<strong> </strong>

<strong>PRE – INTRODUCTION:</strong>

As I have now completed my first six months of the PREMIUM SERVICE, for this week only I thought that I would give all “FREE NEWSLETTER” subscribers, LinkedIn, Twitter and Google+ followers a taste of what PREMIUM SERVICE subscribers receive each week in the complete version of the WEEKLY FX DRIVE THRU.

There is also a section later #4, where I am discussing the option of keeping the PREMIUM SERVICE trades separate from your own trades. You will see in this section, if you subscribe for a year not only is your annual subscription paid for by a trading bonus through one of my approved brokers but you would have returned a healthy profit 2014 to date with only 50% of the year gone.

I cannot guarantee future performance but the risk / reward option looks good from my side of the desk! In addition, I work hard 16 hours a day to keep in touch with the markets.

I hope that you enjoy this version; trade set-ups and trades that are on my radar with charts etc are all included.

If this wets your taste buds to join the PREMIUM SERVICE full details on subscriptions can be found on welcome page of my website at <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>.

&nbsp;

<strong>1. INTRODUCTION:</strong>

On Thursday last week we had a very unusual situation, a Draghi ECB Press Conference and the release of U.S. Non-Farm payrolls on the same day, at the same time, due to the 4<sup>th</sup> July U.S. holiday. The reaction to this potential “Molotov Cocktail” in Forex terms was really rather muted. Many North American traders were already on vacation and the fact that we were already in such low trading volumes anyhow it was a bit of a damp squib event, in my opinion. We only saw minimal moves, nothing extreme at all. I picked up the EUR/GBP short again and for me that was my only new trade. I exited an old AUD/USD short trade on the spike lower, which turned out to be lucky rather than inspired as it bounced back. We did not have the usual drama as it all passed off very peacefully.

During the week we saw Glenn Stevens Governor RBA, talk down the fair value exchange rate regarding the AUD, he actually said the value placed on the currency was more than a couple of cents away from present levels. Given that he first said that the AUD was too strong when the AUD/USD exchange rate was at 0.9000, and he made these latest comments with the AUD/USD at 0.9450, panic mode who knows but definitely uncomfortable for the Australian economy. At the previous level of 0.9000, it was muted that 0.8500 was the objective so that would make it about a 10 cents difference from existing levels. There must be some poor economic data in the pipeline. Retail Sales and the Trade Balance numbers were poor, so if there is continued poor data he will have some help achieving his exchange rate targets….whether in this scenario he can keep his job is debatable.

With regards to other Central Bank activity, deflation is still not that far from being the top news item. The Riksbank (SWEDEN), reduced interest rates by 0.50% to 0.25% and caused a 2% rise in the USD/SEK, this was also reflected in the EUR/SEK. Looking around the Central Banks, I think that it is now safe to say that only the BOE and RBNZ are “Hawks” and this will reveal itself in money flows as we move forward, the rest are “Doves” including the FED who’s official line is still Dovish.

<strong> </strong>

<strong>2. TRADING SUMMARY:</strong>
<p style="text-align: center;"><strong>RADAR, FLASH and FUNDAMENTAL TRADES
</strong><strong>JULY 2014 and YEAR to date:</strong></p>
Below I show the up to date performances for my various trading styles. Full excel spreadsheets are in the subscriber area of the PREMIUM SERVICE website.

Below are the excel spreadsheets covering the period June 2014 and year to date up to 30<sup>th</sup> June 2014.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS1-JUNE-2014.png"><img class="aligncenter size-full wp-image-4000" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS1-JUNE-2014.png" alt="PREM SERVICE PROFITS1 JUNE 2014" width="451" height="416" /></a>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-YTDJUNE2014.png"><img class="aligncenter size-full wp-image-4001" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/PREM-SERVICE-PROFITS-2-YTDJUNE2014.png" alt="PREM SERVICE PROFITS 2 YTDJUNE2014" width="473" height="426" /></a>

Below are the excel spreadsheets covering this month so far and the year 2014 to date.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/PREM-SERV-PROFITS1-05072014.png"><img class="aligncenter size-full wp-image-4041" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/PREM-SERV-PROFITS1-05072014.png" alt="PREM SERV PROFITS1 05072014" width="454" height="426" /></a>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/PREM-SERV-PROFITS-2-05072014.png"><img class="aligncenter size-full wp-image-4042" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/PREM-SERV-PROFITS-2-05072014.png" alt="PREM SERV PROFITS 2 05072014" width="461" height="421" /></a>

The above examples are for illustration purposes only:

The profitability examples detailed above are based solely upon single lot trading, regardless of lot type. If multiple lot sizes are traded the profitability margins will be different than those shown.

Just to provide more information so you understand where I am coming from with the risk / reward statements above. All of my trades are of different sizes and different size lot types. The above does not reflect the actual trading performance, but it does show you the direction of the performance of the trades placed.

I like to add to trades, profits are taken as the trade progresses and my overall cost average moves several times. All of my trades are of different lot styles. I trade a mixture of micro lots, mini lots and standard lots across my brokers.

The above results simply display your profit or loss if you placed a single lot trade on all the set-ups suggested and did nothing else<strong> </strong>

<strong> </strong>

<strong> </strong>

<strong>3. THE FUNDAMENTAL TRADERS OVERVIEW:</strong><strong> </strong>
<p style="text-align: center;"><strong>IS THE FED BEHIND THE CURVE…OR DO THEY SEE SOMETHING WE DON’T?
(I THINK WE ARE BACK TO YET ANOTHER WALL STREET VERSUS MAIN STREET ISSUE)</strong></p>
For months now, every time I switch on the TV to watch CNBC or listen to Bloomberg or catch Financial news on CNN, I am bombarded with news of how good the U.S. economy is and how most things economic are at the best levels for years, maybe even since 2008. Yet the FED is still dovish. If everything in the garden is so rosy why is the FED months behind the curve or do they see something more than everyone else is looking at?

Trying to get a handle on all matters U.S. I went to trading economics to pull off some U.S data. There are obviously 5/6 pages of data; I chose what I consider the important ones for me.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/US-ECONOMIC-DATA-050714.png"><img class="aligncenter size-full wp-image-4043" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/US-ECONOMIC-DATA-050714.png" alt="US ECONOMIC DATA 050714" width="410" height="537" /></a>

&nbsp;

There are quite a lot of numbers to absorb and I will yield, in the main they are all going the right way. In fact, I found this exercise very interesting to tabulate these numbers.

So why is the FED behind the curve, as I believe that it is? Because, if you glance down these numbers 95% look to be moving in the right direction and things appear to be on the up. Sure, there is the odd blip and most countries have data that falls into this category from time to time. Gets me thinking! Back to one of favourite hunting grounds and my thoughts on the FED being behind the curve brings me back to Wall Street versus Main Street. Let me elaborate.

Businesses feel good but consumers in the main do not. TV interviews to the general public and social networks all have comment after comment about how the numbers released by the government have little meaning in day-to-day life at the sharp end as a home owner running a house financially. I believe we are still in the Wall Street versus Main Street argument that has repeatedly raised its head since 2008.

What are four things that really matter to Main Street to bring confidence?
<ol>
	<li>(CONSUMER) SPENDING.</li>
	<li>HOUSING.</li>
	<li>PRICE OF FOOD.</li>
	<li>GAS PRICES.</li>
	<li>EMPLOYMENT.</li>
</ol>
<span style="text-decoration: underline;">CONSUMER SPENDING:</span>

I read an article last week on why the equity markets keep grinding up and asking who it is that keeps them moving up bit by bit. There are days when the odd pension fund re-balances holdings but in the main the biggest buyers at the moment are the companies themselves buying back their own stock. Why are they doing this? This is done to serve the Wall Street analysts. If companies buy back stock the earnings per share (EPS) rises and this is a key measurement that deflects any critics off the lack of top line sales income.

Although the statistics are starting to rise the U.S. is still the ultimate consumer driven society. The U.S. shops like no other country in the world. If spending and confidence is down the economy suffers. Right now the effects of food inflation can be felt immediately every week in the grocery bills. This is a direct and an immediate tax straight into the household budget. Consumer confidence, consumer spending and disposable income available on average is up, yet retail sales are down. I believe that when the effects of the recent hike in Gas Prices works its way into these statistics confidence numbers will decrease because consumers will have a fear of spending.

<span style="text-decoration: underline;">HOUSING:</span>

Of late we have seen investment companies move in to buy up vacant homes creating shortfalls in places, or so we are told. However, obtaining a mortgage to buy is very, very hard, as the loan criteria have been elevated. If there is NO regular movement of housing and people moving around then all the ancillary employment of Plumbers, Carpenters, Electricians doesn’t happen and spending at Home Depot and Lowe’s doesn’t happen either. Removal companies remain idle. Spending stops. This is probably the most crucial of all spending to monitor, as this turns lack of confidence into lots of confidence when there is some action. Apart from a few pockets dotted around the country housing is still flat.

<span style="text-decoration: underline;">PRICE OF FOOD:
</span>
Commodity prices are up and up, lean hogs; coffee and cattle prices to name but three items are all elevated. This is a direct tax, felt immediately in weekly grocery bills and causes families to cut back on non-essentials. Discretionary spending which the U.S. needs to keep inventories moving comes to a halt.

<span style="text-decoration: underline;">GAS PRICES:</span>

We are now at the highest gas prices in the U.S. since 2008. Need I say more? All over the world fuel costs are an immediate hidden stealth tax that is talked about every day in the news and in bars and coffee shops. If ever there was a dampener on consumer confidence this is it.

<span style="text-decoration: underline;">EMPLOYMENT:</span>
The figures released on July 3<sup>rd</sup> now state that over a million new jobs have been created in the U.S. this year alone and that the unemployment rate for the country has now dropped to 6.1%. Just before the numbers were released pundits were saying the new job number would be good but there would be an increase in the percentage because more of the longer-term unemployed that dropped off the system were coming back and registering. Well that never happened. There are debates after debate on exactly what the true unemployment rate is in the U.S. I have read 10%+, 12%+ nobody knows but people including the ex FED chairman Ben Bernanke often referred to the mass exodus of job seekers who give up and take themselves out of the system.
If you are in a job you want job security, in fairness with the talk about how good things are employed people should feel more secure now as they are being told that the economy is on the up and that businesses are moving forward. I think window dressing, with regards to financial accounts, is taking place, but I do see that the economy is moving forward as well (Window dressing of financial accounts always takes place).

&nbsp;

The only question is if you have a job and you are being told all is great but your living expenses are higher does that give you confidence?

In my opinion, the economic business data for now reflects a very positive spin on the U.S. economy. I think that the FED through Janet Yellen see “headwinds” from Main Street coming in very quickly hence their lack of desire to talk about raising interest rates as this would only be another nail in the coffin. The Fed is probably hoping that gas prices at least may fall back down after the holiday weekend and that would be viewed as positive, but I do feel that food inflation is something that the U.S. has not had to fight of late and without being sexist here, the female who tends to hold the purse strings will be savvier on future spending based upon food inflation rather than the male putting gas in the car.

Now if we add TAPERING into the equation, what does it mean?

I think in the simplest of terms, for all the money spent by the FED to try and bring down unemployment and boost housing through easing, QE has been a disaster of the first order. All it did was make fat cats on Wall Street, fatter!

The FED has to continue with tapering until the end of 2014 as its policy states. If there was no crutch for Wall Street would it survive? In a one word answer YES.

Tapering does not have a massive direct effect on Main Street. Tapering coming to an end does however make Wall Street more commercial and through being more commercial it will look to grow business through sales initiatives and competition, which should induce both consumer confidence and spending.

It is a merry-go-round; it is the job of the FED to kick-start the circus ride and get all the participants in place to get on board. It is a delicate operation and needs fine precision. I am a huge critic of central banks; I do not believe a word that governors say most of the time. They are economic with the truth. However, on this occasion I feel that Yellen’s reluctance to turn “Hawk” is justified and I see the headwinds on the horizon.

Whether these are what the FED has on it’s mind who knows.

Are there any trades from this data?

I still haven’t changed my mind about this, as the FED tightens through tapering eventually this has to be reflected in a stronger USD.

<strong> </strong>

<strong> </strong>

<strong>4. TRADER TOPICS:</strong>

<strong>IS THERE A CASE FOR A SEPARATE BROKER ACCOUNT FOR PREMIUM SERVICE TRADES?</strong>

I wanted to review the PREMIUM SERVICE performance so far this year in a little more depth and offer an option to consider.

When I decided that I was going to embark upon the PREMIUM SERVICE edition in June 2013, I initially looked at the types of trades that was doing and the risks that I was taking. I sharpened my pencil and started to trade with two types of trades that I eventually called RADAR (Limit Order) and FLASH (Pullback / Momentum) trades. I added FUNDAMENTAL much later, these are based upon my longer-term views and as you can see I am still not 100% on board with these as yet, I think you call this work in progress.

I separate my PREMIUM SERVICE trades from personal trades for obvious reporting reasons, but doing this has thrown up a valid reason why maybe all subscribers to the PREMIUM SERVICE should do likewise.

Measurement and Performance comparisons are instantaneous. This is not only good for analysis, but also for motivation. The psychological advantage of being able to readily evaluate longer-term trading performance in an instant is a great tool to have a your disposal.

At the end of the day, it is consistency that drives profits and account separation makes this crystal clear. My data is broken down even more as certain types of trades are done with specific brokers and specific currency pairs are also with specific brokers. (I am 50% through writing an article on multi-broker trading for this section for some time in the near future)

The chart below shows the net performance of trading in either MACRO, MINI or STANDARD lots up to 30<sup>th</sup> June 2014, having a 40 week PREMIUM SERVICE subscription and opening a separate account through BLACKWELL GLOBAL (link on the welcome page of the WEEKLY FX DRIVE THRU <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>) which for the short-term I have a marketing / TRADING BONUS scheme in operation. Basically, the TRADING BONUS covers the cost of the PREMIUM SERVICE subscription. But you must click on the link on my website to qualify for the bonus.

The performance is self-explanatory. If ever there was a time to consider this, now is that time.

I operate my Forex Trading in a business style. For me instant assessment is paramount, it may be the same for you, and if not, maybe you should consider it.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/P-SERV-PROF-CALCS-AD-JUNE14.png"><img class="aligncenter size-full wp-image-4006" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/P-SERV-PROF-CALCS-AD-JUNE14.png" alt="P SERV PROF CALCS AD JUNE14" width="539" height="467" /></a>

Why not open a separate account with me and try it? As long as your initial funding is over USD$1,000.00 you qualify for a 30% TRADING BONUS. The maximum bonus payable is USD$3,000.00. Once your account is 100% open and funded I will organize the TRADING BONUS it takes about 3 to 4 days maximum.
<p style="text-align: center;">Please note an annual subscription is 40 weeks and per year and I do not count the weeks when there is no blog as part of the subscription period.</p>
<strong><em>For example: -</em></strong>
<p style="text-align: center;"><strong><em>A 40-week subscription would in real terms be until this time next year 2015.</em></strong>
<strong><em>A 10-week subscription would end October 18<sup>th</sup> 2014.</em></strong>
<strong><em>A 20-week subscription would end January 24<sup>th</sup> 2015.</em></strong>
<strong><em>(I hope the timelines above make sense)</em></strong></p>
If any of you have questions about a PREMIUM SERVICE subscription please contact me at premiumservice@weeklyfxdrivethru.com.

<strong> </strong>

<strong> </strong><strong> </strong>

<strong>5. MY CURRENT LIVE TRADES:</strong>

<strong>FLASH TRADES:</strong>

FT150
EUR/GBP
Short
Entry: 0.7965
Stop Loss: 0.8000
Limit / Target: 0.7800
Weekly Closing Price: 0.7920
Position: +45 pips

<strong> </strong><strong> </strong>

<strong>RADAR TRADES:</strong><strong> </strong>

RT110
AUD/NZD (This pair is hedged from -100 pips)
Long
Cost Average: 1.0825
Stop Loss: 1.0650
Limit / Target: 1.1350
Weekly Closing Price: 1.0703
Position: -122 pips

RT118
NZD/USD
Short
Cost Average: 0.8670
Stop Loss: 0.8860
Limit / Target: 0.8000
Weekly Closing Price: 0.8731
Position: -61 pips

RT125
EUR/USD
Short
Cost Average: 1.3599
Stop Loss: 1.3670
Limit: 1.3375
Weekly Closing Price: 1.3594
Position: +5 pips

The 4-hour (240 minute) chart below shows why I have a short trade in this pair, ignoring all the fundamental reasons. As you can see we broke out of the up sloping range pattern and fell below the support trend line. We should re-test the trend line break at some stage and head much lower. Fundamental news is on my side. I like this trade. On the Chart below you will see an alternative trade set up based upon a trend line re-test at 1.3620 with horizontal resistance at 1.3643. You could use these numbers as a limit order with stops just above 1.3650. Targeting 1.3450 or lower to the downside.

<strong> <a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-240M-05072014.png"><img class="aligncenter size-large wp-image-4031" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/EURUSD-240M-05072014-1024x504.png" alt="EURUSD 240M 05072014" width="1024" height="504" /></a></strong>

<strong> </strong>

<strong>FUNDAMENTAL TRADES:</strong>

FUN14
GBP/NZD (This pair is hedged from -150 pips)
Long
Cost Average: 1.9800
Stop Loss: 1.9000
Limit / Target: 2.2350
Weekly Closing Price: 1.9615
Position: -185 pips

<strong> </strong><strong> </strong>

<strong>6. TRADES THAT ARE ON MY RADAR:</strong>

The following trade set-ups listed below are placed with my brokers. The markets are going to be even slower than of late as we are now into the beginning of vacation time. I am not expecting much by way of extended moves, but I am prepared. I see more FLASH trades based on pullbacks in the momentum direction being more prevalent as we move forward. Most of these trades will be advised through twitter.

<span style="text-decoration: underline;">GBP/USD:</span>

As I have tweeted and commented on in DAILY FX POSTS I see the GBP/USD as a buy on the dip currency pair moving forward. ON NFP/ECB Thursday, we dipped to just above 1.7100. The 38% of the recent up move comes in at 1.7092. This is my proposed entry. The 50% retracement is at 1.7060 and I have placed my stop at 1.7050. Will I get these levels?

Cable has been very strong of late but it is not averse to moves that defy comprehension at times so you never know.

RT126
GBP/USD
Short
Entry: 1.7092
Stop: 1.7050
Limit: 1.7300

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-05072014.png"><img class="aligncenter size-large wp-image-4032" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPUSD-DAILY-05072014-1024x504.png" alt="GBPUSD DAILY 05072014" width="1024" height="504" /></a>
<span style="text-decoration: underline;">USD/CHF:</span>

I am not sure if am too late to this party or not. There has been big support on many occasions at 0.8910. It gave way recently, then acted as resistance for a day and it is now a fib level and good support once more. My entry long on a pullback is at 0.8910 with my stop just below the trend line support on the chart at 0.8850. My initial target is 0.9110, which has held this pair captive a few times. Should we break through this level and a great deal depends upon the actions of the EUR/USD we could see 0.9350 and 0.9475 again.

RT127
USD/CHF
Long
Entry: 0.8910
Stop: 0.8850
Limit: 0.9110

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/USDCHF-DAILY-05072014.png"><img class="aligncenter size-large wp-image-4033" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/USDCHF-DAILY-05072014-1024x504.png" alt="USDCHF DAILY 05072014" width="1024" height="504" /></a>

&nbsp;

<span style="text-decoration: underline;">GBP/CHF:</span>

This pair is the inverted relationship partner of the EUR/GBP. If the CHF moves higher and the GBP rallies at the same time causing the EUR/GBP to fall…this pair could fly higher.

RT128
GBP/CHF
Long
Entry: 1.5270
Stop: 1.5150
Limit: 1.5480

<strong> <a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCHF-DAILY-05072014.png"><img class="aligncenter size-large wp-image-4034" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/06/GBPCHF-DAILY-05072014-1024x504.png" alt="GBPCHF DAILY 05072014" width="1024" height="504" /></a></strong>

<strong> </strong><strong> </strong>

<span style="text-decoration: underline;">USD/SEK:</span>

I have been long so many times this pair over the past few months, and yet I managed to miss the recent 2% move…typical.

The chart below shows the very bullish move on back of the Riksbank rate cut and the pullback. A very comforting 38% retracement I have a set-up below, I am hoping that we re-test again before resuming higher.

(This set-up has not yet been placed my brokers)
USD/SEK
Long
Entry: 6.8120
Stop: 6.7600
Limit: 7.5700

<strong> <a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/USDSEK-240MINUTES-05072014.png"><img class="aligncenter size-large wp-image-4049" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/07/USDSEK-240MINUTES-05072014-1024x504.png" alt="USDSEK 240MINUTES 05072014" width="1024" height="504" /></a></strong>

&nbsp;

<strong> </strong>

<strong>7. LOOKING FORWARD…THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS:</strong>

<strong>EUR/USD: Closing Price 1.3594.</strong> After Draghi’s rather unconvincing performance last Thursday the EUR/USD started to fall and finally broke through 1.3600. We have still to test 1.3575, but if this pair breaks through this level it opens a move once again to 1.3450. In the PREMIUM SERVICE (Trades on my Radar section), I highlighted a trade based on conservative entries, which is part of my overall resistance level. For resistance it would make sense to say that unless we break above 1.3643 it is still bearish.

<strong>GBP/USD: Closing Price 1.7159</strong>. The charge or slow grind higher as it now appears to be is playing out. I see from years ago the next level of resistance is at 1.7300 and support is 1.7090.

<strong>AUD/USD: Closing Price 0.9362</strong>. Glenn Stevens the RBA governor talks dirty on currencies and the AUD/USD falls about 70 pips and then consolidates on the back of U.S. equities moving to all time highs in the DOW and S&amp;P. I think that verbal intervention can only be called once and if it doesn’t work to the level you want then you should try another method. The RBA is at this crossroads right now. Looking ahead I see the bull/ bear line in the sand being 0.9330, but we do not get seriously bearish until we break below 0.9210 and resistance lies at 0.9425.

<strong>NZD/USD: Closing Price 0.8731</strong>. This stubborn pair still will not go down. Milk prices can drop; China data can be patchy but all to no avail. Graeme Wheeler RBNZ governor wants rate increases and a lower exchange rate. Guess what? You can’t have both and the interest rate differential on the Kiwi at 3.25% versus the Aussie at 2.5% is telling, the next higher rate in the western economy is Canada at 1%. There is little chance on carry trades that the Kiwi will lower dramatically sooner unless Wheeler spends millions of dollars directly intervening in the Spot market. We are still within touching distance of all-time highs. My levels are support at 0.8725, then 0.8650 and resistance is 0.8880.

<strong>USD/CAD: Closing Price 1.0645.</strong> Not too much of a difference in the closing prices week on week. I am not too sure how to play this pair, I thought that I had it in my mind 48 hours ago, but that's gone. I am really not too sure what to do. I am looking for a move lower if I were to try a long trade but I would like to see 1.0590 as a support level to buy. Resistance is really at 1.0750.

<strong>USD/CHF: Closing Price 0.8912</strong>. I posted quite a long viewpoint with a trade set-up on this pair in the trades on my radar section for PREMIUM SERVICE subscribers. I see support at 0.8910 and resistance at 0.9110.

<strong>USD/JPY: Closing Price 102.00. </strong>The JPY does not interest me at all at the moment and I am keeping well away from it. I see the range at 101.50 to 102.60.

<strong> </strong>

&nbsp;

<strong>8. MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</strong><strong> </strong>

I have received a few emails from subscribers of the PREMIUM SERVICE asking me to place this in the WEEKLY FX DRIVE THRU. (I have tweeted it several times recently)

The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.

<span style="text-decoration: underline;">LONG:</span>

USD/CHF
GBP/AUD
GBP/CHF
USD/DKK
USD/NOK
USD/SEK
EUR/NOK
EUR/SEK

<span style="text-decoration: underline;">SHORT:</span>

EUR/USD
EUR/GBP
AUD/CAD
EUR/CAD

<strong> </strong><strong> </strong>

<strong>9. MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME</strong><strong> </strong>

SUNDAY: N/A.

MONDAY: CAD – Building Permits and IVEY PMi.
MONDAY: AUD – NAB Business Confidence.

TUESDAY: CNY – CPi.

WEDNESDAY: USD – FOMC Meeting Minutes.
WEDNESDAY: AUD – Employment Data.

THURSDAY: N/A.

FRIDAY: CAD – Employment Data.

<strong> </strong>

<strong>10. FINAL THOUGHTS:</strong>

We are most definitely in the summer doldrums with trading volatility and volumes. Summer has come early this year.

We cannot manufacture trades, we can only deal with what we are presented with and that may not be much. We may just have to sit back a bit more or maybe break for the summer sooner than originally thought. There will be trades, but there will be just less of them with smaller moves. We must adjust to this style of market.

The Asian markets offer the thinnest of all trading volumes, so with vacations upon us, we really need to be extremely cautious with trading in Asia, as moves will have the ability to be out of the blue and maybe against the trend. Moves in a thin market can be extreme.

As I have written the last two weeks we need to exercise TRADING DISCIPLINE and <strong>NOT</strong> FORCE TRADES as the chances are you run a much higher risk than normal of being caught out on the wrong side.

In 3 more weeks, I will be on break for 5 weeks from the PREMIUM SERVICE. There will be continued tweets through through both twitter accounts but these will be ad hoc as I take a break like most traders because in real terms there is very little movement. I may or may not do very brief WEEKLY FX DRIVE THRU blogs but after 7 years of trading I have observed there is very little in August except wait for September to start trading again.

In the meantime until next week however, keep your position sizes a little smaller and stops a little wider to allow for any lack of liquidity swings and hopefully you will get by.

Take care and good luck.

&nbsp;

Scott Pickering
The Pip Accumulator
Saturday July 5th 2014.

EMAIL / FOLLOW ME AT:
drivethru@weeklyfxdrivethru.com
Twitter: @pipaccumulator
Google+/scottpickering

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