(8371,1,'2016-09-20 15:40:17','2016-09-20 20:40:17','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo for whatever reason we have what is being called in some quarters the most important FOMC meeting of 2016.\r\n\r\nIn addition, just a few hours earlier, we have what is being called the line in the sand meeting for the BOJ.\r\n\r\nThen finally after the FOMC we have those awfully nice chaps from the RBNZ having a gathering serving fine wines from the Marlborough and Central Otago regions accompanied by some canapes for all in attendance as they discuss under leadership of Graeme Wheeler the state of the New Zealand economy. What is said by Wheeler and what the RBNZ would like or want will if all goes as normal have the opposite effect on the direction of the NZD$. I hope that I am incorrect with this statement but this is usually what happens. Just a statement this time, no press conference but apparently refreshments are served?\r\n\r\nWhy am I releasing a blog on a Tuesday night / Wednesday morning and NOT the usual Saturday?\r\n\r\nVery simple… it is my birthday at the weekend and I am being whisked away and I will not return until early next week. This day of Central Bank news is so important for the run to the end of the of the year, I thought it made sense to place my thoughts and trade ideas in print.\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<strong><em>Please note the statistics in this section will be updated in the next DRIVE THRU blog dated 1<sup>st</sup> October 2016.</em></strong>\r\n\r\nNET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nBased upon the fact that the main news events of the week are still ahead of us, I am using this section on this occasion to write about a trading event; the drop in cable.\r\n\r\nLast Friday the cable moved over 200 pips lower and on Monday we had a bounce to the 38% retracement to the penny at 1.3092 and then we have seen the fall continue (see chart below).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016.png\"><img class=\"aligncenter size-large wp-image-8363\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016-1024x476.png\" alt=\"gbpusd-720m-20-09-2016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nIt looks like cable can still go lower, trend line support is at 1.2920 (see chart below) and then beyond there we are into Fibonacci extensions to 1.2800 and lower.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8364\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016-1024x476.png\" alt=\"gbpusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe cable looks incredibly weak and one cannot rule out a run to 1.2500.\r\n\r\nWhy has this drop happened?\r\n\r\nThere was no real news as far as I can see to create this size of a move other than BREXIT talk and exit strategies are intensifying and therefore this could have been the only catalyst. I have read that some “pundits” believe it more of a re-balancing ahead of the FOMC and BOJ, personally, I am not that convinced.  The one thing I do know is that below 1.3500 we are at multi-decade lows and that in itself is bearish. Once we broke below 1.3500 we have done nothing more than consolidate the move lower and therefore a continuation of trend was at some time inevitable.\r\n\r\nFor my subscribers I will be looking to re-establish BREXIT OPPORTUNITY trades later this week, and certainly next week when the U.S. position is clearer.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong>21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\nThis is it.\r\n\r\nWill it be a big day or will it be a non-event?\r\n\r\nI can guarantee ahead of all three announcements there will be a lot of volatility, so the first thing to say is that ALL TRADES that are open should either be covered or very well justified for holding on to them. Stops will get taken no matter how liberal you believe them to be. I have witnessed over recent months on big news announcements over 150 pip ranges highs to lows ahead of the data being released. This will be no different and it could even be more extreme particularly for the BOJ announcement as this happens at a time when the market lacks full liquidity.\r\n\r\nSo what’s going to happen?\r\n\r\nI have no idea as its all opinion driven ahead of the data and opinions are just that - opinions. More importantly for me as a trader how am I going to be set up, what are trades that I am going to focus on?\r\n\r\n\r\nBOJ:\r\n\r\nI have no live trades or limit orders going into their announcement in a few hours based upon the time this blog was posted.\r\n\r\nThere are plenty of rumours circulating from “Helicopter Money” to extending “Negative interest rates” to even “increasing rates”!\r\n\r\nAll I know is that this will be a volatile event.\r\n\r\nIf the BOJ does nothing or is NOT convincing for the markets the JPY will strengthen like crazy and 100.00 in USD/JPY will come under threat very quickly. The question that is always raised is, will they intervene?. If the BOJ created the run to sub 100.00 it is an event of their own making and frankly I just cannot see any intervention at all unless we see a parabolic move lower and given the FOMC will announce hours later, this is unlikely but frankly NOT impossible.\r\n\r\nIf the BOJ is successful in weakening the Yen, which is their goal and the USD/JPY starts moving above trend line resistance at 103.50 and heads towards 107.00 (see chart below from last week’s DRIVE THRU blog), not only will the BOJ be satisfied but this move would also naturally strengthen the USD going into the FOMC announcement.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8368\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016-1024x476.png\" alt=\"usdjpy-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy thoughts are given the history, the markets do not believe the BOJ or Prime Minister Abe and are not convinced, despite the enormity of the stimulus program already in place, that it is enough to stimulate the Japanese economy.\r\n\r\nThe Japanese economy is in such poor shape and so much has been tried and failed. I can see resignations on the horizon if this effort later fails.\r\n\r\nFrom a trading perspective….\r\n\r\nLooking at the USD/JPY, 100.00 albeit quite a bit way from current pricing is key support and a break through 103.60 is key resistance to the upside.\r\n\r\nIf I am awake and at my screens for this announcement I will be looking at USD/JPY and GBP/JPY to trade. I have chosen the GBP/JPY as it is presently very weak and should the BOJ disappoint this will be a good pair to focus on.\r\n\r\n&nbsp;\r\n\r\nFOMC (FED):\r\n\r\nThe dove of all doves takes the stage about 12 hours after the BOJ.\r\n\r\nJanet Yellen will in my opinion provide the markets with a few reasons why she is NOT raising rates this time but she will also provide the markets with a few reasons why the December FOMC meeting should be treated a “LIVE” event.\r\n\r\nI have written in previous blogs and on twitter that being a dove is so easy compared to being a hawk. Doves can always find excuses for not doing something.\r\n\r\nThis is the way that Yellen runs the FED, protect “Wall Street” at all costs no surprises telegraph every move. My gut wishes that she would raise now and just get it over with, but my brain tells me she won’t and she has plenty of data to call upon to stall the markets for a few more months.\r\n\r\nIf the FED holds rates, it’s all about the “verbals” in the statement and her tone in the press conference.\r\n\r\nIf she holds and the December meeting is not “LIVE:” the USD will get taken to the woodshed and we could see the EUR/USD at 1.1400 and beyond in coming sessions.\r\n\r\nIf she holds and December is a “LIVE” meeting, I think that the EUR/USD will spike above 1.1200 to around 1.1300 with a bit of luck to short at that elevated level.\r\n\r\nIf she does the unthinkable and cuts the EUR/USD will be heading towards 1.0750 in the coming sessions and the USD will strengthen and go up as fast as a rat up a drainpipe.\r\n\r\nI include the EUR/USD chart (below) from last weekend’s DRIVE THRU blog showing 1.1286 as resistance and 1.0950 as the first level of big support to break through.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8361\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016-1024x476.png\" alt=\"eurusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nThe chaps from the RBNZ are on last, a couple of hours or so after the Janet Yellen would have completed her press conference.\r\n\r\nI am expecting nothing. Just pure drivel about how the economy is not in their control and how exterior prices cannot be managed and that on what they can manage they are doing a bang up job. That\'s it, nothing more nothing less. It is just a statement this time no press conference but I do believe journalists are invited for a soiree prior to the announcement. Not sure if my leg was being pulled in that regard but, in my opinion it is totally believable.\r\n\r\nLooking at the daily NZD/USD chart below 0.7240 is a massive line in the sand, which will set up a big move lower and to the top side 0.7500 is huge. We are in the range between the supporting trend line and the horizontal resistance.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8365\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016-1024x476.png\" alt=\"nzdusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nI have the feeling after lots of volatility these three Central bank announcements could all be non-events for actual news that drives the market. I hope that I am incorrect but there is so much anticipation and more often than not this type of anticipation is usually dealt as “BUY THE RUMOUR and SELL THE NEWS”. Only time will tell if this is the case on this occasion.\r\n\r\nI have my plan which will be outlined in the next section for PREMIUM SERVICE subscribers. Hopefully I will be able to trade it in some shape after the information has been delivered.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nI am very disappointed with recent trading activity.\r\n\r\nHaving losing trades is painful but it is part of trading and it looks like at the time of posting this blog that September will be a losing month writing off some of the great performances seen in last month’s performance. As I have stated on many occasion in fact only just last weekend…\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nNot doing so good on the capital preservation this month but I have my goals and objectives firmly set out.\r\n\r\nMoving on…\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/TRADING-CB-NEWS1-20092016.png\"><img class=\"aligncenter size-large wp-image-8356\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/TRADING-CB-NEWS1-20092016-1024x775.png\" alt=\"trading-cb-news1-20092016\" width=\"1024\" height=\"775\" /></a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/TRADING-CB-NEWS2-20092016.png\"><img class=\"aligncenter size-large wp-image-8357\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/TRADING-CB-NEWS2-20092016-1024x935.png\" alt=\"trading-cb-news2-20092016\" width=\"1024\" height=\"935\" /></a>\r\n\r\n&nbsp;\r\n\r\nI am posting into the section several charts that I am looking at with comments contained on them with regards to my thoughts.\r\n\r\nI am looking at other pairs as well but these (charts below) are the primary pairs.\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDSEK-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8369\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDSEK-D-21092016-1024x476.png\" alt=\"usdsek-d-21092016\" width=\"1024\" height=\"476\" /></a> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8367\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-D-21092016-1024x476.png\" alt=\"usdchf-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8366\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-D-21092016-1024x476.png\" alt=\"usdcad-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPCHF-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8362\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPCHF-D-21092016-1024x476.png\" alt=\"gbpchf-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURGBP-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8360\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURGBP-D-21092016-1024x476.png\" alt=\"eurgbp-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CADCHF-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8359\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CADCHF-D-21092016-1024x476.png\" alt=\"cadchf-d-21092016\" width=\"1024\" height=\"476\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDCAD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8358\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDCAD-D-21092016-1024x476.png\" alt=\"audcad-d-21092016\" width=\"1024\" height=\"476\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-20.092016.png\"><img class=\"aligncenter size-large wp-image-8355\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-20.092016-786x1024.png\" alt=\"live-trades-20-092016\" width=\"786\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-20092016.png\"><img class=\"aligncenter size-large wp-image-8354\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-20092016-922x1024.png\" alt=\"limit-orders-20092016\" width=\"922\" height=\"1024\" /></a></strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n\r\n&nbsp;\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. (There are no charts midweek)\r\n\r\nEUR/USD - Weekly Closing Price:\r\n\r\nGBP/USD - Weekly Closing Price:\r\n\r\nAUD/USD - Weekly Closing Price:\r\n\r\nNZD/USD - Weekly Closing Price:\r\n\r\nUSD/CAD - Weekly Closing Price:\r\n\r\nUSD/CHF - Weekly Closing Price:\r\n\r\nUSD/JPY - Weekly Closing Price:\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIf you are going to trade the central bank news releases as they come up remember that you may have impact from announcements that follow. Be careful and take it easy. Sometimes it is best to wait to see that the direction is confirmed.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 21st September 2016\r\nBLOG VERSION: PREMIUM SERVICE #112','CENTRAL BANK ANNOUNCEMENTS 21st September 2016 (BOJ, FOMC and RBNZ)','','inherit','closed','closed','','8370-revision-v1','','','2016-09-20 15:40:17','2016-09-20 20:40:17','',8370,'http://weeklyfxdrivethru.com/8370-revision-v1/',0,'revision','',0),(8372,1,'2016-09-20 16:10:29','2016-09-20 21:10:29','<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong> 21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\n\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo for whatever reason we have what is being called in some quarters the most important FOMC meeting of 2016.\r\n\r\nIn addition, just a few hours earlier, we have what is being called the line in the sand meeting for the BOJ.\r\n\r\nThen finally after the FOMC we have those awfully nice chaps from the RBNZ having a gathering serving fine wines from the Marlborough and Central Otago regions accompanied by some canapes for all in attendance as they discuss under leadership of Graeme Wheeler the state of the New Zealand economy. What is said by Wheeler and what the RBNZ would like or want will if all goes as normal have the opposite effect on the direction of the NZD$. I hope that I am incorrect with this statement but this is usually what happens. Just a statement this time, no press conference but apparently refreshments are served?\r\n\r\nWhy am I releasing a blog on a Tuesday night / Wednesday morning and NOT the usual Saturday?\r\n\r\nVery simple… it is my birthday at the weekend and I am being whisked away and I will not return until early next week. This day of Central Bank news is so important for the run to the end of the of the year, I thought it made sense to place my thoughts and trade ideas in print.\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>\r\nPREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00</p>\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\"><strong><em>Please note the statistics in this section will be updated in the next DRIVE THRU blog dated 1<sup>st</sup> October 2016.</em></strong></p>\r\n<p style=\"text-align: center;\">NET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nBased upon the fact that the main news events of the week are still ahead of us, I am using this section on this occasion to write about a trading event; the drop in cable.\r\n\r\nLast Friday the cable moved over 200 pips lower and on Monday we had a bounce to the 38% retracement to the penny at 1.3092 and then we have seen the fall continue (see chart below).\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016.png\"><img class=\"aligncenter size-large wp-image-8363\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016-1024x476.png\" alt=\"gbpusd-720m-20-09-2016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nIt looks like cable can still go lower, trend line support is at 1.2920 (see chart below) and then beyond there we are into Fibonacci extensions to 1.2800 and lower.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8364\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016-1024x476.png\" alt=\"gbpusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe cable looks incredibly weak and one cannot rule out a run to 1.2500.\r\n\r\nWhy has this drop happened?\r\n\r\nThere was no real news as far as I can see to create this size of a move other than BREXIT talk and exit strategies are intensifying and therefore this could have been the only catalyst. I have read that some “pundits” believe it more of a re-balancing ahead of the FOMC and BOJ, personally, I am not that convinced.  The one thing I do know is that below 1.3500 we are at multi-decade lows and that in itself is bearish. Once we broke below 1.3500 we have done nothing more than consolidate the move lower and therefore a continuation of trend was at some time inevitable.\r\n\r\nFor my subscribers I will be looking to re-establish BREXIT OPPORTUNITY trades later this week, and certainly next week when the U.S. position is clearer.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong> 21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\n&nbsp;\r\n\r\nThis is it.\r\n\r\nWill it be a big day or will it be a non-event?\r\n\r\nI can guarantee ahead of all three announcements there will be a lot of volatility, so the first thing to say is that ALL TRADES that are open should either be covered or very well justified for holding on to them. Stops will get taken no matter how liberal you believe them to be. I have witnessed over recent months on big news announcements over 150 pip ranges highs to lows ahead of the data being released. This will be no different and it could even be more extreme particularly for the BOJ announcement as this happens at a time when the market lacks full liquidity.\r\n\r\nSo what’s going to happen?\r\n\r\nI have no idea as its all opinion driven ahead of the data and opinions are just that - opinions. More importantly for me as a trader how am I going to be set up, what are trades that I am going to focus on?\r\nBOJ:\r\n\r\nI have no live trades or limit orders going into their announcement in a few hours based upon the time this blog was posted.\r\n\r\nThere are plenty of rumours circulating from “Helicopter Money” to extending “Negative interest rates” to even “increasing rates”!\r\n\r\nAll I know is that this will be a volatile event.\r\n\r\nIf the BOJ does nothing or is NOT convincing for the markets the JPY will strengthen like crazy and 100.00 in USD/JPY will come under threat very quickly. The question that is always raised is, will they intervene?. If the BOJ created the run to sub 100.00 it is an event of their own making and frankly I just cannot see any intervention at all unless we see a parabolic move lower and given the FOMC will announce hours later, this is unlikely but frankly NOT impossible.\r\n\r\nIf the BOJ is successful in weakening the Yen, which is their goal and the USD/JPY starts moving above trend line resistance at 103.50 and heads towards 107.00 (see chart below from last week’s DRIVE THRU blog), not only will the BOJ be satisfied but this move would also naturally strengthen the USD going into the FOMC announcement.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8368\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016-1024x476.png\" alt=\"usdjpy-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy thoughts are given the history, the markets do not believe the BOJ or Prime Minister Abe and are not convinced, despite the enormity of the stimulus program already in place, that it is enough to stimulate the Japanese economy.\r\n\r\nThe Japanese economy is in such poor shape and so much has been tried and failed. I can see resignations on the horizon if this effort later fails.\r\n\r\nFrom a trading perspective….\r\n\r\nLooking at the USD/JPY, 100.00 albeit quite a bit way from current pricing is key support and a break through 103.60 is key resistance to the upside.\r\n\r\nIf I am awake and at my screens for this announcement I will be looking at USD/JPY and GBP/JPY to trade. I have chosen the GBP/JPY as it is presently very weak and should the BOJ disappoint this will be a good pair to focus on.\r\n\r\n&nbsp;\r\n\r\nFOMC (FED):\r\n\r\nThe dove of all doves takes the stage about 12 hours after the BOJ.\r\n\r\nJanet Yellen will in my opinion provide the markets with a few reasons why she is NOT raising rates this time but she will also provide the markets with a few reasons why the December FOMC meeting should be treated a “LIVE” event.\r\n\r\nI have written in previous blogs and on twitter that being a dove is so easy compared to being a hawk. Doves can always find excuses for not doing something.\r\n\r\nThis is the way that Yellen runs the FED, protect “Wall Street” at all costs no surprises telegraph every move. My gut wishes that she would raise now and just get it over with, but my brain tells me she won’t and she has plenty of data to call upon to stall the markets for a few more months.\r\n\r\nIf the FED holds rates, it’s all about the “verbals” in the statement and her tone in the press conference.\r\n\r\nIf she holds and the December meeting is not “LIVE:” the USD will get taken to the woodshed and we could see the EUR/USD at 1.1400 and beyond in coming sessions.\r\n\r\nIf she holds and December is a “LIVE” meeting, I think that the EUR/USD will spike above 1.1200 to around 1.1300 with a bit of luck to short at that elevated level.\r\n\r\nIf she does the unthinkable and cuts the EUR/USD will be heading towards 1.0750 in the coming sessions and the USD will strengthen and go up as fast as a rat up a drainpipe.\r\n\r\nI include the EUR/USD chart (below) from last weekend’s DRIVE THRU blog showing 1.1286 as resistance and 1.0950 as the first level of big support to break through.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8361\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016-1024x476.png\" alt=\"eurusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nThe chaps from the RBNZ are on last, a couple of hours or so after the Janet Yellen would have completed her press conference.\r\n\r\nI am expecting nothing. Just pure drivel about how the economy is not in their control and how exterior prices cannot be managed and that on what they can manage they are doing a bang up job. That\'s it, nothing more nothing less. It is just a statement this time no press conference but I do believe journalists are invited for a soiree prior to the announcement. Not sure if my leg was being pulled in that regard but, in my opinion it is totally believable.\r\n\r\nLooking at the daily NZD/USD chart below 0.7240 is a massive line in the sand, which will set up a big move lower and to the top side 0.7500 is huge. We are in the range between the supporting trend line and the horizontal resistance.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8365\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016-1024x476.png\" alt=\"nzdusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nI have the feeling after lots of volatility these three Central bank announcements could all be non-events for actual news that drives the market. I hope that I am incorrect but there is so much anticipation and more often than not this type of anticipation is usually dealt as “BUY THE RUMOUR and SELL THE NEWS”. Only time will tell if this is the case on this occasion.\r\n\r\nI have my plan which will be outlined in the next section for PREMIUM SERVICE subscribers. Hopefully I will be able to trade it in some shape after the information has been delivered.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.- (no charts midweek)\r\n\r\nEUR/USD - Weekly Closing Price:\r\n\r\nGBP/USD - Weekly Closing Price:\r\n\r\nAUD/USD - Weekly Closing Price:\r\n\r\nNZD/USD - Weekly Closing Price:\r\n\r\nUSD/CAD - Weekly Closing Price:\r\n\r\nUSD/CHF - Weekly Closing Price:\r\n\r\nUSD/JPY - Weekly Closing Price:\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIf you are going to trade the central bank news releases as they come up remember that you may have impact from announcements that follow. Be careful and take it easy. Sometimes it is best to wait to see that the direction is confirmed.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 21st September 2016\r\nBLOG VERSION: PREMIUM SERVICE #112','CENTRAL BANK TRADING OPPORTUNITIES','','publish','open','closed','','central-bank-trading-opportunities','','','2016-09-20 16:10:29','2016-09-20 21:10:29','',0,'http://weeklyfxdrivethru.com/?p=8372',0,'post','',0),(8373,1,'2016-09-20 15:46:42','2016-09-20 20:46:42','<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong> 21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\n\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo for whatever reason we have what is being called in some quarters the most important FOMC meeting of 2016.\r\n\r\nIn addition, just a few hours earlier, we have what is being called the line in the sand meeting for the BOJ.\r\n\r\nThen finally after the FOMC we have those awfully nice chaps from the RBNZ having a gathering serving fine wines from the Marlborough and Central Otago regions accompanied by some canapes for all in attendance as they discuss under leadership of Graeme Wheeler the state of the New Zealand economy. What is said by Wheeler and what the RBNZ would like or want will if all goes as normal have the opposite effect on the direction of the NZD$. I hope that I am incorrect with this statement but this is usually what happens. Just a statement this time, no press conference but apparently refreshments are served?\r\n\r\nWhy am I releasing a blog on a Tuesday night / Wednesday morning and NOT the usual Saturday?\r\n\r\nVery simple… it is my birthday at the weekend and I am being whisked away and I will not return until early next week. This day of Central Bank news is so important for the run to the end of the of the year, I thought it made sense to place my thoughts and trade ideas in print.\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>\r\nPREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\"><strong><em>Please note the statistics in this section will be updated in the next DRIVE THRU blog dated 1<sup>st</sup> October 2016.</em></strong></p>\r\n<p style=\"text-align: center;\">NET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n<p style=\"text-align: center;\"></p>\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nBased upon the fact that the main news events of the week are still ahead of us, I am using this section on this occasion to write about a trading event; the drop in cable.\r\n\r\nLast Friday the cable moved over 200 pips lower and on Monday we had a bounce to the 38% retracement to the penny at 1.3092 and then we have seen the fall continue (see chart below).\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016.png\"><img class=\"aligncenter size-large wp-image-8363\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016-1024x476.png\" alt=\"gbpusd-720m-20-09-2016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nIt looks like cable can still go lower, trend line support is at 1.2920 (see chart below) and then beyond there we are into Fibonacci extensions to 1.2800 and lower.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8364\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016-1024x476.png\" alt=\"gbpusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe cable looks incredibly weak and one cannot rule out a run to 1.2500.\r\n\r\nWhy has this drop happened?\r\n\r\nThere was no real news as far as I can see to create this size of a move other than BREXIT talk and exit strategies are intensifying and therefore this could have been the only catalyst. I have read that some “pundits” believe it more of a re-balancing ahead of the FOMC and BOJ, personally, I am not that convinced.  The one thing I do know is that below 1.3500 we are at multi-decade lows and that in itself is bearish. Once we broke below 1.3500 we have done nothing more than consolidate the move lower and therefore a continuation of trend was at some time inevitable.\r\n\r\nFor my subscribers I will be looking to re-establish BREXIT OPPORTUNITY trades later this week, and certainly next week when the U.S. position is clearer.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong> 21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\n&nbsp;\r\n\r\nThis is it.\r\n\r\nWill it be a big day or will it be a non-event?\r\n\r\nI can guarantee ahead of all three announcements there will be a lot of volatility, so the first thing to say is that ALL TRADES that are open should either be covered or very well justified for holding on to them. Stops will get taken no matter how liberal you believe them to be. I have witnessed over recent months on big news announcements over 150 pip ranges highs to lows ahead of the data being released. This will be no different and it could even be more extreme particularly for the BOJ announcement as this happens at a time when the market lacks full liquidity.\r\n\r\nSo what’s going to happen?\r\n\r\nI have no idea as its all opinion driven ahead of the data and opinions are just that - opinions. More importantly for me as a trader how am I going to be set up, what are trades that I am going to focus on?\r\nBOJ:\r\n\r\nI have no live trades or limit orders going into their announcement in a few hours based upon the time this blog was posted.\r\n\r\nThere are plenty of rumours circulating from “Helicopter Money” to extending “Negative interest rates” to even “increasing rates”!\r\n\r\nAll I know is that this will be a volatile event.\r\n\r\nIf the BOJ does nothing or is NOT convincing for the markets the JPY will strengthen like crazy and 100.00 in USD/JPY will come under threat very quickly. The question that is always raised is, will they intervene?. If the BOJ created the run to sub 100.00 it is an event of their own making and frankly I just cannot see any intervention at all unless we see a parabolic move lower and given the FOMC will announce hours later, this is unlikely but frankly NOT impossible.\r\n\r\nIf the BOJ is successful in weakening the Yen, which is their goal and the USD/JPY starts moving above trend line resistance at 103.50 and heads towards 107.00 (see chart below from last week’s DRIVE THRU blog), not only will the BOJ be satisfied but this move would also naturally strengthen the USD going into the FOMC announcement.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8368\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016-1024x476.png\" alt=\"usdjpy-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy thoughts are given the history, the markets do not believe the BOJ or Prime Minister Abe and are not convinced, despite the enormity of the stimulus program already in place, that it is enough to stimulate the Japanese economy.\r\n\r\nThe Japanese economy is in such poor shape and so much has been tried and failed. I can see resignations on the horizon if this effort later fails.\r\n\r\nFrom a trading perspective….\r\n\r\nLooking at the USD/JPY, 100.00 albeit quite a bit way from current pricing is key support and a break through 103.60 is key resistance to the upside.\r\n\r\nIf I am awake and at my screens for this announcement I will be looking at USD/JPY and GBP/JPY to trade. I have chosen the GBP/JPY as it is presently very weak and should the BOJ disappoint this will be a good pair to focus on.\r\n\r\n&nbsp;\r\n\r\nFOMC (FED):\r\n\r\nThe dove of all doves takes the stage about 12 hours after the BOJ.\r\n\r\nJanet Yellen will in my opinion provide the markets with a few reasons why she is NOT raising rates this time but she will also provide the markets with a few reasons why the December FOMC meeting should be treated a “LIVE” event.\r\n\r\nI have written in previous blogs and on twitter that being a dove is so easy compared to being a hawk. Doves can always find excuses for not doing something.\r\n\r\nThis is the way that Yellen runs the FED, protect “Wall Street” at all costs no surprises telegraph every move. My gut wishes that she would raise now and just get it over with, but my brain tells me she won’t and she has plenty of data to call upon to stall the markets for a few more months.\r\n\r\nIf the FED holds rates, it’s all about the “verbals” in the statement and her tone in the press conference.\r\n\r\nIf she holds and the December meeting is not “LIVE:” the USD will get taken to the woodshed and we could see the EUR/USD at 1.1400 and beyond in coming sessions.\r\n\r\nIf she holds and December is a “LIVE” meeting, I think that the EUR/USD will spike above 1.1200 to around 1.1300 with a bit of luck to short at that elevated level.\r\n\r\nIf she does the unthinkable and cuts the EUR/USD will be heading towards 1.0750 in the coming sessions and the USD will strengthen and go up as fast as a rat up a drainpipe.\r\n\r\nI include the EUR/USD chart (below) from last weekend’s DRIVE THRU blog showing 1.1286 as resistance and 1.0950 as the first level of big support to break through.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8361\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016-1024x476.png\" alt=\"eurusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nThe chaps from the RBNZ are on last, a couple of hours or so after the Janet Yellen would have completed her press conference.\r\n\r\nI am expecting nothing. Just pure drivel about how the economy is not in their control and how exterior prices cannot be managed and that on what they can manage they are doing a bang up job. That\'s it, nothing more nothing less. It is just a statement this time no press conference but I do believe journalists are invited for a soiree prior to the announcement. Not sure if my leg was being pulled in that regard but, in my opinion it is totally believable.\r\n\r\nLooking at the daily NZD/USD chart below 0.7240 is a massive line in the sand, which will set up a big move lower and to the top side 0.7500 is huge. We are in the range between the supporting trend line and the horizontal resistance.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8365\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016-1024x476.png\" alt=\"nzdusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nI have the feeling after lots of volatility these three Central bank announcements could all be non-events for actual news that drives the market. I hope that I am incorrect but there is so much anticipation and more often than not this type of anticipation is usually dealt as “BUY THE RUMOUR and SELL THE NEWS”. Only time will tell if this is the case on this occasion.\r\n\r\nI have my plan which will be outlined in the next section for PREMIUM SERVICE subscribers. Hopefully I will be able to trade it in some shape after the information has been delivered.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.- (no charts midweek)\r\n\r\nEUR/USD - Weekly Closing Price:\r\n\r\nGBP/USD - Weekly Closing Price:\r\n\r\nAUD/USD - Weekly Closing Price:\r\n\r\nNZD/USD - Weekly Closing Price:\r\n\r\nUSD/CAD - Weekly Closing Price:\r\n\r\nUSD/CHF - Weekly Closing Price:\r\n\r\nUSD/JPY - Weekly Closing Price:\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIf you are going to trade the central bank news releases as they come up remember that you may have impact from announcements that follow. Be careful and take it easy. Sometimes it is best to wait to see that the direction is confirmed.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 21st September 2016\r\nBLOG VERSION: PREMIUM SERVICE #112','CENTRAL BANK TRADING OPPORTUNITIES','','inherit','closed','closed','','8372-revision-v1','','','2016-09-20 15:46:42','2016-09-20 20:46:42','',8372,'http://weeklyfxdrivethru.com/8372-revision-v1/',0,'revision','',0),(8374,1,'2016-09-20 15:47:09','2016-09-20 20:47:09','<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong> 21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\n\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo for whatever reason we have what is being called in some quarters the most important FOMC meeting of 2016.\r\n\r\nIn addition, just a few hours earlier, we have what is being called the line in the sand meeting for the BOJ.\r\n\r\nThen finally after the FOMC we have those awfully nice chaps from the RBNZ having a gathering serving fine wines from the Marlborough and Central Otago regions accompanied by some canapes for all in attendance as they discuss under leadership of Graeme Wheeler the state of the New Zealand economy. What is said by Wheeler and what the RBNZ would like or want will if all goes as normal have the opposite effect on the direction of the NZD$. I hope that I am incorrect with this statement but this is usually what happens. Just a statement this time, no press conference but apparently refreshments are served?\r\n\r\nWhy am I releasing a blog on a Tuesday night / Wednesday morning and NOT the usual Saturday?\r\n\r\nVery simple… it is my birthday at the weekend and I am being whisked away and I will not return until early next week. This day of Central Bank news is so important for the run to the end of the of the year, I thought it made sense to place my thoughts and trade ideas in print.\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>\r\nPREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00</p>\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\"><strong><em>Please note the statistics in this section will be updated in the next DRIVE THRU blog dated 1<sup>st</sup> October 2016.</em></strong></p>\r\n<p style=\"text-align: center;\">NET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nBased upon the fact that the main news events of the week are still ahead of us, I am using this section on this occasion to write about a trading event; the drop in cable.\r\n\r\nLast Friday the cable moved over 200 pips lower and on Monday we had a bounce to the 38% retracement to the penny at 1.3092 and then we have seen the fall continue (see chart below).\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016.png\"><img class=\"aligncenter size-large wp-image-8363\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016-1024x476.png\" alt=\"gbpusd-720m-20-09-2016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nIt looks like cable can still go lower, trend line support is at 1.2920 (see chart below) and then beyond there we are into Fibonacci extensions to 1.2800 and lower.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8364\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016-1024x476.png\" alt=\"gbpusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe cable looks incredibly weak and one cannot rule out a run to 1.2500.\r\n\r\nWhy has this drop happened?\r\n\r\nThere was no real news as far as I can see to create this size of a move other than BREXIT talk and exit strategies are intensifying and therefore this could have been the only catalyst. I have read that some “pundits” believe it more of a re-balancing ahead of the FOMC and BOJ, personally, I am not that convinced.  The one thing I do know is that below 1.3500 we are at multi-decade lows and that in itself is bearish. Once we broke below 1.3500 we have done nothing more than consolidate the move lower and therefore a continuation of trend was at some time inevitable.\r\n\r\nFor my subscribers I will be looking to re-establish BREXIT OPPORTUNITY trades later this week, and certainly next week when the U.S. position is clearer.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong> 21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\n&nbsp;\r\n\r\nThis is it.\r\n\r\nWill it be a big day or will it be a non-event?\r\n\r\nI can guarantee ahead of all three announcements there will be a lot of volatility, so the first thing to say is that ALL TRADES that are open should either be covered or very well justified for holding on to them. Stops will get taken no matter how liberal you believe them to be. I have witnessed over recent months on big news announcements over 150 pip ranges highs to lows ahead of the data being released. This will be no different and it could even be more extreme particularly for the BOJ announcement as this happens at a time when the market lacks full liquidity.\r\n\r\nSo what’s going to happen?\r\n\r\nI have no idea as its all opinion driven ahead of the data and opinions are just that - opinions. More importantly for me as a trader how am I going to be set up, what are trades that I am going to focus on?\r\nBOJ:\r\n\r\nI have no live trades or limit orders going into their announcement in a few hours based upon the time this blog was posted.\r\n\r\nThere are plenty of rumours circulating from “Helicopter Money” to extending “Negative interest rates” to even “increasing rates”!\r\n\r\nAll I know is that this will be a volatile event.\r\n\r\nIf the BOJ does nothing or is NOT convincing for the markets the JPY will strengthen like crazy and 100.00 in USD/JPY will come under threat very quickly. The question that is always raised is, will they intervene?. If the BOJ created the run to sub 100.00 it is an event of their own making and frankly I just cannot see any intervention at all unless we see a parabolic move lower and given the FOMC will announce hours later, this is unlikely but frankly NOT impossible.\r\n\r\nIf the BOJ is successful in weakening the Yen, which is their goal and the USD/JPY starts moving above trend line resistance at 103.50 and heads towards 107.00 (see chart below from last week’s DRIVE THRU blog), not only will the BOJ be satisfied but this move would also naturally strengthen the USD going into the FOMC announcement.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8368\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016-1024x476.png\" alt=\"usdjpy-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy thoughts are given the history, the markets do not believe the BOJ or Prime Minister Abe and are not convinced, despite the enormity of the stimulus program already in place, that it is enough to stimulate the Japanese economy.\r\n\r\nThe Japanese economy is in such poor shape and so much has been tried and failed. I can see resignations on the horizon if this effort later fails.\r\n\r\nFrom a trading perspective….\r\n\r\nLooking at the USD/JPY, 100.00 albeit quite a bit way from current pricing is key support and a break through 103.60 is key resistance to the upside.\r\n\r\nIf I am awake and at my screens for this announcement I will be looking at USD/JPY and GBP/JPY to trade. I have chosen the GBP/JPY as it is presently very weak and should the BOJ disappoint this will be a good pair to focus on.\r\n\r\n&nbsp;\r\n\r\nFOMC (FED):\r\n\r\nThe dove of all doves takes the stage about 12 hours after the BOJ.\r\n\r\nJanet Yellen will in my opinion provide the markets with a few reasons why she is NOT raising rates this time but she will also provide the markets with a few reasons why the December FOMC meeting should be treated a “LIVE” event.\r\n\r\nI have written in previous blogs and on twitter that being a dove is so easy compared to being a hawk. Doves can always find excuses for not doing something.\r\n\r\nThis is the way that Yellen runs the FED, protect “Wall Street” at all costs no surprises telegraph every move. My gut wishes that she would raise now and just get it over with, but my brain tells me she won’t and she has plenty of data to call upon to stall the markets for a few more months.\r\n\r\nIf the FED holds rates, it’s all about the “verbals” in the statement and her tone in the press conference.\r\n\r\nIf she holds and the December meeting is not “LIVE:” the USD will get taken to the woodshed and we could see the EUR/USD at 1.1400 and beyond in coming sessions.\r\n\r\nIf she holds and December is a “LIVE” meeting, I think that the EUR/USD will spike above 1.1200 to around 1.1300 with a bit of luck to short at that elevated level.\r\n\r\nIf she does the unthinkable and cuts the EUR/USD will be heading towards 1.0750 in the coming sessions and the USD will strengthen and go up as fast as a rat up a drainpipe.\r\n\r\nI include the EUR/USD chart (below) from last weekend’s DRIVE THRU blog showing 1.1286 as resistance and 1.0950 as the first level of big support to break through.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8361\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016-1024x476.png\" alt=\"eurusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nThe chaps from the RBNZ are on last, a couple of hours or so after the Janet Yellen would have completed her press conference.\r\n\r\nI am expecting nothing. Just pure drivel about how the economy is not in their control and how exterior prices cannot be managed and that on what they can manage they are doing a bang up job. That\'s it, nothing more nothing less. It is just a statement this time no press conference but I do believe journalists are invited for a soiree prior to the announcement. Not sure if my leg was being pulled in that regard but, in my opinion it is totally believable.\r\n\r\nLooking at the daily NZD/USD chart below 0.7240 is a massive line in the sand, which will set up a big move lower and to the top side 0.7500 is huge. We are in the range between the supporting trend line and the horizontal resistance.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8365\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016-1024x476.png\" alt=\"nzdusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nI have the feeling after lots of volatility these three Central bank announcements could all be non-events for actual news that drives the market. I hope that I am incorrect but there is so much anticipation and more often than not this type of anticipation is usually dealt as “BUY THE RUMOUR and SELL THE NEWS”. Only time will tell if this is the case on this occasion.\r\n\r\nI have my plan which will be outlined in the next section for PREMIUM SERVICE subscribers. Hopefully I will be able to trade it in some shape after the information has been delivered.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.- (no charts midweek)\r\n\r\nEUR/USD - Weekly Closing Price:\r\n\r\nGBP/USD - Weekly Closing Price:\r\n\r\nAUD/USD - Weekly Closing Price:\r\n\r\nNZD/USD - Weekly Closing Price:\r\n\r\nUSD/CAD - Weekly Closing Price:\r\n\r\nUSD/CHF - Weekly Closing Price:\r\n\r\nUSD/JPY - Weekly Closing Price:\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIf you are going to trade the central bank news releases as they come up remember that you may have impact from announcements that follow. Be careful and take it easy. Sometimes it is best to wait to see that the direction is confirmed.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 21st September 2016\r\nBLOG VERSION: PREMIUM SERVICE #112','CENTRAL BANK TRADING OPPORTUNITIES','','inherit','closed','closed','','8372-revision-v1','','','2016-09-20 15:47:09','2016-09-20 20:47:09','',8372,'http://weeklyfxdrivethru.com/8372-revision-v1/',0,'revision','',0),(8375,1,'2016-09-20 15:47:36','2016-09-20 20:47:36','<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong> 21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\n\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo for whatever reason we have what is being called in some quarters the most important FOMC meeting of 2016.\r\n\r\nIn addition, just a few hours earlier, we have what is being called the line in the sand meeting for the BOJ.\r\n\r\nThen finally after the FOMC we have those awfully nice chaps from the RBNZ having a gathering serving fine wines from the Marlborough and Central Otago regions accompanied by some canapes for all in attendance as they discuss under leadership of Graeme Wheeler the state of the New Zealand economy. What is said by Wheeler and what the RBNZ would like or want will if all goes as normal have the opposite effect on the direction of the NZD$. I hope that I am incorrect with this statement but this is usually what happens. Just a statement this time, no press conference but apparently refreshments are served?\r\n\r\nWhy am I releasing a blog on a Tuesday night / Wednesday morning and NOT the usual Saturday?\r\n\r\nVery simple… it is my birthday at the weekend and I am being whisked away and I will not return until early next week. This day of Central Bank news is so important for the run to the end of the of the year, I thought it made sense to place my thoughts and trade ideas in print.\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>\r\nPREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00</p>\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\"><strong><em>Please note the statistics in this section will be updated in the next DRIVE THRU blog dated 1<sup>st</sup> October 2016.</em></strong></p>\r\n<p style=\"text-align: center;\">NET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nBased upon the fact that the main news events of the week are still ahead of us, I am using this section on this occasion to write about a trading event; the drop in cable.\r\n\r\nLast Friday the cable moved over 200 pips lower and on Monday we had a bounce to the 38% retracement to the penny at 1.3092 and then we have seen the fall continue (see chart below).\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016.png\"><img class=\"aligncenter size-large wp-image-8363\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016-1024x476.png\" alt=\"gbpusd-720m-20-09-2016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nIt looks like cable can still go lower, trend line support is at 1.2920 (see chart below) and then beyond there we are into Fibonacci extensions to 1.2800 and lower.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8364\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016-1024x476.png\" alt=\"gbpusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe cable looks incredibly weak and one cannot rule out a run to 1.2500.\r\n\r\nWhy has this drop happened?\r\n\r\nThere was no real news as far as I can see to create this size of a move other than BREXIT talk and exit strategies are intensifying and therefore this could have been the only catalyst. I have read that some “pundits” believe it more of a re-balancing ahead of the FOMC and BOJ, personally, I am not that convinced.  The one thing I do know is that below 1.3500 we are at multi-decade lows and that in itself is bearish. Once we broke below 1.3500 we have done nothing more than consolidate the move lower and therefore a continuation of trend was at some time inevitable.\r\n\r\nFor my subscribers I will be looking to re-establish BREXIT OPPORTUNITY trades later this week, and certainly next week when the U.S. position is clearer.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong> 21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\n&nbsp;\r\n\r\nThis is it.\r\n\r\nWill it be a big day or will it be a non-event?\r\n\r\nI can guarantee ahead of all three announcements there will be a lot of volatility, so the first thing to say is that ALL TRADES that are open should either be covered or very well justified for holding on to them. Stops will get taken no matter how liberal you believe them to be. I have witnessed over recent months on big news announcements over 150 pip ranges highs to lows ahead of the data being released. This will be no different and it could even be more extreme particularly for the BOJ announcement as this happens at a time when the market lacks full liquidity.\r\n\r\nSo what’s going to happen?\r\n\r\nI have no idea as its all opinion driven ahead of the data and opinions are just that - opinions. More importantly for me as a trader how am I going to be set up, what are trades that I am going to focus on?\r\nBOJ:\r\n\r\nI have no live trades or limit orders going into their announcement in a few hours based upon the time this blog was posted.\r\n\r\nThere are plenty of rumours circulating from “Helicopter Money” to extending “Negative interest rates” to even “increasing rates”!\r\n\r\nAll I know is that this will be a volatile event.\r\n\r\nIf the BOJ does nothing or is NOT convincing for the markets the JPY will strengthen like crazy and 100.00 in USD/JPY will come under threat very quickly. The question that is always raised is, will they intervene?. If the BOJ created the run to sub 100.00 it is an event of their own making and frankly I just cannot see any intervention at all unless we see a parabolic move lower and given the FOMC will announce hours later, this is unlikely but frankly NOT impossible.\r\n\r\nIf the BOJ is successful in weakening the Yen, which is their goal and the USD/JPY starts moving above trend line resistance at 103.50 and heads towards 107.00 (see chart below from last week’s DRIVE THRU blog), not only will the BOJ be satisfied but this move would also naturally strengthen the USD going into the FOMC announcement.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8368\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016-1024x476.png\" alt=\"usdjpy-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy thoughts are given the history, the markets do not believe the BOJ or Prime Minister Abe and are not convinced, despite the enormity of the stimulus program already in place, that it is enough to stimulate the Japanese economy.\r\n\r\nThe Japanese economy is in such poor shape and so much has been tried and failed. I can see resignations on the horizon if this effort later fails.\r\n\r\nFrom a trading perspective….\r\n\r\nLooking at the USD/JPY, 100.00 albeit quite a bit way from current pricing is key support and a break through 103.60 is key resistance to the upside.\r\n\r\nIf I am awake and at my screens for this announcement I will be looking at USD/JPY and GBP/JPY to trade. I have chosen the GBP/JPY as it is presently very weak and should the BOJ disappoint this will be a good pair to focus on.\r\n\r\n&nbsp;\r\n\r\nFOMC (FED):\r\n\r\nThe dove of all doves takes the stage about 12 hours after the BOJ.\r\n\r\nJanet Yellen will in my opinion provide the markets with a few reasons why she is NOT raising rates this time but she will also provide the markets with a few reasons why the December FOMC meeting should be treated a “LIVE” event.\r\n\r\nI have written in previous blogs and on twitter that being a dove is so easy compared to being a hawk. Doves can always find excuses for not doing something.\r\n\r\nThis is the way that Yellen runs the FED, protect “Wall Street” at all costs no surprises telegraph every move. My gut wishes that she would raise now and just get it over with, but my brain tells me she won’t and she has plenty of data to call upon to stall the markets for a few more months.\r\n\r\nIf the FED holds rates, it’s all about the “verbals” in the statement and her tone in the press conference.\r\n\r\nIf she holds and the December meeting is not “LIVE:” the USD will get taken to the woodshed and we could see the EUR/USD at 1.1400 and beyond in coming sessions.\r\n\r\nIf she holds and December is a “LIVE” meeting, I think that the EUR/USD will spike above 1.1200 to around 1.1300 with a bit of luck to short at that elevated level.\r\n\r\nIf she does the unthinkable and cuts the EUR/USD will be heading towards 1.0750 in the coming sessions and the USD will strengthen and go up as fast as a rat up a drainpipe.\r\n\r\nI include the EUR/USD chart (below) from last weekend’s DRIVE THRU blog showing 1.1286 as resistance and 1.0950 as the first level of big support to break through.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8361\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016-1024x476.png\" alt=\"eurusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nThe chaps from the RBNZ are on last, a couple of hours or so after the Janet Yellen would have completed her press conference.\r\n\r\nI am expecting nothing. Just pure drivel about how the economy is not in their control and how exterior prices cannot be managed and that on what they can manage they are doing a bang up job. That\'s it, nothing more nothing less. It is just a statement this time no press conference but I do believe journalists are invited for a soiree prior to the announcement. Not sure if my leg was being pulled in that regard but, in my opinion it is totally believable.\r\n\r\nLooking at the daily NZD/USD chart below 0.7240 is a massive line in the sand, which will set up a big move lower and to the top side 0.7500 is huge. We are in the range between the supporting trend line and the horizontal resistance.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8365\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016-1024x476.png\" alt=\"nzdusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nI have the feeling after lots of volatility these three Central bank announcements could all be non-events for actual news that drives the market. I hope that I am incorrect but there is so much anticipation and more often than not this type of anticipation is usually dealt as “BUY THE RUMOUR and SELL THE NEWS”. Only time will tell if this is the case on this occasion.\r\n\r\nI have my plan which will be outlined in the next section for PREMIUM SERVICE subscribers. Hopefully I will be able to trade it in some shape after the information has been delivered.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong><strong> </strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.- (no charts midweek)\r\n\r\nEUR/USD - Weekly Closing Price:\r\n\r\nGBP/USD - Weekly Closing Price:\r\n\r\nAUD/USD - Weekly Closing Price:\r\n\r\nNZD/USD - Weekly Closing Price:\r\n\r\nUSD/CAD - Weekly Closing Price:\r\n\r\nUSD/CHF - Weekly Closing Price:\r\n\r\nUSD/JPY - Weekly Closing Price:\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIf you are going to trade the central bank news releases as they come up remember that you may have impact from announcements that follow. Be careful and take it easy. Sometimes it is best to wait to see that the direction is confirmed.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 21st September 2016\r\nBLOG VERSION: PREMIUM SERVICE #112','CENTRAL BANK TRADING OPPORTUNITIES','','inherit','closed','closed','','8372-revision-v1','','','2016-09-20 15:47:36','2016-09-20 20:47:36','',8372,'http://weeklyfxdrivethru.com/8372-revision-v1/',0,'revision','',0),(8377,1,'2016-09-30 18:02:55','2016-09-30 23:02:55','','radar-30092016','','inherit','open','closed','','radar-30092016','','','2016-10-01 06:24:32','2016-10-01 11:24:32','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/RADAR-30092016.png',0,'attachment','image/png',0),(8378,1,'2016-09-30 18:03:02','2016-09-30 23:03:02','','radar-ytdsept16','','inherit','open','closed','','radar-ytdsept16','','','2016-10-01 06:24:47','2016-10-01 11:24:47','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/RADAR-YTDSEPT16.png',0,'attachment','image/png',0),(8379,1,'2016-09-30 18:03:07','2016-09-30 23:03:07','','flash-30092016','','inherit','open','closed','','flash-30092016','','','2016-10-01 06:23:07','2016-10-01 11:23:07','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/FLASH-30092016.png',0,'attachment','image/png',0),(8380,1,'2016-09-30 18:03:10','2016-09-30 23:03:10','','flash-ytdsept16','','inherit','open','closed','','flash-ytdsept16','','','2016-10-01 06:23:33','2016-10-01 11:23:33','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/FLASH-YTDSEPT16.png',0,'attachment','image/png',0),(8381,1,'2016-09-30 18:03:14','2016-09-30 23:03:14','','fun1-30092016','','inherit','open','closed','','fun1-30092016','','','2016-10-01 06:25:57','2016-10-01 11:25:57','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/FUN1-30092016.png',0,'attachment','image/png',0),(8382,1,'2016-09-30 18:03:18','2016-09-30 23:03:18','','fun2-30092016','','inherit','open','closed','','fun2-30092016','','','2016-10-01 06:26:02','2016-10-01 11:26:02','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/FUN2-30092016.png',0,'attachment','image/png',0),(8383,1,'2016-09-30 18:03:21','2016-09-30 23:03:21','','fun3-30092016','','inherit','open','closed','','fun3-30092016','','','2016-10-01 06:26:07','2016-10-01 11:26:07','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/FUN3-30092016.png',0,'attachment','image/png',0),(8384,1,'2016-09-30 18:03:24','2016-09-30 23:03:24','','fun-ytdsept16','','inherit','open','closed','','fun-ytdsept16','','','2016-10-01 06:26:24','2016-10-01 11:26:24','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/FUN-YTDSEPT16.png',0,'attachment','image/png',0),(8385,1,'2016-09-30 18:03:30','2016-09-30 23:03:30','','position-30092016','','inherit','open','closed','','position-30092016','','','2016-10-01 06:27:29','2016-10-01 11:27:29','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/POSITION-30092016.png',0,'attachment','image/png',0),(8386,1,'2016-09-30 18:03:33','2016-09-30 23:03:33','','position-ytdsept16','','inherit','open','closed','','position-ytdsept16','','','2016-10-01 06:27:41','2016-10-01 11:27:41','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/POSITION-YTDSEPT16.png',0,'attachment','image/png',0),(8387,1,'2016-09-30 18:03:38','2016-09-30 23:03:38','','limits-30092016','','inherit','open','closed','','limits-30092016','','','2016-10-01 16:29:19','2016-10-01 21:29:19','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMITS-30092016.png',0,'attachment','image/png',0),(8388,1,'2016-09-30 18:03:41','2016-09-30 23:03:41','','live-trades-30092016','','inherit','open','closed','','live-trades-30092016','','','2016-10-01 16:29:05','2016-10-01 21:29:05','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-30092016.png',0,'attachment','image/png',0),(8389,1,'2016-09-30 18:03:45','2016-09-30 23:03:45','','consolidated-perf-set2016','','inherit','open','closed','','consolidated-perf-set2016','','','2016-10-01 06:29:44','2016-10-01 11:29:44','',5002,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CONSOLIDATED-PERF-SET2016.png',0,'attachment','image/png',0),(8390,1,'2016-09-30 18:03:58','2016-09-30 23:03:58','','pip-comparison-sept2016-2015','','inherit','open','closed','','pip-comparison-sept2016-2015','','','2016-10-01 06:31:42','2016-10-01 11:31:42','',6869,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/PIP-COMPARISON-SEPT2016-2015.png',0,'attachment','image/png',0),(8391,1,'2016-09-30 18:04:07','2016-09-30 23:04:07','','prem-serv-profits1-30092016','','inherit','open','closed','','prem-serv-profits1-30092016','','','2016-10-01 06:28:36','2016-10-01 11:28:36','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/PREM-SERV-PROFITS1-30092016.png',0,'attachment','image/png',0),(8392,1,'2016-09-30 18:04:11','2016-09-30 23:04:11','','prem-serv-profits2-30092016','','inherit','open','closed','','prem-serv-profits2-30092016','','','2016-10-01 06:28:49','2016-10-01 11:28:49','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/PREM-SERV-PROFITS2-30092016.png',0,'attachment','image/png',0),(8393,1,'2016-09-30 18:05:17','2016-09-30 23:05:17','','audusd-daily-30092016','','inherit','open','closed','','audusd-daily-30092016','','','2016-10-01 16:30:38','2016-10-01 21:30:38','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016.png',0,'attachment','image/png',0),(8394,1,'2016-09-30 18:05:21','2016-09-30 23:05:21','','eurusd-daily-30092016','','inherit','open','closed','','eurusd-daily-30092016','','','2016-10-01 16:30:11','2016-10-01 21:30:11','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016.png',0,'attachment','image/png',0),(8395,1,'2016-09-30 18:05:24','2016-09-30 23:05:24','','gbpusd-daily-30092016','','inherit','open','closed','','gbpusd-daily-30092016','','','2016-10-01 16:30:26','2016-10-01 21:30:26','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016.png',0,'attachment','image/png',0),(8396,1,'2016-09-30 18:05:29','2016-09-30 23:05:29','','nzdusd-daily-30092016','','inherit','open','closed','','nzdusd-daily-30092016','','','2016-10-01 16:30:51','2016-10-01 21:30:51','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016.png',0,'attachment','image/png',0),(8397,1,'2016-09-30 18:05:32','2016-09-30 23:05:32','','usdcad-daily-30092016','','inherit','open','closed','','usdcad-daily-30092016','','','2016-10-01 16:31:05','2016-10-01 21:31:05','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016.png',0,'attachment','image/png',0),(8398,1,'2016-09-30 18:05:36','2016-09-30 23:05:36','','usdchf-daily-30092016','','inherit','open','closed','','usdchf-daily-30092016','','','2016-10-01 16:31:17','2016-10-01 21:31:17','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016.png',0,'attachment','image/png',0),(8399,1,'2016-09-30 18:05:39','2016-09-30 23:05:39','','usdjpy-daily-30092016','','inherit','open','closed','','usdjpy-daily-30092016','','','2016-10-01 16:31:43','2016-10-01 21:31:43','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016.png',0,'attachment','image/png',0),(8400,1,'2016-09-30 18:05:42','2016-09-30 23:05:42','','audnzd-monthly-30092016','','inherit','open','closed','','audnzd-monthly-30092016','','','2016-10-01 16:27:59','2016-10-01 21:27:59','',8413,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDNZD-MONTHLY-30092016.png',0,'attachment','image/png',0),(9062,1,'2017-02-01 07:43:53','2017-02-01 12:43:53','','PS PROFITS1 JAN2017','','inherit','open','closed','','ps-profits1-jan2017','','','2017-02-01 07:45:38','2017-02-01 12:45:38','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS1-JAN2017.png',0,'attachment','image/png',0),(9063,1,'2017-02-01 07:44:05','2017-02-01 12:44:05','','PS PROFITS2 JAN2017','','inherit','open','closed','','ps-profits2-jan2017','','','2017-02-01 07:45:51','2017-02-01 12:45:51','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS2-JAN2017.png',0,'attachment','image/png',0),(9064,1,'2017-02-01 07:46:07','2017-02-01 12:46:07','<section class=\"one-sixth first\">\r\n<h4>Total Trades Profit Summaries Archives:</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Month\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS1-JAN2017.png\"><img class=\"aligncenter size-large wp-image-9062\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS1-JAN2017-990x1024.png\" alt=\"\" width=\"990\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>Year to date\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS2-JAN2017.png\"><img class=\"aligncenter size-large wp-image-9063\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS2-JAN2017-1024x996.png\" alt=\"\" width=\"1024\" height=\"996\" /></a></h2>\r\n&nbsp;\r\n<h2>PREVIOUS YEARS</h2>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERV-PROFITS2-2016-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-8802\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERV-PROFITS2-2016-COMPLETE-1024x980.png\" alt=\"\" width=\"1024\" height=\"980\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/2016-PREM-SERVICE-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-8831\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/2016-PREM-SERVICE-COMPLETE-976x1024.png\" alt=\"\" width=\"976\" height=\"1024\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERVICE-COMPLETE-2015.png\"><img class=\"aligncenter size-large wp-image-8804\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERVICE-COMPLETE-2015-1024x1011.png\" alt=\"\" width=\"1024\" height=\"1011\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERV-COMPLETE-2014.png\"><img class=\"aligncenter size-large wp-image-8803\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERV-COMPLETE-2014-1024x1001.png\" alt=\"\" width=\"1024\" height=\"1001\" /></a>\r\n\r\n</div>\r\n</section>','Total Trades Profit Summaries','','inherit','closed','closed','','5000-revision-v1','','','2017-02-01 07:46:07','2017-02-01 12:46:07','',5000,'http://weeklyfxdrivethru.com/5000-revision-v1/',0,'revision','',0),(9076,1,'2017-02-05 07:40:57','2017-02-05 12:40:57','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that what we witnessed over the past 7 days was a typical week in the life of a Forex trader would be rather misleading in my view. It was a challenge. A challenge from many aspects, and dare I say it, moving forward, probably a typical example of what we are going to have to deal with.\r\n\r\nAs a longer-term position trader at heart, I have struggled with this approach off and on since the financial crash of 2008-9. At the moment, I am adapting to the TRUMP approach. That statement covers a multitude of factors. Like many traders I was wrongly positioned with trades at the outset of 2017, and I have been working my exits. I believe it will take me a couple of months to re-position myself for moving forward and I have my plan formulated.\r\n\r\nWith trading, I always have a trading plan. People may not agree with it, but as long as I have my plan, I have something to trade with and I have my goals. Forex trading is long haul for me. If I have to sit back for a week or so… so be it. Forcing trades is NOT the answer.\r\n\r\nWe are trading in very difficult times; I know of three traders who ended trading Forex last week. It is hard, challenging and just to keep your head above water is a good result in my opinion at the moment. If like me, you are losing money, you are not alone. At least I will tell you how it is. I want to remain truthful to you on how I am doing. I have been here before and I got through it, and by the end of this year I will be back in black again pushing the 10,000 pips profit goal. But bear in mind many traders are being squeezed out and accounts are being nullified.\r\n\r\nThe larger institutions were trying to exit upside down positioning last month and this added to the volatile quite strange moves at times. As retail traders, we operate on their coat tails. If the market moves are directionally difficult to understand and we try to follow blindly, this is no better than gambling in my opinion. For this reason, I can understand many retail traders getting caught up in moves and many would have had the rug pulled from beneath them in the volatility.\r\n\r\nYou hear traders sometimes say they love volatility. This is basically on most occasions nothing more than pure bravado. I have a massive issue at times about supporting such statements. I trade to make money. I could not give a sh*t about volatility, I want direction. Volatility to me means winners and losers… that is gambler talk. There is a place for gamblers it’s called Las Vegas, off you go. Very simply “Direction = Money and Money = Profits”.\r\n\r\nLast month, I recorded a loss of 793 pips. There may be slight losses again in February as I work out of older trades with my trade plan. But these losses should be slight as new trade profits will cover the old trade losses… at least that is my plan!!\r\n\r\nBefore TRUMP and after TRUMP thankfully, I have been trading nothing more than between 10% and at the most only 50% usual position sizes, This has helped, financial losses have been small and manageable but pip losses higher than usual as I work through my positions to exit.\r\n\r\nI am therefore in transit mode for Q1 2017. I will write about this next week.\r\n\r\nPREMIUM SERVICE subscribers know already that for the latter part of last week I was enduring computer work on my main machine, and it has been offline for the past 60 hours or so. What was deemed to be a software issue due to a bad upgrade which was mainly affecting “Office for Mac” and “MacMail” turning out to be an exacerbated issue as my fusion trade connection was malfunctioning. “Bloody Technology”, as someone commented to me last week… yes indeed. Since buying the most expensive machine possible from Apple, since the sierra ios upgrade, I have had 4 months of hell. It is now fixed? Not sure, I still have to complete the re-build. You forget that you have so much on your machines. Adding back stuff will be on-going for a while.\r\n\r\nThe bottom line was that yesterday; I did not think that I would have any sort of blog delivered. This week’s DRIVE THRU is short but I am happy to have gotten something out within the time constraints available.\r\n\r\nMoving on…\r\n\r\nI am going to use the week in the USA “TRUMPANTICS” as my “SOAPBOX” piece this week, as I did not have time to research and prepare an article. This would have normally been included here in this section.\r\n\r\nUSA aside…\r\n\r\nThe BOJ held policy and defended TRUMP finger pointing as currency manipulators.\r\n\r\nThe BREXIT was the other main issue last week. The BOE, and JCB driver extraordinaire BOE Governor Mark Carney issued his Inflation Report and Policy statement.\r\n\r\nVery soon, Carney is going to appear wearing his kickers over his suit pants and a cape over his jacket. Jesus, Mary and Joseph… watching Carney at times it’s a case of “I love me who do you love?” Bring on the dry ice and play “Jesus Take The Wheel” on his entry to these meetings, they are times dramatic and delivered almost in a style as if he was on a Broadway or West End stage. What’s next pure theatrics.\r\n\r\nThe bottom line was that Theresa May with all the huff ‘n puff over a hard BREXIT (I still do not get this soft or hard BREXIT crap) was firmly put in its place by a dramatic reality check by Carney. The cable pulled back from the brink of a test of 1.2775 to now sitting just below 1.2500 at the close of the week.\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nIf I were critiquing my performance, I would say broadcast #2 was better than #1. Much less technical. #3 should see further improvements\r\n\r\n#3 is on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017.png\"><img class=\"aligncenter size-large wp-image-9066\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017-1024x953.png\" alt=\"\" width=\"1024\" height=\"953\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt’s all Commodity currency related this week for me.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>AUD - RBA: We have an interest rate decision; a rate statement a Monetary Policy statement and Governor Lowe also has a session in front of the gathering press.\r\nTherefore; it\'s a busy week “down-under” so to speak.\r\nI am not expecting any change in policy other than confirmation of a neutral position looking to keep rates unchanged this year.</li>\r\n 	<li>NZD - RBNZ: That charming man Graeme Wheeler will be in the drinks cabinet again pulling out a few bottles of Cloudy Bay for the gathering press ensemble to hear him drone on about how 80% of exchange rate control is out of his hands. I am not expecting any major changes at all.\r\nWe also have the dairy auction prices to look at as well prior to Wheeler’s soiree. But the bigger news should be the RBNZ for obvious reasons.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>CAD: We have Trade balance and Jobs data this week. These two pieces of data are key for me. TRUMP is dominating the CAD at the moment with pipeline executive orders and trade agreement bullying.\r\nYer man from the BOC, Governor Stephen Poloz will be an anxious on looker this week to see does his recent comment about interest rate cuts need to be moved up a notch or two.\r\nIf it weren’t for TRUMP and OIL, the CAD would be a great trade longer-term!\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.</li>\r\n</ol>\r\nNothing major on the docket vis-a-vis the US this week. However, I am certain THE DONALD will fill the void. In addition, do NOT rule out BREXIT and the EUROZONE.  These three geopolitical heavyweights can turn markets on a dime.\r\n\r\nUncertainty and, to a large extent, confusion rules!\r\n\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017.png\"><img class=\"aligncenter size-large wp-image-9067\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017-1024x793.png\" alt=\"\" width=\"1024\" height=\"793\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9069\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9070\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9068\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9071\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9072\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9073\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9074\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE ?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am in transition. I do see a change in sentiment coming and I am disturbed by TRUMPS ability to f**k everything up that he touches. He makes statements then walks them back in denial.\r\n\r\nPlease bear with me through this transition.\r\n\r\nI was very guilty of listening to third parties over my longer-term EUR and GBP trades. My stops were never threatened in the cable yet I pulled off trades to reduce RISK. Not an incorrect approach but I am seriously annoyed with myself as the cable is now moving lower after the markets have suddenly got a grip on themselves once again.\r\n\r\nIt will take me just a few more days to have my plan taking shape with trades. TRUMP concerns me. I want to see the fallout from the TRAVEL BAN restraining order. Frankly the sooner he gets around to expansionist policies on infrastructure and tax reform the better.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nTrading will remain light in view of the market conditions. However, apart from the GBP/USD, if you look at the USD major charts in the blog we are on USD weakness watch.\r\n\r\nThe DXY support levels have been holding very well so far.\r\n\r\nIf TRUMP goes after the FED next, we will see blood on the trading floor. That is of major concern at the moment and I DO NOT want to be caught in the middle of that.\r\n\r\nFrom a trading perspective expect to see cross rate trades appearing over the coming days.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Much happier now with the AUD/USD finally moving upwards. I will still look to exit with 100 pip profit chunks if possible. As I wrote last week the 200SMA around 1.0540 held the upwards move back. Maybe the RBA this week will give us the 10.750 – 1.0800 objective at last being in target range.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious issues ahead.</li>\r\n 	<li>GBP/USD: - I am going to add shorts again. I still have one left in a loss position of about 200 pips. This is frustrating to trade but uncertainty and TRUMP aside, this pair is up against it later this year and next.</li>\r\n</ol>\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar:  Monday February 5th 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nPlease note I cannot get my excel links to run. I have tried about 20 times. At the moment I am struggling to fix this. Even my re-build is not working.\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>TRUMPANTICS</strong></p>\r\nLast week world news was once again being dominated by “TRUMPANTICS”. We are dealing with a child as a President. I admire the fact that for once someone in office is doing what they said they would do, however, like his policies or not, that is refreshing. It is the fact that he cannot conduct himself in a Presidential matter that takes a lot of getting used to and the TWEETS we just should adjust to.\r\n\r\nWe now have Federal Judges involved with the Executive Orders over the “travel ban”, this means more diversions, more uncertainties for the markets to absorb and react to.\r\n\r\nGreat jobs numbers all around in the USA last week. ADP and NFP blow out numbers. Wage growth was not a good number when it was released at the same time as NFP and the markets reacted poorly. It was too big of a negative reaction in my opinion. I expected with these numbers to see the DXY back at 101.00. We closed the week at 99.73.\r\n\r\nMy fear moving forward is the FED will remain on hold for most, if not all, of this year. This is a change in monetary policy for the USA and will suit the TRUMP plans to keep the USD weaker.\r\n\r\nThe FOMC held rates unchanged last week and Janet Yellen was quite dovish in her language used in the released monetary policy statement. This is at the root of a sea-change that I believe is starting to happen.\r\n\r\nI can see confrontation ahead between TRUMP and the FED which will of course call into question the independence of the FED. TRUMP could not give a rat’s ass about that, he wants total control.  This ripple of a change that we are witnessing at the moment could be a full-blown tsunami within days if TRUMP starts on the TWEETS with FED policies, Yellen and the FOMC.\r\n\r\nFED monetary policy worries me; I am NOT convinced. I do NOT care what the clever people on BLOOMBERG and CNBC say. They all got TRUMP wrong and the effects of TRUMP wrong. The FED can change policy based on uncertain markets and domestic policy. They could re-assess inflation targets to 3.5-4% given the massive changes planned by the TRUMP administration. That means rates possibly on hold until 2019.\r\n\r\nIf Janet Yellen wants to keep her job she may have no choice.\r\n\r\nJanet Yellen is a dove; she always will be. It’s easier to be a dove than a hawk. TRUMP wants a weak USD. Low rates forever gives him this. FED policy could be changing. Otherwise Janet Yellen…you’re fired!!\r\n\r\nThis is a biggie.\r\n\r\nTake care and maybe re-evaluate your tactics. I am in the middle right now of looking at my trading plan moving forward reassessing my risks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #126 PREMIUM SERVICE\r\nDATE: 5<sup>th</sup> February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;','TRUMPANTICS','','inherit','closed','closed','','9075-revision-v1','','','2017-02-05 07:40:57','2017-02-05 12:40:57','',9075,'http://weeklyfxdrivethru.com/9075-revision-v1/',0,'revision','',0),(9077,1,'2017-02-05 07:42:33','2017-02-05 12:42:33','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that what we witnessed over the past 7 days was a typical week in the life of a Forex trader would be rather misleading in my view. It was a challenge. A challenge from many aspects, and dare I say it, moving forward, probably a typical example of what we are going to have to deal with.\r\n\r\nAs a longer-term position trader at heart, I have struggled with this approach off and on since the financial crash of 2008-9. At the moment, I am adapting to the TRUMP approach. That statement covers a multitude of factors. Like many traders I was wrongly positioned with trades at the outset of 2017, and I have been working my exits. I believe it will take me a couple of months to re-position myself for moving forward and I have my plan formulated.\r\n\r\nWith trading, I always have a trading plan. People may not agree with it, but as long as I have my plan, I have something to trade with and I have my goals. Forex trading is long haul for me. If I have to sit back for a week or so… so be it. Forcing trades is NOT the answer.\r\n\r\nWe are trading in very difficult times; I know of three traders who ended trading Forex last week. It is hard, challenging and just to keep your head above water is a good result in my opinion at the moment. If like me, you are losing money, you are not alone. At least I will tell you how it is. I want to remain truthful to you on how I am doing. I have been here before and I got through it, and by the end of this year I will be back in black again pushing the 10,000 pips profit goal. But bear in mind many traders are being squeezed out and accounts are being nullified.\r\n\r\nThe larger institutions were trying to exit upside down positioning last month and this added to the volatile quite strange moves at times. As retail traders, we operate on their coat tails. If the market moves are directionally difficult to understand and we try to follow blindly, this is no better than gambling in my opinion. For this reason, I can understand many retail traders getting caught up in moves and many would have had the rug pulled from beneath them in the volatility.\r\n\r\nYou hear traders sometimes say they love volatility. This is basically on most occasions nothing more than pure bravado. I have a massive issue at times about supporting such statements. I trade to make money. I could not give a sh*t about volatility, I want direction. Volatility to me means winners and losers… that is gambler talk. There is a place for gamblers it’s called Las Vegas, off you go. Very simply “Direction = Money and Money = Profits”.\r\n\r\nLast month, I recorded a loss of 793 pips. There may be slight losses again in February as I work out of older trades with my trade plan. But these losses should be slight as new trade profits will cover the old trade losses… at least that is my plan!!\r\n\r\nBefore TRUMP and after TRUMP thankfully, I have been trading nothing more than between 10% and at the most only 50% usual position sizes, This has helped, financial losses have been small and manageable but pip losses higher than usual as I work through my positions to exit.\r\n\r\nI am therefore in transit mode for Q1 2017. I will write about this next week.\r\n\r\nPREMIUM SERVICE subscribers know already that for the latter part of last week I was enduring computer work on my main machine, and it has been offline for the past 60 hours or so. What was deemed to be a software issue due to a bad upgrade which was mainly affecting “Office for Mac” and “MacMail” turning out to be an exacerbated issue as my fusion trade connection was malfunctioning. “Bloody Technology”, as someone commented to me last week… yes indeed. Since buying the most expensive machine possible from Apple, since the sierra ios upgrade, I have had 4 months of hell. It is now fixed? Not sure, I still have to complete the re-build. You forget that you have so much on your machines. Adding back stuff will be on-going for a while.\r\n\r\nThe bottom line was that yesterday; I did not think that I would have any sort of blog delivered. This week’s DRIVE THRU is short but I am happy to have gotten something out within the time constraints available.\r\n\r\nMoving on…\r\n\r\nI am going to use the week in the USA “TRUMPANTICS” as my “SOAPBOX” piece this week, as I did not have time to research and prepare an article. This would have normally been included here in this section.\r\n\r\nUSA aside…\r\n\r\nThe BOJ held policy and defended TRUMP finger pointing as currency manipulators.\r\n\r\nThe BREXIT was the other main issue last week. The BOE, and JCB driver extraordinaire BOE Governor Mark Carney issued his Inflation Report and Policy statement.\r\n\r\nVery soon, Carney is going to appear wearing his kickers over his suit pants and a cape over his jacket. Jesus, Mary and Joseph… watching Carney at times it’s a case of “I love me who do you love?” Bring on the dry ice and play “Jesus Take The Wheel” on his entry to these meetings, they are times dramatic and delivered almost in a style as if he was on a Broadway or West End stage. What’s next pure theatrics.\r\n\r\nThe bottom line was that Theresa May with all the huff ‘n puff over a hard BREXIT (I still do not get this soft or hard BREXIT crap) was firmly put in its place by a dramatic reality check by Carney. The cable pulled back from the brink of a test of 1.2775 to now sitting just below 1.2500 at the close of the week.\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nIf I were critiquing my performance, I would say broadcast #2 was better than #1. Much less technical. #3 should see further improvements\r\n\r\n#3 is on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017.png\"><img class=\"aligncenter size-large wp-image-9066\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017-1024x953.png\" alt=\"\" width=\"1024\" height=\"953\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt’s all Commodity currency related this week for me.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>AUD - RBA: We have an interest rate decision; a rate statement a Monetary Policy statement and Governor Lowe also has a session in front of the gathering press.\r\nTherefore; it\'s a busy week “down-under” so to speak.\r\nI am not expecting any change in policy other than confirmation of a neutral position looking to keep rates unchanged this year.</li>\r\n 	<li>NZD - RBNZ: That charming man Graeme Wheeler will be in the drinks cabinet again pulling out a few bottles of Cloudy Bay for the gathering press ensemble to hear him drone on about how 80% of exchange rate control is out of his hands. I am not expecting any major changes at all.\r\nWe also have the dairy auction prices to look at as well prior to Wheeler’s soiree. But the bigger news should be the RBNZ for obvious reasons.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>CAD: We have Trade balance and Jobs data this week. These two pieces of data are key for me. TRUMP is dominating the CAD at the moment with pipeline executive orders and trade agreement bullying.\r\nYer man from the BOC, Governor Stephen Poloz will be an anxious on looker this week to see does his recent comment about interest rate cuts need to be moved up a notch or two.\r\nIf it weren’t for TRUMP and OIL, the CAD would be a great trade longer-term!\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.</li>\r\n</ol>\r\nNothing major on the docket vis-a-vis the US this week. However, I am certain THE DONALD will fill the void. In addition, do NOT rule out BREXIT and the EUROZONE.  These three geopolitical heavyweights can turn markets on a dime.\r\n\r\nUncertainty and, to a large extent, confusion rules!\r\n\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017.png\"><img class=\"aligncenter size-large wp-image-9067\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017-1024x793.png\" alt=\"\" width=\"1024\" height=\"793\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9069\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9070\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9068\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9071\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9072\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9073\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9074\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE ?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am in transition. I do see a change in sentiment coming and I am disturbed by TRUMPS ability to f**k everything up that he touches. He makes statements then walks them back in denial.\r\n\r\nPlease bear with me through this transition.\r\n\r\nI was very guilty of listening to third parties over my longer-term EUR and GBP trades. My stops were never threatened in the cable yet I pulled off trades to reduce RISK. Not an incorrect approach but I am seriously annoyed with myself as the cable is now moving lower after the markets have suddenly got a grip on themselves once again.\r\n\r\nIt will take me just a few more days to have my plan taking shape with trades. TRUMP concerns me. I want to see the fallout from the TRAVEL BAN restraining order. Frankly the sooner he gets around to expansionist policies on infrastructure and tax reform the better.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nTrading will remain light in view of the market conditions. However, apart from the GBP/USD, if you look at the USD major charts in the blog we are on USD weakness watch.\r\n\r\nThe DXY support levels have been holding very well so far.\r\n\r\nIf TRUMP goes after the FED next, we will see blood on the trading floor. That is of major concern at the moment and I DO NOT want to be caught in the middle of that.\r\n\r\nFrom a trading perspective expect to see cross rate trades appearing over the coming days.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Much happier now with the AUD/USD finally moving upwards. I will still look to exit with 100 pip profit chunks if possible. As I wrote last week the 200SMA around 1.0540 held the upwards move back. Maybe the RBA this week will give us the 10.750 – 1.0800 objective at last being in target range.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious issues ahead.</li>\r\n 	<li>GBP/USD: - I am going to add shorts again. I still have one left in a loss position of about 200 pips. This is frustrating to trade but uncertainty and TRUMP aside, this pair is up against it later this year and next.</li>\r\n</ol>\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar:  Monday February 5th 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nPlease note I cannot get my excel links to run. I have tried about 20 times. At the moment I am struggling to fix this. Even my re-build is not working.\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>TRUMPANTICS</strong></p>\r\nLast week world news was once again being dominated by “TRUMPANTICS”. We are dealing with a child as a President. I admire the fact that for once someone in office is doing what they said they would do, however, like his policies or not, that is refreshing. It is the fact that he cannot conduct himself in a Presidential matter that takes a lot of getting used to and the TWEETS we just should adjust to.\r\n\r\nWe now have Federal Judges involved with the Executive Orders over the “travel ban”, this means more diversions, more uncertainties for the markets to absorb and react to.\r\n\r\nGreat jobs numbers all around in the USA last week. ADP and NFP blow out numbers. Wage growth was not a good number when it was released at the same time as NFP and the markets reacted poorly. It was too big of a negative reaction in my opinion. I expected with these numbers to see the DXY back at 101.00. We closed the week at 99.73.\r\n\r\nMy fear moving forward is the FED will remain on hold for most, if not all, of this year. This is a change in monetary policy for the USA and will suit the TRUMP plans to keep the USD weaker.\r\n\r\nThe FOMC held rates unchanged last week and Janet Yellen was quite dovish in her language used in the released monetary policy statement. This is at the root of a sea-change that I believe is starting to happen.\r\n\r\nI can see confrontation ahead between TRUMP and the FED which will of course call into question the independence of the FED. TRUMP could not give a rat’s ass about that, he wants total control.  This ripple of a change that we are witnessing at the moment could be a full-blown tsunami within days if TRUMP starts on the TWEETS with FED policies, Yellen and the FOMC.\r\n\r\nFED monetary policy worries me; I am NOT convinced. I do NOT care what the clever people on BLOOMBERG and CNBC say. They all got TRUMP wrong and the effects of TRUMP wrong. The FED can change policy based on uncertain markets and domestic policy. They could re-assess inflation targets to 3.5-4% given the massive changes planned by the TRUMP administration. That means rates possibly on hold until 2019.\r\n\r\nIf Janet Yellen wants to keep her job she may have no choice.\r\n\r\nJanet Yellen is a dove; she always will be. It’s easier to be a dove than a hawk. TRUMP wants a weak USD. Low rates forever gives him this. FED policy could be changing. Otherwise Janet Yellen…you’re fired!!\r\n\r\nThis is a biggie.\r\n\r\nTake care and maybe re-evaluate your tactics. I am in the middle right now of looking at my trading plan moving forward reassessing my risks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #126 PREMIUM SERVICE\r\nDATE: 5<sup>th</sup> February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','TRUMPANTICS','','inherit','closed','closed','','9075-revision-v1','','','2017-02-05 07:42:33','2017-02-05 12:42:33','',9075,'http://weeklyfxdrivethru.com/9075-revision-v1/',0,'revision','',0),(9078,1,'2017-02-05 08:16:36','2017-02-05 13:16:36','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that what we witnessed over the past 7 days was a typical week in the life of a Forex trader would be rather misleading in my view. It was a challenge. A challenge from many aspects, and dare I say it, moving forward, probably a typical example of what we are going to have to deal with.\r\n\r\nAs a longer-term position trader at heart, I have struggled with this approach off and on since the financial crash of 2008-9. At the moment, I am adapting to the TRUMP approach. That statement covers a multitude of factors. Like many traders I was wrongly positioned with trades at the outset of 2017, and I have been working my exits. I believe it will take me a couple of months to re-position myself for moving forward and I have my plan formulated.\r\n\r\nWith trading, I always have a trading plan. People may not agree with it, but as long as I have my plan, I have something to trade with and I have my goals. Forex trading is long haul for me. If I have to sit back for a week or so… so be it. Forcing trades is NOT the answer.\r\n\r\nWe are trading in very difficult times; I know of three traders who ended trading Forex last week. It is hard, challenging and just to keep your head above water is a good result in my opinion at the moment. If like me, you are losing money, you are not alone. At least I will tell you how it is. I want to remain truthful to you on how I am doing. I have been here before and I got through it, and by the end of this year I will be back in black again pushing the 10,000 pips profit goal. But bear in mind many traders are being squeezed out and accounts are being nullified.\r\n\r\nThe larger institutions were trying to exit upside down positioning last month and this added to the volatile quite strange moves at times. As retail traders, we operate on their coat tails. If the market moves are directionally difficult to understand and we try to follow blindly, this is no better than gambling in my opinion. For this reason, I can understand many retail traders getting caught up in moves and many would have had the rug pulled from beneath them in the volatility.\r\n\r\nYou hear traders sometimes say they love volatility. This is basically on most occasions nothing more than pure bravado. I have a massive issue at times about supporting such statements. I trade to make money. I could not give a sh*t about volatility, I want direction. Volatility to me means winners and losers… that is gambler talk. There is a place for gamblers it’s called Las Vegas, off you go. Very simply “Direction = Money and Money = Profits”.\r\n\r\nLast month, I recorded a loss of 793 pips. There may be slight losses again in February as I work out of older trades with my trade plan. But these losses should be slight as new trade profits will cover the old trade losses… at least that is my plan!!\r\n\r\nBefore TRUMP and after TRUMP thankfully, I have been trading nothing more than between 10% and at the most only 50% usual position sizes, This has helped, financial losses have been small and manageable but pip losses higher than usual as I work through my positions to exit.\r\n\r\nI am therefore in transit mode for Q1 2017. I will write about this next week.\r\n\r\nPREMIUM SERVICE subscribers know already that for the latter part of last week I was enduring computer work on my main machine, and it has been offline for the past 60 hours or so. What was deemed to be a software issue due to a bad upgrade which was mainly affecting “Office for Mac” and “MacMail” turning out to be an exacerbated issue as my fusion trade connection was malfunctioning. “Bloody Technology”, as someone commented to me last week… yes indeed. Since buying the most expensive machine possible from Apple, since the sierra ios upgrade, I have had 4 months of hell. It is now fixed? Not sure, I still have to complete the re-build. You forget that you have so much on your machines. Adding back stuff will be on-going for a while.\r\n\r\nThe bottom line was that yesterday; I did not think that I would have any sort of blog delivered. This week’s DRIVE THRU is short but I am happy to have gotten something out within the time constraints available.\r\n\r\nMoving on…\r\n\r\nI am going to use the week in the USA “TRUMPANTICS” as my “SOAPBOX” piece this week, as I did not have time to research and prepare an article. This would have normally been included here in this section.\r\n\r\nUSA aside…\r\n\r\nThe BOJ held policy and defended TRUMP finger pointing as currency manipulators.\r\n\r\nThe BREXIT was the other main issue last week. The BOE, and JCB driver extraordinaire BOE Governor Mark Carney issued his Inflation Report and Policy statement.\r\n\r\nVery soon, Carney is going to appear wearing his kickers over his suit pants and a cape over his jacket. Jesus, Mary and Joseph… watching Carney at times it’s a case of “I love me who do you love?” Bring on the dry ice and play “Jesus Take The Wheel” on his entry to these meetings, they are times dramatic and delivered almost in a style as if he was on a Broadway or West End stage. What’s next pure theatrics.\r\n\r\nThe bottom line was that Theresa May with all the huff ‘n puff over a hard BREXIT (I still do not get this soft or hard BREXIT crap) was firmly put in its place by a dramatic reality check by Carney. The cable pulled back from the brink of a test of 1.2775 to now sitting just below 1.2500 at the close of the week.\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nIf I were critiquing my performance, I would say broadcast #2 was better than #1. Much less technical. #3 should see further improvements\r\n\r\n#3 is on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017.png\"><img class=\"aligncenter size-large wp-image-9066\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017-1024x953.png\" alt=\"\" width=\"1024\" height=\"953\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt’s all Commodity currency related this week for me.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>AUD - RBA: We have an interest rate decision; a rate statement a Monetary Policy statement and Governor Lowe also has a session in front of the gathering press.\r\nTherefore; it\'s a busy week “down-under” so to speak.\r\nI am not expecting any change in policy other than confirmation of a neutral position looking to keep rates unchanged this year.</li>\r\n 	<li>NZD - RBNZ: That charming man Graeme Wheeler will be in the drinks cabinet again pulling out a few bottles of Cloudy Bay for the gathering press ensemble to hear him drone on about how 80% of exchange rate control is out of his hands. I am not expecting any major changes at all.\r\nWe also have the dairy auction prices to look at as well prior to Wheeler’s soiree. But the bigger news should be the RBNZ for obvious reasons.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>CAD: We have Trade balance and Jobs data this week. These two pieces of data are key for me. TRUMP is dominating the CAD at the moment with pipeline executive orders and trade agreement bullying.\r\nYer man from the BOC, Governor Stephen Poloz will be an anxious on looker this week to see does his recent comment about interest rate cuts need to be moved up a notch or two.\r\nIf it weren’t for TRUMP and OIL, the CAD would be a great trade longer-term!\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.</li>\r\n</ol>\r\nNothing major on the docket vis-a-vis the US this week. However, I am certain THE DONALD will fill the void. In addition, do NOT rule out BREXIT and the EUROZONE.  These three geopolitical heavyweights can turn markets on a dime.\r\n\r\nUncertainty and, to a large extent, confusion rules!\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017.png\"><img class=\"aligncenter size-large wp-image-9067\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017-1024x793.png\" alt=\"\" width=\"1024\" height=\"793\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9069\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9070\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9068\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9071\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9072\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9073\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9074\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong><strong>\r\n\r\n</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>TRUMPANTICS</strong></p>\r\nLast week world news was once again being dominated by “TRUMPANTICS”. We are dealing with a child as a President. I admire the fact that for once someone in office is doing what they said they would do, however, like his policies or not, that is refreshing. It is the fact that he cannot conduct himself in a Presidential matter that takes a lot of getting used to and the TWEETS we just should adjust to.\r\n\r\nWe now have Federal Judges involved with the Executive Orders over the “travel ban”, this means more diversions, more uncertainties for the markets to absorb and react to.\r\n\r\nGreat jobs numbers all around in the USA last week. ADP and NFP blow out numbers. Wage growth was not a good number when it was released at the same time as NFP and the markets reacted poorly. It was too big of a negative reaction in my opinion. I expected with these numbers to see the DXY back at 101.00. We closed the week at 99.73.\r\n\r\nMy fear moving forward is the FED will remain on hold for most, if not all, of this year. This is a change in monetary policy for the USA and will suit the TRUMP plans to keep the USD weaker.\r\n\r\nThe FOMC held rates unchanged last week and Janet Yellen was quite dovish in her language used in the released monetary policy statement. This is at the root of a sea-change that I believe is starting to happen.\r\n\r\nI can see confrontation ahead between TRUMP and the FED which will of course call into question the independence of the FED. TRUMP could not give a rat’s ass about that, he wants total control.  This ripple of a change that we are witnessing at the moment could be a full-blown tsunami within days if TRUMP starts on the TWEETS with FED policies, Yellen and the FOMC.\r\n\r\nFED monetary policy worries me; I am NOT convinced. I do NOT care what the clever people on BLOOMBERG and CNBC say. They all got TRUMP wrong and the effects of TRUMP wrong. The FED can change policy based on uncertain markets and domestic policy. They could re-assess inflation targets to 3.5-4% given the massive changes planned by the TRUMP administration. That means rates possibly on hold until 2019.\r\n\r\nIf Janet Yellen wants to keep her job she may have no choice.\r\n\r\nJanet Yellen is a dove; she always will be. It’s easier to be a dove than a hawk. TRUMP wants a weak USD. Low rates forever gives him this. FED policy could be changing. Otherwise Janet Yellen…you’re fired!!\r\n\r\nThis is a biggie.\r\n\r\nTake care and maybe re-evaluate your tactics. I am in the middle right now of looking at my trading plan moving forward reassessing my risks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #230 FREE NEWSLETTER\r\nDATE: 5<sup>th</sup> February 2017<strong>\r\n</strong>','TRUMPANTICS','','publish','open','closed','','trumpantics','','','2017-02-05 08:16:36','2017-02-05 13:16:36','',0,'http://weeklyfxdrivethru.com/?p=9078',0,'post','',0);
INSERT INTO `vp_backup_wp_posts` VALUES (9079,1,'2017-02-05 08:16:36','2017-02-05 13:16:36','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that what we witnessed over the past 7 days was a typical week in the life of a Forex trader would be rather misleading in my view. It was a challenge. A challenge from many aspects, and dare I say it, moving forward, probably a typical example of what we are going to have to deal with.\r\n\r\nAs a longer-term position trader at heart, I have struggled with this approach off and on since the financial crash of 2008-9. At the moment, I am adapting to the TRUMP approach. That statement covers a multitude of factors. Like many traders I was wrongly positioned with trades at the outset of 2017, and I have been working my exits. I believe it will take me a couple of months to re-position myself for moving forward and I have my plan formulated.\r\n\r\nWith trading, I always have a trading plan. People may not agree with it, but as long as I have my plan, I have something to trade with and I have my goals. Forex trading is long haul for me. If I have to sit back for a week or so… so be it. Forcing trades is NOT the answer.\r\n\r\nWe are trading in very difficult times; I know of three traders who ended trading Forex last week. It is hard, challenging and just to keep your head above water is a good result in my opinion at the moment. If like me, you are losing money, you are not alone. At least I will tell you how it is. I want to remain truthful to you on how I am doing. I have been here before and I got through it, and by the end of this year I will be back in black again pushing the 10,000 pips profit goal. But bear in mind many traders are being squeezed out and accounts are being nullified.\r\n\r\nThe larger institutions were trying to exit upside down positioning last month and this added to the volatile quite strange moves at times. As retail traders, we operate on their coat tails. If the market moves are directionally difficult to understand and we try to follow blindly, this is no better than gambling in my opinion. For this reason, I can understand many retail traders getting caught up in moves and many would have had the rug pulled from beneath them in the volatility.\r\n\r\nYou hear traders sometimes say they love volatility. This is basically on most occasions nothing more than pure bravado. I have a massive issue at times about supporting such statements. I trade to make money. I could not give a sh*t about volatility, I want direction. Volatility to me means winners and losers… that is gambler talk. There is a place for gamblers it’s called Las Vegas, off you go. Very simply “Direction = Money and Money = Profits”.\r\n\r\nLast month, I recorded a loss of 793 pips. There may be slight losses again in February as I work out of older trades with my trade plan. But these losses should be slight as new trade profits will cover the old trade losses… at least that is my plan!!\r\n\r\nBefore TRUMP and after TRUMP thankfully, I have been trading nothing more than between 10% and at the most only 50% usual position sizes, This has helped, financial losses have been small and manageable but pip losses higher than usual as I work through my positions to exit.\r\n\r\nI am therefore in transit mode for Q1 2017. I will write about this next week.\r\n\r\nPREMIUM SERVICE subscribers know already that for the latter part of last week I was enduring computer work on my main machine, and it has been offline for the past 60 hours or so. What was deemed to be a software issue due to a bad upgrade which was mainly affecting “Office for Mac” and “MacMail” turning out to be an exacerbated issue as my fusion trade connection was malfunctioning. “Bloody Technology”, as someone commented to me last week… yes indeed. Since buying the most expensive machine possible from Apple, since the sierra ios upgrade, I have had 4 months of hell. It is now fixed? Not sure, I still have to complete the re-build. You forget that you have so much on your machines. Adding back stuff will be on-going for a while.\r\n\r\nThe bottom line was that yesterday; I did not think that I would have any sort of blog delivered. This week’s DRIVE THRU is short but I am happy to have gotten something out within the time constraints available.\r\n\r\nMoving on…\r\n\r\nI am going to use the week in the USA “TRUMPANTICS” as my “SOAPBOX” piece this week, as I did not have time to research and prepare an article. This would have normally been included here in this section.\r\n\r\nUSA aside…\r\n\r\nThe BOJ held policy and defended TRUMP finger pointing as currency manipulators.\r\n\r\nThe BREXIT was the other main issue last week. The BOE, and JCB driver extraordinaire BOE Governor Mark Carney issued his Inflation Report and Policy statement.\r\n\r\nVery soon, Carney is going to appear wearing his kickers over his suit pants and a cape over his jacket. Jesus, Mary and Joseph… watching Carney at times it’s a case of “I love me who do you love?” Bring on the dry ice and play “Jesus Take The Wheel” on his entry to these meetings, they are times dramatic and delivered almost in a style as if he was on a Broadway or West End stage. What’s next pure theatrics.\r\n\r\nThe bottom line was that Theresa May with all the huff ‘n puff over a hard BREXIT (I still do not get this soft or hard BREXIT crap) was firmly put in its place by a dramatic reality check by Carney. The cable pulled back from the brink of a test of 1.2775 to now sitting just below 1.2500 at the close of the week.\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nIf I were critiquing my performance, I would say broadcast #2 was better than #1. Much less technical. #3 should see further improvements\r\n\r\n#3 is on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017.png\"><img class=\"aligncenter size-large wp-image-9066\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017-1024x953.png\" alt=\"\" width=\"1024\" height=\"953\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt’s all Commodity currency related this week for me.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>AUD - RBA: We have an interest rate decision; a rate statement a Monetary Policy statement and Governor Lowe also has a session in front of the gathering press.\r\nTherefore; it\'s a busy week “down-under” so to speak.\r\nI am not expecting any change in policy other than confirmation of a neutral position looking to keep rates unchanged this year.</li>\r\n 	<li>NZD - RBNZ: That charming man Graeme Wheeler will be in the drinks cabinet again pulling out a few bottles of Cloudy Bay for the gathering press ensemble to hear him drone on about how 80% of exchange rate control is out of his hands. I am not expecting any major changes at all.\r\nWe also have the dairy auction prices to look at as well prior to Wheeler’s soiree. But the bigger news should be the RBNZ for obvious reasons.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>CAD: We have Trade balance and Jobs data this week. These two pieces of data are key for me. TRUMP is dominating the CAD at the moment with pipeline executive orders and trade agreement bullying.\r\nYer man from the BOC, Governor Stephen Poloz will be an anxious on looker this week to see does his recent comment about interest rate cuts need to be moved up a notch or two.\r\nIf it weren’t for TRUMP and OIL, the CAD would be a great trade longer-term!\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.</li>\r\n</ol>\r\nNothing major on the docket vis-a-vis the US this week. However, I am certain THE DONALD will fill the void. In addition, do NOT rule out BREXIT and the EUROZONE.  These three geopolitical heavyweights can turn markets on a dime.\r\n\r\nUncertainty and, to a large extent, confusion rules!\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017.png\"><img class=\"aligncenter size-large wp-image-9067\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017-1024x793.png\" alt=\"\" width=\"1024\" height=\"793\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9069\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9070\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9068\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9071\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9072\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9073\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9074\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong><strong>\r\n\r\n</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>TRUMPANTICS</strong></p>\r\nLast week world news was once again being dominated by “TRUMPANTICS”. We are dealing with a child as a President. I admire the fact that for once someone in office is doing what they said they would do, however, like his policies or not, that is refreshing. It is the fact that he cannot conduct himself in a Presidential matter that takes a lot of getting used to and the TWEETS we just should adjust to.\r\n\r\nWe now have Federal Judges involved with the Executive Orders over the “travel ban”, this means more diversions, more uncertainties for the markets to absorb and react to.\r\n\r\nGreat jobs numbers all around in the USA last week. ADP and NFP blow out numbers. Wage growth was not a good number when it was released at the same time as NFP and the markets reacted poorly. It was too big of a negative reaction in my opinion. I expected with these numbers to see the DXY back at 101.00. We closed the week at 99.73.\r\n\r\nMy fear moving forward is the FED will remain on hold for most, if not all, of this year. This is a change in monetary policy for the USA and will suit the TRUMP plans to keep the USD weaker.\r\n\r\nThe FOMC held rates unchanged last week and Janet Yellen was quite dovish in her language used in the released monetary policy statement. This is at the root of a sea-change that I believe is starting to happen.\r\n\r\nI can see confrontation ahead between TRUMP and the FED which will of course call into question the independence of the FED. TRUMP could not give a rat’s ass about that, he wants total control.  This ripple of a change that we are witnessing at the moment could be a full-blown tsunami within days if TRUMP starts on the TWEETS with FED policies, Yellen and the FOMC.\r\n\r\nFED monetary policy worries me; I am NOT convinced. I do NOT care what the clever people on BLOOMBERG and CNBC say. They all got TRUMP wrong and the effects of TRUMP wrong. The FED can change policy based on uncertain markets and domestic policy. They could re-assess inflation targets to 3.5-4% given the massive changes planned by the TRUMP administration. That means rates possibly on hold until 2019.\r\n\r\nIf Janet Yellen wants to keep her job she may have no choice.\r\n\r\nJanet Yellen is a dove; she always will be. It’s easier to be a dove than a hawk. TRUMP wants a weak USD. Low rates forever gives him this. FED policy could be changing. Otherwise Janet Yellen…you’re fired!!\r\n\r\nThis is a biggie.\r\n\r\nTake care and maybe re-evaluate your tactics. I am in the middle right now of looking at my trading plan moving forward reassessing my risks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #230 FREE NEWSLETTER\r\nDATE: 5<sup>th</sup> February 2017<strong>\r\n</strong>','TRUMPANTICS','','inherit','closed','closed','','9078-revision-v1','','','2017-02-05 08:16:36','2017-02-05 13:16:36','',9078,'http://weeklyfxdrivethru.com/9078-revision-v1/',0,'revision','',0),(8413,1,'2016-10-01 16:36:27','2016-10-01 21:36:27','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBack again from my surprise birthday break on Prince Edward Island, as far as I am concerned the Canadian home of great Lobster, Oysters, Mussels etc. and some great Halibut, Salmon and Haddock for good measure and variety. If you also play golf the ideal place to visit… enough of PEI tourism promotion.\r\n\r\nMoving on…\r\n\r\nAlthough a shortened trading week for me due to traveling it was a fascinating week for trading or NOT trading if that was what you decided to do. We are still incredibly range bound. The EUR/USD has been basically held captive in a range of 1.1180 to 1.1280 at extremes however most of the week it traded between 1.1195 and 1.1255, a 60 pip trading range. This created a rather frustrating trading environment, as this tight range and lack of direction had a knock-on effect through most currencies. Even with major concerns of another Lehman event in Germany with Deutsche Bank the single currency did not crash through 1.1200 on Thursday last week as the DB stock tumbled once again…. strange days.\r\n\r\nAs I mentioned in my blog of the 17<sup>th</sup> September my trading so far this late summer / early fall has been very light. I closed a couple of GBP/USD trades totaling 600 pip losses at the start of the month only for the cable to collapse a week later… argh!!  I closed the month with a loss of 215 pips. Whilst a little disappointed I am still in good shape to achieve my annual objective of 10,000 pips profit for my PREMIUM SERVICE subscribers.\r\n\r\nNot that I am looking for excuses, I do not need them or want them but trading Forex at the moment is really challenging. Range bound currency pairs and choppy markets lacking in real direction offer nothing but a pain in the neck and a hankering for Jack Daniels Fire with Diet Coke in my particular case. It is totally frustrating and as I have said in numerous emails, FaceTime and SKYPE video calls, just to keep one’s head above water right now and trade in the black is a great achievement as it is so easy to get chopped up and spat out by the Forex market that is not in any way shape or form forgiving. It is a lethal market and takes NO prisoners at all. You really need to exercise great patience at the moment and wait for the trades to come to you.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nThe winner of a free PREMIUM SERVICE subscription for October is: -\r\n\r\ndavid *******@gmail.com\r\n(David has been contacted and should be up and running early next week if not already at the time this blog was published)\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS SEPTEMBER 2016:     -215 pips\r\nNET PIPS 2016 TO DATE:              +8,985 pips\r\n\r\nNET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nWhere to start.\r\n\r\nThere were three events that stuck in my mind from last week and had you asked me last Monday morning at 4AM what would I remember most from the week, none of the events listed below would have featured\r\n\r\nTHE FIRST 2016 PRESIDENTIAL DEBATE:\r\n\r\nMy wife often asks me am I going to talk about “Little Hands and Crooked Hillary” and I nearly always reply its politics not FX.  However, leaving the politics out of my blog I want to mention this debate for the effect it had on the forex markets.\r\n\r\nBasically, the market was set up expecting Trump to get straight at Hillary and battle it out with insults to get her rocking. What happened was the opposite; the markets rallied hard for three sessions on the back of a very accomplished performance from Clinton. She took it to Trump on policy and facts. Whether you believe the facts quoted or not is up to you but she also rattled his cage by what has to be said attacking his weak spots in his character makeup. Excellent preparation and knowing which subjects to touch exploited Trumps weakness of being too thin skinned. He was done over by a professional politician in a way none of his previous Republican challengers were able to achieve. This weakness I think will be hard for Trump to master moving forwards.\r\n\r\nIf anyone was in any doubt, let me point out the U.S. Presidential election will be a major and probably a very volatile event next month.\r\n\r\n&nbsp;\r\n\r\nOPEC AGREED PRODUCTION CUT:\r\n\r\nIn my opinion, this is total bullsh*t.\r\n\r\nA 700,000 barrel per day cut in production. By whom? We have to wait until the 30<sup>th</sup> November this year to find out who is cutting production and by how much…yeah right my ar*e.\r\n\r\nIf by a miracle a cut is announced, it is NOT measurable and the simple facts are that RUSSIA and possibly shale producers in the U.S. will see this as an opportunity to increase production.\r\n\r\nIn 2016 in a free market society, how on earth the markets rejoice as a Cartel tries to manipulate price beggar’s belief.\r\n\r\nIn the history of OPEC, cuts and freezes in production are seldom adhered to and frankly should there be a written press release it will not be worth the price of the paper it is written on. OPEC treats us a suckers. Are we supposed to jump up and down getting hit for an increase in pump prices? It’s like turkeys voting for Christmas!\r\n\r\n&nbsp;\r\n\r\nDEUTSCHE BANK:\r\n\r\nThis story has legs. I am waiting for Mario Draghi to be blamed for this as is the want of politicians. German politicians such as the “Pitbull” aka Wolfgang Schaeuble (Finance Minister) is already starting a sound byte attack questioning the ECB policy of low / negative interest rates saying this is a hard environment for banks.\r\n\r\nBasically, Deutsche bank has been naughty in the past and has been caught out with U.S. regulators looking to fine them $14billion which, will more than take a huge dent out the banks’ balance sheet. On Friday to try and stem a bear run on the share price they released a statement stating that the settlement would be much less..\r\n\r\nBasically, financial regulators have caught up with the banks actions and it does not look good moving forward. It is so dire that many commentators are liking it to another Lehman event in the making. Whether this is accurate or not is debatable but it certainly adds fuel to the fire driving the share price lower with increased uncertainty. Angela Merkel is now on the spot. Will she bail Deutsche Bank out with a rescue package or not.\r\n\r\nOn Friday last week we had market rumours, speculation and squeezes just to keep us on our toes. Deutsche Bank released a statement saying that the initial settlement of $14 billion with the U.S. regulators was now being negotiated down to circa $5 Billion… let’s see.\r\n\r\nAdd BREXIT uncertainty to this news story and this coming week could be fascinating as the story continues to unfold. I am sure that there will be many twists and turns ahead. If there was a bailout we would need to see the stock price at the precipice first sub €4.00 in my opinion. Since the statement it has bounced higher.\r\n\r\nThe trade off this is the EUR/CHF to the long side. Given the statement last Friday from Deutsche Bank my hopes of a 1.1130 re-test have been dashed, although this pair should regain some of its recent losses.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) - </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong></p>\r\n<p style=\"text-align: center;\">EUROPE IN DANGEROUS TERRITORY</p>\r\nOver the last 216 WEEKLY FX DRIVE THRU blogs, I think I have written as much about the EUROZONE as any other subject. I am back at the well once again!!\r\n\r\nI really enjoy trading Forex because even allowing for the odd moan and whine here and there over market trading conditions, I feel that learning to trade the currency market has kept me very well abreast of what is happening in the world politically and economically.\r\n\r\nOver the past few weeks the markets have been obsessed with central banks and what is happening with monetary policies around the globe. This is hugely important to Forex traders, if not, the most important data to take note of. However, all the time we read and listen to central bank presidents, governors whatever… life goes on.\r\n\r\nThe political and economic stability of the world is at a crossroads and nowhere serves as a better example of this than the EUROZONE.\r\n\r\nLet me just put out a few pointers as to why I think that EUROPE is in dangerous territory.\r\n\r\n&nbsp;\r\n\r\nBREXIT:\r\n\r\nThe EUROPEAN UNION, the EUROZONE has been thrown a curve ball by the UK referendum vote last June 23<sup>rd</sup>, voting in favour of leaving the EUROPEAN UNION. 90 days or so on from the vote we are still awaiting the Lisbon treaty article 50 to be triggered by the UK government to start the exit procedure. The pen pushing, desk sucking jotter blotters in Brussels state it could take as long as two years for the UK to exit. Dream on baby… it took Greenland two years to exit and they were no way near as entangled in the EUROPEAN UNION as the UK. This exit is a bureaucrats dream to milk it for as much as possible, time and cash wise. If Theresa May triggers article 50 in March 2017, I think it could be 2021 before the exit is confirmed.\r\n\r\nMy gut tells me that negotiations will take place and the UK government will take what they have managed to agree to the population again for a further referendum to ask “Do you really want us to proceed and exit”. Only then will the procedure begin.\r\n\r\nMy timeline is negotiations though to the end of March / April with a possible referendum May / June 2017, resulting in either a “hello we are back again” or article 50 being triggered within 90 days of the referendum.\r\n\r\nI know I am bit out there with my theory. We are in unchartered waters so never say never\r\n\r\nThe cost of a UK BREXIT to the EUROPEAN UNION should not be under estimated. The mere fact that the UK is a financial net contributor will automatically mean that money in the coffers to be spent by the EUROPEAN UNION will be significantly reduced.\r\n\r\nThe BREXIT is just one of the major worries ahead for EUROPE.\r\n\r\n&nbsp;\r\n\r\nGREECE:\r\n\r\nThe Bailout III started last week. This time it is the EUROZONE alone bailing out GREECE. The IMF is not involved in the latest monies of €86 billion. The package if you recall was needed to avert a complete financial collapse in GREECE\r\n\r\nI have long written that debt relief is the only sensible way forward for GREECE. The IMF also cites this as the correct way forward and because the EUROZONE decided against debt relief as the policy moving forward the IMF did not get involved in bailout III. But don\'t worry they will be back for Act IV.\r\n\r\nThis move by the EUROZONE shows how fearful the politicians are of their positions, especially in Germany where Angela Merkel is under a real threat of losing power so to give GREECE more money was the better option than giving them debt relief.\r\n\r\nYou can just imagine Jeroen Dijsselbloem’s (President of the EUROGROUP, in charge of the bailout procedure) meeting coming to the following conclusion;\r\n\r\n<em>“OK chaps, we have political instabilities all over the EUROZONE therefore we cannot offer debt relief but let’s throw good money after bad and kick the can down the road for a year or so!”</em>\r\n\r\nAlexis Tsipras, Prime Minister and leader of the Syriza party is walking a very thin line with the EUROGROUP. Promises on reforms are not being kept, nevertheless the Bailout III has been approved. In my opinion, this is nothing more than sweeping dirt under the carpet\r\n\r\nThe Greek government are claiming that the economy is on target for growth between 0.2 and 0.4 percent this year, yet the European Commission themselves claim it is still shrinking. This time by 0.3 percent. 25% of the adult population are out of work. Debt as a proportion to GDP will rise to 182.8% this year.\r\n\r\nYup…all nice a peachy.\r\n\r\nThe Greek people must be totally pist off. All they are doing is paying off debt and adding to debt. The time will come very soon when the index finger is raised by GREECE and they default.\r\n\r\nAt that point in my opinion the EUROZONE is at breaking point and exits will be voted on in numerous countries and the CONTAGION FEAR and EFFECT grips the EUROPEAN UNION.\r\n\r\nSomething to look forward to…. I guess.\r\n\r\n&nbsp;\r\n\r\nITALIAN REFERENDUM ON CONSTITUTIONAL REFORMS\r\n\r\nThis is fast becoming a referendum on Prime Minister Renzi.\r\n\r\nA “No” vote and we have another crisis in the EUROZONE to manage through. The Italian economy is teetering on the brink as it is with the banking sector never more than a column width away from breaking news on the negative side.\r\n\r\nThere are plenty of headwinds in ITALY. Apart from the financial sector instability, BREXIT will hit the Italian economy quite hard and they also face the unstable domestic political position and the slowdown of investment in the economy which has been a feature this year so far only expected to get worse. These factors are bound to have a serious negative effect on Italian consumption numbers.\r\n\r\nThe referendum is scheduled for early November 2016.\r\n\r\n&nbsp;\r\n\r\nGERMAN PARLIAMENTARY ELECTIONS 2017\r\n\r\nA little way off at the moment, but keep these events in your mind.\r\n\r\nThe German election will probably be in September 2017. Whilst this is almost a year way, look at what Angela Merkel is doing now.\r\n\r\nPoliticians are “can-kickers” and “vote junkies” due to their basic survival instincts. Merkel has been losing support in regional elections, once strongholds and she knows she has to be populist with domestic voters to keep her slender Bundestag working majority alive. Her party, the CDU (Christian Democratic Union) and coalition partner with the CSU (Christian Social Union) are in power by the skin on their teeth.\r\n\r\nMerkel is adopting a no nonsense approach of no conciliations so that she appears strong to potential voters. However, her victory in 2017 no matter how strong she appears to voters, is by no means guaranteed. Her approach with the Syrian refugees has created law and order issues across Germany and opposition parties are ready to pounce. Giving more to GREECE was the less of two evils approach, as German savers with zero interest rates in return are already up in arms because they are effectively losing money. Had debt relief been granted to GREECE, I think that would have been the straw that broke the camel’s back for the popular vote. Hence the EUROGROUP effectively “Kicked the can further down the road” to save Merkel; for now, that is.\r\n\r\n&nbsp;\r\n\r\nFRANCE PARLIAMENTARY ELECTIONS 2017:\r\n\r\nThese will be a hoot next year. The anti-European parties have always been bubbling under in the French media.\r\n\r\nThe French economy has been suffering, not helped by the present economy minister looking to project his own political movement called “Forward” … forward!! There are structural reforms scheduled in France and employment rules are to be changed.\r\n\r\nNo matter what, general elections always mean potential uncertainties ahead and with the political situation with Marie Le Penn and Hollands bound to heart up with Nicolas Sarkozy looking to get back into this race, the media will be fully engaged in the run up to decision day.\r\n\r\n&nbsp;\r\n\r\nTHE REFUGEE CRISIS:\r\n\r\nSad to write this like it is but it is a crisis. The numbers that I read about here in Canada and it’s not on Canadian news every day like it is in Europe are staggering.\r\n\r\nTURKEY and GREECE take the brunt of first landings. When it comes to paperwork and clearance being undertaken effectively, neither of these countries would be in your top 20 countries for efficiencies or accuracy. They appear to move people forward very quickly; I am pretty certain this is done to avoid their countries looking like huge 2016 versions of concentration camps.\r\n\r\nI have already mentioned issues such as law and order in Germany. But more serious is the terrorist threats that fast clearances afford and we have seen evidence of this in FRANCE and BELGIUM.\r\n\r\nThe refugee crisis places not just a massive humanitarian responsibility on the EUROZONE to manage effectively but security of the EUROZONE is thrown into chaos as those who perpetrate violence want to create instability and fear into the population.\r\n\r\nThis is in my opinion the biggest threat to EUROPE moving forward and the full ramifications of what is going on now and for the past 12-18 months or so has yet to be felt.\r\n\r\n&nbsp;\r\n\r\nMoving on…\r\n\r\nWith all of the above I am astonished that the EUR/USD is not trading closer to parity than where it currently languishes around 1.1200. Moving forward, I cannot see anything EUR positive. The ECB is totally dovish and will remain so for as long as required or until hell actually does freeze over.\r\n\r\nI have started, as PREMIUM SERVICE subscribers are aware to build short trades with the EUR moving forward. As with everything EUR nothing is simple or straightforward. The cross-rates will always have their say. The EUR/GBP and EUR/CHF in particular are powerful currencies in their own right.\r\n\r\nThere is nothing much else that Mario Draghi can do via ECB monetary policy it is up to member states to make structural changes. This will be ad hoc if actually nothing at all, so sadly whilst I think the direction of the EUR/USD is lower, this will be achieved on the back of headline geopolitical events more than anything else. The only outside factor that could kick start the single currency weaker would be the FED normalizing rates. A FED rate hike should strengthen the USD versus the EUR.\r\n\r\nSo, I think if you entered the EUR/USD short today and closed your eyes and then opened them up in June 2017, you may not be disappointed.\r\n\r\nHowever, the FX move lower will be a two-way affair with buyers and sellers fighting for control along the way. There will be plenty of confusion along the way and as you should know by now, in my book\r\n\r\nCONFUSION = UNCERTAINTY\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nIt was a very interesting review of trading for me as I reviewed my trading books for the month. I took off the table some GBP/USD trades that were causing concern as I thought that cable was about to spike and squeeze much higher. I booked losses of 600 pips added to this with another loss of over 100 pips with a failed head and shoulders pattern on the GBP/CAD\r\n\r\nAt the beginning of last week, the PREMIUM SERVICE accounts were negative over 720 pips.\r\n\r\nEntering the final week of the month and at the same time the final month of the quarter with the fireworks that are associated with this, I was rather down thinking to make a decent level of inroad into the lost pips would be a tall order. Therefore, to end the month taking about 66% of the loss off the table in the final week whilst it is disappointing to post a monthly loss, it is more than a manageable loss and looking to 2016 overall, the PREMIUM SERVICE trades are still well placed to achieve 10,000 pips for the year as a whole\r\n\r\nSeptember\'s final total was a small loss of 215 pips.\r\n\r\nLooking at other aspects of the month, only 21 trades were completed. This is one of the lowest monthly trade counts since I started the PREMIUM SERVICE.\r\n\r\nMy P&amp;L ratio was awful. 52% positive trades with 48% negative. Year to date the overall performance is still on target though; 75% positive trades to 25% negative trades.\r\n\r\nThe monthly performance shows how I struggled to come to terms with the markets limitations for my style of trading. One concerning feature, is that for four months in a row I have hardly traded RADAR TRADES and for those that I have traded in the past four months, this trade style has shown a negative monthly result. I need to look at this\r\n\r\nI am not getting caught up in anything other than to say I remain extremely positive that in the final three months of the year I hope to not only meet but well beat my pip target of 10,000 pips and to do it without compromising my trading principles.\r\n\r\nLooking at the trades that are in play at the moment: -\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>AUD/NZD – I have taken some profits (+360 pips) off the table already and added two further set-ups to take advantage of any pullbacks. My fundamental view has not altered with this pair, and this, despite the annoying and frustrating moves with the NZD/USD, which leads the NZD direction 99% of the time. I am still targeting a huge move higher (see the chart below with levels).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDNZD-MONTHLY-30092016.png\"><img class=\"aligncenter size-large wp-image-8400\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDNZD-MONTHLY-30092016-1024x476.png\" alt=\"audnzd-monthly-30092016\" width=\"1024\" height=\"476\" /></a></li>\r\n 	<li>EUR/CHF – I closed the pullback trade (FUN460 +66 pips) on Friday last week leaving the original trade FUN448 open. From my perspective this pair is my go to pair for EUROZONE RISK in no matter what format it presents itself. The Deutsche Bank situation makes this pair really attractive from my perspective. The SNB will without warning intervene to ward off buyers of Swiss francs without hesitation and whilst there is no formal floor in place with the EUR/CHF I see 1.0750 being a floor where things would get sticky for traders shorting this pair.It would be nice to see a 1.1130 re-test of a Deutsche bank solution. I will sell FUN448 on a spike should that happen assuming I am by my machines.</li>\r\n 	<li>EUR/USD and USD/CHF – I am bearish the single currency. Italian, Spanish political woes, plus the refugee issues, upcoming elections in France and Germany next year plus BREXIT uncertainties all of these events are single currency negative.I am trying to remain short and add on pullbacks with both currency pairs as long as the entry levels are correct.EUR/USD shorts presently consist 1 x FUNDAMENTAL trade and 2 x POSITION trades plus a further FUNDAMENTAL limit order.\r\n\r\nUSD/CHF longs currently equals 1 x FUNDAMENTAL trade with 2 further limit orders in the waiting room!</li>\r\n 	<li>NZD/USD – Without doubt I would rate this pair as the most frustrating to trade at the moment. I am trying to trade a head and shoulders pattern which is still forming and does not take effect until a break below 0.7200. This pair is so strong at times. Gold and a buoyant commodity market has kept it elevated. We have dairy auction results this week hopefully they will be awful to push this pair lower!!Currently I have 1 x FLASH trade, 1 x FUNDAMENTAL trade and 1 x POSITION trade all short and waiting.</li>\r\n 	<li>AUD/USD – Holding a FLASH trade over the weekend. I am looking for a move lower through 0.7600. I wish I had a crystal ball for this pair!!</li>\r\n</ol>\r\n&nbsp;\r\n\r\nPRESENT MARKET CONDITIONS:\r\n\r\nI had several conversations over the past couple of weeks with regards to the present market conditions.\r\n\r\nFirstly, I think I am reasonably accurate with this statement, which I have gained on feedback and conversations with, “About 75% of you trade my trades as well as your own”. Some of you maybe just trade POSITION TRADES, however at the end of the day only about 25% of you exclusively trade PREMIUM SERVICE trades only.\r\n\r\nThose who are trading their own trades as well, have been telling me that the market has been chewing them up. I totally agree with all the sentiments voiced. The current market is a pain in the ass. We have tight ranges and massive uncertainties. We are having to deal with crap like the OPEC alleged agreement, which frankly would not be worth the paper it is written on, had it been committed to paper.\r\n\r\nI had a peer group meeting yesterday afternoon or should I call it a peer group moan about the markets. Without exception, regardless of market traded we all find it challenging at the moment.\r\n\r\nI know that I have written recently that if you are keeping your head above water, so to speak, you are doing fine. As you can see I am under-trading at the moment. I am committing very few new set-ups. Moves are tentative and not convincing for me to participate with.\r\n\r\nI have ZERO intention of blowing up 7 trading accounts making up trades that do not fit my MARKETING / TRADING PLAN criteria. Forex Trading is a marathon not a sprint and for those of you who are less than 12 months into this, you need to grab this statement and hold onto it. Frustrating as it is, we have all just got to live with what we are presented with. I am NOT a scalper trader. My time horizons are a minimum 60-minute chart through to the monthly chart. I hate the annoying noise on 5 minute charts.\r\n\r\nTherefore, as one of you said to me earlier last week. If I find it annoying, choppy and frustrating sourcing trades on 60, 240 minute and daily charts it must be a pain of a market!\r\n\r\nI will generate 10,000 pips a year with my approach and I have re-invented my styles to accommodate the market and sentiments changes between 2014, 2015 and this year, but it is hard, there are no free lunches on this planet. So as Peter Gabriel sings “Don’t Give Up”.\r\n\r\n&nbsp;\r\n\r\nBROKER NEWS:\r\n\r\nQuiet as a door mouse.\r\n\r\nI have however been blasted by several white labels wanting to place TV links on my website and to add them as approved brokers.\r\n\r\nCan I just say; BLACKWELL GLOBAL and VANTAGE FX are so approachable and really nice people to deal with, if you were thinking of adding additional accounts to trade specifically my different trading styles in 2017. These guys are great to work with and if you click the link off my website you will be in my group and we receive special offers from time to time. If you are adding one of my website brokers shoot me an email so I can make sure you receive what you should!!\r\n\r\nMoving on and back on point….\r\n\r\nBrokers are quiet. I suspect volumes are down and with this point in mind I would expect plenty of offers for the new year from those who give away those things. Be careful, I prefer no slippage and a sensible account manager at the other end of the phone or email.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-30092016.png\"><img class=\"aligncenter size-large wp-image-8388\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-30092016-785x1024.png\" alt=\"live-trades-30092016\" width=\"785\" height=\"1024\" /></a> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMITS-30092016.png\"><img class=\"aligncenter size-large wp-image-8387\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMITS-30092016-711x1024.png\" alt=\"limits-30092016\" width=\"711\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related)\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: AUD – RBA Rate Statement.\r\n\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Prices).\r\nTUESDAY: AUD – Retail Sales.\r\n\r\nWEDNESDAY: GBP – Services PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: USD - ISM Non-Manufacturing PMi.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD – Non-Farm Employment Data &amp; Unemployment Rate.\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1240\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8394\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016-1024x476.png\" alt=\"eurusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2976\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8395\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016-1024x476.png\" alt=\"gbpusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7655\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8393\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016-1024x476.png\" alt=\"audusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7282\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8396\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016-1024x476.png\" alt=\"nzdusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3126\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8397\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016-1024x476.png\" alt=\"usdcad-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9711\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8398\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016-1024x476.png\" alt=\"usdchf-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 101.32\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8399\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016-1024x476.png\" alt=\"usdjpy-daily-30092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week the UK Purchasing Managers Indexes will be notable events along with the U.S. and Canadian employment data. In addition, we have an interest rate announcement and Retail Sales from Australia. I am not expecting a change in interest rates.\r\n\r\nHopefully this will be the week that we break out of the tight trading ranges that have been a feature with so many pairs. One must remember breaking out of these ranges always has its excitement as we usually see false breakouts and false breakdowns. We need to be ready for these should they occur. However, if we do break free, personally I think that this will be good for the markets overall. If we stall, I hate to write this but It could be chop fest all the way through to the FOMC in December. The only thing that could break this view is a major geopolitical event such as GREECE, THE U.S. PRESIDENTIAL ELECTION, BREXIT, DEUTSCHE BANK COLLAPSE and a collapse in OIL to sub $30.00.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 1<sup>st</sup> October 2016\r\nBLOG VERSION: #113 PREMIUM SERVICE VERSION\r\n\r\n&nbsp;','EUROPE IN DANGEROUS TERRITORY','','publish','open','closed','','europe-dangerous-territory','','','2016-10-01 16:36:27','2016-10-01 21:36:27','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8413',0,'member_posts','',0),(8414,1,'2016-10-01 16:25:24','2016-10-01 21:25:24','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBack again from my surprise birthday break on Prince Edward Island, as far as I am concerned the Canadian home of great Lobster, Oysters, Mussels etc. and some great Halibut, Salmon and Haddock for good measure and variety. If you also play golf the ideal place to visit… enough of PEI tourism promotion.\r\n\r\nMoving on…\r\n\r\nAlthough a shortened trading week for me due to traveling it was a fascinating week for trading or NOT trading if that was what you decided to do. We are still incredibly range bound. The EUR/USD has been basically held captive in a range of 1.1180 to 1.1280 at extremes however most of the week it traded between 1.1195 and 1.1255, a 60 pip trading range. This created a rather frustrating trading environment, as this tight range and lack of direction had a knock-on effect through most currencies. Even with major concerns of another Lehman event in Germany with Deutsche Bank the single currency did not crash through 1.1200 on Thursday last week as the DB stock tumbled once again…. strange days.\r\n\r\nAs I mentioned in my blog of the 17<sup>th</sup> September my trading so far this late summer / early fall has been very light. I closed a couple of GBP/USD trades totaling 600 pip losses at the start of the month only for the cable to collapse a week later… argh!!  I closed the month with a loss of 215 pips. Whilst a little disappointed I am still in good shape to achieve my annual objective of 10,000 pips profit for my PREMIUM SERVICE subscribers.\r\n\r\nNot that I am looking for excuses, I do not need them or want them but trading Forex at the moment is really challenging. Range bound currency pairs and choppy markets lacking in real direction offer nothing but a pain in the neck and a hankering for Jack Daniels Fire with Diet Coke in my particular case. It is totally frustrating and as I have said in numerous emails, FaceTime and SKYPE video calls, just to keep one’s head above water right now and trade in the black is a great achievement as it is so easy to get chopped up and spat out by the Forex market that is not in any way shape or form forgiving. It is a lethal market and takes NO prisoners at all. You really need to exercise great patience at the moment and wait for the trades to come to you.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nThe winner of a free PREMIUM SERVICE subscription for October is: -\r\n\r\ndavid *******@gmail.com\r\n(David has been contacted and should be up and running early next week if not already at the time this blog was published)\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS SEPTEMBER 2016:     -215 pips\r\nNET PIPS 2016 TODATE:              +8,985 pips\r\n\r\nNET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nWhere to start.\r\n\r\nThere were three events that stuck in my mind from last week and had you asked me last Monday morning at 4AM what would I remember most from the week, none of the events listed below would have featured\r\n\r\nTHE FIRST 2016 PRESIDENTIAL DEBATE:\r\n\r\nMy wife often asks me am I going to talk about “Little Hands and Crooked Hillary” and I nearly always reply its politics not FX.  However, leaving the politics out of my blog I want to mention this debate for the effect it had on the forex markets.\r\n\r\nBasically, the market was set up expecting Trump to get straight at Hillary and battle it out with insults to get her rocking. What happened was the opposite; the markets rallied hard for three sessions on the back of a very accomplished performance from Clinton. She took it to Trump on policy and facts. Whether you believe the facts quoted or not is up to you but she also rattled his cage by what has to be said attacking his weak spots in his character makeup. Excellent preparation and knowing which subjects to touch exploited Trumps weakness of being too thin skinned. He was done over by a professional politician in a way none of his previous Republican challengers were able to achieve. This weakness I think will be hard for Trump to master moving forwards.\r\n\r\nIf anyone was in any doubt, let me point out the U.S. Presidential election will be a major and probably a very volatile event next month.\r\n\r\n&nbsp;\r\n\r\nOPEC AGREED PRODUCTION CUT:\r\n\r\nIn my opinion, this is total bullsh*t.\r\n\r\nA 700,000 barrel per day cut in production. By whom? We have to wait until the 30<sup>th</sup> November this year to find out who is cutting production and by how much…yeah right my ar*e.\r\n\r\nIf by a miracle a cut is announced, it is NOT measureable and the simple facts are that RUSSIA and possibly shale producers in the U.S. will see this as an opportunity to increase production.\r\n\r\nIn 2016 in a free market society, how on earth the markets rejoice as a Cartel tries to manipulate price beggar’s belief.\r\n\r\nIn the history of OPEC, cuts and freezes in production are seldom adhered to and frankly should there be a written press release it will not be worth the price of the paper it is written on. OPEC treats us a suckers. Are we supposed to jump up and down getting hit for an increase in pump prices? It’s like turkeys voting for Christmas!\r\n\r\n&nbsp;\r\n\r\nDEUTSCHE BANK:\r\n\r\nThis story has legs. I am waiting for Mario Draghi to be blamed for this as is the want of politicians. German politicians such as the “Pitbull” aka Wolfgang Schaeuble (Finance Minister) is already starting a sound byte attack questioning the ECB policy of low / negative interest rates saying this is a hard environment for banks.\r\n\r\nBasically, Deutsche bank has been naughty in the past and has been caught out with U.S. regulators looking to fine them $14billion which, will more than take a huge dent out the banks’ balance sheet. On Friday to try and stem a bear run on the share price they released a statement stating that the settlement would be much less..\r\n\r\nBasically, financial regulators have caught up with the banks actions and it does not look good moving forward. It is so dire that many commentators are liking it to another Lehman event in the making. Whether this is accurate or not is debatable but it certainly adds fuel to the fire driving the share price lower with increased uncertainty. Angela Merkel is now on the spot. Will she bail Deutsche Bank out with a rescue package or not.\r\n\r\nOn Friday last week we had market rumours, speculation and squeezes just to keep us on our toes. Deutsche Bank released a statement saying that the initial settlement of $14 billion with the U.S. regulators was now being negotiated down to circa $5 Billion… let’s see.\r\n\r\nAdd BREXIT uncertainty to this news story and this coming week could be fascinating as the story continues to unfold. I am sure that there will be many twists and turns ahead. If there was a bailout we would need to see the stock price at the precipice first sub €4.00 in my opinion. Since the statement it has bounced higher.\r\n\r\nThe trade off this is the EUR/CHF to the long side. Given the statement last Friday from Deutsche Bank my hopes of a 1.1130 re-test have been dashed, although this pair should regain some of its recent losses.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) - </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong></p>\r\n<p style=\"text-align: center;\">EUROPE IN DANGEROUS TERRITORY</p>\r\n\r\nOver the last 216 WEEKLY FX DRIVE THRU blogs, I think I have written as much about the EUROZONE as any other subject. I am back at the well once again!!\r\n\r\n&nbsp;\r\n\r\nI really enjoy trading Forex because even allowing for the odd moan and whine here and there over market trading conditions, I feel that learning to trade the currency market has kept me very well abreast of what is happening in the world politically and economically.\r\n\r\n&nbsp;\r\n\r\nOver the past few weeks the markets have been obsessed with central banks and what is happening with monetary policies around the globe. This is hugely important to Forex traders, if not, the most important data to take note of. However, all the time we read and listen to central bank presidents, governors whatever… life goes on.\r\n\r\n&nbsp;\r\n\r\nThe political and economic stability of the world is at a crossroads and nowhere serves as a better example of this than the EUROZONE.\r\n\r\n&nbsp;\r\n\r\nLet me just put out a few pointers as to why I think that EUROPE is in dangerous territory.\r\n\r\n&nbsp;\r\n\r\nBREXIT:\r\n\r\n&nbsp;\r\n\r\nThe EUROPEAN UNION, the EUROZONE has been thrown a curve ball by the UK referendum vote last June 23<sup>rd</sup>, voting in favour of leaving the EUROPEAN UNION. 90 days or so on from the vote we are still awaiting the Lisbon treaty article 50 to be triggered by the UK government to start the exit procedure. The pen pushing, desk sucking jotter blotters in Brussels state it could take as long as two years for the UK to exit. Dream on baby… it took Greenland two years to exit and they were no way near as entangled in the EUROPEAN UNION as the UK. This exit is a bureaucrats dream to milk it for as much as possible, time and cash wise. If Theresa May triggers article 50 in March 2017, I think it could be 2021 before the exit is confirmed.\r\n\r\n&nbsp;\r\n\r\nMy gut tells me that negotiations will take place and the UK government will take what they have managed to agree to the population again for a further referendum to ask “Do you really want us to proceed and exit”. Only then will the procedure begin.\r\n\r\n&nbsp;\r\n\r\nMy timeline is negotiations though to the end of March / April with a possible referendum May / June 2017, resulting in either a “hello we are back again” or article 50 being triggered within 90 days of the referendum.\r\n\r\n&nbsp;\r\n\r\nI know I am bit out there with my theory. We are in unchartered waters so never say never.\r\n\r\n&nbsp;\r\n\r\nThe cost of a UK BREXIT to the EUROPEAN UNION should not be under estimated. The mere fact that the UK is a financial net contributor will automatically mean that money in the coffers to be spent by the EUROPEAN UNION will be significantly reduced.\r\n\r\n&nbsp;\r\n\r\nThe BREXIT is just one of the major worries ahead for EUROPE.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGREECE:\r\n\r\n&nbsp;\r\n\r\nThe Bailout III started last week. This time it is the EUROZONE alone bailing out GREECE. The IMF is not involved in the latest monies of €86 billion. The package if you recall was needed to avert a complete financial collapse in GREECE.\r\n\r\n&nbsp;\r\n\r\nI have long written that debt relief is the only sensible way forward for GREECE. The IMF also cites this as the correct way forward and because the EUROZONE decided against debt relief as the policy moving forward the IMF did not get involved in bailout III. But don\'t worry they will be back for Act IV.\r\n\r\n&nbsp;\r\n\r\nThis move by the EUROZONE shows how fearful the politicians are of their positions, especially in Germany where Angela Merkel is under a real threat of losing power so to give GREECE more money was the better option than giving them debt relief.\r\n\r\n&nbsp;\r\n\r\nYou can just imagine Jeroen Dijsselbloem’s (President of the EUROGROUP, in charge of the bailout procedure) meeting coming to the following conclusion;\r\n\r\n&nbsp;\r\n\r\n<em>“OK chaps, we have political instabilities all over the EUROZONE therefore we cannot offer debt relief but let’s throw good money after bad and kick the can down the road for a year or so!”</em>\r\n\r\n&nbsp;\r\n\r\nAlexis Tsipras, Prime Minister and leader of the Syriza party is walking a very thin line with the EUROGROUP. Promises on reforms are not being kept, nevertheless the Bailout III has been approved. In my opinion, this is nothing more than sweeping dirt under the carpet.\r\n\r\n&nbsp;\r\n\r\nThe Greek government are claiming that the economy is on target for growth between 0.2 and 0.4 percent this year, yet the European Commission themselves claim it is still shrinking. This time by 0.3 percent. 25% of the adult population are out of work. Debt as a proportion to GDP will rise to 182.8% this year.\r\n\r\n&nbsp;\r\n\r\nYup…all nice a peachy.\r\n\r\n&nbsp;\r\n\r\nThe Greek people must be totally pist off. All they are doing is paying off debt and adding to debt. The time will come very soon when the index finger is raised by GREECE and they default.\r\n\r\n&nbsp;\r\n\r\nAt that point in my opinion the EUROZONE is at breaking point and exits will be voted on in numerous countries and the CONTAGION FEAR and EFFECT grips the EUROPEAN UNION.\r\n\r\n&nbsp;\r\n\r\nSomething to look forward to…. I guess.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nITALIAN REFERENDUM ON CONSTITUTIONAL REFORMS:\r\n\r\n&nbsp;\r\n\r\nThis is fast becoming a referendum on Prime Minister Renzi.\r\n\r\n&nbsp;\r\n\r\nA “No” vote and we have another crisis in the EUROZONE to manage through. The Italian economy is teetering on the brink as it is with the banking sector never more than a column width away from breaking news on the negative side.\r\n\r\n&nbsp;\r\n\r\nThere are plenty of headwinds in ITALY. Apart from the financial sector instability, BREXIT will hit the Italian economy quite hard and they also face the unstable domestic political position and the slowdown of investment in the economy which has been a feature this year so far only expected to get worse. These factors are bound to have a serious negative effect on Italian consumption numbers.\r\n\r\n&nbsp;\r\n\r\nThe referendum is scheduled for early November 2016.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nGERMAN PARLIAMENTARY ELECTIONS 2017:\r\n\r\n&nbsp;\r\n\r\nA little way off at the moment, but keep these events in your mind.\r\n\r\nThe German election will probably be in September 2017. Whilst this is almost a year way, look at what Angela Merkel is doing now.\r\n\r\n&nbsp;\r\n\r\nPoliticians are “can-kickers” and “vote junkies” due to their basic survival instincts. Merkel has been losing support in regional elections, once strongholds and she knows she has to be populist with domestic voters to keep her slender Bundestag working majority alive. Her party, the CDU (Christian Democratic Union) and coalition partner with the CSU (Christian Social Union) are in power by the skin on their teeth.\r\n\r\n&nbsp;\r\n\r\nMerkel is adopting a no nonsense approach of no conciliations so that she appears strong to potential voters. However, her victory in 2017 no matter how strong she appears to voters, is by no means guaranteed. Her approach with the Syrian refugees has created law and order issues across Germany and opposition parties are ready to pounce. Giving more to GREECE was the less of two evils approach, as German savers with zero interest rates in return are already up in arms because they are effectively losing money. Had debt relief been granted to GREECE, I think that would have been the straw that broke the camel’s back for the popular vote. Hence the EUROGROUP effectively “Kicked the can further down the road” to save Merkel; for now, that is.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nFRANCE PARLIAMENTARY ELECTIONS 2017:\r\n\r\n&nbsp;\r\n\r\nThese will be a hoot next year. The anti-European parties have always been bubbling under in the French media.\r\n\r\n&nbsp;\r\n\r\nThe French economy has been suffering, not helped by the present economy minister looking to project his own political movement called “Forward” … forward!! There are structural reforms scheduled in France and employment rules are to be changed.\r\n\r\n&nbsp;\r\n\r\nNo matter what, general elections always mean potential uncertainties ahead and with the political situation with Marie Le Penn and Hollands bound to heart up with Nicolas Sarkozy looking to get back into this race, the media will be fully engaged in the run up to decision day.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nTHE REFUGEE CRISIS:\r\n\r\n&nbsp;\r\n\r\nSad to write this like it is but it is a crisis. The numbers that I read about here in Canada and it’s not on Canadian news every day like it is in Europe are staggering.\r\n\r\n&nbsp;\r\n\r\nTURKEY and GREECE take the brunt of first landings. When it comes to paperwork and clearance being undertaken effectively, neither of these countries would be in your top 20 countries for efficiencies or accuracy. They appear to move people forward very quickly; I am pretty certain this is done to avoid their countries looking like huge 2016 versions of concentration camps.\r\n\r\n&nbsp;\r\n\r\nI have already mentioned issues such as law and order in Germany. But more serious is the terrorist threats that fast clearances afford and we have seen evidence of this in FRANCE and BELGIUM.\r\n\r\n&nbsp;\r\n\r\nThe refugee crisis places not just a massive humanitarian responsibility on the EUROZONE to manage effectively but security of the EUROZONE is thrown into chaos as those who perpetrate violence want to create instability and fear into the population.\r\n\r\n&nbsp;\r\n\r\nThis is in my opinion the biggest threat to EUROPE moving forward and the full ramifications of what is going on now and for the past 12-18 months or so has yet to be felt.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nMoving on…\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nWith all of the above I am astonished that the EUR/USD is not trading closer to parity than where it currently languishes around 1.1200. Moving forward, I cannot see anything EUR positive. The ECB is totally dovish and will remain so for as long as required or until hell actually does freeze over.\r\n\r\n&nbsp;\r\n\r\nI have started, as PREMIUM SERVICE subscribers are aware to build short trades with the EUR moving forward. As with everything EUR nothing is simple or straightforward. The cross-rates will always have their say. The EUR/GBP and EUR/CHF in particular are powerful currencies in their own right.\r\n\r\n&nbsp;\r\n\r\nThere is nothing much else that Mario Draghi can do via ECB monetary policy it is up to member states to make structural changes. This will be ad hoc if actually nothing at all, so sadly whilst I think the direction of the EUR/USD is lower, this will be achieved on the back of headline geopolitical events more than anything else. The only outside factor that could kick start the single currency weaker would be the FED normalizing rates. A FED rate hike should strengthen the USD versus the EUR.\r\n\r\n&nbsp;\r\n\r\nSo, I think if you entered the EUR/USD short today and closed your eyes and then opened them up in June 2017, you may not be disappointed.\r\n\r\n&nbsp;\r\n\r\nHowever, the FX move lower will be a two-way affair with buyers and sellers fighting for control along the way. There will be plenty of confusion along the way and as you should know by now, in my book;\r\n\r\n&nbsp;\r\n\r\nCONFUSION = UNCERTAINTY\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nTRADING REVIEW:\r\n\r\n&nbsp;\r\n\r\nIt was a very interesting review of trading for me as I reviewed my trading books for the month. I took off the table some GBP/USD trades that were causing concern as I thought that cable was about to spike and squeeze much higher. I booked losses of 600 pips added to this with another loss of over 100 pips with a failed head and shoulders pattern on the GBP/CAD.\r\n\r\n&nbsp;\r\n\r\nAt the beginning of last week, the PREMIUM SERVICE accounts were negative over 720 pips.\r\n\r\n&nbsp;\r\n\r\nEntering the final week of the month and at the same time the final month of the quarter with the fireworks that are associated with this, I was rather down thinking to make a decent level of inroad into the lost pips would be a tall order. Therefore, to end the month taking about 66% of the loss off the table in the final week whilst it is disappointing to post a monthly loss, it is more than a manageable loss and looking to 2016 overall, the PREMIUM SERVICE trades are still well placed to achieve 10,000 pips for the year as a whole.\r\n\r\n&nbsp;\r\n\r\nSeptembers final total was a small loss of 215 pips.\r\n\r\n&nbsp;\r\n\r\nLooking at other aspects of the month, only 21 trades were completed. This is one of the lowest monthly trade counts since I started the PREMIUM SERVICE.\r\n\r\n&nbsp;\r\n\r\nMy P&amp;L ratio was awful. 52% positive trades with 48% negative. Year to date the overall performance is still on target though; 75% positive trades to 25% negative trades.\r\n\r\n&nbsp;\r\n\r\nThe monthly performance shows how I struggled to come to terms with the markets limitations for my style of trading. One concerning feature, is that for four months in a row I have hardly traded RADAR TRADES and for those that I have traded in the past four months, this trade style has shown a negative monthly result. I need to look at this.\r\n\r\n&nbsp;\r\n\r\nI am not getting caught up in anything other than to say I remain extremely positive that in the final three months of the year I hope to not only meet but well beat my pip target of 10,000 pips and to do it without compromising my trading principles.\r\n\r\n&nbsp;\r\n\r\nLooking at the trades that are in play at the moment: -\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>AUD/NZD – I have taken some profits (+360 pips) off the table already and added two further set-ups to take advantage of any pullbacks. My fundamental view has not altered with this pair, and this, despite the annoying and frustrating moves with the NZD/USD, which leads the NZD direction 99% of the time. I am still targeting a huge move higher (see the chart below with levels).\r\n\r\n(AUD/NZD MONTHLY CHART)</li>\r\n 	<li>EUR/CHF – I closed the pullback trade (FUN460 +66 pips) on Friday last week leaving the original trade FUN448 open. From my perspective this pair is my go to pair for EUROZONE RISK in no matter what format it presents itself. The Deutsche Bank situation makes this pair really attractive from my perspective. The SNB will without warning intervene to ward off buyers of Swiss francs without hesitation and whilst there is no formal floor in place with the EUR/CHF I see 1.0750 being a floor where things would get sticky for traders shorting this pair.\r\n\r\nIt would be nice to see a 1.1130 re-test of a Deutsche bank solution. I will sell FUN448 on a spike should that happen assuming I am by my machines!</li>\r\n 	<li>EUR/USD and USD/CHF – I am bearish the single currency. Italian, Spanish political woes, plus the refugee issues, upcoming elections in France and Germany next year plus BREXIT uncertainties all of these events are single currency negative.\r\n\r\nI am trying to remain short and add on pullbacks with both currency pairs as long as the entry levels are correct.\r\n\r\nEUR/USD shorts presently consist 1 x FUNDAMENTAL trade and 2 x POSITION trades plus a further FUNDAMENTAL limit order.\r\n\r\nUSD/CHF longs currently equals 1 x FUNDAMENTAL trade with 2 further limit orders in the waiting room!</li>\r\n 	<li>NZD/USD – Without doubt I would rate this pair as the most frustrating to trade at the moment. I am trying to trade a head and shoulders pattern which is still forming and does not take effect until a break below 0.7200. This pair is so strong at times. Gold and a buoyant commodity market has kept it elevated. We have dairy auction results this week hopefully they will be awful to push this pair lower!!\r\n\r\nCurrently I have 1 x FLASH trade, 1 x FUNDAMENTAL trade and 1 x POSITION trade all short and waiting.</li>\r\n 	<li>AUD/USD – Holding a FLASH trade over the weekend. I am looking for a move lower through 0.7600. I wish I had a crystal ball for this pair!!</li>\r\n</ol>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nPRESENT MARKET CONDITIONS:\r\n\r\n&nbsp;\r\n\r\nI had several conversations over the past couple of weeks with regards to the present market conditions.\r\n\r\n&nbsp;\r\n\r\nFirstly, I think I am reasonably accurate with this statement, which I have gained on feedback and conversations with, “About 75% of you trade my trades as well as your own”. Some of you maybe just trade POSITION TRADES, however at the end of the day only about 25% of you exclusively trade PREMIUM SERVICE trades only.\r\n\r\n&nbsp;\r\n\r\nThose who are trading their own trades as well, have been telling me that the market has been chewing them up. I totally agree with all the sentiments voiced. The current market is a pain in the ass. We have tight ranges and massive uncertainties. We are having to deal with crap like the OPEC alleged agreement, which frankly would not be worth the paper it is written on, had it been committed to paper.\r\n\r\n&nbsp;\r\n\r\nI had a peer group meeting yesterday afternoon or should I call it a peer group moan about the markets. Without exception, regardless of market traded we all find it challenging at the moment.\r\n\r\n&nbsp;\r\n\r\nI know that I have written recently that if you are keeping your head above water, so to speak, you are doing fine. As you can see I am under-trading at the moment. I am committing very few new set-ups. Moves are tentative and not convincing for me to participate with.\r\n\r\n&nbsp;\r\n\r\nI have ZERO intention of blowing up 7 trading accounts making up trades that do not fit my MARKETING / TRADING PLAN criteria. Forex Trading is a marathon not a sprint and for those of you who are less than 12 months into this, you need to grab this statement and hold onto it. Frustrating as it is, we have all just got to live with what we are presented with. I am NOT a scalper trader. My time horizons are a minimum 60-minute chart through to the monthly chart. I hate the annoying noise on 5 minute charts.\r\n\r\n&nbsp;\r\n\r\nTherefore, as one of you said to me earlier last week. If I find it annoying, choppy and frustrating sourcing trades on 60, 240 minute and daily charts it must be a pain of a market!\r\n\r\n&nbsp;\r\n\r\nI will generate 10,000 pips a year with my approach and I have re-invented my styles to accommodate the market and sentiments changes between 2014, 2015 and this year, but it is hard, there are no free lunches on this planet. So as Peter Gabriel sings “Don’t Give Up”.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nBROKER NEWS:\r\n\r\n&nbsp;\r\n\r\nQuiet as a door mouse.\r\n\r\n&nbsp;\r\n\r\nI have however been blasted by several white labels wanting to place TV links on my website and to add them as approved brokers.\r\n\r\n&nbsp;\r\n\r\nCan I just say; BLACKWELL GLOBAL and VANTAGE FX are so approachable and really nice people to deal with, if you were thinking of adding additional accounts to trade specifically my different trading styles in 2017. These guys are great to work with and if you click the link off my website you will be in my group and we receive special offers from time to time. If you are adding one of my website brokers shoot me an email so I can make sure you receive what you should!!\r\n\r\n&nbsp;\r\n\r\nMoving on and back on point….\r\n\r\n&nbsp;\r\n\r\nBrokers are quiet. I suspect volumes are down and with this point in mind I would expect plenty of offers for the new year from those who give away those things. Be careful, I prefer no slippage and a sensible account manager at the other end of the phone or email.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\n&nbsp;\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\n&nbsp;\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: AUD – RBA Rate Statement.\r\n\r\n&nbsp;\r\n\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Prices).\r\nTUESDAY: AUD – Retail Sales.\r\n\r\n&nbsp;\r\n\r\nWEDNESDAY: GBP – Services PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: USD - ISM Non-Manufacturing PMi.\r\n\r\nTHURSDAY: N/A.\r\nFRIDAY: USD – Non-Farm Employment Data &amp; Unemployment Rate.\r\n\r\nFRIDAY: CAD – Unemployment Data.\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\n&nbsp;\r\n\r\nMy comments are contained on the charts.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1240\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.2976\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7655\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.7282\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3126\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9711\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 101.32\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\n&nbsp;\r\n\r\nThis week the UK Purchasing Managers Indexes will be notable events along with the U.S. and Canadian employment data. In addition, we have an interest rate announcement and Retail Sales from Australia. I am not expecting a change in interest rates.\r\n\r\n&nbsp;\r\n\r\nHopefully this will be the week that we break out of the tight trading ranges that have been a feature with so many pairs. One must remember breaking out of these ranges always has its excitement as we usually see false breakouts and false breakdowns. We need to be ready for these should they occur. However, if we do break free, personally I think that this will be good for the markets overall. If we stall, I hate to write this but It could be chop fest all the way through to the FOMC in December. The only thing that could break this view is a major geopolitical event such as GREECE, THE U.S. PRESIDENTIAL ELECTION, BREXIT, DEUTSCHE BANK COLLAPSE and a collapse in OIL to sub $30.00.\r\n\r\n&nbsp;\r\n\r\nAs usual…\r\n\r\n&nbsp;\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nTake care,\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\n\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 1<sup>st</sup> October 2016\r\nBLOG VERSION: #113 PREMIUM SERVICE VERSION\r\n\r\n&nbsp;','EUROPE IN DANGEROUS TERRITORY','','inherit','closed','closed','','8413-revision-v1','','','2016-10-01 16:25:24','2016-10-01 21:25:24','',8413,'http://weeklyfxdrivethru.com/8413-revision-v1/',0,'revision','',0),(8415,1,'2016-10-01 16:32:25','2016-10-01 21:32:25','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBack again from my surprise birthday break on Prince Edward Island, as far as I am concerned the Canadian home of great Lobster, Oysters, Mussels etc. and some great Halibut, Salmon and Haddock for good measure and variety. If you also play golf the ideal place to visit… enough of PEI tourism promotion.\r\n\r\nMoving on…\r\n\r\nAlthough a shortened trading week for me due to traveling it was a fascinating week for trading or NOT trading if that was what you decided to do. We are still incredibly range bound. The EUR/USD has been basically held captive in a range of 1.1180 to 1.1280 at extremes however most of the week it traded between 1.1195 and 1.1255, a 60 pip trading range. This created a rather frustrating trading environment, as this tight range and lack of direction had a knock-on effect through most currencies. Even with major concerns of another Lehman event in Germany with Deutsche Bank the single currency did not crash through 1.1200 on Thursday last week as the DB stock tumbled once again…. strange days.\r\n\r\nAs I mentioned in my blog of the 17<sup>th</sup> September my trading so far this late summer / early fall has been very light. I closed a couple of GBP/USD trades totaling 600 pip losses at the start of the month only for the cable to collapse a week later… argh!!  I closed the month with a loss of 215 pips. Whilst a little disappointed I am still in good shape to achieve my annual objective of 10,000 pips profit for my PREMIUM SERVICE subscribers.\r\n\r\nNot that I am looking for excuses, I do not need them or want them but trading Forex at the moment is really challenging. Range bound currency pairs and choppy markets lacking in real direction offer nothing but a pain in the neck and a hankering for Jack Daniels Fire with Diet Coke in my particular case. It is totally frustrating and as I have said in numerous emails, FaceTime and SKYPE video calls, just to keep one’s head above water right now and trade in the black is a great achievement as it is so easy to get chopped up and spat out by the Forex market that is not in any way shape or form forgiving. It is a lethal market and takes NO prisoners at all. You really need to exercise great patience at the moment and wait for the trades to come to you.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nThe winner of a free PREMIUM SERVICE subscription for October is: -\r\n\r\ndavid *******@gmail.com\r\n(David has been contacted and should be up and running early next week if not already at the time this blog was published)\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS SEPTEMBER 2016:     -215 pips\r\nNET PIPS 2016 TODATE:              +8,985 pips\r\n\r\nNET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nWhere to start.\r\n\r\nThere were three events that stuck in my mind from last week and had you asked me last Monday morning at 4AM what would I remember most from the week, none of the events listed below would have featured\r\n\r\nTHE FIRST 2016 PRESIDENTIAL DEBATE:\r\n\r\nMy wife often asks me am I going to talk about “Little Hands and Crooked Hillary” and I nearly always reply its politics not FX.  However, leaving the politics out of my blog I want to mention this debate for the effect it had on the forex markets.\r\n\r\nBasically, the market was set up expecting Trump to get straight at Hillary and battle it out with insults to get her rocking. What happened was the opposite; the markets rallied hard for three sessions on the back of a very accomplished performance from Clinton. She took it to Trump on policy and facts. Whether you believe the facts quoted or not is up to you but she also rattled his cage by what has to be said attacking his weak spots in his character makeup. Excellent preparation and knowing which subjects to touch exploited Trumps weakness of being too thin skinned. He was done over by a professional politician in a way none of his previous Republican challengers were able to achieve. This weakness I think will be hard for Trump to master moving forwards.\r\n\r\nIf anyone was in any doubt, let me point out the U.S. Presidential election will be a major and probably a very volatile event next month.\r\n\r\n&nbsp;\r\n\r\nOPEC AGREED PRODUCTION CUT:\r\n\r\nIn my opinion, this is total bullsh*t.\r\n\r\nA 700,000 barrel per day cut in production. By whom? We have to wait until the 30<sup>th</sup> November this year to find out who is cutting production and by how much…yeah right my ar*e.\r\n\r\nIf by a miracle a cut is announced, it is NOT measureable and the simple facts are that RUSSIA and possibly shale producers in the U.S. will see this as an opportunity to increase production.\r\n\r\nIn 2016 in a free market society, how on earth the markets rejoice as a Cartel tries to manipulate price beggar’s belief.\r\n\r\nIn the history of OPEC, cuts and freezes in production are seldom adhered to and frankly should there be a written press release it will not be worth the price of the paper it is written on. OPEC treats us a suckers. Are we supposed to jump up and down getting hit for an increase in pump prices? It’s like turkeys voting for Christmas!\r\n\r\n&nbsp;\r\n\r\nDEUTSCHE BANK:\r\n\r\nThis story has legs. I am waiting for Mario Draghi to be blamed for this as is the want of politicians. German politicians such as the “Pitbull” aka Wolfgang Schaeuble (Finance Minister) is already starting a sound byte attack questioning the ECB policy of low / negative interest rates saying this is a hard environment for banks.\r\n\r\nBasically, Deutsche bank has been naughty in the past and has been caught out with U.S. regulators looking to fine them $14billion which, will more than take a huge dent out the banks’ balance sheet. On Friday to try and stem a bear run on the share price they released a statement stating that the settlement would be much less..\r\n\r\nBasically, financial regulators have caught up with the banks actions and it does not look good moving forward. It is so dire that many commentators are liking it to another Lehman event in the making. Whether this is accurate or not is debatable but it certainly adds fuel to the fire driving the share price lower with increased uncertainty. Angela Merkel is now on the spot. Will she bail Deutsche Bank out with a rescue package or not.\r\n\r\nOn Friday last week we had market rumours, speculation and squeezes just to keep us on our toes. Deutsche Bank released a statement saying that the initial settlement of $14 billion with the U.S. regulators was now being negotiated down to circa $5 Billion… let’s see.\r\n\r\nAdd BREXIT uncertainty to this news story and this coming week could be fascinating as the story continues to unfold. I am sure that there will be many twists and turns ahead. If there was a bailout we would need to see the stock price at the precipice first sub €4.00 in my opinion. Since the statement it has bounced higher.\r\n\r\nThe trade off this is the EUR/CHF to the long side. Given the statement last Friday from Deutsche Bank my hopes of a 1.1130 re-test have been dashed, although this pair should regain some of its recent losses.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) - </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong></p>\r\n<p style=\"text-align: center;\">EUROPE IN DANGEROUS TERRITORY</p>\r\nOver the last 216 WEEKLY FX DRIVE THRU blogs, I think I have written as much about the EUROZONE as any other subject. I am back at the well once again!!\r\n\r\nI really enjoy trading Forex because even allowing for the odd moan and whine here and there over market trading conditions, I feel that learning to trade the currency market has kept me very well abreast of what is happening in the world politically and economically.\r\n\r\nOver the past few weeks the markets have been obsessed with central banks and what is happening with monetary policies around the globe. This is hugely important to Forex traders, if not, the most important data to take note of. However, all the time we read and listen to central bank presidents, governors whatever… life goes on.\r\n\r\nThe political and economic stability of the world is at a crossroads and nowhere serves as a better example of this than the EUROZONE.\r\n\r\nLet me just put out a few pointers as to why I think that EUROPE is in dangerous territory.\r\n\r\n&nbsp;\r\n\r\nBREXIT:\r\n\r\nThe EUROPEAN UNION, the EUROZONE has been thrown a curve ball by the UK referendum vote last June 23<sup>rd</sup>, voting in favour of leaving the EUROPEAN UNION. 90 days or so on from the vote we are still awaiting the Lisbon treaty article 50 to be triggered by the UK government to start the exit procedure. The pen pushing, desk sucking jotter blotters in Brussels state it could take as long as two years for the UK to exit. Dream on baby… it took Greenland two years to exit and they were no way near as entangled in the EUROPEAN UNION as the UK. This exit is a bureaucrats dream to milk it for as much as possible, time and cash wise. If Theresa May triggers article 50 in March 2017, I think it could be 2021 before the exit is confirmed.\r\n\r\nMy gut tells me that negotiations will take place and the UK government will take what they have managed to agree to the population again for a further referendum to ask “Do you really want us to proceed and exit”. Only then will the procedure begin.\r\n\r\nMy timeline is negotiations though to the end of March / April with a possible referendum May / June 2017, resulting in either a “hello we are back again” or article 50 being triggered within 90 days of the referendum.\r\n\r\nI know I am bit out there with my theory. We are in unchartered waters so never say never\r\n\r\nThe cost of a UK BREXIT to the EUROPEAN UNION should not be under estimated. The mere fact that the UK is a financial net contributor will automatically mean that money in the coffers to be spent by the EUROPEAN UNION will be significantly reduced.\r\n\r\nThe BREXIT is just one of the major worries ahead for EUROPE.\r\n\r\n&nbsp;\r\n\r\nGREECE:\r\n\r\nThe Bailout III started last week. This time it is the EUROZONE alone bailing out GREECE. The IMF is not involved in the latest monies of €86 billion. The package if you recall was needed to avert a complete financial collapse in GREECE\r\n\r\nI have long written that debt relief is the only sensible way forward for GREECE. The IMF also cites this as the correct way forward and because the EUROZONE decided against debt relief as the policy moving forward the IMF did not get involved in bailout III. But don\'t worry they will be back for Act IV.\r\n\r\nThis move by the EUROZONE shows how fearful the politicians are of their positions, especially in Germany where Angela Merkel is under a real threat of losing power so to give GREECE more money was the better option than giving them debt relief.\r\n\r\nYou can just imagine Jeroen Dijsselbloem’s (President of the EUROGROUP, in charge of the bailout procedure) meeting coming to the following conclusion;\r\n\r\n<em>“OK chaps, we have political instabilities all over the EUROZONE therefore we cannot offer debt relief but let’s throw good money after bad and kick the can down the road for a year or so!”</em>\r\n\r\nAlexis Tsipras, Prime Minister and leader of the Syriza party is walking a very thin line with the EUROGROUP. Promises on reforms are not being kept, nevertheless the Bailout III has been approved. In my opinion, this is nothing more than sweeping dirt under the carpet\r\n\r\nThe Greek government are claiming that the economy is on target for growth between 0.2 and 0.4 percent this year, yet the European Commission themselves claim it is still shrinking. This time by 0.3 percent. 25% of the adult population are out of work. Debt as a proportion to GDP will rise to 182.8% this year.\r\n\r\nYup…all nice a peachy.\r\n\r\nThe Greek people must be totally pist off. All they are doing is paying off debt and adding to debt. The time will come very soon when the index finger is raised by GREECE and they default.\r\n\r\nAt that point in my opinion the EUROZONE is at breaking point and exits will be voted on in numerous countries and the CONTAGION FEAR and EFFECT grips the EUROPEAN UNION.\r\n\r\nSomething to look forward to…. I guess.\r\n\r\n&nbsp;\r\n\r\nITALIAN REFERENDUM ON CONSTITUTIONAL REFORMS\r\n\r\nThis is fast becoming a referendum on Prime Minister Renzi.\r\n\r\nA “No” vote and we have another crisis in the EUROZONE to manage through. The Italian economy is teetering on the brink as it is with the banking sector never more than a column width away from breaking news on the negative side.\r\n\r\nThere are plenty of headwinds in ITALY. Apart from the financial sector instability, BREXIT will hit the Italian economy quite hard and they also face the unstable domestic political position and the slowdown of investment in the economy which has been a feature this year so far only expected to get worse. These factors are bound to have a serious negative effect on Italian consumption numbers.\r\n\r\nThe referendum is scheduled for early November 2016.\r\n\r\n&nbsp;\r\n\r\nGERMAN PARLIAMENTARY ELECTIONS 2017\r\n\r\nA little way off at the moment, but keep these events in your mind.\r\n\r\nThe German election will probably be in September 2017. Whilst this is almost a year way, look at what Angela Merkel is doing now.\r\n\r\nPoliticians are “can-kickers” and “vote junkies” due to their basic survival instincts. Merkel has been losing support in regional elections, once strongholds and she knows she has to be populist with domestic voters to keep her slender Bundestag working majority alive. Her party, the CDU (Christian Democratic Union) and coalition partner with the CSU (Christian Social Union) are in power by the skin on their teeth.\r\n\r\nMerkel is adopting a no nonsense approach of no conciliations so that she appears strong to potential voters. However, her victory in 2017 no matter how strong she appears to voters, is by no means guaranteed. Her approach with the Syrian refugees has created law and order issues across Germany and opposition parties are ready to pounce. Giving more to GREECE was the less of two evils approach, as German savers with zero interest rates in return are already up in arms because they are effectively losing money. Had debt relief been granted to GREECE, I think that would have been the straw that broke the camel’s back for the popular vote. Hence the EUROGROUP effectively “Kicked the can further down the road” to save Merkel; for now, that is.\r\n\r\n&nbsp;\r\n\r\nFRANCE PARLIAMENTARY ELECTIONS 2017:\r\n\r\nThese will be a hoot next year. The anti-European parties have always been bubbling under in the French media.\r\n\r\nThe French economy has been suffering, not helped by the present economy minister looking to project his own political movement called “Forward” … forward!! There are structural reforms scheduled in France and employment rules are to be changed.\r\n\r\nNo matter what, general elections always mean potential uncertainties ahead and with the political situation with Marie Le Penn and Hollands bound to heart up with Nicolas Sarkozy looking to get back into this race, the media will be fully engaged in the run up to decision day.\r\n\r\n&nbsp;\r\n\r\nTHE REFUGEE CRISIS:\r\n\r\nSad to write this like it is but it is a crisis. The numbers that I read about here in Canada and it’s not on Canadian news every day like it is in Europe are staggering.\r\n\r\nTURKEY and GREECE take the brunt of first landings. When it comes to paperwork and clearance being undertaken effectively, neither of these countries would be in your top 20 countries for efficiencies or accuracy. They appear to move people forward very quickly; I am pretty certain this is done to avoid their countries looking like huge 2016 versions of concentration camps.\r\n\r\nI have already mentioned issues such as law and order in Germany. But more serious is the terrorist threats that fast clearances afford and we have seen evidence of this in FRANCE and BELGIUM.\r\n\r\nThe refugee crisis places not just a massive humanitarian responsibility on the EUROZONE to manage effectively but security of the EUROZONE is thrown into chaos as those who perpetrate violence want to create instability and fear into the population.\r\n\r\nThis is in my opinion the biggest threat to EUROPE moving forward and the full ramifications of what is going on now and for the past 12-18 months or so has yet to be felt.\r\n\r\n&nbsp;\r\n\r\nMoving on…\r\n\r\nWith all of the above I am astonished that the EUR/USD is not trading closer to parity than where it currently languishes around 1.1200. Moving forward, I cannot see anything EUR positive. The ECB is totally dovish and will remain so for as long as required or until hell actually does freeze over.\r\n\r\nI have started, as PREMIUM SERVICE subscribers are aware to build short trades with the EUR moving forward. As with everything EUR nothing is simple or straightforward. The cross-rates will always have their say. The EUR/GBP and EUR/CHF in particular are powerful currencies in their own right.\r\n\r\nThere is nothing much else that Mario Draghi can do via ECB monetary policy it is up to member states to make structural changes. This will be ad hoc if actually nothing at all, so sadly whilst I think the direction of the EUR/USD is lower, this will be achieved on the back of headline geopolitical events more than anything else. The only outside factor that could kick start the single currency weaker would be the FED normalizing rates. A FED rate hike should strengthen the USD versus the EUR.\r\n\r\nSo, I think if you entered the EUR/USD short today and closed your eyes and then opened them up in June 2017, you may not be disappointed.\r\n\r\nHowever, the FX move lower will be a two-way affair with buyers and sellers fighting for control along the way. There will be plenty of confusion along the way and as you should know by now, in my book\r\n\r\nCONFUSION = UNCERTAINTY\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nIt was a very interesting review of trading for me as I reviewed my trading books for the month. I took off the table some GBP/USD trades that were causing concern as I thought that cable was about to spike and squeeze much higher. I booked losses of 600 pips added to this with another loss of over 100 pips with a failed head and shoulders pattern on the GBP/CAD\r\n\r\nAt the beginning of last week, the PREMIUM SERVICE accounts were negative over 720 pips.\r\n\r\nEntering the final week of the month and at the same time the final month of the quarter with the fireworks that are associated with this, I was rather down thinking to make a decent level of inroad into the lost pips would be a tall order. Therefore, to end the month taking about 66% of the loss off the table in the final week whilst it is disappointing to post a monthly loss, it is more than a manageable loss and looking to 2016 overall, the PREMIUM SERVICE trades are still well placed to achieve 10,000 pips for the year as a whole\r\n\r\nSeptembers final total was a small loss of 215 pips.\r\n\r\nLooking at other aspects of the month, only 21 trades were completed. This is one of the lowest monthly trade counts since I started the PREMIUM SERVICE.\r\n\r\nMy P&amp;L ratio was awful. 52% positive trades with 48% negative. Year to date the overall performance is still on target though; 75% positive trades to 25% negative trades.\r\n\r\nThe monthly performance shows how I struggled to come to terms with the markets limitations for my style of trading. One concerning feature, is that for four months in a row I have hardly traded RADAR TRADES and for those that I have traded in the past four months, this trade style has shown a negative monthly result. I need to look at this\r\n\r\nI am not getting caught up in anything other than to say I remain extremely positive that in the final three months of the year I hope to not only meet but well beat my pip target of 10,000 pips and to do it without compromising my trading principles.\r\n\r\nLooking at the trades that are in play at the moment: -\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>AUD/NZD – I have taken some profits (+360 pips) off the table already and added two further set-ups to take advantage of any pullbacks. My fundamental view has not altered with this pair, and this, despite the annoying and frustrating moves with the NZD/USD, which leads the NZD direction 99% of the time. I am still targeting a huge move higher (see the chart below with levels).<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDNZD-MONTHLY-30092016.png\"><img class=\"aligncenter size-large wp-image-8400\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDNZD-MONTHLY-30092016-1024x476.png\" alt=\"audnzd-monthly-30092016\" width=\"1024\" height=\"476\" /></a></li>\r\n 	<li>EUR/CHF – I closed the pullback trade (FUN460 +66 pips) on Friday last week leaving the original trade FUN448 open. From my perspective this pair is my go to pair for EUROZONE RISK in no matter what format it presents itself. The Deutsche Bank situation makes this pair really attractive from my perspective. The SNB will without warning intervene to ward off buyers of Swiss francs without hesitation and whilst there is no formal floor in place with the EUR/CHF I see 1.0750 being a floor where things would get sticky for traders shorting this pair.It would be nice to see a 1.1130 re-test of a Deutsche bank solution. I will sell FUN448 on a spike should that happen assuming I am by my machines!</li>\r\n 	<li>EUR/USD and USD/CHF – I am bearish the single currency. Italian, Spanish political woes, plus the refugee issues, upcoming elections in France and Germany next year plus BREXIT uncertainties all of these events are single currency negative.I am trying to remain short and add on pullbacks with both currency pairs as long as the entry levels are correct.\r\n\r\nEUR/USD shorts presently consist 1 x FUNDAMENTAL trade and 2 x POSITION trades plus a further FUNDAMENTAL limit order.\r\n\r\nUSD/CHF longs currently equals 1 x FUNDAMENTAL trade with 2 further limit orders in the waiting room!</li>\r\n 	<li>NZD/USD – Without doubt I would rate this pair as the most frustrating to trade at the moment. I am trying to trade a head and shoulders pattern which is still forming and does not take effect until a break below 0.7200. This pair is so strong at times. Gold and a buoyant commodity market has kept it elevated. We have dairy auction results this week hopefully they will be awful to push this pair lower!!Currently I have 1 x FLASH trade, 1 x FUNDAMENTAL trade and 1 x POSITION trade all short and waiting.</li>\r\n 	<li>AUD/USD – Holding a FLASH trade over the weekend. I am looking for a move lower through 0.7600. I wish I had a crystal ball for this pair!!</li>\r\n</ol>\r\n&nbsp;\r\n\r\nPRESENT MARKET CONDITIONS:\r\n\r\nI had several conversations over the past couple of weeks with regards to the present market conditions.\r\n\r\nFirstly, I think I am reasonably accurate with this statement, which I have gained on feedback and conversations with, “About 75% of you trade my trades as well as your own”. Some of you maybe just trade POSITION TRADES, however at the end of the day only about 25% of you exclusively trade PREMIUM SERVICE trades only.\r\n\r\nThose who are trading their own trades as well, have been telling me that the market has been chewing them up. I totally agree with all the sentiments voiced. The current market is a pain in the ass. We have tight ranges and massive uncertainties. We are having to deal with crap like the OPEC alleged agreement, which frankly would not be worth the paper it is written on, had it been committed to paper.\r\n\r\nI had a peer group meeting yesterday afternoon or should I call it a peer group moan about the markets. Without exception, regardless of market traded we all find it challenging at the moment.\r\n\r\nI know that I have written recently that if you are keeping your head above water, so to speak, you are doing fine. As you can see I am under-trading at the moment. I am committing very few new set-ups. Moves are tentative and not convincing for me to participate with.\r\n\r\nI have ZERO intention of blowing up 7 trading accounts making up trades that do not fit my MARKETING / TRADING PLAN criteria. Forex Trading is a marathon not a sprint and for those of you who are less than 12 months into this, you need to grab this statement and hold onto it. Frustrating as it is, we have all just got to live with what we are presented with. I am NOT a scalper trader. My time horizons are a minimum 60-minute chart through to the monthly chart. I hate the annoying noise on 5 minute charts.\r\n\r\nTherefore, as one of you said to me earlier last week. If I find it annoying, choppy and frustrating sourcing trades on 60, 240 minute and daily charts it must be a pain of a market!\r\n\r\nI will generate 10,000 pips a year with my approach and I have re-invented my styles to accommodate the market and sentiments changes between 2014, 2015 and this year, but it is hard, there are no free lunches on this planet. So as Peter Gabriel sings “Don’t Give Up”.\r\n\r\n&nbsp;\r\n\r\nBROKER NEWS:\r\n\r\nQuiet as a door mouse.\r\n\r\nI have however been blasted by several white labels wanting to place TV links on my website and to add them as approved brokers.\r\n\r\nCan I just say; BLACKWELL GLOBAL and VANTAGE FX are so approachable and really nice people to deal with, if you were thinking of adding additional accounts to trade specifically my different trading styles in 2017. These guys are great to work with and if you click the link off my website you will be in my group and we receive special offers from time to time. If you are adding one of my website brokers shoot me an email so I can make sure you receive what you should!!\r\n\r\nMoving on and back on point….\r\n\r\nBrokers are quiet. I suspect volumes are down and with this point in mind I would expect plenty of offers for the new year from those who give away those things. Be careful, I prefer no slippage and a sensible account manager at the other end of the phone or email.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-30092016.png\"><img class=\"aligncenter size-large wp-image-8388\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-30092016-785x1024.png\" alt=\"live-trades-30092016\" width=\"785\" height=\"1024\" /></a> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMITS-30092016.png\"><img class=\"aligncenter size-large wp-image-8387\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMITS-30092016-711x1024.png\" alt=\"limits-30092016\" width=\"711\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related)\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: AUD – RBA Rate Statement.\r\n\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Prices).\r\nTUESDAY: AUD – Retail Sales.\r\n\r\nWEDNESDAY: GBP – Services PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: USD - ISM Non-Manufacturing PMi.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD – Non-Farm Employment Data &amp; Unemployment Rate.\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1240\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8394\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016-1024x476.png\" alt=\"eurusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2976\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8395\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016-1024x476.png\" alt=\"gbpusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7655\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8393\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016-1024x476.png\" alt=\"audusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7282\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8396\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016-1024x476.png\" alt=\"nzdusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3126\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8397\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016-1024x476.png\" alt=\"usdcad-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9711\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8398\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016-1024x476.png\" alt=\"usdchf-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 101.32\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8399\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016-1024x476.png\" alt=\"usdjpy-daily-30092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week the UK Purchasing Managers Indexes will be notable events along with the U.S. and Canadian employment data. In addition, we have an interest rate announcement and Retail Sales from Australia. I am not expecting a change in interest rates.\r\n\r\nHopefully this will be the week that we break out of the tight trading ranges that have been a feature with so many pairs. One must remember breaking out of these ranges always has its excitement as we usually see false breakouts and false breakdowns. We need to be ready for these should they occur. However, if we do break free, personally I think that this will be good for the markets overall. If we stall, I hate to write this but It could be chop fest all the way through to the FOMC in December. The only thing that could break this view is a major geopolitical event such as GREECE, THE U.S. PRESIDENTIAL ELECTION, BREXIT, DEUTSCHE BANK COLLAPSE and a collapse in OIL to sub $30.00.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 1<sup>st</sup> October 2016\r\nBLOG VERSION: #113 PREMIUM SERVICE VERSION\r\n\r\n&nbsp;','EUROPE IN DANGEROUS TERRITORY','','inherit','closed','closed','','8413-revision-v1','','','2016-10-01 16:32:25','2016-10-01 21:32:25','',8413,'http://weeklyfxdrivethru.com/8413-revision-v1/',0,'revision','',0),(8416,1,'2016-10-01 16:36:27','2016-10-01 21:36:27','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBack again from my surprise birthday break on Prince Edward Island, as far as I am concerned the Canadian home of great Lobster, Oysters, Mussels etc. and some great Halibut, Salmon and Haddock for good measure and variety. If you also play golf the ideal place to visit… enough of PEI tourism promotion.\r\n\r\nMoving on…\r\n\r\nAlthough a shortened trading week for me due to traveling it was a fascinating week for trading or NOT trading if that was what you decided to do. We are still incredibly range bound. The EUR/USD has been basically held captive in a range of 1.1180 to 1.1280 at extremes however most of the week it traded between 1.1195 and 1.1255, a 60 pip trading range. This created a rather frustrating trading environment, as this tight range and lack of direction had a knock-on effect through most currencies. Even with major concerns of another Lehman event in Germany with Deutsche Bank the single currency did not crash through 1.1200 on Thursday last week as the DB stock tumbled once again…. strange days.\r\n\r\nAs I mentioned in my blog of the 17<sup>th</sup> September my trading so far this late summer / early fall has been very light. I closed a couple of GBP/USD trades totaling 600 pip losses at the start of the month only for the cable to collapse a week later… argh!!  I closed the month with a loss of 215 pips. Whilst a little disappointed I am still in good shape to achieve my annual objective of 10,000 pips profit for my PREMIUM SERVICE subscribers.\r\n\r\nNot that I am looking for excuses, I do not need them or want them but trading Forex at the moment is really challenging. Range bound currency pairs and choppy markets lacking in real direction offer nothing but a pain in the neck and a hankering for Jack Daniels Fire with Diet Coke in my particular case. It is totally frustrating and as I have said in numerous emails, FaceTime and SKYPE video calls, just to keep one’s head above water right now and trade in the black is a great achievement as it is so easy to get chopped up and spat out by the Forex market that is not in any way shape or form forgiving. It is a lethal market and takes NO prisoners at all. You really need to exercise great patience at the moment and wait for the trades to come to you.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nThe winner of a free PREMIUM SERVICE subscription for October is: -\r\n\r\ndavid *******@gmail.com\r\n(David has been contacted and should be up and running early next week if not already at the time this blog was published)\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS SEPTEMBER 2016:     -215 pips\r\nNET PIPS 2016 TO DATE:              +8,985 pips\r\n\r\nNET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nWhere to start.\r\n\r\nThere were three events that stuck in my mind from last week and had you asked me last Monday morning at 4AM what would I remember most from the week, none of the events listed below would have featured\r\n\r\nTHE FIRST 2016 PRESIDENTIAL DEBATE:\r\n\r\nMy wife often asks me am I going to talk about “Little Hands and Crooked Hillary” and I nearly always reply its politics not FX.  However, leaving the politics out of my blog I want to mention this debate for the effect it had on the forex markets.\r\n\r\nBasically, the market was set up expecting Trump to get straight at Hillary and battle it out with insults to get her rocking. What happened was the opposite; the markets rallied hard for three sessions on the back of a very accomplished performance from Clinton. She took it to Trump on policy and facts. Whether you believe the facts quoted or not is up to you but she also rattled his cage by what has to be said attacking his weak spots in his character makeup. Excellent preparation and knowing which subjects to touch exploited Trumps weakness of being too thin skinned. He was done over by a professional politician in a way none of his previous Republican challengers were able to achieve. This weakness I think will be hard for Trump to master moving forwards.\r\n\r\nIf anyone was in any doubt, let me point out the U.S. Presidential election will be a major and probably a very volatile event next month.\r\n\r\n&nbsp;\r\n\r\nOPEC AGREED PRODUCTION CUT:\r\n\r\nIn my opinion, this is total bullsh*t.\r\n\r\nA 700,000 barrel per day cut in production. By whom? We have to wait until the 30<sup>th</sup> November this year to find out who is cutting production and by how much…yeah right my ar*e.\r\n\r\nIf by a miracle a cut is announced, it is NOT measurable and the simple facts are that RUSSIA and possibly shale producers in the U.S. will see this as an opportunity to increase production.\r\n\r\nIn 2016 in a free market society, how on earth the markets rejoice as a Cartel tries to manipulate price beggar’s belief.\r\n\r\nIn the history of OPEC, cuts and freezes in production are seldom adhered to and frankly should there be a written press release it will not be worth the price of the paper it is written on. OPEC treats us a suckers. Are we supposed to jump up and down getting hit for an increase in pump prices? It’s like turkeys voting for Christmas!\r\n\r\n&nbsp;\r\n\r\nDEUTSCHE BANK:\r\n\r\nThis story has legs. I am waiting for Mario Draghi to be blamed for this as is the want of politicians. German politicians such as the “Pitbull” aka Wolfgang Schaeuble (Finance Minister) is already starting a sound byte attack questioning the ECB policy of low / negative interest rates saying this is a hard environment for banks.\r\n\r\nBasically, Deutsche bank has been naughty in the past and has been caught out with U.S. regulators looking to fine them $14billion which, will more than take a huge dent out the banks’ balance sheet. On Friday to try and stem a bear run on the share price they released a statement stating that the settlement would be much less..\r\n\r\nBasically, financial regulators have caught up with the banks actions and it does not look good moving forward. It is so dire that many commentators are liking it to another Lehman event in the making. Whether this is accurate or not is debatable but it certainly adds fuel to the fire driving the share price lower with increased uncertainty. Angela Merkel is now on the spot. Will she bail Deutsche Bank out with a rescue package or not.\r\n\r\nOn Friday last week we had market rumours, speculation and squeezes just to keep us on our toes. Deutsche Bank released a statement saying that the initial settlement of $14 billion with the U.S. regulators was now being negotiated down to circa $5 Billion… let’s see.\r\n\r\nAdd BREXIT uncertainty to this news story and this coming week could be fascinating as the story continues to unfold. I am sure that there will be many twists and turns ahead. If there was a bailout we would need to see the stock price at the precipice first sub €4.00 in my opinion. Since the statement it has bounced higher.\r\n\r\nThe trade off this is the EUR/CHF to the long side. Given the statement last Friday from Deutsche Bank my hopes of a 1.1130 re-test have been dashed, although this pair should regain some of its recent losses.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) - </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong></p>\r\n<p style=\"text-align: center;\">EUROPE IN DANGEROUS TERRITORY</p>\r\nOver the last 216 WEEKLY FX DRIVE THRU blogs, I think I have written as much about the EUROZONE as any other subject. I am back at the well once again!!\r\n\r\nI really enjoy trading Forex because even allowing for the odd moan and whine here and there over market trading conditions, I feel that learning to trade the currency market has kept me very well abreast of what is happening in the world politically and economically.\r\n\r\nOver the past few weeks the markets have been obsessed with central banks and what is happening with monetary policies around the globe. This is hugely important to Forex traders, if not, the most important data to take note of. However, all the time we read and listen to central bank presidents, governors whatever… life goes on.\r\n\r\nThe political and economic stability of the world is at a crossroads and nowhere serves as a better example of this than the EUROZONE.\r\n\r\nLet me just put out a few pointers as to why I think that EUROPE is in dangerous territory.\r\n\r\n&nbsp;\r\n\r\nBREXIT:\r\n\r\nThe EUROPEAN UNION, the EUROZONE has been thrown a curve ball by the UK referendum vote last June 23<sup>rd</sup>, voting in favour of leaving the EUROPEAN UNION. 90 days or so on from the vote we are still awaiting the Lisbon treaty article 50 to be triggered by the UK government to start the exit procedure. The pen pushing, desk sucking jotter blotters in Brussels state it could take as long as two years for the UK to exit. Dream on baby… it took Greenland two years to exit and they were no way near as entangled in the EUROPEAN UNION as the UK. This exit is a bureaucrats dream to milk it for as much as possible, time and cash wise. If Theresa May triggers article 50 in March 2017, I think it could be 2021 before the exit is confirmed.\r\n\r\nMy gut tells me that negotiations will take place and the UK government will take what they have managed to agree to the population again for a further referendum to ask “Do you really want us to proceed and exit”. Only then will the procedure begin.\r\n\r\nMy timeline is negotiations though to the end of March / April with a possible referendum May / June 2017, resulting in either a “hello we are back again” or article 50 being triggered within 90 days of the referendum.\r\n\r\nI know I am bit out there with my theory. We are in unchartered waters so never say never\r\n\r\nThe cost of a UK BREXIT to the EUROPEAN UNION should not be under estimated. The mere fact that the UK is a financial net contributor will automatically mean that money in the coffers to be spent by the EUROPEAN UNION will be significantly reduced.\r\n\r\nThe BREXIT is just one of the major worries ahead for EUROPE.\r\n\r\n&nbsp;\r\n\r\nGREECE:\r\n\r\nThe Bailout III started last week. This time it is the EUROZONE alone bailing out GREECE. The IMF is not involved in the latest monies of €86 billion. The package if you recall was needed to avert a complete financial collapse in GREECE\r\n\r\nI have long written that debt relief is the only sensible way forward for GREECE. The IMF also cites this as the correct way forward and because the EUROZONE decided against debt relief as the policy moving forward the IMF did not get involved in bailout III. But don\'t worry they will be back for Act IV.\r\n\r\nThis move by the EUROZONE shows how fearful the politicians are of their positions, especially in Germany where Angela Merkel is under a real threat of losing power so to give GREECE more money was the better option than giving them debt relief.\r\n\r\nYou can just imagine Jeroen Dijsselbloem’s (President of the EUROGROUP, in charge of the bailout procedure) meeting coming to the following conclusion;\r\n\r\n<em>“OK chaps, we have political instabilities all over the EUROZONE therefore we cannot offer debt relief but let’s throw good money after bad and kick the can down the road for a year or so!”</em>\r\n\r\nAlexis Tsipras, Prime Minister and leader of the Syriza party is walking a very thin line with the EUROGROUP. Promises on reforms are not being kept, nevertheless the Bailout III has been approved. In my opinion, this is nothing more than sweeping dirt under the carpet\r\n\r\nThe Greek government are claiming that the economy is on target for growth between 0.2 and 0.4 percent this year, yet the European Commission themselves claim it is still shrinking. This time by 0.3 percent. 25% of the adult population are out of work. Debt as a proportion to GDP will rise to 182.8% this year.\r\n\r\nYup…all nice a peachy.\r\n\r\nThe Greek people must be totally pist off. All they are doing is paying off debt and adding to debt. The time will come very soon when the index finger is raised by GREECE and they default.\r\n\r\nAt that point in my opinion the EUROZONE is at breaking point and exits will be voted on in numerous countries and the CONTAGION FEAR and EFFECT grips the EUROPEAN UNION.\r\n\r\nSomething to look forward to…. I guess.\r\n\r\n&nbsp;\r\n\r\nITALIAN REFERENDUM ON CONSTITUTIONAL REFORMS\r\n\r\nThis is fast becoming a referendum on Prime Minister Renzi.\r\n\r\nA “No” vote and we have another crisis in the EUROZONE to manage through. The Italian economy is teetering on the brink as it is with the banking sector never more than a column width away from breaking news on the negative side.\r\n\r\nThere are plenty of headwinds in ITALY. Apart from the financial sector instability, BREXIT will hit the Italian economy quite hard and they also face the unstable domestic political position and the slowdown of investment in the economy which has been a feature this year so far only expected to get worse. These factors are bound to have a serious negative effect on Italian consumption numbers.\r\n\r\nThe referendum is scheduled for early November 2016.\r\n\r\n&nbsp;\r\n\r\nGERMAN PARLIAMENTARY ELECTIONS 2017\r\n\r\nA little way off at the moment, but keep these events in your mind.\r\n\r\nThe German election will probably be in September 2017. Whilst this is almost a year way, look at what Angela Merkel is doing now.\r\n\r\nPoliticians are “can-kickers” and “vote junkies” due to their basic survival instincts. Merkel has been losing support in regional elections, once strongholds and she knows she has to be populist with domestic voters to keep her slender Bundestag working majority alive. Her party, the CDU (Christian Democratic Union) and coalition partner with the CSU (Christian Social Union) are in power by the skin on their teeth.\r\n\r\nMerkel is adopting a no nonsense approach of no conciliations so that she appears strong to potential voters. However, her victory in 2017 no matter how strong she appears to voters, is by no means guaranteed. Her approach with the Syrian refugees has created law and order issues across Germany and opposition parties are ready to pounce. Giving more to GREECE was the less of two evils approach, as German savers with zero interest rates in return are already up in arms because they are effectively losing money. Had debt relief been granted to GREECE, I think that would have been the straw that broke the camel’s back for the popular vote. Hence the EUROGROUP effectively “Kicked the can further down the road” to save Merkel; for now, that is.\r\n\r\n&nbsp;\r\n\r\nFRANCE PARLIAMENTARY ELECTIONS 2017:\r\n\r\nThese will be a hoot next year. The anti-European parties have always been bubbling under in the French media.\r\n\r\nThe French economy has been suffering, not helped by the present economy minister looking to project his own political movement called “Forward” … forward!! There are structural reforms scheduled in France and employment rules are to be changed.\r\n\r\nNo matter what, general elections always mean potential uncertainties ahead and with the political situation with Marie Le Penn and Hollands bound to heart up with Nicolas Sarkozy looking to get back into this race, the media will be fully engaged in the run up to decision day.\r\n\r\n&nbsp;\r\n\r\nTHE REFUGEE CRISIS:\r\n\r\nSad to write this like it is but it is a crisis. The numbers that I read about here in Canada and it’s not on Canadian news every day like it is in Europe are staggering.\r\n\r\nTURKEY and GREECE take the brunt of first landings. When it comes to paperwork and clearance being undertaken effectively, neither of these countries would be in your top 20 countries for efficiencies or accuracy. They appear to move people forward very quickly; I am pretty certain this is done to avoid their countries looking like huge 2016 versions of concentration camps.\r\n\r\nI have already mentioned issues such as law and order in Germany. But more serious is the terrorist threats that fast clearances afford and we have seen evidence of this in FRANCE and BELGIUM.\r\n\r\nThe refugee crisis places not just a massive humanitarian responsibility on the EUROZONE to manage effectively but security of the EUROZONE is thrown into chaos as those who perpetrate violence want to create instability and fear into the population.\r\n\r\nThis is in my opinion the biggest threat to EUROPE moving forward and the full ramifications of what is going on now and for the past 12-18 months or so has yet to be felt.\r\n\r\n&nbsp;\r\n\r\nMoving on…\r\n\r\nWith all of the above I am astonished that the EUR/USD is not trading closer to parity than where it currently languishes around 1.1200. Moving forward, I cannot see anything EUR positive. The ECB is totally dovish and will remain so for as long as required or until hell actually does freeze over.\r\n\r\nI have started, as PREMIUM SERVICE subscribers are aware to build short trades with the EUR moving forward. As with everything EUR nothing is simple or straightforward. The cross-rates will always have their say. The EUR/GBP and EUR/CHF in particular are powerful currencies in their own right.\r\n\r\nThere is nothing much else that Mario Draghi can do via ECB monetary policy it is up to member states to make structural changes. This will be ad hoc if actually nothing at all, so sadly whilst I think the direction of the EUR/USD is lower, this will be achieved on the back of headline geopolitical events more than anything else. The only outside factor that could kick start the single currency weaker would be the FED normalizing rates. A FED rate hike should strengthen the USD versus the EUR.\r\n\r\nSo, I think if you entered the EUR/USD short today and closed your eyes and then opened them up in June 2017, you may not be disappointed.\r\n\r\nHowever, the FX move lower will be a two-way affair with buyers and sellers fighting for control along the way. There will be plenty of confusion along the way and as you should know by now, in my book\r\n\r\nCONFUSION = UNCERTAINTY\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nIt was a very interesting review of trading for me as I reviewed my trading books for the month. I took off the table some GBP/USD trades that were causing concern as I thought that cable was about to spike and squeeze much higher. I booked losses of 600 pips added to this with another loss of over 100 pips with a failed head and shoulders pattern on the GBP/CAD\r\n\r\nAt the beginning of last week, the PREMIUM SERVICE accounts were negative over 720 pips.\r\n\r\nEntering the final week of the month and at the same time the final month of the quarter with the fireworks that are associated with this, I was rather down thinking to make a decent level of inroad into the lost pips would be a tall order. Therefore, to end the month taking about 66% of the loss off the table in the final week whilst it is disappointing to post a monthly loss, it is more than a manageable loss and looking to 2016 overall, the PREMIUM SERVICE trades are still well placed to achieve 10,000 pips for the year as a whole\r\n\r\nSeptember\'s final total was a small loss of 215 pips.\r\n\r\nLooking at other aspects of the month, only 21 trades were completed. This is one of the lowest monthly trade counts since I started the PREMIUM SERVICE.\r\n\r\nMy P&amp;L ratio was awful. 52% positive trades with 48% negative. Year to date the overall performance is still on target though; 75% positive trades to 25% negative trades.\r\n\r\nThe monthly performance shows how I struggled to come to terms with the markets limitations for my style of trading. One concerning feature, is that for four months in a row I have hardly traded RADAR TRADES and for those that I have traded in the past four months, this trade style has shown a negative monthly result. I need to look at this\r\n\r\nI am not getting caught up in anything other than to say I remain extremely positive that in the final three months of the year I hope to not only meet but well beat my pip target of 10,000 pips and to do it without compromising my trading principles.\r\n\r\nLooking at the trades that are in play at the moment: -\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>AUD/NZD – I have taken some profits (+360 pips) off the table already and added two further set-ups to take advantage of any pullbacks. My fundamental view has not altered with this pair, and this, despite the annoying and frustrating moves with the NZD/USD, which leads the NZD direction 99% of the time. I am still targeting a huge move higher (see the chart below with levels).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDNZD-MONTHLY-30092016.png\"><img class=\"aligncenter size-large wp-image-8400\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDNZD-MONTHLY-30092016-1024x476.png\" alt=\"audnzd-monthly-30092016\" width=\"1024\" height=\"476\" /></a></li>\r\n 	<li>EUR/CHF – I closed the pullback trade (FUN460 +66 pips) on Friday last week leaving the original trade FUN448 open. From my perspective this pair is my go to pair for EUROZONE RISK in no matter what format it presents itself. The Deutsche Bank situation makes this pair really attractive from my perspective. The SNB will without warning intervene to ward off buyers of Swiss francs without hesitation and whilst there is no formal floor in place with the EUR/CHF I see 1.0750 being a floor where things would get sticky for traders shorting this pair.It would be nice to see a 1.1130 re-test of a Deutsche bank solution. I will sell FUN448 on a spike should that happen assuming I am by my machines.</li>\r\n 	<li>EUR/USD and USD/CHF – I am bearish the single currency. Italian, Spanish political woes, plus the refugee issues, upcoming elections in France and Germany next year plus BREXIT uncertainties all of these events are single currency negative.I am trying to remain short and add on pullbacks with both currency pairs as long as the entry levels are correct.EUR/USD shorts presently consist 1 x FUNDAMENTAL trade and 2 x POSITION trades plus a further FUNDAMENTAL limit order.\r\n\r\nUSD/CHF longs currently equals 1 x FUNDAMENTAL trade with 2 further limit orders in the waiting room!</li>\r\n 	<li>NZD/USD – Without doubt I would rate this pair as the most frustrating to trade at the moment. I am trying to trade a head and shoulders pattern which is still forming and does not take effect until a break below 0.7200. This pair is so strong at times. Gold and a buoyant commodity market has kept it elevated. We have dairy auction results this week hopefully they will be awful to push this pair lower!!Currently I have 1 x FLASH trade, 1 x FUNDAMENTAL trade and 1 x POSITION trade all short and waiting.</li>\r\n 	<li>AUD/USD – Holding a FLASH trade over the weekend. I am looking for a move lower through 0.7600. I wish I had a crystal ball for this pair!!</li>\r\n</ol>\r\n&nbsp;\r\n\r\nPRESENT MARKET CONDITIONS:\r\n\r\nI had several conversations over the past couple of weeks with regards to the present market conditions.\r\n\r\nFirstly, I think I am reasonably accurate with this statement, which I have gained on feedback and conversations with, “About 75% of you trade my trades as well as your own”. Some of you maybe just trade POSITION TRADES, however at the end of the day only about 25% of you exclusively trade PREMIUM SERVICE trades only.\r\n\r\nThose who are trading their own trades as well, have been telling me that the market has been chewing them up. I totally agree with all the sentiments voiced. The current market is a pain in the ass. We have tight ranges and massive uncertainties. We are having to deal with crap like the OPEC alleged agreement, which frankly would not be worth the paper it is written on, had it been committed to paper.\r\n\r\nI had a peer group meeting yesterday afternoon or should I call it a peer group moan about the markets. Without exception, regardless of market traded we all find it challenging at the moment.\r\n\r\nI know that I have written recently that if you are keeping your head above water, so to speak, you are doing fine. As you can see I am under-trading at the moment. I am committing very few new set-ups. Moves are tentative and not convincing for me to participate with.\r\n\r\nI have ZERO intention of blowing up 7 trading accounts making up trades that do not fit my MARKETING / TRADING PLAN criteria. Forex Trading is a marathon not a sprint and for those of you who are less than 12 months into this, you need to grab this statement and hold onto it. Frustrating as it is, we have all just got to live with what we are presented with. I am NOT a scalper trader. My time horizons are a minimum 60-minute chart through to the monthly chart. I hate the annoying noise on 5 minute charts.\r\n\r\nTherefore, as one of you said to me earlier last week. If I find it annoying, choppy and frustrating sourcing trades on 60, 240 minute and daily charts it must be a pain of a market!\r\n\r\nI will generate 10,000 pips a year with my approach and I have re-invented my styles to accommodate the market and sentiments changes between 2014, 2015 and this year, but it is hard, there are no free lunches on this planet. So as Peter Gabriel sings “Don’t Give Up”.\r\n\r\n&nbsp;\r\n\r\nBROKER NEWS:\r\n\r\nQuiet as a door mouse.\r\n\r\nI have however been blasted by several white labels wanting to place TV links on my website and to add them as approved brokers.\r\n\r\nCan I just say; BLACKWELL GLOBAL and VANTAGE FX are so approachable and really nice people to deal with, if you were thinking of adding additional accounts to trade specifically my different trading styles in 2017. These guys are great to work with and if you click the link off my website you will be in my group and we receive special offers from time to time. If you are adding one of my website brokers shoot me an email so I can make sure you receive what you should!!\r\n\r\nMoving on and back on point….\r\n\r\nBrokers are quiet. I suspect volumes are down and with this point in mind I would expect plenty of offers for the new year from those who give away those things. Be careful, I prefer no slippage and a sensible account manager at the other end of the phone or email.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-30092016.png\"><img class=\"aligncenter size-large wp-image-8388\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-30092016-785x1024.png\" alt=\"live-trades-30092016\" width=\"785\" height=\"1024\" /></a> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMITS-30092016.png\"><img class=\"aligncenter size-large wp-image-8387\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMITS-30092016-711x1024.png\" alt=\"limits-30092016\" width=\"711\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related)\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: AUD – RBA Rate Statement.\r\n\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Prices).\r\nTUESDAY: AUD – Retail Sales.\r\n\r\nWEDNESDAY: GBP – Services PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: USD - ISM Non-Manufacturing PMi.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD – Non-Farm Employment Data &amp; Unemployment Rate.\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1240\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8394\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016-1024x476.png\" alt=\"eurusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2976\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8395\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016-1024x476.png\" alt=\"gbpusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7655\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8393\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016-1024x476.png\" alt=\"audusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7282\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8396\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016-1024x476.png\" alt=\"nzdusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3126\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8397\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016-1024x476.png\" alt=\"usdcad-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9711\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8398\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016-1024x476.png\" alt=\"usdchf-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 101.32\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8399\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016-1024x476.png\" alt=\"usdjpy-daily-30092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week the UK Purchasing Managers Indexes will be notable events along with the U.S. and Canadian employment data. In addition, we have an interest rate announcement and Retail Sales from Australia. I am not expecting a change in interest rates.\r\n\r\nHopefully this will be the week that we break out of the tight trading ranges that have been a feature with so many pairs. One must remember breaking out of these ranges always has its excitement as we usually see false breakouts and false breakdowns. We need to be ready for these should they occur. However, if we do break free, personally I think that this will be good for the markets overall. If we stall, I hate to write this but It could be chop fest all the way through to the FOMC in December. The only thing that could break this view is a major geopolitical event such as GREECE, THE U.S. PRESIDENTIAL ELECTION, BREXIT, DEUTSCHE BANK COLLAPSE and a collapse in OIL to sub $30.00.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 1<sup>st</sup> October 2016\r\nBLOG VERSION: #113 PREMIUM SERVICE VERSION\r\n\r\n&nbsp;','EUROPE IN DANGEROUS TERRITORY','','inherit','closed','closed','','8413-revision-v1','','','2016-10-01 16:36:27','2016-10-01 21:36:27','',8413,'http://weeklyfxdrivethru.com/8413-revision-v1/',0,'revision','',0),(8417,1,'2016-10-01 16:55:40','2016-10-01 21:55:40','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBack again from my surprise birthday break on Prince Edward Island, as far as I am concerned the Canadian home of great Lobster, Oysters, Mussels etc. and some great Halibut, Salmon and Haddock for good measure and variety. If you also play golf the ideal place to visit… enough of PEI tourism promotion.\r\n\r\nMoving on…\r\n\r\nAlthough a shortened trading week for me due to traveling it was a fascinating week for trading or NOT trading if that was what you decided to do. We are still incredibly range bound. The EUR/USD has been basically held captive in a range of 1.1180 to 1.1280 at extremes however most of the week it traded between 1.1195 and 1.1255, a 60 pip trading range. This created a rather frustrating trading environment, as this tight range and lack of direction had a knock-on effect through most currencies. Even with major concerns of another Lehman event in Germany with Deutsche Bank the single currency did not crash through 1.1200 on Thursday last week as the DB stock tumbled once again…. strange days.\r\n\r\nAs I mentioned in my blog of the 17<sup>th</sup> September my trading so far this late summer / early fall has been very light. I closed a couple of GBP/USD trades totaling 600 pip losses at the start of the month only for the cable to collapse a week later… argh!!  I closed the month with a loss of 215 pips. Whilst a little disappointed I am still in good shape to achieve my annual objective of 10,000 pips profit for my PREMIUM SERVICE subscribers.\r\n\r\nNot that I am looking for excuses, I do not need them or want them but trading Forex at the moment is really challenging. Range bound currency pairs and choppy markets lacking in real direction offer nothing but a pain in the neck and a hankering for Jack Daniels Fire with Diet Coke in my particular case. It is totally frustrating and as I have said in numerous emails, FaceTime and SKYPE video calls, just to keep one’s head above water right now and trade in the black is a great achievement as it is so easy to get chopped up and spat out by the Forex market that is not in any way shape or form forgiving. It is a lethal market and takes NO prisoners at all. You really need to exercise great patience at the moment and wait for the trades to come to you.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nThe winner of a free PREMIUM SERVICE subscription for October is: -\r\n\r\ndavid *******@gmail.com\r\n(David has been contacted and should be up and running early next week if not already at the time this blog was published)\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS SEPTEMBER 2016:     -215 pips\r\nNET PIPS 2016 TODATE:              +8,985 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nWhere to start.\r\n\r\nThere were three events that stuck in my mind from last week and had you asked me last Monday morning at 4AM what would I remember most from the week, none of the events listed below would have featured.\r\n\r\nTHE FIRST 2016 PRESIDENTIAL DEBATE:\r\n\r\nMy wife often asks me am I going to talk about “Little Hands and Crooked Hillary” and I nearly always reply its politics not FX.  However, leaving the politics out of my blog I want to mention this debate for the effect it had on the forex markets.\r\n\r\nBasically, the market was set up expecting Trump to get straight at Hillary and battle it out with insults to get her rocking. What happened was the opposite; the markets rallied hard for three sessions on the back of a very accomplished performance from Clinton. She took it to Trump on policy and facts. Whether you believe the facts quoted or not is up to you but she also rattled his cage by what has to be said attacking his weak spots in his character makeup. Excellent preparation and knowing which subjects to touch exploited Trumps weakness of being too thin skinned. He was done over by a professional politician in a way none of his previous Republican challengers were able to achieve. This weakness I think will be hard for Trump to master moving forwards.\r\n\r\nIf anyone was in any doubt, let me point out the U.S. Presidential election will be a major and probably a very volatile event next month.\r\n\r\nOPEC AGREED PRODUCTION CUT:\r\n\r\nIn my opinion, this is total bullsh*t.\r\n\r\nA 700,000 barrel per day cut in production. By whom? We have to wait until the 30<sup>th</sup> November this year to find out who is cutting production and by how much…yeah right my ar*e.\r\n\r\nIf by a miracle a cut is announced, it is NOT measurable and the simple facts are that RUSSIA and possibly shale producers in the U.S. will see this as an opportunity to increase production.\r\n\r\nIn 2016 in a free market society, how on earth the markets rejoice as a Cartel tries to manipulate price beggar’s belief.\r\n\r\nIn the history of OPEC, cuts and freezes in production are seldom adhered to and frankly should there be a written press release it will not be worth the price of the paper it is written on. OPEC treats us a suckers. Are we supposed to jump up and down getting hit for an increase in pump prices? It’s like turkeys voting for Christmas!\r\n\r\nDEUTSCHE BANK:\r\n\r\nThis story has legs. I am waiting for Mario Draghi to be blamed for this as is the want of politicians. German politicians such as the “Pitbull” aka Wolfgang Schaeuble (Finance Minister) is already starting a sound byte attack questioning the ECB policy of low / negative interest rates saying this is a hard environment for banks.\r\n\r\nBasically, Deutsche bank has been naughty in the past and has been caught out with U.S. regulators looking to fine them $14billion which, will more than take a huge dent out the banks’ balance sheet. On Friday to try and stem a bear run on the share price they released a statement stating that the settlement would be much less.\r\n\r\nBasically, financial regulators have caught up with the banks actions and it does not look good moving forward. It is so dire that many commentators are liking it to another Lehman event in the making. Whether this is accurate or not is debatable but it certainly adds fuel to the fire driving the share price lower with increased uncertainty. Angela Merkel is now on the spot. Will she bail Deutsche Bank out with a rescue package or not?\r\n\r\nOn Friday last week we had market rumours, speculation and squeezes just to keep us on our toes. Deutsche Bank released a statement saying that the initial settlement of $14 billion with the U.S. regulators was now being negotiated down to circa $5 Billion… let’s see.\r\n\r\nAdd BREXIT uncertainty to this news story and this coming week could be fascinating as the story continues to unfold. I am sure that there will be many twists and turns ahead. If there was a bailout we would need to see the stock price at the precipice first sub €4.00 in my opinion. Since the statement it has bounced higher.\r\n\r\nThe trade off this is the EUR/CHF to the long side. Given the statement last Friday from Deutsche Bank my hopes of a 1.1130 re-test have been dashed, although this pair should regain some of its recent losses.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) - </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong></p>\r\n<p style=\"text-align: center;\">EUROPE IN DANGEROUS TERRITORY</p>\r\n\r\nOver the last 216 WEEKLY FX DRIVE THRU blogs, I think I have written as much about the EUROZONE as any other subject. I am back at the well once again!!\r\n\r\nI really enjoy trading Forex because even allowing for the odd moan and whine here and there over market trading conditions, I feel that learning to trade the currency market has kept me very well abreast of what is happening in the world politically and economically.\r\n\r\nOver the past few weeks the markets have been obsessed with central banks and what is happening with monetary policies around the globe. This is hugely important to Forex traders, if not, the most important data to take note of. However, all the time we read and listen to central bank presidents, governors whatever… life goes on.\r\n\r\nThe political and economic stability of the world is at a crossroads and nowhere serves as a better example of this than the EUROZONE.\r\n\r\nLet me just put out a few pointers as to why I think that EUROPE is in dangerous territory.\r\n\r\n&nbsp;\r\n\r\nBREXIT:\r\n\r\nThe EUROPEAN UNION, the EUROZONE has been thrown a curve ball by the UK referendum vote last June 23<sup>rd</sup>, voting in favour of leaving the EUROPEAN UNION. 90 days or so on from the vote we are still awaiting the Lisbon treaty article 50 to be triggered by the UK government to start the exit procedure. The pen pushing, desk sucking jotter blotters in Brussels state it could take as long as two years for the UK to exit. Dream on baby… it took Greenland two years to exit and they were no way near as entangled in the EUROPEAN UNION as the UK. This exit is a bureaucrats dream to milk it for as much as possible, time and cash wise. If Theresa May triggers article 50 in March 2017, I think it could be 2021 before the exit is confirmed.\r\n\r\nMy gut tells me that negotiations will take place and the UK government will take what they have managed to agree to the population again for a further referendum to ask “Do you really want us to proceed and exit”. Only then will the procedure begin.\r\n\r\nMy timeline is negotiations though to the end of March / April with a possible referendum May / June 2017, resulting in either a “hello we are back again” or article 50 being triggered within 90 days of the referendum.\r\n\r\nI know I am bit out there with my theory. We are in unchartered waters so never say never.\r\n\r\nThe cost of a UK BREXIT to the EUROPEAN UNION should not be under estimated. The mere fact that the UK is a financial net contributor will automatically mean that money in the coffers to be spent by the EUROPEAN UNION will be significantly reduced.\r\n\r\nThe BREXIT is just one of the major worries ahead for EUROPE.\r\n\r\n&nbsp;\r\n\r\nGREECE:\r\n\r\nThe Bailout III started last week. This time it is the EUROZONE alone bailing out GREECE. The IMF is not involved in the latest monies of €86 billion. The package if you recall was needed to avert a complete financial collapse in GREECE.\r\n\r\nI have long written that debt relief is the only sensible way forward for GREECE. The IMF also cites this as the correct way forward and because the EUROZONE decided against debt relief as the policy moving forward the IMF did not get involved in bailout III. But don\'t worry they will be back for Act IV.\r\n\r\nThis move by the EUROZONE shows how fearful the politicians are of their positions, especially in Germany where Angela Merkel is under a real threat of losing power so to give GREECE more money was the better option than giving them debt relief.\r\n\r\nYou can just imagine Jeroen Dijsselbloem’s (President of the EUROGROUP, in charge of the bailout procedure) meeting coming to the following conclusion;\r\n\r\n<em>“OK chaps, we have political instabilities all over the EUROZONE therefore we cannot offer debt relief but let’s throw good money after bad and kick the can down the road for a year or so!”</em>\r\n\r\nAlexis Tsipras, Prime Minister and leader of the Syriza party is walking a very thin line with the EUROGROUP. Promises on reforms are not being kept, nevertheless the Bailout III has been approved. In my opinion, this is nothing more than sweeping dirt under the carpet.\r\n\r\nThe Greek government are claiming that the economy is on target for growth between 0.2 and 0.4 percent this year, yet the European Commission themselves claim it is still shrinking. This time by 0.3 percent. 25% of the adult population are out of work. Debt as a proportion to GDP will rise to 182.8% this year.\r\n\r\nYup…all nice a peachy.\r\n\r\nThe Greek people must be totally pist off. All they are doing is paying off debt and adding to debt. The time will come very soon when the index finger is raised by GREECE and they default.\r\n\r\nAt that point in my opinion the EUROZONE is at breaking point and exits will be voted on in numerous countries and the CONTAGION FEAR and EFFECT grips the EUROPEAN UNION.\r\n\r\nSomething to look forward to…. I guess.\r\n\r\n&nbsp;\r\n\r\nITALIAN REFERENDUM ON CONSTITUTIONAL REFORMS:\r\n\r\nThis is fast becoming a referendum on Prime Minister Renzi.\r\n\r\nA “No” vote and we have another crisis in the EUROZONE to manage through. The Italian economy is teetering on the brink as it is with the banking sector never more than a column width away from breaking news on the negative side.\r\n\r\nThere are plenty of headwinds in ITALY. Apart from the financial sector instability, BREXIT will hit the Italian economy quite hard and they also face the unstable domestic political position and the slowdown of investment in the economy which has been a feature this year so far only expected to get worse. These factors are bound to have a serious negative effect on Italian consumption numbers.\r\n\r\nThe referendum is scheduled for early November 2016.\r\n\r\n&nbsp;\r\n\r\nGERMAN PARLIAMENTARY ELECTIONS 2017:\r\n\r\nA little way off at the moment, but keep these events in your mind.\r\n\r\nThe German election will probably be in September 2017. Whilst this is almost a year way, look at what Angela Merkel is doing now.\r\n\r\nPoliticians are “can-kickers” and “vote junkies” due to their basic survival instincts. Merkel has been losing support in regional elections, once strongholds and she knows she has to be populist with domestic voters to keep her slender Bundestag working majority alive. Her party, the CDU (Christian Democratic Union) and coalition partner with the CSU (Christian Social Union) are in power by the skin on their teeth.\r\n\r\nMerkel is adopting a no nonsense approach of no conciliations so that she appears strong to potential voters. However, her victory in 2017 no matter how strong she appears to voters, is by no means guaranteed. Her approach with the Syrian refugees has created law and order issues across Germany and opposition parties are ready to pounce. Giving more to GREECE was the less of two evils approach, as German savers with zero interest rates in return are already up in arms because they are effectively losing money. Had debt relief been granted to GREECE, I think that would have been the straw that broke the camel’s back for the popular vote. Hence the EUROGROUP effectively “Kicked the can further down the road” to save Merkel; for now, that is.\r\n\r\n&nbsp;\r\n\r\nFRANCE PARLIAMENTARY ELECTIONS 2017:\r\n\r\nThese will be a hoot next year. The anti-European parties have always been bubbling under in the French media.\r\n\r\nThe French economy has been suffering, not helped by the present economy minister looking to project his own political movement called “Forward” … forward!! There are structural reforms scheduled in France and employment rules are to be changed.\r\n\r\nNo matter what, general elections always mean potential uncertainties ahead and with the political situation with Marie Le Penn and Hollands bound to heart up with Nicolas Sarkozy looking to get back into this race, the media will be fully engaged in the run up to decision day.\r\n\r\n&nbsp;\r\n\r\nTHE REFUGEE CRISIS:\r\n\r\nSad to write this like it is but it is a crisis. The numbers that I read about here in Canada and it’s not on Canadian news every day like it is in Europe are staggering.\r\n\r\nTURKEY and GREECE take the brunt of first landings. When it comes to paperwork and clearance being undertaken effectively, neither of these countries would be in your top 20 countries for efficiencies or accuracy. They appear to move people forward very quickly; I am pretty certain this is done to avoid their countries looking like huge 2016 versions of concentration camps.\r\n\r\nI have already mentioned issues such as law and order in Germany. But more serious is the terrorist threats that fast clearances afford and we have seen evidence of this in FRANCE and BELGIUM.\r\n\r\nThe refugee crisis places not just a massive humanitarian responsibility on the EUROZONE to manage effectively but security of the EUROZONE is thrown into chaos as those who perpetrate violence want to create instability and fear into the population.\r\n\r\nThis is in my opinion the biggest threat to EUROPE moving forward and the full ramifications of what is going on now and for the past 12-18 months or so has yet to be felt.\r\n\r\n&nbsp;\r\n\r\nMoving on…\r\n\r\nWith all of the above I am astonished that the EUR/USD is not trading closer to parity than where it currently languishes around 1.1200. Moving forward, I cannot see anything EUR positive. The ECB is totally dovish and will remain so for as long as required or until hell actually does freeze over.\r\n\r\nI have started, as PREMIUM SERVICE subscribers are aware to build short trades with the EUR moving forward. As with everything EUR nothing is simple or straightforward. The cross-rates will always have their say. The EUR/GBP and EUR/CHF in particular are powerful currencies in their own right.\r\n\r\nThere is nothing much else that Mario Draghi can do via ECB monetary policy it is up to member states to make structural changes. This will be ad hoc if actually nothing at all, so sadly whilst I think the direction of the EUR/USD is lower, this will be achieved on the back of headline geopolitical events more than anything else. The only outside factor that could kick start the single currency weaker would be the FED normalizing rates. A FED rate hike should strengthen the USD versus the EUR.\r\n\r\nSo, I think if you entered the EUR/USD short today and closed your eyes and then opened them up in June 2017, you may not be disappointed.\r\n\r\nHowever, the FX move lower will be a two-way affair with buyers and sellers fighting for control along the way. There will be plenty of confusion along the way and as you should know by now, in my book;\r\n\r\nCONFUSION = UNCERTAINTY\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: AUD – RBA Rate Statement\r\n\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Prices).\r\nTUESDAY: AUD – Retail Sales.\r\n\r\nWEDNESDAY: GBP – Services PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: USD - ISM Non-Manufacturing PMi.\r\n\r\nTHURSDAY: N/A.\r\nFRIDAY: USD – Non-Farm Employment Data &amp; Unemployment Rate.\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n\r\n&nbsp;\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1240\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8394\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016-1024x476.png\" alt=\"eurusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2976\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8395\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016-1024x476.png\" alt=\"gbpusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7655\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8393\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016-1024x476.png\" alt=\"audusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7282\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8396\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016-1024x476.png\" alt=\"nzdusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3126\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8397\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016-1024x476.png\" alt=\"usdcad-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9711\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8398\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016-1024x476.png\" alt=\"usdchf-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 101.32\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8399\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016-1024x476.png\" alt=\"usdjpy-daily-30092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week the UK Purchasing Managers Indexes will be notable events along with the U.S. and Canadian employment data. In addition, we have an interest rate announcement and Retail Sales from Australia. I am not expecting a change in interest rates.\r\n\r\nHopefully this will be the week that we break out of the tight trading ranges that have been a feature with so many pairs. One must remember breaking out of these ranges always has its excitement as we usually see false breakouts and false breakdowns. We need to be ready for these should they occur. However, if we do break free, personally I think that this will be good for the markets overall. If we stall, I hate to write this but It could be chop fest all the way through to the FOMC in December. The only thing that could break this view is a major geopolitical event such as GREECE, THE U.S. PRESIDENTIAL ELECTION, BREXIT, DEUTSCHE BANK COLLAPSE and a collapse in OIL to sub $30.00.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>DATE: 1<sup>st</sup> October 2016\r\nBLOG VERSION: #216 FREE NEWSLETTER VERSION','EUROPE IN DANGEROUS TERRITORY','','publish','open','closed','','europe-dangerous-territory','','','2016-10-01 16:55:40','2016-10-01 21:55:40','',0,'http://weeklyfxdrivethru.com/?p=8417',0,'post','',0),(8418,1,'2016-10-01 16:55:40','2016-10-01 21:55:40','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nBack again from my surprise birthday break on Prince Edward Island, as far as I am concerned the Canadian home of great Lobster, Oysters, Mussels etc. and some great Halibut, Salmon and Haddock for good measure and variety. If you also play golf the ideal place to visit… enough of PEI tourism promotion.\r\n\r\nMoving on…\r\n\r\nAlthough a shortened trading week for me due to traveling it was a fascinating week for trading or NOT trading if that was what you decided to do. We are still incredibly range bound. The EUR/USD has been basically held captive in a range of 1.1180 to 1.1280 at extremes however most of the week it traded between 1.1195 and 1.1255, a 60 pip trading range. This created a rather frustrating trading environment, as this tight range and lack of direction had a knock-on effect through most currencies. Even with major concerns of another Lehman event in Germany with Deutsche Bank the single currency did not crash through 1.1200 on Thursday last week as the DB stock tumbled once again…. strange days.\r\n\r\nAs I mentioned in my blog of the 17<sup>th</sup> September my trading so far this late summer / early fall has been very light. I closed a couple of GBP/USD trades totaling 600 pip losses at the start of the month only for the cable to collapse a week later… argh!!  I closed the month with a loss of 215 pips. Whilst a little disappointed I am still in good shape to achieve my annual objective of 10,000 pips profit for my PREMIUM SERVICE subscribers.\r\n\r\nNot that I am looking for excuses, I do not need them or want them but trading Forex at the moment is really challenging. Range bound currency pairs and choppy markets lacking in real direction offer nothing but a pain in the neck and a hankering for Jack Daniels Fire with Diet Coke in my particular case. It is totally frustrating and as I have said in numerous emails, FaceTime and SKYPE video calls, just to keep one’s head above water right now and trade in the black is a great achievement as it is so easy to get chopped up and spat out by the Forex market that is not in any way shape or form forgiving. It is a lethal market and takes NO prisoners at all. You really need to exercise great patience at the moment and wait for the trades to come to you.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nThe winner of a free PREMIUM SERVICE subscription for October is: -\r\n\r\ndavid *******@gmail.com\r\n(David has been contacted and should be up and running early next week if not already at the time this blog was published)\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS SEPTEMBER 2016:     -215 pips\r\nNET PIPS 2016 TODATE:              +8,985 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nWhere to start.\r\n\r\nThere were three events that stuck in my mind from last week and had you asked me last Monday morning at 4AM what would I remember most from the week, none of the events listed below would have featured.\r\n\r\nTHE FIRST 2016 PRESIDENTIAL DEBATE:\r\n\r\nMy wife often asks me am I going to talk about “Little Hands and Crooked Hillary” and I nearly always reply its politics not FX.  However, leaving the politics out of my blog I want to mention this debate for the effect it had on the forex markets.\r\n\r\nBasically, the market was set up expecting Trump to get straight at Hillary and battle it out with insults to get her rocking. What happened was the opposite; the markets rallied hard for three sessions on the back of a very accomplished performance from Clinton. She took it to Trump on policy and facts. Whether you believe the facts quoted or not is up to you but she also rattled his cage by what has to be said attacking his weak spots in his character makeup. Excellent preparation and knowing which subjects to touch exploited Trumps weakness of being too thin skinned. He was done over by a professional politician in a way none of his previous Republican challengers were able to achieve. This weakness I think will be hard for Trump to master moving forwards.\r\n\r\nIf anyone was in any doubt, let me point out the U.S. Presidential election will be a major and probably a very volatile event next month.\r\n\r\nOPEC AGREED PRODUCTION CUT:\r\n\r\nIn my opinion, this is total bullsh*t.\r\n\r\nA 700,000 barrel per day cut in production. By whom? We have to wait until the 30<sup>th</sup> November this year to find out who is cutting production and by how much…yeah right my ar*e.\r\n\r\nIf by a miracle a cut is announced, it is NOT measurable and the simple facts are that RUSSIA and possibly shale producers in the U.S. will see this as an opportunity to increase production.\r\n\r\nIn 2016 in a free market society, how on earth the markets rejoice as a Cartel tries to manipulate price beggar’s belief.\r\n\r\nIn the history of OPEC, cuts and freezes in production are seldom adhered to and frankly should there be a written press release it will not be worth the price of the paper it is written on. OPEC treats us a suckers. Are we supposed to jump up and down getting hit for an increase in pump prices? It’s like turkeys voting for Christmas!\r\n\r\nDEUTSCHE BANK:\r\n\r\nThis story has legs. I am waiting for Mario Draghi to be blamed for this as is the want of politicians. German politicians such as the “Pitbull” aka Wolfgang Schaeuble (Finance Minister) is already starting a sound byte attack questioning the ECB policy of low / negative interest rates saying this is a hard environment for banks.\r\n\r\nBasically, Deutsche bank has been naughty in the past and has been caught out with U.S. regulators looking to fine them $14billion which, will more than take a huge dent out the banks’ balance sheet. On Friday to try and stem a bear run on the share price they released a statement stating that the settlement would be much less.\r\n\r\nBasically, financial regulators have caught up with the banks actions and it does not look good moving forward. It is so dire that many commentators are liking it to another Lehman event in the making. Whether this is accurate or not is debatable but it certainly adds fuel to the fire driving the share price lower with increased uncertainty. Angela Merkel is now on the spot. Will she bail Deutsche Bank out with a rescue package or not?\r\n\r\nOn Friday last week we had market rumours, speculation and squeezes just to keep us on our toes. Deutsche Bank released a statement saying that the initial settlement of $14 billion with the U.S. regulators was now being negotiated down to circa $5 Billion… let’s see.\r\n\r\nAdd BREXIT uncertainty to this news story and this coming week could be fascinating as the story continues to unfold. I am sure that there will be many twists and turns ahead. If there was a bailout we would need to see the stock price at the precipice first sub €4.00 in my opinion. Since the statement it has bounced higher.\r\n\r\nThe trade off this is the EUR/CHF to the long side. Given the statement last Friday from Deutsche Bank my hopes of a 1.1130 re-test have been dashed, although this pair should regain some of its recent losses.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) - </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong></p>\r\n<p style=\"text-align: center;\">EUROPE IN DANGEROUS TERRITORY</p>\r\n\r\nOver the last 216 WEEKLY FX DRIVE THRU blogs, I think I have written as much about the EUROZONE as any other subject. I am back at the well once again!!\r\n\r\nI really enjoy trading Forex because even allowing for the odd moan and whine here and there over market trading conditions, I feel that learning to trade the currency market has kept me very well abreast of what is happening in the world politically and economically.\r\n\r\nOver the past few weeks the markets have been obsessed with central banks and what is happening with monetary policies around the globe. This is hugely important to Forex traders, if not, the most important data to take note of. However, all the time we read and listen to central bank presidents, governors whatever… life goes on.\r\n\r\nThe political and economic stability of the world is at a crossroads and nowhere serves as a better example of this than the EUROZONE.\r\n\r\nLet me just put out a few pointers as to why I think that EUROPE is in dangerous territory.\r\n\r\n&nbsp;\r\n\r\nBREXIT:\r\n\r\nThe EUROPEAN UNION, the EUROZONE has been thrown a curve ball by the UK referendum vote last June 23<sup>rd</sup>, voting in favour of leaving the EUROPEAN UNION. 90 days or so on from the vote we are still awaiting the Lisbon treaty article 50 to be triggered by the UK government to start the exit procedure. The pen pushing, desk sucking jotter blotters in Brussels state it could take as long as two years for the UK to exit. Dream on baby… it took Greenland two years to exit and they were no way near as entangled in the EUROPEAN UNION as the UK. This exit is a bureaucrats dream to milk it for as much as possible, time and cash wise. If Theresa May triggers article 50 in March 2017, I think it could be 2021 before the exit is confirmed.\r\n\r\nMy gut tells me that negotiations will take place and the UK government will take what they have managed to agree to the population again for a further referendum to ask “Do you really want us to proceed and exit”. Only then will the procedure begin.\r\n\r\nMy timeline is negotiations though to the end of March / April with a possible referendum May / June 2017, resulting in either a “hello we are back again” or article 50 being triggered within 90 days of the referendum.\r\n\r\nI know I am bit out there with my theory. We are in unchartered waters so never say never.\r\n\r\nThe cost of a UK BREXIT to the EUROPEAN UNION should not be under estimated. The mere fact that the UK is a financial net contributor will automatically mean that money in the coffers to be spent by the EUROPEAN UNION will be significantly reduced.\r\n\r\nThe BREXIT is just one of the major worries ahead for EUROPE.\r\n\r\n&nbsp;\r\n\r\nGREECE:\r\n\r\nThe Bailout III started last week. This time it is the EUROZONE alone bailing out GREECE. The IMF is not involved in the latest monies of €86 billion. The package if you recall was needed to avert a complete financial collapse in GREECE.\r\n\r\nI have long written that debt relief is the only sensible way forward for GREECE. The IMF also cites this as the correct way forward and because the EUROZONE decided against debt relief as the policy moving forward the IMF did not get involved in bailout III. But don\'t worry they will be back for Act IV.\r\n\r\nThis move by the EUROZONE shows how fearful the politicians are of their positions, especially in Germany where Angela Merkel is under a real threat of losing power so to give GREECE more money was the better option than giving them debt relief.\r\n\r\nYou can just imagine Jeroen Dijsselbloem’s (President of the EUROGROUP, in charge of the bailout procedure) meeting coming to the following conclusion;\r\n\r\n<em>“OK chaps, we have political instabilities all over the EUROZONE therefore we cannot offer debt relief but let’s throw good money after bad and kick the can down the road for a year or so!”</em>\r\n\r\nAlexis Tsipras, Prime Minister and leader of the Syriza party is walking a very thin line with the EUROGROUP. Promises on reforms are not being kept, nevertheless the Bailout III has been approved. In my opinion, this is nothing more than sweeping dirt under the carpet.\r\n\r\nThe Greek government are claiming that the economy is on target for growth between 0.2 and 0.4 percent this year, yet the European Commission themselves claim it is still shrinking. This time by 0.3 percent. 25% of the adult population are out of work. Debt as a proportion to GDP will rise to 182.8% this year.\r\n\r\nYup…all nice a peachy.\r\n\r\nThe Greek people must be totally pist off. All they are doing is paying off debt and adding to debt. The time will come very soon when the index finger is raised by GREECE and they default.\r\n\r\nAt that point in my opinion the EUROZONE is at breaking point and exits will be voted on in numerous countries and the CONTAGION FEAR and EFFECT grips the EUROPEAN UNION.\r\n\r\nSomething to look forward to…. I guess.\r\n\r\n&nbsp;\r\n\r\nITALIAN REFERENDUM ON CONSTITUTIONAL REFORMS:\r\n\r\nThis is fast becoming a referendum on Prime Minister Renzi.\r\n\r\nA “No” vote and we have another crisis in the EUROZONE to manage through. The Italian economy is teetering on the brink as it is with the banking sector never more than a column width away from breaking news on the negative side.\r\n\r\nThere are plenty of headwinds in ITALY. Apart from the financial sector instability, BREXIT will hit the Italian economy quite hard and they also face the unstable domestic political position and the slowdown of investment in the economy which has been a feature this year so far only expected to get worse. These factors are bound to have a serious negative effect on Italian consumption numbers.\r\n\r\nThe referendum is scheduled for early November 2016.\r\n\r\n&nbsp;\r\n\r\nGERMAN PARLIAMENTARY ELECTIONS 2017:\r\n\r\nA little way off at the moment, but keep these events in your mind.\r\n\r\nThe German election will probably be in September 2017. Whilst this is almost a year way, look at what Angela Merkel is doing now.\r\n\r\nPoliticians are “can-kickers” and “vote junkies” due to their basic survival instincts. Merkel has been losing support in regional elections, once strongholds and she knows she has to be populist with domestic voters to keep her slender Bundestag working majority alive. Her party, the CDU (Christian Democratic Union) and coalition partner with the CSU (Christian Social Union) are in power by the skin on their teeth.\r\n\r\nMerkel is adopting a no nonsense approach of no conciliations so that she appears strong to potential voters. However, her victory in 2017 no matter how strong she appears to voters, is by no means guaranteed. Her approach with the Syrian refugees has created law and order issues across Germany and opposition parties are ready to pounce. Giving more to GREECE was the less of two evils approach, as German savers with zero interest rates in return are already up in arms because they are effectively losing money. Had debt relief been granted to GREECE, I think that would have been the straw that broke the camel’s back for the popular vote. Hence the EUROGROUP effectively “Kicked the can further down the road” to save Merkel; for now, that is.\r\n\r\n&nbsp;\r\n\r\nFRANCE PARLIAMENTARY ELECTIONS 2017:\r\n\r\nThese will be a hoot next year. The anti-European parties have always been bubbling under in the French media.\r\n\r\nThe French economy has been suffering, not helped by the present economy minister looking to project his own political movement called “Forward” … forward!! There are structural reforms scheduled in France and employment rules are to be changed.\r\n\r\nNo matter what, general elections always mean potential uncertainties ahead and with the political situation with Marie Le Penn and Hollands bound to heart up with Nicolas Sarkozy looking to get back into this race, the media will be fully engaged in the run up to decision day.\r\n\r\n&nbsp;\r\n\r\nTHE REFUGEE CRISIS:\r\n\r\nSad to write this like it is but it is a crisis. The numbers that I read about here in Canada and it’s not on Canadian news every day like it is in Europe are staggering.\r\n\r\nTURKEY and GREECE take the brunt of first landings. When it comes to paperwork and clearance being undertaken effectively, neither of these countries would be in your top 20 countries for efficiencies or accuracy. They appear to move people forward very quickly; I am pretty certain this is done to avoid their countries looking like huge 2016 versions of concentration camps.\r\n\r\nI have already mentioned issues such as law and order in Germany. But more serious is the terrorist threats that fast clearances afford and we have seen evidence of this in FRANCE and BELGIUM.\r\n\r\nThe refugee crisis places not just a massive humanitarian responsibility on the EUROZONE to manage effectively but security of the EUROZONE is thrown into chaos as those who perpetrate violence want to create instability and fear into the population.\r\n\r\nThis is in my opinion the biggest threat to EUROPE moving forward and the full ramifications of what is going on now and for the past 12-18 months or so has yet to be felt.\r\n\r\n&nbsp;\r\n\r\nMoving on…\r\n\r\nWith all of the above I am astonished that the EUR/USD is not trading closer to parity than where it currently languishes around 1.1200. Moving forward, I cannot see anything EUR positive. The ECB is totally dovish and will remain so for as long as required or until hell actually does freeze over.\r\n\r\nI have started, as PREMIUM SERVICE subscribers are aware to build short trades with the EUR moving forward. As with everything EUR nothing is simple or straightforward. The cross-rates will always have their say. The EUR/GBP and EUR/CHF in particular are powerful currencies in their own right.\r\n\r\nThere is nothing much else that Mario Draghi can do via ECB monetary policy it is up to member states to make structural changes. This will be ad hoc if actually nothing at all, so sadly whilst I think the direction of the EUR/USD is lower, this will be achieved on the back of headline geopolitical events more than anything else. The only outside factor that could kick start the single currency weaker would be the FED normalizing rates. A FED rate hike should strengthen the USD versus the EUR.\r\n\r\nSo, I think if you entered the EUR/USD short today and closed your eyes and then opened them up in June 2017, you may not be disappointed.\r\n\r\nHowever, the FX move lower will be a two-way affair with buyers and sellers fighting for control along the way. There will be plenty of confusion along the way and as you should know by now, in my book;\r\n\r\nCONFUSION = UNCERTAINTY\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: GBP – Manufacturing PMi.\r\nMONDAY: AUD – RBA Rate Statement\r\n\r\nTUESDAY: GBP – Construction PMi.\r\nTUESDAY: NZD – GDT Price (Dairy Auction Prices).\r\nTUESDAY: AUD – Retail Sales.\r\n\r\nWEDNESDAY: GBP – Services PMi.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Change.\r\nWEDNESDAY: USD - ISM Non-Manufacturing PMi.\r\n\r\nTHURSDAY: N/A.\r\nFRIDAY: USD – Non-Farm Employment Data &amp; Unemployment Rate.\r\nFRIDAY: CAD – Unemployment Data.\r\n\r\n\r\n&nbsp;\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1240\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8394\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-30092016-1024x476.png\" alt=\"eurusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2976\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8395\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-30092016-1024x476.png\" alt=\"gbpusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7655\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8393\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-30092016-1024x476.png\" alt=\"audusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7282\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8396\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-30092016-1024x476.png\" alt=\"nzdusd-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3126\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8397\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-30092016-1024x476.png\" alt=\"usdcad-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9711\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8398\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-30092016-1024x476.png\" alt=\"usdchf-daily-30092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 101.32\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016.png\"><img class=\"aligncenter size-large wp-image-8399\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-30092016-1024x476.png\" alt=\"usdjpy-daily-30092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nThis week the UK Purchasing Managers Indexes will be notable events along with the U.S. and Canadian employment data. In addition, we have an interest rate announcement and Retail Sales from Australia. I am not expecting a change in interest rates.\r\n\r\nHopefully this will be the week that we break out of the tight trading ranges that have been a feature with so many pairs. One must remember breaking out of these ranges always has its excitement as we usually see false breakouts and false breakdowns. We need to be ready for these should they occur. However, if we do break free, personally I think that this will be good for the markets overall. If we stall, I hate to write this but It could be chop fest all the way through to the FOMC in December. The only thing that could break this view is a major geopolitical event such as GREECE, THE U.S. PRESIDENTIAL ELECTION, BREXIT, DEUTSCHE BANK COLLAPSE and a collapse in OIL to sub $30.00.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>DATE: 1<sup>st</sup> October 2016\r\nBLOG VERSION: #216 FREE NEWSLETTER VERSION','EUROPE IN DANGEROUS TERRITORY','','inherit','closed','closed','','8417-revision-v1','','','2016-10-01 16:55:40','2016-10-01 21:55:40','',8417,'http://weeklyfxdrivethru.com/8417-revision-v1/',0,'revision','',0),(8801,1,'2016-12-15 11:24:03','2016-12-15 16:24:03','','PREM SERV PROFITS1 2016 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21:10:16','','usdjpy-daily-08102016','','inherit','open','closed','','usdjpy-daily-08102016','','','2016-10-08 11:06:56','2016-10-08 16:06:56','',8452,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-08102016.png',0,'attachment','image/png',0),(8451,1,'2016-10-07 16:10:46','2016-10-07 21:10:46','','audusd-daily-08102016','','inherit','open','closed','','audusd-daily-08102016','','','2016-10-08 11:06:04','2016-10-08 16:06:04','',8452,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-08102016.png',0,'attachment','image/png',0),(8452,1,'2016-10-08 11:08:54','2016-10-08 16:08:54','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nHoly crap that was some ending to a tame week last week. I am not drinking at the moment so when I saw the cable moves last Thursday evening (EST) in Asia, I knew that it wasn\'t the Jack Daniels screwing with my vision. I think we call that a FLUSH OUT. It was <strong><u>NOT</u></strong> a CAPITULATION move as I will explain later in this blog. I have been reading up on definitions from some of the trade books in my possession.\r\n\r\nDuring last week, my trades from the previous week started to come good and I added to those trades further trades that also behaved well, so the small loss in pips that I recorded for the month of September was well and truly put behind me and the October start is excellent so far this month with a net 970 fresh /new profitable pips being added. This not only pleases me, but it should hopefully please my PREMIUM SERVICE subscribers as well, as my annual 10,000 pip objective is very close to being achieved already. This year the total is at 9,955 pips.\r\n\r\nLike a good puppy I behaved well and closed out a lot of trades, mainly those USD related FLASH, RADAR and FUNDAMENTAL trades ahead of NFP. I banked great $$$ with a GBP/USD short and a EUR/GBP long…if only.\r\n\r\nI have heard from several subscribers since the cable crash and to date only one suffered a loss who took a EUR/GBP short at 0.8840 against this highs of the day. Unfortunately, with slippage that was a 280 pip loss…ouch!! The other subscribers all made money either on their own GBP/USD short or not stopping out at the same time as me with my trade to let it ride lower. Profits between 200 and 800 pips were taken; I love that!!\r\n\r\nOnwards and upwards…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS SEPTEMBER 2016:     +970 pips\r\nNET PIPS 2016 TO DATE:              +9,995 pips\r\n\r\nNET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nTHE CABLE CRASH:\r\n\r\nThere is only one item from last week that I want to talk about and that is the CABLE CRASH in Asian Trading (for me) Thursday evening 6<sup>th</sup> October 2016.\r\n\r\nBefore getting into the nuts and bolts of CABLE. For PREMIUM SERVICE subscribers in your exclusive section of the blog (Section 5), I will be reviewing all the GBP related charts with a where am I going from here approach.\r\n\r\nFirstly, several emails have been received asking me or advising me that what we witnessed was a CAPITULATION move. I disagree.\r\n\r\nYes, we saw a cascade lower. But, in my opinion, the move occurred in Asian Trading, which, let’s face it, is very thin even at the best of times. A CAPITULATION move in my opinion is when the market is fully liquid and basically traders say “FUCK IT” get me out of here I have had enough “I WANT OUT… GET ME OUT”. The market sells off cascades like crazy, hits what can only be best described as a brick wall and then reverses the pants off the initial move. This second stage did not happen, yes we saw a reversal but it wasn\'t explosive.\r\n\r\nIn my opinion last Thursday was a FLUSH OUT in thin trading.\r\n\r\nIn my opinion, this also means that all the levels of support previously looked at are basically off the table as they were destroyed and we are now in a reset mode for a few sessions.\r\n\r\nWhat I did notice last Thursday was in speaking with subscribers and examining my own brokers, the lower levels achieved from the spike lows with the GBP pairs varied considerably from broker to broker.\r\n\r\nBelow I include 4 photos from some of the brokers that I trade with just to show the spike low differences with the GBP/USD that I was noticing.\r\n\r\nBROKER A – spike low was 1.1020.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-A-08102016.png\"><img class=\"aligncenter size-large wp-image-8431\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-A-08102016-1024x778.png\" alt=\"broker-a-08102016\" width=\"1024\" height=\"778\" /></a>\r\n\r\nBROKER B – spike low was 1.1410.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-B-08102016.png\"><img class=\"aligncenter size-large wp-image-8432\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-B-08102016-1024x786.png\" alt=\"broker-b-08102016\" width=\"1024\" height=\"786\" /></a>\r\n\r\nBROKER C – spike low was 1.1890.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-C-08102016.png\"><img class=\"aligncenter size-large wp-image-8433\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-C-08102016-1024x915.png\" alt=\"broker-c-08102016\" width=\"1024\" height=\"915\" /></a>\r\n\r\nBROKER D – spike low was 1.1937.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-D-08102016.png\"><img class=\"aligncenter size-large wp-image-8434\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-D-08102016-1024x778.png\" alt=\"broker-d-08102016\" width=\"1024\" height=\"778\" /></a>\r\n\r\n&nbsp;\r\n\r\nLet me just say, the differences in spike lows look dramatic from broker to broker. However, this in itself does not because of the situation the brokers were facing, make one broker a bad broker and another one a good one. In my opinion, at all times accessibility to the brokers platform to trade, is more important.\r\n\r\nThe feedback from my subscribers was: -\r\n<ol>\r\n 	<li>FXCM was blocked again (same as after the CHF PEG removal). This is painful and I have experienced this first hand on the PEG removal and I suffered a big loss.</li>\r\n 	<li>Slippage was an issue on stops… quelle surprise.</li>\r\n 	<li>Short trades were maybe not covered as close to the lows as perhaps they should have been.</li>\r\n 	<li>Following the “CABLE CRASH” spreads remained wider than usual for hours.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nNothing new on any of this. It is standard stuff. The FXCM lock out frankly amazes me and I wonder will any brokers, given the fact that the GBP was so heavily biased short, be under pressure. Will we have victims like we did after the CHF PEG removal?\r\n\r\nSo what caused the crash in cable?\r\n\r\nMany reports state the drop coincided with a press release from French Prime Minister Hollande sating that the UK should get zero leeway in BREXIT negotiations. Who knows for sure what caused the move.\r\n\r\nIt could have been a combination of Hollande, thin trading and algorithmic trading pushing stops.\r\n\r\nSo, all the stuff about, Non-Farm Payrolls, Deutsche Bank and the U.S. Presidential election, plus the hard line approach in front party members at the Conservative Party Conference taken by UK Prime Minister Theresa May really faded into the background. All of these topics will return though.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IS CANADA THE NEXT DOMINO?</strong></p>\r\n\r\nMost people will be writing about the UK and the GBP over this weekend. To be contrarian, I have decided to look at Canada.\r\n\r\nI think that it would be correct to say for several months off and on, I have been talking about rate cuts by the BOC and the housing bubble that exists in Canada. Within the last 7 days the Canadian government finally took action.\r\n\r\nIn my opinion, and this has NOT changed for most of this year, bubbling under the Canadian economic picture is a great deal of uncertainty and pressure that frankly I do not believe that the economy can cope with moving forward without a great deal of fiscal and monetary policy initiatives.\r\n\r\nLet me just pick something out that happened last Friday to elaborate my point about everything not being good, despite what appears on the surface.\r\n<ul>\r\n 	<li>U.S. Non-Farm Payrolls = 156,000. The forecast was for 171,000.</li>\r\n 	<li>Canadian Job Numbers = 67,200. The forecast was for 8,500.\r\n(Weaker U.S. numbers and very strong Canadian numbers)</li>\r\n</ul>\r\nThe upshot of this is that one would have expected the Canadian dollar to strengthen considerably. Oil remained elevated as well so all the smart money one would have thought was behind the USD/CAD staying towards the lower end of its daily range (1.3180 to 1.3314). The facts were though the CAD was weak and rejected all the data…. why?\r\n\r\nFirstly, the housing bubble is ready to burst and the markets are expecting this to happen.\r\n\r\nThe BOC under the leadership of “ostrich impressionist” Stephen Poloz has probably been praying like crazy all year that factors would turn his way. He really wanted house prices to stabilize in Vancouver and Toronto. This has not happened, in fact throughout the year prices spiraled. Oil has leveled out at $50.00 and looks to be heading lower again. The oil sands fire in Alberta has had a deeper effect on the economy than first thought, or hoped for.\r\n\r\nSo there are headwinds in my opinion for the CAD.\r\n\r\nWe have to look at the fact that the FED is about to raise rates and the Canadian economy is more than likely going to move in the opposite direction (I think that the BOC will cut). The net effect of this is more pressure on the CAD and it should weaken even more.\r\n\r\nTwo notable difference between the Canadian housing market and the US housing market are as follows: -\r\n<ol>\r\n 	<li>The US housing market is securitized / Canada is not. This means that fixing a crisis will not be a fast as the US managed in 2007 through 2009.</li>\r\n 	<li>Should the bubble burst. Canadian Mortgages are non-recourse. Therefore, unlike the US homeowners won’t be able just walk away like some US homeowners did when the value of their property fell dramatically below the market value.</li>\r\n</ol>\r\nLast week, Bill Morneau, the Canadian Finance Minister unveiled new initiatives aimed at tightening access to mortgage insurance for commercial banks and he closed a tax loophole for homes purchased by non-Canadian residents.\r\n\r\nThe last time that the Canadian government acted on housing was in 2008 when they tried to slow down price increments.\r\n\r\nBasically, since 2008 the Canadian economy has absorbed years of price rises spurred by a Condo boom and low borrowing costs and ease of conditions to buy. To the 31<sup>st</sup> August 2016 the national figure for home prices rose by 15% from a year earlier. However, in the same period, Vancouver rose by 31% and Toronto 17%.\r\n\r\nThe government has made several structural changes to tax code and eligibility for mortgages that take effect at the end of next month.\r\n\r\nThe bottom line is… “Is too little too late?”.\r\n\r\nThe Vancouver market is already pulling back and this is going to hit hard when the full effect of a bubble hits\r\n\r\nI have read that some bank analysts believe that by the middle of 2017, Canada’s interest rates will be at zero with negative interest rates possibly in place. Could this happen to sleepy Canada?\r\n\r\nDead right it could. The Canadian approach is very “laid back conservative” and coupled with the BOC prepared to be behind the economic curve it means that only reactive actions are forthcoming\r\n\r\nTraders are expecting the worst. The housing bubble is when not if. USD/CAD exchange rates of 1.6000 and 1.7000 are bandied about. Currently we are just above 1.3000.\r\n\r\nSo my title IS CANADA THE NEXT DOMINO, refers to where the next economic geopolitical event is probably going hit.\r\n\r\nThe domino effect from economy to economy is still happening; I wrote about this over two years ago. Doing nothing is NOT an option and hoping that problems will go away is not a policy, just look at the EUROZONE.\r\n\r\nThe Next BOC meetings are on October 19<sup>th</sup> and then the final one this year is on December 7<sup>th</sup>, chances are something will be announced that supports the economy.\r\n\r\nAn actual housing bubble and continued rumours of a bubble happening will have a devastating effect on consumer confidence and retail sales creating a negative for the economy. The big question is, will the BOC remain behind the curve? Only time will answer this question but the markets being future pricing mechanisms seem to have already started to make up their minds.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW\r\n\r\nAlmost 1,000 pips this month so far so I am happy puppy.\r\n\r\nLooking forward, I think that there are still thousands of pips left in GBP related pairs. I am writing this blog late Friday (October 7<sup>th</sup> 2016), but Monday morning (Thanksgiving Day) I expect that the GBP/USD will either be trading around 1.2200 or back through to 1.2600 after the weekends UK press has had its say.\r\n\r\nLast week I mentioned to you via Twitter and email that I wanted to get into some JPY trades. They will take a back seat for a few sessions as I want to re-focus on the GBP given the crash last week.\r\n\r\nBelow you will see that I have added charts for the GBP pairs with my comments contained on them. In the coming sessions I am looking to get as many of these set-ups in place.\r\n\r\nThe first chart though is the monthly GBP/USD from the fall following the famous Mervyn King damming inflation report in 2007. After this chart I have looked at shorter time-framed charts for my analysis.\r\n\r\nThe one thing to bear in mind when you look at all of these charts is that they show a hell of a pullback from the “CRASH SPIKES” and whilst these have to be noted they are not to be taken as read that we are looking at traditional HAMMER / SHOOTING STAR candlesticks.\r\n\r\nAs you know my approach will always be a cautious one. Monday this week is “Thanksgiving” in Canada and the Columbus day holiday in the US and A. Therefore, there will be no markets at all. I will take a look on Monday, but it will probably be Tuesday in the European session next week that the GBP set ups come through…but who knows!\r\n\r\nGBP/USD (Monthly Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-MONTHLY-POST-CRASH-08102016.png\"><img class=\"aligncenter size-large wp-image-8444\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-MONTHLY-POST-CRASH-08102016-1024x476.png\" alt=\"gbpusd-monthly-post-crash-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-CHART-PREM-SERV-ONLY-08102016.png\"><img class=\"aligncenter size-large wp-image-8443\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-CHART-PREM-SERV-ONLY-08102016-1024x476.png\" alt=\"gbpusd-daily-chart-prem-serv-only-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/GBP (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURGBP-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8437\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURGBP-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"eurgbp-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/CHF (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPCHF-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8440\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPCHF-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpchf-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/AUD (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPAUD-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8438\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPAUD-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpaud-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/CAD (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPCAD-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8439\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPCAD-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpcad-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/NZD (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPNZD-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8442\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPNZD-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpnzd-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/JPY (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPJPY-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8441\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPJPY-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpjpy-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nPicking entries for these GBP related pairs could be a little hit and miss and stops will be wide. However, I am reminded of the quote;\r\n\r\n“If you aim at nothing, you will hit it every time”\r\n\r\n&nbsp;\r\n\r\nPOSITION SIZING:\r\n\r\nAs you know, into the BREXIT vote and over the summer I pulled back with my POSITION SIZING for trades.\r\n\r\nFrom October 1<sup>st</sup>, I decided to move back with larger POSITION SIZING and below there is the new chart that I am working to. I am not yet back at 100% and frankly I do not see that situation arising this year, but I wanted to advise you what I was doing now.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/RISK-POSITION-SIZING-08102016.png\"><img class=\"aligncenter size-large wp-image-8430\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/RISK-POSITION-SIZING-08102016-1024x653.png\" alt=\"risk-position-sizing-08102016\" width=\"1024\" height=\"653\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nDATES FOR THE “DRIVE THRU” BLOG 2017:\r\n\r\nI have had to amend the dates for the blog next year. Unless a complete change of plan emerges, the blog will be issued on the dates contained on the chart.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BLOG-DATES-2017-08102016.png\"><img class=\"aligncenter size-large wp-image-8429\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BLOG-DATES-2017-08102016-624x1024.png\" alt=\"blog-dates-2017-08102016\" width=\"624\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe weeks denoted N/A in RED are weeks when I will NOT be trading. I have amended subscriptions where required to reflect these changes and over the next few days those of you affected will receive an email detailing your new expiration date for your PREMIUM SERVICE subscription.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIVE-TRADES-08102016.png\"><img class=\"aligncenter size-large wp-image-8436\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIVE-TRADES-08102016-772x1024.png\" alt=\"live-trades-08102016\" width=\"772\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIMIT-ORDERS-08102016.png\"><img class=\"aligncenter size-large wp-image-8435\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIMIT-ORDERS-08102016-720x1024.png\" alt=\"limit-orders-08102016\" width=\"720\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD – Core Retail Sales, PPi, Consumer Sentiment and Janet Yellen .\r\n\r\n&nbsp;\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1194\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8445\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-08102016-1024x476.png\" alt=\"eurusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2434\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8446\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-08102016-1024x476.png\" alt=\"gbpusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7583\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8451\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-08102016-1024x476.png\" alt=\"audusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7162\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8447\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-08102016-1024x476.png\" alt=\"nzdusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3279\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8448\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-08102016-1024x476.png\" alt=\"usdcad-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9777\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8449\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-08102016-1024x476.png\" alt=\"usdchf-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.94\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8450\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-08102016-1024x476.png\" alt=\"usdjpy-daily-08102016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nI think that this week will be dominated by news emanating from Europe and further BREXIT news.\r\n\r\nWe also have the second U.S. Presidential debate on Sunday evening. I am not sure if this will do much for the markets in Asian trading when the debate takes place.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>DATE: 8th October 2016\r\nBLOG VERSION: #114 THE PREMIUM SERVICE VERSION','IS CANADA THE NEXT DOMINO?','','publish','open','closed','','canada-next-domino','','','2016-10-08 11:08:54','2016-10-08 16:08:54','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8452',0,'member_posts','',0),(8453,1,'2016-10-08 11:08:54','2016-10-08 16:08:54','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nHoly crap that was some ending to a tame week last week. I am not drinking at the moment so when I saw the cable moves last Thursday evening (EST) in Asia, I knew that it wasn\'t the Jack Daniels screwing with my vision. I think we call that a FLUSH OUT. It was <strong><u>NOT</u></strong> a CAPITULATION move as I will explain later in this blog. I have been reading up on definitions from some of the trade books in my possession.\r\n\r\nDuring last week, my trades from the previous week started to come good and I added to those trades further trades that also behaved well, so the small loss in pips that I recorded for the month of September was well and truly put behind me and the October start is excellent so far this month with a net 970 fresh /new profitable pips being added. This not only pleases me, but it should hopefully please my PREMIUM SERVICE subscribers as well, as my annual 10,000 pip objective is very close to being achieved already. This year the total is at 9,955 pips.\r\n\r\nLike a good puppy I behaved well and closed out a lot of trades, mainly those USD related FLASH, RADAR and FUNDAMENTAL trades ahead of NFP. I banked great $$$ with a GBP/USD short and a EUR/GBP long…if only.\r\n\r\nI have heard from several subscribers since the cable crash and to date only one suffered a loss who took a EUR/GBP short at 0.8840 against this highs of the day. Unfortunately, with slippage that was a 280 pip loss…ouch!! The other subscribers all made money either on their own GBP/USD short or not stopping out at the same time as me with my trade to let it ride lower. Profits between 200 and 800 pips were taken; I love that!!\r\n\r\nOnwards and upwards…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS SEPTEMBER 2016:     +970 pips\r\nNET PIPS 2016 TO DATE:              +9,995 pips\r\n\r\nNET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nTHE CABLE CRASH:\r\n\r\nThere is only one item from last week that I want to talk about and that is the CABLE CRASH in Asian Trading (for me) Thursday evening 6<sup>th</sup> October 2016.\r\n\r\nBefore getting into the nuts and bolts of CABLE. For PREMIUM SERVICE subscribers in your exclusive section of the blog (Section 5), I will be reviewing all the GBP related charts with a where am I going from here approach.\r\n\r\nFirstly, several emails have been received asking me or advising me that what we witnessed was a CAPITULATION move. I disagree.\r\n\r\nYes, we saw a cascade lower. But, in my opinion, the move occurred in Asian Trading, which, let’s face it, is very thin even at the best of times. A CAPITULATION move in my opinion is when the market is fully liquid and basically traders say “FUCK IT” get me out of here I have had enough “I WANT OUT… GET ME OUT”. The market sells off cascades like crazy, hits what can only be best described as a brick wall and then reverses the pants off the initial move. This second stage did not happen, yes we saw a reversal but it wasn\'t explosive.\r\n\r\nIn my opinion last Thursday was a FLUSH OUT in thin trading.\r\n\r\nIn my opinion, this also means that all the levels of support previously looked at are basically off the table as they were destroyed and we are now in a reset mode for a few sessions.\r\n\r\nWhat I did notice last Thursday was in speaking with subscribers and examining my own brokers, the lower levels achieved from the spike lows with the GBP pairs varied considerably from broker to broker.\r\n\r\nBelow I include 4 photos from some of the brokers that I trade with just to show the spike low differences with the GBP/USD that I was noticing.\r\n\r\nBROKER A – spike low was 1.1020.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-A-08102016.png\"><img class=\"aligncenter size-large wp-image-8431\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-A-08102016-1024x778.png\" alt=\"broker-a-08102016\" width=\"1024\" height=\"778\" /></a>\r\n\r\nBROKER B – spike low was 1.1410.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-B-08102016.png\"><img class=\"aligncenter size-large wp-image-8432\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-B-08102016-1024x786.png\" alt=\"broker-b-08102016\" width=\"1024\" height=\"786\" /></a>\r\n\r\nBROKER C – spike low was 1.1890.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-C-08102016.png\"><img class=\"aligncenter size-large wp-image-8433\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-C-08102016-1024x915.png\" alt=\"broker-c-08102016\" width=\"1024\" height=\"915\" /></a>\r\n\r\nBROKER D – spike low was 1.1937.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-D-08102016.png\"><img class=\"aligncenter size-large wp-image-8434\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-D-08102016-1024x778.png\" alt=\"broker-d-08102016\" width=\"1024\" height=\"778\" /></a>\r\n\r\n&nbsp;\r\n\r\nLet me just say, the differences in spike lows look dramatic from broker to broker. However, this in itself does not because of the situation the brokers were facing, make one broker a bad broker and another one a good one. In my opinion, at all times accessibility to the brokers platform to trade, is more important.\r\n\r\nThe feedback from my subscribers was: -\r\n<ol>\r\n 	<li>FXCM was blocked again (same as after the CHF PEG removal). This is painful and I have experienced this first hand on the PEG removal and I suffered a big loss.</li>\r\n 	<li>Slippage was an issue on stops… quelle surprise.</li>\r\n 	<li>Short trades were maybe not covered as close to the lows as perhaps they should have been.</li>\r\n 	<li>Following the “CABLE CRASH” spreads remained wider than usual for hours.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nNothing new on any of this. It is standard stuff. The FXCM lock out frankly amazes me and I wonder will any brokers, given the fact that the GBP was so heavily biased short, be under pressure. Will we have victims like we did after the CHF PEG removal?\r\n\r\nSo what caused the crash in cable?\r\n\r\nMany reports state the drop coincided with a press release from French Prime Minister Hollande sating that the UK should get zero leeway in BREXIT negotiations. Who knows for sure what caused the move.\r\n\r\nIt could have been a combination of Hollande, thin trading and algorithmic trading pushing stops.\r\n\r\nSo, all the stuff about, Non-Farm Payrolls, Deutsche Bank and the U.S. Presidential election, plus the hard line approach in front party members at the Conservative Party Conference taken by UK Prime Minister Theresa May really faded into the background. All of these topics will return though.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IS CANADA THE NEXT DOMINO?</strong></p>\r\n\r\nMost people will be writing about the UK and the GBP over this weekend. To be contrarian, I have decided to look at Canada.\r\n\r\nI think that it would be correct to say for several months off and on, I have been talking about rate cuts by the BOC and the housing bubble that exists in Canada. Within the last 7 days the Canadian government finally took action.\r\n\r\nIn my opinion, and this has NOT changed for most of this year, bubbling under the Canadian economic picture is a great deal of uncertainty and pressure that frankly I do not believe that the economy can cope with moving forward without a great deal of fiscal and monetary policy initiatives.\r\n\r\nLet me just pick something out that happened last Friday to elaborate my point about everything not being good, despite what appears on the surface.\r\n<ul>\r\n 	<li>U.S. Non-Farm Payrolls = 156,000. The forecast was for 171,000.</li>\r\n 	<li>Canadian Job Numbers = 67,200. The forecast was for 8,500.\r\n(Weaker U.S. numbers and very strong Canadian numbers)</li>\r\n</ul>\r\nThe upshot of this is that one would have expected the Canadian dollar to strengthen considerably. Oil remained elevated as well so all the smart money one would have thought was behind the USD/CAD staying towards the lower end of its daily range (1.3180 to 1.3314). The facts were though the CAD was weak and rejected all the data…. why?\r\n\r\nFirstly, the housing bubble is ready to burst and the markets are expecting this to happen.\r\n\r\nThe BOC under the leadership of “ostrich impressionist” Stephen Poloz has probably been praying like crazy all year that factors would turn his way. He really wanted house prices to stabilize in Vancouver and Toronto. This has not happened, in fact throughout the year prices spiraled. Oil has leveled out at $50.00 and looks to be heading lower again. The oil sands fire in Alberta has had a deeper effect on the economy than first thought, or hoped for.\r\n\r\nSo there are headwinds in my opinion for the CAD.\r\n\r\nWe have to look at the fact that the FED is about to raise rates and the Canadian economy is more than likely going to move in the opposite direction (I think that the BOC will cut). The net effect of this is more pressure on the CAD and it should weaken even more.\r\n\r\nTwo notable difference between the Canadian housing market and the US housing market are as follows: -\r\n<ol>\r\n 	<li>The US housing market is securitized / Canada is not. This means that fixing a crisis will not be a fast as the US managed in 2007 through 2009.</li>\r\n 	<li>Should the bubble burst. Canadian Mortgages are non-recourse. Therefore, unlike the US homeowners won’t be able just walk away like some US homeowners did when the value of their property fell dramatically below the market value.</li>\r\n</ol>\r\nLast week, Bill Morneau, the Canadian Finance Minister unveiled new initiatives aimed at tightening access to mortgage insurance for commercial banks and he closed a tax loophole for homes purchased by non-Canadian residents.\r\n\r\nThe last time that the Canadian government acted on housing was in 2008 when they tried to slow down price increments.\r\n\r\nBasically, since 2008 the Canadian economy has absorbed years of price rises spurred by a Condo boom and low borrowing costs and ease of conditions to buy. To the 31<sup>st</sup> August 2016 the national figure for home prices rose by 15% from a year earlier. However, in the same period, Vancouver rose by 31% and Toronto 17%.\r\n\r\nThe government has made several structural changes to tax code and eligibility for mortgages that take effect at the end of next month.\r\n\r\nThe bottom line is… “Is too little too late?”.\r\n\r\nThe Vancouver market is already pulling back and this is going to hit hard when the full effect of a bubble hits\r\n\r\nI have read that some bank analysts believe that by the middle of 2017, Canada’s interest rates will be at zero with negative interest rates possibly in place. Could this happen to sleepy Canada?\r\n\r\nDead right it could. The Canadian approach is very “laid back conservative” and coupled with the BOC prepared to be behind the economic curve it means that only reactive actions are forthcoming\r\n\r\nTraders are expecting the worst. The housing bubble is when not if. USD/CAD exchange rates of 1.6000 and 1.7000 are bandied about. Currently we are just above 1.3000.\r\n\r\nSo my title IS CANADA THE NEXT DOMINO, refers to where the next economic geopolitical event is probably going hit.\r\n\r\nThe domino effect from economy to economy is still happening; I wrote about this over two years ago. Doing nothing is NOT an option and hoping that problems will go away is not a policy, just look at the EUROZONE.\r\n\r\nThe Next BOC meetings are on October 19<sup>th</sup> and then the final one this year is on December 7<sup>th</sup>, chances are something will be announced that supports the economy.\r\n\r\nAn actual housing bubble and continued rumours of a bubble happening will have a devastating effect on consumer confidence and retail sales creating a negative for the economy. The big question is, will the BOC remain behind the curve? Only time will answer this question but the markets being future pricing mechanisms seem to have already started to make up their minds.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW\r\n\r\nAlmost 1,000 pips this month so far so I am happy puppy.\r\n\r\nLooking forward, I think that there are still thousands of pips left in GBP related pairs. I am writing this blog late Friday (October 7<sup>th</sup> 2016), but Monday morning (Thanksgiving Day) I expect that the GBP/USD will either be trading around 1.2200 or back through to 1.2600 after the weekends UK press has had its say.\r\n\r\nLast week I mentioned to you via Twitter and email that I wanted to get into some JPY trades. They will take a back seat for a few sessions as I want to re-focus on the GBP given the crash last week.\r\n\r\nBelow you will see that I have added charts for the GBP pairs with my comments contained on them. In the coming sessions I am looking to get as many of these set-ups in place.\r\n\r\nThe first chart though is the monthly GBP/USD from the fall following the famous Mervyn King damming inflation report in 2007. After this chart I have looked at shorter time-framed charts for my analysis.\r\n\r\nThe one thing to bear in mind when you look at all of these charts is that they show a hell of a pullback from the “CRASH SPIKES” and whilst these have to be noted they are not to be taken as read that we are looking at traditional HAMMER / SHOOTING STAR candlesticks.\r\n\r\nAs you know my approach will always be a cautious one. Monday this week is “Thanksgiving” in Canada and the Columbus day holiday in the US and A. Therefore, there will be no markets at all. I will take a look on Monday, but it will probably be Tuesday in the European session next week that the GBP set ups come through…but who knows!\r\n\r\nGBP/USD (Monthly Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-MONTHLY-POST-CRASH-08102016.png\"><img class=\"aligncenter size-large wp-image-8444\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-MONTHLY-POST-CRASH-08102016-1024x476.png\" alt=\"gbpusd-monthly-post-crash-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-CHART-PREM-SERV-ONLY-08102016.png\"><img class=\"aligncenter size-large wp-image-8443\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-CHART-PREM-SERV-ONLY-08102016-1024x476.png\" alt=\"gbpusd-daily-chart-prem-serv-only-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nEUR/GBP (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURGBP-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8437\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURGBP-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"eurgbp-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/CHF (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPCHF-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8440\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPCHF-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpchf-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/AUD (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPAUD-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8438\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPAUD-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpaud-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/CAD (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPCAD-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8439\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPCAD-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpcad-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/NZD (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPNZD-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8442\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPNZD-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpnzd-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/JPY (Daily Chart)\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPJPY-DAILY-PREM-SERV-08102016.png\"><img class=\"aligncenter size-large wp-image-8441\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPJPY-DAILY-PREM-SERV-08102016-1024x476.png\" alt=\"gbpjpy-daily-prem-serv-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nPicking entries for these GBP related pairs could be a little hit and miss and stops will be wide. However, I am reminded of the quote;\r\n\r\n“If you aim at nothing, you will hit it every time”\r\n\r\n&nbsp;\r\n\r\nPOSITION SIZING:\r\n\r\nAs you know, into the BREXIT vote and over the summer I pulled back with my POSITION SIZING for trades.\r\n\r\nFrom October 1<sup>st</sup>, I decided to move back with larger POSITION SIZING and below there is the new chart that I am working to. I am not yet back at 100% and frankly I do not see that situation arising this year, but I wanted to advise you what I was doing now.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/RISK-POSITION-SIZING-08102016.png\"><img class=\"aligncenter size-large wp-image-8430\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/RISK-POSITION-SIZING-08102016-1024x653.png\" alt=\"risk-position-sizing-08102016\" width=\"1024\" height=\"653\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nDATES FOR THE “DRIVE THRU” BLOG 2017:\r\n\r\nI have had to amend the dates for the blog next year. Unless a complete change of plan emerges, the blog will be issued on the dates contained on the chart.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BLOG-DATES-2017-08102016.png\"><img class=\"aligncenter size-large wp-image-8429\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BLOG-DATES-2017-08102016-624x1024.png\" alt=\"blog-dates-2017-08102016\" width=\"624\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe weeks denoted N/A in RED are weeks when I will NOT be trading. I have amended subscriptions where required to reflect these changes and over the next few days those of you affected will receive an email detailing your new expiration date for your PREMIUM SERVICE subscription.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIVE-TRADES-08102016.png\"><img class=\"aligncenter size-large wp-image-8436\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIVE-TRADES-08102016-772x1024.png\" alt=\"live-trades-08102016\" width=\"772\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIMIT-ORDERS-08102016.png\"><img class=\"aligncenter size-large wp-image-8435\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIMIT-ORDERS-08102016-720x1024.png\" alt=\"limit-orders-08102016\" width=\"720\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: USD – Core Retail Sales, PPi, Consumer Sentiment and Janet Yellen .\r\n\r\n&nbsp;\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1194\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8445\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-08102016-1024x476.png\" alt=\"eurusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2434\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8446\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-08102016-1024x476.png\" alt=\"gbpusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7583\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8451\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-08102016-1024x476.png\" alt=\"audusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7162\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8447\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-08102016-1024x476.png\" alt=\"nzdusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3279\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8448\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-08102016-1024x476.png\" alt=\"usdcad-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9777\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8449\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-08102016-1024x476.png\" alt=\"usdchf-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.94\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8450\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-08102016-1024x476.png\" alt=\"usdjpy-daily-08102016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nI think that this week will be dominated by news emanating from Europe and further BREXIT news.\r\n\r\nWe also have the second U.S. Presidential debate on Sunday evening. I am not sure if this will do much for the markets in Asian trading when the debate takes place.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>DATE: 8th October 2016\r\nBLOG VERSION: #114 THE PREMIUM SERVICE VERSION','IS CANADA THE NEXT DOMINO?','','inherit','closed','closed','','8452-revision-v1','','','2016-10-08 11:08:54','2016-10-08 16:08:54','',8452,'http://weeklyfxdrivethru.com/8452-revision-v1/',0,'revision','',0),(8460,1,'2016-10-08 11:38:06','2016-10-08 16:38:06','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nHoly crap that was some ending to a tame week last week. I am not drinking at the moment so when I saw the cable moves last Thursday evening (EST) in Asia, I knew that it wasn\'t the Jack Daniels screwing with my vision. I think we call that a FLUSH OUT. It was <strong><u>NOT</u></strong> a CAPITULATION move as I will explain later in this blog. I have been reading up on definitions from some of the trade books in my possession.\r\n\r\nDuring last week, my trades from the previous week started to come good and I added to those trades further trades that also behaved well, so the small loss in pips that I recorded for the month of September was well and truly put behind me and the October start is excellent so far this month with a net 970 fresh /new profitable pips being added. This not only pleases me, but it should hopefully please my PREMIUM SERVICE subscribers as well, as my annual 10,000 pip objective is very close to being achieved already. This year the total is at 9,955 pips.\r\n\r\nLike a good puppy I behaved well and closed out a lot of trades, mainly those USD related FLASH, RADAR and FUNDAMENTAL trades ahead of NFP. I banked great $$$ with a GBP/USD short and a EUR/GBP long…if only.\r\n\r\nI have heard from several subscribers since the cable crash and to date only one suffered a loss who took a EUR/GBP short at 0.8840 against this highs of the day. Unfortunately, with slippage that was a 280 pip loss…ouch!! The other subscribers all made money either on their own GBP/USD short or not stopping out at the same time as me with my trade to let it ride lower. Profits between 200 and 800 pips were taken; I love that!!\r\n\r\nOnwards and upwards…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 40 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS SEPTEMBER 2016:     +970 pips\r\nNET PIPS 2016 TO DATE:              +9,995 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nLOOKING INTO 2017:\r\n\r\nLooking forwards to next year if you are considering joining the PREMIUM SERVICE and being part of a service that has delivered 10,000 pips for the past three years (I assuming that 2016 should hit), now may not be a bad time to get on board and get used to the way things happen and be all set for lift off in January 2017.\r\n\r\nIf you need help with brokers, I can do this as well as suggest a short training program using what is in the EDUCATION section of the PREMIUM SERVICE website area and what is openly available on the internet.\r\n\r\nThere is an income opportunity with trading forex but it is NOT easy you require patience and above all discipline to succeed.\r\n\r\nI can help with TRADING PLANS, POSITION SIZING, RISK and ACCOUNT MANAGEMENT as well BROKERS and TRAINING.\r\n\r\nIf you are looking for additional income via a new opportunity or looking to supplement your own trading it costs nothing to talk. Email me and set up a SKYPE chat.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nTHE CABLE CRASH\r\n\r\nThere is only one item from last week that I want to talk about and that is the CABLE CRASH in Asian Trading (for me) Thursday evening 6<sup>th</sup> October 2016.\r\n\r\nBefore getting into the nuts and bolts of CABLE. For PREMIUM SERVICE subscribers in your exclusive section of the blog (Section 5), I will be reviewing all the GBP related charts with a where am I going from here approach.\r\n\r\nFirstly, several emails have been received asking me or advising me that what we witnessed was a CAPITULATION move. I disagree.\r\n\r\nYes, we saw a cascade lower. But, in my opinion, the move occurred in Asian Trading, which, let’s face it, is very thin even at the best of times. A CAPITULATION move in my opinion is when the market is fully liquid and basically traders say “FUCK IT” get me out of here I have had enough “I WANT OUT… GET ME OUT”. The market sells off cascades like crazy, hits what can only be best described as a brick wall and then reverses the pants off the initial move. This second stage did not happen, yes we saw a reversal but it wasn\'t explosive.\r\n\r\nIn my opinion last Thursday was a FLUSH OUT in thin trading.\r\n\r\nIn my opinion, this also means that all the levels of support previously looked at are basically off the table as they were destroyed and we are now in a reset mode for a few sessions.\r\n\r\nWhat I did notice last Thursday was in speaking with subscribers and examining my own brokers, the lower levels achieved from the spike lows with the GBP pairs varied considerably from broker to broker.\r\n\r\nBelow I include 4 photos from some of the brokers that I trade with just to show the spike low differences with the GBP/USD that I was noticing.\r\n\r\nBROKER A – spike low was 1.1020.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-A-08102016.png\"><img class=\"aligncenter size-large wp-image-8431\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-A-08102016-1024x778.png\" alt=\"broker-a-08102016\" width=\"1024\" height=\"778\" /></a>\r\n\r\nBROKER B – spike low was 1.1410.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-B-08102016.png\"><img class=\"aligncenter size-large wp-image-8432\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-B-08102016-1024x786.png\" alt=\"broker-b-08102016\" width=\"1024\" height=\"786\" /></a>\r\n\r\nBROKER C – spike low was 1.1890.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-C-08102016.png\"><img class=\"aligncenter size-large wp-image-8433\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-C-08102016-1024x915.png\" alt=\"broker-c-08102016\" width=\"1024\" height=\"915\" /></a>\r\n\r\nBROKER D – spike low was 1.1937.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-D-08102016.png\"><img class=\"aligncenter size-large wp-image-8434\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-D-08102016-1024x778.png\" alt=\"broker-d-08102016\" width=\"1024\" height=\"778\" /></a>\r\n\r\n&nbsp;\r\n\r\nLet me just say, the differences in spike lows look dramatic from broker to broker. However, this in itself does not because of the situation the brokers were facing, make one broker a bad broker and another one a good one. In my opinion, at all times accessibility to the brokers platform to trade, is more important.\r\n\r\nThe feedback from my subscribers was: -\r\n<ol>\r\n 	<li>FXCM was blocked again (same as after the CHF PEG removal). This is painful and I have experienced this first hand on the PEG removal and I suffered a big loss.</li>\r\n 	<li>Slippage was an issue on stops… quelle surprise.</li>\r\n 	<li>Short trades were maybe not covered as close to the lows as perhaps they should have been.</li>\r\n 	<li>Following the “CABLE CRASH” spreads remained wider than usual for hours.</li>\r\n</ol>\r\nNothing new on any of this. It is standard stuff. The FXCM lock out frankly amazes me and I wonder will any brokers, given the fact that the GBP was so heavily biased short, be under pressure. Will we have victims like we did after the CHF PEG removal?\r\n\r\nSo what caused the crash in cable?\r\n\r\nMany reports state the drop coincided with a press release from French Prime Minister Hollande sating that the UK should get zero leeway in BREXIT negotiations. Who knows for sure what caused the move.\r\n\r\nIt could have been a combination of Hollande, thin trading and algorithmic trading pushing stops\r\n\r\nSo, all the stuff about, Non-Farm Payrolls, Deutsche Bank and the U.S. Presidential election, plus the hard line approach in front party members at the Conservative Party Conference taken by UK Prime Minister Theresa May really faded into the background. All of these topics will return though.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IS CANADA THE NEXT DOMINO?</strong></p>\r\n\r\nMost people will be writing about the UK and the GBP over this weekend. To be contrarian, I have decided to look at Canada.\r\n\r\nI think that it would be correct to say for several months off and on, I have been talking about rate cuts by the BOC and the housing bubble that exists in Canada. Within the last 7 days the Canadian government finally took action.\r\n\r\nIn my opinion, and this has NOT changed for most of this year, bubbling under the Canadian economic picture is a great deal of uncertainty and pressure that frankly I do not believe that the economy can cope with moving forward without a great deal of fiscal and monetary policy initiatives.\r\n\r\nLet me just pick something out that happened last Friday to elaborate my point about everything not being good, despite what appears on the surface.\r\n<ul>\r\n 	<li>U.S. Non-Farm Payrolls = 156,000. The forecast was for 171,000.</li>\r\n 	<li>Canadian Job Numbers = 67,200. The forecast was for 8,500.\r\n(Weaker U.S. numbers and very strong Canadian numbers)</li>\r\n</ul>\r\nThe upshot of this is that one would have expected the Canadian dollar to strengthen considerably. Oil remained elevated as well so all the smart money one would have thought was behind the USD/CAD staying towards the lower end of its daily range (1.3180 to 1.3314). The facts were though the CAD was weak and rejected all the data…. why?\r\n\r\nFirstly, the housing bubble is ready to burst and the markets are expecting this to happen.\r\n\r\nThe BOC under the leadership of “ostrich impressionist” Stephen Poloz has probably been praying like crazy all year that factors would turn his way. He really wanted house prices to stabilize in Vancouver and Toronto. This has not happened, in fact throughout the year prices spiraled. Oil has leveled out at $50.00 and looks to be heading lower again. The oil sands fire in Alberta has had a deeper effect on the economy than first thought, or hoped for.\r\n\r\nSo there are headwinds in my opinion for the CAD.\r\n\r\nWe have to look at the fact that the FED is about to raise rates and the Canadian economy is more than likely going to move in the opposite direction (I think that the BOC will cut). The net effect of this is more pressure on the CAD and it should weaken even more.\r\n\r\nTwo notable difference between the Canadian housing market and the US housing market are as follows: -\r\n<ol>\r\n 	<li>The US housing market is securitized / Canada is not. This means that fixing a crisis will not be a fast as the US managed in 2007 through 2009.</li>\r\n 	<li>Should the bubble burst. Canadian Mortgages are non-recourse. Therefore, unlike the US homeowners won’t be able just walk away like some US homeowners did when the value of their property fell dramatically below the market value.</li>\r\n</ol>\r\nLast week, Bill Morneau, the Canadian Finance Minister unveiled new initiatives aimed at tightening access to mortgage insurance for commercial banks and he closed a tax loophole for homes purchased by non-Canadian residents\r\n\r\nThe last time that the Canadian government acted on housing was in 2008 when they tried to slow down price increments.\r\n\r\nBasically, since 2008 the Canadian economy has absorbed years of price rises spurred by a Condo boom and low borrowing costs and ease of conditions to buy. To the 31<sup>st</sup> August 2016 the national figure for home prices rose by 15% from a year earlier. However, in the same period, Vancouver rose by 31% and Toronto 17%.\r\n\r\nThe government has made several structural changes to tax code and eligibility for mortgages that take effect at the end of next month.\r\n\r\nThe bottom line is… “Is too little too late?”.\r\n\r\nThe Vancouver market is already pulling back and this is going to hit hard when the full effect of a bubble hits.\r\n\r\nI have read that some bank analysts believe that by the middle of 2017, Canada’s interest rates will be at zero with negative interest rates possibly in place. Could this happen to sleepy Canada?\r\n\r\nDead right it could. The Canadian approach is very “laid back conservative” and coupled with the BOC prepared to be behind the economic curve it means that only reactive actions are forthcoming.\r\n\r\nTraders are expecting the worst. The housing bubble is when not if. USD/CAD exchange rates of 1.6000 and 1.7000 are bandied about. Currently we are just above 1.3000.\r\n\r\nSo my title IS CANADA THE NEXT DOMINO, refers to where the next economic geopolitical event is probably going hit.\r\n\r\nThe domino effect from economy to economy is still happening; I wrote about this over two years ago. Doing nothing is NOT an option and hoping that problems will go away is not a policy, just look at the EUROZONE\r\n\r\nThe Next BOC meetings are on October 19<sup>th</sup> and then the final one this year is on December 7<sup>th</sup>, chances are something will be announced that supports the economy.\r\n\r\nAn actual housing bubble and continued rumours of a bubble happening will have a devastating effect on consumer confidence and retail sales creating a negative for the economy. The big question is, will the BOC remain behind the curve? Only time will answer this question but the markets being future pricing mechanisms seem to have already started to make up their minds.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\n\r\nTHURSDAY: N/A.\r\nFRIDAY: USD – Core Retail Sales, PPi, Consumer Sentiment and Janet Yellen .\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1194\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8445\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-08102016-1024x476.png\" alt=\"eurusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2434\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8446\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-08102016-1024x476.png\" alt=\"gbpusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7583\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8451\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-08102016-1024x476.png\" alt=\"audusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7162\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8447\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-08102016-1024x476.png\" alt=\"nzdusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3279\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8448\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-08102016-1024x476.png\" alt=\"usdcad-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9777\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8449\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-08102016-1024x476.png\" alt=\"usdchf-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.94\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8450\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-08102016-1024x476.png\" alt=\"usdjpy-daily-08102016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nI think that this week will be dominated by news emanating from Europe and further BREXIT news.\r\n\r\nWe also have the second U.S. Presidential debate on Sunday evening. I am not sure if this will do much for the markets in Asian trading when the debate takes place.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 8th October 2016\r\nBLOG VERSION: #217 FREE NEWSLETTER','IS CANADA THE NEXT DOMINO?','','publish','open','closed','','canada-next-domino','','','2016-10-08 11:38:06','2016-10-08 16:38:06','',0,'http://weeklyfxdrivethru.com/?p=8460',0,'post','',0),(8461,1,'2016-10-08 11:38:06','2016-10-08 16:38:06','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nHoly crap that was some ending to a tame week last week. I am not drinking at the moment so when I saw the cable moves last Thursday evening (EST) in Asia, I knew that it wasn\'t the Jack Daniels screwing with my vision. I think we call that a FLUSH OUT. It was <strong><u>NOT</u></strong> a CAPITULATION move as I will explain later in this blog. I have been reading up on definitions from some of the trade books in my possession.\r\n\r\nDuring last week, my trades from the previous week started to come good and I added to those trades further trades that also behaved well, so the small loss in pips that I recorded for the month of September was well and truly put behind me and the October start is excellent so far this month with a net 970 fresh /new profitable pips being added. This not only pleases me, but it should hopefully please my PREMIUM SERVICE subscribers as well, as my annual 10,000 pip objective is very close to being achieved already. This year the total is at 9,955 pips.\r\n\r\nLike a good puppy I behaved well and closed out a lot of trades, mainly those USD related FLASH, RADAR and FUNDAMENTAL trades ahead of NFP. I banked great $$$ with a GBP/USD short and a EUR/GBP long…if only.\r\n\r\nI have heard from several subscribers since the cable crash and to date only one suffered a loss who took a EUR/GBP short at 0.8840 against this highs of the day. Unfortunately, with slippage that was a 280 pip loss…ouch!! The other subscribers all made money either on their own GBP/USD short or not stopping out at the same time as me with my trade to let it ride lower. Profits between 200 and 800 pips were taken; I love that!!\r\n\r\nOnwards and upwards…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 40 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">NET PIPS SEPTEMBER 2016:     +970 pips\r\nNET PIPS 2016 TO DATE:              +9,995 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nLOOKING INTO 2017:\r\n\r\nLooking forwards to next year if you are considering joining the PREMIUM SERVICE and being part of a service that has delivered 10,000 pips for the past three years (I assuming that 2016 should hit), now may not be a bad time to get on board and get used to the way things happen and be all set for lift off in January 2017.\r\n\r\nIf you need help with brokers, I can do this as well as suggest a short training program using what is in the EDUCATION section of the PREMIUM SERVICE website area and what is openly available on the internet.\r\n\r\nThere is an income opportunity with trading forex but it is NOT easy you require patience and above all discipline to succeed.\r\n\r\nI can help with TRADING PLANS, POSITION SIZING, RISK and ACCOUNT MANAGEMENT as well BROKERS and TRAINING.\r\n\r\nIf you are looking for additional income via a new opportunity or looking to supplement your own trading it costs nothing to talk. Email me and set up a SKYPE chat.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nTHE CABLE CRASH\r\n\r\nThere is only one item from last week that I want to talk about and that is the CABLE CRASH in Asian Trading (for me) Thursday evening 6<sup>th</sup> October 2016.\r\n\r\nBefore getting into the nuts and bolts of CABLE. For PREMIUM SERVICE subscribers in your exclusive section of the blog (Section 5), I will be reviewing all the GBP related charts with a where am I going from here approach.\r\n\r\nFirstly, several emails have been received asking me or advising me that what we witnessed was a CAPITULATION move. I disagree.\r\n\r\nYes, we saw a cascade lower. But, in my opinion, the move occurred in Asian Trading, which, let’s face it, is very thin even at the best of times. A CAPITULATION move in my opinion is when the market is fully liquid and basically traders say “FUCK IT” get me out of here I have had enough “I WANT OUT… GET ME OUT”. The market sells off cascades like crazy, hits what can only be best described as a brick wall and then reverses the pants off the initial move. This second stage did not happen, yes we saw a reversal but it wasn\'t explosive.\r\n\r\nIn my opinion last Thursday was a FLUSH OUT in thin trading.\r\n\r\nIn my opinion, this also means that all the levels of support previously looked at are basically off the table as they were destroyed and we are now in a reset mode for a few sessions.\r\n\r\nWhat I did notice last Thursday was in speaking with subscribers and examining my own brokers, the lower levels achieved from the spike lows with the GBP pairs varied considerably from broker to broker.\r\n\r\nBelow I include 4 photos from some of the brokers that I trade with just to show the spike low differences with the GBP/USD that I was noticing.\r\n\r\nBROKER A – spike low was 1.1020.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-A-08102016.png\"><img class=\"aligncenter size-large wp-image-8431\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-A-08102016-1024x778.png\" alt=\"broker-a-08102016\" width=\"1024\" height=\"778\" /></a>\r\n\r\nBROKER B – spike low was 1.1410.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-B-08102016.png\"><img class=\"aligncenter size-large wp-image-8432\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-B-08102016-1024x786.png\" alt=\"broker-b-08102016\" width=\"1024\" height=\"786\" /></a>\r\n\r\nBROKER C – spike low was 1.1890.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-C-08102016.png\"><img class=\"aligncenter size-large wp-image-8433\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-C-08102016-1024x915.png\" alt=\"broker-c-08102016\" width=\"1024\" height=\"915\" /></a>\r\n\r\nBROKER D – spike low was 1.1937.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-D-08102016.png\"><img class=\"aligncenter size-large wp-image-8434\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/BROKER-D-08102016-1024x778.png\" alt=\"broker-d-08102016\" width=\"1024\" height=\"778\" /></a>\r\n\r\n&nbsp;\r\n\r\nLet me just say, the differences in spike lows look dramatic from broker to broker. However, this in itself does not because of the situation the brokers were facing, make one broker a bad broker and another one a good one. In my opinion, at all times accessibility to the brokers platform to trade, is more important.\r\n\r\nThe feedback from my subscribers was: -\r\n<ol>\r\n 	<li>FXCM was blocked again (same as after the CHF PEG removal). This is painful and I have experienced this first hand on the PEG removal and I suffered a big loss.</li>\r\n 	<li>Slippage was an issue on stops… quelle surprise.</li>\r\n 	<li>Short trades were maybe not covered as close to the lows as perhaps they should have been.</li>\r\n 	<li>Following the “CABLE CRASH” spreads remained wider than usual for hours.</li>\r\n</ol>\r\nNothing new on any of this. It is standard stuff. The FXCM lock out frankly amazes me and I wonder will any brokers, given the fact that the GBP was so heavily biased short, be under pressure. Will we have victims like we did after the CHF PEG removal?\r\n\r\nSo what caused the crash in cable?\r\n\r\nMany reports state the drop coincided with a press release from French Prime Minister Hollande sating that the UK should get zero leeway in BREXIT negotiations. Who knows for sure what caused the move.\r\n\r\nIt could have been a combination of Hollande, thin trading and algorithmic trading pushing stops\r\n\r\nSo, all the stuff about, Non-Farm Payrolls, Deutsche Bank and the U.S. Presidential election, plus the hard line approach in front party members at the Conservative Party Conference taken by UK Prime Minister Theresa May really faded into the background. All of these topics will return though.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>IS CANADA THE NEXT DOMINO?</strong></p>\r\n\r\nMost people will be writing about the UK and the GBP over this weekend. To be contrarian, I have decided to look at Canada.\r\n\r\nI think that it would be correct to say for several months off and on, I have been talking about rate cuts by the BOC and the housing bubble that exists in Canada. Within the last 7 days the Canadian government finally took action.\r\n\r\nIn my opinion, and this has NOT changed for most of this year, bubbling under the Canadian economic picture is a great deal of uncertainty and pressure that frankly I do not believe that the economy can cope with moving forward without a great deal of fiscal and monetary policy initiatives.\r\n\r\nLet me just pick something out that happened last Friday to elaborate my point about everything not being good, despite what appears on the surface.\r\n<ul>\r\n 	<li>U.S. Non-Farm Payrolls = 156,000. The forecast was for 171,000.</li>\r\n 	<li>Canadian Job Numbers = 67,200. The forecast was for 8,500.\r\n(Weaker U.S. numbers and very strong Canadian numbers)</li>\r\n</ul>\r\nThe upshot of this is that one would have expected the Canadian dollar to strengthen considerably. Oil remained elevated as well so all the smart money one would have thought was behind the USD/CAD staying towards the lower end of its daily range (1.3180 to 1.3314). The facts were though the CAD was weak and rejected all the data…. why?\r\n\r\nFirstly, the housing bubble is ready to burst and the markets are expecting this to happen.\r\n\r\nThe BOC under the leadership of “ostrich impressionist” Stephen Poloz has probably been praying like crazy all year that factors would turn his way. He really wanted house prices to stabilize in Vancouver and Toronto. This has not happened, in fact throughout the year prices spiraled. Oil has leveled out at $50.00 and looks to be heading lower again. The oil sands fire in Alberta has had a deeper effect on the economy than first thought, or hoped for.\r\n\r\nSo there are headwinds in my opinion for the CAD.\r\n\r\nWe have to look at the fact that the FED is about to raise rates and the Canadian economy is more than likely going to move in the opposite direction (I think that the BOC will cut). The net effect of this is more pressure on the CAD and it should weaken even more.\r\n\r\nTwo notable difference between the Canadian housing market and the US housing market are as follows: -\r\n<ol>\r\n 	<li>The US housing market is securitized / Canada is not. This means that fixing a crisis will not be a fast as the US managed in 2007 through 2009.</li>\r\n 	<li>Should the bubble burst. Canadian Mortgages are non-recourse. Therefore, unlike the US homeowners won’t be able just walk away like some US homeowners did when the value of their property fell dramatically below the market value.</li>\r\n</ol>\r\nLast week, Bill Morneau, the Canadian Finance Minister unveiled new initiatives aimed at tightening access to mortgage insurance for commercial banks and he closed a tax loophole for homes purchased by non-Canadian residents\r\n\r\nThe last time that the Canadian government acted on housing was in 2008 when they tried to slow down price increments.\r\n\r\nBasically, since 2008 the Canadian economy has absorbed years of price rises spurred by a Condo boom and low borrowing costs and ease of conditions to buy. To the 31<sup>st</sup> August 2016 the national figure for home prices rose by 15% from a year earlier. However, in the same period, Vancouver rose by 31% and Toronto 17%.\r\n\r\nThe government has made several structural changes to tax code and eligibility for mortgages that take effect at the end of next month.\r\n\r\nThe bottom line is… “Is too little too late?”.\r\n\r\nThe Vancouver market is already pulling back and this is going to hit hard when the full effect of a bubble hits.\r\n\r\nI have read that some bank analysts believe that by the middle of 2017, Canada’s interest rates will be at zero with negative interest rates possibly in place. Could this happen to sleepy Canada?\r\n\r\nDead right it could. The Canadian approach is very “laid back conservative” and coupled with the BOC prepared to be behind the economic curve it means that only reactive actions are forthcoming.\r\n\r\nTraders are expecting the worst. The housing bubble is when not if. USD/CAD exchange rates of 1.6000 and 1.7000 are bandied about. Currently we are just above 1.3000.\r\n\r\nSo my title IS CANADA THE NEXT DOMINO, refers to where the next economic geopolitical event is probably going hit.\r\n\r\nThe domino effect from economy to economy is still happening; I wrote about this over two years ago. Doing nothing is NOT an option and hoping that problems will go away is not a policy, just look at the EUROZONE\r\n\r\nThe Next BOC meetings are on October 19<sup>th</sup> and then the final one this year is on December 7<sup>th</sup>, chances are something will be announced that supports the economy.\r\n\r\nAn actual housing bubble and continued rumours of a bubble happening will have a devastating effect on consumer confidence and retail sales creating a negative for the economy. The big question is, will the BOC remain behind the curve? Only time will answer this question but the markets being future pricing mechanisms seem to have already started to make up their minds.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: USD – FOMC Meeting Minutes.\r\n\r\nTHURSDAY: N/A.\r\nFRIDAY: USD – Core Retail Sales, PPi, Consumer Sentiment and Janet Yellen .\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1194\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8445\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-08102016-1024x476.png\" alt=\"eurusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2434\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8446\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-08102016-1024x476.png\" alt=\"gbpusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7583\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8451\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-08102016-1024x476.png\" alt=\"audusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7162\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8447\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-08102016-1024x476.png\" alt=\"nzdusd-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3279\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8448\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-08102016-1024x476.png\" alt=\"usdcad-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9777\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8449\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-08102016-1024x476.png\" alt=\"usdchf-daily-08102016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.94\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-08102016.png\"><img class=\"aligncenter size-large wp-image-8450\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-08102016-1024x476.png\" alt=\"usdjpy-daily-08102016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nI think that this week will be dominated by news emanating from Europe and further BREXIT news.\r\n\r\nWe also have the second U.S. Presidential debate on Sunday evening. I am not sure if this will do much for the markets in Asian trading when the debate takes place.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 8th October 2016\r\nBLOG VERSION: #217 FREE NEWSLETTER','IS CANADA THE NEXT DOMINO?','','inherit','closed','closed','','8460-revision-v1','','','2016-10-08 11:38:06','2016-10-08 16:38:06','',8460,'http://weeklyfxdrivethru.com/8460-revision-v1/',0,'revision','',0),(8463,1,'2016-10-08 12:09:17','2016-10-08 17:09:17','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\"><img class=\"alignnone size-full wp-image-4997\" 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16:34:33','',8483,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/PS-PREF-TO-15102106.png',0,'attachment','image/png',0),(8476,1,'2016-10-15 07:53:17','2016-10-15 12:53:17','','audusd-daily-15102016','','inherit','open','closed','','audusd-daily-15102016','','','2016-10-15 11:42:12','2016-10-15 16:42:12','',8483,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-15102016.png',0,'attachment','image/png',0),(8477,1,'2016-10-15 07:53:21','2016-10-15 12:53:21','','eurusd-daily-15102016','','inherit','open','closed','','eurusd-daily-15102016','','','2016-10-15 11:41:50','2016-10-15 16:41:50','',8483,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-15102016.png',0,'attachment','image/png',0),(8478,1,'2016-10-15 07:53:24','2016-10-15 12:53:24','','gbpusd-daily-15102016','','inherit','open','closed','','gbpusd-daily-15102016','','','2016-10-15 11:42:01','2016-10-15 16:42:01','',8483,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-15102016.png',0,'attachment','image/png',0),(8479,1,'2016-10-15 07:53:27','2016-10-15 12:53:27','','nzdusd-daily-15102016','','inherit','open','closed','','nzdusd-daily-15102016','','','2016-10-15 11:42:23','2016-10-15 16:42:23','',8483,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-15102016.png',0,'attachment','image/png',0),(8480,1,'2016-10-15 07:53:31','2016-10-15 12:53:31','','usdcad-daily-15102016','','inherit','open','closed','','usdcad-daily-15102016','','','2016-10-15 11:42:36','2016-10-15 16:42:36','',8483,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-15102016.png',0,'attachment','image/png',0),(8481,1,'2016-10-15 07:53:33','2016-10-15 12:53:33','','usdchf-daily-15102016','','inherit','open','closed','','usdchf-daily-15102016','','','2016-10-15 11:42:54','2016-10-15 16:42:54','',8483,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-15102016.png',0,'attachment','image/png',0),(8482,1,'2016-10-15 07:53:36','2016-10-15 12:53:36','','usdjpy-daily-15102016','','inherit','open','closed','','usdjpy-daily-15102016','','','2016-10-15 11:43:15','2016-10-15 16:43:15','',8483,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-15102016.png',0,'attachment','image/png',0),(8483,1,'2016-10-15 11:45:42','2016-10-15 16:45:42','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI have made one or two structural changes to my blog this week. I am finding that with increasing numbers of subscribers to the PREMIUM SERVICE my administration time is increasing. This is eating into my sleep time and the knock-on effect is that the 7/8 hours that the blog requires to write and the administration involved in posting it takes, needs to be reduced by a couple of hours at least. What great problems to have… not too sure about the lack of sleep but increasing subscriber numbers is great news.\r\n\r\nOne thing increased subscribers brings in is great interaction. People/Traders subscribe for a multitude of reasons; to improve trade entries / exits, restore self-belief / confidence, observe another traders thoughts / views on the market and get a better understanding of RISK MANAGEMENT, POSITION SIZING, TRADE PLANS and how to survive the markets and have trading longevity… amongst other factors.\r\n\r\nIt would be true to say that many of the new subscribers joining from early September had been “chopped up” in the summer trading chop fest. To call the summer a range trading environment is probably accurate but it was more than that. It was a highly volatile market at times and whilst we had an overall trading range we had mini ranges that were broken that were then noted as false breakouts and breakdowns. The Commodity currencies AUD, NZD and CAD lead the market with this activity. This cut up a lot of traders. It was purely a scalper market. To have longer-term trades was the answer but with smaller position sizes to enable wider stops to be put in place. At least that was my solution.\r\n\r\nAdded to this overview, extremely thin market participation was in play with very low liquidity, which manifested itself recently in Asian trading with the cable crash. This occurred away from the summer months. It just shows how Forex trading in the background is evolving. Remember throughout 2015 -2016 the major banks have been reducing FX exposure due to reduced profitability and volatility.\r\n\r\nBrokers are increasing margin requirements every time that there is a major geopolitical event (BREXIT and now the U.S. Presidential Election). Since the CHF PEG REMOVAL, brokers have struggled, in many cases to exist with lower volumes and acquisitions have taken place. Regulations have tightened. Forex trading is going through a lot of changes.\r\n\r\nI still have people talk to me about ROBOT trading. My answer has not altered. If these robots were so good and did what is claimed, do you not think that the banks would have bought them? Because, let’s face facts, they are looking for the slightest excuse to sack hundreds of analysts and traders worldwide. That just has NOT happened. You need instinct to trade but at the same time you need to trade without emotion.\r\n\r\nBack on track.\r\n\r\nI am not a gambler. I am probably too cautious with my trading. I miss lots of trades because they do not meet my chosen entry levels. I constantly adapt my trading style to what I believe the market is giving me.\r\n\r\nMany traders are lured into Forex Trading by the promises of quick and easy financial gains. In most of these cases this is known as gambling. That is why I removed the trial period from the PREMIUM SERVICE. All I attracted was gamblers looking for 20 trades a day, that they would ignore RISK MANAGEMENT on and OVERSIZE their trade positions.\r\n\r\nI view myself as a RISK MANAGER. I will have as many as 20 trades open at any one time, but many of these will be small positions with wider stops looking for a move.\r\n\r\nI have a PLAN and I trade my PLAN. I wait for the trades to come to me rather than chase. Trading is simple, repetitive, and one could say at times quite boring. It is above all else applying DISCIPLINE.\r\n\r\nThe one constant in Forex Trading however is that the markets are continually evolving and it is how we as traders move with the markets as they change that matters. The best example I can give of a changing market environment is Central Bank Monetary Policy. Most Central Banks have lost credibility with the markets. This is huge news. We have still to feel the ramifications of this in my opinion. Even the FED has lost credibility in my opinion. There will be a Forex equivalent of Tsunami’s to regain this credibility. Watch this space.\r\n\r\nMoving on…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 40 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nI am not saying that posting a monthly loss in trading is a “good thing” but, after posting a small loss in September, this month has been a really great response. My annual 10,000 pip objective has now been passed and at the close last Friday (14<sup>th</sup>) the year to date pip total for the PREMIUM SERVICE was 11,033 pips.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/PS-PREF-TO-15102106.png\"><img class=\"aligncenter size-large wp-image-8475\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/PS-PREF-TO-15102106-808x1024.png\" alt=\"ps-pref-to-15102106\" width=\"808\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nObviously, the year is not yet over and the performance can grow further or fall back a little. However, in 2014 and 2015 my 10,000 pip target was achieved and this year baring a catastrophe all should be good.\r\n\r\nLooking at the chart above here are a few takeaways: -\r\n<ol>\r\n 	<li>Not everyone can trade with accounts with balances over $10,000 or $100,000.</li>\r\n 	<li>Whatever lot style you trade from MICRO through to STANDARD lots you can still make money.</li>\r\n 	<li>Even if you traded 3 x micro lots at $0.30 cents cost per trade, after paying a PREMIUM SERVICE subscription, this year to date you would have an additional $2,359.90 in your trading account. This could be done with an account with a starting balance of $5,000.00. At the moment a net income after costs of almost 50% could have been achieved.</li>\r\n 	<li>I trade a very long hours and I am never far from a trading device. I add and cover positions at all hours, therefore you must consider this when looking at your projected performance. Most of my trade entries are via limit orders but my exits can be at any time.</li>\r\n 	<li>To trade with MINI lots, I would say that given the number of trades that can be “LIVE” at any one time, an account of between $10,000 and $12,000 should be used as a minimum to trade 3 lots a trade.</li>\r\n 	<li>Remember as well. If you decide to follow the PREMIUM SERVICE trade set ups, in year two (if subscribe annually) your renewal subscription is at a reduced rate, which gives you greater profitability potential moving forward.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nPRESENT AND HISTORICAL QUICK PREMIUM SERVICE STATS:\r\n\r\nNET PIPS THIS MONTH SO FAR:            +2,048 pips\r\nNET PIPS 2016 TO DATE:              +11,033 pips\r\n\r\nNET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> LOOKING BACKWARDS: THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong>\r\n\r\nTHE FOMC MINUTES:\r\n<p style=\"text-align: center;\"><strong>DICTATORSHIP OR COMMITTEE?</strong></p>\r\nThe biggest news for me last week was the release of the FOMC Meeting Minutes from the last FED meeting. What did we learn?\r\n\r\nFrom my perspective bugger all.\r\n\r\nMy view has not altered for months now, in fact not since September 2015 when Yellen had the chance to increase rates and dithered. She took the last chance saloon rise in December 2015 only to save face and retain credibility with the markets.\r\n\r\nThis year she has dithered and dithered and just when you think she can dither no more… she does.\r\n\r\nWe are therefore looking at yet another December rate hike.\r\n\r\nI do not want to sound like a broken record, but louder than loud “Americans” are spouting off that the rest of the world is up sh*t creek without a paddle and that the US economy is strong. Actions speak louder than words. The FED wants 4 aces in the hand or a running flush before the dovish influence in the FOMC yields.\r\n\r\nEconomies always have mixed data, and markets are so interrelated nowadays that you have to accept this as fact. The FOMC doves want a perfect run. It is so easy to be a dove. You can always find something not to move forward.\r\n\r\nHowever there comes a point when this is seen as dithering and a credibility issue. We are past this in my opinion.\r\n\r\nFrom last week’s minutes we learnt that the FED is as divided as the US political parties are in Washington. The bookies are out stating an 80% chance of a rate hike in December and about 15% just prior to Presidential election in November.\r\n\r\nWho knows. If Yellen and co. say no to either, the USD will be destroyed and the FED’s credibility will be seriously damaged. Once again they have backed themselves into a corner entirely of their own doing.\r\n\r\nFrom a trading perspective what did we gain from the minutes?\r\n\r\nGoing into the actual meeting I would have said that there were more voting members that were HAWKISH – Fischer, Dudley, Powell, Mester, George and Rosengren. The DOVES were – Yellen, Brainard and Tarullo, with Bullard being neutral in my opinion.\r\n<p style=\"text-align: center;\"><strong>That\'s 6 HAWKS; 3 DOVES and 1 on the fence.</strong></p>\r\n<p style=\"text-align: center;\"><strong>When I worked in a multi-national company, that would have been seen as a vote for a hike!!</strong></p>\r\nIt’s pretty obvious what went on and was reflected in the minutes is that when a vote was required, although discussions were open, several members voted with Yellen instead of their opinions, when getting their 15 minutes of fame on TV.\r\n\r\nAs stated earlier it is much easier being dove.\r\n\r\nGiven the facts in place right now – I think it\'s a “buy the USD on the dips” market.\r\n\r\n&nbsp;\r\n\r\nU.S. RETAIL SALES:\r\n\r\nThis was a beat and should set up more pro rate hike sound bytes for the coming weeks.\r\n\r\n&nbsp;\r\n\r\nCHINA EXPORTS:\r\n\r\nSeptember 2016 versus September 2015 shows a mammoth 10% reduction in China export numbers. Imports are declining. The trade surplus fell $42 billion.\r\n\r\nWhat can we take away from this? In my opinion it places another question mark over China GDP growth.\r\n\r\nFor me this is a short the NZD trade.\r\n\r\n&nbsp;\r\n\r\nOPEC and the OIL PRODUCTION LIMITS:\r\n\r\nThis was never far out of the news cycle last week. Production output ceilings, are you kidding me… from OPEC? give me a break! … Think about it who is going to measure this? In the past these have failed miserably. Why will it be different this time? It won’t.\r\n\r\nOPEC are being cute whores as they say in Ireland, they are raising media awareness and speculation of a production ceiling. This has inflated the Oil price and it remains above $50.00 per barrel. Job done so far.\r\n\r\nNovember 30<sup>th</sup> 2016 is the date we receive all the data about who is maxing out and who isn’t. I am very, very skeptical about this. Let’s wait and see.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nTHE U.S. PRESIDENTIAL ELECTION:\r\n\r\nUnbelievable. It\'s a reality show. If I ever hear an American tell me their political system is to be copied because it is so perfect, I will play them the recording of last Sundays debate between DONALD THE OCTOPUS and CROOKED HILLARY. What a shambles. The markets appear to love Clinton on the basis that she is a known entity, whether effective or not, over Trump who is a loose cannon amongst other things.\r\n\r\nIt is incredible, Clinton is going to tie Wall Street in knots of more layers of bureaucracy and legislation and the markets fear Trump so much, this is the preferred option.\r\n\r\nThis is such a shambles, I have read that brokers are tightening up margins ahead of November 8<sup>th</sup> in case the outcome is closer than the opinion polls are currently suggesting.\r\n\r\n&nbsp;\r\n\r\nBREXIT:\r\n\r\nTheresa May backed down only 72 hours after the Tory party conference to announce that parliament will debate and vote on the BREXIT conditions she hopes to negotiate out of the EUROPEAN UNION.\r\n\r\nIs it just me…?\r\n\r\nIsn’t she going to lay down in public debate, noted in “the Hansard” for the whole of the EU to see the British start position and hopefully the fallback position that would be acceptable to MP’s before any negotiations actually start?\r\n\r\nGreat job… what a fecking joke!!\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>THIS WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong>\r\n\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: AUD -  Lowe (RBA) speaks &amp; RBA Monetary Policy Meeting minutes.\r\nMONDAY: NZD – CPi.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: USD – CPi and core CPi.\r\nTUESDAY: NZD – GDT (Dairy Auction results).\r\nTUESDAY: CNY – GDP and Industrial Production.\r\n\r\nWEDNESDAY: GBP – Employment numbers.\r\nWEDNESDAY: CAD – BOC Rate Statement and Press Conference.\r\nWEDNESDAY: AUD – Employment numbers.\r\n\r\nTHURSDAY: GBP – Retail Sales.\r\nTHURSDAY: EUR – ECB Press Conference and Interest Rate Statement.\r\nFRIDAY: CAD – CPi and core CPi data.\r\n\r\nIt\'s a big week for news. An ECB Press conference with employment numbers from the UK and Australia.\r\n\r\nThere is a nice mix of data from all over.\r\n\r\nThe standout for me is the BOC. I wrote last week about the housing bubble in the Canadian economy. House prices are falling back, probably at a greater rate than the government and the BOC would like as this will affect Retail Sales and Consumer Confidence if people believe that the value of their homes is pulling back too fast and too far.\r\n\r\nThe BOC are always reactionary and well behind the curve. It has to be a full on problem before they act. So if they were to cut interest rates this coming week it would indicate that things must be worse than we know and than the BOC are admitting to.\r\n\r\nAlso expect U.S. Presidential news to add some spice. The third and final debate happens this week.\r\n\r\nI would expect BREXIT news to remain near the top of the news pile as we move forward. The trigger end date of March 2017 may be an anti-climax at the end of the day, however, until the negotiations with the EU are completed and signed off, uncertainty will rule the day.<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nAnother 1,000 pips added last week. Looking forward, we have several key events on the calendar that will create havoc with the FX market so for the next few sessions I will probably gather data and make decisions with as many facts as possible.\r\n\r\nI have all but given up on day trades at the moment, just the odd one here and there. The chop fest that has been a feature for the past several months will continue through to the end of the year in my opinion.\r\n\r\nWe are really close to some exceptional breakout moves but I am more and more concerned that because of the geopolitical news hanging over the market, we will not see the breakouts just false moves then quick retracements to place us back in the range.\r\n\r\nThe USD/CHF looks like a run to parity and beyond is on the cards, but will it actually happen? It really depends upon the price action with the EUR/USD. I had expected a full-on breakdown through 1.1000 to have stuck by now. The single currency remains well bid, no matter how strong you believe the DXY is.\r\n\r\nThe USD/JPY, I feel has a 100.00 run in it. If this pair weakened substantially this would in turn help the DXY move upwards. The USD/CHF would hit parity and the EUR/USD would be testing 1.0750.\r\n\r\nGBP/USD to 1.2000 or even 1.1500? We are consolidating at the moment. Remember, we are at 30 year lows, so we should consolidate before resuming the trend lower. Whilst we have uncertainty the move should in my opinion be lower.\r\n\r\nThe Head and Shoulders pattern with the NZD/USD is frustrating to play out. The breakout higher with the AUD/NZD is stalling because the NZD/USD just will not fall. I was hoping that the poor China export data would seal its fate… think again!!\r\n\r\nEverything is inter-linked and correlated. As I have written many times before correlations do matter with regards to Forex.\r\n\r\n&nbsp;\r\n\r\nADDITIONAL BROKER ACCOUNTS:\r\n\r\nAs we approach the end of 2016, if any of you are considering adding an additional broker or two to keep PREMIUM SERVICE trades separate or maybe break down into TRADE STYLES, please note that as we approach the end of year, the deals, offers etc. that brokers will be using to attract new clients will intensify.\r\n\r\nIf you are considering such a move please contact me so I can advise which of my brokers on my landing page are offering what.\r\n\r\nVANTAGE FX for example are charging nothing to deposit money into your broker account, whether the transfer in is by credit card or via bank transfer. My account manager David Bily is probably one of the best account managers that I have come across. VANTAGE FX also gives you an edge with 5PM eastern NZD news.\r\n\r\n&nbsp;\r\n\r\nREVISED POSITION SIZING:\r\n\r\nI attach again the revised POSITION SIZING rules that I am using into the end of 2016.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/RISK-POSITION-SIZING-08102016.png\"><img class=\"aligncenter size-large wp-image-8430\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/RISK-POSITION-SIZING-08102016-1024x653.png\" alt=\"risk-position-sizing-08102016\" width=\"1024\" height=\"653\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nPERISCOPE:\r\n\r\nFinally, it is my intention to conduct a once a week review LIVE via the PERISCOPE app. I want to add more value to your subscription and build our relationships.\r\n\r\nInitially, these sessions will be for PREMIUM SERVICE subscribers only. I am looking into a stand for my iPhone so that I can point it at my screens when I am at play so to speak.\r\n\r\nTo join the sessions you need to link to @ThePremService on PERISCOPE and I need to follow you back to allow access.\r\n\r\nI will email when I have more information (I may have the above arseways!) and I have the iPhone stand in my possession.\r\n\r\nMy thoughts are to probably do this on a Monday night. If you have ideas for the structure do not hesitate to let me know your thoughts. I believe this will be good for both market overviews and fundamentals.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIVE-TRADES-15102016.png\"><img class=\"aligncenter size-large wp-image-8474\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIVE-TRADES-15102016-797x1024.png\" alt=\"live-trades-15102016\" width=\"797\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIMIT-ORDERS-15102016.png\"><img class=\"aligncenter size-large wp-image-8473\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/LIMIT-ORDERS-15102016-708x1024.png\" alt=\"limit-orders-15102016\" width=\"708\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> LOOKING FORWARDS: THE USD MAJORS MY THOUGHTS and VIEWS:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0971\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-15102016.png\"><img class=\"aligncenter size-large wp-image-8477\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/EURUSD-DAILY-15102016-1024x477.png\" alt=\"eurusd-daily-15102016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2188\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-15102016.png\"><img class=\"aligncenter size-large wp-image-8478\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/GBPUSD-DAILY-15102016-1024x477.png\" alt=\"gbpusd-daily-15102016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7615\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-15102016.png\"><img class=\"aligncenter size-large wp-image-8476\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/AUDUSD-DAILY-15102016-1024x477.png\" alt=\"audusd-daily-15102016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7085\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-15102016.png\"><img class=\"aligncenter size-large wp-image-8479\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/NZDUSD-DAILY-15102016-1024x477.png\" alt=\"nzdusd-daily-15102016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3142\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-15102016.png\"><img class=\"aligncenter size-large wp-image-8480\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCAD-DAILY-15102016-1024x477.png\" alt=\"usdcad-daily-15102016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9903\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-15102016.png\"><img class=\"aligncenter size-large wp-image-8481\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDCHF-DAILY-15102016-1024x477.png\" alt=\"usdchf-daily-15102016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 104.17\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-15102016.png\"><img class=\"aligncenter size-large wp-image-8482\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/USDJPY-DAILY-15102016-1024x477.png\" alt=\"usdjpy-daily-15102016\" width=\"1024\" height=\"477\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n<ol start=\"6\">\r\n 	<li><strong> MY CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nWhatever happens this week do not get suckered into trades. Plan your trades and trade your plan. Wait for the trades to come to you. This market is 100% unforgiving and can easily wipe out longs and shorts in the market in less than a trading session.\r\n\r\nThere is a lot of geopolitical news hanging over the markets. Remember no-one (me included) has a clue about what is going to happen and why. It’s all opinions until we have facts and even then the markets can still go off in the wrong direction based on fundamentals.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>DATE: 15th October 2016\r\nBLOG VERSION: #115 PREMIUM SERVICE','FED MINUTES: DICTATORSHIP or COMMITTEE?','','publish','open','closed','','fed-minutes-dictatorship-committee','','','2016-10-15 11:45:42','2016-10-15 16:45:42','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8483',0,'member_posts','',0),