r\nLong at 1.4750\r\nStop at 1.4500\r\nTarget 1.5250\r\n\r\nRT82\r\nCHF/JPY\r\nShort at 113.30\r\nStop 113.90\r\nTarget 110.80\r\n\r\nRT83\r\nEUR/JPY\r\nShort at 138.50\r\nStop at 139.50\r\nTarget 132.50\r\n\r\nRT84\r\nEUR/GBP\r\nShort at 0.8119\r\nStop at 0.8150\r\nLimit at 0.7900\r\n\r\nRT85\r\nEUR/USD\r\nShort at 1.3805\r\nStop at 1.3840\r\nTarget 1.3450\r\n\r\nRT86\r\nAUD/USD\r\nShort at 0.9240\r\nStop at 0.9315\r\nTarget 0.8800\r\n\r\nRT87\r\nNZD/USD\r\nShort at 0.8590\r\nStop at 0.8640\r\nTarget 0.8000</p>\r\n<p style=\"text-align: left;\"></p>\r\n<p style=\"text-align: left;\">I hope that this is easy to follow, if not, please email me and I will clarify.</p>\r\n<p style=\"text-align: left;\">Good luck today....my months target is not achieved in $$$ I am a very happy bunny today,</p>\r\n<p style=\"text-align: left;\">Scott</p>','#35 - THE DAILY FX POST, Wednesday 21st May 2014','','inherit','open','closed','','3711-revision-v1','','','2014-05-21 07:31:26','2014-05-21 12:31:26','',3711,'https://weeklyfxdrivethru.com/3711-revision-v1/',0,'revision','',0),(3713,1,'2014-05-21 07:32:18','2014-05-21 12:32:18','Good Day,\r\n\r\nWe are finally starting to seed some action in the Forex market. I am not going to get carried away yet. We have key, very key support levels in sight and I am still deciding how to play matters when/ if we arrive at these support levels.\r\n<p style=\"text-align: center;\"><strong>USD/JPY: 100.70</strong>\r\n<strong>EUR/USD: 1.3650</strong>\r\n<strong>AUD/USD: 0.9205\r\nUSD/CHF: 0.8960\r\nNZD/USD: 0.8500</strong></p>\r\n<p style=\"text-align: left;\">There are other levels but these five really interest me.</p>\r\n<p style=\"text-align: left;\">USD/JPY: - I am currently short the USD/JPY, I will add on a confirmed break below 100.70.....target 98.00. A couple of points to bear in mind. We are currently trading below the 200SMA. The last time we close below this indicator was November 2012. A close below the 200 SMA at the end of the day tonight will be VERY BEARISH.</p>\r\nUSD/CHF: - A break above 0.8960, I will add to this pair. I think we are heading towards mid 90\'s...my target 0.9320.\r\n\r\nEUR/USD: - My target is 1.3450. There is no real pullback at the moment but back 1.3800 and I am short.\r\n\r\nAUD/USD: - Great profits on the initial downside trade. Very bearish, any move back towards 0.9250 and I will be over this like a rash.\r\n\r\nNZD/USD: A move back to 0.8600 and I will be short.\r\n<p style=\"text-align: left;\">Therefore, I am adjusting and adding to my LIMIT ORDERS as follows: -</p>\r\n<p style=\"text-align: left;\">FUN24\r\nEUR/AUD\r\nLong at 1.4750\r\nStop at 1.4500\r\nTarget 1.5250</p>\r\nRT82\r\nCHF/JPY\r\nShort at 113.30\r\nStop 113.90\r\nTarget 110.80\r\n\r\nRT83\r\nEUR/JPY\r\nShort at 138.50\r\nStop at 139.50\r\nTarget 132.50\r\n\r\nRT84\r\nEUR/GBP\r\nShort at 0.8119\r\nStop at 0.8150\r\nLimit at 0.7900\r\n\r\nRT85\r\nEUR/USD\r\nShort at 1.3805\r\nStop at 1.3840\r\nTarget 1.3450\r\n\r\nRT86\r\nAUD/USD\r\nShort at 0.9240\r\nStop at 0.9315\r\nTarget 0.8800\r\n\r\nRT87\r\nNZD/USD\r\nShort at 0.8590\r\nStop at 0.8640\r\nTarget 0.8000\r\n<p style=\"text-align: left;\">I hope that this is easy to follow, if not, please email me and I will clarify.</p>\r\n<p style=\"text-align: left;\">Good luck today....my months target is not achieved in $$$ I am a very happy bunny today,</p>\r\n<p style=\"text-align: left;\">Scott</p>','#35 - THE DAILY FX POST, Wednesday 21st May 2014','','inherit','open','closed','','3711-revision-v1','','','2014-05-21 07:32:18','2014-05-21 12:32:18','',3711,'https://weeklyfxdrivethru.com/3711-revision-v1/',0,'revision','',0),(3716,1,'2014-05-22 07:15:22','2014-05-22 12:15:22','Good Morning / Good Day / Good Evening,\r\n\r\nIt all looks pretty flat this morning for me, except that GOLD is up about $10.00.....\r\n\r\nThe excitement of the PMi\'s is now over. My major comment is wow, doesn\'t that AUD look weak? Additionally, the EUR/USD cannot get to 1.3700, never mind up to  1.3800. The Nikkei futures look a little bit better so far. There is not much happening so we are going to be at the mercy of the equities markets to move the markets.\r\n\r\nThere is U.S. Unemployment claims and CAD Core Retail sales coming up shortly.\r\n\r\nI am active in 10 trades today as I type this: -\r\n\r\nGBP/CHF - 25 pips\r\nCHF/JPY -46 pips\r\nEUR/USD  +3 pips\r\nUSD/CHF +36 pips\r\nEUR/CHF -10 pips\r\nAUD/USD +5 pips\r\nEUR/AUD + 47 pips\r\nEUR/JPY - 30 pips\r\nNZD/USD - 27 pips\r\nGBP/NZD -195 pips (getting close to me removing the hedged trade)\r\n\r\nI am still keeping my eyes on the JPY pairs and I am annoyed with me tactics on my USD/JPY short yesterday...silly trade, adding when I did and not positioning the stop properly.\r\n\r\nI will tweet any changes that I make to trades.\r\n\r\nGood luck and keep it $$$\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#36 - THE DAILY FX POST, Thursday 22nd 2014','','inherit','open','closed','','3715-revision-v1','','','2014-05-22 07:15:22','2014-05-22 12:15:22','',3715,'https://weeklyfxdrivethru.com/3715-revision-v1/',0,'revision','',0),(3718,1,'2014-05-23 07:06:50','2014-05-23 12:06:50','Good Day,\r\n\r\nWelcome to our new subscriber overnight.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nThe USD is finally breaking out. All the down trend line resistances on the USD Index are now behind us. 80.33 was the final level to overcome and at the time of writing we were sitting at 80.38. This is a very important occurrence.\r\n\r\nThe EUR/USD has traded below it\'s 200 SMA , which comes in at 1.3633. If we close tonight; a weekly close below this number it is a very, very bearish event for the EUR/USD. Not that there is not enough bearish FUNDAMENTAL news around for this pair but this is another nail in the coffin.\r\n\r\nRemember there are European Parliament elections taking place as well and do not be surprised to see the smaller extreme political parties all over Europe win seats in protest voting. This could see the EUR in general GAP DOWN at the open on Sunday.\r\n\r\nWe also have to bear in mind that next Monday is Memorial Day holiday in the USA.  Even today, I suspect traders will be off on a long weekend break so expect a bit of snoozing to end the week.\r\n\r\nThe markets look very, very quiet...TGIF.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADING OPPORTUNITIES:</strong></span>\r\n\r\nToday, I will not be adding any trades to the existing 10 active trades at the moment. It is not my intention to close any, or, reduce position sizes.\r\n\r\nI have a few trade ideas for next week  USD/JPY, USD/SEK and GBP/USD have caught my eye, but I do not think it wise to enter these today. I will provide the set ups that are on my RADAR in tomorrows blog.\r\n\r\n&nbsp;\r\n\r\nIf you decide to dive into trades today, please take care....\r\n\r\nHave a great weekend,\r\n\r\nScott','#37 - THE DAILY FX POST, Friday 23rd May 2014','','publish','open','closed','','37-daily-fx-post-friday-23rd-may-2014','','','2014-05-23 07:06:50','2014-05-23 12:06:50','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3718',0,'member_posts','',0),(3719,1,'2014-05-23 07:05:25','2014-05-23 12:05:25','Good Day,\r\n\r\nWelcome to our new subscriber overnight.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nThe USD is finally breaking out. All the down trend line resistances on the USD Index are now behind us. 80.33 was the final level to overcome and at the time of writing we were sitting at 80.38. This is a very important occurrence.\r\n\r\nThe EUR/USD has traded below it\'s 200 SMA , which comes in at 1.3633. If we close tonight; a weekly close below this number it is a very, very bearish event for the EUR/USD. Not that there is not enough bearish FUNDAMENTAL news around for this pair but this is another nail in the coffin.\r\n\r\nRemember there are European Parliament elections taking place as well and do not be surprised to see the smaller extreme political parties all over Europe win seats in protest voting. This could see the EUR in general GAP DOWN at the open on Sunday.\r\n\r\nWe also have to bear in mind that next Monday is Memorial Day holiday in the USA.  Even today, I suspect traders will be off on a long weekend break so expect a bit of snoozing to end the week.\r\n\r\nThe markets look very very quiet...TGIF.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADING OPPORTUNITIES:</strong></span>\r\n\r\nToday, I will not be adding any trades to the existing 10 active trades at the moment. It is not my intention to close any, or, reduce position sizes.\r\n\r\nI have a few trade ideas for next week  USD/JPY, USD/SEK and GBP/USD have caught my eye, but I do not think it wise to enter these today. I will provide the set ups that are on my RADAR in tomorrows blog.\r\n\r\n&nbsp;\r\n\r\nIf you decide to dive into trades today, please take care....\r\n\r\nHave a great weekend,\r\n\r\nScott','#37 - THE DAILY FX POST, Friday 23rd May 2014','','inherit','open','closed','','3718-revision-v1','','','2014-05-23 07:05:25','2014-05-23 12:05:25','',3718,'https://weeklyfxdrivethru.com/3718-revision-v1/',0,'revision','',0),(3720,1,'2014-05-23 07:06:50','2014-05-23 12:06:50','Good Day,\r\n\r\nWelcome to our new subscriber overnight.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nThe USD is finally breaking out. All the down trend line resistances on the USD Index are now behind us. 80.33 was the final level to overcome and at the time of writing we were sitting at 80.38. This is a very important occurrence.\r\n\r\nThe EUR/USD has traded below it\'s 200 SMA , which comes in at 1.3633. If we close tonight; a weekly close below this number it is a very, very bearish event for the EUR/USD. Not that there is not enough bearish FUNDAMENTAL news around for this pair but this is another nail in the coffin.\r\n\r\nRemember there are European Parliament elections taking place as well and do not be surprised to see the smaller extreme political parties all over Europe win seats in protest voting. This could see the EUR in general GAP DOWN at the open on Sunday.\r\n\r\nWe also have to bear in mind that next Monday is Memorial Day holiday in the USA.  Even today, I suspect traders will be off on a long weekend break so expect a bit of snoozing to end the week.\r\n\r\nThe markets look very, very quiet...TGIF.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADING OPPORTUNITIES:</strong></span>\r\n\r\nToday, I will not be adding any trades to the existing 10 active trades at the moment. It is not my intention to close any, or, reduce position sizes.\r\n\r\nI have a few trade ideas for next week  USD/JPY, USD/SEK and GBP/USD have caught my eye, but I do not think it wise to enter these today. I will provide the set ups that are on my RADAR in tomorrows blog.\r\n\r\n&nbsp;\r\n\r\nIf you decide to dive into trades today, please take care....\r\n\r\nHave a great weekend,\r\n\r\nScott','#37 - THE DAILY FX POST, Friday 23rd May 2014','','inherit','open','closed','','3718-revision-v1','','','2014-05-23 07:06:50','2014-05-23 12:06:50','',3718,'https://weeklyfxdrivethru.com/3718-revision-v1/',0,'revision','',0),(3735,1,'2014-05-24 08:32:30','2014-05-24 13:32:30','','TRADING PSYCHOLOGY AND DRAWDOWNS','','inherit','open','closed','','trading-psychology-and-drawdowns','','','2014-05-24 08:32:30','2014-05-24 13:32:30','',2538,'https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf',0,'attachment','application/pdf',0),(3737,1,'2014-05-24 08:49:00','2014-05-24 13:49:00','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nWell…my thoughts from last weekend that the JPY would dominate the marketplace this past week like it did last year never materialized. That was a bummer piece of news for me, I have maintained my shorts in the EUR/JPY and CHF/JPY but I lost money on my USD/JPY short.\r\n\r\nThe standout Forex news that stuck out for me over the past trading week was the AUD performance. After improving but still in contracting mode the Chinese HSBC Manufacturing PMi still below 50.0, but improved off last months 48.1 provided the AUD/USD with a bolt off the lows of 0.9210 up to 0.9270. The bullish move lasted 12 hours. Since then the AUD/USD and NZD/USD have both been trading very heavy and are well inside striking distance of key support levels at 0.9200 and 0.8500.\r\n\r\nAs I mentioned last week, I am in the middle of writing a review on Forex brokers. Since, I started the PREMIUM SERVICE I added 3 new brokers to my accounts list. I have inside 5 months parted company with two of them.\r\n\r\nI had to stop trading with one due to execution speeds and slippage. It was a shame as the Account Manager was 100% solid.\r\n\r\nThe other broker was terminated quite frankly because promises were never met and the Account Manger left under a bit of a cloud. Communication was awful and they removed money from my trading account without advising me why. The reason was regulatory, not a problem but why not tell me. Why Do I have to the one to notice and initiate the conversation? This is 2014, when you are opening a series of accounts, the brokers are over you like a rash, SKYPE, email, or telephone, but not when something goes wrong. In addition, they lied to me, talk about a big RED FLAG.\r\n\r\nOriginally, my article was going to be based around why I have multiple brokers and how I use them. However, after having one or two conversations with subscribers, I decided to expand the article.\r\n\r\nMy goal with the PREMIUM SERVICE was to offer subscribers a deal with a broker that I had vetted for a few months. I still have my relationships with my longer-term brokers and they are excellent. I have almost signed off on special introductory deals with them for my followers. It will be another week or so before this article will be ready to print.\r\n\r\nThe PREMIUM SERVICE continues to add $$$ on the trade set-ups, I am very happy with the return given the market conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>2. TRADING SUMMARY:</strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\"><img class=\"aligncenter size-full wp-image-3727\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\" alt=\"PREM SERV PROFITS 1 24052014\" width=\"449\" height=\"419\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\"><img class=\"aligncenter size-full wp-image-3728\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\" alt=\"PREM SERV PROFITS2 24052014\" width=\"460\" height=\"417\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong><strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)</strong></p>\r\nIn the next week we have “DRAGHI SPEAK” three times.\r\n\r\nI think we should get a clearer indication (subject to a sanction from the Bundesbank and Merkel) of what the ECB is considering by way of tackling DEFLATION and the single currency high exchange rate in the Eurozone.\r\n\r\nWhat happens, if there are no initiatives at the June ECB meeting and all we have is the usual ECB bravado of verbal intervention? Is there a chance of that happening? There is a chance of no action, but if that were to happen the credibility of the ECB and the personal credibility of Mario Draghi would not recover for a very, very long time. If the action taken was “wishy washy” this would also affect credibility and quite frankly the markets would never believe a word that would be uttered in the future from either the ECB or Draghi. So, I am in the corner that something is going to be done.\r\n\r\nDraghi announced at the last ECB meeting in May that the ECB governing council had agreed to act at the next months meeting.\r\n\r\nThe EUR/USD reached 1.3993 (1.4000) at the ECB Press Conference; several analysts promoted this level as the limit level. As soon as Draghi announced action the following month, the EUR/USD started to fall, the low so far from the high is 1.3615, which represents just under a 400-pip move lower. What is the ECB target exchange rate? Who knows? What is the equitable exchange?\r\n\r\nWe are told that the ECB is 100% independent and that politicians have zero impact or influence….yeah right!!\r\n\r\nPoliticians will work in terms of round numbers, and, therefore this may be why 1.4000 was the straw to break the camels back. On the other side it is a far more difficult number to predict and I believe that it is guesswork more than anything.\r\n\r\nHowever, lets briefly look at what Draghi has to achieve. He needs to get inflation moving up to his 2% inflation target. He needs to spur business investment and growth in many countries, by getting the unemployed back to work, through banks lending money to businesses to grow and export goods. He needs to create a business confidence in the Eurozone. It’s not much!!\r\n\r\nTo achieve this the ECB will have to dig deep enough to meet the markets expectations so that the ECB achieves a 100% value for the € millions that is going to be spent.\r\n\r\nLet me list the major options he has once again as I see them: -\r\n<ol>\r\n	<li>An interest rate cut from the existing 0.25%.</li>\r\n	<li>A further LTRO (Long Term Refinancing Option).</li>\r\n	<li>Full on Quantitative Easing.</li>\r\n	<li>Negative deposit rates for Eurozone banks depositing money in the ECB.</li>\r\n</ol>\r\nLooking at the EUR/USD monthly chart below.\r\n\r\nThere are no real levels/ targets that stand out for me.\r\n\r\nThe ECB however, has to set a realistic objective with what it wants to achieve as an equitable exchange rate that is commensurate with the € cost to achieve the desired level.\r\n\r\nI think Draghi and governing council of the ECB can verbalize the cr*p out of the market to achieve an exchange rate of 1.3000; but to see maybe a level than this and perhaps an exchange rate of 1.2500, which, lies just below all the noise of the candlesticks on the monthly chart may be the ultimate goal that they have in mind.\r\n<p style=\"text-align: center;\"><strong>To achieve this lower level however would require: -</strong></p>\r\n<p style=\"text-align: center;\"><strong>100% consistency of the message to be delivered\r\n</strong><strong>100% unity\r\n</strong><strong>100% determination</strong></p>\r\n<p style=\"text-align: center;\"><strong>None of the above are traits of the ECB given the past history. It does make you concerned.</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3722\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014-1024x452.png\" alt=\"EURUSD MONTHLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\nI do not believe that the ECB will want a waterfall drop to the proposed level, and, I am NOT expecting Draghi to indicate the target other than say below 1.3000, quite simply because he has to at least indicate something to the markets.\r\n\r\nMoving on from the Eurozone, Draghi and the ECB…..let me just briefly mention the Swiss National Bank.\r\n\r\nAnything that the ECB/Draghi decides to do will be talked through ahead of the time with the SNB as the CHF will be the currency greatly affected by whatever easing the ECB carries out. Right now the EUR/CHF has an SNB exchange rate floor level supported at 1.2000. Given the effect that easing would have on the EUR across all currencies the SNB will want to protected itself against currency flows.\r\n\r\nAhead of the ECB June Press Conference it is widely expected that the SNB will introduce measures as well to avoid the CHF strengthening too far. Negative deposit rates, increases in the present EUR/CHF floor limit to 1.2500 or higher are being talked about.\r\n\r\nI think that we should be able to gauge the level of € easing by how far the SNB acts to protect the CHF. The markets are expecting something, so it is not a good time to be short the USD/CHF, EUR/CHF, GBP/CHF etc…..\r\n\r\nSo, with a little luck we should see two major market moves as a result of pending ECB action. If the SNB does nothing ahead of the ECB and it not coordinated to the same time of day as the ECB Press Conference in June, it will be a shocker!\r\n\r\nPre-warned is being pre-armed; as traders we now need to load up and think now about the June ECB meeting and subsequent Press Conference. I believe there are some great opportunities ahead. We may the equivalent of the 2013 USD/JPY move on our doorstep.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>TRADING PSYCHOLOGY\r\n</strong><strong>AND\r\n</strong><strong>DRAWDOWNS</strong><strong> </strong></p>\r\nTrading Psychology is the most important aspect of a trader’s success. This may surprise some readers, specifically those that are relatively new to trading. However, the psychological makeup of a trader is more important than the market knowledge, market analysis, and even money management. The reason that psychology is so important is that even the best information can be distorted by a poor mindset.\r\n\r\nMost new traders think that the key to making a profit from trading is knowing more about the market. For instance, most new traders clog up their screens with every indicator that they can find, read up on European GDP trends, and feel that pro traders have some sort of secret knowledge. However, this inevitably does not provide the lofty results the novice trader expects to achieve.\r\n\r\nAfter realizing that excessive market information doesn’t help (and may hurt) results, the next moment of truth most traders have is money management. Instead of trading maybe 1 lot every time, or even trading the maximum lots that their account will allow, these traders realize losses will happen no matter what. When you realize that everyone loses on occasion, it is easy to see why money management is necessary. This is a big step, but does not ensure success.\r\n\r\nDo not misunderstand me; you need to have some form of analysis and some form of money management to profit in the long term. In other words, you need an edge that when applied with proper money management leads to positive returns over the course of many trades. Great money management with no edge will only mean you lose your money more slowly. A great strategy without money management will lead to an inevitable blow up. However, without a proper mindset, it is nearly possible to continue to get good results in the long run.\r\n\r\nThe bottom line is that a poor mindset can sabotage even the best trading strategy or money management strategy. I could write about this at great length, but I will take one example.\r\n\r\nThe biggest test in trading psychology occurs during a drawdown. This occurs when a trader gets in a “slump” and has had bad results for a given period of time. Usually, the most devastating drawdowns eliminate a significant amount of hard earned profit.\r\n\r\nKeep in mind, drawdowns are completely normal. Everyone has them on occasion. However, the key is reacting properly to drawdowns. This is why trading psychology is so important. The natural reaction during a drawdown is to change your strategy. Sometimes traders will even take trades for no reason whatsoever except for a desperate chance at a profit. Assuming you believe that your methodology is sound, there is no reason to change anything during a drawdown. In fact, that is the most important time ever, to follow the basics. Consistency is vital, focus on the fundamentals of your TRADING PLAN. For some reason traders do have a tendency to panic in this type of situation and change everything. This only leads to a larger drawdown, which usually ends when a trader reverts back to their primary strategy.\r\n\r\nIn conclusion, the steps above illustrate the general process that a trade takes on the road to achieving consistent results. Virtually all traders only become successful after they are able to put together a strategy (TRADING PLAN) that gives you an edge, money management and proper trading psychology.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nFT106\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8533\r\nStop Loss: 0.8850\r\nLimit / Target: 0.8400\r\nWeekly Closing Price: 0.8541\r\nPosition: -7 pips\r\n\r\n<strong> </strong>\r\n\r\nFT125\r\nEUR/CHF\r\nLong\r\nCost Average / Entry Level: 1.2226\r\nStop Loss: 1.2150\r\nLimit / Target: 1.2525\r\nWeekly Closing Price: 1.2205\r\nPosition: -21 pips\r\n\r\nFT126\r\nGBP/CHF\r\nLong\r\nCost Average / Entry Level: 1.5098\r\nStop Loss: 1.4980\r\nLimit / Target: 1.5700\r\nWeekly Closing Price: 1.5072\r\nPosition: -26 pips\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\n<strong> </strong>\r\n\r\nRT81\r\nUSD/CHF\r\nLong\r\nCost Average / Entry Level: 0.8900\r\nStop Loss: 0.8820\r\nLimit / Target: 0.9320\r\nWeekly Closing Price: 0.8953\r\nPosition: +53 pips\r\n\r\nRT83\r\nEUR/JPY\r\nShort\r\nCost Average / Entry Level: 138.64\r\nStop Loss: 139.50\r\nLimit / Target: 132.50\r\nWeekly Closing Price: 138.92\r\nPosition: -28 pips\r\n\r\nRT85\r\nEUR/USD\r\nShort\r\nCost Average / Entry Level: 1.3670\r\nStop Loss: 1.3740\r\nLimit / Target: 1.3450\r\nWeekly Closing Price: 1.3624\r\nPosition: +46 pips\r\n\r\nRT86\r\nAUD/USD\r\nShort\r\nCost Average / Entry Level: 0.9240\r\nStop Loss: 0.9315\r\nLimit / Target: 0.8800\r\nWeekly Closing Price: 0.9230\r\nPosition: +10 pips\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9671\r\nPosition: -129 pips\r\n\r\nFUN14\r\nEUR/AUD\r\nLong\r\nCost Average: 1.4750\r\nStop Loss: 1.4500\r\nLimit / Target: 1.5250\r\nWeekly Closing Price: 1.4761\r\nPosition: + 11 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nI have a few trades, not many on my RADAR this week.\r\n\r\nI have NOT placed these set-ups as limit orders with my brokers yet and I will NOT do so until about ¾ hours into the new trading week\r\n\r\nUSD/JPY\r\nShort\r\nEntry at 102.20\r\nStop at 102.60\r\nLimit 98.00\r\n\r\nThe chart below shows that 102.20 is a great Fibonacci level to get short at.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-24052014.png\"><img class=\"aligncenter size-large wp-image-3725\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-24052014-1024x452.png\" alt=\"USDJPY DAILY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/SEK\r\nLong\r\nEntry at 6.5950\r\nStop at 6.5600\r\nLimit 6.8670\r\n\r\nThis pair I have traded off and on over the past two months. We are now more definitely in breakout territory as the chart below shows.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDSEK-WEEKLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3723\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDSEK-WEEKLY-24052014-1024x452.png\" alt=\"USDSEK WEEKLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\nGBP/USD\r\nShort\r\nEntry at 1.6850\r\nStop at 1.6940\r\nLimit 1.6500\r\n\r\nLooking at the weekly chart below, the question that I am asking myself is was1.6990 the top for the year with the GBP/USD?\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/GBPUSD-WEEKLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3724\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/GBPUSD-WEEKLY-24052014-1024x452.png\" alt=\"GBPUSD WEEKLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nI also have two trades that have had limit orders in place for a few days: -\r\n\r\nEUR/GBP\r\nShort at 0.8109\r\nStop at 0.8150\r\nLimit 0.7900\r\n\r\nNZD/USD\r\nShort at 0.8590\r\nStop at 0.8640\r\nLimit at 0.8000\r\n\r\n&nbsp;\r\n\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3624.</strong> This pair is now under pressure. We closed the week below the 200 SMA at 1.3635, which is a very bearish event. All week this pair has found it very hard to get a support level from which to bounce and therefore the bears are well in control. Moving forward, I really do not think that the bulls get back in the driving seat unless we break 1.3740. To the downside, obviously there is big support just below 1.36000 at around 1.3580.\r\n\r\n<strong>GBP/USD: Closing Price 1.6829</strong>. I think that the 1.6990 recent high on the day of the last ECB Press Conference earlier this month may have been the 2014 high for this pair. Moving forward unless we see a break above 1.6920, which would be a great area to get short at, I fear that much lower levels are coming into play. The next support level is the double top measured move target of the daily chart, which, is at 1.6780. Personally, I see that if that level does not hold 1.6500 could be the target.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9230</strong>. We ended last week just above critical support of 0.9210. This pair has been trading heavy all week and quite frankly it looks like it is just a matter of time before we are within striking distance of 0.9000 again. Resistance is at 0.9315.\r\n\r\n<strong>NZD/USD: Closing Price 0.8541</strong>. Key support lies at 0.8500, with resistance at 0.8600. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0859.</strong> No change in the closing price this week in comparison to last week. I have been avoiding the “Loonie” of late as I was stung quite badly recently. I think we have to see a range break before I could be tempted to enter a trade. The range that I am looking at is1.0800 to 1.0940, if we see a nice GAP lower at the open on Sunday night, I may be tempted but in all honesty the Ian Hunter song “Once Bitten Twice Shy” is ringing in my ears.<strong> </strong>\r\n\r\n<strong>USD/CHF: Closing Price 0.8953</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8970.\r\n\r\n<strong>USD/JPY: Closing Price 101.95. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.40\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: EUR – Draghi Speaks.\r\n\r\nMONDAY: EUR – Draghi Speaks.\r\n\r\nTUESDAY: EUR – Draghi Speaks.\r\nTUESDAY: JPY – Kuroda Speaks.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nNot a lot of the news items scheduled for this week really interest me much. I am only really interested in watching for moves on the back of the ECB (Draghi) and BOJ (Kuroda).\r\n\r\nJust because there are not a huge number of events does NOT mean that my guard will be down.\r\n\r\nWhilst it is a short trading week if you count the USA Memorial Day holiday, at the back of my mind I am also becoming a little concerned that summer may be arriving earlier this year. This will add to volatility but it will be on the back of thinner market volume, and this always concerns me as moves can be exaggerated. This usually means false breakouts and false breakdowns can be the normal.\r\n\r\nSo, keep your eyes and ears on the Eurozone, plus whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain active this week.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 17th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)','','publish','open','closed','','eurozone-back-framehowever-watch-snb-chf','','','2014-05-24 08:49:00','2014-05-24 13:49:00','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3737',0,'member_posts','',0),(3738,1,'2014-05-24 08:46:07','2014-05-24 13:46:07','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nWell…my thoughts from last weekend that the JPY would dominate the marketplace this past week like it did last year never materialized. That was a bummer piece of news for me, I have maintained my shorts in the EUR/JPY and CHF/JPY but I lost money on my USD/JPY short.\r\n\r\nThe standout Forex news that stuck out for me over the past trading week was the AUD performance. After improving but still in contracting mode the Chinese HSBC Manufacturing PMi still below 50.0, but improved off last months 48.1 provided the AUD/USD with a bolt off the lows of 0.9210 up to 0.9270. The bullish move lasted 12 hours. Since then the AUD/USD and NZD/USD have both been trading very heavy and are well inside striking distance of key support levels at 0.9200 and 0.8500.\r\n\r\nAs I mentioned last week, I am in the middle of writing a review on Forex brokers. Since, I started the PREMIUM SERVICE I added 3 new brokers to my accounts list. I have inside 5 months parted company with two of them.\r\n\r\nI had to stop trading with one due to execution speeds and slippage. It was a shame as the Account Manager was 100% solid.\r\n\r\nThe other broker was terminated quite frankly because promises were never met and the Account Manger left under a bit of a cloud. Communication was awful and they removed money from my trading account without advising me why. The reason was regulatory, not a problem but why not advise me. Why Do I have to the one to notice and initiate the conversation? This is 2014, when you are opening a series of accounts, the brokers are over you like a rash, SKYPE, email, or telephone, but not when something goes wrong. In addition, they lied to me, talk about a big RED FLAG.\r\n\r\nOriginally, my article was going to be based around why I have multiple brokers and how I utilize them. However, after having one or two conversations with subscribers, I decided to expand the article.\r\n\r\nMy goal with the PREMIUM SERVICE was to offer subscribers a deal with a broker that I had vetted for a few months. I still have my relationships with my longer-term brokers and they are excellent. I have almost signed off on special introductory deals with them for my followers. It will be another week or so before this article will be ready to print.\r\n\r\nThe PREMIUM SERVICE continues to add $$$ on the trade set-ups, I am very happy with the return given the market conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>2. TRADING SUMMARY:</strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\"><img class=\"aligncenter size-full wp-image-3727\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\" alt=\"PREM SERV PROFITS 1 24052014\" width=\"449\" height=\"419\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\"><img class=\"aligncenter size-full wp-image-3728\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\" alt=\"PREM SERV PROFITS2 24052014\" width=\"460\" height=\"417\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong><strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)</strong></p>\r\nIn the next week we have “DRAGHI SPEAK” three times.\r\n\r\nI think we should get a clearer indication (subject to a sanction from the Bundesbank and Merkel) of what the ECB is considering by way of tackling DEFLATION and the single currency high exchange rate in the Eurozone.\r\n\r\nWhat happens, if there are no initiatives at the June ECB meeting and all we have is the usual ECB bravado of verbal intervention? Is there a chance of that happening? There is a chance of no action, but if that were to happen the credibility of the ECB and the personal credibility of Mario Draghi would not recover for a very, very long time. If the action taken was “wishy washy” this would also affect credibility and quite frankly the markets would never believe a word that would be uttered in the future from either the ECB or Draghi. So, I am in the corner that something is going to be done.\r\n\r\nDraghi announced at the last ECB meeting in May that the ECB governing council had agreed to act at the next months meeting.\r\n\r\nThe EUR/USD reached 1.3993 (1.4000) at the ECB Press Conference; several analysts promoted this level as the limit level. As soon as Draghi announced action the following month, the EUR/USD started to fall, the low so far from the high is 1.3615, which represents just under a 400-pip move lower. What is the ECB target exchange rate? Who knows? What is the equitable exchange?\r\n\r\nWe are told that the ECB is 100% independent and that politicians have zero impact or influence….yeah right!!\r\n\r\nPoliticians will work in terms of round numbers, and, therefore this may be why 1.4000 was the straw to break the camels back. On the other side it is a far more difficult number to predict and I believe that it is guesswork more than anything.\r\n\r\nHowever, lets briefly look at what Draghi has to achieve. He needs to get inflation moving up to his 2% inflation target. He needs to spur business investment and growth in many countries, by getting the unemployed back to work, through banks lending money to businesses to grow and export goods. He needs to create a business confidence in the Eurozone. It’s not much!!\r\n\r\nTo achieve this the ECB will have to dig deep enough to meet the markets expectations so that the ECB achieves a 100% value for the € millions that is going to be spent.\r\n\r\nLet me list the major options he has once again as I see them: -\r\n<ol>\r\n	<li>An interest rate cut from the existing 0.25%.</li>\r\n	<li>A further LTRO (Long Term Refinancing Option).</li>\r\n	<li>Full on Quantitative Easing.</li>\r\n	<li>Negative deposit rates for Eurozone banks depositing money in the ECB.</li>\r\n</ol>\r\nLooking at the EUR/USD monthly chart below.\r\n\r\nThere are no real levels/ targets that stand out for me.\r\n\r\nThe ECB however, has to set a realistic objective with what it wants to achieve as an equitable exchange rate that is commensurate with the € cost to achieve the desired level.\r\n\r\nI think Draghi and governing council of the ECB can verbalize the cr*p out of the market to achieve an exchange rate of 1.3000; but to see maybe a level than this and perhaps an exchange rate of 1.2500, which, lies just below all the noise of the candlesticks on the monthly chart may be the ultimate goal that they have in mind.\r\n<p style=\"text-align: center;\"><strong>To achieve this lower level however would require: -</strong></p>\r\n<p style=\"text-align: center;\"><strong>100% consistency of the message to be delivered\r\n</strong><strong>100% unity\r\n</strong><strong>100% determination</strong></p>\r\n<p style=\"text-align: center;\"><strong>None of the above are traits of the ECB given the past history. It does make you concerned.</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3722\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014-1024x452.png\" alt=\"EURUSD MONTHLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\nI do not believe that the ECB will want a waterfall drop to the proposed level, and, I am NOT expecting Draghi to indicate the target other than say below 1.3000, quite simply because he has to at least indicate something to the markets.\r\n\r\nMoving on from the Eurozone, Draghi and the ECB…..let me just briefly mention the Swiss National Bank.\r\n\r\nAnything that the ECB/Draghi decides to do will be talked through ahead of the time with the SNB as the CHF will be the currency greatly affected by whatever easing the ECB carries out. Right now the EUR/CHF has an SNB exchange rate floor level supported at 1.2000. Given the effect that easing would have on the EUR across all currencies the SNB will want to protected itself against currency flows.\r\n\r\nAhead of the ECB June Press Conference it is widely expected that the SNB will introduce measures as well to avoid the CHF strengthening too far. Negative deposit rates, increases in the present EUR/CHF floor limit to 1.2500 or higher are being talked about.\r\n\r\nI think that we should be able to gage the level of € easing by how far the SNB acts to protect the CHF. The markets are expecting something, so it is not a good time to be short the USD/CHF, EUR/CHF, GBP/CHF etc…..\r\n\r\nSo, with a little luck we should see two major market moves as a result of pending ECB action. If the SNB does nothing ahead of the ECB and it not coordinated to the same time of day as the ECB Press Conference in June, it will be a shocker!\r\n\r\nPre-warned is being pre-armed; as traders we now need to load up and think now about the June ECB meeting and subsequent Press Conference. I believe there are some great opportunities ahead. We may the equivalent of the 2013 USD/JPY move on our doorstep.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>TRADING PSYCHOLOGY\r\n</strong><strong>AND\r\n</strong><strong>DRAWDOWNS</strong><strong> </strong></p>\r\nTrading Psychology is the most important aspect of a trader’s success. This may surprise some readers, specifically those that are relatively new to trading. However, the psychological makeup of a trader is more important than the market knowledge, market analysis, and even money management. The reason that psychology is so important is that even the best information can be distorted by a poor mindset.\r\n\r\nMost new traders think that the key to making a profit from trading is knowing more about the market. For instance, most new traders clog up their screens with every indicator that they can find, read up on European GDP trends, and feel that pro traders have some sort of secret knowledge. However, this inevitably does not provide the lofty results the novice trader expects to achieve.\r\n\r\nAfter realizing that excessive market information doesn’t help (and may hurt) results, the next moment of truth most traders have is money management. Instead of trading maybe 1 lot every time, or even trading the maximum lots that their account will allow, these traders realize losses will happen no matter what. When you realize that everyone loses on occasion, it is easy to see why money management is necessary. This is a big step, but does not ensure success.\r\n\r\nDo not misunderstand me; you need to have some form of analysis and some form of money management to profit in the long term. In other words, you need an edge that when applied with proper money management leads to positive returns over the course of many trades. Great money management with no edge will only mean you lose your money more slowly. A great strategy without money management will lead to an inevitable blow up. However, without a proper mindset, it is nearly possible to continue to get good results in the long run.\r\n\r\nThe bottom line is that a poor mindset can sabotage even the best trading strategy or money management strategy. I could write about this at great length, but I will take one example.\r\n\r\nThe biggest test in trading psychology occurs during a drawdown. This occurs when a trader gets in a “slump” and has had bad results for a given period of time. Usually, the most devastating drawdowns eliminate a significant amount of hard earned profit.\r\n\r\nKeep in mind, drawdowns are completely normal. Everyone has them on occasion. However, the key is reacting properly to drawdowns. This is why trading psychology is so important. The natural reaction during a drawdown is to change your strategy. Sometimes traders will even take trades for no reason whatsoever except for a desperate chance at a profit. Assuming you believe that your methodology is sound, there is no reason to change anything during a drawdown. In fact, that is the most important time ever, to follow the basics. Consistency is vital, focus on the fundamentals of your TRADING PLAN. For some reason traders do have a tendency to panic in this type of situation and change everything. This only leads to a larger drawdown, which usually ends when a trader reverts back to their primary strategy.\r\n\r\nIn conclusion, the steps above illustrate the general process that a trade takes on the road to achieving consistent results. Virtually all traders only become successful after they are able to put together a strategy (TRADING PLAN) that gives you an edge, money management and proper trading psychology.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nFT106\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8533\r\nStop Loss: 0.8850\r\nLimit / Target: 0.8400\r\nWeekly Closing Price: 0.8541\r\nPosition: -7 pips\r\n\r\n<strong> </strong>\r\n\r\nFT125\r\nEUR/CHF\r\nLong\r\nCost Average / Entry Level: 1.2226\r\nStop Loss: 1.2150\r\nLimit / Target: 1.2525\r\nWeekly Closing Price: 1.2205\r\nPosition: -21 pips\r\n\r\nFT126\r\nGBP/CHF\r\nLong\r\nCost Average / Entry Level: 1.5098\r\nStop Loss: 1.4980\r\nLimit / Target: 1.5700\r\nWeekly Closing Price: 1.5072\r\nPosition: -26 pips\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\n<strong> </strong>\r\n\r\nRT81\r\nUSD/CHF\r\nLong\r\nCost Average / Entry Level: 0.8900\r\nStop Loss: 0.8820\r\nLimit / Target: 0.9320\r\nWeekly Closing Price: 0.8953\r\nPosition: +53 pips\r\n\r\nRT83\r\nEUR/JPY\r\nShort\r\nCost Average / Entry Level: 138.64\r\nStop Loss: 139.50\r\nLimit / Target: 132.50\r\nWeekly Closing Price: 138.92\r\nPosition: -28 pips\r\n\r\nRT85\r\nEUR/USD\r\nShort\r\nCost Average / Entry Level: 1.3670\r\nStop Loss: 1.3740\r\nLimit / Target: 1.3450\r\nWeekly Closing Price: 1.3624\r\nPosition: +46 pips\r\n\r\nRT86\r\nAUD/USD\r\nShort\r\nCost Average / Entry Level: 0.9240\r\nStop Loss: 0.9315\r\nLimit / Target: 0.8800\r\nWeekly Closing Price: 0.9230\r\nPosition: +10 pips\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\n(This trade is hedged from -150 pips)\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9671\r\nPosition: -129 pips\r\n\r\nFUN14\r\nEUR/AUD\r\nLong\r\nCost Average: 1.4750\r\nStop Loss: 1.4500\r\nLimit / Target: 1.5250\r\nWeekly Closing Price: 1.4761\r\nPosition: + 11pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nI have a few trades, not many on my RADAR this week.\r\n\r\nI have NOT placed these set-ups as limit orders with my brokers yet and I will NOT do so until about ¾ hours into the new trading week\r\n\r\nUSD/JPY\r\nShort\r\nEntry at 102.20\r\nStop at 102.60\r\nLimit 98.00\r\n\r\nThe chart below shows that 102.20 is a great Fibonacci level to get short at.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-24052014.png\"><img class=\"aligncenter size-large wp-image-3725\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-24052014-1024x452.png\" alt=\"USDJPY DAILY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/SEK\r\nLong\r\nEntry at 6.5950\r\nStop at 6.5600\r\nLimit 6.8670\r\n\r\nThis pair I have traded off and on over the past two months. We are now more definitely in breakout territory as the chart below shows.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDSEK-WEEKLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3723\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDSEK-WEEKLY-24052014-1024x452.png\" alt=\"USDSEK WEEKLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\nGBP/USD\r\nShort\r\nEntry at 1.6850\r\nStop at 1.6940\r\nLimit 1.6500\r\n\r\nLooking at the weekly chart below, the question that I am asking myself is was1.6990 the top for the year with the GBP/USD?\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/GBPUSD-WEEKLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3724\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/GBPUSD-WEEKLY-24052014-1024x452.png\" alt=\"GBPUSD WEEKLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nI also have two trades that have had limit orders in place for a few days: -\r\n\r\nEUR/GBP\r\nShort at 0.8109\r\nStop at 0.8150\r\nLimit 0.7900\r\n\r\nNZD/USD\r\nShort at 0.8590\r\nStop at 0.8640\r\nLimit at 0.8000\r\n\r\n&nbsp;\r\n\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3624.</strong> This pair is now under pressure. We closed the week below the 200 SMA at 1.3635, which is a very bearish event. All week this pair has found it very hard to get a support level from which to bounce and therefore the bears are well in control. Moving forward, I really do not think that the bulls get back in the driving seat unless we break 1.3740. To the downside, obviously there is big support just below 1.36000 at around 1.3580.\r\n\r\n<strong>GBP/USD: Closing Price 1.6829</strong>. I think that the 1.6990 recent high on the day of the last ECB Press Conference earlier this month may have been the 2014 high for this pair. Moving forward unless we see a break above 1.6920, which would be a great area to get short at, I fear that much lower levels are coming into play. The next support level is the double top measured move target of the daily chart, which, is at 1.6780. Personally, I see that if that level does not hold 1.6500 could be the target.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9230</strong>. We ended last week just above critical support of 0.9210. This pair has been trading heavy all week and quite frankly it looks like it is just a matter of time before we are within striking distance of 0.9000 again. Resistance is at 0.9315.\r\n\r\n<strong>NZD/USD: Closing Price 0.8541</strong>. Key support lies at 0.8500, with resistance at 0.8600. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0859.</strong> No change in the closing price this week in comparison to last week. I have been avoiding the “Loonie” of late as I was stung quite badly recently. I think we have to see a range break before I could be tempted to enter a trade. The range that I am looking at is1.0800 to 1.0940, if we see a nice GAP lower at the open on Sunday night, I may be tempted but in all honesty the Ian Hunter song “Once Bitten Twice Shy” is ringing in my ears.<strong> </strong>\r\n\r\n<strong>USD/CHF: Closing Price 0.8953</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8970.\r\n\r\n<strong>USD/JPY: Closing Price 101.95. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.40\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: EUR – Draghi Speaks.\r\n\r\nMONDAY: EUR – Draghi Speaks.\r\n\r\nTUESDAY: EUR – Draghi Speaks.\r\nTUESDAY: JPY – Kuroda Speaks.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nNot a lot of the news items scheduled for this week really interest me much. I am only really interested in watching for moves on the back of the ECB (Draghi) and BOJ (Kuroda).\r\n\r\nJust because there are not a huge number of events does NOT mean that my guard will be down.\r\n\r\nWhilst it is a short trading week if you count the USA Memorial Day holiday, at the back of my mind I am also becoming a little concerned that summer may be arriving earlier this year. This will add to volatility but it will be on the back of thinner market volume, and this always concerns me as moves can be exaggerated. This usually means false breakouts and false breakdowns can be the normal.\r\n\r\nSo, keep your eyes and ears on the Eurozone, plus whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain active this week.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 17th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)','','inherit','open','closed','','3737-revision-v1','','','2014-05-24 08:46:07','2014-05-24 13:46:07','',3737,'https://weeklyfxdrivethru.com/3737-revision-v1/',0,'revision','',0),(3739,1,'2014-05-24 08:49:00','2014-05-24 13:49:00','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nWell…my thoughts from last weekend that the JPY would dominate the marketplace this past week like it did last year never materialized. That was a bummer piece of news for me, I have maintained my shorts in the EUR/JPY and CHF/JPY but I lost money on my USD/JPY short.\r\n\r\nThe standout Forex news that stuck out for me over the past trading week was the AUD performance. After improving but still in contracting mode the Chinese HSBC Manufacturing PMi still below 50.0, but improved off last months 48.1 provided the AUD/USD with a bolt off the lows of 0.9210 up to 0.9270. The bullish move lasted 12 hours. Since then the AUD/USD and NZD/USD have both been trading very heavy and are well inside striking distance of key support levels at 0.9200 and 0.8500.\r\n\r\nAs I mentioned last week, I am in the middle of writing a review on Forex brokers. Since, I started the PREMIUM SERVICE I added 3 new brokers to my accounts list. I have inside 5 months parted company with two of them.\r\n\r\nI had to stop trading with one due to execution speeds and slippage. It was a shame as the Account Manager was 100% solid.\r\n\r\nThe other broker was terminated quite frankly because promises were never met and the Account Manger left under a bit of a cloud. Communication was awful and they removed money from my trading account without advising me why. The reason was regulatory, not a problem but why not tell me. Why Do I have to the one to notice and initiate the conversation? This is 2014, when you are opening a series of accounts, the brokers are over you like a rash, SKYPE, email, or telephone, but not when something goes wrong. In addition, they lied to me, talk about a big RED FLAG.\r\n\r\nOriginally, my article was going to be based around why I have multiple brokers and how I use them. However, after having one or two conversations with subscribers, I decided to expand the article.\r\n\r\nMy goal with the PREMIUM SERVICE was to offer subscribers a deal with a broker that I had vetted for a few months. I still have my relationships with my longer-term brokers and they are excellent. I have almost signed off on special introductory deals with them for my followers. It will be another week or so before this article will be ready to print.\r\n\r\nThe PREMIUM SERVICE continues to add $$$ on the trade set-ups, I am very happy with the return given the market conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>2. TRADING SUMMARY:</strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\"><img class=\"aligncenter size-full wp-image-3727\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\" alt=\"PREM SERV PROFITS 1 24052014\" width=\"449\" height=\"419\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\"><img class=\"aligncenter size-full wp-image-3728\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\" alt=\"PREM SERV PROFITS2 24052014\" width=\"460\" height=\"417\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong><strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)</strong></p>\r\nIn the next week we have “DRAGHI SPEAK” three times.\r\n\r\nI think we should get a clearer indication (subject to a sanction from the Bundesbank and Merkel) of what the ECB is considering by way of tackling DEFLATION and the single currency high exchange rate in the Eurozone.\r\n\r\nWhat happens, if there are no initiatives at the June ECB meeting and all we have is the usual ECB bravado of verbal intervention? Is there a chance of that happening? There is a chance of no action, but if that were to happen the credibility of the ECB and the personal credibility of Mario Draghi would not recover for a very, very long time. If the action taken was “wishy washy” this would also affect credibility and quite frankly the markets would never believe a word that would be uttered in the future from either the ECB or Draghi. So, I am in the corner that something is going to be done.\r\n\r\nDraghi announced at the last ECB meeting in May that the ECB governing council had agreed to act at the next months meeting.\r\n\r\nThe EUR/USD reached 1.3993 (1.4000) at the ECB Press Conference; several analysts promoted this level as the limit level. As soon as Draghi announced action the following month, the EUR/USD started to fall, the low so far from the high is 1.3615, which represents just under a 400-pip move lower. What is the ECB target exchange rate? Who knows? What is the equitable exchange?\r\n\r\nWe are told that the ECB is 100% independent and that politicians have zero impact or influence….yeah right!!\r\n\r\nPoliticians will work in terms of round numbers, and, therefore this may be why 1.4000 was the straw to break the camels back. On the other side it is a far more difficult number to predict and I believe that it is guesswork more than anything.\r\n\r\nHowever, lets briefly look at what Draghi has to achieve. He needs to get inflation moving up to his 2% inflation target. He needs to spur business investment and growth in many countries, by getting the unemployed back to work, through banks lending money to businesses to grow and export goods. He needs to create a business confidence in the Eurozone. It’s not much!!\r\n\r\nTo achieve this the ECB will have to dig deep enough to meet the markets expectations so that the ECB achieves a 100% value for the € millions that is going to be spent.\r\n\r\nLet me list the major options he has once again as I see them: -\r\n<ol>\r\n	<li>An interest rate cut from the existing 0.25%.</li>\r\n	<li>A further LTRO (Long Term Refinancing Option).</li>\r\n	<li>Full on Quantitative Easing.</li>\r\n	<li>Negative deposit rates for Eurozone banks depositing money in the ECB.</li>\r\n</ol>\r\nLooking at the EUR/USD monthly chart below.\r\n\r\nThere are no real levels/ targets that stand out for me.\r\n\r\nThe ECB however, has to set a realistic objective with what it wants to achieve as an equitable exchange rate that is commensurate with the € cost to achieve the desired level.\r\n\r\nI think Draghi and governing council of the ECB can verbalize the cr*p out of the market to achieve an exchange rate of 1.3000; but to see maybe a level than this and perhaps an exchange rate of 1.2500, which, lies just below all the noise of the candlesticks on the monthly chart may be the ultimate goal that they have in mind.\r\n<p style=\"text-align: center;\"><strong>To achieve this lower level however would require: -</strong></p>\r\n<p style=\"text-align: center;\"><strong>100% consistency of the message to be delivered\r\n</strong><strong>100% unity\r\n</strong><strong>100% determination</strong></p>\r\n<p style=\"text-align: center;\"><strong>None of the above are traits of the ECB given the past history. It does make you concerned.</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3722\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014-1024x452.png\" alt=\"EURUSD MONTHLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\nI do not believe that the ECB will want a waterfall drop to the proposed level, and, I am NOT expecting Draghi to indicate the target other than say below 1.3000, quite simply because he has to at least indicate something to the markets.\r\n\r\nMoving on from the Eurozone, Draghi and the ECB…..let me just briefly mention the Swiss National Bank.\r\n\r\nAnything that the ECB/Draghi decides to do will be talked through ahead of the time with the SNB as the CHF will be the currency greatly affected by whatever easing the ECB carries out. Right now the EUR/CHF has an SNB exchange rate floor level supported at 1.2000. Given the effect that easing would have on the EUR across all currencies the SNB will want to protected itself against currency flows.\r\n\r\nAhead of the ECB June Press Conference it is widely expected that the SNB will introduce measures as well to avoid the CHF strengthening too far. Negative deposit rates, increases in the present EUR/CHF floor limit to 1.2500 or higher are being talked about.\r\n\r\nI think that we should be able to gauge the level of € easing by how far the SNB acts to protect the CHF. The markets are expecting something, so it is not a good time to be short the USD/CHF, EUR/CHF, GBP/CHF etc…..\r\n\r\nSo, with a little luck we should see two major market moves as a result of pending ECB action. If the SNB does nothing ahead of the ECB and it not coordinated to the same time of day as the ECB Press Conference in June, it will be a shocker!\r\n\r\nPre-warned is being pre-armed; as traders we now need to load up and think now about the June ECB meeting and subsequent Press Conference. I believe there are some great opportunities ahead. We may the equivalent of the 2013 USD/JPY move on our doorstep.\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>TRADING PSYCHOLOGY\r\n</strong><strong>AND\r\n</strong><strong>DRAWDOWNS</strong><strong> </strong></p>\r\nTrading Psychology is the most important aspect of a trader’s success. This may surprise some readers, specifically those that are relatively new to trading. However, the psychological makeup of a trader is more important than the market knowledge, market analysis, and even money management. The reason that psychology is so important is that even the best information can be distorted by a poor mindset.\r\n\r\nMost new traders think that the key to making a profit from trading is knowing more about the market. For instance, most new traders clog up their screens with every indicator that they can find, read up on European GDP trends, and feel that pro traders have some sort of secret knowledge. However, this inevitably does not provide the lofty results the novice trader expects to achieve.\r\n\r\nAfter realizing that excessive market information doesn’t help (and may hurt) results, the next moment of truth most traders have is money management. Instead of trading maybe 1 lot every time, or even trading the maximum lots that their account will allow, these traders realize losses will happen no matter what. When you realize that everyone loses on occasion, it is easy to see why money management is necessary. This is a big step, but does not ensure success.\r\n\r\nDo not misunderstand me; you need to have some form of analysis and some form of money management to profit in the long term. In other words, you need an edge that when applied with proper money management leads to positive returns over the course of many trades. Great money management with no edge will only mean you lose your money more slowly. A great strategy without money management will lead to an inevitable blow up. However, without a proper mindset, it is nearly possible to continue to get good results in the long run.\r\n\r\nThe bottom line is that a poor mindset can sabotage even the best trading strategy or money management strategy. I could write about this at great length, but I will take one example.\r\n\r\nThe biggest test in trading psychology occurs during a drawdown. This occurs when a trader gets in a “slump” and has had bad results for a given period of time. Usually, the most devastating drawdowns eliminate a significant amount of hard earned profit.\r\n\r\nKeep in mind, drawdowns are completely normal. Everyone has them on occasion. However, the key is reacting properly to drawdowns. This is why trading psychology is so important. The natural reaction during a drawdown is to change your strategy. Sometimes traders will even take trades for no reason whatsoever except for a desperate chance at a profit. Assuming you believe that your methodology is sound, there is no reason to change anything during a drawdown. In fact, that is the most important time ever, to follow the basics. Consistency is vital, focus on the fundamentals of your TRADING PLAN. For some reason traders do have a tendency to panic in this type of situation and change everything. This only leads to a larger drawdown, which usually ends when a trader reverts back to their primary strategy.\r\n\r\nIn conclusion, the steps above illustrate the general process that a trade takes on the road to achieving consistent results. Virtually all traders only become successful after they are able to put together a strategy (TRADING PLAN) that gives you an edge, money management and proper trading psychology.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nFT106\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8533\r\nStop Loss: 0.8850\r\nLimit / Target: 0.8400\r\nWeekly Closing Price: 0.8541\r\nPosition: -7 pips\r\n\r\n<strong> </strong>\r\n\r\nFT125\r\nEUR/CHF\r\nLong\r\nCost Average / Entry Level: 1.2226\r\nStop Loss: 1.2150\r\nLimit / Target: 1.2525\r\nWeekly Closing Price: 1.2205\r\nPosition: -21 pips\r\n\r\nFT126\r\nGBP/CHF\r\nLong\r\nCost Average / Entry Level: 1.5098\r\nStop Loss: 1.4980\r\nLimit / Target: 1.5700\r\nWeekly Closing Price: 1.5072\r\nPosition: -26 pips\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\n<strong> </strong>\r\n\r\nRT81\r\nUSD/CHF\r\nLong\r\nCost Average / Entry Level: 0.8900\r\nStop Loss: 0.8820\r\nLimit / Target: 0.9320\r\nWeekly Closing Price: 0.8953\r\nPosition: +53 pips\r\n\r\nRT83\r\nEUR/JPY\r\nShort\r\nCost Average / Entry Level: 138.64\r\nStop Loss: 139.50\r\nLimit / Target: 132.50\r\nWeekly Closing Price: 138.92\r\nPosition: -28 pips\r\n\r\nRT85\r\nEUR/USD\r\nShort\r\nCost Average / Entry Level: 1.3670\r\nStop Loss: 1.3740\r\nLimit / Target: 1.3450\r\nWeekly Closing Price: 1.3624\r\nPosition: +46 pips\r\n\r\nRT86\r\nAUD/USD\r\nShort\r\nCost Average / Entry Level: 0.9240\r\nStop Loss: 0.9315\r\nLimit / Target: 0.8800\r\nWeekly Closing Price: 0.9230\r\nPosition: +10 pips\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9671\r\nPosition: -129 pips\r\n\r\nFUN14\r\nEUR/AUD\r\nLong\r\nCost Average: 1.4750\r\nStop Loss: 1.4500\r\nLimit / Target: 1.5250\r\nWeekly Closing Price: 1.4761\r\nPosition: + 11 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nI have a few trades, not many on my RADAR this week.\r\n\r\nI have NOT placed these set-ups as limit orders with my brokers yet and I will NOT do so until about ¾ hours into the new trading week\r\n\r\nUSD/JPY\r\nShort\r\nEntry at 102.20\r\nStop at 102.60\r\nLimit 98.00\r\n\r\nThe chart below shows that 102.20 is a great Fibonacci level to get short at.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-24052014.png\"><img class=\"aligncenter size-large wp-image-3725\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-24052014-1024x452.png\" alt=\"USDJPY DAILY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/SEK\r\nLong\r\nEntry at 6.5950\r\nStop at 6.5600\r\nLimit 6.8670\r\n\r\nThis pair I have traded off and on over the past two months. We are now more definitely in breakout territory as the chart below shows.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDSEK-WEEKLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3723\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDSEK-WEEKLY-24052014-1024x452.png\" alt=\"USDSEK WEEKLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\nGBP/USD\r\nShort\r\nEntry at 1.6850\r\nStop at 1.6940\r\nLimit 1.6500\r\n\r\nLooking at the weekly chart below, the question that I am asking myself is was1.6990 the top for the year with the GBP/USD?\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/GBPUSD-WEEKLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3724\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/GBPUSD-WEEKLY-24052014-1024x452.png\" alt=\"GBPUSD WEEKLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nI also have two trades that have had limit orders in place for a few days: -\r\n\r\nEUR/GBP\r\nShort at 0.8109\r\nStop at 0.8150\r\nLimit 0.7900\r\n\r\nNZD/USD\r\nShort at 0.8590\r\nStop at 0.8640\r\nLimit at 0.8000\r\n\r\n&nbsp;\r\n\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3624.</strong> This pair is now under pressure. We closed the week below the 200 SMA at 1.3635, which is a very bearish event. All week this pair has found it very hard to get a support level from which to bounce and therefore the bears are well in control. Moving forward, I really do not think that the bulls get back in the driving seat unless we break 1.3740. To the downside, obviously there is big support just below 1.36000 at around 1.3580.\r\n\r\n<strong>GBP/USD: Closing Price 1.6829</strong>. I think that the 1.6990 recent high on the day of the last ECB Press Conference earlier this month may have been the 2014 high for this pair. Moving forward unless we see a break above 1.6920, which would be a great area to get short at, I fear that much lower levels are coming into play. The next support level is the double top measured move target of the daily chart, which, is at 1.6780. Personally, I see that if that level does not hold 1.6500 could be the target.<strong> </strong>\r\n\r\n<strong>AUD/USD: Closing Price 0.9230</strong>. We ended last week just above critical support of 0.9210. This pair has been trading heavy all week and quite frankly it looks like it is just a matter of time before we are within striking distance of 0.9000 again. Resistance is at 0.9315.\r\n\r\n<strong>NZD/USD: Closing Price 0.8541</strong>. Key support lies at 0.8500, with resistance at 0.8600. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0859.</strong> No change in the closing price this week in comparison to last week. I have been avoiding the “Loonie” of late as I was stung quite badly recently. I think we have to see a range break before I could be tempted to enter a trade. The range that I am looking at is1.0800 to 1.0940, if we see a nice GAP lower at the open on Sunday night, I may be tempted but in all honesty the Ian Hunter song “Once Bitten Twice Shy” is ringing in my ears.<strong> </strong>\r\n\r\n<strong>USD/CHF: Closing Price 0.8953</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8970.\r\n\r\n<strong>USD/JPY: Closing Price 101.95. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.40\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: EUR – Draghi Speaks.\r\n\r\nMONDAY: EUR – Draghi Speaks.\r\n\r\nTUESDAY: EUR – Draghi Speaks.\r\nTUESDAY: JPY – Kuroda Speaks.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nNot a lot of the news items scheduled for this week really interest me much. I am only really interested in watching for moves on the back of the ECB (Draghi) and BOJ (Kuroda).\r\n\r\nJust because there are not a huge number of events does NOT mean that my guard will be down.\r\n\r\nWhilst it is a short trading week if you count the USA Memorial Day holiday, at the back of my mind I am also becoming a little concerned that summer may be arriving earlier this year. This will add to volatility but it will be on the back of thinner market volume, and this always concerns me as moves can be exaggerated. This usually means false breakouts and false breakdowns can be the normal.\r\n\r\nSo, keep your eyes and ears on the Eurozone, plus whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain active this week.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 17th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)','','inherit','open','closed','','3737-revision-v1','','','2014-05-24 08:49:00','2014-05-24 13:49:00','',3737,'https://weeklyfxdrivethru.com/3737-revision-v1/',0,'revision','',0),(3740,1,'2014-05-24 09:07:48','2014-05-24 14:07:48','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nWell…my thoughts from last weekend that the JPY would dominate the marketplace this past week like it did last year never materialized. That was a bummer piece of news for me, I have maintained my shorts in the EUR/JPY and CHF/JPY but I lost money on my USD/JPY short.\r\n\r\nThe standout Forex news that stuck out for me over the past trading week was the AUD performance. After improving but still in contracting mode the Chinese HSBC Manufacturing PMi still below 50.0, but improved off last months 48.1 provided the AUD/USD with a bolt off the lows of 0.9210 up to 0.9270. The bullish move lasted 12 hours. Since then the AUD/USD and NZD/USD have both been trading very heavy and are well inside striking distance of key support levels at 0.9200 and 0.8500.\r\n\r\nAs I mentioned last week, I am in the middle of writing a review on Forex brokers. Since, I started the PREMIUM SERVICE I added 3 new brokers to my accounts list. I have inside 5 months parted company with two of them.\r\n\r\nI had to stop trading with one due to execution speeds and slippage. It was a shame as the Account Manager was 100% solid.\r\n\r\nThe other broker was terminated quite frankly because promises were never met and the Account Manger left under a bit of a cloud. Communication was awful and they removed money from my trading account without advising me why. The reason was regulatory, not a problem but why not advise me. Why Do I have to the one to notice and initiate the conversation? This is 2014, when you are opening a series of accounts, the brokers are over you like a rash, SKYPE, email, or telephone, but not when something goes wrong. In addition, they lied to me, talk about a big RED FLAG.\r\n\r\nOriginally, my article was going to be based around why I have multiple brokers and how I utilize them. However, after having one or two conversations with subscribers, I decided to expand the article.\r\n\r\nMy goal with the PREMIUM SERVICE was to offer subscribers a deal with a broker that I had vetted for a few months. I still have my relationships with my longer-term brokers and they are excellent. I have almost signed off on special introductory deals with them for my followers. It will be another week or so before this article will be ready to print.\r\n\r\nThe PREMIUM SERVICE continues to add $$$ on the trade set-ups, I am very happy with the return given the market conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)</strong></p>\r\n<strong> </strong>In the next week we have “DRAGHI SPEAK” three times.\r\n\r\nI think we should get a clearer indication (subject to a sanction from the Bundesbank and Merkel) of what the ECB is considering by way of tackling DEFLATION and the single currency high exchange rate in the Eurozone.\r\n\r\nWhat happens, if there are no initiatives at the June ECB meeting and all we have is the usual ECB bravado of verbal intervention? Is there a chance of that happening? There is a chance of no action, but if that were to happen the credibility of the ECB and the personal credibility of Mario Draghi would not recover for a very, very long time. If the action taken was “wishy washy” this would also affect credibility and quite frankly the markets would never believe a word that would be uttered in the future from either the ECB or Draghi. So, I am in the corner that something is going to be done.\r\n\r\nDraghi announced at the last ECB meeting in May that the ECB governing council had agreed to act at the next months meeting.\r\n\r\nThe EUR/USD reached 1.3993 (1.4000) at the ECB Press Conference; several analysts promoted this level as the limit level. As soon as Draghi announced action the following month, the EUR/USD started to fall, the low so far from the high is 1.3615, which represents just under a 400-pip move lower. What is the ECB target exchange rate? Who knows? What is the equitable exchange?\r\n\r\nWe are told that the ECB is 100% independent and that politicians have zero impact or influence….yeah right!!\r\n\r\nPoliticians will work in terms of round numbers, and, therefore this may be why 1.4000 was the straw to break the camels back. On the other side it is a far more difficult number to predict and I believe that it is guesswork more than anything.\r\n\r\nHowever, lets briefly look at what Draghi has to achieve. He needs to get inflation moving up to his 2% inflation target. He needs to spur business investment and growth in many countries, by getting the unemployed back to work, through banks lending money to businesses to grow and export goods. He needs to create a business confidence in the Eurozone. It’s not much!!\r\n\r\nTo achieve this the ECB will have to dig deep enough to meet the markets expectations so that the ECB achieves a 100% value for the € millions that is going to be spent\r\n\r\nLet me list the major options he has once again as I see them: -\r\n<ol>\r\n	<li>An interest rate cut from the existing 0.25%.</li>\r\n	<li>A further LTRO (Long Term Refinancing Option).</li>\r\n	<li>Full on Quantitative Easing.</li>\r\n	<li>Negative deposit rates for Eurozone banks depositing money in the ECB.</li>\r\n</ol>\r\nLooking at the EUR/USD monthly chart below.\r\n\r\nThere are no real levels/ targets that stand out for me.\r\n\r\nThe ECB however, has to set a realistic objective with what it wants to achieve as an equitable exchange rate that is commensurate with the € cost to achieve the desired level.\r\n\r\nI think Draghi and governing council of the ECB can verbalize the cr*p out of the market to achieve an exchange rate of 1.3000; but to see maybe a level than this and perhaps an exchange rate of 1.2500, which, lies just below all the noise of the candlesticks on the monthly chart may be the ultimate goal that they have in mind.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>To achieve this lower level however would require: -</strong></p>\r\n<p style=\"text-align: center;\"><strong>100% consistency of the message to be delivered\r\n</strong><strong>100% unity\r\n</strong><strong>100% determination</strong></p>\r\n<p style=\"text-align: center;\"><strong>None of the above are traits of the ECB given the past history. It does make you concerned.</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3722\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014-1024x452.png\" alt=\"EURUSD MONTHLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nI do not believe that the ECB will want a waterfall drop to the proposed level, and, I am NOT expecting Draghi to indicate the target other than say below 1.3000, quite simply because he has to at least indicate something to the markets.\r\n\r\nMoving on from the Eurozone, Draghi and the ECB…..let me just briefly mention the Swiss National Bank.\r\n\r\nAnything that the ECB/Draghi decides to do will be talked through ahead of the time with the SNB as the CHF will be the currency greatly affected by whatever easing the ECB carries out. Right now the EUR/CHF has an SNB exchange rate floor level supported at 1.2000. Given the effect that easing would have on the EUR across all currencies the SNB will want to protected itself against currency flows.\r\n\r\nAhead of the ECB June Press Conference it is widely expected that the SNB will introduce measures as well to avoid the CHF strengthening too far. Negative deposit rates, increases in the present EUR/CHF floor limit to 1.2500 or higher are being talked about.\r\n\r\nI think that we should be able to gauge the level of € easing by how far the SNB acts to protect the CHF. The markets are expecting something, so it is not a good time to be short the USD/CHF, EUR/CHF, GBP/CHF etc…..\r\n\r\nSo, with a little luck we should see two major market moves as a result of pending ECB action. If the SNB does nothing ahead of the ECB and it not coordinated to the same time of day as the ECB Press Conference in June, it will be a shocker!\r\n\r\nPre-warned is being pre-armed; as traders we now need to load up and think now about the June ECB meeting and subsequent Press Conference. I believe there are some great opportunities ahead. We may the equivalent of the 2013 USD/JPY move on our doorstep.\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3624.</strong> This pair is now under pressure. We closed the week below the 200 SMA at 1.3635, which is a very bearish event. All week this pair has found it very hard to get a support level from which to bounce and therefore the bears are well in control. Moving forward, I really do not think that the bulls get back in the driving seat unless we break 1.3740. To the downside, obviously there is big support just below 1.36000 at around 1.3580.\r\n\r\n<strong>GBP/USD: Closing Price 1.6829</strong>. I think that the 1.6990 recent high on the day of the last ECB Press Conference earlier this month may have been the 2014 high for this pair. Moving forward unless we see a break above 1.6920, which would be a great area to get short at, I fear that much lower levels are coming into play. The next support level is the double top measured move target of the daily chart, which, is at 1.6780. Personally, I see that if that level does not hold 1.6500 could be the target.\r\n\r\n<strong>AUD/USD: Closing Price 0.9230</strong>. We ended last week just above critical support of 0.9210. This pair has been trading heavy all week and quite frankly it looks like it is just a matter of time before we are within striking distance of 0.9000 again. Resistance is at 0.9315.\r\n\r\n<strong>NZD/USD: Closing Price 0.8541</strong>. Key support lies at 0.8500, with resistance at 0.8600. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0859.</strong> No change in the closing price this week in comparison to last week. I have been avoiding the “Loonie” of late as I was stung quite badly recently. I think we have to see a range break before I could be tempted to enter a trade. The range that I am looking at is1.0800 to 1.0940, if we see a nice GAP lower at the open on Sunday night, I may be tempted but in all honesty the Ian Hunter song “Once Bitten Twice Shy” is ringing in my ears<strong> </strong>\r\n\r\n<strong>USD/CHF: Closing Price 0.8953</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8970.\r\n\r\n<strong>USD/JPY: Closing Price 101.95. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.40\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: EUR – Draghi Speaks.\r\n\r\nMONDAY: EUR – Draghi Speaks.\r\n\r\nTUESDAY: EUR – Draghi Speaks.\r\nTUESDAY: JPY – Kuroda Speaks.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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: left;\"> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\"><img class=\"aligncenter size-full wp-image-3727\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\" alt=\"PREM SERV PROFITS 1 24052014\" width=\"449\" height=\"419\" /></a></p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\"><img class=\"aligncenter size-full wp-image-3728\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\" alt=\"PREM SERV PROFITS2 24052014\" width=\"460\" height=\"417\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nNot a lot of the news items scheduled for this week really interest me much. I am only really interested in watching for moves on the back of the ECB (Draghi) and BOJ (Kuroda).\r\n\r\nJust because there are not a huge number of events does NOT mean that my guard will be down.\r\n\r\nWhilst it is a short trading week if you count the USA Memorial Day holiday, at the back of my mind I am also becoming a little concerned that summer may be arriving earlier this year. This will add to volatility but it will be on the back of thinner market volume, and this always concerns me as moves can be exaggerated. This usually means false breakouts and false breakdowns can be the normal.\r\n\r\nSo, keep your eyes and ears on the Eurozone, plus whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain active this week.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 24th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)','','publish','open','closed','','eurozone-back-framehowever-watch-snb-chf','','','2014-05-24 09:07:48','2014-05-24 14:07:48','',0,'https://weeklyfxdrivethru.com/?p=3740',0,'post','',0),(3741,1,'2014-05-24 09:06:56','2014-05-24 14:06:56','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nWell…my thoughts from last weekend that the JPY would dominate the marketplace this past week like it did last year never materialized. That was a bummer piece of news for me, I have maintained my shorts in the EUR/JPY and CHF/JPY but I lost money on my USD/JPY short.\r\n\r\nThe standout Forex news that stuck out for me over the past trading week was the AUD performance. After improving but still in contracting mode the Chinese HSBC Manufacturing PMi still below 50.0, but improved off last months 48.1 provided the AUD/USD with a bolt off the lows of 0.9210 up to 0.9270. The bullish move lasted 12 hours. Since then the AUD/USD and NZD/USD have both been trading very heavy and are well inside striking distance of key support levels at 0.9200 and 0.8500.\r\n\r\nAs I mentioned last week, I am in the middle of writing a review on Forex brokers. Since, I started the PREMIUM SERVICE I added 3 new brokers to my accounts list. I have inside 5 months parted company with two of them.\r\n\r\nI had to stop trading with one due to execution speeds and slippage. It was a shame as the Account Manager was 100% solid.\r\n\r\nThe other broker was terminated quite frankly because promises were never met and the Account Manger left under a bit of a cloud. Communication was awful and they removed money from my trading account without advising me why. The reason was regulatory, not a problem but why not advise me. Why Do I have to the one to notice and initiate the conversation? This is 2014, when you are opening a series of accounts, the brokers are over you like a rash, SKYPE, email, or telephone, but not when something goes wrong. In addition, they lied to me, talk about a big RED FLAG.\r\n\r\nOriginally, my article was going to be based around why I have multiple brokers and how I utilize them. However, after having one or two conversations with subscribers, I decided to expand the article.\r\n\r\nMy goal with the PREMIUM SERVICE was to offer subscribers a deal with a broker that I had vetted for a few months. I still have my relationships with my longer-term brokers and they are excellent. I have almost signed off on special introductory deals with them for my followers. It will be another week or so before this article will be ready to print.\r\n\r\nThe PREMIUM SERVICE continues to add $$$ on the trade set-ups, I am very happy with the return given the market conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)</strong></p>\r\n<strong> </strong>In the next week we have “DRAGHI SPEAK” three times.\r\n\r\nI think we should get a clearer indication (subject to a sanction from the Bundesbank and Merkel) of what the ECB is considering by way of tackling DEFLATION and the single currency high exchange rate in the Eurozone.\r\n\r\nWhat happens, if there are no initiatives at the June ECB meeting and all we have is the usual ECB bravado of verbal intervention? Is there a chance of that happening? There is a chance of no action, but if that were to happen the credibility of the ECB and the personal credibility of Mario Draghi would not recover for a very, very long time. If the action taken was “wishy washy” this would also affect credibility and quite frankly the markets would never believe a word that would be uttered in the future from either the ECB or Draghi. So, I am in the corner that something is going to be done.\r\n\r\nDraghi announced at the last ECB meeting in May that the ECB governing council had agreed to act at the next months meeting.\r\n\r\nThe EUR/USD reached 1.3993 (1.4000) at the ECB Press Conference; several analysts promoted this level as the limit level. As soon as Draghi announced action the following month, the EUR/USD started to fall, the low so far from the high is 1.3615, which represents just under a 400-pip move lower. What is the ECB target exchange rate? Who knows? What is the equitable exchange?\r\n\r\nWe are told that the ECB is 100% independent and that politicians have zero impact or influence….yeah right!!\r\n\r\nPoliticians will work in terms of round numbers, and, therefore this may be why 1.4000 was the straw to break the camels back. On the other side it is a far more difficult number to predict and I believe that it is guesswork more than anything.\r\n\r\nHowever, lets briefly look at what Draghi has to achieve. He needs to get inflation moving up to his 2% inflation target. He needs to spur business investment and growth in many countries, by getting the unemployed back to work, through banks lending money to businesses to grow and export goods. He needs to create a business confidence in the Eurozone. It’s not much!!\r\n\r\nTo achieve this the ECB will have to dig deep enough to meet the markets expectations so that the ECB achieves a 100% value for the € millions that is going to be spent\r\n\r\nLet me list the major options he has once again as I see them: -\r\n<ol>\r\n	<li>An interest rate cut from the existing 0.25%.</li>\r\n	<li>A further LTRO (Long Term Refinancing Option).</li>\r\n	<li>Full on Quantitative Easing.</li>\r\n	<li>Negative deposit rates for Eurozone banks depositing money in the ECB.</li>\r\n</ol>\r\nLooking at the EUR/USD monthly chart below.\r\n\r\nThere are no real levels/ targets that stand out for me.\r\n\r\nThe ECB however, has to set a realistic objective with what it wants to achieve as an equitable exchange rate that is commensurate with the € cost to achieve the desired level.\r\n\r\nI think Draghi and governing council of the ECB can verbalize the cr*p out of the market to achieve an exchange rate of 1.3000; but to see maybe a level than this and perhaps an exchange rate of 1.2500, which, lies just below all the noise of the candlesticks on the monthly chart may be the ultimate goal that they have in mind.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>To achieve this lower level however would require: -</strong></p>\r\n<p style=\"text-align: center;\"><strong>100% consistency of the message to be delivered\r\n</strong><strong>100% unity\r\n</strong><strong>100% determination</strong></p>\r\n<p style=\"text-align: center;\"><strong>None of the above are traits of the ECB given the past history. It does make you concerned.</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3722\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014-1024x452.png\" alt=\"EURUSD MONTHLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nI do not believe that the ECB will want a waterfall drop to the proposed level, and, I am NOT expecting Draghi to indicate the target other than say below 1.3000, quite simply because he has to at least indicate something to the markets.\r\n\r\nMoving on from the Eurozone, Draghi and the ECB…..let me just briefly mention the Swiss National Bank.\r\n\r\nAnything that the ECB/Draghi decides to do will be talked through ahead of the time with the SNB as the CHF will be the currency greatly affected by whatever easing the ECB carries out. Right now the EUR/CHF has an SNB exchange rate floor level supported at 1.2000. Given the effect that easing would have on the EUR across all currencies the SNB will want to protected itself against currency flows.\r\n\r\nAhead of the ECB June Press Conference it is widely expected that the SNB will introduce measures as well to avoid the CHF strengthening too far. Negative deposit rates, increases in the present EUR/CHF floor limit to 1.2500 or higher are being talked about.\r\n\r\nI think that we should be able to gage the level of € easing by how far the SNB acts to protect the CHF. The markets are expecting something, so it is not a good time to be short the USD/CHF, EUR/CHF, GBP/CHF etc…..\r\n\r\nSo, with a little luck we should see two major market moves as a result of pending ECB action. If the SNB does nothing ahead of the ECB and it not coordinated to the same time of day as the ECB Press Conference in June, it will be a shocker!\r\n\r\nPre-warned is being pre-armed; as traders we now need to load up and think now about the June ECB meeting and subsequent Press Conference. I believe there are some great opportunities ahead. We may the equivalent of the 2013 USD/JPY move on our doorstep.\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3624.</strong> This pair is now under pressure. We closed the week below the 200 SMA at 1.3635, which is a very bearish event. All week this pair has found it very hard to get a support level from which to bounce and therefore the bears are well in control. Moving forward, I really do not think that the bulls get back in the driving seat unless we break 1.3740. To the downside, obviously there is big support just below 1.36000 at around 1.3580.\r\n\r\n<strong>GBP/USD: Closing Price 1.6829</strong>. I think that the 1.6990 recent high on the day of the last ECB Press Conference earlier this month may have been the 2014 high for this pair. Moving forward unless we see a break above 1.6920, which would be a great area to get short at, I fear that much lower levels are coming into play. The next support level is the double top measured move target of the daily chart, which, is at 1.6780. Personally, I see that if that level does not hold 1.6500 could be the target.\r\n\r\n<strong>AUD/USD: Closing Price 0.9230</strong>. We ended last week just above critical support of 0.9210. This pair has been trading heavy all week and quite frankly it looks like it is just a matter of time before we are within striking distance of 0.9000 again. Resistance is at 0.9315.\r\n\r\n<strong>NZD/USD: Closing Price 0.8541</strong>. Key support lies at 0.8500, with resistance at 0.8600. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0859.</strong> No change in the closing price this week in comparison to last week. I have been avoiding the “Loonie” of late as I was stung quite badly recently. I think we have to see a range break before I could be tempted to enter a trade. The range that I am looking at is1.0800 to 1.0940, if we see a nice GAP lower at the open on Sunday night, I may be tempted but in all honesty the Ian Hunter song “Once Bitten Twice Shy” is ringing in my ears<strong> </strong>\r\n\r\n<strong>USD/CHF: Closing Price 0.8953</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8970.\r\n\r\n<strong>USD/JPY: Closing Price 101.95. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.40\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: EUR – Draghi Speaks.\r\n\r\nMONDAY: EUR – Draghi Speaks.\r\n\r\nTUESDAY: EUR – Draghi Speaks.\r\nTUESDAY: JPY – Kuroda Speaks.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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: left;\"> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\"><img class=\"aligncenter size-full wp-image-3727\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\" alt=\"PREM SERV PROFITS 1 24052014\" width=\"449\" height=\"419\" /></a></p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\"><img class=\"aligncenter size-full wp-image-3728\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\" alt=\"PREM SERV PROFITS2 24052014\" width=\"460\" height=\"417\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nNot a lot of the news items scheduled for this week really interest me much. I am only really interested in watching for moves on the back of the ECB (Draghi) and BOJ (Kuroda).\r\n\r\nJust because there are not a huge number of events does NOT mean that my guard will be down.\r\n\r\nWhilst it is a short trading week if you count the USA Memorial Day holiday, at the back of my mind I am also becoming a little concerned that summer may be arriving earlier this year. This will add to volatility but it will be on the back of thinner market volume, and this always concerns me as moves can be exaggerated. This usually means false breakouts and false breakdowns can be the normal.\r\n\r\nSo, keep your eyes and ears on the Eurozone, plus whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain active this week.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 24th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)','','inherit','open','closed','','3740-revision-v1','','','2014-05-24 09:06:56','2014-05-24 14:06:56','',3740,'https://weeklyfxdrivethru.com/3740-revision-v1/',0,'revision','',0),(3742,1,'2014-05-24 09:07:48','2014-05-24 14:07:48','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nWell…my thoughts from last weekend that the JPY would dominate the marketplace this past week like it did last year never materialized. That was a bummer piece of news for me, I have maintained my shorts in the EUR/JPY and CHF/JPY but I lost money on my USD/JPY short.\r\n\r\nThe standout Forex news that stuck out for me over the past trading week was the AUD performance. After improving but still in contracting mode the Chinese HSBC Manufacturing PMi still below 50.0, but improved off last months 48.1 provided the AUD/USD with a bolt off the lows of 0.9210 up to 0.9270. The bullish move lasted 12 hours. Since then the AUD/USD and NZD/USD have both been trading very heavy and are well inside striking distance of key support levels at 0.9200 and 0.8500.\r\n\r\nAs I mentioned last week, I am in the middle of writing a review on Forex brokers. Since, I started the PREMIUM SERVICE I added 3 new brokers to my accounts list. I have inside 5 months parted company with two of them.\r\n\r\nI had to stop trading with one due to execution speeds and slippage. It was a shame as the Account Manager was 100% solid.\r\n\r\nThe other broker was terminated quite frankly because promises were never met and the Account Manger left under a bit of a cloud. Communication was awful and they removed money from my trading account without advising me why. The reason was regulatory, not a problem but why not advise me. Why Do I have to the one to notice and initiate the conversation? This is 2014, when you are opening a series of accounts, the brokers are over you like a rash, SKYPE, email, or telephone, but not when something goes wrong. In addition, they lied to me, talk about a big RED FLAG.\r\n\r\nOriginally, my article was going to be based around why I have multiple brokers and how I utilize them. However, after having one or two conversations with subscribers, I decided to expand the article.\r\n\r\nMy goal with the PREMIUM SERVICE was to offer subscribers a deal with a broker that I had vetted for a few months. I still have my relationships with my longer-term brokers and they are excellent. I have almost signed off on special introductory deals with them for my followers. It will be another week or so before this article will be ready to print.\r\n\r\nThe PREMIUM SERVICE continues to add $$$ on the trade set-ups, I am very happy with the return given the market conditions.\r\n\r\n&nbsp;\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)</strong></p>\r\n<strong> </strong>In the next week we have “DRAGHI SPEAK” three times.\r\n\r\nI think we should get a clearer indication (subject to a sanction from the Bundesbank and Merkel) of what the ECB is considering by way of tackling DEFLATION and the single currency high exchange rate in the Eurozone.\r\n\r\nWhat happens, if there are no initiatives at the June ECB meeting and all we have is the usual ECB bravado of verbal intervention? Is there a chance of that happening? There is a chance of no action, but if that were to happen the credibility of the ECB and the personal credibility of Mario Draghi would not recover for a very, very long time. If the action taken was “wishy washy” this would also affect credibility and quite frankly the markets would never believe a word that would be uttered in the future from either the ECB or Draghi. So, I am in the corner that something is going to be done.\r\n\r\nDraghi announced at the last ECB meeting in May that the ECB governing council had agreed to act at the next months meeting.\r\n\r\nThe EUR/USD reached 1.3993 (1.4000) at the ECB Press Conference; several analysts promoted this level as the limit level. As soon as Draghi announced action the following month, the EUR/USD started to fall, the low so far from the high is 1.3615, which represents just under a 400-pip move lower. What is the ECB target exchange rate? Who knows? What is the equitable exchange?\r\n\r\nWe are told that the ECB is 100% independent and that politicians have zero impact or influence….yeah right!!\r\n\r\nPoliticians will work in terms of round numbers, and, therefore this may be why 1.4000 was the straw to break the camels back. On the other side it is a far more difficult number to predict and I believe that it is guesswork more than anything.\r\n\r\nHowever, lets briefly look at what Draghi has to achieve. He needs to get inflation moving up to his 2% inflation target. He needs to spur business investment and growth in many countries, by getting the unemployed back to work, through banks lending money to businesses to grow and export goods. He needs to create a business confidence in the Eurozone. It’s not much!!\r\n\r\nTo achieve this the ECB will have to dig deep enough to meet the markets expectations so that the ECB achieves a 100% value for the € millions that is going to be spent\r\n\r\nLet me list the major options he has once again as I see them: -\r\n<ol>\r\n	<li>An interest rate cut from the existing 0.25%.</li>\r\n	<li>A further LTRO (Long Term Refinancing Option).</li>\r\n	<li>Full on Quantitative Easing.</li>\r\n	<li>Negative deposit rates for Eurozone banks depositing money in the ECB.</li>\r\n</ol>\r\nLooking at the EUR/USD monthly chart below.\r\n\r\nThere are no real levels/ targets that stand out for me.\r\n\r\nThe ECB however, has to set a realistic objective with what it wants to achieve as an equitable exchange rate that is commensurate with the € cost to achieve the desired level.\r\n\r\nI think Draghi and governing council of the ECB can verbalize the cr*p out of the market to achieve an exchange rate of 1.3000; but to see maybe a level than this and perhaps an exchange rate of 1.2500, which, lies just below all the noise of the candlesticks on the monthly chart may be the ultimate goal that they have in mind.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>To achieve this lower level however would require: -</strong></p>\r\n<p style=\"text-align: center;\"><strong>100% consistency of the message to be delivered\r\n</strong><strong>100% unity\r\n</strong><strong>100% determination</strong></p>\r\n<p style=\"text-align: center;\"><strong>None of the above are traits of the ECB given the past history. It does make you concerned.</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014.png\"><img class=\"aligncenter size-large wp-image-3722\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURUSD-MONTHLY-24052014-1024x452.png\" alt=\"EURUSD MONTHLY 24052014\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nI do not believe that the ECB will want a waterfall drop to the proposed level, and, I am NOT expecting Draghi to indicate the target other than say below 1.3000, quite simply because he has to at least indicate something to the markets.\r\n\r\nMoving on from the Eurozone, Draghi and the ECB…..let me just briefly mention the Swiss National Bank.\r\n\r\nAnything that the ECB/Draghi decides to do will be talked through ahead of the time with the SNB as the CHF will be the currency greatly affected by whatever easing the ECB carries out. Right now the EUR/CHF has an SNB exchange rate floor level supported at 1.2000. Given the effect that easing would have on the EUR across all currencies the SNB will want to protected itself against currency flows.\r\n\r\nAhead of the ECB June Press Conference it is widely expected that the SNB will introduce measures as well to avoid the CHF strengthening too far. Negative deposit rates, increases in the present EUR/CHF floor limit to 1.2500 or higher are being talked about.\r\n\r\nI think that we should be able to gauge the level of € easing by how far the SNB acts to protect the CHF. The markets are expecting something, so it is not a good time to be short the USD/CHF, EUR/CHF, GBP/CHF etc…..\r\n\r\nSo, with a little luck we should see two major market moves as a result of pending ECB action. If the SNB does nothing ahead of the ECB and it not coordinated to the same time of day as the ECB Press Conference in June, it will be a shocker!\r\n\r\nPre-warned is being pre-armed; as traders we now need to load up and think now about the June ECB meeting and subsequent Press Conference. I believe there are some great opportunities ahead. We may the equivalent of the 2013 USD/JPY move on our doorstep.\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3624.</strong> This pair is now under pressure. We closed the week below the 200 SMA at 1.3635, which is a very bearish event. All week this pair has found it very hard to get a support level from which to bounce and therefore the bears are well in control. Moving forward, I really do not think that the bulls get back in the driving seat unless we break 1.3740. To the downside, obviously there is big support just below 1.36000 at around 1.3580.\r\n\r\n<strong>GBP/USD: Closing Price 1.6829</strong>. I think that the 1.6990 recent high on the day of the last ECB Press Conference earlier this month may have been the 2014 high for this pair. Moving forward unless we see a break above 1.6920, which would be a great area to get short at, I fear that much lower levels are coming into play. The next support level is the double top measured move target of the daily chart, which, is at 1.6780. Personally, I see that if that level does not hold 1.6500 could be the target.\r\n\r\n<strong>AUD/USD: Closing Price 0.9230</strong>. We ended last week just above critical support of 0.9210. This pair has been trading heavy all week and quite frankly it looks like it is just a matter of time before we are within striking distance of 0.9000 again. Resistance is at 0.9315.\r\n\r\n<strong>NZD/USD: Closing Price 0.8541</strong>. Key support lies at 0.8500, with resistance at 0.8600. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0859.</strong> No change in the closing price this week in comparison to last week. I have been avoiding the “Loonie” of late as I was stung quite badly recently. I think we have to see a range break before I could be tempted to enter a trade. The range that I am looking at is1.0800 to 1.0940, if we see a nice GAP lower at the open on Sunday night, I may be tempted but in all honesty the Ian Hunter song “Once Bitten Twice Shy” is ringing in my ears<strong> </strong>\r\n\r\n<strong>USD/CHF: Closing Price 0.8953</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8970.\r\n\r\n<strong>USD/JPY: Closing Price 101.95. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.40\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: EUR – Draghi Speaks.\r\n\r\nMONDAY: EUR – Draghi Speaks.\r\n\r\nTUESDAY: EUR – Draghi Speaks.\r\nTUESDAY: JPY – Kuroda Speaks.\r\n\r\nWEDNESDAY: N/A.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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: left;\"> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\"><img class=\"aligncenter size-full wp-image-3727\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS-1-24052014.png\" alt=\"PREM SERV PROFITS 1 24052014\" width=\"449\" height=\"419\" /></a></p>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\"><img class=\"aligncenter size-full wp-image-3728\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-24052014.png\" alt=\"PREM SERV PROFITS2 24052014\" width=\"460\" height=\"417\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nNot a lot of the news items scheduled for this week really interest me much. I am only really interested in watching for moves on the back of the ECB (Draghi) and BOJ (Kuroda).\r\n\r\nJust because there are not a huge number of events does NOT mean that my guard will be down.\r\n\r\nWhilst it is a short trading week if you count the USA Memorial Day holiday, at the back of my mind I am also becoming a little concerned that summer may be arriving earlier this year. This will add to volatility but it will be on the back of thinner market volume, and this always concerns me as moves can be exaggerated. This usually means false breakouts and false breakdowns can be the normal.\r\n\r\nSo, keep your eyes and ears on the Eurozone, plus whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain active this week.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 24th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','EUROZONE IS BACK IN THE FRAME…HOWEVER, WATCH THE SNB (CHF)','','inherit','open','closed','','3740-revision-v1','','','2014-05-24 09:07:48','2014-05-24 14:07:48','',3740,'https://weeklyfxdrivethru.com/3740-revision-v1/',0,'revision','',0),(3746,1,'2014-05-24 09:19:39','2014-05-24 14:19:39','<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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/MANAGING-RISK.pdf\">MANAGING RISK</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/STOP-PLACEMENT.pdf\">STOP PLACEMENT</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/MAXIMISING-PROFIT-POTENTIAL-BY-PROPERLY-SIZING-POSITIONS.pdf\">MAXIMISING PROFIT POTENTIAL BY PROPERLY SIZING POSITIONS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-AROUND-THE-NEWS.pdf\">TRADING AROUND THE NEWS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/HANDLING-NEWS-WITH-AN-OPEN-POSITION.pdf\">HANDLING NEWS WITH AN OPEN POSITION</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\">TRADING WITH A FLEXIBLE MINDSET</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PROBABILITIES-IN-TRADING.pdf\">PROBABILITIES IN TRADING</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf\">TRADING PSYCHOLOGY AND DRAWDOWNS</a>\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>\r\n<div class=\"one-third\"></div>\r\n&nbsp;\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n</section>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-05-24 09:19:39','2014-05-24 14:19:39','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3749,1,'2014-05-27 06:34:09','2014-05-27 11:34:09','Good Day,\r\n\r\nWelcome to new members from the weekend,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n<ol>\r\n	<li>The U.S. stock market rallies to wards new highs yet the USD/JPY fails to respond and cannot maintain a position above 102.00. It is NOT rallying with risk appetite.</li>\r\n	<li>EUR/USD, toying with 200 day SMA this is around 1.3635. Keep your eyes on this level as we move forward. A close below here will be bearish. There will be a huge amount of Chop Fest around this pair until the June ECB Press Conference and interest rate decision. The ECB have telegraphed that they are proposing to take action against DEFLATION and growth as well as the strong EUR/USD and other cross rates strength. Speculation is high and rumours will swing EUR related pairs up and down  at times for no apparent reasons.</li>\r\n	<li>USD/CAD, very strong. I am looking to pick this pair up on a RADAR TRADE later today if I get my charts sorted with levels!! (I will tweet)</li>\r\n	<li>AUD/NZD, (AUD is very strong and NZD is very weak) I had this pair on my RADAR to enter long around the 61.8% retracement 1.0760 or lower towards 1.0700. We never got these but I know Yang from HK did...well done great trade it is anchored now above 1.0800 and I think potentially 1.1350 is a long , long-term target. I will need a substantial pullback to get me long. But well done Yang.</li>\r\n</ol>\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nPresent positions are: -\r\n\r\nGBP/USD  short +20 pips\r\n\r\nAUD/USD short -17 pips\r\n\r\nEUR/CHF long -3 pips\r\n\r\nUSD/CHF long +59 pips\r\n\r\nGBP/CHF long -22 pips\r\n\r\nEUR/USD short +26 pips\r\n\r\nEUR/GBP short +1 pip\r\n\r\nEUR/AUD long  - 12 pips\r\n\r\nEUR/JPY short -39 pips\r\n\r\nNZD/USD short -5 pips\r\n\r\nGBP/NZD long - 216 pips (re-hedged again)...This is a long, long, long, long-term trade...FUNDAMENTAL of the highest proportions.\r\n\r\n&nbsp;\r\n\r\nIf I add trades or amend, I will tweet.\r\n\r\nGood luck today, take care,\r\n\r\nScott','#38 - THE DAILY FX POST, Tuesday 27th May 2014','','inherit','open','closed','','3748-revision-v1','','','2014-05-27 06:34:09','2014-05-27 11:34:09','',3748,'https://weeklyfxdrivethru.com/3748-revision-v1/',0,'revision','',0),(3750,1,'2014-05-28 07:40:42','2014-05-28 12:40:42','Hi,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nThe market volatility is killing me, the slow grind higher in equities in a one-sided market is dreadful to be in at times, it is challenging to say the least. I wrote about this a few weeks ago in the \"DRIVE-THRU\" blog and I really think that we are now in danger of starting the summer low liquidity market earlier this year. Just another factor to consider.\r\n\r\nNot really much happening; as I mentioned yesterday  the New Zealand Milk Report came through and a disastrous Business Confidence figure about 15% less than last month were big news items to hit the Kiwi $. We are now below 0.8500 which was a big support level. I think that the next stop to watch is 0.8420.\r\n\r\nThe market looks pretty static to me right now.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE REVIEWS / UPDATES / AMENDMENTS and NEW SET-UPS:</strong></span>\r\n\r\nI have made a few changes to existing trades and I have placed limit orders that are in my opinion at levels that should be offer great positions from which to grow profitable trades. The only issue in my head is that we may not see these levels to kick in. I have a couple more trade set-ups on my mind and I will tweet these later on today.\r\n\r\n<span style=\"text-decoration: underline;\">CANCELLED LIMIT ORDERS:</span>\r\n\r\nRT87 - NZD/USD\r\n\r\nRT88 - USD/SEK\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">REVISED STOP LOSS:</span>\r\n\r\nRT84 - EUR/GBP was 0.8150 now 0.8174.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">NEW TRADE SET -UPS....ALL ARE LIMIT ORDERS:</span>\r\n\r\nRT91\r\nNZD/USD\r\nShort\r\nEntry: 0.8505\r\nStop: 0.8590\r\nLimit: 0.8000\r\n\r\nRT92\r\nGBP/USD\r\nShort\r\nEntry at: 1.6790\r\nStop: 1.6840\r\nLimit: 1.6500\r\n\r\nRT93\r\nUSD/CAD\r\nLong\r\nEntry at : 1.0815\r\nStop: 1.0750\r\nLimit: 1.1600\r\n\r\nFUN25\r\nGBP/AUD\r\nLong\r\nEntry at: 1.7895\r\nStop: 1.7700\r\nLimit: 1.8375\r\n\r\nFUN26\r\nEUR/NZD\r\nLong\r\nEntry: 1.5990\r\nStop: 1.5875 (I am prepared to move this much lower and hedge)\r\nLimit: 1.6300 (This is my initial target see chart below...I think a move much higher is possible)\r\n\r\nIf we break 1.6100, I will add to this trade...I am assuming that I achieve me entry. I hate chasing but I DO NOT want to miss this trade. As you know I have been patiently long for over two months with the GBP/NZD and I see a break above 2.0000, it could trigger a move to 2.2000 no problem with GBP  and NZD fundamentals kicking in.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURNZD-DAILY-28052014.png\"><img class=\"aligncenter size-large wp-image-3753\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURNZD-DAILY-28052014-1024x471.png\" alt=\"EURNZD DAILY 28052014\" width=\"1024\" height=\"471\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGood luck today,\r\n\r\nIf you have any queries about the content email at premiumservice@weeklyfxdrivethru.com\r\n\r\nScott','#39 - THE DAILY FX POST, Wednesday 28th May 2014','','publish','open','closed','','39-daily-fx-post-wednesday-28th-may-2014','','','2014-05-28 07:40:42','2014-05-28 12:40:42','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3750',0,'member_posts','',0),(3751,1,'2014-05-28 07:06:48','2014-05-28 12:06:48','','#39 - THE DAILY FX POST, Wednesday 28th May 2014','','inherit','open','closed','','3750-revision-v1','','','2014-05-28 07:06:48','2014-05-28 12:06:48','',3750,'https://weeklyfxdrivethru.com/3750-revision-v1/',0,'revision','',0),(3752,1,'2014-05-28 07:32:28','2014-05-28 12:32:28','Hi,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nThe market volatility is killing me, the slow grind higher in equities in a one sided market is dreadful to be in. I wrote about this a few weeks ago in the \"DRIVE-THRU\" blog and I really think that we are now in danger of starting the summer low liquidity market earlier this year. Just another factor to consider.\r\n\r\nNot really much happening; as I mentioned yesterday  the New Zealand Milk Report came through and a disastrous Business Confidence figure about 15% less than last month were big news items to hit the Kiwi $. We are now below 0.8500 which was a big support level. I think that the next stop to watch is 0.8420.\r\n\r\nThe market looks pretty static to me right now.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE REVIEWS / UPDATES / AMENDMENTS and NEW SET-UPS:</strong></span>\r\n\r\nI have made a few changes to existing trades and I have placed limit orders that are in my opinion at levels that should be offer great positions from which to grow profitable trades. The only issue in my head is that we may not see these levels to kick in. I have a couple more trade set-ups on my mind and I will tweet these later on today.\r\n\r\n<span style=\"text-decoration: underline;\">CANCELLED LIMIT ORDERS:</span>\r\n\r\nRT87 - NZD/USD\r\n\r\nRT88 - USD/SEK\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">REVISED STOP LOSS:</span>\r\n\r\nRT84 - EUR/GBP was 0.8150 now 0.8174.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">NEW TRADE SET -UPS....ALL ARE LIMIT ORDERS:</span>\r\n\r\nRT91\r\nNZD/USD\r\nShort\r\nEntry: 0.8505\r\nStop: 0.8590\r\nLimit: 0.8000\r\n\r\nRT92\r\nGBP/USD\r\nShort\r\nEntry at: 1.6790\r\nStop: 1.6840\r\nLimit: 1.6500\r\n\r\nRT93\r\nUSD/CAD\r\nLong\r\nEntry at : 1.0815\r\nStop: 1.0750\r\nLimit: 1.1600\r\n\r\nFUN25\r\nGBP/AUD\r\nLong\r\nEntry at: 1.7895\r\nStop: 1.7700\r\nLimit: 1.8375\r\n\r\nFUN26\r\nEUR/NZD\r\nLong\r\nEntry: 1.5990\r\nStop: 1.5875 (I am prepared to move this much lower and hedge)\r\nLimit: 1.6300 (This is my initial target see chart below...I think a move much higher is possible)','#39 - THE DAILY FX POST, Wednesday 28th May 2014','','inherit','open','closed','','3750-revision-v1','','','2014-05-28 07:32:28','2014-05-28 12:32:28','',3750,'https://weeklyfxdrivethru.com/3750-revision-v1/',0,'revision','',0),(3754,1,'2014-05-28 07:39:28','2014-05-28 12:39:28','Hi,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nThe market volatility is killing me, the slow grind higher in equities in a one sided market is dreadful to be in. I wrote about this a few weeks ago in the \"DRIVE-THRU\" blog and I really think that we are now in danger of starting the summer low liquidity market earlier this year. Just another factor to consider.\r\n\r\nNot really much happening; as I mentioned yesterday  the New Zealand Milk Report came through and a disastrous Business Confidence figure about 15% less than last month were big news items to hit the Kiwi $. We are now below 0.8500 which was a big support level. I think that the next stop to watch is 0.8420.\r\n\r\nThe market looks pretty static to me right now.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE REVIEWS / UPDATES / AMENDMENTS and NEW SET-UPS:</strong></span>\r\n\r\nI have made a few changes to existing trades and I have placed limit orders that are in my opinion at levels that should be offer great positions from which to grow profitable trades. The only issue in my head is that we may not see these levels to kick in. I have a couple more trade set-ups on my mind and I will tweet these later on today.\r\n\r\n<span style=\"text-decoration: underline;\">CANCELLED LIMIT ORDERS:</span>\r\n\r\nRT87 - NZD/USD\r\n\r\nRT88 - USD/SEK\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">REVISED STOP LOSS:</span>\r\n\r\nRT84 - EUR/GBP was 0.8150 now 0.8174.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">NEW TRADE SET -UPS....ALL ARE LIMIT ORDERS:</span>\r\n\r\nRT91\r\nNZD/USD\r\nShort\r\nEntry: 0.8505\r\nStop: 0.8590\r\nLimit: 0.8000\r\n\r\nRT92\r\nGBP/USD\r\nShort\r\nEntry at: 1.6790\r\nStop: 1.6840\r\nLimit: 1.6500\r\n\r\nRT93\r\nUSD/CAD\r\nLong\r\nEntry at : 1.0815\r\nStop: 1.0750\r\nLimit: 1.1600\r\n\r\nFUN25\r\nGBP/AUD\r\nLong\r\nEntry at: 1.7895\r\nStop: 1.7700\r\nLimit: 1.8375\r\n\r\nFUN26\r\nEUR/NZD\r\nLong\r\nEntry: 1.5990\r\nStop: 1.5875 (I am prepared to move this much lower and hedge)\r\nLimit: 1.6300 (This is my initial target see chart below...I think a move much higher is possible)\r\n\r\nIf we break 1.6100, I will add to this trade...I am assuming that I achieve me entry. I hate chasing but I DO NOT want to miss this trade. As you know I have been patiently long for over two months with the GBP/NZD and I see a break above 2.0000, it could trigger a move to 2.2000 no problem with GBP  and NZD fundamentals kicking in.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURNZD-DAILY-28052014.png\"><img class=\"aligncenter size-large wp-image-3753\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURNZD-DAILY-28052014-1024x471.png\" alt=\"EURNZD DAILY 28052014\" width=\"1024\" height=\"471\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGood luck today,\r\n\r\nIf you have any queries about the content email at premiumservice@weeklyfxdrivethru.com\r\n\r\nScott','#39 - THE DAILY FX POST, Wednesday 28th May 2014','','inherit','open','closed','','3750-revision-v1','','','2014-05-28 07:39:28','2014-05-28 12:39:28','',3750,'https://weeklyfxdrivethru.com/3750-revision-v1/',0,'revision','',0),(3755,1,'2014-05-28 07:40:42','2014-05-28 12:40:42','Hi,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nThe market volatility is killing me, the slow grind higher in equities in a one-sided market is dreadful to be in at times, it is challenging to say the least. I wrote about this a few weeks ago in the \"DRIVE-THRU\" blog and I really think that we are now in danger of starting the summer low liquidity market earlier this year. Just another factor to consider.\r\n\r\nNot really much happening; as I mentioned yesterday  the New Zealand Milk Report came through and a disastrous Business Confidence figure about 15% less than last month were big news items to hit the Kiwi $. We are now below 0.8500 which was a big support level. I think that the next stop to watch is 0.8420.\r\n\r\nThe market looks pretty static to me right now.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADE REVIEWS / UPDATES / AMENDMENTS and NEW SET-UPS:</strong></span>\r\n\r\nI have made a few changes to existing trades and I have placed limit orders that are in my opinion at levels that should be offer great positions from which to grow profitable trades. The only issue in my head is that we may not see these levels to kick in. I have a couple more trade set-ups on my mind and I will tweet these later on today.\r\n\r\n<span style=\"text-decoration: underline;\">CANCELLED LIMIT ORDERS:</span>\r\n\r\nRT87 - NZD/USD\r\n\r\nRT88 - USD/SEK\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">REVISED STOP LOSS:</span>\r\n\r\nRT84 - EUR/GBP was 0.8150 now 0.8174.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\">NEW TRADE SET -UPS....ALL ARE LIMIT ORDERS:</span>\r\n\r\nRT91\r\nNZD/USD\r\nShort\r\nEntry: 0.8505\r\nStop: 0.8590\r\nLimit: 0.8000\r\n\r\nRT92\r\nGBP/USD\r\nShort\r\nEntry at: 1.6790\r\nStop: 1.6840\r\nLimit: 1.6500\r\n\r\nRT93\r\nUSD/CAD\r\nLong\r\nEntry at : 1.0815\r\nStop: 1.0750\r\nLimit: 1.1600\r\n\r\nFUN25\r\nGBP/AUD\r\nLong\r\nEntry at: 1.7895\r\nStop: 1.7700\r\nLimit: 1.8375\r\n\r\nFUN26\r\nEUR/NZD\r\nLong\r\nEntry: 1.5990\r\nStop: 1.5875 (I am prepared to move this much lower and hedge)\r\nLimit: 1.6300 (This is my initial target see chart below...I think a move much higher is possible)\r\n\r\nIf we break 1.6100, I will add to this trade...I am assuming that I achieve me entry. I hate chasing but I DO NOT want to miss this trade. As you know I have been patiently long for over two months with the GBP/NZD and I see a break above 2.0000, it could trigger a move to 2.2000 no problem with GBP  and NZD fundamentals kicking in.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURNZD-DAILY-28052014.png\"><img class=\"aligncenter size-large wp-image-3753\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURNZD-DAILY-28052014-1024x471.png\" alt=\"EURNZD DAILY 28052014\" width=\"1024\" height=\"471\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGood luck today,\r\n\r\nIf you have any queries about the content email at premiumservice@weeklyfxdrivethru.com\r\n\r\nScott','#39 - THE DAILY FX POST, Wednesday 28th May 2014','','inherit','open','closed','','3750-revision-v1','','','2014-05-28 07:40:42','2014-05-28 12:40:42','',3750,'https://weeklyfxdrivethru.com/3750-revision-v1/',0,'revision','',0),(3756,1,'2014-05-29 07:10:34','2014-05-29 12:10:34','Hi everyone,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nA welcome bit of volatility yesterday and moves in the AUD and NZD following the AUD Private Capital Expenditure data release.\r\n\r\nIf you are not already short the AUD/USD or NZD/USD , up at 0.9300 and 0.8500 are great areas in my opinion. I added to both positions earlier. I also entered (very late ) the AUD/NZD long this morning on a small pullback. I think for the next couple of weeks we are going to see the AUD outperform the NZD. Therefore, do not let AUD short trades get away from you...tight stops.\r\n\r\nThere is Preliminary U.S. GDP coming up very shortly. Keep your eyes on the USD/JPY.\r\n\r\nThe market is pretty slow this morning so far and I am not expecting huge volatility. I have a lot of RED positions with my brokers at the moment, all trades are well within my TRADING PLAN risk management and risk tolerance positions, but I am not going to let them get too far away. The GBP/CHF is the one that worries me the most.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nI have four limit orders in place USD/JPY (short), GBP/USD (short), GBP/AUD (long) and USD/CAD (long).\r\n\r\nI do not anticipate adding to my number of live trades (11) so far. My position sizes are pretty small. If I do decide to add trade positions I will advise via twitter.\r\n\r\n&nbsp;\r\n\r\nHave fun and take care trading today...remember the ECB meeting plus big, big news items  next week.\r\n\r\n&nbsp;\r\n\r\nScott\r\n\r\n&nbsp;','#40 - THE DAILY FX POST, Thursday 29th May 2014','','publish','open','closed','','40-daily-fx-post-thursday-29th-may-2014','','','2014-05-29 07:10:34','2014-05-29 12:10:34','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3756',0,'member_posts','',0),(3757,1,'2014-05-29 07:09:11','2014-05-29 12:09:11','Hi everyone,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nA welcome bit of volatility yesterday and moves in the AUD and NZD following  the AUD Private Capital Expenditure data release.\r\n\r\nIf you are not already short the AUD/USD or NZD/USD , up at 0.9300 and 0.8500 are great areas in my opinion. I added to both positions earlier. I also entered (very late ) the AUD/NZD long this morning on a small pullback. I think for the next couple of weeks we are going to see the AUD outperform the NZD. Therefore, do not let AUD short trades get away from you...tight stops.\r\n\r\nThere is Preliminary U.S. GDP coming up very shortly. Keep your eyes on the USD/JPY.\r\n\r\nThe market is pretty slow this morning so far and I am not expecting huge volatility. I have a lot of RED positions with my brokers at the moment, all trades are well within my TRADING PLAN risk management and risk tolerance positions, but I am not going to let them get too far away. The GBP/CHF is the one that worries me the most.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nI have four limit orders in place USDJPY (short), GBPUSD (short), GBPAUD (long) and USDCAD (long).\r\n\r\nI do not anticipate adding to my number of live trades (11) so far. My position sizes are pretty small. If I do decide to add trade positions I will advise via twitter.\r\n\r\n&nbsp;\r\n\r\nHave fun and take care trading today...remember the ECB meeting plus big, big news items  next week.\r\n\r\n&nbsp;\r\n\r\nScott\r\n\r\n&nbsp;','#40 - THE DAILY FX POST, Thursday 29th May 2014','','inherit','open','closed','','3756-revision-v1','','','2014-05-29 07:09:11','2014-05-29 12:09:11','',3756,'https://weeklyfxdrivethru.com/3756-revision-v1/',0,'revision','',0),(3758,1,'2014-05-29 07:10:34','2014-05-29 12:10:34','Hi everyone,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>OVERVIEW:</strong></span>\r\n\r\nA welcome bit of volatility yesterday and moves in the AUD and NZD following the AUD Private Capital Expenditure data release.\r\n\r\nIf you are not already short the AUD/USD or NZD/USD , up at 0.9300 and 0.8500 are great areas in my opinion. I added to both positions earlier. I also entered (very late ) the AUD/NZD long this morning on a small pullback. I think for the next couple of weeks we are going to see the AUD outperform the NZD. Therefore, do not let AUD short trades get away from you...tight stops.\r\n\r\nThere is Preliminary U.S. GDP coming up very shortly. Keep your eyes on the USD/JPY.\r\n\r\nThe market is pretty slow this morning so far and I am not expecting huge volatility. I have a lot of RED positions with my brokers at the moment, all trades are well within my TRADING PLAN risk management and risk tolerance positions, but I am not going to let them get too far away. The GBP/CHF is the one that worries me the most.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES:</strong></span>\r\n\r\nI have four limit orders in place USD/JPY (short), GBP/USD (short), GBP/AUD (long) and USD/CAD (long).\r\n\r\nI do not anticipate adding to my number of live trades (11) so far. My position sizes are pretty small. If I do decide to add trade positions I will advise via twitter.\r\n\r\n&nbsp;\r\n\r\nHave fun and take care trading today...remember the ECB meeting plus big, big news items  next week.\r\n\r\n&nbsp;\r\n\r\nScott\r\n\r\n&nbsp;','#40 - THE DAILY FX POST, Thursday 29th May 2014','','inherit','open','closed','','3756-revision-v1','','','2014-05-29 07:10:34','2014-05-29 12:10:34','',3756,'https://weeklyfxdrivethru.com/3756-revision-v1/',0,'revision','',0),(3761,1,'2014-05-30 07:09:45','2014-05-30 12:09:45','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','','inherit','open','closed','','3759-revision-v1','','','2014-05-30 07:09:45','2014-05-30 12:09:45','',3759,'https://weeklyfxdrivethru.com/3759-revision-v1/',0,'revision','',0),(3772,1,'2014-05-31 15:48:33','2014-05-31 20:48:33','','TRADING PSYCHOLOGY - RECENCY BIAS','','inherit','open','closed','','trading-psychology-recency-bias','','','2014-05-31 15:48:33','2014-05-31 20:48:33','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-RECENCY-BIAS.pdf',0,'attachment','application/pdf',0),(3774,1,'2014-05-31 16:12:44','2014-05-31 21:12:44','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe “Chop Fest” continues, with a difference. Now we have chop for a few minutes and then I have to keep checking my iCal because it feels like summer trading conditions. Once I have verified that we are actually in May, I then have to check my internet connections because there is no movement on my screens. My overview on these slow one-sided markets later.\r\n\r\nLooking back at last week, there wasn’t really much to shout home about. My focus was on Draghi and the ECB council, but that whole “will he / won’t he” spill the beans on what he’s actually going to do this week on Thursday never materialized. Apart from Wolfgang Schauble (German Finance Minister), all of the Eurozone politicians and the rest of the ECB governing council pretty much kept their respective “gobs” shut for once. I love knocking the ECB and the Eurozone, having lived previously in three European countries; I have an “in” on the mentalities and the cultures. I just love the way that Germany through the Bundesbank and Angela Merkel just could not give a “rat’s ass” about the other members of the Eurozone, in their minds they are merely treated as if they were an additional 18 states of Germany.\r\n\r\nThe ECB Press Conference is four days away, plenty of time for the tight lipped approach, which is against the usual ECB / Eurozone, to be broken. History is on my side that the action to be taken by the ECB this Thursday will be leaked. There will be increased volatility in the EUR related currencies, as we get closer to the ECB Press Conference.\r\n\r\nBe “a savvy trader”, keep positions small if you feel you have to trade EUR related currency pairs and in particular, with the EUR/USD and EUR/GBP keep stops wider than usual. The more conservative approach would be to ignore the EUR completely, or trade a cross-rate that will not be too directly affected. The EUR/NZD is a good example. The NZD is struggling and as a result the EUR/NZD is at a breakout point of 1.6100. Trading this pair will give you some protection as long as the NZD continues to weaken.\r\n\r\nLast week, I thought that the CHF would break out and to some extend dominate proceedings for the week. I still think that being short CHF is a good trade as I believe that there is a very strong possibility that the SNB (Swiss National Bank) will have to protect itself ahead of the ECB Press Conference and front-run the meeting with it’s own strategy, that may or may not include raising the EUR/CHF floor limit from 1.2000 to maybe 1.2500, or higher. In any event, I still think the CHF is worth watching very closely as we get closer to Draghi’s moment in the limelight once again.\r\n\r\nOn Friday (30<sup>th</sup> May), we had the usual end of month sell the USD as market makers / hedge funds / investment managers positioned themselves for the end of the month. All of my trades took the hit, and, I am hoping that on Sunday/Monday they will re-align lower once more as typically the USD strengthens a little just after a month end. My trades are small and in line with my TRADE PLAN criteria, I just hate seeing RED on my accounts!!\r\n\r\nThe PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is challenging, so to make $$$ in these difficult conditions makes me a very happy puppy.\r\n\r\nThe only negative I am having with the PREMIUM SERVICE is that the 4-week low-cost option has introduced me to gamblers. Gamblers are signing up and are complaining that I am not doing enough trades.\r\n\r\nRight now, I have 11 live trades and 4 limit orders placed with my brokers. How many trades should I be live with? Only those where the charts and my FUNDAMENTALS meet and that the set-ups / target entries / exits (stops) and profit targets meet with my TRADING PLAN.\r\n\r\nIt can be 1 trade or 15 trades. There is no fixed number. It is solely based on what the market is giving and what my TRADE PLAN guidelines say in line with my RISK TOLERANCE and RISK MANAGEMENT…that’s it.\r\n\r\nHaving asked some of “the gamblers” what they expected, the response was they wanted 10 to 15 trades per day in and out huge position sizes.\r\n\r\nForex trading is NOT gambling, I see myself as a RISK ASSESSOR and RISK MANAGEMENT in Forex trading is paramount.\r\n\r\nSo, if there are new readers, who think that by signing up (subscribing) to the PREMIUM SERVICE is a “get rich quick” programme, it is not. For that you need to go to your email spam folder and look for the make it quick at Forex programmes that drop into your inbox. Try one of those once in a lifetime special offers, and see how far it gets you.\r\n\r\nI am only human, and I try to keep the PREMIUM SERVICE as real life as possible. I try to trade with the disciplines that I write about and place articles on in the TRADING ESSENTIALS section of the website. I make losses, a lot less than I used to, but I still make losses and sometimes I make poor decisions even though I have green lights everywhere. But I also make profits…. good profits and I am better reading the charts and analyzing than I used to be to obtain my entry and exit strategy.\r\n\r\nHowever, bear in mind, I am not a gambler…. I am a RISK ASSESSOR.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>2. TRADING SUMMARY:</strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></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 website.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\"><img class=\"aligncenter size-full wp-image-3763\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\" alt=\"PREM SERV PROFITS1 31052014\" width=\"449\" height=\"418\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\"><img class=\"aligncenter size-full wp-image-3764\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\" alt=\"PREM SERV PROFITS2 31052014\" width=\"461\" height=\"423\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?</strong></p>\r\nI am of course being sarcastic with my title this week.\r\n\r\nI want to write only a short piece this week about MARKET VOLATILITY.\r\n\r\nBasically, as far as I am concerned, volatility has pretty much disappeared. This does not mean that it will not come back, remember the market is cyclical and we will have volatility again, but right now, there is little or no volatility to speak of.\r\n\r\nI am most of the time in what I call “survival mode”. I trade with smaller position sizes and wider stops and I am using multiple micro lot trades more than I have done before to give me enhanced flexibility. My standard lot trades are in the main non-existent, I am really trading just mini and micro lots.\r\n\r\nThe stock markets are basically just providing a slow grind up day after day; very low volatility and the moves are smaller but directional. Nobody wants to get short and there are no sellers at all, therefore the market is just one-sided. The best way to explain this is to say that if 50% off the traders that would normally be shorting are not active there is no two-way action, only a one-sided market and market volatility has basically dried up.\r\n\r\nThe markets are dysfunctional and for some time good news sends the stock markets higher, but also bad news sends the markets higher. Why does the market anxiously await news if the end result is the same? I wrote a few weeks ago about the “New Normal”. It sure is difficult and at the same time weird being a fundamental trader first. This week we saw U.S. GDP at -1.0% for the last quarter, the worst figure for years and German retail sales in April were -0.9% month on month. Hardly data to set the markets alight with optimism, but the stock markets were not affected and they rallied on what I would say is poor data.\r\n\r\nHowever, it was it is and as trader’s we have to modify, learn, adapt and grow into being a survival trader in this environment.\r\n\r\nIn last week’s blog I wrote about the main banks in the Forex market and the way that they are seeing and adapting to the changes in volatility and their profitability based upon reduced market activity. Citigroup this week actually released an article to clients saying that Forex volatility is much lower now and that their margins from trading are challenged; very interesting times.\r\n\r\nIf the banks are challenged, we as traders need to place ourselves just as much under the microscope to ensure that we are maximizing our opportunities.\r\n\r\nFor me, no volatility means that entries and exits are even more important than ever. A one sided market in equities does not guarantee that the Forex market will only move in one direction. False breakouts and false breakdowns are not an every day occurrence, but, they are more frequent as no-one in any market wants get heavy into a trade, and, we are for most of the time just drifting from pivot to pivot or Fibonacci level to Fibonacci level…. very slowly.\r\n\r\nSo, the one-sided market is a pain in the ass, it will change but my fear is that it may be September before we see normality again. We are so close now to the holiday / vacation season we could be dealing with thin markets, little liquidity and false moves becoming the new normal.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>TRADING PSYCHOLOGY\r\n</strong><strong>“RECENCY BIAS”</strong><strong> </strong></p>\r\nThe term “RECENCY BIAS” may not appear to be very familiar with you as a trader, but as traders I can pretty much guarantee that we have all experienced it.\r\n\r\nRecency Bias is the tendency for traders to place more importance on recent trades and to place less importance on less recent trades. Recency Bias can have a very negative effect on a trader’s results. Lets say that two traders have the exact same profitability over the course of 2014 to date. However, Trader A for his last three trades was 100% profitable and that Trader B has lost money with his last three trades. Even though for 2014 they are equally to the penny as profitable as each other, who do you think feels more positive? Trader A, of course. In fact, Trader A probably feels like he can run a mile in 3 minutes and never lose money again at Forex trading after having three consecutive profitable trades. Of course, Trader A has lost plenty of trades, but chances are the past three profitable trades will make him euphoric.\r\n\r\nEuphoria will likely lead to bad decisions by Trader A. Trader A will ignore possible warning signs and enter a trade that typically does not fit his TRADING PLAN criteria. This increases the odds of a loss. Shaking his head, Trader A cannot believe he ignored those signs and gave back some of his profits from his profitable streak. Even if he is able top right the ship and go back to a neutral mindset, he has still lost a trade due to mental error. Of course, every trader will lose trades, but emotional errors (such as ones caused by euphoria) are the reason that most traders that would otherwise be successful don\'t live up to their potential. If Trader A does not become emotionally neutral after his euphoria driven loss, the loss to his broker account can be even greater.\r\n\r\nTrader B probably feels as if he will never have a profitable trade again after three loss making trades. Sure, he has had plenty of profitable trades in the year so far, however, the last three losing trades will have him thinking very negatively. Trader B will be more likely to make one of two mistakes at this time. First, he could abandon his TRADING PLAN rules and jump into a trade that does not meet his trading criteria because for the last three trades the criteria just hasn’t worked. This sounds a little irrational because the same criteria has led to long term profitability, but I would guess that most experienced traders have done exactly what I have just described at some point. Second, Trader B could pass up on a perfect trade set up that fits his TRADING PLAN guidelines because he is fearful of losing again. Both scenarios can be disastrous to a trader’s mindset.\r\n\r\nClearly, it is important to avoid these mental mistakes and minimize the effects of recency bias. So how do we avoid succumbing to the negative mental influences that can be caused by recency bias? The first step is to keep a track record that includes every trade, how much $$$ was made or lost and a total equity running total. That way you can accurately track progress over a long period of time. This makes it much easier to think about on a longer-term basis. If trades are not tracked, the past few trades will have a far greater impact on your mindset.\r\n\r\nThe second step is to write out a trade checklist with your criteria lifted from your TRADING PLAN. That way, you are more likely not to enter every trade unless it fulfills all of the criteria. You will also be more likely to enter every trade that does fulfill your TRADING PLAN criteria. This may seem meaningless, but it is much more difficult to ignore your trading rules if you have to physically put a check mark next to each of your criteria before taking or passing on a trade.\r\n\r\nThe third step to minimizing recency bias is to know yourself. Some people are more emotional than others If you are prone to making emotional decisions, take a day off from trading if you have had either three profitable or three loss making trades consecutively. Trading under emotional distress is not profitable. If you can handle emotions well, perhaps waiting that day is not necessary. Usually a full nights sleep will help negate recency bias, especially if you have a detailed track record to go over the next morning that reminds you long term results are more important than the past couple of trades.\r\n\r\nRemember, it is very challenging for the human brain to completely overcome recency bias. However, its effects can be devastating to a trader’s mindset as well as their equity. Therefore, it is important to take the above steps to minimize the negative effects created by recency bias.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nFT125\r\nEUR/CHF\r\nLong\r\nCost Average / Entry Level: 1.2226\r\nStop Loss: 1.2150\r\nLimit / Target: 1.2525\r\nWeekly Closing Price: 1.2201\r\nPosition: -25 pips\r\n\r\nFT126\r\nGBP/CHF\r\nLong\r\nCost Average / Entry Level: 1.5098\r\nStop Loss: 1.4950\r\nLimit / Target: 1.5700\r\nWeekly Closing Price: 1.4995\r\nPosition: -103 pips\r\n\r\nFT127\r\nEUR/USD\r\nShort\r\nCost Average / Entry Level: 1.3594\r\nStop Loss: 1.3250\r\nLimit / Target: 1.3690\r\nWeekly Closing Price: 1.3633\r\nPosition: -39 pips\r\n\r\nFT128\r\nAUD/NZD\r\nLong\r\nCost Average / Entry Level: 1.0938\r\nStop Loss: 1.0870\r\nLimit / Target: 1.1350\r\nWeekly Closing Price: 1.0948\r\nPosition: +10 pips\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT84\r\nEUR/GBP\r\nShort\r\nCost Average / Entry Level: 0.8109\r\nStop Loss: 0.8174\r\nLimit / Target: 0.7900\r\nWeekly Closing Price: 0.8134\r\nPosition: -25 pips\r\n\r\nRT86\r\nAUD/USD\r\nShort\r\nCost Average / Entry Level: 0.9240\r\nStop Loss: 0.9315\r\nLimit / Target: 0.8800\r\nWeekly Closing Price: 0.9306\r\nPosition: - 66 pips\r\n\r\nRT91\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8505\r\nStop Loss: 0.8590\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8498\r\nPosition: +7 pips\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9704\r\nPosition: - 96 pips\r\n\r\nFUN14\r\nEUR/AUD\r\nLong\r\nCost Average: 1.4750\r\nStop Loss: 1.4500\r\nLimit / Target: 1.5250\r\nWeekly Closing Price: 1.4642\r\nPosition: -108 pips\r\n\r\nFUN26\r\nEUR/NZD\r\nLong\r\nCost Average: 1.5990\r\nStop Loss: 1.5875\r\nLimit / Target: 1.6300\r\nWeekly Closing Price: 1.6034\r\nPosition: + 44 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nAll of the trades listed below are limit orders placed with my brokers.\r\n\r\nRT89\r\nUSD/JPY\r\nShort\r\nEntry at 102.20\r\nStop at 102.60\r\nLimit 98.00\r\n\r\nRT92\r\nGBP/USD\r\nShort\r\nEntry at 1.6850\r\nStop at 1.6940\r\nLimit 1.6500\r\n\r\nRT95\r\nUSD/SEK\r\nLong\r\nEntry at 6.6610\r\nStop at 6.5400\r\nLimit 6.9215\r\n\r\nRT96\r\nEUR/SEK\r\nLong\r\nEntry at 9.0830\r\nStop at 9.0300\r\nLimit 9.1700\r\n\r\nRT97\r\nUSD/NOK\r\nLong\r\nEntry at 5,9650\r\nStop at 5.9200\r\nLimit 6.0860\r\n\r\nRT98\r\nUSD/CAD\r\nLong\r\nEntry at 1.0815\r\nStop at 1.0750\r\nLimit 1.1030\r\n\r\nFUN25\r\nGBP/AUD\r\nLong\r\nEntry at 1.7895\r\nStop at 1.7700\r\nLimit 1.8375\r\n\r\nI will also be looking to re-enter the USD/CHF as I was stopped out on Friday. But this will be via a FLASH TRADE that I will advise on twitter.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3633.</strong> I think on Friday (30<sup>th</sup> May) we suffered from the usual month end sell the USD scenario. We bounced about 30 pips and consolidated the position. I am expecting the ECB governing council or Eurozone politicians to break ranks prior to the press conference on Thursday and leak some if not all the ideas that have been formulated to ease on deflation and to reduce the strength of the single currency. I will be amazed if ranks are NOT broken given the fact that the Eurozone diverse cultures make it extremely hard to maintain solidarity in approach.\r\nLooking at the levels to watch, I am of the opinion that 1.3585 is now crucial support and 1.3780 a good resistance level.\r\n\r\n<strong>GBP/USD: Closing Price 1.6753</strong>. I am hoping for my limit order target of 1.6800 to be achieved although, I fear that Friday’s highs of around 1.6770 may be as high as the cable rises before resuming it’s downward trend once again. Support is big at 1.6670 and resistance at 1.6820\r\n\r\n<strong>AUD/USD: Closing Price 0.9306</strong>. The Aussie received a boost from Capital Expenditure data that was released last week and has remained elevated ever since. I think a lot of this has had to do with the AUD/NZD cross-rate which was looking very oversold and it has bounced strongly off its lows to keep the AUD supported and the NZD heavy. Key resistance is at 0.9330 and support is very strong at 0.9210.\r\n\r\n<strong>NZD/USD: Closing Price 0.8498</strong>. Key support lies at 0.8420, with resistance at 0.8515. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0844.</strong> Not much of a change in the “Loonie” for the second week running. I am not really too sure what to do with this pair, but I do have a limit order to buy just above 1.0800.\r\n\r\n<strong>USD/CHF: Closing Price 0.8949</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8980.\r\n\r\n<strong>USD/JPY: Closing Price 101.74. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.4\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: AUD – Building Approvals.\r\nSUNDAY: CNY – HSBC Final Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Retail Sales.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: EUR – Flash CPi estimate.\r\nTUESDAY: AUD – GDP.\r\n\r\nWEDNESDAY: GBP – Services PMI.\r\nWEDNESDAY: USD – ADP Non Farm Employment Change and Trade Balance.\r\nWEDNESDAY: CAD – Trade balance and BOC Interest Rate Statement.\r\nWEDNESDAY: USD – ISM Non Manufacturing PMI.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates and Asset Purchase Facility.\r\nTHURSDAY: EUR – Interest Rate and ECB Press Conference.\r\nTHURSDAY: CAD – Building Permits and IVEY PMi.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment Rate.\r\nFRIDAY: CAD – Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nThis week we have four Central Banks reviewing their interest rate policies and updating us with their medium and longer-term views. The pick of the crop being the ECB on Thursday, if you have been trading Forex from another planet over the past four weeks, this ECB Press Conference is the most eagerly awaiting in months, if not, years. ECB president Mario Draghi, announced last month that the ECB governing body was united to act this month if the current economic data on growth and deflation persisted and in addition the single currency strength across the Forex market continued.\r\n\r\nGuess what?\r\n\r\nNothing much has changed so we await with baited breath to see what tricks Draghi has up his sleeve, or rather what tricks are up the sleeve of Angela Merkel’s blouse as she holds the strings that make Draghi move. (ECB independence my ass!)\r\n\r\nIn addition to the Central banks there is a plethora of PMi data and unemployment data ending the week on Friday with both the Canadian Jobs data and the biggest event of the month on the Forex calendar the U.S. Non-Farm Payroll numbers.\r\n\r\nIn addition, please watch out for the SNB front running the ECB Press Conference, my gut says that they will do something to protect the CHF.\r\n\r\nSo, keep your eyes and ears on the Eurozone, because there will be leaks, it would not be the Eurozone without some politician or ECB official, leaking the news. Plus, whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain very active this week and allow for huge market moves and high degrees of volatility.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 31st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?','','publish','open','closed','','one-sided-market-just-greatisnt','','','2014-05-31 16:12:44','2014-05-31 21:12:44','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3774',0,'member_posts','',0),(3775,1,'2014-05-31 16:10:54','2014-05-31 21:10:54','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe “Chop Fest” continues, with a difference. Now we have chop for a few minutes and then I have to keep checking my iCal because it feels like summer trading conditions. Once I have verified that we are actually in May, I then have to check my internet connections because there is no movement on my screens. My overview on these slow one-sided markets later.\r\n\r\nLooking back at last week, there wasn’t really much to shout home about. My focus was on Draghi and the ECB council, but that whole “will he / won’t he” spill the beans on what he’s actually going to do this week on Thursday never materialized. Apart from Wolfgang Schauble (German Finance Minister), all of the Eurozone politicians and the rest of the ECB governing council pretty much kept their respective “gobs” shut for once. I love knocking the ECB and the Eurozone, having lived previously in three European countries; I have an “in” on the mentalities and the cultures. I just love the way that Germany through the Bundesbank and Angela Merkel just could not give a “rat’s ass” about the other members of the Eurozone, in their minds they are merely treated as if they were an additional 18 states of Germany.\r\n\r\nThe ECB Press Conference is four days away, plenty of time for the tight lipped approach, which is against the usual ECB / Eurozone, to be broken. History is on my side that the action to be taken by the ECB this Thursday will be leaked. There will be increased volatility in the EUR related currencies, as we get closer to the ECB Press Conference.\r\n\r\nBe “a savvy trader”, keep positions small if you feel you have to trade EUR related currency pairs and in particular, with the EUR/USD and EUR/GBP keep stops wider than usual. The more conservative approach would be to ignore the EUR completely, or trade a cross-rate that will not be too directly affected. The EUR/NZD is a good example. The NZD is struggling and as a result the EUR/NZD is at a breakout point of 1.6100. Trading this pair will give you some protection as long as the NZD continues to weaken.\r\n\r\nLast week, I thought that the CHF would break out and to some extend dominate proceedings for the week. I still think that being short CHF is a good trade as I believe that there is a very strong possibility that the SNB (Swiss National Bank) will have to protect itself ahead of the ECB Press Conference and front-run the meeting with it’s own strategy, that may or may not include raising the EUR/CHF floor limit from 1.2000 to maybe 1.2500, or higher. In any event, I still think the CHF is worth watching very closely as we get closer to Draghi’s moment in the limelight once again.\r\n\r\nOn Friday (30<sup>th</sup> May), we had the usual end of month sell the USD as market makers / hedge funds / investment managers positioned themselves for the end of the month. All of my trades took the hit, and, I am hoping that on Sunday/Monday they will re-align lower once more as typically the USD strengthens a little just after a month end. My trades are small and in line with my TRADE PLAN criteria, I just hate seeing RED on my accounts!!\r\n\r\nThe PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is challenging, so to make $$$ in these difficult conditions makes me a very happy puppy.\r\n\r\nThe only negative I am having with the PREMIUM SERVICE is that the 4-week low-cost option has introduced me to gamblers. Gamblers are signing up and are complaining that I am not doing enough trades.\r\n\r\nRight now, I have 11 live trades and 4 limit orders placed with my brokers. How many trades should I be live with? Only those where the charts and my FUNDAMENTALS meet and that the set-ups / target entries / exits (stops) and profit targets meet with my TRADING PLAN.\r\n\r\nIt can be 1 trade or 15 trades. There is no fixed number. It is solely based on what the market is giving and what my TRADE PLAN guidelines say in line with my RISK TOLERANCE and RISK MANAGEMENT…that’s it.\r\n\r\nHaving asked some of “the gamblers” what they expected, the response was they wanted 10 to 15 trades per day in and out huge position sizes.\r\n\r\nForex trading is NOT gambling, I see myself as a RISK ASSESSOR and RISK MANAGEMENT in Forex trading is paramount.\r\n\r\nSo, if there are new readers, who think that by signing up (subscribing) to the PREMIUM SERVICE is a “get rich quick” programme, it is not. For that you need to go to your email spam folder and look for the make it quick at Forex programmes that drop into your inbox. Try one of those once in a lifetime special offers, and see how far it gets you.\r\n\r\nI am only human, and I try to keep the PREMIUM SERVICE as real life as possible. I try to trade with the disciplines that I write about and place articles on in the TRADING ESSENTIALS section of the website. I make losses, a lot less than I used to, but I still make losses and sometimes I make poor decisions even though I have green lights everywhere. But I also make profits…. good profits and I am better reading the charts and analyzing than I used to be to obtain my entry and exit strategy.\r\n\r\nHowever, bear in mind, I am not a gambler…. I am a RISK ASSESSOR.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>2. TRADING SUMMARY:</strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></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 website.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\"><img class=\"aligncenter size-full wp-image-3763\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\" alt=\"PREM SERV PROFITS1 31052014\" width=\"449\" height=\"418\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\"><img class=\"aligncenter size-full wp-image-3764\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\" alt=\"PREM SERV PROFITS2 31052014\" width=\"461\" height=\"423\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?</strong></p>\r\nI am of course being sarcastic with my title this week.\r\n\r\nI want to write only a short piece this week about MARKET VOLATILITY.\r\n\r\nBasically, as far as I am concerned, volatility has pretty much disappeared. This does not mean that it will not come back, remember the market is cyclical and we will have volatility again, but right now, there is little or no volatility to speak of.\r\n\r\nI am most of the time in what I call “survival mode”. I trade with smaller position sizes and wider stops and I am using multiple micro lot trades more than I have done before to give me enhanced flexibility. My standard lot trades are in the main non-existent, I am really trading just mini and micro lots.\r\n\r\nThe stock markets are basically just providing a slow grind up day after day; very low volatility and the moves are smaller but directional. Nobody wants to get short and there are no sellers at all, therefore the market is just one sided. The best way to explain this is to say that if 50% off the traders that would normally be shorting are not active there is no two-way action, only a one-sided market and market volatility has basically dried up.\r\n\r\nThe markets are dysfunctional and for some time good news sends the stock markets higher, but also bad news sends the markets higher. Why does the market anxiously await news if the end result is the same? I wrote a few weeks ago about the “New Normal”. It sure is difficult and at the same time weird being a fundamental trader first. This week we saw U.S. GDP at -1.0% for the last quarter, the worst figure for years and German retail sales in April were -0.9% month on month. Hardly data to set the markets alight with optimism, but the stock markets were not affected and they rallied on what I would say is poor data.\r\n\r\nHowever, it was it is and as trader’s we have to modify, learn, adapt and grow into being a survival trader in this environment.\r\n\r\nIn last week’s blog I wrote about the main banks in the Forex market and the way that they are seeing and adapting to the changes in volatility and their profitability based upon reduced market activity. Citigroup this week actually released an article to clients saying that Forex volatility is much lower now and that their margins from trading are challenged; very interesting times.\r\n\r\nIf the banks are challenged, we as traders need to place ourselves just as much under the microscope to ensure that we are maximizing our opportunities.\r\n\r\nFor me, no volatility means that entries and exits are even more important than ever. A one sided market in equities does not guarantee that the Forex market will only move in one direction. False breakouts and false breakdowns are not an every day occurrence, but, they are more frequent as no-one in any market wants get heavy into a trade, and, we are for most of the time just drifting from pivot to pivot or Fibonacci level to Fibonacci level…. very slowly.\r\n\r\nSo, the one-sided market is a pain in the ass, it will change but my fear is that it may be September before we see normality again. We are so close now to the holiday / vacation season we could be dealing with thin markets, little liquidity and false moves becoming the new normal.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>TRADING PSYCHOLOGY\r\n</strong><strong>“RECENCY BIAS”</strong><strong> </strong></p>\r\nThe term “RECENCY BIAS” may not appear to be very familiar with you as a trader, but as traders I can pretty much guarantee that we have all experienced it.\r\n\r\nRecency Bias is the tendency for traders to place more importance on recent trades and to place less importance on less recent trades. Recency Bias can have a very negative effect on a trader’s results. Lets say that two traders have the exact same profitability over the course of 2014 to date. However, Trader A for his last three trades was 100% profitable and that Trader B has lost money with his last three trades. Even though for 2014 they are equally to the penny as profitable as each other, who do you think feels more positive? Trader A, of course. In fact, Trader A probably feels like he can run a mile in 3 minutes and never lose money again at Forex trading after having three consecutive profitable trades. Of course, Trader A has lost plenty of trades, but chances are the past three profitable trades will make him euphoric.\r\n\r\nEuphoria will likely lead to bad decisions by Trader A. Trader A will ignore possible warning signs and enter a trade that typically does not fit his TRADING PLAN criteria. This increases the odds of a loss. Shaking his head, Trader A cannot believe he ignored those signs and gave back some of his profits from his profitable streak. Even if he is able top right the ship and go back to a neutral mindset, he has still lost a trade due to mental error. Of course, every trader will lose trades, but emotional errors (such as ones caused by euphoria) are the reason that most traders that would otherwise be successful don\'t live up to their potential. If Trader A does not become emotionally neutral after his euphoria driven loss, the loss to his broker account can be even greater.\r\n\r\nTrader B probably feels as if he will never have a profitable trade again after three loss making trades. Sure, he has had plenty of profitable trades in the year so far, however, the last three losing trades will have him thinking very negatively. Trader B will be more likely to make one of two mistakes at this time. First, he could abandon his TRADING PLAN rules and jump into a trade that does not meet his trading criteria because for the last three trades the criteria just hasn’t worked. This sounds a little irrational because the same criteria has led to long term profitability, but I would guess that most experienced traders have done exactly what I have just described at some point. Second, Trader B could pass up on a perfect trade set up that fits his TRADING PLAN guidelines because he is fearful of losing again. Both scenarios can be disastrous to a trader’s mindset.\r\n\r\nClearly, it is important to avoid these mental mistakes and minimize the effects of recency bias. So how do we avoid succumbing to the negative mental influences that can be caused by recency bias? The first step is to keep a track record that includes every trade, how much $$$ was made or lost and a total equity running total. That way you can accurately track progress over a long period of time. This makes it much easier to think about on a longer-term basis. If trades are not tracked, the past few trades will have a far greater impact on your mindset.\r\n\r\nThe second step is to write out a trade checklist with your criteria lifted from your TRADING PLAN. That way, you are more likely not to enter every trade unless it fulfills all of the criteria. You will also be more likely to enter every trade that does fulfill your TRADING PLAN criteria. This may seem meaningless, but it is much more difficult to ignore your trading rules if you have to physically put a check mark next to each of your criteria before taking or passing on a trade.\r\n\r\nThe third step to minimizing recency bias is to know yourself. Some people are more emotional than others If you are prone to making emotional decisions, take a day off from trading if you have had either three profitable or three loss making trades consecutively. Trading under emotional distress is not profitable. If you can handle emotions well, perhaps waiting that day is not necessary. Usually a full nights sleep will help negate recency bias, especially if you have a detailed track record to go over the next morning that reminds you long term results are more important than the past couple of trades.\r\n\r\nRemember, it is very challenging for the human brain to completely overcome recency bias. However, its effects can be devastating to a trader’s mindset as well as their equity. Therefore, it is important to take the above steps to minimize the negative effects created by recency bias.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nFT125\r\nEUR/CHF\r\nLong\r\nCost Average / Entry Level: 1.2226\r\nStop Loss: 1.2150\r\nLimit / Target: 1.2525\r\nWeekly Closing Price: 1.2201\r\nPosition: -25 pips\r\n\r\nFT126\r\nGBP/CHF\r\nLong\r\nCost Average / Entry Level: 1.5098\r\nStop Loss: 1.4950\r\nLimit / Target: 1.5700\r\nWeekly Closing Price: 1.4995\r\nPosition: -103 pips\r\n\r\nFT127\r\nEUR/USD\r\nShort\r\nCost Average / Entry Level: 1.3594\r\nStop Loss: 1.3250\r\nLimit / Target: 1.3690\r\nWeekly Closing Price: 1.3633\r\nPosition: -39 pips\r\n\r\nFT128\r\nAUD/NZD\r\nLong\r\nCost Average / Entry Level: 1.0938\r\nStop Loss: 1.0870\r\nLimit / Target: 1.1350\r\nWeekly Closing Price: 1.0948\r\nPosition: +10 pips\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT84\r\nEUR/GBP\r\nShort\r\nCost Average / Entry Level: 0.8109\r\nStop Loss: 0.8174\r\nLimit / Target: 0.7900\r\nWeekly Closing Price: 0.8134\r\nPosition: -25 pips\r\n\r\nRT86\r\nAUD/USD\r\nShort\r\nCost Average / Entry Level: 0.9240\r\nStop Loss: 0.9315\r\nLimit / Target: 0.8800\r\nWeekly Closing Price: 0.9306\r\nPosition: - 66 pips\r\n\r\nRT91\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8505\r\nStop Loss: 0.8590\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8498\r\nPosition: +7 pips\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9704\r\nPosition: - 96 pips\r\n\r\nFUN14\r\nEUR/AUD\r\nLong\r\nCost Average: 1.4750\r\nStop Loss: 1.4500\r\nLimit / Target: 1.5250\r\nWeekly Closing Price: 1.4642\r\nPosition: -108 pips\r\n\r\nFUN26\r\nEUR/NZD\r\nLong\r\nCost Average: 1.5990\r\nStop Loss: 1.5875\r\nLimit / Target: 1.6300\r\nWeekly Closing Price: 1.6034\r\nPosition: + 44 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nAll of the trades listed below are limit orders placed with my brokers.\r\n\r\nRT89\r\nUSD/JPY\r\nShort\r\nEntry at 102.20\r\nStop at 102.60\r\nLimit 98.00\r\n\r\nRT92\r\nGBP/USD\r\nShort\r\nEntry at 1.6850\r\nStop at 1.6940\r\nLimit 1.6500\r\n\r\nRT95\r\nUSD/SEK\r\nLong\r\nEntry at 6.6610\r\nStop at 6.5400\r\nLimit 6.9215\r\n\r\nRT96\r\nEUR/SEK\r\nLong\r\nEntry at 9.0830\r\nStop at 9.0300\r\nLimit 9.1700\r\n\r\nRT97\r\nUSD/NOK\r\nLong\r\nEntry at 5,9650\r\nStop at 5.9200\r\nLimit 6.0860\r\n\r\nRT98\r\nUSD/CAD\r\nLong\r\nEntry at 1.0815\r\nStop at 1.0750\r\nLimit 1.1030\r\n\r\nFUN25\r\nGBP/AUD\r\nLong\r\nEntry at 1.7895\r\nStop at 1.7700\r\nLimit 1.8375\r\n\r\nI will also be looking to re-enter the USD/CHF as I was stopped out on Friday. But this will be via a FLASH TRADE that I will advise on twitter.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3633.</strong> I think on Friday (30<sup>th</sup> May) we suffered from the usual month end sell the USD scenario. We bounced about 30 pips and consolidated the position. I am expecting the ECB governing council or Eurozone politicians to break ranks prior to the press conference on Thursday and leak some if not all the ideas that have been formulated to ease on deflation and toreduce the strength of the single currency. I will be amazed if ranks are NOT broken given the fact that the Eurozone diverse cultures make it extremely hard to maintain solidarity in approach.\r\nLooking at the levels to watch, I am of the opinion that 1.3585 is now crucial support and 1.3780 a good resistance level.\r\n\r\n<strong>GBP/USD: Closing Price 1.6753</strong>. I am hoping for my limit order target of 1.6800 to be achieved although, I fear that Friday’s highs of around 1.6770 may be as high as the cable rises before resuming it’s downward trend once again. Support is big at 1.6670 and resistance at 1.6820\r\n\r\n<strong>AUD/USD: Closing Price 0.9306</strong>. The Aussie received a boost from Capital Expenditure data that was released last week and has remained elevated ever since. I think a lot of this has had to do with the AUD/NZD cross-rate which was looking very oversold and it has bounced strongly off its lows to keep the AUD supported and the NZD heavy. Key resistance is at 0.9330 and support is very strong at 0.9210.\r\n\r\n<strong>NZD/USD: Closing Price 0.8498</strong>. Key support lies at 0.8420, with resistance at 0.8515. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0844.</strong> Not much of a change in the “Loonie” for the second week running. I am not really too sure what to do with this pair, but I do have a limit order to buy just above 1.0800.\r\n\r\n<strong>USD/CHF: Closing Price 0.8949</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8980.\r\n\r\n<strong>USD/JPY: Closing Price 101.74. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.4\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: AUD – Building Approvals.\r\nSUNDAY: CNY – HSBC Final Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Retail Sales.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: EUR – Flash CPi estimate.\r\nTUESDAY: AUD – GDP.\r\n\r\nWEDNESDAY: GBP – Services PMI.\r\nWEDNESDAY: USD – ADP Non Farm Employment Change and Trade Balance.\r\nWEDNESDAY: CAD – Trade balance and BOC Interest Rate Statement.\r\nWEDNESDAY: USD – ISM Non Manufacturing PMI.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates and Asset Purchase Facility.\r\nTHURSDAY: EUR – Interest Rate and ECB Press Conference.\r\nTHURSDAY: CAD – Building Permits and IVEY PMi.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment Rate.\r\nFRIDAY: CAD – Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nThis week we have four Central Banks reviewing their interest rate policies and updating us with their medium and longer-term views. The pick of the crop being the ECB on Thursday, if you have been trading Forex from another planet over the past four weeks, this ECB Press Conference is the most eagerly awaiting in months, if not, years. ECB president Mario Draghi, announced last month that the ECB governing body was united to act this month if the current economic data on growth and deflation persisted and in addition the single currency strength across the Forex market continued.\r\n\r\nGuess what?\r\n\r\nNothing much has changed so we await with baited breath to see what tricks Draghi has up his sleeve, or rather what tricks are up the sleeve of Angela Merkel’s blouse as she holds the strings that make Draghi move. (ECB independence my ass!)\r\n\r\nIn addition to the Central banks there is a plethora of PMi data and unemployment data ending the week on Friday with both the Canadian Jobs data and the biggest event of the month on the Forex calendar the U.S. Non-Farm Payroll numbers.\r\n\r\nIn addition, please watch out for the SNB front running the ECB Press Conference, my gut says that they will do something to protect the CHF.\r\n\r\nSo, keep your eyes and ears on the Eurozone, because there will be leaks, it would not be the Eurozone without some politician or ECB official, leaking the news. Plus, whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain very active this week and allow for huge market moves and high degrees of volatility.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 31st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?','','inherit','open','closed','','3774-revision-v1','','','2014-05-31 16:10:54','2014-05-31 21:10:54','',3774,'https://weeklyfxdrivethru.com/3774-revision-v1/',0,'revision','',0),(3776,1,'2014-05-31 16:12:44','2014-05-31 21:12:44','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe “Chop Fest” continues, with a difference. Now we have chop for a few minutes and then I have to keep checking my iCal because it feels like summer trading conditions. Once I have verified that we are actually in May, I then have to check my internet connections because there is no movement on my screens. My overview on these slow one-sided markets later.\r\n\r\nLooking back at last week, there wasn’t really much to shout home about. My focus was on Draghi and the ECB council, but that whole “will he / won’t he” spill the beans on what he’s actually going to do this week on Thursday never materialized. Apart from Wolfgang Schauble (German Finance Minister), all of the Eurozone politicians and the rest of the ECB governing council pretty much kept their respective “gobs” shut for once. I love knocking the ECB and the Eurozone, having lived previously in three European countries; I have an “in” on the mentalities and the cultures. I just love the way that Germany through the Bundesbank and Angela Merkel just could not give a “rat’s ass” about the other members of the Eurozone, in their minds they are merely treated as if they were an additional 18 states of Germany.\r\n\r\nThe ECB Press Conference is four days away, plenty of time for the tight lipped approach, which is against the usual ECB / Eurozone, to be broken. History is on my side that the action to be taken by the ECB this Thursday will be leaked. There will be increased volatility in the EUR related currencies, as we get closer to the ECB Press Conference.\r\n\r\nBe “a savvy trader”, keep positions small if you feel you have to trade EUR related currency pairs and in particular, with the EUR/USD and EUR/GBP keep stops wider than usual. The more conservative approach would be to ignore the EUR completely, or trade a cross-rate that will not be too directly affected. The EUR/NZD is a good example. The NZD is struggling and as a result the EUR/NZD is at a breakout point of 1.6100. Trading this pair will give you some protection as long as the NZD continues to weaken.\r\n\r\nLast week, I thought that the CHF would break out and to some extend dominate proceedings for the week. I still think that being short CHF is a good trade as I believe that there is a very strong possibility that the SNB (Swiss National Bank) will have to protect itself ahead of the ECB Press Conference and front-run the meeting with it’s own strategy, that may or may not include raising the EUR/CHF floor limit from 1.2000 to maybe 1.2500, or higher. In any event, I still think the CHF is worth watching very closely as we get closer to Draghi’s moment in the limelight once again.\r\n\r\nOn Friday (30<sup>th</sup> May), we had the usual end of month sell the USD as market makers / hedge funds / investment managers positioned themselves for the end of the month. All of my trades took the hit, and, I am hoping that on Sunday/Monday they will re-align lower once more as typically the USD strengthens a little just after a month end. My trades are small and in line with my TRADE PLAN criteria, I just hate seeing RED on my accounts!!\r\n\r\nThe PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is challenging, so to make $$$ in these difficult conditions makes me a very happy puppy.\r\n\r\nThe only negative I am having with the PREMIUM SERVICE is that the 4-week low-cost option has introduced me to gamblers. Gamblers are signing up and are complaining that I am not doing enough trades.\r\n\r\nRight now, I have 11 live trades and 4 limit orders placed with my brokers. How many trades should I be live with? Only those where the charts and my FUNDAMENTALS meet and that the set-ups / target entries / exits (stops) and profit targets meet with my TRADING PLAN.\r\n\r\nIt can be 1 trade or 15 trades. There is no fixed number. It is solely based on what the market is giving and what my TRADE PLAN guidelines say in line with my RISK TOLERANCE and RISK MANAGEMENT…that’s it.\r\n\r\nHaving asked some of “the gamblers” what they expected, the response was they wanted 10 to 15 trades per day in and out huge position sizes.\r\n\r\nForex trading is NOT gambling, I see myself as a RISK ASSESSOR and RISK MANAGEMENT in Forex trading is paramount.\r\n\r\nSo, if there are new readers, who think that by signing up (subscribing) to the PREMIUM SERVICE is a “get rich quick” programme, it is not. For that you need to go to your email spam folder and look for the make it quick at Forex programmes that drop into your inbox. Try one of those once in a lifetime special offers, and see how far it gets you.\r\n\r\nI am only human, and I try to keep the PREMIUM SERVICE as real life as possible. I try to trade with the disciplines that I write about and place articles on in the TRADING ESSENTIALS section of the website. I make losses, a lot less than I used to, but I still make losses and sometimes I make poor decisions even though I have green lights everywhere. But I also make profits…. good profits and I am better reading the charts and analyzing than I used to be to obtain my entry and exit strategy.\r\n\r\nHowever, bear in mind, I am not a gambler…. I am a RISK ASSESSOR.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>2. TRADING SUMMARY:</strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></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 website.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\"><img class=\"aligncenter size-full wp-image-3763\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\" alt=\"PREM SERV PROFITS1 31052014\" width=\"449\" height=\"418\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\"><img class=\"aligncenter size-full wp-image-3764\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\" alt=\"PREM SERV PROFITS2 31052014\" width=\"461\" height=\"423\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?</strong></p>\r\nI am of course being sarcastic with my title this week.\r\n\r\nI want to write only a short piece this week about MARKET VOLATILITY.\r\n\r\nBasically, as far as I am concerned, volatility has pretty much disappeared. This does not mean that it will not come back, remember the market is cyclical and we will have volatility again, but right now, there is little or no volatility to speak of.\r\n\r\nI am most of the time in what I call “survival mode”. I trade with smaller position sizes and wider stops and I am using multiple micro lot trades more than I have done before to give me enhanced flexibility. My standard lot trades are in the main non-existent, I am really trading just mini and micro lots.\r\n\r\nThe stock markets are basically just providing a slow grind up day after day; very low volatility and the moves are smaller but directional. Nobody wants to get short and there are no sellers at all, therefore the market is just one-sided. The best way to explain this is to say that if 50% off the traders that would normally be shorting are not active there is no two-way action, only a one-sided market and market volatility has basically dried up.\r\n\r\nThe markets are dysfunctional and for some time good news sends the stock markets higher, but also bad news sends the markets higher. Why does the market anxiously await news if the end result is the same? I wrote a few weeks ago about the “New Normal”. It sure is difficult and at the same time weird being a fundamental trader first. This week we saw U.S. GDP at -1.0% for the last quarter, the worst figure for years and German retail sales in April were -0.9% month on month. Hardly data to set the markets alight with optimism, but the stock markets were not affected and they rallied on what I would say is poor data.\r\n\r\nHowever, it was it is and as trader’s we have to modify, learn, adapt and grow into being a survival trader in this environment.\r\n\r\nIn last week’s blog I wrote about the main banks in the Forex market and the way that they are seeing and adapting to the changes in volatility and their profitability based upon reduced market activity. Citigroup this week actually released an article to clients saying that Forex volatility is much lower now and that their margins from trading are challenged; very interesting times.\r\n\r\nIf the banks are challenged, we as traders need to place ourselves just as much under the microscope to ensure that we are maximizing our opportunities.\r\n\r\nFor me, no volatility means that entries and exits are even more important than ever. A one sided market in equities does not guarantee that the Forex market will only move in one direction. False breakouts and false breakdowns are not an every day occurrence, but, they are more frequent as no-one in any market wants get heavy into a trade, and, we are for most of the time just drifting from pivot to pivot or Fibonacci level to Fibonacci level…. very slowly.\r\n\r\nSo, the one-sided market is a pain in the ass, it will change but my fear is that it may be September before we see normality again. We are so close now to the holiday / vacation season we could be dealing with thin markets, little liquidity and false moves becoming the new normal.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>TRADING PSYCHOLOGY\r\n</strong><strong>“RECENCY BIAS”</strong><strong> </strong></p>\r\nThe term “RECENCY BIAS” may not appear to be very familiar with you as a trader, but as traders I can pretty much guarantee that we have all experienced it.\r\n\r\nRecency Bias is the tendency for traders to place more importance on recent trades and to place less importance on less recent trades. Recency Bias can have a very negative effect on a trader’s results. Lets say that two traders have the exact same profitability over the course of 2014 to date. However, Trader A for his last three trades was 100% profitable and that Trader B has lost money with his last three trades. Even though for 2014 they are equally to the penny as profitable as each other, who do you think feels more positive? Trader A, of course. In fact, Trader A probably feels like he can run a mile in 3 minutes and never lose money again at Forex trading after having three consecutive profitable trades. Of course, Trader A has lost plenty of trades, but chances are the past three profitable trades will make him euphoric.\r\n\r\nEuphoria will likely lead to bad decisions by Trader A. Trader A will ignore possible warning signs and enter a trade that typically does not fit his TRADING PLAN criteria. This increases the odds of a loss. Shaking his head, Trader A cannot believe he ignored those signs and gave back some of his profits from his profitable streak. Even if he is able top right the ship and go back to a neutral mindset, he has still lost a trade due to mental error. Of course, every trader will lose trades, but emotional errors (such as ones caused by euphoria) are the reason that most traders that would otherwise be successful don\'t live up to their potential. If Trader A does not become emotionally neutral after his euphoria driven loss, the loss to his broker account can be even greater.\r\n\r\nTrader B probably feels as if he will never have a profitable trade again after three loss making trades. Sure, he has had plenty of profitable trades in the year so far, however, the last three losing trades will have him thinking very negatively. Trader B will be more likely to make one of two mistakes at this time. First, he could abandon his TRADING PLAN rules and jump into a trade that does not meet his trading criteria because for the last three trades the criteria just hasn’t worked. This sounds a little irrational because the same criteria has led to long term profitability, but I would guess that most experienced traders have done exactly what I have just described at some point. Second, Trader B could pass up on a perfect trade set up that fits his TRADING PLAN guidelines because he is fearful of losing again. Both scenarios can be disastrous to a trader’s mindset.\r\n\r\nClearly, it is important to avoid these mental mistakes and minimize the effects of recency bias. So how do we avoid succumbing to the negative mental influences that can be caused by recency bias? The first step is to keep a track record that includes every trade, how much $$$ was made or lost and a total equity running total. That way you can accurately track progress over a long period of time. This makes it much easier to think about on a longer-term basis. If trades are not tracked, the past few trades will have a far greater impact on your mindset.\r\n\r\nThe second step is to write out a trade checklist with your criteria lifted from your TRADING PLAN. That way, you are more likely not to enter every trade unless it fulfills all of the criteria. You will also be more likely to enter every trade that does fulfill your TRADING PLAN criteria. This may seem meaningless, but it is much more difficult to ignore your trading rules if you have to physically put a check mark next to each of your criteria before taking or passing on a trade.\r\n\r\nThe third step to minimizing recency bias is to know yourself. Some people are more emotional than others If you are prone to making emotional decisions, take a day off from trading if you have had either three profitable or three loss making trades consecutively. Trading under emotional distress is not profitable. If you can handle emotions well, perhaps waiting that day is not necessary. Usually a full nights sleep will help negate recency bias, especially if you have a detailed track record to go over the next morning that reminds you long term results are more important than the past couple of trades.\r\n\r\nRemember, it is very challenging for the human brain to completely overcome recency bias. However, its effects can be devastating to a trader’s mindset as well as their equity. Therefore, it is important to take the above steps to minimize the negative effects created by recency bias.\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nFT125\r\nEUR/CHF\r\nLong\r\nCost Average / Entry Level: 1.2226\r\nStop Loss: 1.2150\r\nLimit / Target: 1.2525\r\nWeekly Closing Price: 1.2201\r\nPosition: -25 pips\r\n\r\nFT126\r\nGBP/CHF\r\nLong\r\nCost Average / Entry Level: 1.5098\r\nStop Loss: 1.4950\r\nLimit / Target: 1.5700\r\nWeekly Closing Price: 1.4995\r\nPosition: -103 pips\r\n\r\nFT127\r\nEUR/USD\r\nShort\r\nCost Average / Entry Level: 1.3594\r\nStop Loss: 1.3250\r\nLimit / Target: 1.3690\r\nWeekly Closing Price: 1.3633\r\nPosition: -39 pips\r\n\r\nFT128\r\nAUD/NZD\r\nLong\r\nCost Average / Entry Level: 1.0938\r\nStop Loss: 1.0870\r\nLimit / Target: 1.1350\r\nWeekly Closing Price: 1.0948\r\nPosition: +10 pips\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT84\r\nEUR/GBP\r\nShort\r\nCost Average / Entry Level: 0.8109\r\nStop Loss: 0.8174\r\nLimit / Target: 0.7900\r\nWeekly Closing Price: 0.8134\r\nPosition: -25 pips\r\n\r\nRT86\r\nAUD/USD\r\nShort\r\nCost Average / Entry Level: 0.9240\r\nStop Loss: 0.9315\r\nLimit / Target: 0.8800\r\nWeekly Closing Price: 0.9306\r\nPosition: - 66 pips\r\n\r\nRT91\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8505\r\nStop Loss: 0.8590\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8498\r\nPosition: +7 pips\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9704\r\nPosition: - 96 pips\r\n\r\nFUN14\r\nEUR/AUD\r\nLong\r\nCost Average: 1.4750\r\nStop Loss: 1.4500\r\nLimit / Target: 1.5250\r\nWeekly Closing Price: 1.4642\r\nPosition: -108 pips\r\n\r\nFUN26\r\nEUR/NZD\r\nLong\r\nCost Average: 1.5990\r\nStop Loss: 1.5875\r\nLimit / Target: 1.6300\r\nWeekly Closing Price: 1.6034\r\nPosition: + 44 pips\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nAll of the trades listed below are limit orders placed with my brokers.\r\n\r\nRT89\r\nUSD/JPY\r\nShort\r\nEntry at 102.20\r\nStop at 102.60\r\nLimit 98.00\r\n\r\nRT92\r\nGBP/USD\r\nShort\r\nEntry at 1.6850\r\nStop at 1.6940\r\nLimit 1.6500\r\n\r\nRT95\r\nUSD/SEK\r\nLong\r\nEntry at 6.6610\r\nStop at 6.5400\r\nLimit 6.9215\r\n\r\nRT96\r\nEUR/SEK\r\nLong\r\nEntry at 9.0830\r\nStop at 9.0300\r\nLimit 9.1700\r\n\r\nRT97\r\nUSD/NOK\r\nLong\r\nEntry at 5,9650\r\nStop at 5.9200\r\nLimit 6.0860\r\n\r\nRT98\r\nUSD/CAD\r\nLong\r\nEntry at 1.0815\r\nStop at 1.0750\r\nLimit 1.1030\r\n\r\nFUN25\r\nGBP/AUD\r\nLong\r\nEntry at 1.7895\r\nStop at 1.7700\r\nLimit 1.8375\r\n\r\nI will also be looking to re-enter the USD/CHF as I was stopped out on Friday. But this will be via a FLASH TRADE that I will advise on twitter.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3633.</strong> I think on Friday (30<sup>th</sup> May) we suffered from the usual month end sell the USD scenario. We bounced about 30 pips and consolidated the position. I am expecting the ECB governing council or Eurozone politicians to break ranks prior to the press conference on Thursday and leak some if not all the ideas that have been formulated to ease on deflation and to reduce the strength of the single currency. I will be amazed if ranks are NOT broken given the fact that the Eurozone diverse cultures make it extremely hard to maintain solidarity in approach.\r\nLooking at the levels to watch, I am of the opinion that 1.3585 is now crucial support and 1.3780 a good resistance level.\r\n\r\n<strong>GBP/USD: Closing Price 1.6753</strong>. I am hoping for my limit order target of 1.6800 to be achieved although, I fear that Friday’s highs of around 1.6770 may be as high as the cable rises before resuming it’s downward trend once again. Support is big at 1.6670 and resistance at 1.6820\r\n\r\n<strong>AUD/USD: Closing Price 0.9306</strong>. The Aussie received a boost from Capital Expenditure data that was released last week and has remained elevated ever since. I think a lot of this has had to do with the AUD/NZD cross-rate which was looking very oversold and it has bounced strongly off its lows to keep the AUD supported and the NZD heavy. Key resistance is at 0.9330 and support is very strong at 0.9210.\r\n\r\n<strong>NZD/USD: Closing Price 0.8498</strong>. Key support lies at 0.8420, with resistance at 0.8515. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0844.</strong> Not much of a change in the “Loonie” for the second week running. I am not really too sure what to do with this pair, but I do have a limit order to buy just above 1.0800.\r\n\r\n<strong>USD/CHF: Closing Price 0.8949</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8980.\r\n\r\n<strong>USD/JPY: Closing Price 101.74. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.4\r\n\r\n&nbsp;\r\n\r\n<strong>8. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: AUD – Building Approvals.\r\nSUNDAY: CNY – HSBC Final Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Retail Sales.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: EUR – Flash CPi estimate.\r\nTUESDAY: AUD – GDP.\r\n\r\nWEDNESDAY: GBP – Services PMI.\r\nWEDNESDAY: USD – ADP Non Farm Employment Change and Trade Balance.\r\nWEDNESDAY: CAD – Trade balance and BOC Interest Rate Statement.\r\nWEDNESDAY: USD – ISM Non Manufacturing PMI.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates and Asset Purchase Facility.\r\nTHURSDAY: EUR – Interest Rate and ECB Press Conference.\r\nTHURSDAY: CAD – Building Permits and IVEY PMi.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment Rate.\r\nFRIDAY: CAD – Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\n<strong>9. FINAL THOUGHTS:</strong>\r\n\r\nThis week we have four Central Banks reviewing their interest rate policies and updating us with their medium and longer-term views. The pick of the crop being the ECB on Thursday, if you have been trading Forex from another planet over the past four weeks, this ECB Press Conference is the most eagerly awaiting in months, if not, years. ECB president Mario Draghi, announced last month that the ECB governing body was united to act this month if the current economic data on growth and deflation persisted and in addition the single currency strength across the Forex market continued.\r\n\r\nGuess what?\r\n\r\nNothing much has changed so we await with baited breath to see what tricks Draghi has up his sleeve, or rather what tricks are up the sleeve of Angela Merkel’s blouse as she holds the strings that make Draghi move. (ECB independence my ass!)\r\n\r\nIn addition to the Central banks there is a plethora of PMi data and unemployment data ending the week on Friday with both the Canadian Jobs data and the biggest event of the month on the Forex calendar the U.S. Non-Farm Payroll numbers.\r\n\r\nIn addition, please watch out for the SNB front running the ECB Press Conference, my gut says that they will do something to protect the CHF.\r\n\r\nSo, keep your eyes and ears on the Eurozone, because there will be leaks, it would not be the Eurozone without some politician or ECB official, leaking the news. Plus, whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain very active this week and allow for huge market moves and high degrees of volatility.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 31st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?','','inherit','open','closed','','3774-revision-v1','','','2014-05-31 16:12:44','2014-05-31 21:12:44','',3774,'https://weeklyfxdrivethru.com/3774-revision-v1/',0,'revision','',0),(3780,1,'2014-05-31 16:22:22','2014-05-31 21:22:22','<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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/MANAGING-RISK.pdf\">MANAGING RISK</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/03/STOP-PLACEMENT.pdf\">STOP PLACEMENT</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/MAXIMISING-PROFIT-POTENTIAL-BY-PROPERLY-SIZING-POSITIONS.pdf\">MAXIMISING PROFIT POTENTIAL BY PROPERLY SIZING POSITIONS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-AROUND-THE-NEWS.pdf\">TRADING AROUND THE NEWS</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/HANDLING-NEWS-WITH-AN-OPEN-POSITION.pdf\">HANDLING NEWS WITH AN OPEN POSITION</a>\r\n<div class=\"one-third\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/04/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\">TRADING WITH A FLEXIBLE MINDSET</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PROBABILITIES-IN-TRADING.pdf\">PROBABILITIES IN TRADING</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-AND-DRAWDOWNS.pdf\">TRADING PSYCHOLOGY AND DRAWDOWNS</a>\r\n<div class=\"one-half first\"></div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADING-PSYCHOLOGY-RECENCY-BIAS.pdf\">TRADING PSYCHOLOGY - RECENCY BIAS</a>\r\n<div class=\"one-half first\">These resources are in PDF format that will allow for easy printing</div>\r\n<div class=\"one-third\"></div>\r\n&nbsp;\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-third\"></div>\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n<div class=\"one-half first\"></div>\r\n</section>','Trading Essentials','','inherit','open','closed','','2538-revision-v1','','','2014-05-31 16:22:22','2014-05-31 21:22:22','',2538,'https://weeklyfxdrivethru.com/2538-revision-v1/',0,'revision','',0),(3851,1,'2014-06-09 04:55:13','2014-06-09 09:55:13','Good Day,\r\n\r\nI did not think that I was going to have time to post even a very brief blog this morning (my time) but here you go.\r\n\r\nRADAR TRADES FROM THE WEEKLY FX DRIVE THRU:\r\n\r\nThe following trade set-ups I have  placed with my brokers. As stated in the weekend blog, these are set-ups are at great opportunistic levels in my opinion to maximize any potential move. Whilst there are are no guarantees in trading, the risk versus reward opportunities are good. If you want you can trade in the opposite direction until you hit my entry levels if that is something that you think is an opportunity. Just remember and be careful, currencies do not move in a straight line and now it looks like the markets are thin with low liquidity. Moves maybe extreme at times.\r\n\r\nEUR/USD - PLACED\r\nShort at 1.3750\r\nStop Loss at 1.3850\r\nLimit 1.3500 ( I am still hopeful that EZ action will eventually bring the EUR/USD to 1.3000, but may now be a very long and slow process)\r\n\r\nGBP/USD - PLACED\r\nShort at 1.6870\r\nStop Loss at 1.6995\r\nLimit 1.6500\r\n\r\nAUD/USD - CANCELLED\r\nThe AUD/NZD has not pulled back. In addition my suggested entry level over the weekend of 0.9360 looks to be just about holding. However, I think that AUD looks like it\'s going to head higher and if the AUD/NZD gets a move on, this is probably the wrong pair to attempt a short trade. The cross-rate effects will be strong pushing the AUD/USD higher.\r\n\r\nEUR/GBP - PLACED\r\nShort at 0.8130\r\nStop Loss at ).8185\r\nLimit 0.7800\r\n\r\nEUR/AUD - WAITING\r\nThis pair has headed lower as the AUD/USD has made a move higher. Instead of going long at 1.4725, I am thinking about using the key 1.4500 as a potential area to go long. There is good support at 1.4300. I am holding off on this trade to see which is the trade to take from the following: -\r\n\r\nLong at 1.4500\r\nStop at 1.4300\r\nLimit 1.5200\r\n\r\nor\r\n\r\nLong at 1.4300\r\nStop at 1.4200\r\nLimit 1.5200\r\n\r\nor\r\n\r\nLong at 1.4100\r\nStop at 1.3950\r\nLimit 1.5200\r\n\r\n&nbsp;\r\n\r\nEUR/NZD (Waiting until RBNZ announcement before placing trade)\r\nLong at 1.6140\r\nStop Loss 1.5850\r\nTarget 1.6450 (Initial target)\r\n\r\n&nbsp;\r\n\r\nGBP/CAD - HOLDING FOR TIME BEING PRICE ACTION VERY CHOPPY.\r\nLong at 1.8350\r\nStop at 1.8220\r\nTarget 1.8670\r\n\r\n&nbsp;\r\n\r\nTake care trading today. We need to get a feel for the markets after last weeks events.\r\n\r\nScott','#46 - THE DAILY FX POST, Monday 9th June 2014','','publish','open','closed','','46-daily-fx-post-monday-9th-june-2014','','','2014-06-09 04:55:13','2014-06-09 09:55:13','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3851',0,'member_posts','',0),(3788,1,'2014-05-31 16:46:18','2014-05-31 21:46:18','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe “Chop Fest” continues, with a difference. Now we have chop for a few minutes and then I have to keep checking my iCal because it feels like summer trading conditions. Once I have verified that we are actually in May, I then have to check my internet connections because there is no movement on my screens. My overview on these slow one-sided markets later.\r\n\r\nLooking back at last week, there wasn’t really much to shout home about. My focus was on Draghi and the ECB council, but that whole “will he / won’t he” spill the beans on what he’s actually going to do this week on Thursday never materialized. Apart from Wolfgang Schauble (German Finance Minister), all of the Eurozone politicians and the rest of the ECB governing council pretty much kept their respective “gobs” shut for once. I love knocking the ECB and the Eurozone, having lived previously in three European countries; I have an “in” on the mentalities and the cultures. I just love the way that Germany through the Bundesbank and Angela Merkel just could not give a “rat’s ass” about the other members of the Eurozone, in their minds they are merely treated as if they were an additional 18 states of Germany.\r\n\r\nThe ECB Press Conference is four days away, plenty of time for the tight lipped approach, which is against the usual ECB / Eurozone, to be broken. History is on my side that the action to be taken by the ECB this Thursday will be leaked. There will be increased volatility in the EUR related currencies, as we get closer to the ECB Press Conference.\r\n\r\nBe “a savvy trader”, keep positions small if you feel you have to trade EUR related currency pairs and in particular, with the EUR/USD and EUR/GBP keep stops wider than usual. The more conservative approach would be to ignore the EUR completely, or trade a cross-rate that will not be too directly affected. The EUR/NZD is a good example. The NZD is struggling and as a result the EUR/NZD is at a breakout point of 1.6100. Trading this pair will give you some protection as long as the NZD continues to weaken.\r\n\r\nLast week, I thought that the CHF would break out and to some extend dominate proceedings for the week. I still think that being short CHF is a good trade as I believe that there is a very strong possibility that the SNB (Swiss National Bank) will have to protect itself ahead of the ECB Press Conference and front-run the meeting with it’s own strategy, that may or may not include raising the EUR/CHF floor limit from 1.2000 to maybe 1.2500, or higher. In any event, I still think the CHF is worth watching very closely as we get closer to Draghi’s moment in the limelight once again.\r\n\r\nOn Friday (30<sup>th</sup> May), we had the usual end of month sell the USD as market makers / hedge funds / investment managers positioned themselves for the end of the month. All of my trades took the hit, and, I am hoping that on Sunday/Monday they will re-align lower once more as typically the USD strengthens a little just after a month end. My trades are small and in line with my TRADE PLAN criteria, I just hate seeing RED on my accounts!!\r\n\r\nThe PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is challenging, so to make $$$ in these difficult conditions makes me a very happy puppy.\r\n\r\nThe only negative I am having with the PREMIUM SERVICE is that the 4-week low-cost option has introduced me to gamblers. Gamblers are signing up and are complaining that I am not doing enough trades.\r\n\r\nRight now, I have 11 live trades and 4 limit orders placed with my brokers. How many trades should I be live with? Only those where the charts and my FUNDAMENTALS meet and that the set-ups / target entries / exits (stops) and profit targets meet with my TRADING PLAN.\r\n\r\nIt can be 1 trade or 15 trades. There is no fixed number. It is solely based on what the market is giving and what my TRADE PLAN guidelines say in line with my RISK TOLERANCE and RISK MANAGEMENT…that’s it.\r\n\r\nHaving asked some of “the gamblers” what they expected, the response was they wanted 10 to 15 trades per day in and out huge position sizes.\r\n\r\nForex trading is NOT gambling, I see myself as a RISK ASSESSOR and RISK MANAGEMENT in Forex trading is paramount.\r\n\r\nSo, if there are new readers, who think that by signing up (subscribing) to the PREMIUM SERVICE is a “get rich quick” programme, it is not. For that you need to go to your email spam folder and look for the make it quick at Forex programmes that drop into your inbox. Try one of those once in a lifetime special offers, and see how far it gets you.\r\n\r\nI am only human, and I try to keep the PREMIUM SERVICE as real life as possible. I try to trade with the disciplines that I write about and place articles on in the TRADING ESSENTIALS section of the website. I make losses, a lot less than I used to, but I still make losses and sometimes I make poor decisions even though I have green lights everywhere. But I also make profits…. good profits and I am better reading the charts and analyzing than I used to be to obtain my entry and exit strategy.\r\n\r\nHowever, bear in mind, I am not a gambler…. I am a RISK ASSESSOR.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?</strong></p>\r\nI am of course being sarcastic with my title this week.\r\n\r\nI want to write only a short piece this week about MARKET VOLATILITY.\r\n\r\nBasically, as far as I am concerned, volatility has pretty much disappeared. This does not mean that it will not come back, remember the market is cyclical and we will have volatility again, but right now, there is little or no volatility to speak of.\r\n\r\nI am most of the time in what I call “survival mode”. I trade with smaller position sizes and wider stops and I am using multiple micro lot trades more than I have done before to give me enhanced flexibility. My standard lot trades are in the main non-existent, I am really trading just mini and micro lots.\r\n\r\nThe stock markets are basically just providing a slow grind up day after day; very low volatility and the moves are smaller but directional. Nobody wants to get short and there are no sellers at all, therefore the market is just one sided. The best way to explain this is to say that if 50% off the traders that would normally be shorting are not active there is no two-way action, only a one-sided market and market volatility has basically dried up.\r\n\r\nThe markets are dysfunctional and for some time good news sends the stock markets higher, but also bad news sends the markets higher. Why does the market anxiously await news if the end result is the same? I wrote a few weeks ago about the “New Normal”. It sure is difficult and at the same time weird being a fundamental trader first. This week we saw U.S. GDP at -1.0% for the last quarter, the worst figure for years and German retail sales in April were -0.9% month on month. Hardly data to set the markets alight with optimism, but the stock markets were not affected and they rallied on what I would say is poor data\r\n\r\nHowever, it was it is and as trader’s we have to modify, learn, adapt and grow into being a survival trader in this environment.\r\n\r\nIn last week’s blog I wrote about the main banks in the Forex market and the way that they are seeing and adapting to the changes in volatility and their profitability based upon reduced market activity. Citigroup this week actually released an article to clients saying that Forex volatility is much lower now and that their margins from trading are challenged; very interesting times.\r\n\r\nIf the banks are challenged, we as traders need to place ourselves just as much under the microscope to ensure that we are maximizing our opportunities.\r\n\r\nFor me, no volatility means that entries and exits are even more important than ever. A one sided market in equities does not guarantee that the Forex market will only move in one direction. False breakouts and false breakdowns are not an every day occurrence, but, they are more frequent as no-one in any market wants get heavy into a trade, and, we are for most of the time just drifting from pivot to pivot or Fibonacci level to Fibonacci level…. very slowly.\r\n\r\nSo, the one-sided market is a pain in the ass, it will change but my fear is that it may be September before we see normality again. We are so close now to the holiday / vacation season we could be dealing with thin markets, little liquidity and false moves becoming the new normal.\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong><strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3633.</strong> I think on Friday (30<sup>th</sup> May) we suffered from the usual month end sell the USD scenario. We bounced about 30 pips and consolidated the position. I am expecting the ECB governing council or Eurozone politicians to break ranks prior to the press conference on Thursday and leak some if not all the ideas that have been formulated to ease on deflation and to reduce the strength of the single currency. I will be amazed if ranks are NOT broken given the fact that the Eurozone diverse cultures make it extremely hard to maintain solidarity in approach.\r\nLooking at the levels to watch, I am of the opinion that 1.3585 is now crucial support and 1.3780 a good resistance level.\r\n\r\n<strong>GBP/USD: Closing Price 1.6753</strong>. I am hoping for my limit order target of 1.6800 to be achieved although, I fear that Friday’s highs of around 1.6770 may be as high as the cable rises before resuming it’s downward trend once again. Support is big at 1.6670 and resistance at 1.6820\r\n\r\n<strong>AUD/USD: Closing Price 0.9306</strong>. The Aussie received a boost from Capital Expenditure data that was released last week and has remained elevated ever since. I think a lot of this has had to do with the AUD/NZD cross-rate which was looking very oversold and it has bounced strongly off its lows to keep the AUD supported and the NZD heavy. Key resistance is at 0.9330 and support is very strong at 0.9210.\r\n\r\n<strong>NZD/USD: Closing Price 0.8498</strong>. Key support lies at 0.8420, with resistance at 0.8515. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0844.</strong> Not much of a change in the “Loonie” for the second week running. I am not really too sure what to do with this pair, but I do have a limit order to buy just above 1.0800.\r\n\r\n<strong>USD/CHF: Closing Price 0.8949</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8980.<strong> </strong>\r\n\r\n<strong>USD/JPY: Closing Price 101.74. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.40\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: AUD – Building Approvals.\r\nSUNDAY: CNY – HSBC Final Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Retail Sales.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: EUR – Flash CPi estimate.\r\nTUESDAY: AUD – GDP.\r\n\r\nWEDNESDAY: GBP – Services PMI.\r\nWEDNESDAY: USD – ADP Non Farm Employment Change and Trade Balance.\r\nWEDNESDAY: CAD – Trade balance and BOC Interest Rate Statement.\r\nWEDNESDAY: USD – ISM Non Manufacturing PMI.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates and Asset Purchase Facility.\r\nTHURSDAY: EUR – Interest Rate and ECB Press Conference.\r\nTHURSDAY: CAD – Building Permits and IVEY PMi.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment Rate.\r\nFRIDAY: CAD – Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></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. I also show you the year-to-date performance by trade style.\r\n\r\nThere is a lot of data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\"><img class=\"aligncenter size-full wp-image-3763\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\" alt=\"PREM SERV PROFITS1 31052014\" width=\"449\" height=\"418\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\"><img class=\"aligncenter size-full wp-image-3764\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\" alt=\"PREM SERV PROFITS2 31052014\" width=\"461\" height=\"423\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FLASH-YTD-MAY-2014.png\"><img class=\"aligncenter size-full wp-image-3783\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FLASH-YTD-MAY-2014.png\" alt=\"FLASH YTD MAY 2014\" width=\"337\" height=\"360\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/RADAR-YTD-MAY-2014.png\"><img class=\"aligncenter size-full wp-image-3782\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/RADAR-YTD-MAY-2014.png\" alt=\"RADAR YTD MAY 2014\" width=\"341\" height=\"364\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FUNDAMENTAL-YTD-MAY-2014.png\"><img class=\"aligncenter size-full wp-image-3784\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FUNDAMENTAL-YTD-MAY-2014.png\" alt=\"FUNDAMENTAL YTD MAY 2014\" width=\"335\" height=\"358\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nThis week we have four Central Banks reviewing their interest rate policies and updating us with their medium and longer-term views. The pick of the crop being the ECB on Thursday, if you have been trading Forex from another planet over the past four weeks, this ECB Press Conference is the most eagerly awaiting in months, if not, years. ECB president Mario Draghi, announced last month that the ECB governing body was united to act this month if the current economic data on growth and deflation persisted and in addition the single currency strength across the Forex market continued.\r\n\r\nGuess what?\r\n\r\nNothing much has changed so we await with baited breath to see what tricks Draghi has up his sleeve, or rather what tricks are up the sleeve of Angela Merkel’s blouse as she holds the strings that make Draghi move. (ECB independence my ass!)\r\n\r\nIn addition to the Central banks there is a plethora of PMi data and unemployment data ending the week on Friday with both the Canadian Jobs data and the biggest event of the month on the Forex calendar the U.S. Non-Farm Payroll numbers.\r\n\r\nIn addition, please watch out for the SNB front running the ECB Press Conference, my gut says that they will do something to protect the CHF.\r\n\r\nSo, keep your eyes and ears on the Eurozone, because there will be leaks, it would not be the Eurozone without some politician or ECB official, leaking the news. Plus, whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain very active this week and allow for huge market moves and high degrees of volatility.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 31st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?','','publish','open','closed','','one-sided-market-just-greatisnt','','','2014-05-31 16:46:18','2014-05-31 21:46:18','',0,'https://weeklyfxdrivethru.com/?p=3788',0,'post','',0),(3789,1,'2014-05-31 16:44:39','2014-05-31 21:44:39','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe “Chop Fest” continues, with a difference. Now we have chop for a few minutes and then I have to keep checking my iCal because it feels like summer trading conditions. Once I have verified that we are actually in May, I then have to check my internet connections because there is no movement on my screens. My overview on these slow one-sided markets later.\r\n\r\nLooking back at last week, there wasn’t really much to shout home about. My focus was on Draghi and the ECB council, but that whole “will he / won’t he” spill the beans on what he’s actually going to do this week on Thursday never materialized. Apart from Wolfgang Schauble (German Finance Minister), all of the Eurozone politicians and the rest of the ECB governing council pretty much kept their respective “gobs” shut for once. I love knocking the ECB and the Eurozone, having lived previously in three European countries; I have an “in” on the mentalities and the cultures. I just love the way that Germany through the Bundesbank and Angela Merkel just could not give a “rat’s ass” about the other members of the Eurozone, in their minds they are merely treated as if they were an additional 18 states of Germany.\r\n\r\nThe ECB Press Conference is four days away, plenty of time for the tight lipped approach, which is against the usual ECB / Eurozone, to be broken. History is on my side that the action to be taken by the ECB this Thursday will be leaked. There will be increased volatility in the EUR related currencies, as we get closer to the ECB Press Conference.\r\n\r\nBe “a savvy trader”, keep positions small if you feel you have to trade EUR related currency pairs and in particular, with the EUR/USD and EUR/GBP keep stops wider than usual. The more conservative approach would be to ignore the EUR completely, or trade a cross-rate that will not be too directly affected. The EUR/NZD is a good example. The NZD is struggling and as a result the EUR/NZD is at a breakout point of 1.6100. Trading this pair will give you some protection as long as the NZD continues to weaken.\r\n\r\nLast week, I thought that the CHF would break out and to some extend dominate proceedings for the week. I still think that being short CHF is a good trade as I believe that there is a very strong possibility that the SNB (Swiss National Bank) will have to protect itself ahead of the ECB Press Conference and front-run the meeting with it’s own strategy, that may or may not include raising the EUR/CHF floor limit from 1.2000 to maybe 1.2500, or higher. In any event, I still think the CHF is worth watching very closely as we get closer to Draghi’s moment in the limelight once again.\r\n\r\nOn Friday (30<sup>th</sup> May), we had the usual end of month sell the USD as market makers / hedge funds / investment managers positioned themselves for the end of the month. All of my trades took the hit, and, I am hoping that on Sunday/Monday they will re-align lower once more as typically the USD strengthens a little just after a month end. My trades are small and in line with my TRADE PLAN criteria, I just hate seeing RED on my accounts!!\r\n\r\nThe PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is challenging, so to make $$$ in these difficult conditions makes me a very happy puppy.\r\n\r\nThe only negative I am having with the PREMIUM SERVICE is that the 4-week low-cost option has introduced me to gamblers. Gamblers are signing up and are complaining that I am not doing enough trades.\r\n\r\nRight now, I have 11 live trades and 4 limit orders placed with my brokers. How many trades should I be live with? Only those where the charts and my FUNDAMENTALS meet and that the set-ups / target entries / exits (stops) and profit targets meet with my TRADING PLAN.\r\n\r\nIt can be 1 trade or 15 trades. There is no fixed number. It is solely based on what the market is giving and what my TRADE PLAN guidelines say in line with my RISK TOLERANCE and RISK MANAGEMENT…that’s it.\r\n\r\nHaving asked some of “the gamblers” what they expected, the response was they wanted 10 to 15 trades per day in and out huge position sizes.\r\n\r\nForex trading is NOT gambling, I see myself as a RISK ASSESSOR and RISK MANAGEMENT in Forex trading is paramount.\r\n\r\nSo, if there are new readers, who think that by signing up (subscribing) to the PREMIUM SERVICE is a “get rich quick” programme, it is not. For that you need to go to your email spam folder and look for the make it quick at Forex programmes that drop into your inbox. Try one of those once in a lifetime special offers, and see how far it gets you.\r\n\r\nI am only human, and I try to keep the PREMIUM SERVICE as real life as possible. I try to trade with the disciplines that I write about and place articles on in the TRADING ESSENTIALS section of the website. I make losses, a lot less than I used to, but I still make losses and sometimes I make poor decisions even though I have green lights everywhere. But I also make profits…. good profits and I am better reading the charts and analyzing than I used to be to obtain my entry and exit strategy.\r\n\r\nHowever, bear in mind, I am not a gambler…. I am a RISK ASSESSOR.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?</strong></p>\r\nI am of course being sarcastic with my title this week.\r\n\r\nI want to write only a short piece this week about MARKET VOLATILITY.\r\n\r\nBasically, as far as I am concerned, volatility has pretty much disappeared. This does not mean that it will not come back, remember the market is cyclical and we will have volatility again, but right now, there is little or no volatility to speak of.\r\n\r\nI am most of the time in what I call “survival mode”. I trade with smaller position sizes and wider stops and I am using multiple micro lot trades more than I have done before to give me enhanced flexibility. My standard lot trades are in the main non-existent, I am really trading just mini and micro lots.\r\n\r\nThe stock markets are basically just providing a slow grind up day after day; very low volatility and the moves are smaller but directional. Nobody wants to get short and there are no sellers at all, therefore the market is just one sided. The best way to explain this is to say that if 50% off the traders that would normally be shorting are not active there is no two-way action, only a one-sided market and market volatility has basically dried up.\r\n\r\nThe markets are dysfunctional and for some time good news sends the stock markets higher, but also bad news sends the markets higher. Why does the market anxiously await news if the end result is the same? I wrote a few weeks ago about the “New Normal”. It sure is difficult and at the same time weird being a fundamental trader first. This week we saw U.S. GDP at -1.0% for the last quarter, the worst figure for years and German retail sales in April were -0.9% month on month. Hardly data to set the markets alight with optimism, but the stock markets were not affected and they rallied on what I would say is poor data\r\n\r\nHowever, it was it is and as trader’s we have to modify, learn, adapt and grow into being a survival trader in this environment.\r\n\r\nIn last week’s blog I wrote about the main banks in the Forex market and the way that they are seeing and adapting to the changes in volatility and their profitability based upon reduced market activity. Citigroup this week actually released an article to clients saying that Forex volatility is much lower now and that their margins from trading are challenged; very interesting times.\r\n\r\nIf the banks are challenged, we as traders need to place ourselves just as much under the microscope to ensure that we are maximizing our opportunities.\r\n\r\nFor me, no volatility means that entries and exits are even more important than ever. A one sided market in equities does not guarantee that the Forex market will only move in one direction. False breakouts and false breakdowns are not an every day occurrence, but, they are more frequent as no-one in any market wants get heavy into a trade, and, we are for most of the time just drifting from pivot to pivot or Fibonacci level to Fibonacci level…. very slowly.\r\n\r\nSo, the one-sided market is a pain in the ass, it will change but my fear is that it may be September before we see normality again. We are so close now to the holiday / vacation season we could be dealing with thin markets, little liquidity and false moves becoming the new normal.\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong><strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3633.</strong> I think on Friday (30<sup>th</sup> May) we suffered from the usual month end sell the USD scenario. We bounced about 30 pips and consolidated the position. I am expecting the ECB governing council or Eurozone politicians to break ranks prior to the press conference on Thursday and leak some if not all the ideas that have been formulated to ease on deflation and toreduce the strength of the single currency. I will be amazed if ranks are NOT broken given the fact that the Eurozone diverse cultures make it extremely hard to maintain solidarity in approach.\r\nLooking at the levels to watch, I am of the opinion that 1.3585 is now crucial support and 1.3780 a good resistance level.\r\n\r\n<strong>GBP/USD: Closing Price 1.6753</strong>. I am hoping for my limit order target of 1.6800 to be achieved although, I fear that Friday’s highs of around 1.6770 may be as high as the cable rises before resuming it’s downward trend once again. Support is big at 1.6670 and resistance at 1.6820\r\n\r\n<strong>AUD/USD: Closing Price 0.9306</strong>. The Aussie received a boost from Capital Expenditure data that was released last week and has remained elevated ever since. I think a lot of this has had to do with the AUD/NZD cross-rate which was looking very oversold and it has bounced strongly off its lows to keep the AUD supported and the NZD heavy. Key resistance is at 0.9330 and support is very strong at 0.9210.\r\n\r\n<strong>NZD/USD: Closing Price 0.8498</strong>. Key support lies at 0.8420, with resistance at 0.8515. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0844.</strong> Not much of a change in the “Loonie” for the second week running. I am not really too sure what to do with this pair, but I do have a limit order to buy just above 1.0800.\r\n\r\n<strong>USD/CHF: Closing Price 0.8949</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8980.<strong> </strong>\r\n\r\n<strong>USD/JPY: Closing Price 101.74. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.40\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: AUD – Building Approvals.\r\nSUNDAY: CNY – HSBC Final Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Retail Sales.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: EUR – Flash CPi estimate.\r\nTUESDAY: AUD – GDP.\r\n\r\nWEDNESDAY: GBP – Services PMI.\r\nWEDNESDAY: USD – ADP Non Farm Employment Change and Trade Balance.\r\nWEDNESDAY: CAD – Trade balance and BOC Interest Rate Statement.\r\nWEDNESDAY: USD – ISM Non Manufacturing PMI.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates and Asset Purchase Facility.\r\nTHURSDAY: EUR – Interest Rate and ECB Press Conference.\r\nTHURSDAY: CAD – Building Permits and IVEY PMi.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment Rate.\r\nFRIDAY: CAD – Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></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. I also show you the year-to-date performance by trade style.\r\n\r\nThere is a lot to data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\"><img class=\"aligncenter size-full wp-image-3763\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\" alt=\"PREM SERV PROFITS1 31052014\" width=\"449\" height=\"418\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\"><img class=\"aligncenter size-full wp-image-3764\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\" alt=\"PREM SERV PROFITS2 31052014\" width=\"461\" height=\"423\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FLASH-YTD-MAY-2014.png\"><img class=\"aligncenter size-full wp-image-3783\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FLASH-YTD-MAY-2014.png\" alt=\"FLASH YTD MAY 2014\" width=\"337\" height=\"360\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/RADAR-YTD-MAY-2014.png\"><img class=\"aligncenter size-full wp-image-3782\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/RADAR-YTD-MAY-2014.png\" alt=\"RADAR YTD MAY 2014\" width=\"341\" height=\"364\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FUNDAMENTAL-YTD-MAY-2014.png\"><img class=\"aligncenter size-full wp-image-3784\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FUNDAMENTAL-YTD-MAY-2014.png\" alt=\"FUNDAMENTAL YTD MAY 2014\" width=\"335\" height=\"358\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nThis week we have four Central Banks reviewing their interest rate policies and updating us with their medium and longer-term views. The pick of the crop being the ECB on Thursday, if you have been trading Forex from another planet over the past four weeks, this ECB Press Conference is the most eagerly awaiting in months, if not, years. ECB president Mario Draghi, announced last month that the ECB governing body was united to act this month if the current economic data on growth and deflation persisted and in addition the single currency strength across the Forex market continued.\r\n\r\nGuess what?\r\n\r\nNothing much has changed so we await with baited breath to see what tricks Draghi has up his sleeve, or rather what tricks are up the sleeve of Angela Merkel’s blouse as she holds the strings that make Draghi move. (ECB independence my ass!)\r\n\r\nIn addition to the Central banks there is a plethora of PMi data and unemployment data ending the week on Friday with both the Canadian Jobs data and the biggest event of the month on the Forex calendar the U.S. Non-Farm Payroll numbers.\r\n\r\nIn addition, please watch out for the SNB front running the ECB Press Conference, my gut says that they will do something to protect the CHF.\r\n\r\nSo, keep your eyes and ears on the Eurozone, because there will be leaks, it would not be the Eurozone without some politician or ECB official, leaking the news. Plus, whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain very active this week and allow for huge market moves and high degrees of volatility.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 31st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?','','inherit','open','closed','','3788-revision-v1','','','2014-05-31 16:44:39','2014-05-31 21:44:39','',3788,'https://weeklyfxdrivethru.com/3788-revision-v1/',0,'revision','',0),(3790,1,'2014-05-31 16:46:18','2014-05-31 21:46:18','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThe “Chop Fest” continues, with a difference. Now we have chop for a few minutes and then I have to keep checking my iCal because it feels like summer trading conditions. Once I have verified that we are actually in May, I then have to check my internet connections because there is no movement on my screens. My overview on these slow one-sided markets later.\r\n\r\nLooking back at last week, there wasn’t really much to shout home about. My focus was on Draghi and the ECB council, but that whole “will he / won’t he” spill the beans on what he’s actually going to do this week on Thursday never materialized. Apart from Wolfgang Schauble (German Finance Minister), all of the Eurozone politicians and the rest of the ECB governing council pretty much kept their respective “gobs” shut for once. I love knocking the ECB and the Eurozone, having lived previously in three European countries; I have an “in” on the mentalities and the cultures. I just love the way that Germany through the Bundesbank and Angela Merkel just could not give a “rat’s ass” about the other members of the Eurozone, in their minds they are merely treated as if they were an additional 18 states of Germany.\r\n\r\nThe ECB Press Conference is four days away, plenty of time for the tight lipped approach, which is against the usual ECB / Eurozone, to be broken. History is on my side that the action to be taken by the ECB this Thursday will be leaked. There will be increased volatility in the EUR related currencies, as we get closer to the ECB Press Conference.\r\n\r\nBe “a savvy trader”, keep positions small if you feel you have to trade EUR related currency pairs and in particular, with the EUR/USD and EUR/GBP keep stops wider than usual. The more conservative approach would be to ignore the EUR completely, or trade a cross-rate that will not be too directly affected. The EUR/NZD is a good example. The NZD is struggling and as a result the EUR/NZD is at a breakout point of 1.6100. Trading this pair will give you some protection as long as the NZD continues to weaken.\r\n\r\nLast week, I thought that the CHF would break out and to some extend dominate proceedings for the week. I still think that being short CHF is a good trade as I believe that there is a very strong possibility that the SNB (Swiss National Bank) will have to protect itself ahead of the ECB Press Conference and front-run the meeting with it’s own strategy, that may or may not include raising the EUR/CHF floor limit from 1.2000 to maybe 1.2500, or higher. In any event, I still think the CHF is worth watching very closely as we get closer to Draghi’s moment in the limelight once again.\r\n\r\nOn Friday (30<sup>th</sup> May), we had the usual end of month sell the USD as market makers / hedge funds / investment managers positioned themselves for the end of the month. All of my trades took the hit, and, I am hoping that on Sunday/Monday they will re-align lower once more as typically the USD strengthens a little just after a month end. My trades are small and in line with my TRADE PLAN criteria, I just hate seeing RED on my accounts!!\r\n\r\nThe PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is challenging, so to make $$$ in these difficult conditions makes me a very happy puppy.\r\n\r\nThe only negative I am having with the PREMIUM SERVICE is that the 4-week low-cost option has introduced me to gamblers. Gamblers are signing up and are complaining that I am not doing enough trades.\r\n\r\nRight now, I have 11 live trades and 4 limit orders placed with my brokers. How many trades should I be live with? Only those where the charts and my FUNDAMENTALS meet and that the set-ups / target entries / exits (stops) and profit targets meet with my TRADING PLAN.\r\n\r\nIt can be 1 trade or 15 trades. There is no fixed number. It is solely based on what the market is giving and what my TRADE PLAN guidelines say in line with my RISK TOLERANCE and RISK MANAGEMENT…that’s it.\r\n\r\nHaving asked some of “the gamblers” what they expected, the response was they wanted 10 to 15 trades per day in and out huge position sizes.\r\n\r\nForex trading is NOT gambling, I see myself as a RISK ASSESSOR and RISK MANAGEMENT in Forex trading is paramount.\r\n\r\nSo, if there are new readers, who think that by signing up (subscribing) to the PREMIUM SERVICE is a “get rich quick” programme, it is not. For that you need to go to your email spam folder and look for the make it quick at Forex programmes that drop into your inbox. Try one of those once in a lifetime special offers, and see how far it gets you.\r\n\r\nI am only human, and I try to keep the PREMIUM SERVICE as real life as possible. I try to trade with the disciplines that I write about and place articles on in the TRADING ESSENTIALS section of the website. I make losses, a lot less than I used to, but I still make losses and sometimes I make poor decisions even though I have green lights everywhere. But I also make profits…. good profits and I am better reading the charts and analyzing than I used to be to obtain my entry and exit strategy.\r\n\r\nHowever, bear in mind, I am not a gambler…. I am a RISK ASSESSOR.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE VIEW FROM MY TRADING DESK:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?</strong></p>\r\nI am of course being sarcastic with my title this week.\r\n\r\nI want to write only a short piece this week about MARKET VOLATILITY.\r\n\r\nBasically, as far as I am concerned, volatility has pretty much disappeared. This does not mean that it will not come back, remember the market is cyclical and we will have volatility again, but right now, there is little or no volatility to speak of.\r\n\r\nI am most of the time in what I call “survival mode”. I trade with smaller position sizes and wider stops and I am using multiple micro lot trades more than I have done before to give me enhanced flexibility. My standard lot trades are in the main non-existent, I am really trading just mini and micro lots.\r\n\r\nThe stock markets are basically just providing a slow grind up day after day; very low volatility and the moves are smaller but directional. Nobody wants to get short and there are no sellers at all, therefore the market is just one sided. The best way to explain this is to say that if 50% off the traders that would normally be shorting are not active there is no two-way action, only a one-sided market and market volatility has basically dried up.\r\n\r\nThe markets are dysfunctional and for some time good news sends the stock markets higher, but also bad news sends the markets higher. Why does the market anxiously await news if the end result is the same? I wrote a few weeks ago about the “New Normal”. It sure is difficult and at the same time weird being a fundamental trader first. This week we saw U.S. GDP at -1.0% for the last quarter, the worst figure for years and German retail sales in April were -0.9% month on month. Hardly data to set the markets alight with optimism, but the stock markets were not affected and they rallied on what I would say is poor data\r\n\r\nHowever, it was it is and as trader’s we have to modify, learn, adapt and grow into being a survival trader in this environment.\r\n\r\nIn last week’s blog I wrote about the main banks in the Forex market and the way that they are seeing and adapting to the changes in volatility and their profitability based upon reduced market activity. Citigroup this week actually released an article to clients saying that Forex volatility is much lower now and that their margins from trading are challenged; very interesting times.\r\n\r\nIf the banks are challenged, we as traders need to place ourselves just as much under the microscope to ensure that we are maximizing our opportunities.\r\n\r\nFor me, no volatility means that entries and exits are even more important than ever. A one sided market in equities does not guarantee that the Forex market will only move in one direction. False breakouts and false breakdowns are not an every day occurrence, but, they are more frequent as no-one in any market wants get heavy into a trade, and, we are for most of the time just drifting from pivot to pivot or Fibonacci level to Fibonacci level…. very slowly.\r\n\r\nSo, the one-sided market is a pain in the ass, it will change but my fear is that it may be September before we see normality again. We are so close now to the holiday / vacation season we could be dealing with thin markets, little liquidity and false moves becoming the new normal.\r\n\r\n<strong> </strong>\r\n\r\n<strong>3. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong><strong> </strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3633.</strong> I think on Friday (30<sup>th</sup> May) we suffered from the usual month end sell the USD scenario. We bounced about 30 pips and consolidated the position. I am expecting the ECB governing council or Eurozone politicians to break ranks prior to the press conference on Thursday and leak some if not all the ideas that have been formulated to ease on deflation and to reduce the strength of the single currency. I will be amazed if ranks are NOT broken given the fact that the Eurozone diverse cultures make it extremely hard to maintain solidarity in approach.\r\nLooking at the levels to watch, I am of the opinion that 1.3585 is now crucial support and 1.3780 a good resistance level.\r\n\r\n<strong>GBP/USD: Closing Price 1.6753</strong>. I am hoping for my limit order target of 1.6800 to be achieved although, I fear that Friday’s highs of around 1.6770 may be as high as the cable rises before resuming it’s downward trend once again. Support is big at 1.6670 and resistance at 1.6820\r\n\r\n<strong>AUD/USD: Closing Price 0.9306</strong>. The Aussie received a boost from Capital Expenditure data that was released last week and has remained elevated ever since. I think a lot of this has had to do with the AUD/NZD cross-rate which was looking very oversold and it has bounced strongly off its lows to keep the AUD supported and the NZD heavy. Key resistance is at 0.9330 and support is very strong at 0.9210.\r\n\r\n<strong>NZD/USD: Closing Price 0.8498</strong>. Key support lies at 0.8420, with resistance at 0.8515. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0844.</strong> Not much of a change in the “Loonie” for the second week running. I am not really too sure what to do with this pair, but I do have a limit order to buy just above 1.0800.\r\n\r\n<strong>USD/CHF: Closing Price 0.8949</strong>. We are trying to break out and talk of the SNB raising the floor limit in the EUR/CHF to 1.2500 ahead of the next ECB Press Conference is keeping interest high in this pair. I am long and sticking with it. If you have yet to enter long 0.8900 support if you can get it would be an excellent entry level, I would add to my position if we get down there. The resistance level that gives the breakout confidence is 0.8980.<strong> </strong>\r\n\r\n<strong>USD/JPY: Closing Price 101.74. </strong>I am looking to get short this pair once again. I took a hit earlier this week on a nasty little bounce. The range for me is support at 100.80 and resistance at 102.40\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong>\r\n\r\nSUNDAY: AUD – Building Approvals.\r\nSUNDAY: CNY – HSBC Final Manufacturing PMi.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: USD – ISM Manufacturing PMi.\r\nMONDAY: AUD – Retail Sales.\r\n\r\nTUESDAY: AUD – RBA Interest Rate Statement.\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: EUR – Flash CPi estimate.\r\nTUESDAY: AUD – GDP.\r\n\r\nWEDNESDAY: GBP – Services PMI.\r\nWEDNESDAY: USD – ADP Non Farm Employment Change and Trade Balance.\r\nWEDNESDAY: CAD – Trade balance and BOC Interest Rate Statement.\r\nWEDNESDAY: USD – ISM Non Manufacturing PMI.\r\n\r\nTHURSDAY: GBP – BOE Interest Rates and Asset Purchase Facility.\r\nTHURSDAY: EUR – Interest Rate and ECB Press Conference.\r\nTHURSDAY: CAD – Building Permits and IVEY PMi.\r\n\r\nFRIDAY: USD – Non-Farm Employment Change and Unemployment Rate.\r\nFRIDAY: CAD – Employment Change and Unemployment Rate.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>5. THE PREMIUM SERVICE:</strong>\r\n\r\nI refer quite a bit in my blog about the PREMIUM SERVICE. This is a subscription membership with exclusive content for subscribers, both on the website and daily by way of an exclusive twitter feed and a morning news letter THE DAILY FX POST that is posted to the PREMIUM SERVICE section of my website.\r\n\r\nIf you want an alternative view on the Forex Market or just someone else’s thoughts to bounce off your own, maybe it’s worth a look. Introductory special offers are available from time to time, it maybe the best small investment you make this year.\r\n\r\nFor more information about the PREMIUM SERVICE check out the welcome page of <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> situated on the top of the page there are a number of drop down menus that contain all the things required to join.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>MAY 2014 and YEAR to date:</strong></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. I also show you the year-to-date performance by trade style.\r\n\r\nThere is a lot of data to absorb, if you have queries just email me.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\"><img class=\"aligncenter size-full wp-image-3763\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS1-31052014.png\" alt=\"PREM SERV PROFITS1 31052014\" width=\"449\" height=\"418\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\"><img class=\"aligncenter size-full wp-image-3764\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/PREM-SERV-PROFITS2-31052014.png\" alt=\"PREM SERV PROFITS2 31052014\" width=\"461\" height=\"423\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FLASH-YTD-MAY-2014.png\"><img class=\"aligncenter size-full wp-image-3783\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FLASH-YTD-MAY-2014.png\" alt=\"FLASH YTD MAY 2014\" width=\"337\" height=\"360\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/RADAR-YTD-MAY-2014.png\"><img class=\"aligncenter size-full wp-image-3782\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/RADAR-YTD-MAY-2014.png\" alt=\"RADAR YTD MAY 2014\" width=\"341\" height=\"364\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FUNDAMENTAL-YTD-MAY-2014.png\"><img class=\"aligncenter size-full wp-image-3784\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/FUNDAMENTAL-YTD-MAY-2014.png\" alt=\"FUNDAMENTAL YTD MAY 2014\" width=\"335\" height=\"358\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong>\r\n\r\n<strong>6. FINAL THOUGHTS:</strong>\r\n\r\nThis week we have four Central Banks reviewing their interest rate policies and updating us with their medium and longer-term views. The pick of the crop being the ECB on Thursday, if you have been trading Forex from another planet over the past four weeks, this ECB Press Conference is the most eagerly awaiting in months, if not, years. ECB president Mario Draghi, announced last month that the ECB governing body was united to act this month if the current economic data on growth and deflation persisted and in addition the single currency strength across the Forex market continued.\r\n\r\nGuess what?\r\n\r\nNothing much has changed so we await with baited breath to see what tricks Draghi has up his sleeve, or rather what tricks are up the sleeve of Angela Merkel’s blouse as she holds the strings that make Draghi move. (ECB independence my ass!)\r\n\r\nIn addition to the Central banks there is a plethora of PMi data and unemployment data ending the week on Friday with both the Canadian Jobs data and the biggest event of the month on the Forex calendar the U.S. Non-Farm Payroll numbers.\r\n\r\nIn addition, please watch out for the SNB front running the ECB Press Conference, my gut says that they will do something to protect the CHF.\r\n\r\nSo, keep your eyes and ears on the Eurozone, because there will be leaks, it would not be the Eurozone without some politician or ECB official, leaking the news. Plus, whatever is done in Frankfurt will have a direct line access to Zurich and the SNB.\r\n\r\nThere is enough therefore to keep the brain very active this week and allow for huge market moves and high degrees of volatility.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday May 31st 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\ndrivethru@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nGoogle+/scottpickering\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;','A ONE SIDED MARKET IS JUST GREAT…ISN’T IT?','','inherit','open','closed','','3788-revision-v1','','','2014-05-31 16:46:18','2014-05-31 21:46:18','',3788,'https://weeklyfxdrivethru.com/3788-revision-v1/',0,'revision','',0),(3798,1,'2014-06-01 12:51:19','2014-06-01 17:51:19','&nbsp;\r\n\r\nI have from time to time in my blogs mentioned the PREMIUM SERVICE.\r\n\r\nSince its start at the beginning of 2014, my subscriber base has grown up to and now beyond my goals and objectives that I set out  in my MARKETING PLAN for 2014.  The numbers of subscribers were so good, that I actually reduced subscription prices and for those already signed-up, I doubled their expiry dates and more.\r\n\r\nGiven that trading the FX market is extremely challenging, and it has been for the past two / three months in particular, to be in line with trading $$$ targets, to say that I am delighted would be a very large understatement.\r\n\r\nFor those traders who are struggling, or new traders that are over-whelmed by the market complexities, I thought that it would be a good time to review the first 5 months of the PREMIUM SERVICE performance and set out in black and white as simply as I can, where you as a trader could have been if you had subscribed from Day 1 based upon the type of trading lot size that you trade.\r\n\r\nYou know sometimes just an alternative view on what trade you are looking helps tremendously...the PREMIUM SERVICE can give you that and much more.\r\n\r\nThe one thing that I have to say is that I cannot guarantee performance, but I can guarantee that I work damn hard at what I do and I trade to make $$$. I have traded for 7 years, it is hard, but ,I love it.\r\n\r\nLook at the sample earnings to date so far below. Open a separate account and play my trades against your own. I can help you with a fresh dedicated account if you want with a start up bonus. If you want to go your own way it\'s up to you. Have a look below and if you think that you want to go to the next stage, contact me at scott@weeklyfxdrivethru.com  and I will co-ordinate the PREMIUM SERVICE subscription and your broker account for you, or, if you just want to subscribe to the PREMIUM SERVICE  go to www.weeklyfxdrive.com and click on PREMIUM SERVICE for more details and then use SIGN-UP to subscribe. All you need is a PayPal account.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nscott@weeklyfxdrivethru.com\r\nJune 1st 2014.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-MAY-2014-ADVERT1.png\"><img class=\"aligncenter size-full wp-image-3796\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-MAY-2014-ADVERT1.png\" alt=\"PREM SERV MAY 2014  ADVERT1\" width=\"475\" height=\"482\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVIVE-MAY-2014-ADVERT2.png\"><img class=\"aligncenter size-full wp-image-3797\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVIVE-MAY-2014-ADVERT2.png\" alt=\"PREM SERVIVE MAY 2014 ADVERT2\" width=\"490\" height=\"482\" /></a>','SOME $$$$ REASONS FOR SUBSCRIBING TO THE PREMIUM SERVICE','','publish','open','closed','','reasons-subscribing-premium-service','','','2014-06-01 12:51:19','2014-06-01 17:51:19','',0,'https://weeklyfxdrivethru.com/?p=3798',0,'post','',0),(3799,1,'2014-06-01 12:45:51','2014-06-01 17:45:51','&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nI have from time to time in my blogs mentioned the PREMIUM SERVICE.\r\n\r\nSince it\'s inception at the beginning of 2014, my subscriber base has grown up to and now beyond my goals and objectives that I set in my MARKETING PLAN for 2014.  The numbers of subscribers were so good, that I actually reduced subscription prices and for those already signed-up, I doubled their expiry dates and more.\r\n\r\nGiven that trading the FX market is extremely challenging, and has been for the past two / three months in particular, to be in line with with trading $$$ targets, to say that I am delighted would be a vey large understatement.\r\n\r\nFor those traders who are struggling, or new traders that are over-whelmed by the market complexities, I thought that it would be a good time to review the first 5 months of the PREMIUM SERVICE performance and set out in black and white as simply as I can, where you as a trader could have been if you had subscribed from Day 1 based upon the type of trading lot size that you trade.\r\n\r\nThe one thing I have to say is that I cannot guarantee performance, but I can guarantee that I work damn hard at what I do and I trade to make $$$. I have been trading for 7 years, and it is hard, but I love it.\r\n\r\nLook at the sample earnings to date so far below.Open a separate account and play my trades against your own, I can help you with a fresh dedicated account if you want with a start up bonus. If you want to go your own way it\'s up to you. Have a look below and if you think that you want to go to the next stage, contact me at scott@weeklyfxdrivethru.com  and I will co-ordinate the PREMIUM SERVICE subscription and your broker account for you, or, if you just want to subscribe to the PREMIUM SERVICE  go to www.weeklyfxdrive.com and click on PREMIUM SERVICE for more details and then use SIGN-UP to subscribe. All you require is a PayPal account.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nscott@weeklyfxdrivethru.com\r\nJune 1st 2014.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-MAY-2014-ADVERT1.png\"><img class=\"aligncenter size-full wp-image-3796\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-MAY-2014-ADVERT1.png\" alt=\"PREM SERV MAY 2014  ADVERT1\" width=\"475\" height=\"482\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVIVE-MAY-2014-ADVERT2.png\"><img class=\"aligncenter size-full wp-image-3797\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVIVE-MAY-2014-ADVERT2.png\" alt=\"PREM SERVIVE MAY 2014 ADVERT2\" width=\"490\" height=\"482\" /></a>','SOME $$$$ REASONS FOR SUBSCRIBING TO THE PREMIUM SERVICE','','inherit','open','closed','','3798-revision-v1','','','2014-06-01 12:45:51','2014-06-01 17:45:51','',3798,'https://weeklyfxdrivethru.com/3798-revision-v1/',0,'revision','',0),(3801,1,'2014-06-01 12:50:48','2014-06-01 17:50:48','&nbsp;\r\n\r\nI have from time to time in my blogs mentioned the PREMIUM SERVICE.\r\n\r\nSince its start at the beginning of 2014, my subscriber base has grown up to and now beyond my goals and objectives that I set out  in my MARKETING PLAN for 2014.  The numbers of subscribers were so good, that I actually reduced subscription prices and for those already signed-up, I doubled their expiry dates and more.\r\n\r\nGiven that trading the FX market is extremely challenging, and it has been for the past two / three months in particular, to be in line with trading $$$ targets, to say that I am delighted would be a very large understatement.\r\n\r\nFor those traders who are struggling, or new traders that are over-whelmed by the market complexities, I thought that it would be a good time to review the first 5 months of the PREMIUM SERVICE performance and set out in black and white as simply as I can, where you as a trader could have been if you had subscribed from Day 1 based upon the type of trading lot size that you trade.\r\n\r\nYou know sometimes just an alternative view on what trade you are looking helps tremendously...the PREMIUM SERVICE can give you that and much more.\r\n\r\nThe one thing that I have to say is that I cannot guarantee performance, but I can guarantee that I work damn hard at what I do and I trade to make $$$. I have traded for 7 years, it is hard, but ,I love it.\r\n\r\nLook at the sample earnings to date so far below. Open a separate account and play my trades against your own. I can help you with a fresh dedicated account if you want with a start up bonus. If you want to go your own way it\'s up to you. Have a look below and if you think that you want to go to the next stage, contact me at scott@weeklyfxdrivethru.com  and I will co-ordinate the PREMIUM SERVICE subscription and your broker account for you, or, if you just want to subscribe to the PREMIUM SERVICE  go to www.weeklyfxdrive.com and click on PREMIUM SERVICE for more details and then use SIGN-UP to subscribe. All you need is a PayPal account.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nscott@weeklyfxdrivethru.com\r\nJune 1st 2014.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-MAY-2014-ADVERT1.png\"><img class=\"aligncenter size-full wp-image-3796\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-MAY-2014-ADVERT1.png\" alt=\"PREM SERV MAY 2014  ADVERT1\" width=\"475\" height=\"482\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVIVE-MAY-2014-ADVERT2.png\"><img class=\"aligncenter size-full wp-image-3797\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVIVE-MAY-2014-ADVERT2.png\" alt=\"PREM SERVIVE MAY 2014 ADVERT2\" width=\"490\" height=\"482\" /></a>','SOME $$$$ REASONS FOR SUBSCRIBING TO THE PREMIUM SERVICE','','inherit','open','closed','','3798-revision-v1','','','2014-06-01 12:50:48','2014-06-01 17:50:48','',3798,'https://weeklyfxdrivethru.com/3798-revision-v1/',0,'revision','',0),(3800,1,'2014-06-01 12:50:24','2014-06-01 17:50:24','&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nI have from time to time in my blogs mentioned the PREMIUM SERVICE.\r\n\r\nSince its start at the beginning of 2014, my subscriber base has grown up to and now beyond my goals and objectives that I set out  in my MARKETING PLAN for 2014.  The numbers of subscribers were so good, that I actually reduced subscription prices and for those already signed-up, I doubled their expiry dates and more.\r\n\r\nGiven that trading the FX market is extremely challenging, and it has been for the past two / three months in particular, to be in line with trading $$$ targets, to say that I am delighted would be a very large understatement.\r\n\r\nFor those traders who are struggling, or new traders that are over-whelmed by the market complexities, I thought that it would be a good time to review the first 5 months of the PREMIUM SERVICE performance and set out in black and white as simply as I can, where you as a trader could have been if you had subscribed from Day 1 based upon the type of trading lot size that you trade.\r\n\r\nYou know sometimes just an alternative view on what trade you are looking helps tremendously...the PREMIUM SERVICE can give you that and much more.\r\n\r\nThe one thing that I have to say is that I cannot guarantee performance, but I can guarantee that I work damn hard at what I do and I trade to make $$$. I have traded for 7 years, it is hard, but ,I love it.\r\n\r\nLook at the sample earnings to date so far below. Open a separate account and play my trades against your own. I can help you with a fresh dedicated account if you want with a start up bonus. If you want to go your own way it\'s up to you. Have a look below and if you think that you want to go to the next stage, contact me at scott@weeklyfxdrivethru.com  and I will co-ordinate the PREMIUM SERVICE subscription and your broker account for you, or, if you just want to subscribe to the PREMIUM SERVICE  go to www.weeklyfxdrive.com and click on PREMIUM SERVICE for more details and then use SIGN-UP to subscribe. All you need is a PayPal account.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nscott@weeklyfxdrivethru.com\r\nJune 1st 2014.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-MAY-2014-ADVERT1.png\"><img class=\"aligncenter size-full wp-image-3796\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-MAY-2014-ADVERT1.png\" alt=\"PREM SERV MAY 2014  ADVERT1\" width=\"475\" height=\"482\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVIVE-MAY-2014-ADVERT2.png\"><img class=\"aligncenter size-full wp-image-3797\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVIVE-MAY-2014-ADVERT2.png\" alt=\"PREM SERVIVE MAY 2014 ADVERT2\" width=\"490\" height=\"482\" /></a>','SOME $$$$ REASONS FOR SUBSCRIBING TO THE PREMIUM SERVICE','','inherit','open','closed','','3798-revision-v1','','','2014-06-01 12:50:24','2014-06-01 17:50:24','',3798,'https://weeklyfxdrivethru.com/3798-revision-v1/',0,'revision','',0),(3802,1,'2014-06-02 07:06:41','2014-06-02 12:06:41','<span style=\"font-family: arial, helvetica, sans-serif;\">Hello,</span>\r\n\r\n<span style=\"font-family: arial, helvetica, sans-serif;\">Welcome to all the new subscribers from over the weekend, great to have all you guys on board.</span>\r\n\r\nThis week is an extremely busy one news wise. After my very brief overview of the market as I see it I am going to run through all the live trades that I have, with my intentions / plan. My goal as soon as possible is to reduce my risk exposure. This will be a week of grabbing profits, hopefully, and then maybe waiting until next week to re-establish positions. One or two trades though are on my mind.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nThe Nikkei futures are up 1.8% and this is why I cancelled my USD/JPY short. The USD/JPY looks strong...I never thought that I would be saying that.\r\n\r\nCopper is up and Gold is also up Crude is flat and U.S. Bonds are pretty flat as well. I am not expecting fireworks in the markets today, but you never know. I am more in close trade mode that get trapped in a trade mode today....\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIVE TRADES OVERVIEW &amp; INTENTIONS / PLAN:</strong></span>\r\n\r\nWith both the ECB Press Conference and NFP upper most on my mind. By Thursday morning I will be out of all EUR related trades.\r\n\r\nFT125\r\nEUR/CHF - LONG\r\nThis is I will admit it a very small speculative trade made on the feeling that the SNB are going to front run the ECB and protect position by maybe increasing the EUR/CHF floor limit. My intention is to hold up the ECB press conference, if no news is released or coordinated by then, I do not think that anything is in the pipeline. I am only risking a maximum 76 pips, which I may tighten. I will be out of this trade prior to the ECB on Thursday.\r\n\r\nFT126\r\nGBP/CHF - LONG\r\nA very frustrating trade. I thought I had the EUR/GBP falling, and, as this is the inverse trade, coupled with the CHF weakness.....I thought happy days. Too much thinking...I think. There is pretty good support at 1.4980-1.5000 so as long as we stay elevated above this level I am sticking with it. But If it goes GREEN today or tomorrow I will probably exit.\r\n\r\nFT127\r\nEUR/USD -SHORT\r\nI want to take at least 75% of this trade off the table ahead of the ECB. Looking to do this hopefully later today.\r\n\r\nFT129\r\nAUD/NZD - LONG\r\nHad I not been out last night at a function, I would have exited this trade when it was  +20 pips or so. Right now it is -15 pips. I will try to close it today ahead of AUD Retail Sales and certainly ahead of the RBA Rate statement.\r\n\r\nRT84\r\nEUR/GBP - SHORT\r\nI want to hold onto this as I think that as long as this pair is below 0.8160, it is very bearish. I have been caught on on this pair a few times of late so my gut is telling me place a protected profit stop if it falls below 0.8100. I will tweet. But I will not hold ahead of ECB on Thursday.\r\n\r\nRT86\r\nAUD/USD - SHORT\r\nEven though I believe the AUD is heading towards 0.8000, I am going to try and exit this trade ahead of the AUD news tonight.\r\n\r\nRT91\r\nNZD/USD - SHORT\r\nI have already tweeted my trade plan with this pair. I am going to reduce my position size at 0.8450 and again at 0.8420. At that stage stop to break even and hopefully let it run a bit towards 0.8000. It has been frustrating so far though stopping at 0.8460 a couple of times....bugger!\r\n\r\nFUN14\r\nGBP/NZD - LONG\r\nThis trade has been going since January 27th , the first alert. Holding and looking for a 2,000 plus pip profit.\r\n\r\nFUN24\r\nEUR/AUD - LONG\r\nI want to close this today.\r\n\r\nFUN26\r\nEUR/NZD - LONG\r\nIf this pair breaks 1.6100 and keeps going there is major, major, major resistance around 1.6800 (from memory a few weeks ago). The potential move with this pair is enormous. I will hover, be exiting this trade ahead of the ECB looking to re-enter later. I just do NOT want the hassle and to give up a profitable position. I will exit today if the NZD/USD breaks lower.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIMIT ORDERS WITH MY BROKERS:</strong></span>\r\n\r\nRT89\r\nUSD/JPY - SHORT\r\nThis trade I have cancelled this morning.\r\n\r\nRT92\r\nGBP/USD - SHORT\r\nI think 1.6800 is a big support level for cable.  I will NOT chase but I think that 1.6990 was the high for the year in this pair. I see 1.6450 as a downside target , which is key support.\r\n\r\nRT95\r\nUSD/SEK - LONG\r\nKeeping in play...currently about 200 pips above my target entry.\r\n\r\nRT96\r\nEUR/SEK - LONG\r\nThis trade in now cancelled.\r\n\r\nRT97\r\nUSD/NOK - LONG\r\nKeeping in play for now about 300 pips away from my trigger / entry level.\r\n\r\nRT98\r\nUSD/CAD - LONG\r\nI have cancelled this order this morning.\r\n\r\nFUN25\r\nGBP/AUD - LONG\r\nThis trade has an entry level at key support just below 1.7920 or thereabouts. I will leave for now..it is over 200 pips from my target entry level.\r\n\r\n&nbsp;\r\n\r\nI hope that this has clarified my thoughts. As mentioned before, this week will be about reducing risk ahead of the big news items.\r\n\r\nTake care today do NOT get suckered in, there is the chance of false moves ahead of the ECB and NFP etc...\r\n\r\nGood Luck,\r\n\r\nScott','#42 - THE DAILY FX POST, Monday 2nd June 2014','','publish','open','closed','','42-daily-fx-post-monday-2nd-june-2014','','','2014-06-02 07:06:41','2014-06-02 12:06:41','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3802',0,'member_posts','',0),(3803,1,'2014-06-02 05:35:07','2014-06-02 10:35:07','<span style=\"font-family: arial, helvetica, sans-serif;\">Hello,</span>\r\n\r\n<span style=\"font-family: arial, helvetica, sans-serif;\">Welcome to all the new subscribers from over the weekend, great to have all you guys on board.</span>\r\n\r\nThis week is an extremely busy one news wise. After my very brief overview of the market as I see it I am going to run through all the live trades that I have, with my intentions / plan. My goal as soon as possible is to reduce my risk exposure. This will be a week of grabbing profits, hopefully, and then maybe waiting until next week t0 re-establish positions. One or two trades though are on my mind.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIVE TRADES OVERVIEW &amp; INTENTIONS / PLAN:\r\n\r\n</strong></span>With both the ECB Press Conference and NFP upper most on my mind. By Friday morning I am hoping that I will be just in two trades: - EURNZD and GBPNZD long. That is of course unless some momumental trade lands in my lap.\r\n\r\nFT125\r\nEUR/CHF - LONG\r\nThis is I will admit it a very small speculative trade made on the feeling that the SNB are going to front run the ECB and protect position by maybe increasing the EUR/CHF floor limit. My intention is to hold up the ECB press conference, if no news is released or co-ordinated by then, I do not think that anything is in the pipeline. I am only risking a maximum 76 pips, which I may tighten.\r\n\r\nFT126\r\nGBP/CHF - LONG\r\nA very frustrating trade. I thought I had the EURGBP falling, and, as this is the inverse trade, coupled with the CHF weakness.....I thought happy days. Too much thinking...I think. There is pretty good support at 1.4980-1.5000 so as long as we stay elevated above this level I am sticking with it. But If it goes GREEN today or tomorrow I will probably exit.\r\n\r\nFT127\r\nEUR/USD -SHORT\r\nI want to take at least 75% of this trade off the table ahead of the ECB. Looking to do this hopefully later today.\r\n\r\nFT129\r\nAUD/NZD - LONG\r\nHad I not been out last night at a function, I would have exited this trade when it was  +20 pips or so. Right now it is -15pips. I will try to close it today ahead of AUD Retail Sales and certainly ahead of the RBA Rate statement.\r\n\r\nRT84\r\nEUR/GBP - SHORT\r\nI want to hold onto this as I think that as long as this pair is below 0.8160, it is very bearish. I have been caught on on this pair a few times of late so my gut is telling me place a protected profit stop if it falls below 0.8100. I will tweet.\r\n\r\nRT86\r\nAUD/USD - SHORT\r\nEven though I believe the AUD is heading towards 0.8000, I am going to try and exit this trade ahead of the AUD news tonight.\r\n\r\nRT91\r\nNZD/USD - SHORT\r\nI have already tweeted my trade plan with this pair. I am going to reduce my position size at 0.8450 and again at 0.8420. At that stage stop to break even and hopefully let it run a bit towards 0.8000. It has been frustrating dso far though stopping at 0.8460 a couple of times....bugger!\r\n\r\nFUN14\r\nGBP/NZD - LONG\r\nThis trade has been going since January 27th , the first alert. Holding and looking for a 2,000 plus pip profit.\r\n\r\nFUN24\r\nEUR/AUD - LONG\r\nI want to close this today.\r\n\r\nFUN26\r\nEUR/NZD - LONG\r\nIf this pair breaks 1.6100 and keeps going there is major, major, major resistance around 1.6800 (from memory a few weeks ago). The potential move with this pair is enormous....holding.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIMIT ORDERS WITH MY BROKERS:</strong></span>\r\n\r\nRT95','#42 - THE DAILY FX POST, Monday 2nd June 2014','','inherit','open','closed','','3802-revision-v1','','','2014-06-02 05:35:07','2014-06-02 10:35:07','',3802,'https://weeklyfxdrivethru.com/3802-revision-v1/',0,'revision','',0),(3804,1,'2014-06-02 05:44:19','2014-06-02 10:44:19','<span style=\"font-family: arial, helvetica, sans-serif;\">Hello,</span>\r\n\r\n<span style=\"font-family: arial, helvetica, sans-serif;\">Welcome to all the new subscribers from over the weekend, great to have all you guys on board.</span>\r\n\r\nThis week is an extremely busy one news wise. After my very brief overview of the market as I see it I am going to run through all the live trades that I have, with my intentions / plan. My goal as soon as possible is to reduce my risk exposure. This will be a week of grabbing profits, hopefully, and then maybe waiting until next week t0 re-establish positions. One or two trades though are on my mind.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIVE TRADES OVERVIEW &amp; INTENTIONS / PLAN:</strong></span>\r\n\r\nWith both the ECB Press Conference and NFP upper most on my mind. By Friday morning I am hoping that I will be just in two trades: - EURNZD and GBPNZD long. That is of course unless some momumental trade lands in my lap.\r\n\r\nFT125\r\nEUR/CHF - LONG\r\nThis is I will admit it a very small speculative trade made on the feeling that the SNB are going to front run the ECB and protect position by maybe increasing the EUR/CHF floor limit. My intention is to hold up the ECB press conference, if no news is released or co-ordinated by then, I do not think that anything is in the pipeline. I am only risking a maximum 76 pips, which I may tighten.\r\n\r\nFT126\r\nGBP/CHF - LONG\r\nA very frustrating trade. I thought I had the EURGBP falling, and, as this is the inverse trade, coupled with the CHF weakness.....I thought happy days. Too much thinking...I think. There is pretty good support at 1.4980-1.5000 so as long as we stay elevated above this level I am sticking with it. But If it goes GREEN today or tomorrow I will probably exit.\r\n\r\nFT127\r\nEUR/USD -SHORT\r\nI want to take at least 75% of this trade off the table ahead of the ECB. Looking to do this hopefully later today.\r\n\r\nFT129\r\nAUD/NZD - LONG\r\nHad I not been out last night at a function, I would have exited this trade when it was  +20 pips or so. Right now it is -15pips. I will try to close it today ahead of AUD Retail Sales and certainly ahead of the RBA Rate statement.\r\n\r\nRT84\r\nEUR/GBP - SHORT\r\nI want to hold onto this as I think that as long as this pair is below 0.8160, it is very bearish. I have been caught on on this pair a few times of late so my gut is telling me place a protected profit stop if it falls below 0.8100. I will tweet.\r\n\r\nRT86\r\nAUD/USD - SHORT\r\nEven though I believe the AUD is heading towards 0.8000, I am going to try and exit this trade ahead of the AUD news tonight.\r\n\r\nRT91\r\nNZD/USD - SHORT\r\nI have already tweeted my trade plan with this pair. I am going to reduce my position size at 0.8450 and again at 0.8420. At that stage stop to break even and hopefully let it run a bit towards 0.8000. It has been frustrating dso far though stopping at 0.8460 a couple of times....bugger!\r\n\r\nFUN14\r\nGBP/NZD - LONG\r\nThis trade has been going since January 27th , the first alert. Holding and looking for a 2,000 plus pip profit.\r\n\r\nFUN24\r\nEUR/AUD - LONG\r\nI want to close this today.\r\n\r\nFUN26\r\nEUR/NZD - LONG\r\nIf this pair breaks 1.6100 and keeps going there is major, major, major resistance around 1.6800 (from memory a few weeks ago). The potential move with this pair is enormous....holding.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIMIT ORDERS WITH MY BROKERS:</strong></span>\r\n\r\nRT89\r\nUSD/JPY - SHORT\r\nThis trade I have cancelled this morning.\r\n\r\nRT92\r\nGBP/USD - SHORT\r\nI think 1.6800 is a big support level for cable.  I will NOT chase but I think that 1.6990 was the high for the year in this pair. I see 1.6450 as a downside target , which is key support.\r\n\r\nRT95\r\nUSD/SEK - LONG\r\nKeeping in play...currently about 200 pips above my target entry.\r\n\r\nRT96\r\nEUR/SEK - LONG\r\nKeeping in play - currently about 100 pips from entry.\r\n\r\nRT97\r\nUSD/NOK - LONG\r\nKeeping in play for now about 300 pips away from my trigger / entry level.\r\n\r\nRT98\r\nUSD/CAD - LONG\r\nI will cancel this ahead of BOC on Wednesday.\r\n\r\nFUN25\r\nGBP/AUD - LONG\r\nThis trade has an entry level at key support just below 1.7920 or thereabouts. I will leave for now..it is over 200 pips from my target entry level.','#42 - THE DAILY FX POST, Monday 2nd June 2014','','inherit','open','closed','','3802-revision-v1','','','2014-06-02 05:44:19','2014-06-02 10:44:19','',3802,'https://weeklyfxdrivethru.com/3802-revision-v1/',0,'revision','',0),(3805,1,'2014-06-02 05:46:15','2014-06-02 10:46:15','<span style=\"font-family: arial, helvetica, sans-serif;\">Hello,</span>\r\n\r\n<span style=\"font-family: arial, helvetica, sans-serif;\">Welcome to all the new subscribers from over the weekend, great to have all you guys on board.</span>\r\n\r\nThis week is an extremely busy one news wise. After my very brief overview of the market as I see it I am going to run through all the live trades that I have, with my intentions / plan. My goal as soon as possible is to reduce my risk exposure. This will be a week of grabbing profits, hopefully, and then maybe waiting until next week t0 re-establish positions. One or two trades though are on my mind.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIVE TRADES OVERVIEW &amp; INTENTIONS / PLAN:</strong></span>\r\n\r\nWith both the ECB Press Conference and NFP upper most on my mind. By Friday morning I am hoping that I will be just in two trades: - EURNZD and GBPNZD long. That is of course unless some momumental trade lands in my lap.\r\n\r\nFT125\r\nEUR/CHF - LONG\r\nThis is I will admit it a very small speculative trade made on the feeling that the SNB are going to front run the ECB and protect position by maybe increasing the EUR/CHF floor limit. My intention is to hold up the ECB press conference, if no news is released or co-ordinated by then, I do not think that anything is in the pipeline. I am only risking a maximum 76 pips, which I may tighten.\r\n\r\nFT126\r\nGBP/CHF - LONG\r\nA very frustrating trade. I thought I had the EURGBP falling, and, as this is the inverse trade, coupled with the CHF weakness.....I thought happy days. Too much thinking...I think. There is pretty good support at 1.4980-1.5000 so as long as we stay elevated above this level I am sticking with it. But If it goes GREEN today or tomorrow I will probably exit.\r\n\r\nFT127\r\nEUR/USD -SHORT\r\nI want to take at least 75% of this trade off the table ahead of the ECB. Looking to do this hopefully later today.\r\n\r\nFT129\r\nAUD/NZD - LONG\r\nHad I not been out last night at a function, I would have exited this trade when it was  +20 pips or so. Right now it is -15pips. I will try to close it today ahead of AUD Retail Sales and certainly ahead of the RBA Rate statement.\r\n\r\nRT84\r\nEUR/GBP - SHORT\r\nI want to hold onto this as I think that as long as this pair is below 0.8160, it is very bearish. I have been caught on on this pair a few times of late so my gut is telling me place a protected profit stop if it falls below 0.8100. I will tweet.\r\n\r\nRT86\r\nAUD/USD - SHORT\r\nEven though I believe the AUD is heading towards 0.8000, I am going to try and exit this trade ahead of the AUD news tonight.\r\n\r\nRT91\r\nNZD/USD - SHORT\r\nI have already tweeted my trade plan with this pair. I am going to reduce my position size at 0.8450 and again at 0.8420. At that stage stop to break even and hopefully let it run a bit towards 0.8000. It has been frustrating dso far though stopping at 0.8460 a couple of times....bugger!\r\n\r\nFUN14\r\nGBP/NZD - LONG\r\nThis trade has been going since January 27th , the first alert. Holding and looking for a 2,000 plus pip profit.\r\n\r\nFUN24\r\nEUR/AUD - LONG\r\nI want to close this today.\r\n\r\nFUN26\r\nEUR/NZD - LONG\r\nIf this pair breaks 1.6100 and keeps going there is major, major, major resistance around 1.6800 (from memory a few weeks ago). The potential move with this pair is enormous....holding.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIMIT ORDERS WITH MY BROKERS:</strong></span>\r\n\r\nRT89\r\nUSD/JPY - SHORT\r\nThis trade I have cancelled this morning.\r\n\r\nRT92\r\nGBP/USD - SHORT\r\nI think 1.6800 is a big support level for cable.  I will NOT chase but I think that 1.6990 was the high for the year in this pair. I see 1.6450 as a downside target , which is key support.\r\n\r\nRT95\r\nUSD/SEK - LONG\r\nKeeping in play...currently about 200 pips above my target entry.\r\n\r\nRT96\r\nEUR/SEK - LONG\r\nKeeping in play - currently about 100 pips from entry.\r\n\r\nRT97\r\nUSD/NOK - LONG\r\nKeeping in play for now about 300 pips away from my trigger / entry level.\r\n\r\nRT98\r\nUSD/CAD - LONG\r\nI will cancel this ahead of BOC on Wednesday.\r\n\r\nFUN25\r\nGBP/AUD - LONG\r\nThis trade has an entry level at key support just below 1.7920 or thereabouts. I will leave for now..it is over 200 pips from my target entry level.\r\n\r\n&nbsp;\r\n\r\nI hope that this has clarified my thoughts. As mentioned before, this week will be about reducing risk ahead of the big news items.\r\n\r\nTake care today do NOT get suckered in, there is the chance of false moves ahead of the ECB and NFP etc...\r\n\r\nGood Luck,\r\n\r\nScott','#42 - THE DAILY FX POST, Monday 2nd June 2014','','inherit','open','closed','','3802-revision-v1','','','2014-06-02 05:46:15','2014-06-02 10:46:15','',3802,'https://weeklyfxdrivethru.com/3802-revision-v1/',0,'revision','',0),(3806,1,'2014-06-02 05:47:46','2014-06-02 10:47:46','<span style=\"font-family: arial, helvetica, sans-serif;\">Hello,</span>\r\n\r\n<span style=\"font-family: arial, helvetica, sans-serif;\">Welcome to all the new subscribers from over the weekend, great to have all you guys on board.</span>\r\n\r\nThis week is an extremely busy one news wise. After my very brief overview of the market as I see it I am going to run through all the live trades that I have, with my intentions / plan. My goal as soon as possible is to reduce my risk exposure. This will be a week of grabbing profits, hopefully, and then maybe waiting until next week t0 re-establish positions. One or two trades though are on my mind.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIVE TRADES OVERVIEW &amp; INTENTIONS / PLAN:</strong></span>\r\n\r\nWith both the ECB Press Conference and NFP upper most on my mind. By Friday morning I am hoping that I will be just in two trades: - EURNZD and GBPNZD long. That is of course unless some momumental trade lands in my lap.\r\n\r\nFT125\r\nEUR/CHF - LONG\r\nThis is I will admit it a very small speculative trade made on the feeling that the SNB are going to front run the ECB and protect position by maybe increasing the EUR/CHF floor limit. My intention is to hold up the ECB press conference, if no news is released or co-ordinated by then, I do not think that anything is in the pipeline. I am only risking a maximum 76 pips, which I may tighten.\r\n\r\nFT126\r\nGBP/CHF - LONG\r\nA very frustrating trade. I thought I had the EURGBP falling, and, as this is the inverse trade, coupled with the CHF weakness.....I thought happy days. Too much thinking...I think. There is pretty good support at 1.4980-1.5000 so as long as we stay elevated above this level I am sticking with it. But If it goes GREEN today or tomorrow I will probably exit.\r\n\r\nFT127\r\nEUR/USD -SHORT\r\nI want to take at least 75% of this trade off the table ahead of the ECB. Looking to do this hopefully later today.\r\n\r\nFT129\r\nAUD/NZD - LONG\r\nHad I not been out last night at a function, I would have exited this trade when it was  +20 pips or so. Right now it is -15pips. I will try to close it today ahead of AUD Retail Sales and certainly ahead of the RBA Rate statement.\r\n\r\nRT84\r\nEUR/GBP - SHORT\r\nI want to hold onto this as I think that as long as this pair is below 0.8160, it is very bearish. I have been caught on on this pair a few times of late so my gut is telling me place a protected profit stop if it falls below 0.8100. I will tweet.\r\n\r\nRT86\r\nAUD/USD - SHORT\r\nEven though I believe the AUD is heading towards 0.8000, I am going to try and exit this trade ahead of the AUD news tonight.\r\n\r\nRT91\r\nNZD/USD - SHORT\r\nI have already tweeted my trade plan with this pair. I am going to reduce my position size at 0.8450 and again at 0.8420. At that stage stop to break even and hopefully let it run a bit towards 0.8000. It has been frustrating dso far though stopping at 0.8460 a couple of times....bugger!\r\n\r\nFUN14\r\nGBP/NZD - LONG\r\nThis trade has been going since January 27th , the first alert. Holding and looking for a 2,000 plus pip profit.\r\n\r\nFUN24\r\nEUR/AUD - LONG\r\nI want to close this today.\r\n\r\nFUN26\r\nEUR/NZD - LONG\r\nIf this pair breaks 1.6100 and keeps going there is major, major, major resistance around 1.6800 (from memory a few weeks ago). The potential move with this pair is enormous....holding.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIMIT ORDERS WITH MY BROKERS:</strong></span>\r\n\r\nRT89\r\nUSD/JPY - SHORT\r\nThis trade I have cancelled this morning.\r\n\r\nRT92\r\nGBP/USD - SHORT\r\nI think 1.6800 is a big support level for cable.  I will NOT chase but I think that 1.6990 was the high for the year in this pair. I see 1.6450 as a downside target , which is key support.\r\n\r\nRT95\r\nUSD/SEK - LONG\r\nKeeping in play...currently about 200 pips above my target entry.\r\n\r\nRT96\r\nEUR/SEK - LONG\r\nKeeping in play - currently about 100 pips from entry.\r\n\r\nRT97\r\nUSD/NOK - LONG\r\nKeeping in play for now about 300 pips away from my trigger / entry level.\r\n\r\nRT98\r\nUSD/CAD - LONG\r\nI have cancelled this order this morning.\r\n\r\nFUN25\r\nGBP/AUD - LONG\r\nThis trade has an entry level at key support just below 1.7920 or thereabouts. I will leave for now..it is over 200 pips from my target entry level.\r\n\r\n&nbsp;\r\n\r\nI hope that this has clarified my thoughts. As mentioned before, this week will be about reducing risk ahead of the big news items.\r\n\r\nTake care today do NOT get suckered in, there is the chance of false moves ahead of the ECB and NFP etc...\r\n\r\nGood Luck,\r\n\r\nScott','#42 - THE DAILY FX POST, Monday 2nd June 2014','','inherit','open','closed','','3802-revision-v1','','','2014-06-02 05:47:46','2014-06-02 10:47:46','',3802,'https://weeklyfxdrivethru.com/3802-revision-v1/',0,'revision','',0),(3807,1,'2014-06-02 07:04:45','2014-06-02 12:04:45','<span style=\"font-family: arial, helvetica, sans-serif;\">Hello,</span>\r\n\r\n<span style=\"font-family: arial, helvetica, sans-serif;\">Welcome to all the new subscribers from over the weekend, great to have all you guys on board.</span>\r\n\r\nThis week is an extremely busy one news wise. After my very brief overview of the market as I see it I am going to run through all the live trades that I have, with my intentions / plan. My goal as soon as possible is to reduce my risk exposure. This will be a week of grabbing profits, hopefully, and then maybe waiting until next week t0 re-establish positions. One or two trades though are on my mind.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nThe Nikkei futures are up 1.8% and this is why I cancelled my USD/JPY short. The USD/JPY looks strong...I never thought that I would be saying that.\r\n\r\nCopper is up and Gold is also up Crude is flat and U.S. Bonds are pretty flat as well. I am not expecting fireworks in the markets today, but you never know. I am more in close trade mode that get trapped in a trade mode today....\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIVE TRADES OVERVIEW &amp; INTENTIONS / PLAN:</strong></span>\r\n\r\nWith both the ECB Press Conference and NFP upper most on my mind. By Thursday morning I will be out of all EUR related trades.\r\n\r\nFT125\r\nEUR/CHF - LONG\r\nThis is I will admit it a very small speculative trade made on the feeling that the SNB are going to front run the ECB and protect position by maybe increasing the EUR/CHF floor limit. My intention is to hold up the ECB press conference, if no news is released or co-ordinated by then, I do not think that anything is in the pipeline. I am only risking a maximum 76 pips, which I may tighten. I will be out of this trade prior to the ECB on Thursday.\r\n\r\nFT126\r\nGBP/CHF - LONG\r\nA very frustrating trade. I thought I had the EURGBP falling, and, as this is the inverse trade, coupled with the CHF weakness.....I thought happy days. Too much thinking...I think. There is pretty good support at 1.4980-1.5000 so as long as we stay elevated above this level I am sticking with it. But If it goes GREEN today or tomorrow I will probably exit.\r\n\r\nFT127\r\nEUR/USD -SHORT\r\nI want to take at least 75% of this trade off the table ahead of the ECB. Looking to do this hopefully later today.\r\n\r\nFT129\r\nAUD/NZD - LONG\r\nHad I not been out last night at a function, I would have exited this trade when it was  +20 pips or so. Right now it is -15pips. I will try to close it today ahead of AUD Retail Sales and certainly ahead of the RBA Rate statement.\r\n\r\nRT84\r\nEUR/GBP - SHORT\r\nI want to hold onto this as I think that as long as this pair is below 0.8160, it is very bearish. I have been caught on on this pair a few times of late so my gut is telling me place a protected profit stop if it falls below 0.8100. I will tweet. But I will not hold ahead of ECB on Thursday.\r\n\r\nRT86\r\nAUD/USD - SHORT\r\nEven though I believe the AUD is heading towards 0.8000, I am going to try and exit this trade ahead of the AUD news tonight.\r\n\r\nRT91\r\nNZD/USD - SHORT\r\nI have already tweeted my trade plan with this pair. I am going to reduce my position size at 0.8450 and again at 0.8420. At that stage stop to break even and hopefully let it run a bit towards 0.8000. It has been frustrating dso far though stopping at 0.8460 a couple of times....bugger!\r\n\r\nFUN14\r\nGBP/NZD - LONG\r\nThis trade has been going since January 27th , the first alert. Holding and looking for a 2,000 plus pip profit.\r\n\r\nFUN24\r\nEUR/AUD - LONG\r\nI want to close this today.\r\n\r\nFUN26\r\nEUR/NZD - LONG\r\nIf this pair breaks 1.6100 and keeps going there is major, major, major resistance around 1.6800 (from memory a few weeks ago). The potential move with this pair is enormous. I will hover, be exiting this trade ahead of the ECB looking to re-enter later. I just do NOT want the hassle and to give up a profitable position. I will exit today if the NZD/USD breaks lower.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIMIT ORDERS WITH MY BROKERS:</strong></span>\r\n\r\nRT89\r\nUSD/JPY - SHORT\r\nThis trade I have cancelled this morning.\r\n\r\nRT92\r\nGBP/USD - SHORT\r\nI think 1.6800 is a big support level for cable.  I will NOT chase but I think that 1.6990 was the high for the year in this pair. I see 1.6450 as a downside target , which is key support.\r\n\r\nRT95\r\nUSD/SEK - LONG\r\nKeeping in play...currently about 200 pips above my target entry.\r\n\r\nRT96\r\nEUR/SEK - LONG\r\nThis trade in now cancelled.\r\n\r\nRT97\r\nUSD/NOK - LONG\r\nKeeping in play for now about 300 pips away from my trigger / entry level.\r\n\r\nRT98\r\nUSD/CAD - LONG\r\nI have cancelled this order this morning.\r\n\r\nFUN25\r\nGBP/AUD - LONG\r\nThis trade has an entry level at key support just below 1.7920 or thereabouts. I will leave for now..it is over 200 pips from my target entry level.\r\n\r\n&nbsp;\r\n\r\nI hope that this has clarified my thoughts. As mentioned before, this week will be about reducing risk ahead of the big news items.\r\n\r\nTake care today do NOT get suckered in, there is the chance of false moves ahead of the ECB and NFP etc...\r\n\r\nGood Luck,\r\n\r\nScott','#42 - THE DAILY FX POST, Monday 2nd June 2014','','inherit','open','closed','','3802-revision-v1','','','2014-06-02 07:04:45','2014-06-02 12:04:45','',3802,'https://weeklyfxdrivethru.com/3802-revision-v1/',0,'revision','',0),(3808,1,'2014-06-02 07:06:41','2014-06-02 12:06:41','<span style=\"font-family: arial, helvetica, sans-serif;\">Hello,</span>\r\n\r\n<span style=\"font-family: arial, helvetica, sans-serif;\">Welcome to all the new subscribers from over the weekend, great to have all you guys on board.</span>\r\n\r\nThis week is an extremely busy one news wise. After my very brief overview of the market as I see it I am going to run through all the live trades that I have, with my intentions / plan. My goal as soon as possible is to reduce my risk exposure. This will be a week of grabbing profits, hopefully, and then maybe waiting until next week to re-establish positions. One or two trades though are on my mind.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nThe Nikkei futures are up 1.8% and this is why I cancelled my USD/JPY short. The USD/JPY looks strong...I never thought that I would be saying that.\r\n\r\nCopper is up and Gold is also up Crude is flat and U.S. Bonds are pretty flat as well. I am not expecting fireworks in the markets today, but you never know. I am more in close trade mode that get trapped in a trade mode today....\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIVE TRADES OVERVIEW &amp; INTENTIONS / PLAN:</strong></span>\r\n\r\nWith both the ECB Press Conference and NFP upper most on my mind. By Thursday morning I will be out of all EUR related trades.\r\n\r\nFT125\r\nEUR/CHF - LONG\r\nThis is I will admit it a very small speculative trade made on the feeling that the SNB are going to front run the ECB and protect position by maybe increasing the EUR/CHF floor limit. My intention is to hold up the ECB press conference, if no news is released or coordinated by then, I do not think that anything is in the pipeline. I am only risking a maximum 76 pips, which I may tighten. I will be out of this trade prior to the ECB on Thursday.\r\n\r\nFT126\r\nGBP/CHF - LONG\r\nA very frustrating trade. I thought I had the EUR/GBP falling, and, as this is the inverse trade, coupled with the CHF weakness.....I thought happy days. Too much thinking...I think. There is pretty good support at 1.4980-1.5000 so as long as we stay elevated above this level I am sticking with it. But If it goes GREEN today or tomorrow I will probably exit.\r\n\r\nFT127\r\nEUR/USD -SHORT\r\nI want to take at least 75% of this trade off the table ahead of the ECB. Looking to do this hopefully later today.\r\n\r\nFT129\r\nAUD/NZD - LONG\r\nHad I not been out last night at a function, I would have exited this trade when it was  +20 pips or so. Right now it is -15 pips. I will try to close it today ahead of AUD Retail Sales and certainly ahead of the RBA Rate statement.\r\n\r\nRT84\r\nEUR/GBP - SHORT\r\nI want to hold onto this as I think that as long as this pair is below 0.8160, it is very bearish. I have been caught on on this pair a few times of late so my gut is telling me place a protected profit stop if it falls below 0.8100. I will tweet. But I will not hold ahead of ECB on Thursday.\r\n\r\nRT86\r\nAUD/USD - SHORT\r\nEven though I believe the AUD is heading towards 0.8000, I am going to try and exit this trade ahead of the AUD news tonight.\r\n\r\nRT91\r\nNZD/USD - SHORT\r\nI have already tweeted my trade plan with this pair. I am going to reduce my position size at 0.8450 and again at 0.8420. At that stage stop to break even and hopefully let it run a bit towards 0.8000. It has been frustrating so far though stopping at 0.8460 a couple of times....bugger!\r\n\r\nFUN14\r\nGBP/NZD - LONG\r\nThis trade has been going since January 27th , the first alert. Holding and looking for a 2,000 plus pip profit.\r\n\r\nFUN24\r\nEUR/AUD - LONG\r\nI want to close this today.\r\n\r\nFUN26\r\nEUR/NZD - LONG\r\nIf this pair breaks 1.6100 and keeps going there is major, major, major resistance around 1.6800 (from memory a few weeks ago). The potential move with this pair is enormous. I will hover, be exiting this trade ahead of the ECB looking to re-enter later. I just do NOT want the hassle and to give up a profitable position. I will exit today if the NZD/USD breaks lower.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>LIMIT ORDERS WITH MY BROKERS:</strong></span>\r\n\r\nRT89\r\nUSD/JPY - SHORT\r\nThis trade I have cancelled this morning.\r\n\r\nRT92\r\nGBP/USD - SHORT\r\nI think 1.6800 is a big support level for cable.  I will NOT chase but I think that 1.6990 was the high for the year in this pair. I see 1.6450 as a downside target , which is key support.\r\n\r\nRT95\r\nUSD/SEK - LONG\r\nKeeping in play...currently about 200 pips above my target entry.\r\n\r\nRT96\r\nEUR/SEK - LONG\r\nThis trade in now cancelled.\r\n\r\nRT97\r\nUSD/NOK - LONG\r\nKeeping in play for now about 300 pips away from my trigger / entry level.\r\n\r\nRT98\r\nUSD/CAD - LONG\r\nI have cancelled this order this morning.\r\n\r\nFUN25\r\nGBP/AUD - LONG\r\nThis trade has an entry level at key support just below 1.7920 or thereabouts. I will leave for now..it is over 200 pips from my target entry level.\r\n\r\n&nbsp;\r\n\r\nI hope that this has clarified my thoughts. As mentioned before, this week will be about reducing risk ahead of the big news items.\r\n\r\nTake care today do NOT get suckered in, there is the chance of false moves ahead of the ECB and NFP etc...\r\n\r\nGood Luck,\r\n\r\nScott','#42 - THE DAILY FX POST, Monday 2nd June 2014','','inherit','open','closed','','3802-revision-v1','','','2014-06-02 07:06:41','2014-06-02 12:06:41','',3802,'https://weeklyfxdrivethru.com/3802-revision-v1/',0,'revision','',0),(3809,1,'2014-06-03 07:28:43','2014-06-03 12:28:43','Good Day,\r\n\r\nFirst of all welcome to all the new subscribers.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>REVIEW:</strong></span>\r\n\r\nYesterday, I started  \"OPERATION REDUCE RISK EXPOSURE\" ahead of the ECB and NFP data dumps later this week. I had great success yesterday, although, I still have the EUR/AUD to deal with currently about -40 pips. My other target to close prior to the news events mentioned is the EUR/GBP.\r\n\r\nI had a great opportunity to exit what I wanted earlier today at the time the ECB CPi and Unemployment data was being released but I admit it...I failed to act, I was trying to be greedy..... Let\'s hope that today brings me a second opportunity. The GBP/CHF in particular, is painful to watch.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nIt all looks very quiet to me again, not much excitement to report. In any event good news in good news for U.S. equities and bad news is good news for U.S. equities. Commodities fairly flat.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES ADDED:</strong></span>\r\n\r\nFT130\r\nUSD/CHF\r\nlong at 0.8986\r\nStop at 0.8900\r\nLimit at 0.9330.\r\n\r\nFor me this pair is a great example of buying on the dips. The USD/CHF is very bullish right now, and, should the SNB act if Draghi eases this pair should break 0.9000. If this level is taken out it should squeeze.\r\n\r\nFT131\r\nUSD/SEK\r\nLong at 6.6719\r\nStop at 6.5400\r\nLimit at 6.9215\r\n\r\nBought as a result of a EUR/USD bounce up to 1.3650\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD REVIEW:</strong></span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-03062014.png\"><img class=\"aligncenter size-large wp-image-3810\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-03062014-1024x473.png\" alt=\"EURUSD MONTHLY 03062014\" width=\"1024\" height=\"473\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nI mentioned on Twitter earlier that I would outline my thoughts on the EUR/USD.\r\n\r\nWe are in a longer-term downtrend. But...within the downtrend are also within a shorter -term uptrend from thew April 3013 lows of 1.2741.\r\n\r\nKey support is at 1.3472 and as long as this level holds, the uptrend could in honesty be expected to resume and a test of 1.4500 is still possible, however,  I feel 1.4000 will be a stiff level to overcome.\r\n\r\nOn the opposite side of that trade, a break below 1.3477 support to me would indicate that the short uptrend momentum move is over, and completed at 1.3993 (1.4000) (the last ECB meeting by the way!!) and then we are looking very low indeed all the way towards 1.1500, that is where the lower sloping teen line on the chart above takes us.\r\n\r\n&nbsp;\r\n\r\nGood luck today, try not to get caught. I will tweet ideas , actions etc.\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#43 - THE DAILY FX POST, Tuesday 3rd June 2014','','publish','open','closed','','43-daily-fx-post-tuesday-3rd-june-2014','','','2014-06-03 07:28:43','2014-06-03 12:28:43','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3809',0,'member_posts','',0),(3811,1,'2014-06-03 07:27:04','2014-06-03 12:27:04','Good Day,\r\n\r\nFirst of all welcome to all the new subscribers.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>REVIEW:</strong></span>\r\n\r\nYesterday, I started  \"OPERATION REDUCE RISK EXPOSURE\" ahead of the ECB and NFP data dumps later this week. I had great success yesterday, although, I still have the EUR/AUD to deal with currently about -40 pips. My other target to close prior to the news events mentioned is the EUR/GBP.\r\n\r\nI had a great opportunity to exit what I wanted earlier today at the time the ECB CPi and Unemployment data was being released but I admit it...I failed to act, I was trying to be greedy..... Let\'s hope that today brings me a second opportunity. The GBP/CHF in particular, is painful to watch.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nIt all looks very quiet to me again, not much excitement to report. In any event good news in good news for U.S. equities and bad news is good news for U.S. equities. Commodities fairly flat.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES ADDED:</strong></span>\r\n\r\nFT130\r\nUSD/CHF\r\nlong at 0.8986\r\nStop at 0.8900\r\nLimit at 0.9330.\r\n\r\nFor me this pair is a great example of buying on the dips. The USD/CHF is very bullish right now, and, should the SNB act if Draghi eases this pair should break 0.9000. If this level is taken out it should squeeze.\r\n\r\nFT131\r\nUSD/SEK\r\nLong at 6.6719\r\nStop at 6.5400\r\nLimit at 6.9215\r\n\r\nBought as a result of a EUR/USD bounce up to 1.3650\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD REVIEW:</strong></span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-03062014.png\"><img class=\"aligncenter size-large wp-image-3810\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-03062014-1024x473.png\" alt=\"EURUSD MONTHLY 03062014\" width=\"1024\" height=\"473\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nI mentioned on Twitter earlier that I would outline my thoughts on the EUR/USD.\r\n\r\nWe are in a longer-term downtrend. But...within the downtrend are also within a shorter -term uptrend from thew April 3013 lows of 1.2741.\r\n\r\nKey support is at 1.3472 and as long as this level holds, the uptrend could in honesty be expected to resume and a test of 1.4500 is still possible, however,  I feel 1.4000 will be a stiff level to overcome.\r\n\r\nOn the opposite side of that trade, a break below 1.3477 support to me would indicate that the the short uptrend momentum move is over, and completed at 1.3993 (1.4000) (the last ECB meeting by the way!!) and then we are looking very low indeed all the way towards 1.1500, that is where the lower sloping teen line on the chart above takes us.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#43 - THE DAILY FX POST, Tuesday 3rd June 2014','','inherit','open','closed','','3809-revision-v1','','','2014-06-03 07:27:04','2014-06-03 12:27:04','',3809,'https://weeklyfxdrivethru.com/3809-revision-v1/',0,'revision','',0),(3812,1,'2014-06-03 07:28:43','2014-06-03 12:28:43','Good Day,\r\n\r\nFirst of all welcome to all the new subscribers.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>REVIEW:</strong></span>\r\n\r\nYesterday, I started  \"OPERATION REDUCE RISK EXPOSURE\" ahead of the ECB and NFP data dumps later this week. I had great success yesterday, although, I still have the EUR/AUD to deal with currently about -40 pips. My other target to close prior to the news events mentioned is the EUR/GBP.\r\n\r\nI had a great opportunity to exit what I wanted earlier today at the time the ECB CPi and Unemployment data was being released but I admit it...I failed to act, I was trying to be greedy..... Let\'s hope that today brings me a second opportunity. The GBP/CHF in particular, is painful to watch.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nIt all looks very quiet to me again, not much excitement to report. In any event good news in good news for U.S. equities and bad news is good news for U.S. equities. Commodities fairly flat.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES ADDED:</strong></span>\r\n\r\nFT130\r\nUSD/CHF\r\nlong at 0.8986\r\nStop at 0.8900\r\nLimit at 0.9330.\r\n\r\nFor me this pair is a great example of buying on the dips. The USD/CHF is very bullish right now, and, should the SNB act if Draghi eases this pair should break 0.9000. If this level is taken out it should squeeze.\r\n\r\nFT131\r\nUSD/SEK\r\nLong at 6.6719\r\nStop at 6.5400\r\nLimit at 6.9215\r\n\r\nBought as a result of a EUR/USD bounce up to 1.3650\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD REVIEW:</strong></span>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-03062014.png\"><img class=\"aligncenter size-large wp-image-3810\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-03062014-1024x473.png\" alt=\"EURUSD MONTHLY 03062014\" width=\"1024\" height=\"473\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nI mentioned on Twitter earlier that I would outline my thoughts on the EUR/USD.\r\n\r\nWe are in a longer-term downtrend. But...within the downtrend are also within a shorter -term uptrend from thew April 3013 lows of 1.2741.\r\n\r\nKey support is at 1.3472 and as long as this level holds, the uptrend could in honesty be expected to resume and a test of 1.4500 is still possible, however,  I feel 1.4000 will be a stiff level to overcome.\r\n\r\nOn the opposite side of that trade, a break below 1.3477 support to me would indicate that the short uptrend momentum move is over, and completed at 1.3993 (1.4000) (the last ECB meeting by the way!!) and then we are looking very low indeed all the way towards 1.1500, that is where the lower sloping teen line on the chart above takes us.\r\n\r\n&nbsp;\r\n\r\nGood luck today, try not to get caught. I will tweet ideas , actions etc.\r\n\r\nScott\r\n\r\n&nbsp;\r\n\r\n&nbsp;','#43 - THE DAILY FX POST, Tuesday 3rd June 2014','','inherit','open','closed','','3809-revision-v1','','','2014-06-03 07:28:43','2014-06-03 12:28:43','',3809,'https://weeklyfxdrivethru.com/3809-revision-v1/',0,'revision','',0),(3813,1,'2014-06-04 07:12:15','2014-06-04 12:12:15','Good Day,\r\n\r\nWelcome to all new subscribers over the past few days.\r\n\r\nA pretty quiet overnight session from my location. The AUD GDP numbers as I tweeted were better than expected. The only point that I want to make about GDP figures are that they are \"rear view window\" numbers and a little historic. Nevertheless, they should be noted.\r\n\r\nOil, Copper and Gold pretty flat.\r\n\r\nExcept the Aussie most currencies remain in a tight range and although we have some big U.S. and Canadian dat to day, I am not so sure how much volatility we will see. Personally, I am in lock down mode ahead of the ECB (tomorrow) and NFP (Friday). I want to be short the NZD across the board but patience is a virtue, I want to see the data first.\r\n\r\nLooking at my open trades this morning, just the GBP/CHF causes my major concerns at the moment, I may have to take my pain with this pair later today or at daybreak tomorrow. I will hold out as long as I can, it is only a small position but it is bugging me.\r\n\r\nThis weekend\'s blog will have a plethora of trade set-ups.....  Yesterday afternoon I started my either/or list depending upon the data.\r\n\r\nSorry, not much of interest today, it is NOT my style to trade ahead of such huge market moving data. I will retain a few very small non EUR related trades but literally that is about it.\r\n\r\nIf you must trade today and feel that you have to press your keyboard. I am going to wait because I am cautious, but, NZD/USD short, EUR/NZD, GBP/NZD and AUD/NZD long are the stand out trades today that catch my eye. As you know from twitter last night I have limit orders in NZD/USD and AUD/NZD.  I am still long GBP/NZD and holding and the EUR/NZD I am hoping to enter long after tomorrow. Trade at your own risk.\r\n\r\nTake care today,\r\n\r\nScott','#44 - THE DAILY FX POST, Wednesday June 4th 2014','','publish','open','closed','','44-daily-fx-post-wednesday-june-4th-2014','','','2014-06-04 07:12:15','2014-06-04 12:12:15','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3813',0,'member_posts','',0),(3814,1,'2014-06-04 07:08:16','2014-06-04 12:08:16','Good Day,\r\n\r\nWelcome to all new subscribers over the past few days.\r\n\r\nA pretty quiet overnight session from my location. The AUD GDP numbers as I tweeted were better than expected. The only point that I want to make about GDP figures are that they are \"rear view window\" numbers and a little historic. Nevertheless, they should be noted.\r\n\r\nOil, Copper and Gold pretty flat.\r\n\r\nExcept the Aussie most currencies remain in a tight range and although we have some big U.S. and Canadian dat to day, I am not so sure how much volatility we will see. Personally, I am in lock down mode ahead of the ECB (tomorrow) and NFP (Friday). I want to be short the NZD across the board but patience is a virtue, I want to see the data first.\r\n\r\nLooking at my open trades this morning, just the GBP/CHF causes my major concerns at the moment, I may have to take my pain with this pair later today or at daybreak tomorrow. I will hold out as long as I can, it is only a small position but it is bugging me.\r\n\r\nThis weekend\'s blog will have a plethora of trade set-ups.....  Yesterday afternoon I started my either/or list depending upon the data.\r\n\r\nSorry, not much of interest today, it is NOT my style to trade ahead of such huge market moving data. I will retain a few very small non EUR related trades but literally that is about it.\r\n\r\nTake care today,\r\n\r\nScott','#44 - THE DAILY FX POST, Wednesday June 4th 2014','','inherit','open','closed','','3813-revision-v1','','','2014-06-04 07:08:16','2014-06-04 12:08:16','',3813,'https://weeklyfxdrivethru.com/3813-revision-v1/',0,'revision','',0),(3815,1,'2014-06-04 07:12:15','2014-06-04 12:12:15','Good Day,\r\n\r\nWelcome to all new subscribers over the past few days.\r\n\r\nA pretty quiet overnight session from my location. The AUD GDP numbers as I tweeted were better than expected. The only point that I want to make about GDP figures are that they are \"rear view window\" numbers and a little historic. Nevertheless, they should be noted.\r\n\r\nOil, Copper and Gold pretty flat.\r\n\r\nExcept the Aussie most currencies remain in a tight range and although we have some big U.S. and Canadian dat to day, I am not so sure how much volatility we will see. Personally, I am in lock down mode ahead of the ECB (tomorrow) and NFP (Friday). I want to be short the NZD across the board but patience is a virtue, I want to see the data first.\r\n\r\nLooking at my open trades this morning, just the GBP/CHF causes my major concerns at the moment, I may have to take my pain with this pair later today or at daybreak tomorrow. I will hold out as long as I can, it is only a small position but it is bugging me.\r\n\r\nThis weekend\'s blog will have a plethora of trade set-ups.....  Yesterday afternoon I started my either/or list depending upon the data.\r\n\r\nSorry, not much of interest today, it is NOT my style to trade ahead of such huge market moving data. I will retain a few very small non EUR related trades but literally that is about it.\r\n\r\nIf you must trade today and feel that you have to press your keyboard. I am going to wait because I am cautious, but, NZD/USD short, EUR/NZD, GBP/NZD and AUD/NZD long are the stand out trades today that catch my eye. As you know from twitter last night I have limit orders in NZD/USD and AUD/NZD.  I am still long GBP/NZD and holding and the EUR/NZD I am hoping to enter long after tomorrow. Trade at your own risk.\r\n\r\nTake care today,\r\n\r\nScott','#44 - THE DAILY FX POST, Wednesday June 4th 2014','','inherit','open','closed','','3813-revision-v1','','','2014-06-04 07:12:15','2014-06-04 12:12:15','',3813,'https://weeklyfxdrivethru.com/3813-revision-v1/',0,'revision','',0),(3816,1,'2014-06-06 06:33:21','2014-06-06 11:33:21','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>ECB YESTERDAY:</strong></span>\r\n\r\nWow...that is all I can say after yesterday\'s price action.\r\n\r\nI had a technical / connection nightmare thrown in for good measure with a free thunder-storm for good measure with a power outage. It was hellish for me all in all for about 1.5  hours but for 30-45 minutes I had nothing, I even lost cell phone connection due to the storm (my third internet connection alternative).  BQ, pointed out to me that I posted on twitter that I had entered trades then I posted I was stopped out.....no levels, stops or limits. During the connectivity crisis I was taken to the cleaners. I had managed to load stops to replace the automatic stops I have in place when entering enter trades, had I not been able to this, my loss would have been trebled. As I explained to BQ yesterday, I was able to amend the stops by about 5 seconds before we had a power outage, and the generator did NOT kick-start.\r\n\r\nMoving on, I need to put yesterday out of my head.\r\n\r\nThe question that I was asked 7 times yesterday was why did the EUR/USD make such an about turn?\r\n\r\nI wish I knew exactly. I have read articles about what Draghi did was basically what was already priced in. He did pave the way clear to do Quantitative Easing without actually doing it, and, I have written on LinkedIn, Twitter and Blogs stating that without \"full-on\" QE the market would sell-off on the knee-jerk and then bounce...that is in effect what happened. For what it is worth, my thoughts are that as soon as he said that estimated projections for the EUR/USD exchange rate were based on 1.3800, even though exchange rates were not a policy target, at this point the EUR/USD stopped falling, consolidated and then squeezed. Is the market that fickle.....damn right it is. But was that the reason for the bounce?\r\n\r\nI thought we would find resistance at 1.3557 (38% retracement from the sell-off lows), that was when I lost connectivity for the first time. I thought 1.3585 would hold, it did not. The next level was 1.3650, although we jumped through it, it basically held in the North American session, although 1.3670 was more like the resistance.\r\n\r\nThe move upwards in the EUR/USD moved the market. I could not trade as I had connectivity issues most of the morning, it was just not worth the risk.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nVery quiet as you would imagine ahead of NFP. Copper and Oil looking a little lower and Gold steady. The FX markets are very quiet and I would expect just prior to the numbers breaking at 0830 EDT we will see the usual range mid-point positioning to take place.\r\n\r\nI am not expecting wild moves today, it would take a huge miss to get things moving and it looks like a small beat or an in-line number is on the cards. Even a small miss should not send the markets into dive mode. Remember after the initial knee-jerk reaction we should get the directional move, but I am not expecting too much today. The FED has calmed matters down of late, tapering is according to many news outlets like CNBC NOT TIGHTENING...yeah right it\'s not!!...whatever, but its happening and  it\'s accepted. It is no longer a reason for massive moves and swings.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATES:</strong></span>\r\n\r\nI am now only live in three trades and I will be holding these thru the weekend.\r\n\r\nRT99\r\nNZD/USD\r\nShort at 0.8440\r\nStop at 0.8550\r\nLimit at 0.8000\r\n\r\nRT100\r\nAUD/NZD\r\nLong at 1.0965\r\nStop at 1.0885\r\nLimit at 1.1350\r\n\r\nFUN14\r\nGBP/NZD\r\nLong at 1.9800\r\nStop at 1.9000\r\nLimit at 2.2350\r\n\r\nI am looking at a plethora of set-ups for tomorrow\'s WEEKLY FX DRIVE THRU. It has the possibility of being a very extensive blog tomorrow as I intend to publish as many supporting charts as possible.\r\n\r\n&nbsp;\r\n\r\nIf you are trading NFP today...take care.\r\n\r\nScott','#45 - THE DAILY FX POST, Friday 6th June 2014','','publish','open','closed','','45-daily-fx-post-friday-6th-june-2014','','','2014-06-06 06:33:21','2014-06-06 11:33:21','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3816',0,'member_posts','',0),(3817,1,'2014-06-05 14:45:28','2014-06-05 19:45:28','Good Day,\r\n\r\nWow...that is all I can say after yesterday\'s price action.\r\n\r\nI had a technical / connection nightmare thrown in for good measure with a free thunder storm for good measure with a power outage. It was hellish for me all in all for about 1.5  hours but for 30-45 minutes I had nothing, I even lost cell phone connection due to the storm (my third internet connection alternative).  BQ, pointed out to me that I posted on twitter that I had entered trades then I posted I was stopped out.....no levels, stops or limits. During the connectivity crisis I was taken to the cleaners. I had managed to load stops to replace the automatic stops I have in place when entering enter trades, had I not been able to this, my loss would have been trebled. As I explained to BQ yesterday, I made the stops by about 5 seconds','#45 - THE DAILY FX POST, Friday 6th June 2014','','inherit','open','closed','','3816-revision-v1','','','2014-06-05 14:45:28','2014-06-05 19:45:28','',3816,'https://weeklyfxdrivethru.com/3816-revision-v1/',0,'revision','',0),(3818,1,'2014-06-05 14:56:26','2014-06-05 19:56:26','Good Day,\r\n\r\nWow...that is all I can say after yesterday\'s price action.\r\n\r\nI had a technical / connection nightmare thrown in for good measure with a free thunder storm for good measure with a power outage. It was hellish for me all in all for about 1.5  hours but for 30-45 minutes I had nothing, I even lost cell phone connection due to the storm (my third internet connection alternative).  BQ, pointed out to me that I posted on twitter that I had entered trades then I posted I was stopped out.....no levels, stops or limits. During the connectivity crisis I was taken to the cleaners. I had managed to load stops to replace the automatic stops I have in place when entering enter trades, had I not been able to this, my loss would have been trebled. As I explained to BQ yesterday, I was able to amend the stops by about 5 seconds before we had a power outage, and the generator did NOT kick start.\r\n\r\nMoving on, I need to put yesterday out of my head.\r\n\r\nThe question that I was asked 7 times yesterday was why did the EUR/USD make such an about turn?\r\n\r\nI wish I knew exactly. I have read articles about what Draghi did was basically what was already priced in. He did pave the way clear to do Quantitative Easing without actually doing it, and, I have written on LinkedIn, Twitter and Blogs stating that without \"full-on\" QE the market would sell-off on the knee-jerk and then bounce...that is in effect what happened. For what it is worth, my thoughts are that as soon as he said that estimated projections for the EUR/USD exchange rate were based on 1.3800, the EUR/USD stopped falling, consolidated and then squeezed.','#45 - THE DAILY FX POST, Friday 6th June 2014','','inherit','open','closed','','3816-revision-v1','','','2014-06-05 14:56:26','2014-06-05 19:56:26','',3816,'https://weeklyfxdrivethru.com/3816-revision-v1/',0,'revision','',0),(3819,1,'2014-06-05 15:06:36','2014-06-05 20:06:36','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>ECB YESTERDAY:</strong></span>\r\n\r\nWow...that is all I can say after yesterday\'s price action.\r\n\r\nI had a technical / connection nightmare thrown in for good measure with a free thunder storm for good measure with a power outage. It was hellish for me all in all for about 1.5  hours but for 30-45 minutes I had nothing, I even lost cell phone connection due to the storm (my third internet connection alternative).  BQ, pointed out to me that I posted on twitter that I had entered trades then I posted I was stopped out.....no levels, stops or limits. During the connectivity crisis I was taken to the cleaners. I had managed to load stops to replace the automatic stops I have in place when entering enter trades, had I not been able to this, my loss would have been trebled. As I explained to BQ yesterday, I was able to amend the stops by about 5 seconds before we had a power outage, and the generator did NOT kick start.\r\n\r\nMoving on, I need to put yesterday out of my head.\r\n\r\nThe question that I was asked 7 times yesterday was why did the EUR/USD make such an about turn?\r\n\r\nI wish I knew exactly. I have read articles about what Draghi did was basically what was already priced in. He did pave the way clear to do Quantitative Easing without actually doing it, and, I have written on LinkedIn, Twitter and Blogs stating that without \"full-on\" QE the market would sell-off on the knee-jerk and then bounce...that is in effect what happened. For what it is worth, my thoughts are that as soon as he said that estimated projections for the EUR/USD exchange rate were based on 1.3800, even though exchange rates were not a policy target, at this point the EUR/USD stopped falling, consolidated and then squeezed. Is the market that fickle.....damn right it is. But was that the reason for the bounce?\r\n\r\nI thought we would find resistance at 1.3557 (38% retracement from the sell-off lows), that was when I lost connectivity for the first time. I thought 1.3585 would hold, it did not. The next level was 1.3650, although we jumped through it, it basically held in the North American session.\r\n\r\nThe move upwards in the EUR/USD moved the market. I could not trade as I had issues most of the morning, it was just not worth the risk.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>NON-FARM PAYROLL TODAY:</strong></span>\r\n\r\nNow, today we have Non Farm Payroll.','#45 - THE DAILY FX POST, Friday 6th June 2014','','inherit','open','closed','','3816-revision-v1','','','2014-06-05 15:06:36','2014-06-05 20:06:36','',3816,'https://weeklyfxdrivethru.com/3816-revision-v1/',0,'revision','',0),(3820,1,'2014-06-05 15:18:11','2014-06-05 20:18:11','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>ECB YESTERDAY:</strong></span>\r\n\r\nWow...that is all I can say after yesterday\'s price action.\r\n\r\nI had a technical / connection nightmare thrown in for good measure with a free thunder-storm for good measure with a power outage. It was hellish for me all in all for about 1.5  hours but for 30-45 minutes I had nothing, I even lost cell phone connection due to the storm (my third internet connection alternative).  BQ, pointed out to me that I posted on twitter that I had entered trades then I posted I was stopped out.....no levels, stops or limits. During the connectivity crisis I was taken to the cleaners. I had managed to load stops to replace the automatic stops I have in place when entering enter trades, had I not been able to this, my loss would have been trebled. As I explained to BQ yesterday, I was able to amend the stops by about 5 seconds before we had a power outage, and the generator did NOT kick-start.\r\n\r\nMoving on, I need to put yesterday out of my head.\r\n\r\nThe question that I was asked 7 times yesterday was why did the EUR/USD make such an about turn?\r\n\r\nI wish I knew exactly. I have read articles about what Draghi did was basically what was already priced in. He did pave the way clear to do Quantitative Easing without actually doing it, and, I have written on LinkedIn, Twitter and Blogs stating that without \"full-on\" QE the market would sell-off on the knee-jerk and then bounce...that is in effect what happened. For what it is worth, my thoughts are that as soon as he said that estimated projections for the EUR/USD exchange rate were based on 1.3800, even though exchange rates were not a policy target, at this point the EUR/USD stopped falling, consolidated and then squeezed. Is the market that fickle.....damn right it is. But was that the reason for the bounce?\r\n\r\nI thought we would find resistance at 1.3557 (38% retracement from the sell-off lows), that was when I lost connectivity for the first time. I thought 1.3585 would hold, it did not. The next level was 1.3650, although we jumped through it, it basically held in the North American session, although 1.3670 was more like the resistance.\r\n\r\nThe move upwards in the EUR/USD moved the market. I could not trade as I had issues most of the morning, it was just not worth the risk.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>NON-FARM PAYROLL TODAY:</strong></span>\r\n\r\nNow, today we have Non Farm Payroll.\r\n\r\nI am 75-80%  certain that I will NOT be trading this event today. Having just written this, we should (accrording to most of the analysis\') see a good number and the USD should strengthen as a result. Will it?\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATES:</strong></span>\r\n\r\nI am now only live in two trades.\r\n\r\nRT99\r\nNZD/USD\r\nShort at 0.8440\r\nStop at 0.8550\r\nLimit at 0.8000\r\n\r\nFUN14\r\nGBP/NZD\r\nLong at 1.9800\r\nStop at 1.9000\r\nLimit at 2.2350\r\n\r\nI am looking at a plethora of set-ups for tomorrow\'s WEEKLY FX DRIVE THRU. It has the possibility of being a very extensive blog tomorrow as I intend to publish as many supporting charts as possible.\r\n\r\n&nbsp;\r\n\r\nIf you are trading NFP today...take care.\r\n\r\nScott','#45 - THE DAILY FX POST, Friday 6th June 2014','','inherit','open','closed','','3816-revision-v1','','','2014-06-05 15:18:11','2014-06-05 20:18:11','',3816,'https://weeklyfxdrivethru.com/3816-revision-v1/',0,'revision','',0),(3821,1,'2014-06-05 15:18:47','2014-06-05 20:18:47','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>ECB YESTERDAY:</strong></span>\r\n\r\nWow...that is all I can say after yesterday\'s price action.\r\n\r\nI had a technical / connection nightmare thrown in for good measure with a free thunder-storm for good measure with a power outage. It was hellish for me all in all for about 1.5  hours but for 30-45 minutes I had nothing, I even lost cell phone connection due to the storm (my third internet connection alternative).  BQ, pointed out to me that I posted on twitter that I had entered trades then I posted I was stopped out.....no levels, stops or limits. During the connectivity crisis I was taken to the cleaners. I had managed to load stops to replace the automatic stops I have in place when entering enter trades, had I not been able to this, my loss would have been trebled. As I explained to BQ yesterday, I was able to amend the stops by about 5 seconds before we had a power outage, and the generator did NOT kick-start.\r\n\r\nMoving on, I need to put yesterday out of my head.\r\n\r\nThe question that I was asked 7 times yesterday was why did the EUR/USD make such an about turn?\r\n\r\nI wish I knew exactly. I have read articles about what Draghi did was basically what was already priced in. He did pave the way clear to do Quantitative Easing without actually doing it, and, I have written on LinkedIn, Twitter and Blogs stating that without \"full-on\" QE the market would sell-off on the knee-jerk and then bounce...that is in effect what happened. For what it is worth, my thoughts are that as soon as he said that estimated projections for the EUR/USD exchange rate were based on 1.3800, even though exchange rates were not a policy target, at this point the EUR/USD stopped falling, consolidated and then squeezed. Is the market that fickle.....damn right it is. But was that the reason for the bounce?\r\n\r\nI thought we would find resistance at 1.3557 (38% retracement from the sell-off lows), that was when I lost connectivity for the first time. I thought 1.3585 would hold, it did not. The next level was 1.3650, although we jumped through it, it basically held in the North American session, although 1.3670 was more like the resistance.\r\n\r\nThe move upwards in the EUR/USD moved the market. I could not trade as I had issues most of the morning, it was just not worth the risk.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>NON-FARM PAYROLL TODAY:</strong></span>\r\n\r\nNow, today we have Non Farm Payroll.\r\n\r\nI am 75-80%  certain that I will NOT be trading this event today. Having just written this, we should (accrording to most of the analysis\') see a good number and the USD should strengthen as a result. Will it?\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATES:</strong></span>\r\n\r\nI am now only live in two trades.\r\n\r\nRT99\r\nNZD/USD\r\nShort at 0.8440\r\nStop at 0.8550\r\nLimit at 0.8000\r\n\r\nFUN14\r\nGBP/NZD\r\nLong at 1.9800\r\nStop at 1.9000\r\nLimit at 2.2350\r\n\r\nI am looking at a plethora of set-ups for tomorrow\'s WEEKLY FX DRIVE THRU. It has the possibility of being a very extensive blog tomorrow as I intend to publish as many supporting charts as possible.\r\n\r\n&nbsp;\r\n\r\nIf you are trading NFP today...take care.\r\n\r\nScott','#45 - THE DAILY FX POST, Friday 6th June 2014','','inherit','open','closed','','3816-revision-v1','','','2014-06-05 15:18:47','2014-06-05 20:18:47','',3816,'https://weeklyfxdrivethru.com/3816-revision-v1/',0,'revision','',0),(3822,1,'2014-06-06 06:32:10','2014-06-06 11:32:10','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>ECB YESTERDAY:</strong></span>\r\n\r\nWow...that is all I can say after yesterday\'s price action.\r\n\r\nI had a technical / connection nightmare thrown in for good measure with a free thunder-storm for good measure with a power outage. It was hellish for me all in all for about 1.5  hours but for 30-45 minutes I had nothing, I even lost cell phone connection due to the storm (my third internet connection alternative).  BQ, pointed out to me that I posted on twitter that I had entered trades then I posted I was stopped out.....no levels, stops or limits. During the connectivity crisis I was taken to the cleaners. I had managed to load stops to replace the automatic stops I have in place when entering enter trades, had I not been able to this, my loss would have been trebled. As I explained to BQ yesterday, I was able to amend the stops by about 5 seconds before we had a power outage, and the generator did NOT kick-start.\r\n\r\nMoving on, I need to put yesterday out of my head.\r\n\r\nThe question that I was asked 7 times yesterday was why did the EUR/USD make such an about turn?\r\n\r\nI wish I knew exactly. I have read articles about what Draghi did was basically what was already priced in. He did pave the way clear to do Quantitative Easing without actually doing it, and, I have written on LinkedIn, Twitter and Blogs stating that without \"full-on\" QE the market would sell-off on the knee-jerk and then bounce...that is in effect what happened. For what it is worth, my thoughts are that as soon as he said that estimated projections for the EUR/USD exchange rate were based on 1.3800, even though exchange rates were not a policy target, at this point the EUR/USD stopped falling, consolidated and then squeezed. Is the market that fickle.....damn right it is. But was that the reason for the bounce?\r\n\r\nI thought we would find resistance at 1.3557 (38% retracement from the sell-off lows), that was when I lost connectivity for the first time. I thought 1.3585 would hold, it did not. The next level was 1.3650, although we jumped through it, it basically held in the North American session, although 1.3670 was more like the resistance.\r\n\r\nThe move upwards in the EUR/USD moved the market. I could not trade as I had issues most of the morning, it was just not worth the risk.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nVery quiet as you would imagine ahead of NFP. Copper and Oil looking a little lower and Gold steady. The FX markets are very quiet and I would expect just prior to the numbers breaking at 0830 EDT we will see the usual range mid-point positioning to take place.\r\n\r\nI am not expecting wild moves today, it would take a huge miss to get things moving and it looks like a small beat or an in-line number is on the cards. Even a small miss should not send the markets into dive mode. Remember after the initial knee-jerk reaction we should get the directional move, but I am not expecting too much today. The FED has calmed matters down of late, tapering is according to many news outlets like CNBC NOT TIGHTENING...yeah right it\'s not!!...whatever, but its happening and  it\'s accepted. It is no longer a reason for massive moves and swings.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATES:</strong></span>\r\n\r\nI am now only live in three trades and I will be holding these thru the weekend.\r\n\r\nRT99\r\nNZD/USD\r\nShort at 0.8440\r\nStop at 0.8550\r\nLimit at 0.8000\r\n\r\nRT100\r\nAUD/NZD\r\nLong at 1.0965\r\nStop at 1.0885\r\nLimit at 1.1350\r\n\r\nFUN14\r\nGBP/NZD\r\nLong at 1.9800\r\nStop at 1.9000\r\nLimit at 2.2350\r\n\r\nI am looking at a plethora of set-ups for tomorrow\'s WEEKLY FX DRIVE THRU. It has the possibility of being a very extensive blog tomorrow as I intend to publish as many supporting charts as possible.\r\n\r\n&nbsp;\r\n\r\nIf you are trading NFP today...take care.\r\n\r\nScott','#45 - THE DAILY FX POST, Friday 6th June 2014','','inherit','open','closed','','3816-revision-v1','','','2014-06-06 06:32:10','2014-06-06 11:32:10','',3816,'https://weeklyfxdrivethru.com/3816-revision-v1/',0,'revision','',0),(3823,1,'2014-06-06 06:33:21','2014-06-06 11:33:21','Good Day,\r\n\r\n<span style=\"text-decoration: underline;\"><strong>ECB YESTERDAY:</strong></span>\r\n\r\nWow...that is all I can say after yesterday\'s price action.\r\n\r\nI had a technical / connection nightmare thrown in for good measure with a free thunder-storm for good measure with a power outage. It was hellish for me all in all for about 1.5  hours but for 30-45 minutes I had nothing, I even lost cell phone connection due to the storm (my third internet connection alternative).  BQ, pointed out to me that I posted on twitter that I had entered trades then I posted I was stopped out.....no levels, stops or limits. During the connectivity crisis I was taken to the cleaners. I had managed to load stops to replace the automatic stops I have in place when entering enter trades, had I not been able to this, my loss would have been trebled. As I explained to BQ yesterday, I was able to amend the stops by about 5 seconds before we had a power outage, and the generator did NOT kick-start.\r\n\r\nMoving on, I need to put yesterday out of my head.\r\n\r\nThe question that I was asked 7 times yesterday was why did the EUR/USD make such an about turn?\r\n\r\nI wish I knew exactly. I have read articles about what Draghi did was basically what was already priced in. He did pave the way clear to do Quantitative Easing without actually doing it, and, I have written on LinkedIn, Twitter and Blogs stating that without \"full-on\" QE the market would sell-off on the knee-jerk and then bounce...that is in effect what happened. For what it is worth, my thoughts are that as soon as he said that estimated projections for the EUR/USD exchange rate were based on 1.3800, even though exchange rates were not a policy target, at this point the EUR/USD stopped falling, consolidated and then squeezed. Is the market that fickle.....damn right it is. But was that the reason for the bounce?\r\n\r\nI thought we would find resistance at 1.3557 (38% retracement from the sell-off lows), that was when I lost connectivity for the first time. I thought 1.3585 would hold, it did not. The next level was 1.3650, although we jumped through it, it basically held in the North American session, although 1.3670 was more like the resistance.\r\n\r\nThe move upwards in the EUR/USD moved the market. I could not trade as I had connectivity issues most of the morning, it was just not worth the risk.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>MARKET OVERVIEW:</strong></span>\r\n\r\nVery quiet as you would imagine ahead of NFP. Copper and Oil looking a little lower and Gold steady. The FX markets are very quiet and I would expect just prior to the numbers breaking at 0830 EDT we will see the usual range mid-point positioning to take place.\r\n\r\nI am not expecting wild moves today, it would take a huge miss to get things moving and it looks like a small beat or an in-line number is on the cards. Even a small miss should not send the markets into dive mode. Remember after the initial knee-jerk reaction we should get the directional move, but I am not expecting too much today. The FED has calmed matters down of late, tapering is according to many news outlets like CNBC NOT TIGHTENING...yeah right it\'s not!!...whatever, but its happening and  it\'s accepted. It is no longer a reason for massive moves and swings.\r\n\r\n<span style=\"text-decoration: underline;\"><strong>TRADES UPDATES:</strong></span>\r\n\r\nI am now only live in three trades and I will be holding these thru the weekend.\r\n\r\nRT99\r\nNZD/USD\r\nShort at 0.8440\r\nStop at 0.8550\r\nLimit at 0.8000\r\n\r\nRT100\r\nAUD/NZD\r\nLong at 1.0965\r\nStop at 1.0885\r\nLimit at 1.1350\r\n\r\nFUN14\r\nGBP/NZD\r\nLong at 1.9800\r\nStop at 1.9000\r\nLimit at 2.2350\r\n\r\nI am looking at a plethora of set-ups for tomorrow\'s WEEKLY FX DRIVE THRU. It has the possibility of being a very extensive blog tomorrow as I intend to publish as many supporting charts as possible.\r\n\r\n&nbsp;\r\n\r\nIf you are trading NFP today...take care.\r\n\r\nScott','#45 - THE DAILY FX POST, Friday 6th June 2014','','inherit','open','closed','','3816-revision-v1','','','2014-06-06 06:33:21','2014-06-06 11:33:21','',3816,'https://weeklyfxdrivethru.com/3816-revision-v1/',0,'revision','',0),(3841,1,'2014-06-07 11:32:43','2014-06-07 16:32:43','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThat was some week.\r\n\r\n“The Draghi Show” aka “The ECB Press Conference” last Thursday, being the highlight, maybe not from my own personal trading perspective, but it was an event to witness\r\n\r\nI had previously written articles for Linkedin, The DAILY FX POST (for PREMIUM SERVICE subscribers) and Twitter posts stating that “Talk is Cheap” and that should Draghi come to the market with anything less than “full-on” Quantitative Easing after the initial knee-jerk reaction taking the EUR/USD short it would bounce once the market realized it was just more talk. Once again it was the usual ECB high on rhetoric approach, kicking the can down the road scenario that we have all become so accustomed to. The is basically what happened. The only aspect of it all was the speed of the bounce (the squeeze), and, how far the EUR/USD bounced. From the lows of the day 1.3503, 1.3577 was the 38% Fibonacci retracement, 1.3585 was mega strong support on the way lower, which I thought would definitely hold on the way back…it did not. We squeezed to 1.3670, when it was all said and done.\r\n\r\nIt was a fascinating hour or so, however, why did the turnaround happen?\r\n\r\nI have read so many articles and listened to so many comments following the\r\nPress Conference. I am no clearer…was it: -\r\n<ul>\r\n	<li>Hedge funds involvement?</li>\r\n	<li>Option Barriers?</li>\r\n	<li>Only a Pea Shooter with the promise of a Bazooka?</li>\r\n	<li>Was it Draghi stating that the ECB was basing EUR/USD exchange rate average estimate for 2014 at 1.3800?</li>\r\n	<li>Was it the fact that Draghi announced TLTROs (Targeted long-term refinance operations) were expected to start in September and December this year?</li>\r\n</ul>\r\nBasically, I think nothing that was announced by Draghi was a surprise to the markets. The phrase “priced in” came up a few times in my reading. I think that as soon as 1.3800 was mentioned, and, in addition, when Draghi stated that he could not see steeper rate cuts in the future, and, that the ECB had reached “zero bound”, was a f**k up on his part. I believe this was a bit of a tactical error, which halted the EUR drop and it consolidated and then squeezed.\r\n\r\nIt was a difficult session for me as I experienced connectivity issues as well just to add to a stress factor, thankfully, I exited a couple of trades early on but I took two big losses on the EUR/USD short and a USD/CHF long during the squeeze and my power outages.\r\n\r\nI think that I was being paid back for my comments about Eurozone and ECB officials whom, I thought were going to break ranks and leak ahead of Draghi’s announcement. Were they all on vacation? It was a deafening silence from the Eurozone. I should check the share price of duct tape…it must have bounced on a massive sales spike in Frankfurt and Brussels!\r\n\r\nI also predicted that the SNB would front-run the ECB if there was QE. There was no QE, and, so no SNB announcement. My CHF trades were a waste of time.\r\n\r\nI would not however completely rule out the SNB acting. If there is a huge switch out of the single currency into Swiss francs because of negative interest rates, do not rule oou the SNB imposing the same.\r\n\r\nThen we had U.S. Non-Farm Payrolls. It was an in line number. Not as much volatility as usual. It was interesting for me (as I was on the sideline) to see that the Fibonacci levels basically held across all the USD majors.\r\n\r\nStaying on the positive side, the PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is still challenging, so to make $$$ in these difficult conditions makes me happy.\r\n\r\nI welcomed many new subscribers to the PREMIUM SERVICE in the past week, so I am hoping that this coming week, things will have settled a little to enable some quality entries on trades. There are many trades and charts later in this blog (PREMIUM SERVICE version only).\r\n\r\n&nbsp;\r\n\r\n<strong>2. TRADING SUMMARY:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">\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 website.</p>\r\n  <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\"><img class=\"aligncenter size-full wp-image-3832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\" alt=\"PREM SERV PROFITS 1 06062014\" width=\"444\" height=\"426\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\"><img class=\"aligncenter size-full wp-image-3833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\" alt=\"PREM SERV PROFITS 2 06062014\" width=\"463\" height=\"415\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong><strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED</strong></p>\r\nI was asked by a subscriber of the WEEKLY FX DRIVE THRU, what do I do, and, how do I approach the markets after big moves in a big news week.\r\n\r\nThe following is basically what I do, it is just my own way of dealing with how to trade following a big move in front line data. When we have a big week of news, then from my perspective it’s time to re-evaluate matters, look at my favourite pairs to trade and take stock, and above all take my time to review. It may not be everyone’s cup of tea but this is what I do.\r\n\r\nLast week was a week packed full with PMi Data, Employment Statistics, Trade Balances and four central banks reviewed interest rates and three issued policy statements. It was a huge data dump, so much to take on board there were some wild volatility moves included for good measure.\r\n\r\nNow it is time to sit back and review, plan and strategize ahead.\r\n\r\nThe fundamentals have NOT changed in my opinion. Some of the moves in currencies have an extreme look about them, however in bigger market moves this is normal. I think the biggest aspect of the moves this week that have influenced me the most are the moves in the cross-rates. I have written several times this year about never underestimating the cross-rate effect.\r\n\r\nWithout doubt, when any analyst from any investment area talks about currencies the EUR/USD is the focus, quite understandably. After the ECB Press Conference the moves in the single currency crosses were violent, fast, volatile and to me somewhat extreme. I know that the ECB news event last Thursday, was eagerly awaited and because it involved a policy change from the central bank, every dot and cross on the press release statement was dissected more so than normal.\r\n\r\nThe Non-Farm Payroll numbers were also market moving and affected all currency pairs but moves were in the main muted.\r\n\r\nSo where do we go from here?\r\n\r\nBasically a little consolidation time in the Forex markets, the new levels need to be confirmed.\r\n\r\nUsually, when we see such volatile movement, I take a step back, find my levels in the charts and note them and place the limit orders with my brokers. Then I sit back and let the trades come to me. It is very easy to get caught up in the moment, at present we are trading in times where false breakouts and breakdowns are almost an every day occurrence. There is a market literally every day, once FEAR and GREED take over, your psychology of trading effectively within your guidelines set out in your TRADING PLAN are gone. You can always make money in the Forex market, but by not being aware you can just as easily lose money.\r\n\r\nBelow, for everyone, I show you what I do and give examples on three pairs; EUR/USD, GBP/USD and AUD/USD.\r\n\r\nI simply go back to the basics that I was taught. Just as the markets need to consolidate moves and work off over-bought or over-sold conditions as a trader I need to re-evaluate.\r\n\r\n<em>(For PREMIUM SERVICE subscribers, I will provide all the entry levels etc. and in addition, I will carry on the same process later in your fuller version of the blog in the section titled TRADES ON MY RADAR. This will include reviews for several other pairs not just the majors but also some of the cross-rates).</em>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\n\r\nFrom the monthly chart below, resistance is now on the down sloping trend line at 1.3775.\r\n\r\nI see this an area to short from. As you can see, the last three attempts to break out above trend line resistance, was resisted and the pair was smacked back down. Given that the ECB is embarking on a change of monetary policy to hold down the EUR exchange rate, I see no reason why this trend line should not be a bad area to short from. I would imagine lots of traders would be looking to short the EUR/USD ahead of 1.3800.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\n\r\nFrom the daily chart below, although maybe a little difficult to see or follow, we have Fibonacci interests at 1.6870, coinciding with a recent high and trend line resistances. In fact, from 1.6840 to 1.6870 represents an area to look at to short from. The 2014 high at 1.6996 is not far above so you have a great risk level to work from. A few weeks ago, I stated that in my opinion, I thought that 1.6996 would probably be remembered as the 2014 high for this pair. Will this remain?\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>AUD/USD:</strong></span>\r\n\r\nFrom the chart below you can see that we have resistance at 0.9360, which is a Fibonacci 76% level. We have failed two / three times at this level and this where I would be looking to as resistance from which to use as my risk level for any short trade that I would enter. 0.9330 has been a major resistance level for what seems likes weeks that is basically a 61.8% Fibonacci level. Both of these levels give me confidence as resistance levels.\r\nA major aspect of trading is realizing what your risk is before entering a trade. I will use these levels to determine my trade set-ups.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the examples above it really is very basic analysis. This is really what I do several times a week across the board and several times a day on some occasions. It is basic and repetitive, but it can be extremely rewarding.\r\n\r\nFundamentally I am still a USD bull and as such, my views for the three currencies above are that they are to head lower. I also look at recent economic data and central bank talk to establish my macro views. All matters added together, I am looking for short trades on all three of the examples above.\r\n\r\nWith regards to my profit targets, that would very much depend on how long I intend to try and stay in each trade. Therefore, each trade would be treated differently with regards to my limit/ target objective.\r\n\r\nSuffice to say, I use recent key Fibonacci levels, and other key resistance /support levels seen recently.\r\n\r\nI do not know whether this helps, or, has given the answer hoped for, but this is what I do, in fact, to be more accurate this is what I am doing right now!\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</strong></p>\r\nMost traders spend hours looking for the magical combination of indicators that will reveal “The Holy Grail” of trading strategies. Obviously, the goal is to find a winning strategy, but more often than not “profitable trades” are misconstrued into finding a strategy that gives you a higher percentage of profitable trades. After all, a profitable trade makes money and a loss trade means losing money, right? Don’t be so sure about that, overall you may make more money having more losing trades than profitable ones.\r\n\r\nLike many of the seemingly obvious components that go into creating a great TRADING PLAN and becoming a great trader, what we think seems logical in reality is what is holding us back.\r\n\r\nFor regular followers of my blogs, this may not be the first time you’ve read something similar to this, and I can promise you it will not be last. Along with other ways to think in terms of probabilities, the following is an example of something I deeply believe needs to be not just simply understood, but ingrained into the subconscious of our trading psyche (if through nothing more than repetition) in order to ultimately eliminate emotions from every single trade that is placed. This may perhaps be the most difficult aspect of becoming a true professional trader, but a trait that one simply must have, to stand any chance of survival….both financially, and psychologically.\r\n\r\nBeing a profitable trader is not just about percentages of profitable trades. In other words, you can earn positive returns without having most of your trades being profitable. It’s all about risk v. reward. If your strategy allows you to identify trading opportunities that offer more reward than risk, then even a 50% profitable trades ratio could yield a significantly positive return over time.\r\n\r\nFor example: -\r\n\r\nLet’s assume a $10,000.00 trading account where 10 trades are placed, and $100.00 (1%) is put at risk for each trade….\r\n\r\nIf the risk to reward ratio is 1-to-1, then a 50% profitable trades ratio will result in a “Break-even” return….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.\r\n\r\n10 trades placed x 50% profitable trades = 5 profits x $100.00 = $500.00 profit.\r\n\r\n$500.00 profit - $500.00 loss = $0.00.\r\n\r\nIf the risk to reward ratio is 1-to1.5, then the same 50% ratio of profitable trades will result in a positive return….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.\r\n\r\n10 trades placed X 50% profitable trades = 5 profits x $150.00 = $750.00 profit.\r\n$750.00 profit - $500.00 loss = $250.00 profit.\r\n\r\nI\r\n\r\nn terms of the percentage return, this second (profitable) example would result in a 2.5% return based on the starting account balance (total equity) of $10,000 after just 10 trades. This, of course, is the case when just 1% of total equity is put at risk. If 3% ($300) is put at risk (which I would NOT recommend at all), then this same example (same track records) would yield a 7.5% return. In other words, greater profits are achieved based on the exact same performance….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $300.00 = $1,500.00 loss.\r\n\r\n10 trades placed x 50% profitable trades = 5 profits x $450.00 = $2,250.00 profit.\r\n\r\n$2,250.00 profit - $1,500.00 loss = $750.00 profit.\r\n\r\n&nbsp;\r\n\r\nConversely, a high profitable trades percentage (which typically necessitates bigger margin for error, or greater risk) may actually result in smaller, less profitable returns over time. This occurs when the average risk is higher than the average reward. For example, using the same hypothetical $10,000 account that’s risking 3% ($300) let’s assume an 85% profitable trades ratio with an average risk-to –reward ratio of 2-to1…\r\n\r\n10 trades placed x 20% loss trades = 2 losses x $300.00 = $600.00 loss.\r\n\r\n10 trades placed x 80% profitable trades = 8 profits x $150.00 = $1,200.00 profit.\r\n\r\n$1,200.00 profit - $600.00 loss = $600.00 profit.\r\n\r\n&nbsp;\r\n\r\nSo the trader that boasts an 80% profitable trades ratio may actually be less profitable than the trader with a seemingly unimpressive 50% profitable trades ratio. So the big question is….do you want to be right, or do you want to make money? Believe it or not, even negative returns are possible with a higher profitable trades ratio when the risk far outweighs reward, so make sure to factor this in when performing due diligence in assessing a strategy and /or track records results.\r\n\r\nHopefully, this demonstrates the importance of assessing risk/reward in addition to profitable trades percentage when trying to determine the actual success, or profitability, of a trading strategy / track record. Remember, trading success is not just about profiting on or losing on individual trades, it’s about sustaining profitability over time (making money and holding onto those profits in the long run). The most common mistake newer traders make is in determining the success of a trading strategy (i.e. track record) based on profitable trades percentages alone, which can be quite misleading when risk/reward is not taken into account. Most newer traders (unknowingly in most cases) are willing to risk far more money than they are looking to gain (reward) just to be “right”, or return a profit on each trade.\r\n\r\nAnother good piece of advice is to always keep in mind that trading is all about making profits over time, not about trading ego (which is usually the result of focusing just on percentages). In other words, significant returns can be achieved when you allow yourself to look at the big picture. The key is to be able to determine both entries and exits in advance so that risk vs. reward can be determined. This will significantly help to keep the decision making process as consistent and mechanical as possible, which is essential regardless of the technical/ fundamental strategy that is used as it helps to eliminate emotions when making trading decisions. Only then can a truly objective decision be made as to whether or not to take the trade since the decision will be based on established / actual results, and not a ‘gut” feeling or reaction. Understanding the mathematical “law of averages” and “law of large numbers” reinforce this mechanical approach to trading which again, is crucial to trading success because mixing emotions with money-based decisions is usually a recipe for disaster.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nI have no flash trades at the moment<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT99\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8440\r\nStop Loss: 0.8550\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8497\r\nPosition: -57 pips\r\n\r\nRT100\r\nAUD/NZD\r\nLong\r\nCost Average: 1.0965\r\nStop Loss: 1.0885\r\nLimit: 1.1350\r\nWeekly Closing Position: 1.0974\r\nPosition: +9 pips\r\n\r\n&nbsp;\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9741\r\nPosition: - 59 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe trade set-ups listed below are not yet placed with my brokers. I will tweet when I have, or update en mass via THE DAILY FX POST.\r\n\r\nEUR/USD (see chart)\r\n\r\nShort\r\nEntry at 1.3750 (just ahead of trend line resistance)\r\nStop at 1.3850\r\nLimit 1.3500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD (see chart)\r\nShort\r\nEntry at 1.6870\r\nStop at 1.6990\r\nLimit 1.6500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD (see chart)\r\nShort\r\nEntry at 0.9360\r\nStop at 0.9450\r\nLimit 0.8500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/GBP (see chart)\r\nLong\r\nEntry at 0.8130\r\nStop at 0.8185\r\nLimit 0.7800\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURGBP-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3827\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURGBP-MONTHLY-06062014-1024x470.png\" alt=\"EURGBP MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\nEUR/AUD (see chart)\r\nLong\r\nEntry at 1.4725\r\nStop at 1.4500\r\nLimit 1.5200\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURAUD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURAUD-DAILY-06062014-1024x470.png\" alt=\"EURAUD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/NZD (see chart)\r\nLong\r\nEntry at 1.6140\r\nStop at 1.5850\r\nLimit 1.6450 ( This will be adjusted once the trade starts breaking higher)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURNZD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURNZD-DAILY-06062014-1024x470.png\" alt=\"EURNZD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/CAD (see chart)\r\nLong\r\nEntry at 1.8350\r\nStop at 1.8220\r\nLimit 1.8670\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCAD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCAD-DAILY-06062014-1024x470.png\" alt=\"GBPCAD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nIn addition to these pairs, as requested by Roger from the UK, here are the ones I looked at and decided not to proceed with.\r\n\r\nEUR/CAD – The charts are far too messy.\r\nUSD/CHF – This pair is way too risky to short at the moment with SNB in the background with action possibly quite soon.\r\nUSD/JPY – I am ignoring JPY pairs at the moment…too many bad experiences.\r\nUSD/CAD – This pair is stuck in a range…boring, boring, boring.\r\nUSD/SEK – Waiting for new cycle to start.\r\nEUR/SEK – Waiting for new cycle to start.\r\nUSD/NOK - Waiting for new cycle to start.\r\n\r\n&nbsp;\r\n\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3642.</strong> This pair literally has ended the week virtually unchanged, after having been through a major policy change announcement from the ECB and U.S. Non-Farm Data, which is quite incredible. I think until we hit 1.3775, this pair is a buy on dips and sell at the trend line resistance. My initial range is 1.3600 to 1.3670.\r\n\r\n<strong>GBP/USD: Closing Price 1.6790</strong>. My limit order at 1.6790 timed out during the past week, so I never had my trade trigger. I am now looking to enter a little higher than present levels with the view to a move much lower. My range for the cable is support at 1.6740 and resistance at 1.6840.\r\n\r\n<strong>AUD/USD: Closing Price 0.9331</strong>. Not much of change in the closing price for the Aussie this week. With quite a large amount of Aussie news over the past week generally, my thoughts are that the RBA has now gone a bit neutral on the exchange rate level. It is a little bit of a policy shift considering that RBA governor Stevens was leaping up and down a few months ago about wanting the AUD/USD at about 0.8500. That level is a little bit away, I would say looking at matters right now. My bias is to the downside. Support is really good at 0.9210. Resistance is good at 0.9330 and 0.9360.\r\n\r\n<strong>NZD/USD: Closing Price 0.8497</strong>. This is another pair that closed the week almost identical to the previous weeks’ close. I am still very negative the NZD, but I am also conscious of the RBNZ statement on the horizon that could affect my bias. Key support lies at 0.8420, with resistance at 0.8555. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0932.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0960.\r\n\r\n<strong>USD/CHF: Closing Price 0.8932</strong>. We are back in the lower trading range once again. This pair has failed now on several attempts to scale through 0.9000. I now see the range as 0.8910 to 0.8950.<strong> </strong>\r\n\r\n<strong>USD/JPY: Closing Price 102.46</strong>. We have tested the upper end of last weeks range and fell back within. I still think the move here is towards 98.00 not 110.00. I think we will go lower first then bounce. The range is 102.15 to 102.85.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>LONG:</strong></span></p>\r\n<p style=\"text-align: center;\">GBP/USD\r\nAUD/USD\r\nAUD/JPY\r\nGBP/JPY\r\n\r\n\r\n<span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span>\r\n\r\nEUR/GBP\r\nEUR/AUD\r\nGBP/AUD\r\nUSD/NOK\r\nEUR/NOK<strong> </strong></p>\r\n&nbsp;\r\n\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong><strong> </strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – RBA Governor Stevens speaks &amp; New Business Confidence.\r\nMONDAY: CNY – CPi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: GBP – Unemployment Rates.\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Policy Statement..\r\nWEDNESDAY: AUD – Unemployment Rates.\r\n\r\nTHURSDAY: USD – Core Retails Sales.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nNext week is a little slower on news, but I feel that the fallout from the ECB meeting last week will roll over.\r\n\r\nThis is not a time for complacency; we are entering times when traders go on vacations, the markets, which are already thinner just, get stupid. A major bank move by fulfilling a simple trade order can literally take a pair off for tens of pips in the opposite trending direction. This is the time to be clever. Trade smaller and be nimble. Do not look for 200-300 pip moves, they can happen but it takes much longer. Look for the 20-30 pip moves.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nFor PREMIUM SERVICE subscribers there will be no DAILY FX POST on Monday morning, I have to take one of our vehicles to the garage for repairs. I can already feel the stress levels increasing as I write this…..\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday June 7th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED','','inherit','open','closed','','3840-revision-v1','','','2014-06-07 11:32:43','2014-06-07 16:32:43','',3840,'https://weeklyfxdrivethru.com/3840-revision-v1/',0,'revision','',0),(3839,1,'2014-06-06 17:08:50','2014-06-06 22:08:50','','A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS','','inherit','open','closed','','a-mathematical-approach-to-eliminating-emotions','','','2014-06-06 17:08:50','2014-06-06 22:08:50','',2538,'https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/A-MATHEMATICAL-APPROACH-TO-ELIMINATING-EMOTIONS.pdf',0,'attachment','application/pdf',0),(3840,1,'2014-06-07 11:38:38','2014-06-07 16:38:38','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThat was some week.\r\n\r\n“The Draghi Show” aka “The ECB Press Conference” last Thursday, being the highlight, maybe not from my own personal trading perspective, but it was an event to witness\r\n\r\nI had previously written articles for LinkedIn, The DAILY FX POST (for PREMIUM SERVICE subscribers) and Twitter posts stating that “Talk is Cheap” and that should Draghi come to the market with anything less than “full-on” Quantitative Easing after the initial knee-jerk reaction taking the EUR/USD short it would bounce once the market realized it was just more talk. Once again it was the usual ECB high on rhetoric approach, kicking the can down the road scenario that we have all become so accustomed to. The is basically what happened. The only aspect of it all was the speed of the bounce (the squeeze), and, how far the EUR/USD bounced. From the lows of the day 1.3503, 1.3577 was the 38% Fibonacci retracement, 1.3585 was mega strong support on the way lower, which I thought would definitely hold on the way back…it did not. We squeezed to 1.3670, when it was all said and done.\r\n\r\nIt was a fascinating hour or so, however, why did the turnaround happen?\r\n\r\nI have read so many articles and listened to so many comments following the\r\nPress Conference. I am no clearer…was it: -\r\n<ul>\r\n	<li>Hedge funds involvement?</li>\r\n	<li>Option Barriers?</li>\r\n	<li>Only a Pea Shooter with the promise of a Bazooka?</li>\r\n	<li>Was it Draghi stating that the ECB was basing EUR/USD exchange rate average estimate for 2014 at 1.3800?</li>\r\n	<li>Was it the fact that Draghi announced TLTROs (Targeted long-term refinance operations) were expected to start in September and December this year?</li>\r\n</ul>\r\nBasically, I think nothing that was announced by Draghi was a surprise to the markets. The phrase “priced in” came up a few times in my reading. I think that as soon as 1.3800 was mentioned, and, in addition, when Draghi stated that he could not see steeper rate cuts in the future, and, that the ECB had reached “zero bound”, was a f**k up on his part. I believe this was a bit of a tactical error, which halted the EUR drop and it consolidated and then squeezed.\r\n\r\nIt was a difficult session for me as I experienced connectivity issues as well just to add to a stress factor, thankfully, I exited a couple of trades early on but I took two big losses on the EUR/USD short and a USD/CHF long during the squeeze and my power outages.\r\n\r\nI think that I was being paid back for my comments about Eurozone and ECB officials whom, I thought were going to break ranks and leak ahead of Draghi’s announcement. Were they all on vacation? It was a deafening silence from the Eurozone. I should check the share price of duct tape…it must have bounced on a massive sales spike in Frankfurt and Brussels!\r\n\r\nI also predicted that the SNB would front-run the ECB if there was QE. There was no QE, and, so no SNB announcement. My CHF trades were a waste of time.\r\n\r\nI would not however completely rule out the SNB acting. If there is a huge switch out of the single currency into Swiss francs because of negative interest rates, do not rule out the SNB imposing the same.\r\n\r\nThen we had U.S. Non-Farm Payrolls. It was an in line number. Not as much volatility as usual. It was interesting for me (as I was on the sideline) to see that the Fibonacci levels basically held across all the USD majors.\r\n\r\nStaying on the positive side, the PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is still challenging, so to make $$$ in these difficult conditions makes me happy.\r\n\r\nI welcomed many new subscribers to the PREMIUM SERVICE in the past week, so I am hoping that this coming week, things will have settled a little to enable some quality entries on trades. There are many trades and charts later in this blog (PREMIUM SERVICE version only).\r\n\r\n&nbsp;\r\n\r\n<strong>2. TRADING SUMMARY:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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 website.</p>\r\n  <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\"><img class=\"aligncenter size-full wp-image-3832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\" alt=\"PREM SERV PROFITS 1 06062014\" width=\"444\" height=\"426\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\"><img class=\"aligncenter size-full wp-image-3833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\" alt=\"PREM SERV PROFITS 2 06062014\" width=\"463\" height=\"415\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong><strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED</strong></p>\r\nI was asked by a subscriber of the WEEKLY FX DRIVE THRU, what do I do, and, how do I approach the markets after big moves in a big news week.\r\n\r\nThe following is basically what I do, it is just my own way of dealing with how to trade following a big move in front line data. When we have a big week of news, then from my perspective it’s time to re-evaluate matters, look at my favourite pairs to trade and take stock, and above all take my time to review. It may not be everyone’s cup of tea but this is what I do.\r\n\r\nLast week was a week packed full with PMi Data, Employment Statistics, Trade Balances and four central banks reviewed interest rates and three issued policy statements. It was a huge data dump, so much to take on board there were some wild volatility moves included for good measure.\r\n\r\nNow it is time to sit back and review, plan and strategize ahead.\r\n\r\nThe fundamentals have NOT changed in my opinion. Some of the moves in currencies have an extreme look about them, however in bigger market moves this is normal. I think the biggest aspect of the moves this week that have influenced me the most are the moves in the cross-rates. I have written several times this year about never underestimating the cross-rate effect.\r\n\r\nWithout doubt, when any analyst from any investment area talks about currencies the EUR/USD is the focus, quite understandably. After the ECB Press Conference the moves in the single currency crosses were violent, fast, volatile and to me somewhat extreme. I know that the ECB news event last Thursday, was eagerly awaited and because it involved a policy change from the central bank, every dot and cross on the press release statement was dissected more so than normal.\r\n\r\nThe Non-Farm Payroll numbers were also market moving and affected all currency pairs but moves were in the main muted.\r\n\r\nSo where do we go from here?\r\n\r\nBasically a little consolidation time in the Forex markets, the new levels need to be confirmed.\r\n\r\nUsually, when we see such volatile movement, I take a step back, find my levels in the charts and note them and place the limit orders with my brokers. Then I sit back and let the trades come to me. It is very easy to get caught up in the moment, at present we are trading in times where false breakouts and breakdowns are almost an everyday occurrence. There is a market literally every day, once FEAR and GREED take over, your psychology of trading effectively within your guidelines set out in your TRADING PLAN are gone. You can always make money in the Forex market, but by not being aware you can just as easily lose money.\r\n\r\nBelow, for everyone, I show you what I do and give examples on three pairs; EUR/USD, GBP/USD and AUD/USD.\r\n\r\nI simply go back to the basics that I was taught. Just as the markets need to consolidate moves and work off over-bought or over-sold conditions as a trader I need to re-evaluate.\r\n\r\n<em>(For PREMIUM SERVICE subscribers, I will provide all the entry levels etc. and in addition, I will carry on the same process later in your fuller version of the blog in the section titled TRADES ON MY RADAR. This will include reviews for several other pairs not just the majors but also some of the cross-rates).</em>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\n\r\nFrom the monthly chart below, resistance is now on the down sloping trend line at 1.3775.\r\n\r\nI see this an area to short from. As you can see, the last three attempts to break out above trend line resistance, was resisted and the pair was smacked back down. Given that the ECB is embarking on a change of monetary policy to hold down the EUR exchange rate, I see no reason why this trend line should not be a bad area to short from. I would imagine lots of traders would be looking to short the EUR/USD ahead of 1.3800.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\n\r\nFrom the daily chart below, although maybe a little difficult to see or follow, we have Fibonacci interests at 1.6870, coinciding with a recent high and trend line resistances. In fact, from 1.6840 to 1.6870 represents an area to look at to short from. The 2014 high at 1.6996 is not far above so you have a great risk level to work from. A few weeks ago, I stated that in my opinion, I thought that 1.6996 would probably be remembered as the 2014 high for this pair. Will this remain?\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>AUD/USD:</strong></span>\r\n\r\nFrom the chart below you can see that we have resistance at 0.9360, which is a Fibonacci 76% level. We have failed two / three times at this level and this where I would be looking to as resistance from which to use as my risk level for any short trade that I would enter. 0.9330 has been a major resistance level for what seems likes weeks that is basically a 61.8% Fibonacci level. Both of these levels give me confidence as resistance levels.\r\nA major aspect of trading is realizing what your risk is before entering a trade. I will use these levels to determine my trade set-ups.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the examples above it really is very basic analysis. This is really what I do several times a week across the board and several times a day on some occasions. It is basic and repetitive, but it can be extremely rewarding.\r\n\r\nFundamentally I am still a USD bull and as such, my views for the three currencies above are that they are to head lower. I also look at recent economic data and central bank talk to establish my macro views. All matters added together, I am looking for short trades on all three of the examples above.\r\n\r\nWith regards to my profit targets, that would very much depend on how long I intend to try and stay in each trade. Therefore, each trade would be treated differently with regards to my limit/ target objective.\r\n\r\nSuffice to say, I use recent key Fibonacci levels, and other key resistance /support levels seen recently.\r\n\r\nI do not know whether this helps, or, has given the answer hoped for, but this is what I do, in fact, to be more accurate this is what I am doing right now!\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</strong></p>\r\nMost traders spend hours looking for the magical combination of indicators that will reveal “The Holy Grail” of trading strategies. Obviously, the goal is to find a winning strategy, but more often than not “profitable trades” are misconstrued into finding a strategy that gives you a higher percentage of profitable trades. After all, a profitable trade makes money and a loss trade means losing money, right? Don’t be so sure about that, overall you may make more money having more losing trades than profitable ones.\r\n\r\nLike many of the seemingly obvious components that go into creating a great TRADING PLAN and becoming a great trader, what we think seems logical in reality is what is holding us back.\r\n\r\nFor regular followers of my blogs, this may not be the first time you’ve read something similar to this, and I can promise you it will not be last. Along with other ways to think in terms of probabilities, the following is an example of something I deeply believe needs to be not just simply understood, but ingrained into the subconscious of our trading psyche (if through nothing more than repetition) in order to ultimately eliminate emotions from every single trade that is placed. This may perhaps be the most difficult aspect of becoming a true professional trader, but a trait that one simply must have, to stand any chance of survival….both financially, and psychologically.\r\n\r\nBeing a profitable trader is not just about percentages of profitable trades. In other words, you can earn positive returns without having most of your trades being profitable. It’s all about risk v. reward. If your strategy allows you to identify trading opportunities that offer more reward than risk, then even a 50% profitable trades ratio could yield a significantly positive return over time.\r\n\r\nFor example: -\r\n\r\nLet’s assume a $10,000.00 trading account where 10 trades are placed, and $100.00 (1%) is put at risk for each trade….\r\n\r\nIf the risk to reward ratio is 1-to-1, then a 50% profitable trades ratio will result in a “Break-even” return….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.\r\n\r\n10 trades placed x 50% profitable trades = 5 profits x $100.00 = $500.00 profit.\r\n\r\n$500.00 profit - $500.00 loss = $0.00.\r\n\r\nIf the risk to reward ratio is 1-to1.5, then the same 50% ratio of profitable trades will result in a positive return….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.\r\n\r\n10 trades placed X 50% profitable trades = 5 profits x $150.00 = $750.00 profit.\r\n$750.00 profit - $500.00 loss = $250.00 profit.\r\n\r\nIn terms of the percentage return, this second (profitable) example would result in a 2.5% return based on the starting account balance (total equity) of $10,000 after just 10 trades. This, of course, is the case when just 1% of total equity is put at risk. If 3% ($300) is put at risk (which I would NOT recommend at all), then this same example (same track records) would yield a 7.5% return. In other words, greater profits are achieved based on the exact same performance….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $300.00 = $1,500.00 loss.\r\n\r\n10 trades placed x 50% profitable trades = 5 profits x $450.00 = $2,250.00 profit.\r\n\r\n$2,250.00 profit - $1,500.00 loss = $750.00 profit.\r\n\r\n&nbsp;\r\n\r\nConversely, a high profitable trades percentage (which typically necessitates bigger margin for error, or greater risk) may actually result in smaller, less profitable returns over time. This occurs when the average risk is higher than the average reward. For example, using the same hypothetical $10,000 account that’s risking 3% ($300) let’s assume an 85% profitable trades ratio with an average risk-to –reward ratio of 2-to1…\r\n\r\n10 trades placed x 20% loss trades = 2 losses x $300.00 = $600.00 loss.\r\n\r\n10 trades placed x 80% profitable trades = 8 profits x $150.00 = $1,200.00 profit.\r\n\r\n$1,200.00 profit - $600.00 loss = $600.00 profit.\r\n\r\n&nbsp;\r\n\r\nSo the trader that boasts an 80% profitable trades ratio may actually be less profitable than the trader with a seemingly unimpressive 50% profitable trades ratio. So the big question is….do you want to be right, or do you want to make money? Believe it or not, even negative returns are possible with a higher profitable trades ratio when the risk far outweighs reward, so make sure to factor this in when performing due diligence in assessing a strategy and /or track records results.\r\n\r\nHopefully, this demonstrates the importance of assessing risk/reward in addition to profitable trades percentage when trying to determine the actual success, or profitability, of a trading strategy / track record. Remember, trading success is not just about profiting on or losing on individual trades, it’s about sustaining profitability over time (making money and holding onto those profits in the long run). The most common mistake newer traders make is in determining the success of a trading strategy (i.e. track record) based on profitable trades percentages alone, which can be quite misleading when risk/reward is not taken into account. Most newer traders (unknowingly in most cases) are willing to risk far more money than they are looking to gain (reward) just to be “right”, or return a profit on each trade.\r\n\r\nAnother good piece of advice is to always keep in mind that trading is all about making profits over time, not about trading ego (which is usually the result of focusing just on percentages). In other words, significant returns can be achieved when you allow yourself to look at the big picture. The key is to be able to determine both entries and exits in advance so that risk vs. reward can be determined. This will significantly help to keep the decision making process as consistent and mechanical as possible, which is essential regardless of the technical/ fundamental strategy that is used as it helps to eliminate emotions when making trading decisions. Only then can a truly objective decision be made as to whether or not to take the trade since the decision will be based on established / actual results, and not a ‘gut” feeling or reaction. Understanding the mathematical “law of averages” and “law of large numbers” reinforce this mechanical approach to trading which again, is crucial to trading success because mixing emotions with money-based decisions is usually a recipe for disaster.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nI have no flash trades at the moment<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT99\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8440\r\nStop Loss: 0.8550\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8497\r\nPosition: -57 pips\r\n\r\nRT100\r\nAUD/NZD\r\nLong\r\nCost Average: 1.0965\r\nStop Loss: 1.0885\r\nLimit: 1.1350\r\nWeekly Closing Position: 1.0974\r\nPosition: +9 pips\r\n\r\n&nbsp;\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9741\r\nPosition: - 59 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe trade set-ups listed below are not yet placed with my brokers. I will tweet when I have, or update en mass via THE DAILY FX POST.\r\n\r\nEUR/USD (see chart)\r\n\r\nShort\r\nEntry at 1.3750 (just ahead of trend line resistance)\r\nStop at 1.3850\r\nLimit 1.3500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD (see chart)\r\nShort\r\nEntry at 1.6870\r\nStop at 1.6990\r\nLimit 1.6500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD (see chart)\r\nShort\r\nEntry at 0.9360\r\nStop at 0.9450\r\nLimit 0.8500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/GBP (see chart)\r\nLong\r\nEntry at 0.8130\r\nStop at 0.8185\r\nLimit 0.7800\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURGBP-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3827\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURGBP-MONTHLY-06062014-1024x470.png\" alt=\"EURGBP MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\nEUR/AUD (see chart)\r\nLong\r\nEntry at 1.4725\r\nStop at 1.4500\r\nLimit 1.5200\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURAUD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURAUD-DAILY-06062014-1024x470.png\" alt=\"EURAUD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/NZD (see chart)\r\nLong\r\nEntry at 1.6140\r\nStop at 1.5850\r\nLimit 1.6450 ( This will be adjusted once the trade starts breaking higher)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURNZD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURNZD-DAILY-06062014-1024x470.png\" alt=\"EURNZD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/CAD (see chart)\r\nLong\r\nEntry at 1.8350\r\nStop at 1.8220\r\nLimit 1.8670\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCAD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCAD-DAILY-06062014-1024x470.png\" alt=\"GBPCAD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nIn addition to these pairs, as requested by Roger from the UK, here are the ones I looked at and decided not to proceed with.\r\n\r\nEUR/CAD – The charts are far too messy.\r\nUSD/CHF – This pair is way too risky to short at the moment with SNB in the background with action possibly quite soon.\r\nUSD/JPY – I am ignoring JPY pairs at the moment…too many bad experiences.\r\nUSD/CAD – This pair is stuck in a range…boring, boring, boring.\r\nUSD/SEK – Waiting for new cycle to start.\r\nEUR/SEK – Waiting for new cycle to start.\r\nUSD/NOK - Waiting for new cycle to start.\r\n\r\n&nbsp;\r\n\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3642.</strong> This pair literally has ended the week virtually unchanged, after having been through a major policy change announcement from the ECB and U.S. Non-Farm Data, which is quite incredible. I think until we hit 1.3775, this pair is a buy on dips and sell at the trend line resistance. My initial range is 1.3600 to 1.3670.\r\n\r\n<strong>GBP/USD: Closing Price 1.6790</strong>. My limit order at 1.6790 timed out during the past week, so I never had my trade trigger. I am now looking to enter a little higher than present levels with the view to a move much lower. My range for the cable is support at 1.6740 and resistance at 1.6840.\r\n\r\n<strong>AUD/USD: Closing Price 0.9331</strong>. Not much of change in the closing price for the Aussie this week. With quite a large amount of Aussie news over the past week generally, my thoughts are that the RBA has now gone a bit neutral on the exchange rate level. It is a little bit of a policy shift considering that RBA governor Stevens was leaping up and down a few months ago about wanting the AUD/USD at about 0.8500. That level is a little bit away, I would say looking at matters right now. My bias is to the downside. Support is really good at 0.9210. Resistance is good at 0.9330 and 0.9360.\r\n\r\n<strong>NZD/USD: Closing Price 0.8497</strong>. This is another pair that closed the week almost identical to the previous weeks’ close. I am still very negative the NZD, but I am also conscious of the RBNZ statement on the horizon that could affect my bias. Key support lies at 0.8420, with resistance at 0.8555. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0932.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0960.\r\n\r\n<strong>USD/CHF: Closing Price 0.8932</strong>. We are back in the lower trading range once again. This pair has failed now on several attempts to scale through 0.9000. I now see the range as 0.8910 to 0.8950.<strong> </strong>\r\n\r\n<strong>USD/JPY: Closing Price 102.46</strong>. We have tested the upper end of last weeks range and fell back within. I still think the move here is towards 98.00 not 110.00. I think we will go lower first then bounce. The range is 102.15 to 102.85.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>LONG:</strong></span></p>\r\n<p style=\"text-align: center;\">GBP/USD\r\nAUD/USD\r\nAUD/JPY\r\nGBP/JPY</p>\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span></p>\r\n<p style=\"text-align: center;\">EUR/GBP\r\nEUR/AUD\r\nGBP/AUD\r\nUSD/NOK\r\nEUR/NOK<strong> </strong></p>\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong><strong> </strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – RBA Governor Stevens speaks &amp; New Business Confidence.\r\nMONDAY: CNY – CPi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: GBP – Unemployment Rates.\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Policy Statement..\r\nWEDNESDAY: AUD – Unemployment Rates.\r\n\r\nTHURSDAY: USD – Core Retails Sales.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nNext week is a little slower on news, but I feel that the fallout from the ECB meeting last week will roll over.\r\n\r\nThis is not a time for complacency; we are entering times when traders go on vacations, the markets, which are already thinner just, get stupid. A major bank move by fulfilling a simple trade order can literally take a pair off for tens of pips in the opposite trending direction. This is the time to be clever. Trade smaller and be nimble. Do not look for 200-300 pip moves, they can happen but it takes much longer. Look for the 20-30 pip moves.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nFor PREMIUM SERVICE subscribers there will be no DAILY FX POST on Monday morning, I have to take one of our vehicles to the garage for repairs. I can already feel the stress levels increasing as I write this…..\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday June 7th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED','','publish','open','closed','','now-trading-fx-now-dust-settled','','','2014-06-07 11:38:38','2014-06-07 16:38:38','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=3840',0,'member_posts','',0),(3842,1,'2014-06-07 11:37:06','2014-06-07 16:37:06','&nbsp;\r\n\r\n<strong>1. INTRODUCTION:</strong>\r\n\r\nThat was some week.\r\n\r\n“The Draghi Show” aka “The ECB Press Conference” last Thursday, being the highlight, maybe not from my own personal trading perspective, but it was an event to witness\r\n\r\nI had previously written articles for LinkedIn, The DAILY FX POST (for PREMIUM SERVICE subscribers) and Twitter posts stating that “Talk is Cheap” and that should Draghi come to the market with anything less than “full-on” Quantitative Easing after the initial knee-jerk reaction taking the EUR/USD short it would bounce once the market realized it was just more talk. Once again it was the usual ECB high on rhetoric approach, kicking the can down the road scenario that we have all become so accustomed to. The is basically what happened. The only aspect of it all was the speed of the bounce (the squeeze), and, how far the EUR/USD bounced. From the lows of the day 1.3503, 1.3577 was the 38% Fibonacci retracement, 1.3585 was mega strong support on the way lower, which I thought would definitely hold on the way back…it did not. We squeezed to 1.3670, when it was all said and done.\r\n\r\nIt was a fascinating hour or so, however, why did the turnaround happen?\r\n\r\nI have read so many articles and listened to so many comments following the\r\nPress Conference. I am no clearer…was it: -\r\n<ul>\r\n	<li>Hedge funds involvement?</li>\r\n	<li>Option Barriers?</li>\r\n	<li>Only a Pea Shooter with the promise of a Bazooka?</li>\r\n	<li>Was it Draghi stating that the ECB was basing EUR/USD exchange rate average estimate for 2014 at 1.3800?</li>\r\n	<li>Was it the fact that Draghi announced TLTROs (Targeted long-term refinance operations) were expected to start in September and December this year?</li>\r\n</ul>\r\nBasically, I think nothing that was announced by Draghi was a surprise to the markets. The phrase “priced in” came up a few times in my reading. I think that as soon as 1.3800 was mentioned, and, in addition, when Draghi stated that he could not see steeper rate cuts in the future, and, that the ECB had reached “zero bound”, was a f**k up on his part. I believe this was a bit of a tactical error, which halted the EUR drop and it consolidated and then squeezed.\r\n\r\nIt was a difficult session for me as I experienced connectivity issues as well just to add to a stress factor, thankfully, I exited a couple of trades early on but I took two big losses on the EUR/USD short and a USD/CHF long during the squeeze and my power outages.\r\n\r\nI think that I was being paid back for my comments about Eurozone and ECB officials whom, I thought were going to break ranks and leak ahead of Draghi’s announcement. Were they all on vacation? It was a deafening silence from the Eurozone. I should check the share price of duct tape…it must have bounced on a massive sales spike in Frankfurt and Brussels!\r\n\r\nI also predicted that the SNB would front-run the ECB if there was QE. There was no QE, and, so no SNB announcement. My CHF trades were a waste of time.\r\n\r\nI would not however completely rule out the SNB acting. If there is a huge switch out of the single currency into Swiss francs because of negative interest rates, do not rule out the SNB imposing the same.\r\n\r\nThen we had U.S. Non-Farm Payrolls. It was an in line number. Not as much volatility as usual. It was interesting for me (as I was on the sideline) to see that the Fibonacci levels basically held across all the USD majors.\r\n\r\nStaying on the positive side, the PREMIUM SERVICE is still making money, and so am I, therefore I am happy. The Forex market is still challenging, so to make $$$ in these difficult conditions makes me happy.\r\n\r\nI welcomed many new subscribers to the PREMIUM SERVICE in the past week, so I am hoping that this coming week, things will have settled a little to enable some quality entries on trades. There are many trades and charts later in this blog (PREMIUM SERVICE version only).\r\n\r\n&nbsp;\r\n\r\n<strong>2. TRADING SUMMARY:</strong><strong> </strong>\r\n<p style=\"text-align: center;\"><strong>RADAR, FLASH and FUNDAMENTAL TRADES\r\n</strong><strong>JUNE 2014 and YEAR to date:</strong></p>\r\n<p style=\"text-align: left;\">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 website.</p>\r\n  <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\"><img class=\"aligncenter size-full wp-image-3832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-1-06062014.png\" alt=\"PREM SERV PROFITS 1 06062014\" width=\"444\" height=\"426\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\"><img class=\"aligncenter size-full wp-image-3833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERV-PROFITS-2-06062014.png\" alt=\"PREM SERV PROFITS 2 06062014\" width=\"463\" height=\"415\" /></a>\r\n\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, but it does show you the direction of the performance of the trades placed.\r\n\r\nI 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<strong> </strong><strong> </strong>\r\n\r\n<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong>\r\n<p style=\"text-align: center;\"><strong>WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED</strong></p>\r\nI was asked by a subscriber of the WEEKLY FX DRIVE THRU, what do I do, and, how do I approach the markets after big moves in a big news week.\r\n\r\nThe following is basically what I do, it is just my own way of dealing with how to trade following a big move in front line data. When we have a big week of news, then from my perspective it’s time to re-evaluate matters, look at my favourite pairs to trade and take stock, and above all take my time to review. It may not be everyone’s cup of tea but this is what I do.\r\n\r\nLast week was a week packed full with PMi Data, Employment Statistics, Trade Balances and four central banks reviewed interest rates and three issued policy statements. It was a huge data dump, so much to take on board there were some wild volatility moves included for good measure.\r\n\r\nNow it is time to sit back and review, plan and strategize ahead.\r\n\r\nThe fundamentals have NOT changed in my opinion. Some of the moves in currencies have an extreme look about them, however in bigger market moves this is normal. I think the biggest aspect of the moves this week that have influenced me the most are the moves in the cross-rates. I have written several times this year about never underestimating the cross-rate effect.\r\n\r\nWithout doubt, when any analyst from any investment area talks about currencies the EUR/USD is the focus, quite understandably. After the ECB Press Conference the moves in the single currency crosses were violent, fast, volatile and to me somewhat extreme. I know that the ECB news event last Thursday, was eagerly awaited and because it involved a policy change from the central bank, every dot and cross on the press release statement was dissected more so than normal.\r\n\r\nThe Non-Farm Payroll numbers were also market moving and affected all currency pairs but moves were in the main muted.\r\n\r\nSo where do we go from here?\r\n\r\nBasically a little consolidation time in the Forex markets, the new levels need to be confirmed.\r\n\r\nUsually, when we see such volatile movement, I take a step back, find my levels in the charts and note them and place the limit orders with my brokers. Then I sit back and let the trades come to me. It is very easy to get caught up in the moment, at present we are trading in times where false breakouts and breakdowns are almost an everyday occurrence. There is a market literally every day, once FEAR and GREED take over, your psychology of trading effectively within your guidelines set out in your TRADING PLAN are gone. You can always make money in the Forex market, but by not being aware you can just as easily lose money.\r\n\r\nBelow, for everyone, I show you what I do and give examples on three pairs; EUR/USD, GBP/USD and AUD/USD.\r\n\r\nI simply go back to the basics that I was taught. Just as the markets need to consolidate moves and work off over-bought or over-sold conditions as a trader I need to re-evaluate.\r\n\r\n<em>(For PREMIUM SERVICE subscribers, I will provide all the entry levels etc. and in addition, I will carry on the same process later in your fuller version of the blog in the section titled TRADES ON MY RADAR. This will include reviews for several other pairs not just the majors but also some of the cross-rates).</em>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>EUR/USD:</strong></span>\r\n\r\nFrom the monthly chart below, resistance is now on the down sloping trend line at 1.3775.\r\n\r\nI see this an area to short from. As you can see, the last three attempts to break out above trend line resistance, was resisted and the pair was smacked back down. Given that the ECB is embarking on a change of monetary policy to hold down the EUR exchange rate, I see no reason why this trend line should not be a bad area to short from. I would imagine lots of traders would be looking to short the EUR/USD ahead of 1.3800.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>GBP/USD:</strong></span>\r\n\r\nFrom the daily chart below, although maybe a little difficult to see or follow, we have Fibonacci interests at 1.6870, coinciding with a recent high and trend line resistances. In fact, from 1.6840 to 1.6870 represents an area to look at to short from. The 2014 high at 1.6996 is not far above so you have a great risk level to work from. A few weeks ago, I stated that in my opinion, I thought that 1.6996 would probably be remembered as the 2014 high for this pair. Will this remain?\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>AUD/USD:</strong></span>\r\n\r\nFrom the chart below you can see that we have resistance at 0.9360, which is a Fibonacci 76% level. We have failed two / three times at this level and this where I would be looking to as resistance from which to use as my risk level for any short trade that I would enter. 0.9330 has been a major resistance level for what seems likes weeks that is basically a 61.8% Fibonacci level. Both of these levels give me confidence as resistance levels.\r\nA major aspect of trading is realizing what your risk is before entering a trade. I will use these levels to determine my trade set-ups.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the examples above it really is very basic analysis. This is really what I do several times a week across the board and several times a day on some occasions. It is basic and repetitive, but it can be extremely rewarding.\r\n\r\nFundamentally I am still a USD bull and as such, my views for the three currencies above are that they are to head lower. I also look at recent economic data and central bank talk to establish my macro views. All matters added together, I am looking for short trades on all three of the examples above.\r\n\r\nWith regards to my profit targets, that would very much depend on how long I intend to try and stay in each trade. Therefore, each trade would be treated differently with regards to my limit/ target objective.\r\n\r\nSuffice to say, I use recent key Fibonacci levels, and other key resistance /support levels seen recently.\r\n\r\nI do not know whether this helps, or, has given the answer hoped for, but this is what I do, in fact, to be more accurate this is what I am doing right now!\r\n\r\n<strong> </strong>\r\n\r\n<strong>4. TRADER TOPICS:</strong>\r\n<p style=\"text-align: center;\"><strong>A MATHEMATICAL APPROACH TO ELIMINATING EMOTIONS</strong></p>\r\nMost traders spend hours looking for the magical combination of indicators that will reveal “The Holy Grail” of trading strategies. Obviously, the goal is to find a winning strategy, but more often than not “profitable trades” are misconstrued into finding a strategy that gives you a higher percentage of profitable trades. After all, a profitable trade makes money and a loss trade means losing money, right? Don’t be so sure about that, overall you may make more money having more losing trades than profitable ones.\r\n\r\nLike many of the seemingly obvious components that go into creating a great TRADING PLAN and becoming a great trader, what we think seems logical in reality is what is holding us back.\r\n\r\nFor regular followers of my blogs, this may not be the first time you’ve read something similar to this, and I can promise you it will not be last. Along with other ways to think in terms of probabilities, the following is an example of something I deeply believe needs to be not just simply understood, but ingrained into the subconscious of our trading psyche (if through nothing more than repetition) in order to ultimately eliminate emotions from every single trade that is placed. This may perhaps be the most difficult aspect of becoming a true professional trader, but a trait that one simply must have, to stand any chance of survival….both financially, and psychologically.\r\n\r\nBeing a profitable trader is not just about percentages of profitable trades. In other words, you can earn positive returns without having most of your trades being profitable. It’s all about risk v. reward. If your strategy allows you to identify trading opportunities that offer more reward than risk, then even a 50% profitable trades ratio could yield a significantly positive return over time.\r\n\r\nFor example: -\r\n\r\nLet’s assume a $10,000.00 trading account where 10 trades are placed, and $100.00 (1%) is put at risk for each trade….\r\n\r\nIf the risk to reward ratio is 1-to-1, then a 50% profitable trades ratio will result in a “Break-even” return….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.\r\n\r\n10 trades placed x 50% profitable trades = 5 profits x $100.00 = $500.00 profit.\r\n\r\n$500.00 profit - $500.00 loss = $0.00.\r\n\r\nIf the risk to reward ratio is 1-to1.5, then the same 50% ratio of profitable trades will result in a positive return….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $100.00 = $500.00 loss.\r\n\r\n10 trades placed X 50% profitable trades = 5 profits x $150.00 = $750.00 profit.\r\n$750.00 profit - $500.00 loss = $250.00 profit.\r\n\r\nI\r\n\r\nn terms of the percentage return, this second (profitable) example would result in a 2.5% return based on the starting account balance (total equity) of $10,000 after just 10 trades. This, of course, is the case when just 1% of total equity is put at risk. If 3% ($300) is put at risk (which I would NOT recommend at all), then this same example (same track records) would yield a 7.5% return. In other words, greater profits are achieved based on the exact same performance….\r\n\r\n10 trades placed x 50% loss trades = 5 losses x $300.00 = $1,500.00 loss.\r\n\r\n10 trades placed x 50% profitable trades = 5 profits x $450.00 = $2,250.00 profit.\r\n\r\n$2,250.00 profit - $1,500.00 loss = $750.00 profit.\r\n\r\n&nbsp;\r\n\r\nConversely, a high profitable trades percentage (which typically necessitates bigger margin for error, or greater risk) may actually result in smaller, less profitable returns over time. This occurs when the average risk is higher than the average reward. For example, using the same hypothetical $10,000 account that’s risking 3% ($300) let’s assume an 85% profitable trades ratio with an average risk-to –reward ratio of 2-to1…\r\n\r\n10 trades placed x 20% loss trades = 2 losses x $300.00 = $600.00 loss.\r\n\r\n10 trades placed x 80% profitable trades = 8 profits x $150.00 = $1,200.00 profit.\r\n\r\n$1,200.00 profit - $600.00 loss = $600.00 profit.\r\n\r\n&nbsp;\r\n\r\nSo the trader that boasts an 80% profitable trades ratio may actually be less profitable than the trader with a seemingly unimpressive 50% profitable trades ratio. So the big question is….do you want to be right, or do you want to make money? Believe it or not, even negative returns are possible with a higher profitable trades ratio when the risk far outweighs reward, so make sure to factor this in when performing due diligence in assessing a strategy and /or track records results.\r\n\r\nHopefully, this demonstrates the importance of assessing risk/reward in addition to profitable trades percentage when trying to determine the actual success, or profitability, of a trading strategy / track record. Remember, trading success is not just about profiting on or losing on individual trades, it’s about sustaining profitability over time (making money and holding onto those profits in the long run). The most common mistake newer traders make is in determining the success of a trading strategy (i.e. track record) based on profitable trades percentages alone, which can be quite misleading when risk/reward is not taken into account. Most newer traders (unknowingly in most cases) are willing to risk far more money than they are looking to gain (reward) just to be “right”, or return a profit on each trade.\r\n\r\nAnother good piece of advice is to always keep in mind that trading is all about making profits over time, not about trading ego (which is usually the result of focusing just on percentages). In other words, significant returns can be achieved when you allow yourself to look at the big picture. The key is to be able to determine both entries and exits in advance so that risk vs. reward can be determined. This will significantly help to keep the decision making process as consistent and mechanical as possible, which is essential regardless of the technical/ fundamental strategy that is used as it helps to eliminate emotions when making trading decisions. Only then can a truly objective decision be made as to whether or not to take the trade since the decision will be based on established / actual results, and not a ‘gut” feeling or reaction. Understanding the mathematical “law of averages” and “law of large numbers” reinforce this mechanical approach to trading which again, is crucial to trading success because mixing emotions with money-based decisions is usually a recipe for disaster.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>5. MY CURRENT LIVE TRADES:</strong>\r\n\r\n<strong>FLASH TRADES:</strong>\r\n\r\nI have no flash trades at the moment<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong>RADAR TRADES:</strong>\r\n\r\nRT99\r\nNZD/USD\r\nShort\r\nCost Average / Entry Level: 0.8440\r\nStop Loss: 0.8550\r\nLimit / Target: 0.8000\r\nWeekly Closing Price: 0.8497\r\nPosition: -57 pips\r\n\r\nRT100\r\nAUD/NZD\r\nLong\r\nCost Average: 1.0965\r\nStop Loss: 1.0885\r\nLimit: 1.1350\r\nWeekly Closing Position: 1.0974\r\nPosition: +9 pips\r\n\r\n&nbsp;\r\n\r\n<strong>FUNDAMENTAL TRADES:</strong>\r\n\r\nFUN14\r\nGBP/NZD\r\nLong\r\nCost Average: 1.9800\r\nStop Loss: 1.9000\r\nLimit / Target: 2.2350\r\nWeekly Closing Price: 1.9741\r\nPosition: - 59 pips\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>6. TRADES THAT ARE ON MY RADAR:</strong>\r\n\r\nThe trade set-ups listed below are not yet placed with my brokers. I will tweet when I have, or update en mass via THE DAILY FX POST.\r\n\r\nEUR/USD (see chart)\r\n\r\nShort\r\nEntry at 1.3750 (just ahead of trend line resistance)\r\nStop at 1.3850\r\nLimit 1.3500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-MONTHLY-06062014-1024x470.png\" alt=\"EURUSD MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD (see chart)\r\nShort\r\nEntry at 1.6870\r\nStop at 1.6990\r\nLimit 1.6500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3825\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-06062014-1024x470.png\" alt=\"GBPUSD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD (see chart)\r\nShort\r\nEntry at 0.9360\r\nStop at 0.9450\r\nLimit 0.8500\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014.png\"><img class=\"aligncenter size-large wp-image-3826\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/AUDUSD-240M-06062014-1024x470.png\" alt=\"AUDUSD 240M 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/GBP (see chart)\r\nLong\r\nEntry at 0.8130\r\nStop at 0.8185\r\nLimit 0.7800\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURGBP-MONTHLY-06062014.png\"><img class=\"aligncenter size-large wp-image-3827\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURGBP-MONTHLY-06062014-1024x470.png\" alt=\"EURGBP MONTHLY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\nEUR/AUD (see chart)\r\nLong\r\nEntry at 1.4725\r\nStop at 1.4500\r\nLimit 1.5200\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURAUD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURAUD-DAILY-06062014-1024x470.png\" alt=\"EURAUD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/NZD (see chart)\r\nLong\r\nEntry at 1.6140\r\nStop at 1.5850\r\nLimit 1.6450 ( This will be adjusted once the trade starts breaking higher)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURNZD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURNZD-DAILY-06062014-1024x470.png\" alt=\"EURNZD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/CAD (see chart)\r\nLong\r\nEntry at 1.8350\r\nStop at 1.8220\r\nLimit 1.8670\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCAD-DAILY-06062014.png\"><img class=\"aligncenter size-large wp-image-3831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCAD-DAILY-06062014-1024x470.png\" alt=\"GBPCAD DAILY 06062014\" width=\"1024\" height=\"470\" /></a>\r\n\r\n&nbsp;\r\n\r\nIn addition to these pairs, as requested by Roger from the UK, here are the ones I looked at and decided not to proceed with.\r\n\r\nEUR/CAD – The charts are far too messy.\r\nUSD/CHF – This pair is way too risky to short at the moment with SNB in the background with action possibly quite soon.\r\nUSD/JPY – I am ignoring JPY pairs at the moment…too many bad experiences.\r\nUSD/CAD – This pair is stuck in a range…boring, boring, boring.\r\nUSD/SEK – Waiting for new cycle to start.\r\nEUR/SEK – Waiting for new cycle to start.\r\nUSD/NOK - Waiting for new cycle to start.\r\n\r\n&nbsp;\r\n\r\n<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>\r\n\r\n<strong>EUR/USD: Closing Price 1.3642.</strong> This pair literally has ended the week virtually unchanged, after having been through a major policy change announcement from the ECB and U.S. Non-Farm Data, which is quite incredible. I think until we hit 1.3775, this pair is a buy on dips and sell at the trend line resistance. My initial range is 1.3600 to 1.3670.\r\n\r\n<strong>GBP/USD: Closing Price 1.6790</strong>. My limit order at 1.6790 timed out during the past week, so I never had my trade trigger. I am now looking to enter a little higher than present levels with the view to a move much lower. My range for the cable is support at 1.6740 and resistance at 1.6840.\r\n\r\n<strong>AUD/USD: Closing Price 0.9331</strong>. Not much of change in the closing price for the Aussie this week. With quite a large amount of Aussie news over the past week generally, my thoughts are that the RBA has now gone a bit neutral on the exchange rate level. It is a little bit of a policy shift considering that RBA governor Stevens was leaping up and down a few months ago about wanting the AUD/USD at about 0.8500. That level is a little bit away, I would say looking at matters right now. My bias is to the downside. Support is really good at 0.9210. Resistance is good at 0.9330 and 0.9360.\r\n\r\n<strong>NZD/USD: Closing Price 0.8497</strong>. This is another pair that closed the week almost identical to the previous weeks’ close. I am still very negative the NZD, but I am also conscious of the RBNZ statement on the horizon that could affect my bias. Key support lies at 0.8420, with resistance at 0.8555. If the support gives way I am targeting 0.8000 as my short level objective.\r\n\r\n<strong>USD/CAD: Closing Price 1.0932.</strong> Boring, boring, boring. Trade extremes for the range are 1.0815 to 1.0960.\r\n\r\n<strong>USD/CHF: Closing Price 0.8932</strong>. We are back in the lower trading range once again. This pair has failed now on several attempts to scale through 0.9000. I now see the range as 0.8910 to 0.8950.<strong> </strong>\r\n\r\n<strong>USD/JPY: Closing Price 102.46</strong>. We have tested the upper end of last weeks range and fell back within. I still think the move here is towards 98.00 not 110.00. I think we will go lower first then bounce. The range is 102.15 to 102.85.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong>\r\n\r\nI have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)\r\n\r\nThe following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>LONG:</strong></span></p>\r\n<p style=\"text-align: center;\">GBP/USD\r\nAUD/USD\r\nAUD/JPY\r\nGBP/JPY</p>\r\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong>SHORT:</strong></span></p>\r\n<p style=\"text-align: center;\">EUR/GBP\r\nEUR/AUD\r\nGBP/AUD\r\nUSD/NOK\r\nEUR/NOK<strong> </strong></p>\r\n<p style=\"text-align: center;\"></p>\r\n<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</strong><strong> </strong>\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – RBA Governor Stevens speaks &amp; New Business Confidence.\r\nMONDAY: CNY – CPi.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: GBP – Unemployment Rates.\r\nWEDNESDAY: NZD – RBNZ Cash Rate and Policy Statement..\r\nWEDNESDAY: AUD – Unemployment Rates.\r\n\r\nTHURSDAY: USD – Core Retails Sales.\r\n\r\nFRIDAY: N/A.\r\n\r\n<strong> </strong><strong> </strong>\r\n\r\n<strong>10. FINAL THOUGHTS:</strong>\r\n\r\nNext week is a little slower on news, but I feel that the fallout from the ECB meeting last week will roll over.\r\n\r\nThis is not a time for complacency; we are entering times when traders go on vacations, the markets, which are already thinner just, get stupid. A major bank move by fulfilling a simple trade order can literally take a pair off for tens of pips in the opposite trending direction. This is the time to be clever. Trade smaller and be nimble. Do not look for 200-300 pip moves, they can happen but it takes much longer. Look for the 20-30 pip moves.\r\n\r\nTake care and good luck. Be careful with position sizes.\r\n\r\nFor PREMIUM SERVICE subscribers there will be no DAILY FX POST on Monday morning, I have to take one of our vehicles to the garage for repairs. I can already feel the stress levels increasing as I write this…..\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nSaturday June 7th 2014\r\n\r\nEMAIL / FOLLOW ME AT:\r\npremiumservice@weeklyfxdrivethru.com\r\nTwitter: @pipaccumulator\r\nTwitter: @ThePremService\r\nGoogle+/scottpickering\r\n\r\n&nbsp;','WHAT TO DO NOW, TRADING FX NOW THAT THE DUST HAS SETTLED','','inherit','open','closed','','3840-revision-v1','','','2014-06-07 11:37:06','2014-06-07 16:37:06','',3840,'https://weeklyfxdrivethru.com/3840-revision-v1/',0,'revision','',0),