(9780,1,'2017-07-29 09:50:30','2017-07-29 14:50:30','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nLast week was all about the FOMC statement.\r\n\r\nFrom a trading perspective I added pips to the annual PREMIUM SERVICE tally and overall it was a good trading week.  Just over +1,800 net pips this month so far with one trading day left, I am not expecting a total of over 2,000 pips for the month but you just never know!\r\n\r\nMy thought process starting this week is unfortunately that we will probably revert to the usual summer range trading environment. The FOMC was the last big new event in my opinion pre-The Jackson Hole Symposium. Having just written that I do realise that this week has some major and important news events listed on the economic calendar.\r\n\r\nNext week is the last “DRIVE THRU” blog for four weeks. I will be on my summer break. I will still be trading but not with the same intensity. PREMIUM SERVICE subscribers will still know that I am around, I will not disappear completely off the grid.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no order, here is what floated my boat last week.\r\n<ol>\r\n 	<li>USD: FOMC Rate Statement.\r\n\r\nThis item dominated the news last week for several reasons.\r\n\r\nFirstly, it was the first communication since Janet Yellen announced in her senate testimony a couple of weeks ago that the FED would be looking to taper its balance sheet by selling off the gazillions of bonds it purchased over the last number of years and that its policy of interest rate normalization would be on hold for the time being due to several economic factors.\r\n\r\nSecondly, as we all know Janet Yellen is a Dove. Even when she reads a Hawkish statement it sounds dovish! Would she resume normal service?\r\n\r\nThirdly, what data/ timelines would the markets receive on the tapering schedule?\r\n\r\nFrom my perspective, I thought she was dovish. Although several well-respected analysts have since said it was NOT that much of a dovish statement.\r\n\r\nThe bond market did not like it and after 15-20 minutes it moved suddenly and the EUR/USD rallied through 1.1700 which, prior to the bond move had held well. After the bond move the EUR/USD was off to the races and it took the FX market with it.\r\n\r\nWhat did Janet Yellen say?\r\n\r\nIn all honesty, she said nothing new; the news about tapering was that it would start “relatively soon”. She acknowledged that inflation was an issue and that it was below the FED 2% objective. The chance of a September rate hike looks like a “no chance” and this is probably what put the winds into the sails of the bond prices.\r\n\r\nWriting generally…\r\n\r\nIt’s all been so well documented what can I add. We really do analyze every word of the prepared Central Bank statements to death.\r\n\r\nAt the end of the day, how many times a year do the Central Bank’s move their goal posts on GDP, Inflation and Unemployment Rates just to name three items?\r\n\r\nThe goal posts move which then creates a shift in emphasis and therefore what was previously in place as a target is no longer there anymore and then the cycle starts again.\r\n\r\nWithout doubt economic fundamentals can change requiring adjustments, but sometimes moving the numbers is a ploy to hide failings and relieve scrutiny of a management approach or style in my opinion.\r\n\r\nI am not pointing the finger at any one Central Bank President or Governor, but they all know how to play the game and use the data in their favour.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>CAD: GDP (Beat 0.6% versus 0.2%)\r\n\r\nAll eyes will now be on Stephen Poloz and the BOC given the fact economic data of late has been more bullish the CAD than bearish and all eyes will be on the BOC to see if they will continue with their policy of raising interest rates.\r\n\r\nI think I mentioned this last week or maybe the week before, the move lower in the USD/CAD is now about $0.12 cents which in the good old days was equivalent to about a 1% rate cut all in. Poloz has gotten this move lower of over 1,200 pips for just some jawboning and 0.25%... not too bad.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-30072017.png\"><img class=\"aligncenter size-large wp-image-9761\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-30072017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Obviously, the pick of the week is US Non-Farm Payrolls on Friday, however, before that we have a plethora of data that should provide some volatility.\r\n\r\nI am looking forward to this week’s news events.\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>AUD: A big week for AUD data. The RBA issues its latest interest rate statement. We will see the latest Trade Balance numbers and an updated RBA Policy Statement will be released as well as at the latest Retail Sales numbers.\r\n\r\nOver the past couple of weeks the RBA has gone to great lengths to let the markets know they are quite happy with a neutral interest rate policy and that just because other Central Banks are moving to a policy of normalization it does NOT mean that the RBA will follow suit.\r\n\r\nHowever, I am not so sure that the RBA will be happy with the AUD/USD exchange rate pushing 0.8000. There may be some jawboning this week to try to keep the lid on the currency racing away. I am not sure with jawboning if this would have any effect at all, if that is a course of action that takes place. Let’s see what happens.</li>\r\n 	<li>GBP: This is a very, very big week for the UK. PMi data of late has been poor. We have the BOE inflation report and another MPC interest rate vote. Last month, the vote to keep rates unchanged was 5-3, the market was expecting 7-1. This will be interesting to see if the voting members that voted to hike last month have changed their opinions in view of the poor economic data that we have seen lately. Plus, we have a Carney speech.\r\n\r\nOne can hardly contain one’s excitement!</li>\r\n 	<li>NZD: Jobs data in New Zealand is always a market mover. Recent commentary from the RBNZ has basically been along the lines of “We couldn’t give a crap about the NZD/USD at 0.7400, there’s feck all we can do about it anyway”. Enough said, however, … let’s get the “algo’s” to push it to 0.8000 and see what the RBNZ says then!\r\n\r\nAlgo’s take note!</li>\r\n 	<li>CAD: Jobs data. If the CAD beats expectations, the rumour of more rate increases this year will hit fever pitch and the call from a trader buddy of mine saying 1.1500 is possible… could be on.</li>\r\n 	<li>USD: Jobs and ISM data are the pick. I am not so sure that the NFP data this week is going to be that important vis-a-vis the FED’s interest rate normalization policy. It will without doubt create “chaos and disorder” on the day but I am not convinced of any greater importance than just seeing what the stats are. The ISM data will be read carefully.\r\n\r\nEconomic data has been very mixed of late and I think that the consumer has gone into hiding in the U.S. We will get a handle on inflation and this will of course be studied in great detail by the FED.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-30072017.png\"><img class=\"aligncenter size-large wp-image-9762\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-30072017-1024x856.png\" alt=\"\" width=\"1024\" height=\"856\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9774\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9775\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9773\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9776\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9777\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9778\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9779\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that I believe differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\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\nFurther 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\n&nbsp;\r\n\r\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 60% of my target for this time of the year. I had a poor start to the year and I am now following a vacation and a protracted house move, in “Pip” recovery mode.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, login at my website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +1,810 net pips\r\nYEAR TO DATE:      +4,215 net pips\r\n<u>\r\n</u><u>4.3: WANT A PREMIUM SERVICE SUBSCRIPTION:</u><strong> </strong>\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$500.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n&nbsp;\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW:</u>\r\n\r\nLast week the PREMIUM SERVICE added +212 net pips.\r\n\r\nThis market is weird, strange, puzzling and probably just plain old fu**ed up.\r\n\r\nMoves and reactions to news and sometimes economic data is frankly bizarre. Just when you think you have a handle on how things are going to play out, the reaction is either nonsensical or so over extended it makes the move look stupid and out of control.\r\n\r\nTo operate with a trading discipline in this type of environment is a challenge. The human response is to jump onboard, you are scared shi*less in case you miss the move because it looks huge.\r\n\r\nMoves after the FOMC last week were just crazy. I know that inter-market correlations are off and that makes me very uneasy taking trades to suggest to paying subscribers to follow. If ever there was a time to display a TRADING DISCIPLINE this is it.\r\n\r\nDespite all the above, we added pips last week. I had a few loss-making trades, which was annoying and very frustrating especially as they were USD/CAD and EUR/USD. I could have and I should have most definitely prevented the loss from the EUR/USD; the USD/CAD was news related, that was part of the norm.\r\n\r\nI still believe that we are in the middle of a structural shift within the FX market. This will be led by the EUR/USD. Following the FOMC the USD beating was way, way overdone and the retracement moves in the AUD/USD and NZD/USD were expected to a large extent. I do however see these moves higher re-establishing themselves after this month’s U.S. Non-Farm Payroll data release this Friday.\r\n\r\nI am cautious. This must be the way in my opinion; I need to see confirmations and correlations to confirm moves. The S&amp;P, VIX, AUD/JPY, USD/CAD, USD/SEK, Oil, Gold, Copper and the ZB’s are to some extent doing their own thing. Relationships with the USD are not tight. EUR/USD and USD/CHF, EUR/GBP and GBP/CHF are not in sync. In addition, one must remember that the thin markets do not help matters either. Patience is required.\r\n\r\n<u>\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n</u>This is a new addition to this section. The SHORT or LONG indicators in the excel sheet are based on buying and selling pressure algorithms averaged for the time periods. I use these from time to time for confirmation of a trade. In addition, when I see the Short, Medium and Long term periods in alignment this gives me more confidence vis-à-vis a trades direction and who is in control of the currency pair, the bears or the bulls.\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/SENTIMENT-30072017.png\"><img class=\"aligncenter size-large wp-image-9765\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/SENTIMENT-30072017-683x1024.png\" alt=\"\" width=\"683\" height=\"1024\" /></a>\r\n</u><u>\r\n\r\n4.4.3: CORE TRADES:</u>\r\n\r\nAUD/NZD: (Live)\r\nPrior to the “Debelle” comments from a couple of weeks ago this pair looked very constructive to the long side. It was whacked lower on the comments. Longer-term fair value for this pair is much higher.\r\n\r\nBasically, it is a slow mover but hopefully before I die it will back into the 1.20’s again!\r\n\r\nI am going to persevere with this pair… I have for almost two years now!!\r\n\r\n&nbsp;\r\n\r\nGBP/USD: (Live)\r\nThe more I read and see on TV regarding the UK government the more it looks like a shambolic collection of misfits that lack leadership, unity and God forbid direction on practically every subject. In certain aspects, it makes TRUMP look positively on the ball (I cannot believe I wrote that).\r\n\r\nThe BREXIT negotiations look amateurish and not thought out. The risk of a “No Deal” as highlighted last week by one of the UK negotiator’s Nick Fox happening is real. I cannot see how this benefits the UK. In fact, this does NOT benefit the EU either.\r\n\r\nI have documented this in the past but my reasons for being contrarian with this pair compared to most market analysts and commentators is because of: -\r\n<ul>\r\n 	<li>BREXIT UNCERTAINTY.</li>\r\n 	<li>CAPITAL OUTFLOWS and FINANCIAL INSTITUTIONS are now on the move out of the city. This will add more pressure.</li>\r\n 	<li>THERESA MAY’S tenuous position as leader and Prime Minister.</li>\r\n 	<li>KEY ECONOMIC DATA now turning sour.</li>\r\n 	<li>BOE committed to dovish approach for at least 2017.</li>\r\n</ul>\r\nThis could be a challenging trade initially, I believe that 1.2775 is the pivot to pass to give me greater confidence. In the interim, the USD (TRUMP ISSUES) will from time to time effect the cable moves.\r\n\r\nI am using 1.3250 as my line in the sand to exit if required. Therefore, from a RISK / REWARD perspective this trade position does appeal.\r\n\r\nI moved my stop wider last week to cover off volatility surrounding the FOMC. Good job that I did. Since that day cable has come back and gone away again. I am holding a small position so in $$$ it does not hurt. However, if the pair does not start moving lower again, there is little point holding on to it. For me, at the moment operating in USD it costs nothing to hold overnight.\r\n\r\nCHF PAIRS: (Live and Limit Orders)\r\nI am looking to add several CHF pairs to establish a “Short” CHF position. Over the coming weeks, I hope to have a few pairs included in this section. For now, just the EUR/CHF is active.\r\n\r\nI have USD/CHF, NZD/CHF and CAD/CHF limit orders placed.\r\n\r\nEUR/USD:\r\nAt some stage I am going to have to take the plunge and enter long EUR/USD and hold. At some stage this year the ECB is going to taper and normalize. I want to be in position sooner rather than later for this.\r\n\r\n<u>\r\n\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-30072017.png\"><img class=\"aligncenter size-large wp-image-9764\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-30072017-871x1024.png\" alt=\"\" width=\"871\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-300072017.png\"><img class=\"aligncenter size-large wp-image-9763\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-300072017-845x1024.png\" alt=\"\" width=\"845\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong>THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nIT’S A BIG WEEK FOR CABLE\r\n\r\n</strong>\r\n\r\nIt’s super Thursday time once again.\r\n\r\nThis Thursday we get the following GBP data and a speech by Mark “Flip-flopper” Carney, governor of the Bank of England: -\r\n\r\nBOE Inflation Report\r\nMPC Official Bank Rate Votes\r\nMonetary Policy Summary\r\nOfficial Bank Rate\r\nAnd\r\nBOE Governor Carney Speaks\r\n\r\nIt\'s a week which could see the GBP/USD break higher towards 1.3300/1.3400 or shoot lower once again towards 1.2800.\r\n\r\nAs always, it’s all about the interpretation of statistics, and then, a consideration of the future uncertainties that surround the potential movements of cable. Forward guidance is not that good from the BOE under Mark Carney so if he starts talking in guidance terms, I for one will not feel the 100% comfortable in the BOE findings and predictions. Then again, Mark Carney is never really held accountable to this commentary, which, changes direction as many times as a wet and windy day in Galway, Ireland.\r\n\r\nThese days, whilst ultra-important vis-à-vis cable especially with BREXIT in the news practically every day, Carney’s Super Thursdays still lack the gusto of a Mario Draghi (ECB) squirming behind the table talking uncomfortably about a subject he does not believe in, or Janet Yellen (FED) trying to convince us that she is hawkish, whilst all the time she sounds and puts forward her hawkish position in a dove-like manner.\r\n\r\nPoor Mark Carney, what does he have in his armory? Bugger all really, he gave up on forward guidance, or was it I that just gave up reading the garbage that was circulated? He has now taken the title “flip-flopper” as he never appears to hold the same strategy from week to week.\r\n\r\nI suppose it is the “flip-flopping” that makes these events a kind of “What the feck is he going to say this time”, or, “Which way is the wind blowing today in Threadneedle Street?” At the end of the day, despite the sideshow, which I love by the way, there is a huge importance to attach to the data that is released and in my opinion Carneys words can usually be binned a few hours later.\r\n\r\nAt the last Super Thursday practically all the attention was focused on the fact that the vote which was predicted come in at 7-1, came in at 5-3. As a result, the cable strengthened and headed higher. The commentaries were along the lines of “the UK is about to raise rates”.\r\n\r\nIn an attempt to calm and stabilize the markets Carney spoke and said that rates will be low for the foreseeable future. He added, “Now is not the time to raise interest rates”. He quoted uncertainties surrounding BREXIT etc.\r\n\r\nOne week later as a guest at the ECB forum in Sintra, Portugal, Carney spoke again and said that the UK will probably have to look to raise rates this year.\r\n\r\nSo…\r\n\r\nWith this flip-flopper behind the podium what the feck is he going to say this week?\r\n\r\nFor my own needs and perspective, I tabulate some key data for every several economies to keep my macro FUNDAMENTAL thinking in check. I do not go into huge detail just the key data that I like.\r\n\r\nMy UK table is below: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/UK-ECON-FUNDAMENTALS-30072017.png\"><img class=\"aligncenter size-large wp-image-9766\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/UK-ECON-FUNDAMENTALS-30072017-776x1024.png\" alt=\"\" width=\"776\" height=\"1024\" /></a>\r\n\r\nRegular followers of this blog will know that FUNDAMENTALLY I believe that the consumer drives an economy. It is the man and woman on the street that keeps the wheels moving.\r\n\r\nMy thoughts: -\r\n\r\nInflation fell surprisingly last time around (But still held above the 2% BOE target).\r\nConsumer confidence fell again.\r\nMortgage applications marginally lower.\r\n\r\nThe Purchases Index dropped across the board (Manufacturing, Services and Construction).\r\n\r\nIn addition, wages are not keeping pace with inflation. Wage growth is sluggish. This is causing household pain; household debt is rising and this is a concern.\r\n\r\nMy thought process is that the BOE will NOT touch interest rates. Data is very mixed but the core data that effects the man and woman on the street should an interest rate rise be put through now, would kill off any chance of increased domestic spending. Tourists can buy goods in stores but they do not do home renovations etc.\r\n\r\nWhen the BREXIT vote was counted Carney stated that he would keep ample liquidity in the marketplace. I know a huge volume of water has flowed under that bridge since that announcement, but the same perils remain regarding the BREXIT uncertainties. I still believe that the market is 100% complacent over BREXIT.\r\n\r\nSo; what are the possibilities and how do I see it playing out: -\r\n\r\nThis is a little difficult as we receive the July Services, Construction and Manufacturing PMi data next week ahead of the super Thursday’s decision.\r\n\r\nMost people will be focused on the MPC vote. If it remains 5-3: There is a chance that the commentary will include words like “GRADUAL”. Cable will strengthen like crazy towards possibly 1.3400 as the markets will read a 2017 rate move into their plans.\r\n\r\nIf the vote moves back to 6-2 or even square one at 7-1 and leave in “EXTENDED PERIOD” the cable will weaken dramatically back towards 1.2800.\r\n\r\nI see no rate hike and commentary remaining accommodative based upon recent data being mixed. I just cannot see the RISK of raising rates or the slightest mention of raising rates. If cable is allowed to appreciate and then BREXIT negotiations fall apart, the GBP/USD will be at 1.2000 in a heartbeat.\r\n\r\nThere are so many other uncertainties in the UK. I know that the BOE should not go political, but they must be aware of the effects of another general election this autumn / fall given the tenuous position of power Theresa May has as UK Prime Minister. In addition, the BREXIT negotiations are slow, tedious and not providing any comfort to the markets at the moment. The movement of capital inflows out of the city of London is gathering pace as more and more financial institutions are announcing where they are going to set up shop in 18 months’ time when they exit the UK.\r\n\r\nIt is a tough decision.\r\n\r\nTo raise rates would kill off many households in the UK and create a problem probably not worth having as long as inflation remains under say 3.5%.  As long as inflation is level or even above 2% it\'s a problem worth having than trying to fix. To address it will open up a can of worms best kept under lock and key. In this instance, all the accountants and so-called financial brains should be given gardening leave.\r\n\r\nAs long as Mark Carney delivers a strong message in whatever direction, he must be believable and herein lies a FUNDAMENTAL problem. He is a “flip-flopper”.\r\n\r\nI am still in the camp of cable 1.2000 and EUR/GBP close to parity. I will be glued to my desk this Thursday.\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\nBLOG VERSION: #143 PREMIUM SERVICE\r\nDATE: 30th July 2017\r\n\r\n&nbsp;','IT’S A BIG WEEK FOR CABLE','','publish','open','closed','','big-week-cable','','','2017-07-29 09:50:30','2017-07-29 14:50:30','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9780',0,'member_posts','',0),(9820,1,'2017-08-05 05:54:26','2017-08-05 10:54:26','','ECON DATA 06082017','','inherit','open','closed','','econ-data-06082017','','','2017-08-05 07:24:47','2017-08-05 12:24:47','',9836,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017.png',0,'attachment','image/png',0),(9781,1,'2017-07-29 09:50:30','2017-07-29 14:50:30','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nLast week was all about the FOMC statement.\r\n\r\nFrom a trading perspective I added pips to the annual PREMIUM SERVICE tally and overall it was a good trading week.  Just over +1,800 net pips this month so far with one trading day left, I am not expecting a total of over 2,000 pips for the month but you just never know!\r\n\r\nMy thought process starting this week is unfortunately that we will probably revert to the usual summer range trading environment. The FOMC was the last big new event in my opinion pre-The Jackson Hole Symposium. Having just written that I do realise that this week has some major and important news events listed on the economic calendar.\r\n\r\nNext week is the last “DRIVE THRU” blog for four weeks. I will be on my summer break. I will still be trading but not with the same intensity. PREMIUM SERVICE subscribers will still know that I am around, I will not disappear completely off the grid.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no order, here is what floated my boat last week.\r\n<ol>\r\n 	<li>USD: FOMC Rate Statement.\r\n\r\nThis item dominated the news last week for several reasons.\r\n\r\nFirstly, it was the first communication since Janet Yellen announced in her senate testimony a couple of weeks ago that the FED would be looking to taper its balance sheet by selling off the gazillions of bonds it purchased over the last number of years and that its policy of interest rate normalization would be on hold for the time being due to several economic factors.\r\n\r\nSecondly, as we all know Janet Yellen is a Dove. Even when she reads a Hawkish statement it sounds dovish! Would she resume normal service?\r\n\r\nThirdly, what data/ timelines would the markets receive on the tapering schedule?\r\n\r\nFrom my perspective, I thought she was dovish. Although several well-respected analysts have since said it was NOT that much of a dovish statement.\r\n\r\nThe bond market did not like it and after 15-20 minutes it moved suddenly and the EUR/USD rallied through 1.1700 which, prior to the bond move had held well. After the bond move the EUR/USD was off to the races and it took the FX market with it.\r\n\r\nWhat did Janet Yellen say?\r\n\r\nIn all honesty, she said nothing new; the news about tapering was that it would start “relatively soon”. She acknowledged that inflation was an issue and that it was below the FED 2% objective. The chance of a September rate hike looks like a “no chance” and this is probably what put the winds into the sails of the bond prices.\r\n\r\nWriting generally…\r\n\r\nIt’s all been so well documented what can I add. We really do analyze every word of the prepared Central Bank statements to death.\r\n\r\nAt the end of the day, how many times a year do the Central Bank’s move their goal posts on GDP, Inflation and Unemployment Rates just to name three items?\r\n\r\nThe goal posts move which then creates a shift in emphasis and therefore what was previously in place as a target is no longer there anymore and then the cycle starts again.\r\n\r\nWithout doubt economic fundamentals can change requiring adjustments, but sometimes moving the numbers is a ploy to hide failings and relieve scrutiny of a management approach or style in my opinion.\r\n\r\nI am not pointing the finger at any one Central Bank President or Governor, but they all know how to play the game and use the data in their favour.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>CAD: GDP (Beat 0.6% versus 0.2%)\r\n\r\nAll eyes will now be on Stephen Poloz and the BOC given the fact economic data of late has been more bullish the CAD than bearish and all eyes will be on the BOC to see if they will continue with their policy of raising interest rates.\r\n\r\nI think I mentioned this last week or maybe the week before, the move lower in the USD/CAD is now about $0.12 cents which in the good old days was equivalent to about a 1% rate cut all in. Poloz has gotten this move lower of over 1,200 pips for just some jawboning and 0.25%... not too bad.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-30072017.png\"><img class=\"aligncenter size-large wp-image-9761\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-30072017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Obviously, the pick of the week is US Non-Farm Payrolls on Friday, however, before that we have a plethora of data that should provide some volatility.\r\n\r\nI am looking forward to this week’s news events.\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>AUD: A big week for AUD data. The RBA issues its latest interest rate statement. We will see the latest Trade Balance numbers and an updated RBA Policy Statement will be released as well as at the latest Retail Sales numbers.\r\n\r\nOver the past couple of weeks the RBA has gone to great lengths to let the markets know they are quite happy with a neutral interest rate policy and that just because other Central Banks are moving to a policy of normalization it does NOT mean that the RBA will follow suit.\r\n\r\nHowever, I am not so sure that the RBA will be happy with the AUD/USD exchange rate pushing 0.8000. There may be some jawboning this week to try to keep the lid on the currency racing away. I am not sure with jawboning if this would have any effect at all, if that is a course of action that takes place. Let’s see what happens.</li>\r\n 	<li>GBP: This is a very, very big week for the UK. PMi data of late has been poor. We have the BOE inflation report and another MPC interest rate vote. Last month, the vote to keep rates unchanged was 5-3, the market was expecting 7-1. This will be interesting to see if the voting members that voted to hike last month have changed their opinions in view of the poor economic data that we have seen lately. Plus, we have a Carney speech.\r\n\r\nOne can hardly contain one’s excitement!</li>\r\n 	<li>NZD: Jobs data in New Zealand is always a market mover. Recent commentary from the RBNZ has basically been along the lines of “We couldn’t give a crap about the NZD/USD at 0.7400, there’s feck all we can do about it anyway”. Enough said, however, … let’s get the “algo’s” to push it to 0.8000 and see what the RBNZ says then!\r\n\r\nAlgo’s take note!</li>\r\n 	<li>CAD: Jobs data. If the CAD beats expectations, the rumour of more rate increases this year will hit fever pitch and the call from a trader buddy of mine saying 1.1500 is possible… could be on.</li>\r\n 	<li>USD: Jobs and ISM data are the pick. I am not so sure that the NFP data this week is going to be that important vis-a-vis the FED’s interest rate normalization policy. It will without doubt create “chaos and disorder” on the day but I am not convinced of any greater importance than just seeing what the stats are. The ISM data will be read carefully.\r\n\r\nEconomic data has been very mixed of late and I think that the consumer has gone into hiding in the U.S. We will get a handle on inflation and this will of course be studied in great detail by the FED.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-30072017.png\"><img class=\"aligncenter size-large wp-image-9762\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-30072017-1024x856.png\" alt=\"\" width=\"1024\" height=\"856\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9774\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9775\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9773\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9776\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9777\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9778\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9779\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that I believe differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\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\nFurther 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\n&nbsp;\r\n\r\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 60% of my target for this time of the year. I had a poor start to the year and I am now following a vacation and a protracted house move, in “Pip” recovery mode.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, login at my website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +1,810 net pips\r\nYEAR TO DATE:      +4,215 net pips\r\n<u>\r\n</u><u>4.3: WANT A PREMIUM SERVICE SUBSCRIPTION:</u><strong> </strong>\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$500.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n&nbsp;\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW:</u>\r\n\r\nLast week the PREMIUM SERVICE added +212 net pips.\r\n\r\nThis market is weird, strange, puzzling and probably just plain old fu**ed up.\r\n\r\nMoves and reactions to news and sometimes economic data is frankly bizarre. Just when you think you have a handle on how things are going to play out, the reaction is either nonsensical or so over extended it makes the move look stupid and out of control.\r\n\r\nTo operate with a trading discipline in this type of environment is a challenge. The human response is to jump onboard, you are scared shi*less in case you miss the move because it looks huge.\r\n\r\nMoves after the FOMC last week were just crazy. I know that inter-market correlations are off and that makes me very uneasy taking trades to suggest to paying subscribers to follow. If ever there was a time to display a TRADING DISCIPLINE this is it.\r\n\r\nDespite all the above, we added pips last week. I had a few loss-making trades, which was annoying and very frustrating especially as they were USD/CAD and EUR/USD. I could have and I should have most definitely prevented the loss from the EUR/USD; the USD/CAD was news related, that was part of the norm.\r\n\r\nI still believe that we are in the middle of a structural shift within the FX market. This will be led by the EUR/USD. Following the FOMC the USD beating was way, way overdone and the retracement moves in the AUD/USD and NZD/USD were expected to a large extent. I do however see these moves higher re-establishing themselves after this month’s U.S. Non-Farm Payroll data release this Friday.\r\n\r\nI am cautious. This must be the way in my opinion; I need to see confirmations and correlations to confirm moves. The S&amp;P, VIX, AUD/JPY, USD/CAD, USD/SEK, Oil, Gold, Copper and the ZB’s are to some extent doing their own thing. Relationships with the USD are not tight. EUR/USD and USD/CHF, EUR/GBP and GBP/CHF are not in sync. In addition, one must remember that the thin markets do not help matters either. Patience is required.\r\n\r\n<u>\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n</u>This is a new addition to this section. The SHORT or LONG indicators in the excel sheet are based on buying and selling pressure algorithms averaged for the time periods. I use these from time to time for confirmation of a trade. In addition, when I see the Short, Medium and Long term periods in alignment this gives me more confidence vis-à-vis a trades direction and who is in control of the currency pair, the bears or the bulls.\r\n<u>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/SENTIMENT-30072017.png\"><img class=\"aligncenter size-large wp-image-9765\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/SENTIMENT-30072017-683x1024.png\" alt=\"\" width=\"683\" height=\"1024\" /></a>\r\n</u><u>\r\n\r\n4.4.3: CORE TRADES:</u>\r\n\r\nAUD/NZD: (Live)\r\nPrior to the “Debelle” comments from a couple of weeks ago this pair looked very constructive to the long side. It was whacked lower on the comments. Longer-term fair value for this pair is much higher.\r\n\r\nBasically, it is a slow mover but hopefully before I die it will back into the 1.20’s again!\r\n\r\nI am going to persevere with this pair… I have for almost two years now!!\r\n\r\n&nbsp;\r\n\r\nGBP/USD: (Live)\r\nThe more I read and see on TV regarding the UK government the more it looks like a shambolic collection of misfits that lack leadership, unity and God forbid direction on practically every subject. In certain aspects, it makes TRUMP look positively on the ball (I cannot believe I wrote that).\r\n\r\nThe BREXIT negotiations look amateurish and not thought out. The risk of a “No Deal” as highlighted last week by one of the UK negotiator’s Nick Fox happening is real. I cannot see how this benefits the UK. In fact, this does NOT benefit the EU either.\r\n\r\nI have documented this in the past but my reasons for being contrarian with this pair compared to most market analysts and commentators is because of: -\r\n<ul>\r\n 	<li>BREXIT UNCERTAINTY.</li>\r\n 	<li>CAPITAL OUTFLOWS and FINANCIAL INSTITUTIONS are now on the move out of the city. This will add more pressure.</li>\r\n 	<li>THERESA MAY’S tenuous position as leader and Prime Minister.</li>\r\n 	<li>KEY ECONOMIC DATA now turning sour.</li>\r\n 	<li>BOE committed to dovish approach for at least 2017.</li>\r\n</ul>\r\nThis could be a challenging trade initially, I believe that 1.2775 is the pivot to pass to give me greater confidence. In the interim, the USD (TRUMP ISSUES) will from time to time effect the cable moves.\r\n\r\nI am using 1.3250 as my line in the sand to exit if required. Therefore, from a RISK / REWARD perspective this trade position does appeal.\r\n\r\nI moved my stop wider last week to cover off volatility surrounding the FOMC. Good job that I did. Since that day cable has come back and gone away again. I am holding a small position so in $$$ it does not hurt. However, if the pair does not start moving lower again, there is little point holding on to it. For me, at the moment operating in USD it costs nothing to hold overnight.\r\n\r\nCHF PAIRS: (Live and Limit Orders)\r\nI am looking to add several CHF pairs to establish a “Short” CHF position. Over the coming weeks, I hope to have a few pairs included in this section. For now, just the EUR/CHF is active.\r\n\r\nI have USD/CHF, NZD/CHF and CAD/CHF limit orders placed.\r\n\r\nEUR/USD:\r\nAt some stage I am going to have to take the plunge and enter long EUR/USD and hold. At some stage this year the ECB is going to taper and normalize. I want to be in position sooner rather than later for this.\r\n\r\n<u>\r\n\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-30072017.png\"><img class=\"aligncenter size-large wp-image-9764\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIVE-30072017-871x1024.png\" alt=\"\" width=\"871\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-300072017.png\"><img class=\"aligncenter size-large wp-image-9763\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/LIMIT-300072017-845x1024.png\" alt=\"\" width=\"845\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong>THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nIT’S A BIG WEEK FOR CABLE\r\n\r\n</strong>\r\n\r\nIt’s super Thursday time once again.\r\n\r\nThis Thursday we get the following GBP data and a speech by Mark “Flip-flopper” Carney, governor of the Bank of England: -\r\n\r\nBOE Inflation Report\r\nMPC Official Bank Rate Votes\r\nMonetary Policy Summary\r\nOfficial Bank Rate\r\nAnd\r\nBOE Governor Carney Speaks\r\n\r\nIt\'s a week which could see the GBP/USD break higher towards 1.3300/1.3400 or shoot lower once again towards 1.2800.\r\n\r\nAs always, it’s all about the interpretation of statistics, and then, a consideration of the future uncertainties that surround the potential movements of cable. Forward guidance is not that good from the BOE under Mark Carney so if he starts talking in guidance terms, I for one will not feel the 100% comfortable in the BOE findings and predictions. Then again, Mark Carney is never really held accountable to this commentary, which, changes direction as many times as a wet and windy day in Galway, Ireland.\r\n\r\nThese days, whilst ultra-important vis-à-vis cable especially with BREXIT in the news practically every day, Carney’s Super Thursdays still lack the gusto of a Mario Draghi (ECB) squirming behind the table talking uncomfortably about a subject he does not believe in, or Janet Yellen (FED) trying to convince us that she is hawkish, whilst all the time she sounds and puts forward her hawkish position in a dove-like manner.\r\n\r\nPoor Mark Carney, what does he have in his armory? Bugger all really, he gave up on forward guidance, or was it I that just gave up reading the garbage that was circulated? He has now taken the title “flip-flopper” as he never appears to hold the same strategy from week to week.\r\n\r\nI suppose it is the “flip-flopping” that makes these events a kind of “What the feck is he going to say this time”, or, “Which way is the wind blowing today in Threadneedle Street?” At the end of the day, despite the sideshow, which I love by the way, there is a huge importance to attach to the data that is released and in my opinion Carneys words can usually be binned a few hours later.\r\n\r\nAt the last Super Thursday practically all the attention was focused on the fact that the vote which was predicted come in at 7-1, came in at 5-3. As a result, the cable strengthened and headed higher. The commentaries were along the lines of “the UK is about to raise rates”.\r\n\r\nIn an attempt to calm and stabilize the markets Carney spoke and said that rates will be low for the foreseeable future. He added, “Now is not the time to raise interest rates”. He quoted uncertainties surrounding BREXIT etc.\r\n\r\nOne week later as a guest at the ECB forum in Sintra, Portugal, Carney spoke again and said that the UK will probably have to look to raise rates this year.\r\n\r\nSo…\r\n\r\nWith this flip-flopper behind the podium what the feck is he going to say this week?\r\n\r\nFor my own needs and perspective, I tabulate some key data for every several economies to keep my macro FUNDAMENTAL thinking in check. I do not go into huge detail just the key data that I like.\r\n\r\nMy UK table is below: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/UK-ECON-FUNDAMENTALS-30072017.png\"><img class=\"aligncenter size-large wp-image-9766\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/UK-ECON-FUNDAMENTALS-30072017-776x1024.png\" alt=\"\" width=\"776\" height=\"1024\" /></a>\r\n\r\nRegular followers of this blog will know that FUNDAMENTALLY I believe that the consumer drives an economy. It is the man and woman on the street that keeps the wheels moving.\r\n\r\nMy thoughts: -\r\n\r\nInflation fell surprisingly last time around (But still held above the 2% BOE target).\r\nConsumer confidence fell again.\r\nMortgage applications marginally lower.\r\n\r\nThe Purchases Index dropped across the board (Manufacturing, Services and Construction).\r\n\r\nIn addition, wages are not keeping pace with inflation. Wage growth is sluggish. This is causing household pain; household debt is rising and this is a concern.\r\n\r\nMy thought process is that the BOE will NOT touch interest rates. Data is very mixed but the core data that effects the man and woman on the street should an interest rate rise be put through now, would kill off any chance of increased domestic spending. Tourists can buy goods in stores but they do not do home renovations etc.\r\n\r\nWhen the BREXIT vote was counted Carney stated that he would keep ample liquidity in the marketplace. I know a huge volume of water has flowed under that bridge since that announcement, but the same perils remain regarding the BREXIT uncertainties. I still believe that the market is 100% complacent over BREXIT.\r\n\r\nSo; what are the possibilities and how do I see it playing out: -\r\n\r\nThis is a little difficult as we receive the July Services, Construction and Manufacturing PMi data next week ahead of the super Thursday’s decision.\r\n\r\nMost people will be focused on the MPC vote. If it remains 5-3: There is a chance that the commentary will include words like “GRADUAL”. Cable will strengthen like crazy towards possibly 1.3400 as the markets will read a 2017 rate move into their plans.\r\n\r\nIf the vote moves back to 6-2 or even square one at 7-1 and leave in “EXTENDED PERIOD” the cable will weaken dramatically back towards 1.2800.\r\n\r\nI see no rate hike and commentary remaining accommodative based upon recent data being mixed. I just cannot see the RISK of raising rates or the slightest mention of raising rates. If cable is allowed to appreciate and then BREXIT negotiations fall apart, the GBP/USD will be at 1.2000 in a heartbeat.\r\n\r\nThere are so many other uncertainties in the UK. I know that the BOE should not go political, but they must be aware of the effects of another general election this autumn / fall given the tenuous position of power Theresa May has as UK Prime Minister. In addition, the BREXIT negotiations are slow, tedious and not providing any comfort to the markets at the moment. The movement of capital inflows out of the city of London is gathering pace as more and more financial institutions are announcing where they are going to set up shop in 18 months’ time when they exit the UK.\r\n\r\nIt is a tough decision.\r\n\r\nTo raise rates would kill off many households in the UK and create a problem probably not worth having as long as inflation remains under say 3.5%.  As long as inflation is level or even above 2% it\'s a problem worth having than trying to fix. To address it will open up a can of worms best kept under lock and key. In this instance, all the accountants and so-called financial brains should be given gardening leave.\r\n\r\nAs long as Mark Carney delivers a strong message in whatever direction, he must be believable and herein lies a FUNDAMENTAL problem. He is a “flip-flopper”.\r\n\r\nI am still in the camp of cable 1.2000 and EUR/GBP close to parity. I will be glued to my desk this Thursday.\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\nBLOG VERSION: #143 PREMIUM SERVICE\r\nDATE: 30th July 2017\r\n\r\n&nbsp;','IT’S A BIG WEEK FOR CABLE','','inherit','closed','closed','','9780-revision-v1','','','2017-07-29 09:50:30','2017-07-29 14:50:30','',9780,'https://weeklyfxdrivethru.com/9780-revision-v1/',0,'revision','',0),(9789,1,'2017-07-29 11:05:06','2017-07-29 16:05:06','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nLast week was all about the FOMC statement.\r\n\r\nFrom a trading perspective I added pips to the annual PREMIUM SERVICE tally and overall it was a good trading week.  Just over +1,800 net pips this month so far with one trading day left, I am not expecting a total of over 2,000 pips for the month but you just never know!\r\n\r\nMy thought process starting this week is unfortunately that we will probably revert to the usual summer range trading environment. The FOMC was the last big new event in my opinion pre-The Jackson Hole Symposium. Having just written that I do realise that this week has some major and important news events listed on the economic calendar.\r\n\r\nNext week is the last “DRIVE THRU” blog for four weeks. I will be on my summer break. I will still be trading but not with the same intensity. PREMIUM SERVICE subscribers will still know that I am around, I will not disappear completely off the grid.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no order, here is what floated my boat last week.\r\n<ol>\r\n 	<li>USD: FOMC Rate Statement.\r\n\r\nThis item dominated the news last week for several reasons.\r\n\r\nFirstly, it was the first communication since Janet Yellen announced in her senate testimony a couple of weeks ago that the FED would be looking to taper its balance sheet by selling off the gazillions of bonds it purchased over the last number of years and that its policy of interest rate normalization would be on hold for the time being due to several economic factors.\r\n\r\nSecondly, as we all know Janet Yellen is a Dove. Even when she reads a Hawkish statement it sounds dovish! Would she resume normal service?\r\n\r\nThirdly, what data/ timelines would the markets receive on the tapering schedule?\r\n\r\nFrom my perspective, I thought she was dovish. Although several well-respected analysts have since said it was NOT that much of a dovish statement.\r\n\r\nThe bond market did not like it and after 15-20 minutes it moved suddenly and the EUR/USD rallied through 1.1700 which, prior to the bond move had held well. After the bond move the EUR/USD was off to the races and it took the FX market with it.\r\n\r\nWhat did Janet Yellen say?\r\n\r\nIn all honesty, she said nothing new; the news about tapering was that it would start “relatively soon”. She acknowledged that inflation was an issue and that it was below the FED 2% objective. The chance of a September rate hike looks like a “no chance” and this is probably what put the winds into the sails of the bond prices.\r\n\r\nWriting generally…\r\n\r\nIt’s all been so well documented what can I add. We really do analyze every word of the prepared Central Bank statements to death.\r\n\r\nAt the end of the day, how many times a year do the Central Bank’s move their goal posts on GDP, Inflation and Unemployment Rates just to name three items?\r\n\r\nThe goal posts move which then creates a shift in emphasis and therefore what was previously in place as a target is no longer there anymore and then the cycle starts again.\r\n\r\nWithout doubt economic fundamentals can change requiring adjustments, but sometimes moving the numbers is a ploy to hide failings and relieve scrutiny of a management approach or style in my opinion.\r\n\r\nI am not pointing the finger at any one Central Bank President or Governor, but they all know how to play the game and use the data in their favour.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>CAD: GDP (Beat 0.6% versus 0.2%)\r\n\r\nAll eyes will now be on Stephen Poloz and the BOC given the fact economic data of late has been more bullish the CAD than bearish and all eyes will be on the BOC to see if they will continue with their policy of raising interest rates.\r\n\r\nI think I mentioned this last week or maybe the week before, the move lower in the USD/CAD is now about $0.12 cents which in the good old days was equivalent to about a 1% rate cut all in. Poloz has gotten this move lower of over 1,200 pips for just some jawboning and 0.25%... not too bad.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-30072017.png\"><img class=\"aligncenter size-large wp-image-9761\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/ECON-DATA-30072017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Obviously, the pick of the week is US Non-Farm Payrolls on Friday, however, before that we have a plethora of data that should provide some volatility.\r\n\r\nI am looking forward to this week’s news events.\r\n<ol>\r\n 	<li>AUD: A big week for AUD data. The RBA issues its latest interest rate statement. We will see the latest Trade Balance numbers and an updated RBA Policy Statement will be released as well as at the latest Retail Sales numbers.\r\n\r\nOver the past couple of weeks the RBA has gone to great lengths to let the markets know they are quite happy with a neutral interest rate policy and that just because other Central Banks are moving to a policy of normalization it does NOT mean that the RBA will follow suit.\r\n\r\nHowever, I am not so sure that the RBA will be happy with the AUD/USD exchange rate pushing 0.8000. There may be some jawboning this week to try to keep the lid on the currency racing away. I am not sure with jawboning if this would have any effect at all, if that is a course of action that takes place. Let’s see what happens.</li>\r\n 	<li>GBP: This is a very, very big week for the UK. PMi data of late has been poor. We have the BOE inflation report and another MPC interest rate vote. Last month, the vote to keep rates unchanged was 5-3, the market was expecting 7-1. This will be interesting to see if the voting members that voted to hike last month have changed their opinions in view of the poor economic data that we have seen lately. Plus, we have a Carney speech.\r\n\r\nOne can hardly contain one’s excitement!</li>\r\n 	<li>NZD: Jobs data in New Zealand is always a market mover. Recent commentary from the RBNZ has basically been along the lines of “We couldn’t give a crap about the NZD/USD at 0.7400, there’s feck all we can do about it anyway”. Enough said, however, … let’s get the “algo’s” to push it to 0.8000 and see what the RBNZ says then!\r\n\r\nAlgo’s take note!</li>\r\n 	<li>CAD: Jobs data. If the CAD beats expectations, the rumour of more rate increases this year will hit fever pitch and the call from a trader buddy of mine saying 1.1500 is possible… could be on.</li>\r\n 	<li>USD: Jobs and ISM data are the pick. I am not so sure that the NFP data this week is going to be that important vis-a-vis the FED’s interest rate normalization policy. It will without doubt create “chaos and disorder” on the day but I am not convinced of any greater importance than just seeing what the stats are. The ISM data will be read carefully.\r\n\r\nEconomic data has been very mixed of late and I think that the consumer has gone into hiding in the U.S. We will get a handle on inflation and this will of course be studied in great detail by the FED.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-30072017.png\"><img class=\"aligncenter size-large wp-image-9762\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/TCHART-30072017-1024x856.png\" alt=\"\" width=\"1024\" height=\"856\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9774\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/EURUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9775\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/GBPUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9773\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/AUDUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9776\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/NZDUSD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9777\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCAD-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9778\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDCHF-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-30072017.png\"><img class=\"aligncenter size-large wp-image-9779\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/USDJPY-D-30072017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that I believe differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\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\nFurther 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\n&nbsp;\r\n\r\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 60% of my target for this time of the year. I had a poor start to the year and I am now following a vacation and a protracted house move, in “Pip” recovery mode.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, login at my website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +1,810 net pips\r\nYEAR TO DATE:      +4,215 net pips\r\n<u>\r\n</u><u>4.3: WANT A PREMIUM SERVICE SUBSCRIPTION:</u>\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$500.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n&nbsp;\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW:</u>\r\n<u>\r\n4.4.2: MARKET SENTIMENT:\r\n</u>\r\n<u>4.4.3: CORE TRADES:</u>\r\n<u>\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> IT’S A BIG WEEK FOR CABLE\r\n\r\n</strong>\r\n\r\nIt’s super Thursday time once again.\r\n\r\nThis Thursday we get the following GBP data and a speech by Mark “Flip-flopper” Carney, governor of the Bank of England: -\r\n\r\nBOE Inflation Report\r\nMPC Official Bank Rate Votes\r\nMonetary Policy Summary\r\nOfficial Bank Rate\r\nAnd\r\nBOE Governor Carney Speaks\r\n\r\nIt\'s a week which could see the GBP/USD break higher towards 1.3300/1.3400 or shoot lower once again towards 1.2800.\r\n\r\nAs always, it’s all about the interpretation of statistics, and then, a consideration of the future uncertainties that surround the potential movements of cable. Forward guidance is not that good from the BOE under Mark Carney so if he starts talking in guidance terms, I for one will not feel the 100% comfortable in the BOE findings and predictions. Then again, Mark Carney is never really held accountable to this commentary, which, changes direction as many times as a wet and windy day in Galway, Ireland.\r\n\r\nThese days, whilst ultra-important vis-à-vis cable especially with BREXIT in the news practically every day, Carney’s Super Thursdays still lack the gusto of a Mario Draghi (ECB) squirming behind the table talking uncomfortably about a subject he does not believe in, or Janet Yellen (FED) trying to convince us that she is hawkish, whilst all the time she sounds and puts forward her hawkish position in a dove-like manner.\r\n\r\nPoor Mark Carney, what does he have in his armory? Bugger all really, he gave up on forward guidance, or was it I that just gave up reading the garbage that was circulated? He has now taken the title “flip-flopper” as he never appears to hold the same strategy from week to week.\r\n\r\nI suppose it is the “flip-flopping” that makes these events a kind of “What the feck is he going to say this time”, or, “Which way is the wind blowing today in Threadneedle Street?” At the end of the day, despite the sideshow, which I love by the way, there is a huge importance to attach to the data that is released and in my opinion Carneys words can usually be binned a few hours later.\r\n\r\nAt the last Super Thursday practically all the attention was focused on the fact that the vote which was predicted come in at 7-1, came in at 5-3. As a result, the cable strengthened and headed higher. The commentaries were along the lines of “the UK is about to raise rates”.\r\n\r\nIn an attempt to calm and stabilize the markets Carney spoke and said that rates will be low for the foreseeable future. He added, “Now is not the time to raise interest rates”. He quoted uncertainties surrounding BREXIT etc.\r\n\r\nOne week later as a guest at the ECB forum in Sintra, Portugal, Carney spoke again and said that the UK will probably have to look to raise rates this year.\r\n\r\nSo…\r\n\r\nWith this flip-flopper behind the podium what the feck is he going to say this week?\r\n\r\nFor my own needs and perspective, I tabulate some key data for every several economies to keep my macro FUNDAMENTAL thinking in check. I do not go into huge detail just the key data that I like.\r\n\r\nMy UK table is below: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/UK-ECON-FUNDAMENTALS-30072017.png\"><img class=\"aligncenter size-large wp-image-9766\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/UK-ECON-FUNDAMENTALS-30072017-776x1024.png\" alt=\"\" width=\"776\" height=\"1024\" /></a>\r\n\r\nRegular followers of this blog will know that FUNDAMENTALLY I believe that the consumer drives an economy. It is the man and woman on the street that keeps the wheels moving.\r\n\r\nMy thoughts: -\r\n\r\nInflation fell surprisingly last time around (But still held above the 2% BOE target).\r\nConsumer confidence fell again.\r\nMortgage applications marginally lower.\r\n\r\nThe Purchases Index dropped across the board (Manufacturing, Services and Construction).\r\n\r\nIn addition, wages are not keeping pace with inflation. Wage growth is sluggish. This is causing household pain; household debt is rising and this is a concern.\r\n\r\nMy thought process is that the BOE will NOT touch interest rates. Data is very mixed but the core data that effects the man and woman on the street should an interest rate rise be put through now, would kill off any chance of increased domestic spending. Tourists can buy goods in stores but they do not do home renovations etc.\r\n\r\nWhen the BREXIT vote was counted Carney stated that he would keep ample liquidity in the marketplace. I know a huge volume of water has flowed under that bridge since that announcement, but the same perils remain regarding the BREXIT uncertainties. I still believe that the market is 100% complacent over BREXIT.\r\n\r\nSo; what are the possibilities and how do I see it playing out: -\r\n\r\nThis is a little difficult as we receive the July Services, Construction and Manufacturing PMi data next week ahead of the super Thursday’s decision.\r\n\r\nMost people will be focused on the MPC vote. If it remains 5-3: There is a chance that the commentary will include words like “GRADUAL”. Cable will strengthen like crazy towards possibly 1.3400 as the markets will read a 2017 rate move into their plans.\r\n\r\nIf the vote moves back to 6-2 or even square one at 7-1 and leave in “EXTENDED PERIOD” the cable will weaken dramatically back towards 1.2800.\r\n\r\nI see no rate hike and commentary remaining accommodative based upon recent data being mixed. I just cannot see the RISK of raising rates or the slightest mention of raising rates. If cable is allowed to appreciate and then BREXIT negotiations fall apart, the GBP/USD will be at 1.2000 in a heartbeat.\r\n\r\nThere are so many other uncertainties in the UK. I know that the BOE should not go political, but they must be aware of the effects of another general election this autumn / fall given the tenuous position of power Theresa May has as UK Prime Minister. In addition, the BREXIT negotiations are slow, tedious and not providing any comfort to the markets at the moment. The movement of capital inflows out of the city of London is gathering pace as more and more financial institutions are announcing where they are going to set up shop in 18 months’ time when they exit the UK.\r\n\r\nIt is a tough decision.\r\n\r\nTo raise rates would kill off many households in the UK and create a problem probably not worth having as long as inflation remains under say 3.5%.  As long as inflation is level or even above 2% it\'s a problem worth having than trying to fix. To address it will open up a can of worms best kept under lock and key. In this instance, all the accountants and so-called financial brains should be given gardening leave.\r\n\r\nAs long as Mark Carney delivers a strong message in whatever direction, he must be believable and herein lies a FUNDAMENTAL problem. He is a “flip-flopper”.\r\n\r\nI am still in the camp of cable 1.2000 and EUR/GBP close to parity. I will be glued to my desk this Thursday.\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #247 FREE NEWSLETTER\r\nDATE: 30th July 2017\r\n\r\n&nbsp;','IT’S A BIG WEEK FOR CABLE','','inherit','closed','closed','','9788-revision-v1','','','2017-07-29 11:05:06','2017-07-29 16:05:06','',9788,'https://weeklyfxdrivethru.com/9788-revision-v1/',0,'revision','',0),(9802,1,'2017-07-31 13:37:17','2017-07-31 18:37:17','','PIP COMPARISON TO JUL17','','inherit','open','closed','','pip-comparison-to-jul17','','','2017-07-31 13:44:28','2017-07-31 18:44:28','',3012,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/PIP-COMPARISON-TO-JUL17.png',0,'attachment','image/png',0),(9803,1,'2017-07-31 13:37:22','2017-07-31 18:37:22','','CON PERF ANALYSIS JUL17','','inherit','open','closed','','con-perf-analysis-jul17','','','2017-07-31 13:44:40','2017-07-31 18:44:40','',3012,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/CON-PERF-ANALYSIS-JUL17.png',0,'attachment','image/png',0),(9806,1,'2017-07-31 13:37:35','2017-07-31 18:37:35','','HOW TO COVER PS SUBS','','inherit','open','closed','','how-to-cover-ps-subs','','','2017-07-31 13:45:03','2017-07-31 18:45:03','',3012,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/07/HOW-TO-COVER-PS-SUBS.png',0,'attachment','image/png',0),(9878,1,'2017-08-07 09:11:33','2017-08-07 14:11:33','','SUBSCRIPTION OPTIONS FROM 01.09.2017','','inherit','open','closed','','subscription-options-from-01-09-2017','','','2017-08-07 09:12:12','2017-08-07 14:12:12','',8921,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-OPTIONS-FROM-01.09.2017.png',0,'attachment','image/png',0),(10705,1,'2017-12-22 18:03:42','2017-12-22 23:03:42','','FLASH DEC2017','','inherit','open','closed','','flash-dec2017','','','2017-12-22 18:08:32','2017-12-22 23:08:32','',2711,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/FLASH-DEC2017.png',0,'attachment','image/png',0),(10629,1,'2017-12-14 12:06:11','2017-12-14 17:06:11','<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BLOG-DATES-2018.png\"><img class=\"aligncenter size-large wp-image-10622\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BLOG-DATES-2018-696x1024.png\" alt=\"\" width=\"696\" height=\"1024\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\">\r\n</a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BLOG-DATES-2019.png\"><img class=\"aligncenter size-large wp-image-10623\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BLOG-DATES-2019-700x1024.png\" alt=\"\" width=\"700\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BLOG-DATES-2020.png\"><img class=\"aligncenter size-large wp-image-10624\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/BLOG-DATES-2020-674x1024.png\" alt=\"\" width=\"674\" height=\"1024\" /></a>\r\n\r\n&nbsp;','Blog Dates','','inherit','closed','closed','','2772-revision-v1','','','2017-12-14 12:06:11','2017-12-14 17:06:11','',2772,'https://weeklyfxdrivethru.com/2772-revision-v1/',0,'revision','',0),(10335,1,'2017-10-31 16:19:13','2017-10-31 21:19:13','','PS NET PROFITABILITY OCT2017','','inherit','open','closed','','ps-net-profitability-oct2017','','','2017-10-31 16:20:21','2017-10-31 21:20:21','',5000,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017.png',0,'attachment','image/png',0),(10733,1,'2017-12-22 18:26:05','2017-12-22 23:26:05','<div>\r\n<h4></h4>\r\n<p style=\"text-align: left;\"><strong>1. WHAT IS THE PREMIUM SERVICE?</strong></p>\r\nThe PREMIUM SERVICE is a Forex subscription service that provides you with trade set-ups. Set ups mostly happen by a strategic entry level but they can also be live in a moving market.  In addition to me advising you what trades I am looking at I also provide you on most days, market commentary relating to moves in the market that interest me, or my thoughts on up coming data releases or potential geopolitical events.\r\n\r\nWhilst I cannot 100% guarantee that you will make money from the trades I suggest, the PREMIUM SERVICE now has a four-year historic track record of  profitable performances. The PREMIUM SERVICE is open to all traders whether new, intermediate or experienced regardless of the size of your investment into the Forex market.\r\n\r\nI like to think that the PREMIUM SERVICE is different from other TRADE SIGNAL providers. I trade ALL my suggested trade setups. I have \"Skin\" in the market.\r\n\r\n</div>\r\n<div>\r\n\r\nI know that some traders prefer to watch video presentations instead of reading through a few paragraphs of information. If you are one of these people, and you prefer to watch a short video about the PREMIUM SERVICE  called \"AN INTRODUCTION TO THE PREMIUM SERVICE\", this can be found by clicking the link below: -\r\n<p style=\"text-align: center;\"><a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a></p>\r\n&nbsp;\r\n\r\n<strong>2. HOW DID THE PREMIUM SERVICE EVOLVE?, HOW DOES IT WORK? and WHAT GIVES IT DIFFERENTIATION?</strong>\r\n\r\nI started trading Forex in 2008.\r\n\r\nI started the WEEKLY FX DRIVE THRU blog in 2011 and in 2012/2013 in addition to my market commenrtary, I started to add trade set ups to the blog. Late 2013, I decided to separate the market commentary from the trade set ups and in January 2014 the PREMIUM SERVICE started. I have never looked back. My 10,000 pip target per annum has been beaten each year.\r\n\r\n</div>\r\n<div>\r\n\r\nThe PREMIUM SERVICE is NOT an automated system.\r\n\r\nI have a simple annual target on pips; 10,000 net profitable pips.\r\n\r\nI let you know what trade set-ups and trades  are on “MY RADAR”. I post trade set-ups at the <strong>@</strong>ThePremService twitter feed and I also email  the set-up data for all trade styles, except FLASH trades. During a typical week about 10 trades on average are posted. It is up to you if you decide to follow these trades or not, I am, just telling you what I am doing.\r\n\r\nPREMIUM SERVICE subscribers have access to an exclusive secure twitter feed into which 24x7 I will tweet trade ideas, set-ups, amendments to limit orders, amendments to live trades, basically anything that is on my mind. (Whilst I live on Atlantic time (AST) I am active in most sessions, I try to catch up on sleep at the weekends).\r\n\r\nSubscribers also have access to a whole section of training materials on the website. All the trades that are entered are summarized and posted on excel spreadsheets on the website, so that you can see if you did not take a particular trade, whether it made money or not.\r\n\r\nNew in 2017, PREMIUM SERVICE (PLATINUM) subscribers will also receive if they want it, a monthly review one-on-one with me about the way the markets are trading, my general fundamental thoughts and views, plus we can review active trading styles etc. It is not compulsory for PLATINUM subscribers it is an option.\r\n\r\nI also provide bespoke training, if  YOU want it. This is priced individually based upon YOUR needs, timings and requirements. More details about this can be found under the EDUCATION tab in the section called Mentoring and Coaching.\r\n\r\nTrading for me is for the \"Long Haul\". I use TRADE, ACCOUNT and MIND MANAGEMENT techniques to ensure that I am around for the long haul.\r\n\r\nRead my TESTIMONIALS section, do not just take my word for it.  Everything is published...both the good and the not so good. Like every Forex trader I have losses, it is part of trading when RISK is involved. I have NO secrets, all good and bad trades are published. What you see is what you get; I am NOT a CITIBANK or BARCLAYS, I am Scott Pickering a Forex Trader.\r\n\r\nTrading Forex is not a win it quick cash grab. It is basically a RISK ASSESSMENT analysis of  trading charts supported by a FUNDAMENTAL overview of the market. It is fascinating, exciting, thrilling, very rewarding but also frustrating and annoying all at the same time. There are many things written about Forex. It is often called a \"gamblers paradise\" because it\'s a 50-50 option....simply up or down. Better odds than Las Vegas. There is much more to Forex Trading than odds.\r\n\r\nIf you are a gambler please just go to Las Vegas or your closest Casino. Trading Forex involves added risk due to LEVERAGE that Las Vegas does NOT have.\r\n\r\nI can help you through the all the issues no matter what level of trading experience you have, as I have mentioned already I am a trainer / educator as well as a trader and one of my personal goals is to help traders trade with greater consistency as this provides longevity in trading.\r\n\r\nSo, what do you receive from me as a subscriber to the PREMIUM SERVICE: -\r\n\r\nAs soon as I see a trade set-up or a trade that I want to trade, I send out a tweet via my subscribers only TWITTER account @ThePremService. See the examples below, they also include trade amendment tweets as an example of a brief market commentary tweets: -\r\n\r\n</div>\r\n<div> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.28.45-AM.png\"><img class=\"aligncenter size-full wp-image-10700\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.28.45-AM.png\" alt=\"\" width=\"540\" height=\"690\" /></a></div>\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.57-AM.png\"><img class=\"aligncenter size-full wp-image-10697\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.57-AM.png\" alt=\"\" width=\"558\" height=\"686\" /></a>\r\n\r\n&nbsp;\r\n\r\nFollowing the twitter communication for all of my TRADE STYLES (Full details of my TRADE STYLES are provided upon subscribing) excluding FLASH TRADES an excel spreadsheet containing additional data behind the trade is also supplied, along with a further copy of the relevent trade chart.\r\n\r\nAs you can see the trade set up is clear and is coded to the TYPE (FUNDAMENTAL ) of trade with a reference number (FUN808 to match the tweet above) that is used throughout my website and all communications to track the performance of the trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.04-AM.png\"><img class=\"aligncenter size-large wp-image-10695\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.04-AM-816x1024.png\" alt=\"\" width=\"816\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.19-AM.png\"><img class=\"aligncenter size-large wp-image-10696\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.19-AM-1024x810.png\" alt=\"\" width=\"1024\" height=\"810\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>PLEASE NOTE:</strong></span>\r\n\r\nI am a trader 24x5 and NOT all trades will remain open based upon the original trade  parameters outlined when the set-up is posted. I have to adjust to the trade as the trade moves and how the markets are performing. I have to react to geopolitical news events as they happen.\r\n\r\nI will tell you via TWITTER what I am doing, whether it be moving the LIMIT position or the STOP position etc. but trading is also about reacting to market conditions and some trades will close earlier than originally intended and some trades will be pro-longed. I trade with FULL flexibility within my TRADING PLAN guidelines.\r\n\r\nIn addition to set-ups, I also provide some market insights and commentaries. This may come via email or via TWITTER as the example below: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.26.52-AM.png\"><img class=\"aligncenter size-full wp-image-10698\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.26.52-AM.png\" alt=\"\" width=\"546\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.27.13-AM.png\"><img class=\"aligncenter size-full wp-image-10699\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.27.13-AM.png\" alt=\"\" width=\"550\" height=\"390\" /></a>\r\n\r\n&nbsp;\r\n\r\nEach weekend, in addition to the commentary and insights that you receive from time to time during the week, as a subscriber you have access to a complete version of the WEEKLY FX DRIVE THRU blog via the secure \"subscribers only area\" of my website. The exclusive subscriber version contains more information than the FREE NEWSLETTER version.\r\n\r\nIn the subscribers only area, there are pages of Forex background educational pages covering chart analysis, candlestick patterns and many trade style articles that support you as a Forex Trader. Also in this area is the history of the PREMIUM SERVICE covering its trading history.\r\n<ul>\r\n 	<li>I try to be different than other \"Signal Services\".</li>\r\n 	<li>I am a human, NOT a robot.</li>\r\n 	<li>I am a trader - I trade all the trade set-ups I provide.</li>\r\n 	<li>My trades are transparent and I have losses like every trader has.</li>\r\n 	<li>My goal is to generate 10,000 net pips per year</li>\r\n 	<li>I work long hours and I eat and breathe the Forex market.</li>\r\n 	<li>As a subscriber, I tell you what I am doing and when I am doing it. It is up to you if you follow, copy or do your own thing.</li>\r\n 	<li>If you have any questions regarding a PREMIUM SERVICE subscription, please contact me at: - premiumservice@weeklyfxdrivethru(dotcom)</li>\r\n</ul>\r\n<div>\r\n\r\nFinally, you should be aware as I trade my own trades, I only trade when the market gives me parameters that line up with my TRADE PLAN. If there are no trade set ups that meet my criteria I do NOT trade.\r\n\r\n</div>\r\n<div>\r\n\r\n&nbsp;\r\n\r\n<strong>3. THE PREMIUM SERVICE –  ANNUAL RESULTS 2014, 2015, 2016 and 2017: (Please note 2017 PREMIUM SERVICE completed on 22.12.2017)</strong>\r\n\r\nTo give a complete view of the returns possible using the PREMIUM SERVICE, the annual performances below, include costs to trade that I am involved with, such as the costs to place a trade with your broker and the annual PREMIUM SERVICE subscription fees.\r\n\r\n<span style=\"text-decoration: underline;\">PLEASE NOTE</span>: - The returns shown below are based off trading just single lots in each trading style/category. Obviously, if are able to trade two lot position sizes the gross returns would be double and the costs to trade also double. RISK MANAGEMENT also comes into play when position sizes increase and should you require help or guidance on this subject please contact me. In addition, remember, the spread sheets below show a net position including an annual subscription to the PREMIUM SERVICE.\r\n\r\n<strong>2017 COMPLETE (PLEASE NOTE - These figures include a 12 month PREMIUM SERVICE subscription):</strong>\r\n\r\n</div>\r\n<div>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-NET-PROFITS-2017-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-10723\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-NET-PROFITS-2017-COMPLETE-972x1024.png\" alt=\"\" width=\"972\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n<div>\r\n<p style=\"text-align: center;\"><strong>Looking specifically at 2017 above:</strong></p>\r\n<p style=\"text-align: center;\">Let\'s assume that you are a single mini lot trader of ALL trades that were suggested.</p>\r\n\r\n</div>\r\n<p style=\"text-align: center;\">You would have made 621 trades\r\nCost $621.00\r\nGross Income from the 621 trades = $12,220.00\r\nLess your cost to trade of $621.00 = Net income of $11,599.00\r\nLess your PREMIUM SERVICE subscription of $ 995.00* = <strong><span style=\"text-decoration: underline;\">$10,604.00</span>\r\n</strong>(*CAD$ equivalent)</p>\r\n<p style=\"text-align: center;\">From your investment of $621 you could make $10,604.00\r\nEverything is published there are no secrets.</p>\r\n<p style=\"text-align: center;\">You just have to work at your screens as much as I do to be around for every trade set up\r\nWhere else can you get such a return on capital?</p>\r\n<p style=\"text-align: center;\">If you were able to trade 2 x mini lots your net return could be:-\r\n($12,220.00 x 2 = $24,440.00 - (621 x 2 ) $1,242 = $23,198.00\r\nLess your PREMIUM SERVICE subscription of $995.00 = <span style=\"text-decoration: underline;\"><strong>$22,203.00</strong></span></p>\r\n<p style=\"text-align: center;\">You just to have to ensure that you have a broker account that can accommodate the risks involved to trade at these trade sizes relevant to the income goals that you have set yourself.</p>\r\n<p style=\"text-align: center;\">But you must take note that at any one time there can be as many as 30 live trades in operation with variable STOP LOSS RISKS attached to them. You need to consider the potential risks associated and fund your account accordingly to accommodate the flexibility that is required.</p>\r\n<p style=\"text-align: center;\">If you do not do this you will potentially expose yourself to margin calls from your broker.</p>\r\n<p style=\"text-align: center;\">As long as you trade with real and effective RISK MANAGEMENT and POSITION SIZING principles\r\nin place and trade in accordance with your TRADING PLAN, it is possible to make money part of full-time from Forex Trading.</p>\r\n<p style=\"text-align: center;\">At ALL times you need TRADING DISCIPLINE in place to ensure longevity in trading. This is key and fundamental to success.</p>\r\n<p style=\"text-align: center;\"><strong>PLEASE NOTE:</strong>\r\nYou must ensure that with any trading account  you have a sufficient balance to accommodate the risks involved in trading.\r\nThis is crucial to your trading success and you should not manage an account in which you trade too large a position size as this will only result in margin calls from your broker.\r\nWhich, in my opinion is a 100% recipe for a complete and utter disaster.\r\nYou must trade and operate an account sufficient to cope with the swings that you get with trading from profit to loss, as mentioned earlier\r\ntrading Forex involves RISK and this must be managed.\r\nIf you have questions on this subject please contact me at premiumservice@weeklyfxdrivethru.com\r\nI am here to help.</p>\r\n&nbsp;\r\n\r\n<strong>2016 COMPLETE (PLEASE NOTE - These figures include a 12 month PREMIUM SERVICE subscription):\r\n</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-PROFITS-NET-2016-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-10499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-PROFITS-NET-2016-COMPLETE-975x1024.png\" alt=\"\" width=\"975\" height=\"1024\" /></a></strong>\r\n\r\n<strong>2015 COMPLETE (PLEASE NOTE - These figures include a 12 month PREMIUM SERVICE subscription):</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TOTAL-2015.png\">\r\n<img class=\"aligncenter size-large wp-image-10688\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TOTAL-2015-1024x1006.png\" alt=\"\" width=\"1024\" height=\"1006\" /></a></strong>\r\n<div>\r\n\r\n&nbsp;\r\n<p style=\"text-align: left;\"><strong>2014 COMPLETE (PLEASE NOTE - These figures include a 12 month PREMIUM SERVICE subscription):</strong></p>\r\n\r\n</div>\r\n</div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TOTAL-2014.png\"><img class=\"aligncenter size-large wp-image-10687\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TOTAL-2014-1024x1015.png\" alt=\"\" width=\"1024\" height=\"1015\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4. WHAT ABOUT THIS YEARS PERFORMANCE IN 2017?</strong>\r\n\r\nRemember all profitability in my reporting is based upon single lot trading.\r\n\r\nSingle x Micro Lot trading cost US$0.10\r\nSingle x Micro Lot trading cost US$1.00\r\nSingle x Standard Lot trading cost US$10.00\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-NET-PROFITS-2017-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-10723\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-NET-PROFITS-2017-COMPLETE-972x1024.png\" alt=\"\" width=\"972\" height=\"1024\" /></a>\r\n<p style=\"text-align: center;\"><strong>As you can see from the excel spread sheet above both single mini lot and single standard lots traders\r\n</strong><strong>have more than covered the costs of their annual subscriptions.</strong></p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DECEMBER-CONS.-2017.png\"><img class=\"aligncenter size-large wp-image-10715\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DECEMBER-CONS.-2017-851x1024.png\" alt=\"\" width=\"851\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PIP-COMPARISON-2017-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-10716\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PIP-COMPARISON-2017-COMPLETE-1024x813.png\" alt=\"\" width=\"1024\" height=\"813\" /></a>\r\n<div>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>5. PREMIUM SERVICE SUBSCRIPTION DETAILS:</strong>\r\n\r\nThere are 40 weekly \"DRIVE THRU\" blogs per year. I do not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR, MOMENTUM, FUNDAMENTAL and POSITION trades” and issues emanating from previous blogs.\r\n\r\n</div>\r\n<strong>SUBSCRIPTION HIGHLIGHTS:</strong><u>\r\n</u>\r\n<ul>\r\n 	<li>3  subscription options.</li>\r\n 	<li>100% access to the PREMIUM SERVICE area of my website <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a></li>\r\n 	<li>A dedicated exclusive twitter feed @ThePremService.</li>\r\n 	<li>All trade set-ups communicated via Twitter and RADAR, MOMENTUM, FUNDAMENTAL and POSITION trades additionally via email.</li>\r\n 	<li>The full and complete version of The WEEKLY FX DRIVE THRU viewable on line inside the PREMIUM SERVICE secure section of <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a></li>\r\n 	<li>My thoughts and comments on market conditions via twitter and/or email.</li>\r\n 	<li>Option to request individual / bespoke \"one-on-one coaching\".</li>\r\n 	<li>PLATINUM MEMBERS (Annual subscribers - the highest level of subscription), will receive additional benefits over and above the other subscriber levels, such as optional monthly REVIEW MEETINGS.</li>\r\n 	<li>In addition ALL existing PLATINUM MEMBERS (annual subscribers) receive a 20% discount off their annual renewal subscription when they re-subscribe.</li>\r\n</ul>\r\n<h4>SUBSCRIPTION OPTIONS:</h4>\r\n<h4>MONTHLY ROLLOVER</h4>\r\n<div class=\"clearfix\" style=\"margin-bottom: 15px;\">\r\n<div class=\"one-half first\">\r\n<div class=\"subscription\">\r\n<p class=\"length\">SILVER MEMBER:\r\nTry the PREMIUM SERVICE for just CAD $10.00 for 10 days.\r\nAfter the 10 days your MONTHLY ROLLOVER subscription cost is CAD $150.00 (this equates to CAD $34.65 per week)</p>\r\n\r\n</div>\r\n</div>\r\n</div>\r\n<h4>FIXED PERIOD OPTIONS</h4>\r\n<div class=\"clearfix\" style=\"margin-bottom: 15px;\">\r\n<div class=\"one-half first\">\r\n<div class=\"subscription\">\r\n<p class=\"length\">GOLD MEMBER:\r\n6 Months (20 WEEKS) SUBSCRIPTION: CAD$800.00\r\n(this equates to CAD$40.00 per week)</p>\r\n\r\n</div>\r\n</div>\r\n</div>\r\n<div class=\"clearfix\" style=\"margin-bottom: 15px;\">\r\n<div class=\"one-half first\">\r\n<div class=\"subscription\">\r\n<p class=\"length\">PLATINUM MEMBER:\r\nANNUAL (40 WEEK) SUBSCRIPTION: CAD$1,250.00\r\n(this equates to CAD$31.25 per week)</p>\r\n\r\n</div>\r\n</div>\r\n</div>\r\n(All Fees are quoted in CAD$)\r\n\r\n&nbsp;\r\n\r\n<strong>6. IF <span style=\"text-decoration: underline;\">YOU</span> ARE INTERESTED IN JOINING THE PREMIUM SERVICE <span style=\"text-decoration: underline;\">WHAT DO YOU NEXT</span>?</strong>\r\n\r\nIf you are happy with all the above and want to move forward to the next stage, here is what you do: -\r\n\r\nSubscribing to the PREMIUM SERVICE takes literally just 5 minutes maximum. On my welcome page go to SUBSCRIBE HERE at the top of the page to sign up. Choose the level of subscription that you want and period that you want to subscribe for.  It\'s very fast, easy and convenient.\r\n\r\nIn addition you should also check the PROMOTION tab at the top of this page as well, as from time to time they can be extremely attractive.\r\n\r\nI hope that you will find the argument to sign up and subscribe to the PREMIUM SERVICE compelling and look forward to welcoming you onboard soon.\r\n\r\nIf you have any questions at all or want additional information about anything to do with the PREMIUM SERVICE please email me at: - premiumservice@weeklyfxdrivethru(dotcom)\r\n\r\n<strong>\r\n</strong><strong>7. FX BROKERS AND ADDITIONAL FOREX TRADING SUPPORT:</strong>\r\n\r\nOn my landing page there are a number of banners from brokers and equipment suppliers. These are my recommended relationships. Clicking on their banners establishes a link between the PREMIUM SERVICE (Me), the broker and you. As an educator one of my key objectives is to help and guide as best I can all traders to improve their consistency and profitability through trading. My preferred brokers from time to time will offer special incentives for new clients and as clients introduced via the PREMIUM SERVICE an additional support level is added.\r\n\r\nIf you are looking to add a Forex broker, please click on the banners and explore the options. Alternatively, please feel free to contact me should you have any questions.\r\n\r\n&nbsp;\r\n<div>\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n22nd December 2017\r\nhttp://www.weeklyfxdrivethru.com/disclaimer/\r\n\r\n</div>\r\n<div>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>DISCLAIMER:</strong></span>\r\n\r\nFLASH, RADAR, MOMENTUM, FUNDAMENTAL and POSITION  trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.\r\n\r\n</div>','The PREMIUM SERVICE PERFORMANCE','','inherit','closed','closed','','3012-revision-v1','','','2017-12-22 18:26:05','2017-12-22 23:26:05','',3012,'https://weeklyfxdrivethru.com/3012-revision-v1/',0,'revision','',0),(10068,1,'2017-09-23 06:45:37','2017-09-23 11:45:37','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nYou may notice as you digest the blog this week that some long awaited, from my perspective format changes have now been introduced.\r\n\r\nBasically, my FREE NEWSLETTER subscribers have sections 1-3 and now a larger PREMIUM SERVICE subscribers only section 4 completes the blog. This new streamlined approach fits better with my schedule and allows me to be more concise.\r\n\r\nOutstanding items…\r\n\r\nI still need to complete my PREMIUM SERVICE video. Not an excuse but last Thursday I had three hours put to one side for it, but when I first glanced at my screens at 4:30AM it was a sea of RED. No amount of coffee or other stimulant was going to put me in the best of moods for completing a “Mr. Happy” video. It was a 100% warm blue sky day and still warm, my wife and I went out for Lobster instead!!\r\n\r\nMy apologies, I will get this sorted in the coming week with the link placed in this segment of the blog (I think).\r\n\r\nMy EA’s (Expert Advisors - Algorithms) that I mentioned last week are STILL outstanding. I had hoped to have progressed these further by now. I feel like I am back in school with this stuff, codes and such like. My partners are being very patient and totally supportive throughout this process.\r\n\r\nThe big issue is going to be how do I bring these EA’s into the PREMIUM SERVICE. I have still got to work that conundrum out!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong><u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u></li>\r\n</ol>\r\nIn no special order, here is what floated my boat last week.\r\n\r\n<u>GBP: RETAIL SALES, BORIS &amp; THERESA MAYS’S SPEECH IN FLORENCE. </u>\r\n\r\nRetail sales were a blowout number. I had read a document from the CBI the day before that had indicated strength in sales so I was ready for it.\r\n\r\nBoris Johnson is flexing, or rumoured to be. The GBP strengthened about 40-50 pips on the news that he may be resigning.\r\n\r\nI digress but I had to laugh, I was on webinar when several Americans chirped up and commented about how poor old Boris was a clown. I only have this to say about clowns …1600 Pennsylvania Avenue, Washington DC.\r\n\r\nMoving on…\r\n\r\nI remember the Sunday that Boris announced that he was supporting the BREXIT move, he was then the Mayor of London. That was the start of the cable sell off.  Regretfully, I was long GBP/NZD. I remember being on twitter with a couple of traders I respect, discussing the effects of Boris on the cable.\r\n\r\nHis potential resignation is NOT causing 10% of the shenanigans his BREXIT support move did in the currency market.\r\n\r\nThe best for last…\r\n\r\nTheresa May delivered a politician’s speech in Florence as far as I was concerned. Her previous keynote speech which she did earlier at Lancaster House in London laid out her governments position and basically, I thought she repeated most of that content again. She just stated her position, as is what politicians do. Cable sold off, bounced after the speech and then sold off once again.\r\n\r\nThe EU negotiating team probably loved it, high on rhetoric low on content specifics, full of waffle and bullshit. Just what Brussels would order every day of the week. In fact, Michel Barnier (Head EU negotiator from Brussels) said soon after Theresa May had finished that he found the speech “To be in a constructive spirit”. Need I say anymore.\r\n\r\nMay’s position as leader of the Tories and Prime Minister is tenuous to put it mildly; any sane person not a “Dotard” would look at the job of guiding the UK through BREXIT as a poisoned chalice. Therefore, for now I think no one will challenge her.\r\n\r\nHowever, politicians are a strange breed and there are plenty of clowns wanting to be on the worlds stage. You cannot predict with certainty what might happen.\r\n\r\n&nbsp;\r\n\r\n<u>USD: FOMC RARE DECISION STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\nWTF... unbelievable … I am probably on my own here with these thoughts so it could be Scott v the World.\r\n\r\nFor the past God only knows how long, the FED has been data dependent. It has been almost to the point of can’t pee unless the data supports it.\r\n\r\nLast Wednesday…\r\n\r\nBollocks to the fecking data. What are they smoking? What are they drinking? Because I want some of that.\r\n\r\nThe FED believes that two record breaking hurricanes (natural disasters) inside a month hitting two of the biggest economically contributing states in the union both with very, very large areas either under water, or with mass construction damage or both are not going to be producing anything for some time.  Yellen said spending is expanding at a moderate rate, investment is increasing and labour data is strengthened. I don’t get it. All the data I have seen lately doesn’t say that and doesn’t support that view.\r\n\r\nThen the cherry on the cake…inflation. What fecking inflation? Oh, yes…transitory. Transitory my arse. The U.S. economy is not in as great shape as we all thought it was going to be.\r\n\r\nJanet Yellen “the uber dove” must be on medication as the statement and press conference commentaries were so damn positive.\r\n\r\nThe FED takes us for a pile of numpties. Ben Bernanke before her and Yellen herself tell us what’s suits them at the time. It’s NOT forward guidance, or anything resembling that. That went months ago. This is about covering one’s arse, nothing more and nothing less.\r\n\r\nAll one had to do was look at the markets after the knee jerk reaction to strengthen the USD. The following sessions after the Press Conference the DXY consolidated and then in the following US session it sold off again.\r\n\r\nEquities reaction in the US to the FED balance sheet tightening from next month and an interest rate hike before the end of 2017 plus 3 more in 2018 was what? To do absolutely nothing.\r\n\r\nI was gob smacked by the FX market on Thursday. It did not know what to do. It was clueless, directionless for hours and basically the day was best summed up as being a ‘nonsense, nothing made sense at all”.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u>\r\n\r\n<u>\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917.png\"><img class=\"aligncenter size-large wp-image-10038\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917-1024x701.png\" alt=\"\" width=\"1024\" height=\"701\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Not a lot this week to choose from. Here are my picks of the upcoming week.\r\n\r\n<strong><u>USD:</u></strong>  CONSUMER CONFIDENCE:\r\n\r\nThe Consumer Confidence numbers always interest me because albeit a backward-looking number it lets you know what is going on in the head of the consumer. Not that the data really matters anymore, it would appear that the FED is raising regardless and economic data is no longer considered.\r\n\r\n<strong><u>GBP</u>:  </strong>CURRENT ACCOUNT<strong>:</strong>\r\n\r\nWith the major banks now ramping up their processes to leave the City of London the importance of trending this data takes on a greater value. It is inevitable that this number will get worse as BREXIT approaches and the BOE will look at this data and perhaps have an “Oh crap” moment questioning their decision to raise rates. Money flows are monitored and measured closely by the BOE.\r\n\r\nThis could be a surprising market mover.\r\n\r\n<strong><u>CAD</u></strong>: GDP:\r\n\r\nAfter mixed inflation data, last week this will be used no doubt as a barometer as to whether the BOC will raise again, or not raise again, before the end of 2017.\r\n\r\nEconomic data from Canada has been strong and the market is geared up for a hike. A strong number could see an overreaction. Not that we are ever used to seeing the Forex Market overreact!!\r\n\r\n<strong><u>NZD</u></strong>:  RBNZ RATE STATEMENT &amp; CASH RATE:\r\n\r\nHot on the heels of election. I would expect more of the same from the last meeting. Nothing new at all.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\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 HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +873 net pips\r\nYEAR TO DATE:      +7,529 net pips\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1.1: TRADING REVIEW:</u><u>\r\n</u><u>\r\n4.1.2: SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.1.3: USD - SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n<u>4.1.4: USD – TRADING CHARTS and COMMENTARIES:\r\n</u><u>\r\n</u><u>4.1.5: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.1.6: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.1.7: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> CLOSING THOUGHTS &amp; IDEAS:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you should do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nShould you want to go a stage further and subscribe to the PREMIUM SERVICE. This can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription that those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nFrom time to time I offer subscription promotions. These can be viewed under the tab FX PROMOTIONS at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nNOTE: There is a promotion in place right now!\r\n\r\nI show below an interesting excel spreadsheet based around my PREMIUM SERVICE monthly subscription option of CAD$150.00 per month. I hope that you find this interesting.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917.png\"><img class=\"aligncenter size-large wp-image-10037\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917-912x1024.png\" alt=\"\" width=\"912\" height=\"1024\" /></a>\r\n\r\n<u>5.3: THE FINISHING LINE:</u>\r\n\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #252 FREE NEWSLETTER\r\n24th September 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;','WAS YELLEN’S HAWKISH MOMENT TRANSITORY?','','inherit','closed','closed','','10067-revision-v1','','','2017-09-23 06:45:37','2017-09-23 11:45:37','',10067,'https://weeklyfxdrivethru.com/10067-revision-v1/',0,'revision','',0),(10069,1,'2017-09-24 05:39:27','2017-09-24 10:39:27','','LOGO','','inherit','open','closed','','logo-2','','','2017-09-24 05:39:27','2017-09-24 10:39:27','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LOGO.png',0,'attachment','image/png',0),(10070,1,'2017-09-24 05:39:31','2017-09-24 10:39:31','','PS LOGO','','inherit','open','closed','','ps-logo-2','','','2017-09-24 05:39:31','2017-09-24 10:39:31','',0,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/PS-LOGO.png',0,'attachment','image/png',0),(10071,1,'2017-09-24 05:39:37','2017-09-24 10:39:37','','DOUBLE IT UP FALL PROMO 2017','','inherit','open','closed','','double-it-up-fall-promo-2017','','','2017-09-24 05:40:20','2017-09-24 10:40:20','',4984,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DOUBLE-IT-UP-FALL-PROMO-2017.png',0,'attachment','image/png',0),(9979,1,'2017-09-09 06:36:14','2017-09-09 11:36:14','','DXY 10092017','','inherit','open','closed','','dxy-10092017','','','2017-09-09 06:51:21','2017-09-09 11:51:21','',9987,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017.png',0,'attachment','image/png',0),(9980,1,'2017-09-09 06:37:30','2017-09-09 11:37:30','','AUDUSD D 10092017','','inherit','open','closed','','audusd-d-10092017','','','2017-09-09 06:49:07','2017-09-09 11:49:07','',9987,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-10092017.png',0,'attachment','image/png',0),(9981,1,'2017-09-09 06:37:33','2017-09-09 11:37:33','','EURUSD D 10092017','','inherit','open','closed','','eurusd-d-10092017','','','2017-09-09 06:48:45','2017-09-09 11:48:45','',9987,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-10092017.png',0,'attachment','image/png',0),(9982,1,'2017-09-09 06:37:37','2017-09-09 11:37:37','','GBPUSD D 10092017','','inherit','open','closed','','gbpusd-d-10092017','','','2017-09-09 06:48:54','2017-09-09 11:48:54','',9987,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-10092017.png',0,'attachment','image/png',0),(9983,1,'2017-09-09 06:37:40','2017-09-09 11:37:40','','NZDUSD D 10092017','','inherit','open','closed','','nzdusd-d-10092017','','','2017-09-09 06:49:16','2017-09-09 11:49:16','',9987,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-10092017.png',0,'attachment','image/png',0),(9984,1,'2017-09-09 06:37:42','2017-09-09 11:37:42','','USDCAD D 10092017','','inherit','open','closed','','usdcad-d-10092017','','','2017-09-09 06:49:29','2017-09-09 11:49:29','',9987,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-10092017.png',0,'attachment','image/png',0),(9985,1,'2017-09-09 06:37:45','2017-09-09 11:37:45','','USDCHF D 10092017','','inherit','open','closed','','usdchf-d-10092017','','','2017-09-09 06:49:37','2017-09-09 11:49:37','',9987,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-10092017.png',0,'attachment','image/png',0),(9986,1,'2017-09-09 06:37:51','2017-09-09 11:37:51','','USDJPY D 10092017','','inherit','open','closed','','usdjpy-d-10092017','','','2017-09-09 06:49:51','2017-09-09 11:49:51','',9987,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-10092017.png',0,'attachment','image/png',0),(9987,1,'2017-09-09 06:55:31','2017-09-09 11:55:31','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION</strong></li>\r\n</ol>\r\nA nice start back to full-time trading.\r\n\r\nA great first week back with +325 pips being banked. What is annoying is that I let over 150 pips or so fall through my fingers…argh!!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nMoving on…\r\n\r\nGeopolitical themes still rule like an iron fist hovering over the markets. Kim Jong-Un has still not bent the knee, although “THE DONALD” has wound back his rhetoric thank God. Speaking last week after visiting the devastation caused by “HARVEY” he appears to have pushed China to act to give North Korea a good slapping.\r\n\r\nTwo visits into Texas, however, I am not sure we will see “THE DONALD” down in Florida for a while at least until after the winds of hurricane “IRMA” have died down and moved off to sea. Could you imagine the cost of the US Navy trying to locate his syrup somewhere in the Atlantic?\r\n\r\nJoking aside and not ignoring the tragic human costs of these storms, the financial cost coupled with basic turmoil within the TRUMP administration, the lack of relationship between the White House and Republicans and now deals being done between the White House and the Democrats feed a giant WTF in <strong>BOLD</strong> font size 144.\r\n\r\nDo we have a “FREELANCE” presidency in the U.S.?\r\n\r\nThink about it.\r\n\r\nThe Republicans in Washington have been in opposition for 8 years. They control both houses of legislature, yet they so in dispute with each other they cannot organize themselves to pass a single election promised piece of law. Republicans appear to be nothing more than self-serving career politicians that cannot unite on a single policy and they have control of both houses… they could really motor on.\r\n\r\nThe Democrats are not much better. Still whining on about losing the election to TRUMP. They have adopted a policy of non- agreement, zero partisanship. They have not sought out a leader to challenge at the next election. All they do is moan TRUMP this and TRUMP that. When the next election comes around they will have no one effective to stand because of their blinkered approach on disruption rather than being solution focused. I see this all-over Facebook and Twitter. Nothing has been learned since the Hillary Clinton elitist approach near the end of the 2016 campaign was poo-pooed by the unsullied.\r\n\r\nSo, TRUMP’S move to by-pass the Republican shambles and do a deal with the Democrats over linking the debt ceiling to the Hurricane costs was either a brilliant strategic manoeuvre and a clear demonstration of his will to get things done and by-pass the party machines, or, it was a nail in the coffin for all his election promises ever being fulfilled.\r\n\r\nWhat it has done in my opinion is solidify his base support. It shows a clear desire to get stuff done.\r\n\r\nWill this be the first of many such moves?\r\n\r\nThe American system encourages dysfunctionality and that it basically what we have seen since 9-11 in American politics. Watch this space.\r\n\r\nInteresting news…\r\n\r\nJanet Yellen’s deputy at the FED, Stanley Fischer is stepping down next month for personal reasons. If Yellen decides enough is enough and does not carry on next January, we could have a new look FED in place…. a TRUMP FED.\r\n\r\nMy thoughts are mixed for the markets, could this mean any year end hike is off based upon the fact the “old guard” would step aside and let the “New kids on the block” decide upon future policy? This point will no doubt be debated heavily in the coming weeks.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>EUR: ECB PRESS CONFERENCE. </u>\r\n\r\nMario Draghi, God love the poor fecker… He tried his best with a straight face to try and convince the markets that he could sell them a DOVISH MONETARY POLICY STANCE, whilst at the same time PURSUE A TIGHTER MONETARY POLICY… yup, good luck with that. The ECB Press Conference was billed as being a circus act and Barnum’s and Billy Smart’s would have been delighted as it ticked all the boxes.\r\n\r\nSo, what were the takeaways from Draghi?\r\n\r\nQE to run at €60B per month until December meeting or beyond if required.\r\nEconomic outlook broadly unchanged.\r\nExpansion solid. Broad-based.\r\nFX volatility is a source of uncertainty and requires monitoring.\r\nExpansion not yet translated in Inflation trend.\r\nInflation modest tick-up but still subdued.\r\nSubstantial accommodation still needed.\r\nReady to increase QE if outlook not favourable.\r\n2017 GDP now at 2.2% versus 1.9% seen in June.\r\n2018 GDP unchanged at 1.8%.\r\nHeadline inflation to dip into the year end 2017.\r\nUnderlying inflation to rise gradually over the medium-term.\r\nRecovery is base for confidence that inflation will gradually rise.\r\nRecovery remains dependent on Monetary policy.\r\nConsumption good because disposable income is rising.\r\nExchange Rate not a policy target\r\nWill have to take FX into account in future policy decisions.\r\n\r\nYada, yada, yada, blah, blah and bollocks ….. believe what you want from the above list of bullets I scribed from his speech and Q&amp;A session.\r\n\r\nMost of the above points are open to interpretation to be frank with you, and, it very much depends upon which side of the fence one sits.\r\n\r\nDraghi had a job to do, which was basically put off the markets until October when more data is available and the normalization including Tapering timetable will be discussed.  The ECB has an annoying and frustrating habit of “can kicking issues down the road”. Do NOT be surprised if in October we get 50% of the story and a delay to December.\r\n\r\nIn addition, and in true ECB style, on Friday last week the day after the “circus”, lesser known Governing Council member Philip Lane, Governor of the Irish Central Bank stated the following: - “The accommodative stance will remain until convincing evidence of inflation is seen”. This could be 2018 in full as the strengthening single currency is taking inflation out of the system. Draghi and governing council want the single currency on its arse. Let me re-iterate here lies the problem facing the ECB.\r\n\r\nMeanwhile back in the real world…\r\n\r\nI need to pick a level to enter long the EUR/USD in the coming days. Draghi said / did nothing to stop me thinking 1.3000 is on the way. My big question is how will he tackle zero inflation because the strengthening single currency will cancel out inflation inside the EUROZONE, well a great deal of it anyway.\r\n\r\n&nbsp;\r\n\r\n<u>CAD: BOC RATE ANNOUNCEMENT and EMPLOYMENT DATA.\r\n</u>\r\nHoly Mother of God; I never thought that BOC Governor, Stephen Poloz had it in him. Two interest rate hikes back to back. The CAD interest rate now stands at 1.00%.\r\n\r\nThat took the market completely by surprise. The market is obsessed and focused on rate movement’s when there is a press conference.  The CAD was absolutely demolished by over 220 pips (USD/CAD), it bounced back across all pairs but frankly it looks doomed to a sub 1.2000 level soon.\r\n\r\nOut of the last rate increase the BOC got some $0.11 cents move lower in USD/CAD, even if they only achieve a $0.05 move this time the pair would fall to 1.1900. My goal and target is much less than this level.\r\n\r\nJust stepping sideways for a moment vis-à-vis the Canadian Jobs data. It was an overall beat, but the mix between Full and Part-time jobs was very disappointing and the USD/CAD initially weakened on the news. Basically, it remained unchanged. The 1.2000 level remains intact for now. It is however WHEN rather than IF, in my opinion, that this psychological round number will be crushed.\r\n\r\n&nbsp;\r\n\r\n<u>GBP: BREXIT and MANUFACTURING PRODUCTION DATA.</u>\r\n\r\nBREXIT negotiations appear to be STILL moving along the lines of a west-end farce.\r\n\r\nI am NOT surprised, and neither should you be, we are watching career politicians at work. They only know how to attribute blame; they are simply NOT negotiators or problem solvers. This hangs over the UK like the “Sword of Damocles”.\r\n\r\nThe shambles continues; last week, Theresa May must have had a late-night party with her hangers on, and some numpty must have suggested writing to the FTSE Top 100 companies to ask them to get on board with Tory plans on BREXIT…. WTF. That goes down in the history books as another seemed like a good idea at the time moments. For God’s sake give me a break, even my Labrador Ozzy has more brains than that. Makes you think… doesn\'t it?\r\n\r\nThis letter comes on the back of a piece I read on BLOOMBERG about the UK negotiators perhaps looking for time to conclude the negotiations. What can I say here that even I could be happy with from a controlled language expletive perspective?\r\n\r\nWhat a f**king load of f**king bollocks, these tossers are paid a s**t load of people’s hard earned cash to do a f**king job. They have known the f**king timetable for f**king months. It’s about time they took their heads out of their arses, grew a pair, man up and get the job done to the best of their ability and let the population decide if they are a load of ineffective wan**rs or not when the f**king negotiations are finished.  The people voted over a year ago and f**k all has been done.\r\n\r\nOne Prozac later…\r\n\r\nThis past week or so UK economic data has been very mixed. Markets being markets, experts being experts and analyst’s being analyst’, they are all looking to be “Billy’s” and pick the bottom. If you pick bottoms all you get are smelly fingers. Manufacturing Production numbers came out last Friday morning, it was a beat at 0.5% versus market expectations of 0.3%. The Cable leaped up like a salmon on the good news and this move was exacerbated by continued USD weakness.\r\n\r\nHowever, as I wrote last week despite the bounce in the GBP/USD, which in my opinion is more about USD weakness than cable strength, I remain bearish cable longer-term and I stand by everything I have written in earlier blogs about timings and FX targets. I am still to this day astonished by the continual reference to “HARD or SOFT BREXIT”. For crying out loud; there is NO SOFT BREXIT. The EUROZONE cannot afford a SOFT BREXIT because it could potentially create a CONTAGION.\r\n\r\nI am STILL in the camp that there is a better than 50% probability that NO BREXIT deal will be achieved.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017.png\"><img class=\"aligncenter size-large wp-image-9970\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017-1024x769.png\" alt=\"\" width=\"1024\" height=\"769\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017.png\"><img class=\"aligncenter size-large wp-image-9971\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nEconomic data releases this week are a bit thin on the ground but nevertheless I am sure that there will be plenty of fun for those who want to get involved.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n<strong><u>AUD:</u></strong>  Jobs data this week for the Australian Economy.  This has been a hit and miss number of late. Either a blowout or a bit weird number is produced. I am therefore on the fence here. We have seen big numbers posted for new jobs only to find that the mix of full and part time positions was skewed in favour of part-time.\r\n\r\nLast week on poor data the AUD/USD broke 0.8000 and then 0.8100. So why am I debating the response to good or bad data?\r\n\r\nBasically, the AUD looks a strong currency at the moment and a bigger upside break looks more on the cards than a move lower. This looks on the cards despite the RBA remaining neutral. I must only imagine RBA Governor Lowe is grateful he remained neutral, if he was HAWKISH I think we would be looking closer to 0.8500 at the moment given the way that the DXY has been behaving.\r\n\r\n<strong><u>GBP:</u></strong>  CPi, Retail Sales, Average Earnings Index and the MPC vote with the interest rate announcement. I am in the minority, I know this, but I am still looking at the cable at 1.2000 at the end of 2017. It has spiked higher recently, however, I believe this is more of a move based from the weak USD (DXY) rather than UK economic supporting data.\r\n\r\nBREXIT is a shambolic affair. Theresa May is apparently delivering a major speech on September 21st to parliament on her timetable, negotiating timetable, successes and failures etc. This should be funnier than an episode of Frasier or The Big Bang Theory. The BREXIT successes should have me rolling about on the floor. That will be a short section of the speech if you are in anyway distracted for a second or two you may miss that bit.\r\n\r\nBack to the data dump…\r\n\r\nCPI and Retail Sales will be misses unless tourism boosts these numbers. Disposable incomes have been sharply eaten into with inflation.\r\n\r\nWages have shown signs of life of late but are still not keeping pace with inflation and I expect this to remain the case this Wednesday when the latest numbers are released. This is placing pressure on household disposable income.\r\n\r\nI have heard many rather glib comments from mainly non-UK bodies saying that with UK inflation above the 2% target a 0.25% rate hike won’t make too much of a difference. I hear and I read the comments and my immediate well thought out response is bollocks.\r\n\r\nRate hikes would be passed on at almost double the 0.25% hike onto credit cards, credit lines and overdrafts without any thought by the high-street banks. Much of the already disappearing household disposable income caused by inflation that remains will just be annihilated by an interest rate increase. In my opinion, this would be one of the biggest f**k ups ever by a Central Bank. I just don\'t see it.\r\n\r\nSo, I see Mark Carney, BOE Governor fumbling his way through a no change statement remaining vigilant and accommodative well into 2018.\r\n\r\n<strong><u>USD:</u></strong> We enter another week in the life of a TRUMP administration. Dysfunctional Washington persists and frankly looking at the US data I am becoming less and less interested as reactions are short lived as the USD is more responsive to twitter and headline news than economic data.\r\n\r\nWe have key inflation data this week. PPi, CPi and view of the consumer via Retail Sales. I would normally say these are crucial numbers for the FED to dissect vis-à-vis Monetary Policy normalization.\r\n\r\nMy thoughts, being a cynical fecker is that the ECB and FED have done a deal to both move in December. The FED will raise again regardless and this will help the ECB from rip roaring to 1.3000 in a few weeks.\r\n\r\nWe have been given a curveball by the FED telling us that they are looking more at its Balance Sheet reduction as a priority over interest rate normalization.\r\n\r\nBack to the data…\r\n\r\nAs long as, PPi and CPi are positive, I believe the markets will be happy enough. Retail Sales will have to match the last print at 0.6% as a minimum in my opinion. Anything less than these bare minimums will send the DXY crashing.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\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\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +325 net pips\r\nYEAR TO DATE:      +6,656 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: NEW SUBSCRIPTION OPTIONS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017.png\"><img class=\"aligncenter size-large wp-image-9907\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017-799x1024.png\" alt=\"\" width=\"799\" height=\"1024\" /></a>\r\n\r\n<u>4.3: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a>\r\n\r\n<u> </u><u>\r\n4.4: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.5: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)<strong> </strong>\r\n\r\n<u>4.5.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n\r\nWe are now into the closing straight of 2017.\r\n\r\nSeptember has started with a few nice trades generating some nice pips and $$$, although I have left quite a few pips on the table through poor stop management or closing trades too soon. It is very frustrating, but one cannot look backwards, one must look forward towards goals and objectives.\r\n\r\nI am now in the throws of establishing two core positions with the CAD and NZD. The latter took a bit of a slapping last week as USD weakness really got stuck in. In fact, looking back through trades the NZD/USD has been a loss-making trading pair these past couple of weeks with over 200 pips lost on various trades. I still believe it is a short trade on the back of RBNZ comments. We have parliamentary elections on September 23rd and up to this date the NZD currency could be twitchy.\r\n\r\nWe should also bear in mind, our pal and a really decent chap Graeme Wheeler’s tenure as RBNZ Governor ends on September 27th. He is replaced temporarily by Grant Spencer, who is currently the Deputy Governor and Head of Financial Stability. As long as our Grant is not tea-total, the chaps at the Press Conference will love his bones!\r\n\r\nI notice that Barclays Bank has a sell order up to the election on AUD/NZD. Currently, I have 3 x Live trades and one limit order in place. This should be interesting. I see the AUD going to 0.8500 cents in the coming weeks before being pulled back from anything loftier by the RBA so I feel good being long AUD/NZD for the moment.\r\n\r\nThe cable, I am looking for 1.3300 to look at getting short. That\'s it in a nutshell. Until we get there I am not looking at GBP/USD shorts…famous last words. I believe an entry at that level represents around the best value one could get in my opinion.\r\n\r\nThe EUR/USD is a “BUY THE DIP” trade, I am just biding my time for now.<u></u>\r\n\r\n4.5.2: MARKET SENTIMENT:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017.png\"><img class=\"aligncenter size-large wp-image-9946\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017-690x1024.png\" alt=\"\" width=\"690\" height=\"1024\" /></a>\r\n\r\n<u>\r\n</u><u>4.5.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017.png\"><img class=\"aligncenter size-large wp-image-9971\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9981\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9982\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9980\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9983\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9984\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9985\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9986\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.5.4: CORE TRADES, ASSOCIATED NEWS and INSIGHTS:</u>\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\nCAD/JPY – long\r\n\r\nGBP/CAD and NZD/USD – short\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD and EUR/CAD.\r\n\r\nI have documented this repeatedly. I see the USD/CAD going to 1.1700. This move should it play out should drag all the CAD related pairs with it.\r\n\r\nLast Friday, ScotiaBank released its latest batch of currency targets and thoughts vis-à-vis the markets. It has another rate hike in the mix for Q4 2017 and two more in 2018. If they were all 0.25% rate increases, that would make a grand total rate of 1.75% by the end of 2018.\r\n\r\nThat’s what you call a brave shout.\r\n\r\nIt is also a brave shout without any responsibility for being incorrect or way off the mark.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this week and have a CORE SHORT POSITION established that I can add to and take pips and $$$ from trades as the CAD strengthens.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have several live long AUD/NZD trades and a NZD/CAD short trade.\r\n\r\nPlus: - A further long AUD/NZD limit order trade, a NZD/JPY limit order and 2 x EUR/NZD long limit order trades waiting in the wings.\r\n\r\nMY PLAN: Is to wait until the timing is good to re-enter NZD/USD short once again and establish a CORE SHORT POSITION.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE EUR</u></strong>:\r\n\r\nNothing is LIVE yet all limit orders but my goal is to start placing strategic entries across several EUR currency related pairs.\r\n\r\nCurrently, I have EUR/USD and EUR/AUD limit orders in position.\r\n<u>4.5.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-10092017.png\"><img class=\"aligncenter size-large wp-image-9973\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-10092017-869x1024.png\" alt=\"\" width=\"869\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-10092017.png\"><img class=\"aligncenter size-large wp-image-9972\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-10092017-837x1024.png\" alt=\"\" width=\"837\" height=\"1024\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nTIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, </strong><strong>MARKET STABILITY and DXY to 87.50?</strong>\r\n\r\n<strong> </strong>\r\n\r\nThat\'s quite a lot to take in…\r\n\r\nIt seems like a life time ago, but it was in fact only July when I wrote back to back blogs about the TIPPING POINT and a market STRUCTURAL RE-ALIGNMENT.\r\n\r\nAs a macro, FUNDAMENTAL thinker / trader first I am usually either ahead of the market by varying degrees or sometimes just never there at all as my thought process may never play out the way that I had originally thought for one reason or a combination of reasons.\r\n\r\nRecently, trading or attempting to trade the USD to the long side has been like trying to roll a snowball up hill. Yes, there have been opportunities but they are few and far between. Just looking at the USD Index (DXY) chart below shows that basically since “THE DONALD’S” inauguration the DXY has been on a slide lower.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017.png\"><img class=\"aligncenter size-large wp-image-9979\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017-1024x504.png\" alt=\"\" width=\"1024\" height=\"504\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe simple fact is that the USD could slip below the current 91.00 level of support, break through the 90.00 psychological number and then maybe take a run at 87.50.\r\n\r\nThis potential move lower sits well with the administrations ideology of a weak USD and a low interest rate policy.\r\n\r\nThe potential moves ahead with the single currency should also fuel this decline in the USD as when the ECB announces its path to interest rate normalization the EUR should strengthen creating further USD weakness.\r\n\r\nThe backdrop to all this conjecture is that Central Banks around the globe all have maintaining MARKET STABILITY as a written or in some cases an unwritten rule.\r\n\r\nThere are so many factors influencing movements in price at the moment MARKET STABILITY appears to be somewhat lost, although to his credit Mario Draghi referenced it on a few occasions last Thursday in his ECB Press Conference. The truth is the markets could not give a rat’s hairy ass about STABILITY when FEAR and GREED are dominating the process, which they are for now.\r\n\r\nThe U.S. has two impending massive natural disasters on its plate, and the threat of war from North Korea. A President who is not trusted by his alleged party of allegiance and also but not surprisingly by the opposition party that are only interested in disruption rather than making the U.S. a better place to live and work, is a recipe for continued uncertainly and total instability. The U.S. is so dysfunctional and so far up its own arse it cannot see what it is doing to itself and it is fast becoming a laughing stock for onlookers around the globe.\r\n\r\nYet, with all this going on, the U.S. stock market is close to its highs. Quite staggering and incomprehensible to myself and possibly a few others.\r\n\r\nSo where am I going?\r\n\r\nLet me get there piece by piece….\r\n\r\nI have often said to new traders something along the lines of the following: -\r\n<ul>\r\n 	<li>Trading currencies is essentially routine.</li>\r\n 	<li>Routine can be boring.</li>\r\n 	<li>There are classic market alignments and correlations.</li>\r\n 	<li>First thing in the morning when I go to my screens, I check the following charts, these are my LEAD INDICATORS: - DXY, GOLD, OIL, COPPER, S&amp;P, US10YEARNOTE, USD/CAD, USD/SEK, AUD/JPY and USD/JPY. This looks labour intensive and it can be but from my perspective essential background. It does not even allow for the reading material that I go through with coffee each morning.</li>\r\n 	<li>If my alignments and correlations whether they be inter-market or inter-currency are off, I have a RED FLAG.</li>\r\n 	<li>Having completed what I call my market research I look through trading charts, at the same time as checking open trades and limit orders to verify are they still tradeable entries or not?</li>\r\n 	<li>I watch/listen to BLOOMBERG in the background on my iPAD PRO, to listen out for geopolitical news and events that could influence my trading.</li>\r\n 	<li>All this take’s about an hour, but I have found over the past 10 years of trading it works for me. I trade for the long haul. There is a market 5 days a week. I can miss a day if I do NOT like the way the market looks or performs. Why put yourself at RISK? Is not one of a trader’s key goals and objective to MANAGE RISK?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nThis routine is all well and good karma. However, of late it in my opinion the market has become news driven rather than economically driven. This creates a dysfunctional market where correlations do matter but tend to be skewed… RED FLAG.\r\n\r\nCurrency relationships look awkward and no longer aligned to RISK … RED FLAG.\r\n\r\nAll the research in the world means feck all.\r\n\r\nWe are very quickly approaching the TIPPING POINT I referred to back in July. We are about to see the USD drop like a lead balloon and the EUR rip higher. Just the moves lower in the USD and higher in the EUR would cause a TIPPING POINT and a STRUCTURAL RE-ALIGNMENT in the FX market.\r\n\r\nNever mind what influences the Central Banks have, or believe that they have. Most of the Central Banks around the globe related to G7 countries have credibility issues with the markets. The BOE, BOJ, ECB and even the FED to some extent are classics in recent history. When the news is DOVISH / ACCOMODATIVE it’s easy to communicate. However, when turning HAWKISH as those listed have found to their detriment it is much more difficult to effectively communicate and maintain MARKET STABILITY.\r\n\r\nOnly the BOC under Stephen Poloz has delivered his promise quickly and smoothly. The BOC received so much bang for their buck out of two 0.25% rate increases. I realise it’s much easier for a small economy like Canada but it is still a G7 and G10 country.\r\n\r\nI would add the SNB under Thomas Jordan has also been relatively consistent and Philip Lowe having replaced Glenn Stevens at the RBA appears to be very clear and unambiguous with his commentary.\r\n\r\nBack on track…\r\n\r\nMoving to interest rate normalization around the globe will happen and the fact that U.S. is struggling for a multitude of reasons already mentioned means that at the end of this year we could have both the FED and ECB with major announcements at the same time…fluke or by design?\r\n\r\nI believe that the FED has a deal done with the ECB to raise rates in December when the ECB will announce more details about policy normalization. I think October for ECB is a “can kicking” exercise and that December will be the real deal.\r\n\r\nDecember looks primed to start the FX RE-ALIGNMENT but it will not be as volatile if both Central Banks (FED &amp; ECB) go together. December is a great month for releasing data for obvious reasons, holidays, end of year etc. and both Central Banks have back to back meetings.\r\n\r\n13th December – FOMC (FED)\r\n\r\n14th December – ECB – Press Conference in Frankfurt.\r\n\r\nThe G10 Central Bank leaders do talk to each other. I for one would NOT be surprised if a handshake over a glass of red has taken place over timings.\r\n\r\nGiven the desire and concerns over MARKET STABILITY do NOT rule out a coordinated policy announcement ahead of the dates of these meetings to announce change at the same time. It has been done before.\r\n\r\nIt could happen but maybe not.\r\n\r\nAt the end of the day what would the FX world look like?\r\n\r\nI still believe that no matter what is attempted, the USD is on very rocky ground. Fundamentally I cannot see Washington kissing and making up party to party or President to either party so dysfunctionality will remain in place.\r\n\r\nFair value for the single currency even with another 0.25% on the U.S. rate must still be in the 1.3000 range, but it is not about where fair value lies it’s how it gravitates to the level that is the important consideration.\r\n\r\nAt EUR/USD at 1.3000.\r\n\r\nEUR crosses would all be elevated from current levels and the majors would be elevated and re-aligned as well as a consequence.\r\n\r\nThat is when the real fun starts.\r\n\r\nHow will the RBA and RBNZ feel when their currencies are at 0.9000 and maybe 0.8000 levels once again? Competitiveness would suffer unless it was a balanced increase across the board.\r\n\r\nIt is possible that we enter currency wars 2.0?\r\n\r\nTIPPING POINTS, RE-ALIGNMENTS both have consequences and MARKET STABILITY may suffer despite a great deal of effort and planning being introduced, the DXY at 87.50. I do not like using the phrase nailed on, but I just cant see it not happening in the coming weeks.\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\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #146 PREMIUM SERVICE SUBSCRIBER VERSION\r\nSeptember 10th, 2017\r\n\r\n&nbsp;','TIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, MARKET STABILITY and DXY at 87.50?','','publish','open','closed','','tipping-points-structural-re-alignments-market-stability-dxy-87-50','','','2017-09-27 21:53:50','2017-09-28 02:53:50','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9987',0,'member_posts','',0),(9837,1,'2017-08-05 07:33:54','2017-08-05 12:33:54','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI cannot believe that we are into August. This blog is the last one for a few weeks, I return with the “DRIVE THRU” blog on September 3rd, 2017.\r\n\r\nPREMIUM SERVICE subscribers please note that trading will continue through the “DRIVE THRU” break. I do have one or two key domestic action items to fulfil during the break and I will alert you when these are in play.\r\n\r\nMoving on…\r\n\r\nThe BOE “Super Thursday” event is now behind us and despite advising the markets that tightening is on the way, it was obvious due to the reaction in cable falling from around 1.3260 to about 1.3110 in the hour or so after the news was released and Mark Carney’s subsequent press conference, that the markets had priced in a more hawkish BOE. I will cover this event a in little more detail later.\r\n\r\nLooking at money $$$...\r\n\r\nI covered lots of trades ahead of last Friday’s Non-Farm Payrolls and added a positive +691 pips for the first few days of the month. It’s a great start and I am very quickly pulling back my pips shortfall from earlier in the year due to my house move followed almost immediately by a 4-week vacation. There is still some way to go to my 10,000-pip annual objective but I am now almost back to where my pips total should be for this time of the year.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n<ol>\r\n 	<li>NZD: Jobs Data.</li>\r\n</ol>\r\n<p style=\"padding-left: 60px;\">The Kiwi has been struggling since the data was released mid-week. Job growth in New Zealand is flat-lining. In Q2 2017, employment fell by 0.2% It was up 1.2% the previous quarter and it was forecasted to be positive this quarter by 0.7%.\r\n\r\nIt was the first contraction in employment since Q3 2015. The participation rate also slid 0.6%.\r\n\r\nHaving only recently visited New Zealand both North and South Islands, the place was buzzing and the dynamics appeared very positive. However, beneath this outer crust and dynamism the wages environment is subdued. In this instance, New Zealand is no different to other developed countries, despite unemployment levels being at historic low levels, wages are just NOT picking up.\r\n</p>\r\n\r\n<ol start=\"2\">\r\n 	<li>AUD: RBA Rate Statement.</li>\r\n</ol>\r\n<p style=\"padding-left: 60px;\">\r\nDr. Philip Lowe (RBA Governor) kept rates unchanged and kept the commentary neutral. He did however elude to the fact that should the current AUD strength continue, it is likely to weigh on the outlook for output and employment. An appreciating exchange rate would result in a slower pick-up of economic activity and inflation than currently forecasted.\r\n\r\nDo I read… AUD strength = a growth slowdown?\r\n\r\nFrom a currency perspective; I do think that the RBA would prefer a weaker currency (who wouldn’t). With the AUD/USD hitting an 0.8065, the orders for Prozac at the RBA would have increased. A break below 0.7840 (recent breakout level) would ease matters a great deal. Obviously, an AUD/USD exchange rate hovering between 0.7000 and 0.7500 would be preferred by the RBA.\r\n</p>\r\n\r\n<ol start=\"3\">\r\n 	<li>GBP: BOE and Carney Press Conference.\r\n\r\nInterest Rate on Hold\r\nMPC 6-2 vote\r\nGrowth forecasts revised lower.\r\nInflation to peak c.3% in October.\r\nInterest Rates may need TO RISE FASTER than markets imply.\r\nUncertainty about BREXIT will weigh on growth.\r\nWages growth market down from 3.5% to 3%.\r\n\r\nThey were the key things that I noted from the Statement and Press Conference.\r\n\r\nIn addition, what made me giggle a bit was Carney’s multiple references to households and businesses taking the lead in reactions to BREXIT uncertainties. He noted that both households and business were taking BREXIT in their stride and that they were both expecting a smooth transition.\r\n\r\nFFS… my arse.\r\n\r\nHouseholds are more in debt than ever. Wages are not keeping growth in line with inflation. There is great uncertainty.\r\n\r\nBusinesses are using BREXIT as an excuse to limit wage rises on the back of “be grateful you have a job all things considered”.\r\n\r\nIs Threadneedle Street in a time warp?\r\n\r\nThese guys beggar belief. Carney stated that the BOE has spoken to ‘real” people about policies. Who are these people, the Chaps in the local pub in the city around the corner from the BOE?\r\n\r\nThe GBP however was whacked on the BOE statement and the following Press Conference and again on the NFP data, moving lower by almost 250 pips from its pre “Super Thursday” highs.</li>\r\n 	<li>CAD: Jobs Data.\r\n\r\nIt was a small miss on the Canadian data, which, I suppose given how, of late Canadian data has nearly always been a beat was a little surprising. Personally, I welcomed this miss, as it has allowed the USD/CAD to rally (CAD to weaken). I have been waiting very patiently for an entry level short (This entry was posted to PREMIUM SERVICE subscribers POS393). I feel that this level should be achieved early this week.\r\n\r\nThe Trade Balance number at (-3.6 CAD$ Billion versus -1.3 CAD$ billion expected) was a little worrying… but one month does not make up a trend.\r\n\r\nI am firmly in the camp that the CAD has at least another leg lower and a big one at that.</li>\r\n 	<li>USD: Non-Farm Payrolls data.\r\n\r\nI suppose my position on the reaction to the data would be “The market was just too heavily positioned the wrong way… far too much USD weakness, and by the looks of things too many USD shorts.\r\n\r\nThe data at 209k new jobs versus 181k predicted once again showed up the difference between ADP and NFP. ADP simply cannot be trusted as an indicator or a barometer when it comes to looking at forecasting NFP. Then again, only a fecking loony would forecast NFP, it\'s a bloody lottery when all said and done…but hang on…maybe it’s not a lottery. At least with a lottery you have a chance!\r\n\r\nBack on track…\r\n\r\nBlow out numbers. After the analysts and experts crawled out from beneath their desks and realised this the USD started to strengthen in style (Over 100 points higher).\r\n\r\nWell over, +100 pip moves with EUR/USD, GBP/USD and USD/JPY.\r\n\r\nThe usual suspects crawled out from under rocks to claim that the FED’s rate rise in December is possibility back on. FFS, HMOG, FGS, and JM&amp;J… we are in the middle of summer. Given the fact we have a clown in the White House, I would not be giving forward guidance on a damn thing more than a few hours ahead never mind a few months. I suppose these flutes are not in any way accountable for their predictions and they mostly have no skin in the game, so who cares what they say. In my opinion, this is one reason why CNBC ratings are falling faster than the cable at the moment.\r\n\r\nThe only person to listen to about FED activity in my opinion is Janet Yellen. Ignore the noise.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017.png\"><img class=\"aligncenter size-large wp-image-9820\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017-1024x888.png\" alt=\"\" width=\"1024\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Economic data releases this week are a bit thin on the ground.\r\n\r\nHowever, here are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>NZD: Those awfully nice chaps at the RBNZ led by Governor Graeme “the dealer” Wheeler has my top pick of the week this week.\r\n\r\nAs I type this, the memorandum will already be circulating at the RBNZ deciding on the choice of wine for this week’s Press Conference and whether to go for cheese or pate. All the local corporate hospitality companies have been moved from orange to red alert to ensure sufficient stemware is on hand. No swigging from the bottles at the RBNZ.\r\n\r\nOn a more serious note...\r\n\r\nThe jobs data last week was a surprising miss. The Kiwi dollar back up at NZD/USD 0.7500 must have had Wheeler pissing conkers. Many traders / analysts / experts? had the NZD/USD trading at 0.7800 testing the May 2015 levels.\r\n\r\nNobody expects a rate move from the current 1.75%. It’s all about the commentary. Will Wheeler remain neutral or will he jawbone and go dovish trying to send the NZD/USD back towards 0.7000?\r\n\r\nA couple of weeks ago just prior to the latest drop in the USD, the NZD was showing signs of life to move sharply higher. A spokesperson from the RBNZ said basically “so what” 75%-80% of what the NZD/USD does exchange rate wise is out of the RBNZ control.\r\n\r\nOK… let’s roll out the same flute with the NZD/USD at 0.8000. Would the response be different? As sure as eggs are eggs it would be. There would be jawboning. As soon as dairy exports are threatened the RBNZ will act and like a good central bank they want stability. I would not rule out jawboning at this meeting just to keep the markets in check.\r\n\r\nUnfortunately, Wheelers rate statement and his jawboning never seem to go in tandem. It’s like he speaks with this right hand and writes with his left and neither hand knows what the other hand has done or is doing.\r\n\r\nIt all adds together to give us a news event to follow with interest. The Rate statement is released at 5PM EST and the Press Conference takes place at 6PM EST this Wednesday.</li>\r\n 	<li>USD: PPi and CPi data is released this week. Given that the FED is off its normalization route at the moment (even with the better than expected NFP data). These news items may not have the usual effect on markets other than for 30 minutes or so after the data is released. The FED change and the summer may play a combined role here. Nevertheless, we should be aware of the results.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017.png\"><img class=\"aligncenter size-large wp-image-9821\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017-1024x845.png\" alt=\"\" width=\"1024\" height=\"845\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9834\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9835\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\n\r\n<u>\r\n4.1.1: YOUR <strong>BENEFITS</strong> OF SUBSCRIBING:</u>\r\n\r\nI am obviously biased in this section;\r\n\r\nIn my opinion, it is not just about market commentaries and suggested trade set ups. I want the PREMIUM SERVICE to be different from other providers in the Forex Market.\r\nHow have I created differentiation?\r\n\r\nI am a full-time Forex Trader of over 9 years.\r\nI trade my trades.\r\nI have SKIN in the game.\r\n<strong>BENEFIT FOR YOU – not all service providers are traders. </strong>\r\n\r\nAll my suggested trades are communicated via Twitter through a secure / closed account and confirmed with more back up data for my trades through email. I tell you when I am getting in and I advise you if I am getting out. If you want to copy me you know what I am doing.\r\n<strong>BENEFIT FOR YOU – Real time trading (24 x 5), regardless of time zone</strong>\r\n\r\nI am NOT an educator. I am a trader first and foremost, but I can help many traders become better at what they do\r\nForex Trading is repetition and to a large extent a daily routine and many times quite boring.\r\nTechnical trading of patterns and previous support and resistance levels, Pivot points and Fibonacci levels, they all work.\r\nI feel and my successes are based these indicators being used alongside fundamentals.\r\nFundamentals alone are not good enough in my opinion. They will eventually work but requires very, very deep pockets.\r\n<strong>BENEFIT FOR YOU – I live for my trades and pass this belief to subscribers</strong><u>\r\n</u>\r\nI offer serious traders additional support such as “one-on-one” coaching: -\r\n\r\nIdentifying Chart Patterns\r\nWhat do candlestick patterns mean?\r\nWhat do single candlesticks signify?\r\nHow do I identify high probability trades?\r\nHow to Manage RISK\r\nHow to POSITION SIZE effectively\r\nEffective Account Management\r\nHow to achieve Market longevity.\r\n<strong>BENEFIT FOR YOU – I want to help you achieve a Trading success</strong>\r\n\r\nI provide Market Commentary – but only when there is something important to communicate about the markets or something that is on my mind to say.\r\nI tell it how it is from my perspective. I do my best to straight talking in every situation.\r\n<strong>BENEFIT FOR YOU - I remove the noise remain informative and focussed</strong><u>\r\n</u>\r\nPREMIUM SERVICE subscribers receive a “FULL VERSION” of this blog that includes sections on: -\r\nMy Market Trading Review (PREMIUM SERVICE progress)\r\nTechnical views plus Fundamental views and thoughts\r\nMarket Sentiment analysis\r\nCore Trades and Core Positions analysis\r\nA review of current LIVE and LIMIT ORDERS\r\n<strong>BENEFIT FOR YOU – It’s open, honest, straight to the point and concise</strong>\r\n\r\nAnnual (Platinum) Subscribers receive, (if they want it) a personal monthly review via SKYPE or FaceTime of the PREMIUM SERVICE trades, an overview of the markets and my FUNDAMENTAL views / ideas moving forward.\r\n<strong>BENEFIT FOR YOU – I welcome interaction it feeds success</strong>\r\n\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\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs.\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 70% of my target for this time of the year. I had a poor start to the year and I am now following a vacation and a protracted house move, in “Pip” recovery mode.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, login at my website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +691 net pips\r\nYEAR TO DATE:      +4,906 net pips\r\n\r\n<u>\r\n4.2.1: SUBSCRIBING NOW…  HAS BENEFITS:</u>\r\n\r\nEven though I am not producing a “DRIVE THRU” blog for the next three weeks, my subscription periods of 10, 20 or 40 weeks are based around the DRIVE THRU posts.\r\n\r\nTherefore subscribing now really means that your subscription does not start until 3rd September, three weeks’ time. However, between now and them, I am still trading therefore suggested set ups and twitter, email, in fact all communication is open.\r\n\r\nTherefore: -\r\n\r\nA 10-week CAD$500.00 subscription starts 3rd September and would complete on 12th November 2017.\r\n\r\nA 20-week CAD$800.00 subscription would start 3rd September and would complete on 10th February 2018.\r\n\r\nA 40-week CAD$1,250.00 Platinum subscription would start 3rd September and complete on 30th June 2018.\r\n<u>\r\n</u><u>4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\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$500.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nBecause of my “time out” this month. No freebie subscription this month back in September, in fact the next “DRIVE THRU” blog.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW:</u>\r\n\r\nLast week the PREMIUM SERVICE added +691 net pips. That I think was the biggest net pip haul in a week this year. Happy Days!!\r\n\r\nI had a few SKYPE sessions (Market Review and Training) over the past week or so. Some great feedback and some interesting ideas for me to mull over amongst other things over the next few weeks.\r\n\r\nWhilst this is the last blog until September, I will still be trading through the month and set-ups should still be coming through on a regular basis. The only caveat that I have is that it is the summer and moves are rather limiting to say the least, although, over the past couple of days we have seen some good moves, so maybe this year will be slightly different.\r\n\r\nWe have a TRUMP in the White House and he seems incapable of self-control so I guess he will always create news, which could affect the FX markets.\r\n\r\nDespite, a great initial return in pips this month so far, I am sticking to what I said last week. The market is difficult to follow as correlations and relationships are still askew.\r\n\r\nWe are at a RE-ALIGNMENT and until this pushes through properly through all markets we will to a large extent be in a state of flux.\r\n\r\nThere are a lot of consolidations in the markets at the moment. The longer we consolidate the less I am inclined to believe that the moves higher or lower were false breakouts or breakdowns.\r\n\r\nThe EUR/USD will lead the markets through this RE-STRUCTURE &amp; RE-ALIGNMENT if it fails to move beyond 1.2000, and subsequently consolidate there, I will question my overall thoughts regarding a RE-ALIGNMENT. However, with the ECB looking to normalize monetary policy sometime soon, I think that the markets are waiting to fire on all cylinders.\r\n\r\nMoving forward…\r\n\r\nNow that NFP and BOE “Super Thursday” is out of the way, and we have recently heard from the FED, BOJ, RBA and BOC, we should have the basis of at least 60 days directional trading based upon Central Bank policies.\r\n\r\nThis coming week therefore my focus will be on “value entries”. I think that I must focus here based upon the fact we are in August.\r\n\r\nThe EUR cross rates look very attractive still to the long side; EUR/AUD, EUR/CAD and EUR/NZD. Nice pullback entries would be the order of the day.\r\nI also want to add to my position with the EUR/CHF trade on the basis that there are only round number resistances on the way back to 1.2000. I have three x CHF long trades at the moment and would have no problem adding more throughout the summer.\r\n\r\nAway from the EUR. The AUD looks very interesting especially on a breakdown through 0.7840 which was the breakout point.\r\n\r\nWith regards to cable; I am still more of a 1.2000 than a 1.3500 guy. I just don’t get this BREXIT complacency and all the shite talked about a HARD BREXIT versus a SOFT BREXIT. What a load of bollocks. The EUROZONE are NOT going to make BREXIT a walk in the park for one very simple reason… CONTAGION.\r\n\r\nFor now; I am waiting for a nice pullback entry which we will get to re-enter short once again. I am avoiding the GBP crosses at the moment, the GBP/CAD being the exception based on CAD and GBP direction / momentum on the weekly and monthly charts. They are in between levels and rather than waste time on these the EUR crosses offer a better return from analyzing time spent on charts.\r\n\r\nI am also looking to enter CAD short across the board with USD/CAD, CAD/JPY (already in place), GBP/CAD, AUD/USD, CHF/CAD and NZD/CAD trades. Not 100% on EUR/CAD given the single currency bullishness.\r\n\r\n<u>\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n</u>This is a new addition to this section. The SHORT or LONG indicators in the excel sheet are based on buying and selling pressure algorithms averaged for the time periods. I use these from time to time for confirmation of a trade. In addition, when I see the Short, Medium and Long term periods in alignment this gives me more confidence vis-à-vis a trades direction and who is in control of the currency pair, the bears or the bulls.\r\n<u>\r\n\r\n</u><u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/MKT-SENT-06082017.png\"><img class=\"aligncenter size-large wp-image-9822\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/MKT-SENT-06082017-675x1024.png\" alt=\"\" width=\"675\" height=\"1024\" /></a>\r\n\r\n\r\n4.4.3: CORE TRADES:</u>\r\n\r\nAUD/NZD: (Live)\r\n\r\nPrior to the “Debelle” comments from a couple of weeks ago this pair looked very constructive to the long side. It was whacked lower on the comments. Longer-term fair value for this pair is much higher.\r\n\r\nBasically, it is a slow mover but hopefully before I die it will be back into the 1.20’s again!\r\n\r\nI am going to persevere with this pair… I have for almost two years now!!\r\n\r\n&nbsp;\r\n\r\nCHF PAIRS: (Live)\r\n\r\nI am building this overall position. We have already taken c.180 pips from existing trades. I will be adding more positions as well as the additional POS trades added after NFP.\r\n\r\n&nbsp;\r\n\r\nEUR/USD and EUR Cross Rates:\r\n\r\nAt some stage I am going to have to take the plunge and enter long EUR/USD and hold. At some stage this year the ECB is going to taper and normalize. I want to be in position sooner rather than later for this. In addition, it makes sense to add EUR cross rates as well.\r\n\r\nFollowing the NFP move, I now want to see this pair consolidate at lower levels before moving higher once again. This is the pullback that I was waiting for and it has come as a bit of a surprise. The market was very long the single currency, hopefully a lot of the longs will be shaken out with the NFP move and re-balance things a bit.\r\n\r\n\r\nGBP/USD and GBP Cross Rates:\r\n\r\nI am waiting on a pullback after the NFP data to set up a batch of shorts.\r\n\r\n<u>\r\n\r\n\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIVE-06082017.png\"><img class=\"aligncenter size-large wp-image-9824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIVE-06082017-928x1024.png\" alt=\"\" width=\"928\" height=\"1024\" /></a>\r\n\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIMIT-06082017.png\"><img class=\"aligncenter size-large wp-image-9823\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIMIT-06082017-851x1024.png\" alt=\"\" width=\"851\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nWHAT’S NEXT AFTER THE RECENT BIG MOVES\r\n\r\n</strong>\r\n\r\nWith a title like that it sounds like I have an end of the world type of prediction to follow… you are safe!\r\n\r\nWe are now into the sleepy summer. There are some risks, most of them are geopolitical.\r\n\r\nI have in the main over recent weeks been looking forward predicting a new world… CENTRAL BANK DIVERGENCE, RE-STRUCTURE, RE-ALIGNMENT of the markets and I still believe we are in the throes of this happening despite the recent 72 hours or so in the Forex Market.\r\n\r\nLet’s recap what happened in the immediate past: -\r\n<ul>\r\n 	<li>Mark Carney (BOE, Governor), finally came out and said what needed to be said to put the damn bulls back in their boxes for at least this year.</li>\r\n 	<li>We had a blowout NFP number.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nThat’s nothing earth shattering. Does the above change my thoughts and views that I have had for the past month or so?\r\n\r\nAbsolutely not; I was bearish and shorting the cable long before “Super Thursday”.\r\n\r\nDid I predict a good NFP?\r\n\r\nI don\'t do predictions and I doubt even David Copperfield or Penn &amp; Teller could magic up an accurate NFP number.\r\n\r\nWe are in transition.\r\n\r\nFrom this Monday I am on 50% leave for the summer until the 1st September. So, what is next?\r\n\r\nOver the next few weeks the big Forex event could be the Jackson Hole Symposium. Initially Mario Draghi (ECB, President) was going to use this event as the place he would talk about the timetable of events within the ECB for a return to interest rate normalization.\r\n\r\nI am not so certain that he will do this. My thought process is basically due to the fact the markets are ready to leap on the back of the single currency and send it to outer space (in forex terms) about 1.2500-1.3000 if the mood takes them. Draghi would literally poop his pants if he thought the EUR/USD would be at 1.2500 in rapid order.\r\n\r\nWe have German elections this Autumn/Fall and whilst German savers would welcome normalization, I would say that EUROZONE exporters primarily based in Germany would be buying “Andrex” and the like, in Costco quantities on a daily basis, as the increase in liquid stools could potentially reach epidemic proportions. Sales of Imodium could go through the roof (This is not investment advice).\r\n\r\nGerman elections is one good reason why Mario Draghi may just provide some B.S. at Jackson Hole.\r\n\r\nMy fear is that “THE DONALD” will create the next big move. It will of course be largely “not surprising” but it will be unpredictable from a timing viewpoint, even though we know about the potential of something happening.\r\n\r\nRight now, given all the geopolitical events in play around the world the markets are complacent. All the U.S. markets are concerned about are 401K valuations and returns, stock valuations mean feck all; we are on the brink once again in my opinion… (RE-STRUCTURE and RE-ALIGNMENT).\r\n<ul>\r\n 	<li>What about China being declared a currency manipulator, now that they failed to intervene effectively with North Korea?</li>\r\n 	<li>What about China getting huge trade restrictions placed upon them by the U.S.?</li>\r\n 	<li>What about North Korea dropping an ICBN on Japan… by mistake or intentionally?</li>\r\n 	<li>What about North Korea taking aim on the continental United States?</li>\r\n 	<li>What about the Russian / U.S. diplomatic expulsion tit for tat getting out of control spilling over into troubles in the “Old Soviet Block?</li>\r\n 	<li>What happens if the Iran / U.S. nuclear deal blows up?</li>\r\n 	<li>TRUMP has sided with Saudi Arabia over the Qatar terrorism claims. What would happen if this dispute escalates and unsettles stability in the region and subsequently OIL production?</li>\r\n</ul>\r\nI have only highlighted US based geopolitical related issues, as usually these would affect all markets to varying degrees. The chances of something happening could be 50-50 from my perspective, but who knows. I have ignored all the investigations and enquiries that shadow the TRUMP administration, these can just flare up at any time without warning, a tweet could kick it off.\r\n\r\nSo; what am I saying?\r\n\r\nJust be on your toes if you are trading over the next three or four weeks. Many traders are away. Many traders simply do not trade the summer.\r\n\r\nMost risks are similar to what we have every summer…  geopolitical. There are more flare up zones than the ones I have listed above, but I do feel that those areas with a TRUMP involvement are more at risk.\r\n\r\nFrom a trading perspective as I have written earlier we are in the throes of a transition. There are entry “Gifts” as I call them on the horizon. Grab them; the EUR/USD in particular, but hold with wider stops than usual to allow for the very thin trading conditions with lower liquidity than usual.\r\n\r\nTake care, back on September 3rd.\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\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\nBLOG VERSION: #144 PREMIUM SERVICE\r\nDATE: 6th August 2017.\r\n\r\n&nbsp;','WHAT’S NEXT AFTER THE RECENT BIG MOVES','','inherit','closed','closed','','9836-revision-v1','','','2017-08-05 07:33:54','2017-08-05 12:33:54','',9836,'https://weeklyfxdrivethru.com/9836-revision-v1/',0,'revision','',0),(9838,1,'2017-08-05 07:36:33','2017-08-05 12:36:33','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI cannot believe that we are into August. This blog is the last one for a few weeks, I return with the “DRIVE THRU” blog on September 3rd, 2017.\r\n\r\nPREMIUM SERVICE subscribers please note that trading will continue through the “DRIVE THRU” break. I do have one or two key domestic action items to fulfil during the break and I will alert you when these are in play.\r\n\r\nMoving on…\r\n\r\nThe BOE “Super Thursday” event is now behind us and despite advising the markets that tightening is on the way, it was obvious due to the reaction in cable falling from around 1.3260 to about 1.3110 in the hour or so after the news was released and Mark Carney’s subsequent press conference, that the markets had priced in a more hawkish BOE. I will cover this event a in little more detail later.\r\n\r\nLooking at money $$$...\r\n\r\nI covered lots of trades ahead of last Friday’s Non-Farm Payrolls and added a positive +691 pips for the first few days of the month. It’s a great start and I am very quickly pulling back my pips shortfall from earlier in the year due to my house move followed almost immediately by a 4-week vacation. There is still some way to go to my 10,000-pip annual objective but I am now almost back to where my pips total should be for this time of the year.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n<ol>\r\n 	<li>NZD: Jobs Data.</li>\r\n</ol>\r\n<p style=\"padding-left: 60px;\">The Kiwi has been struggling since the data was released mid-week. Job growth in New Zealand is flat-lining. In Q2 2017, employment fell by 0.2% It was up 1.2% the previous quarter and it was forecasted to be positive this quarter by 0.7%.</p>\r\nIt was the first contraction in employment since Q3 2015. The participation rate also slid 0.6%.\r\n\r\nHaving only recently visited New Zealand both North and South Islands, the place was buzzing and the dynamics appeared very positive. However, beneath this outer crust and dynamism the wages environment is subdued. In this instance, New Zealand is no different to other developed countries, despite unemployment levels being at historic low levels, wages are just NOT picking up.\r\n<ol start=\"2\">\r\n 	<li>AUD: RBA Rate Statement.</li>\r\n</ol>\r\n<p style=\"padding-left: 60px;\">Dr. Philip Lowe (RBA Governor) kept rates unchanged and kept the commentary neutral. He did however elude to the fact that should the current AUD strength continue, it is likely to weigh on the outlook for output and employment. An appreciating exchange rate would result in a slower pick-up of economic activity and inflation than currently forecasted.</p>\r\nDo I read… AUD strength = a growth slowdown?\r\n\r\nFrom a currency perspective; I do think that the RBA would prefer a weaker currency (who wouldn’t). With the AUD/USD hitting an 0.8065, the orders for Prozac at the RBA would have increased. A break below 0.7840 (recent breakout level) would ease matters a great deal. Obviously, an AUD/USD exchange rate hovering between 0.7000 and 0.7500 would be preferred by the RBA.\r\n<ol start=\"3\">\r\n 	<li>GBP: BOE and Carney Press Conference.Interest Rate on Hold\r\nMPC 6-2 vote\r\nGrowth forecasts revised lower.\r\nInflation to peak c.3% in October.\r\nInterest Rates may need TO RISE FASTER than markets imply.\r\nUncertainty about BREXIT will weigh on growth.\r\nWages growth market down from 3.5% to 3%.\r\n\r\nThey were the key things that I noted from the Statement and Press Conference.\r\n\r\nIn addition, what made me giggle a bit was Carney’s multiple references to households and businesses taking the lead in reactions to BREXIT uncertainties. He noted that both households and business were taking BREXIT in their stride and that they were both expecting a smooth transition.\r\n\r\nFFS… my arse.\r\n\r\nHouseholds are more in debt than ever. Wages are not keeping growth in line with inflation. There is great uncertainty.\r\n\r\nBusinesses are using BREXIT as an excuse to limit wage rises on the back of “be grateful you have a job all things considered”.\r\n\r\nIs Threadneedle Street in a time warp?\r\n\r\nThese guys beggar belief. Carney stated that the BOE has spoken to ‘real” people about policies. Who are these people, the Chaps in the local pub in the city around the corner from the BOE?\r\n\r\nThe GBP however was whacked on the BOE statement and the following Press Conference and again on the NFP data, moving lower by almost 250 pips from its pre “Super Thursday” highs.</li>\r\n 	<li>CAD: Jobs Data.It was a small miss on the Canadian data, which, I suppose given how, of late Canadian data has nearly always been a beat was a little surprising. Personally, I welcomed this miss, as it has allowed the USD/CAD to rally (CAD to weaken). I have been waiting very patiently for an entry level short (This entry was posted to PREMIUM SERVICE subscribers POS393). I feel that this level should be achieved early this week.\r\n\r\nThe Trade Balance number at (-3.6 CAD$ Billion versus -1.3 CAD$ billion expected) was a little worrying… but one month does not make up a trend.\r\n\r\nI am firmly in the camp that the CAD has at least another leg lower and a big one at that.</li>\r\n 	<li>USD: Non-Farm Payrolls data.I suppose my position on the reaction to the data would be “The market was just too heavily positioned the wrong way… far too much USD weakness, and by the looks of things too many USD shorts.\r\n\r\nThe data at 209k new jobs versus 181k predicted once again showed up the difference between ADP and NFP. ADP simply cannot be trusted as an indicator or a barometer when it comes to looking at forecasting NFP. Then again, only a fecking loony would forecast NFP, it\'s a bloody lottery when all said and done…but hang on…maybe it’s not a lottery. At least with a lottery you have a chance!\r\n\r\nBack on track…\r\n\r\nBlow out numbers. After the analysts and experts crawled out from beneath their desks and realised this the USD started to strengthen in style (Over 100 points higher).\r\n\r\nWell over, +100 pip moves with EUR/USD, GBP/USD and USD/JPY.\r\n\r\nThe usual suspects crawled out from under rocks to claim that the FED’s rate rise in December is possibility back on. FFS, HMOG, FGS, and JM&amp;J… we are in the middle of summer. Given the fact we have a clown in the White House, I would not be giving forward guidance on a damn thing more than a few hours ahead never mind a few months. I suppose these flutes are not in any way accountable for their predictions and they mostly have no skin in the game, so who cares what they say. In my opinion, this is one reason why CNBC ratings are falling faster than the cable at the moment.\r\n\r\nThe only person to listen to about FED activity in my opinion is Janet Yellen. Ignore the noise.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017.png\"><img class=\"aligncenter size-large wp-image-9820\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017-1024x888.png\" alt=\"\" width=\"1024\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nEconomic data releases this week are a bit thin on the ground.\r\n\r\nHowever, here are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>NZD: Those awfully nice chaps at the RBNZ led by Governor Graeme “the dealer” Wheeler has my top pick of the week this week.As I type this, the memorandum will already be circulating at the RBNZ deciding on the choice of wine for this week’s Press Conference and whether to go for cheese or pate. All the local corporate hospitality companies have been moved from orange to red alert to ensure sufficient stemware is on hand. No swigging from the bottles at the RBNZ.\r\n\r\nOn a more serious note...\r\n\r\nThe jobs data last week was a surprising miss. The Kiwi dollar back up at NZD/USD 0.7500 must have had Wheeler pissing conkers. Many traders / analysts / experts? had the NZD/USD trading at 0.7800 testing the May 2015 levels.\r\n\r\nNobody expects a rate move from the current 1.75%. It’s all about the commentary. Will Wheeler remain neutral or will he jawbone and go dovish trying to send the NZD/USD back towards 0.7000?\r\n\r\nA couple of weeks ago just prior to the latest drop in the USD, the NZD was showing signs of life to move sharply higher. A spokesperson from the RBNZ said basically “so what” 75%-80% of what the NZD/USD does exchange rate wise is out of the RBNZ control.\r\n\r\nOK… let’s roll out the same flute with the NZD/USD at 0.8000. Would the response be different? As sure as eggs are eggs it would be. There would be jawboning. As soon as dairy exports are threatened the RBNZ will act and like a good central bank they want stability. I would not rule out jawboning at this meeting just to keep the markets in check.\r\n\r\nUnfortunately, Wheelers rate statement and his jawboning never seem to go in tandem. It’s like he speaks with this right hand and writes with his left and neither hand knows what the other hand has done or is doing.\r\n\r\nIt all adds together to give us a news event to follow with interest. The Rate statement is released at 5PM EST and the Press Conference takes place at 6PM EST this Wednesday.</li>\r\n 	<li>USD: PPi and CPi data is released this week. Given that the FED is off its normalization route at the moment (even with the better than expected NFP data). These news items may not have the usual effect on markets other than for 30 minutes or so after the data is released. The FED change and the summer may play a combined role here. Nevertheless, we should be aware of the results.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017.png\"><img class=\"aligncenter size-large wp-image-9821\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017-1024x845.png\" alt=\"\" width=\"1024\" height=\"845\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9834\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9835\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\n\r\n<u>\r\n4.1.1: YOUR <strong>BENEFITS</strong> OF SUBSCRIBING:</u>\r\n\r\nI am obviously biased in this section;\r\n\r\nIn my opinion, it is not just about market commentaries and suggested trade set ups. I want the PREMIUM SERVICE to be different from other providers in the Forex Market.\r\nHow have I created differentiation?\r\n\r\nI am a full-time Forex Trader of over 9 years.\r\nI trade my trades.\r\nI have SKIN in the game.\r\n<strong>BENEFIT FOR YOU – not all service providers are traders. </strong>\r\n\r\nAll my suggested trades are communicated via Twitter through a secure / closed account and confirmed with more back up data for my trades through email. I tell you when I am getting in and I advise you if I am getting out. If you want to copy me you know what I am doing.\r\n<strong>BENEFIT FOR YOU – Real time trading (24 x 5), regardless of time zone</strong>\r\n\r\nI am NOT an educator. I am a trader first and foremost, but I can help many traders become better at what they do\r\nForex Trading is repetition and to a large extent a daily routine and many times quite boring.\r\nTechnical trading of patterns and previous support and resistance levels, Pivot points and Fibonacci levels, they all work.\r\nI feel and my successes are based these indicators being used alongside fundamentals.\r\nFundamentals alone are not good enough in my opinion. They will eventually work but requires very, very deep pockets.\r\n<strong>BENEFIT FOR YOU – I live for my trades and pass this belief to subscribers</strong><u>\r\n</u>\r\nI offer serious traders additional support such as “one-on-one” coaching: -\r\n\r\nIdentifying Chart Patterns\r\nWhat do candlestick patterns mean?\r\nWhat do single candlesticks signify?\r\nHow do I identify high probability trades?\r\nHow to Manage RISK\r\nHow to POSITION SIZE effectively\r\nEffective Account Management\r\nHow to achieve Market longevity.\r\n<strong>BENEFIT FOR YOU – I want to help you achieve a Trading success</strong>\r\n\r\nI provide Market Commentary – but only when there is something important to communicate about the markets or something that is on my mind to say.\r\nI tell it how it is from my perspective. I do my best to straight talking in every situation.\r\n<strong>BENEFIT FOR YOU - I remove the noise remain informative and focused</strong><u>\r\n</u>\r\nPREMIUM SERVICE subscribers receive a “FULL VERSION” of this blog that includes sections on: -\r\nMy Market Trading Review (PREMIUM SERVICE progress)\r\nTechnical views plus Fundamental views and thoughts\r\nMarket Sentiment analysis\r\nCore Trades and Core Positions analysis\r\nA review of current LIVE and LIMIT ORDERS\r\n<strong>BENEFIT FOR YOU – It’s open, honest, straight to the point and concise</strong>\r\n\r\nAnnual (Platinum) Subscribers receive, (if they want it) a personal monthly review via SKYPE or FaceTime of the PREMIUM SERVICE trades, an overview of the markets and my FUNDAMENTAL views / ideas moving forward.\r\n<strong>BENEFIT FOR YOU – I welcome interaction it feeds success</strong>\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\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs.\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 70% of my target for this time of the year. I had a poor start to the year and I am now following a vacation and a protracted house move, in “Pip” recovery mode.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, login at my website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +691 net pips\r\nYEAR TO DATE:      +4,906 net pips\r\n\r\n<u>\r\n4.2.1: SUBSCRIBING NOW…  HAS BENEFITS:</u>\r\n\r\nEven though I am not producing a “DRIVE THRU” blog for the next three weeks, my subscription periods of 10, 20 or 40 weeks are based around the DRIVE THRU posts.\r\n\r\nTherefore subscribing now really means that your subscription does not start until 3rd September, three weeks’ time. However, between now and them, I am still trading therefore suggested set ups and twitter, email, in fact all communication is open.\r\n\r\nTherefore: -\r\n\r\nA 10-week CAD$500.00 subscription starts 3rd September and would complete on 12th November 2017.\r\n\r\nA 20-week CAD$800.00 subscription would start 3rd September and would complete on 10th February 2018.\r\n\r\nA 40-week CAD$1,250.00 Platinum subscription would start 3rd September and complete on 30th June 2018.\r\n<u>\r\n</u><u>4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\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$500.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nBecause of my “time out” this month. No freebie subscription this month back in September, in fact the next “DRIVE THRU” blog.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW:</u>\r\n\r\nLast week the PREMIUM SERVICE added +691 net pips. That I think was the biggest net pip haul in a week this year. Happy Days!!\r\n\r\nI had a few SKYPE sessions (Market Review and Training) over the past week or so. Some great feedback and some interesting ideas for me to mull over amongst other things over the next few weeks.\r\n\r\nWhilst this is the last blog until September, I will still be trading through the month and set-ups should still be coming through on a regular basis. The only caveat that I have is that it is the summer and moves are rather limiting to say the least, although, over the past couple of days we have seen some good moves, so maybe this year will be slightly different.\r\n\r\nWe have a TRUMP in the White House and he seems incapable of self-control so I guess he will always create news, which could affect the FX markets.\r\n\r\nDespite, a great initial return in pips this month so far, I am sticking to what I said last week. The market is difficult to follow as correlations and relationships are still askew.\r\n\r\nWe are at a RE-ALIGNMENT and until this pushes through properly through all markets we will to a large extent be in a state of flux.\r\n\r\nThere are a lot of consolidations in the markets at the moment. The longer we consolidate the less I am inclined to believe that the moves higher or lower were false breakouts or breakdowns.\r\n\r\nThe EUR/USD will lead the markets through this RE-STRUCTURE &amp; RE-ALIGNMENT if it fails to move beyond 1.2000, and subsequently consolidate there, I will question my overall thoughts regarding a RE-ALIGNMENT. However, with the ECB looking to normalize monetary policy sometime soon, I think that the markets are waiting to fire on all cylinders.\r\n\r\nMoving forward…\r\n\r\nNow that NFP and BOE “Super Thursday” is out of the way, and we have recently heard from the FED, BOJ, RBA and BOC, we should have the basis of at least 60 days directional trading based upon Central Bank policies.\r\n\r\nThis coming week therefore my focus will be on “value entries”. I think that I must focus here based upon the fact we are in August.\r\n\r\nThe EUR cross rates look very attractive still to the long side; EUR/AUD, EUR/CAD and EUR/NZD. Nice pullback entries would be the order of the day.\r\nI also want to add to my position with the EUR/CHF trade on the basis that there are only round number resistances on the way back to 1.2000. I have three x CHF long trades at the moment and would have no problem adding more throughout the summer.\r\n\r\nAway from the EUR. The AUD looks very interesting especially on a breakdown through 0.7840 which was the breakout point.\r\n\r\nWith regards to cable; I am still more of a 1.2000 than a 1.3500 guy. I just don’t get this BREXIT complacency and all the shite talked about a HARD BREXIT versus a SOFT BREXIT. What a load of bollocks. The EUROZONE are NOT going to make BREXIT a walk in the park for one very simple reason… CONTAGION.\r\n\r\nFor now; I am waiting for a nice pullback entry which we will get to re-enter short once again. I am avoiding the GBP crosses at the moment, the GBP/CAD being the exception based on CAD and GBP direction / momentum on the weekly and monthly charts. They are in between levels and rather than waste time on these the EUR crosses offer a better return from analyzing time spent on charts.\r\n\r\nI am also looking to enter CAD short across the board with USD/CAD, CAD/JPY (already in place), GBP/CAD, AUD/USD, CHF/CAD and NZD/CAD trades. Not 100% on EUR/CAD given the single currency bullishness.\r\n\r\n&nbsp;\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\nThis is a new addition to this section. The SHORT or LONG indicators in the excel sheet are based on buying and selling pressure algorithms averaged for the time periods. I use these from time to time for confirmation of a trade. In addition, when I see the Short, Medium and Long term periods in alignment this gives me more confidence vis-à-vis a trades direction and who is in control of the currency pair, the bears or the bulls.\r\n<u></u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/MKT-SENT-06082017.png\"><img class=\"aligncenter size-large wp-image-9822\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/MKT-SENT-06082017-675x1024.png\" alt=\"\" width=\"675\" height=\"1024\" /></a></u>\r\n\r\n4.4.3: CORE TRADES:\r\n\r\nAUD/NZD: (Live)\r\n\r\nPrior to the “Debelle” comments from a couple of weeks ago this pair looked very constructive to the long side. It was whacked lower on the comments. Longer-term fair value for this pair is much higher.\r\n\r\nBasically, it is a slow mover but hopefully before I die it will be back into the 1.20’s again!\r\n\r\nI am going to persevere with this pair… I have for almost two years now!!\r\n\r\n&nbsp;\r\n\r\nCHF PAIRS: (Live)\r\n\r\nI am building this overall position. We have already taken c.180 pips from existing trades. I will be adding more positions as well as the additional POS trades added after NFP.\r\n\r\n&nbsp;\r\n\r\nEUR/USD and EUR Cross Rates:\r\n\r\nAt some stage I am going to have to take the plunge and enter long EUR/USD and hold. At some stage this year the ECB is going to taper and normalize. I want to be in position sooner rather than later for this. In addition, it makes sense to add EUR cross rates as well.\r\n\r\nFollowing the NFP move, I now want to see this pair consolidate at lower levels before moving higher once again. This is the pullback that I was waiting for and it has come as a bit of a surprise. The market was very long the single currency, hopefully a lot of the longs will be shaken out with the NFP move and re-balance things a bit.\r\n\r\nGBP/USD and GBP Cross Rates:\r\n\r\nI am waiting on a pullback after the NFP data to set up a batch of shorts.\r\n\r\n&nbsp;\r\n\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIVE-06082017.png\"><img class=\"aligncenter size-large wp-image-9824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIVE-06082017-928x1024.png\" alt=\"\" width=\"928\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIMIT-06082017.png\"><img class=\"aligncenter size-large wp-image-9823\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIMIT-06082017-851x1024.png\" alt=\"\" width=\"851\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nWHAT’S NEXT AFTER THE RECENT BIG MOVES</strong>\r\n\r\n&nbsp;\r\n\r\nWith a title like that it sounds like I have an end of the world type of prediction to follow… you are safe!\r\n\r\nWe are now into the sleepy summer. There are some risks, most of them are geopolitical.\r\n\r\nI have in the main over recent weeks been looking forward predicting a new world… CENTRAL BANK DIVERGENCE, RE-STRUCTURE, RE-ALIGNMENT of the markets and I still believe we are in the throes of this happening despite the recent 72 hours or so in the Forex Market.\r\n\r\nLet’s recap what happened in the immediate past: -\r\n<ul>\r\n 	<li>Mark Carney (BOE, Governor), finally came out and said what needed to be said to put the damn bulls back in their boxes for at least this year.</li>\r\n 	<li>We had a blowout NFP number.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nThat’s nothing earth shattering. Does the above change my thoughts and views that I have had for the past month or so?\r\n\r\nAbsolutely not; I was bearish and shorting the cable long before “Super Thursday”.\r\n\r\nDid I predict a good NFP?\r\n\r\nI don\'t do predictions and I doubt even David Copperfield or Penn &amp; Teller could magic up an accurate NFP number.\r\n\r\nWe are in transition.\r\n\r\nFrom this Monday I am on 50% leave for the summer until the 1st September. So, what is next?\r\n\r\nOver the next few weeks the big Forex event could be the Jackson Hole Symposium. Initially Mario Draghi (ECB, President) was going to use this event as the place he would talk about the timetable of events within the ECB for a return to interest rate normalization.\r\n\r\nI am not so certain that he will do this. My thought process is basically due to the fact the markets are ready to leap on the back of the single currency and send it to outer space (in forex terms) about 1.2500-1.3000 if the mood takes them. Draghi would literally poop his pants if he thought the EUR/USD would be at 1.2500 in rapid order.\r\n\r\nWe have German elections this Autumn/Fall and whilst German savers would welcome normalization, I would say that EUROZONE exporters primarily based in Germany would be buying “Andrex” and the like, in Costco quantities on a daily basis, as the increase in liquid stools could potentially reach epidemic proportions. Sales of Imodium could go through the roof (This is not investment advice).\r\n\r\nGerman elections is one good reason why Mario Draghi may just provide some B.S. at Jackson Hole.\r\n\r\nMy fear is that “THE DONALD” will create the next big move. It will of course be largely “not surprising” but it will be unpredictable from a timing viewpoint, even though we know about the potential of something happening.\r\n\r\nRight now, given all the geopolitical events in play around the world the markets are complacent. All the U.S. markets are concerned about are 401K valuations and returns, stock valuations mean feck all; we are on the brink once again in my opinion… (RE-STRUCTURE and RE-ALIGNMENT).\r\n<ul>\r\n 	<li>What about China being declared a currency manipulator, now that they failed to intervene effectively with North Korea?</li>\r\n 	<li>What about China getting huge trade restrictions placed upon them by the U.S.?</li>\r\n 	<li>What about North Korea dropping an ICBN on Japan… by mistake or intentionally?</li>\r\n 	<li>What about North Korea taking aim on the continental United States?</li>\r\n 	<li>What about the Russian / U.S. diplomatic expulsion tit for tat getting out of control spilling over into troubles in the “Old Soviet Block?</li>\r\n 	<li>What happens if the Iran / U.S. nuclear deal blows up?</li>\r\n 	<li>TRUMP has sided with Saudi Arabia over the Qatar terrorism claims. What would happen if this dispute escalates and unsettles stability in the region and subsequently OIL production?</li>\r\n</ul>\r\nI have only highlighted US based geopolitical related issues, as usually these would affect all markets to varying degrees. The chances of something happening could be 50-50 from my perspective, but who knows. I have ignored all the investigations and enquiries that shadow the TRUMP administration, these can just flare up at any time without warning, a tweet could kick it off.\r\n\r\nSo; what am I saying?\r\n\r\nJust be on your toes if you are trading over the next three or four weeks. Many traders are away. Many traders simply do not trade the summer.\r\n\r\nMost risks are similar to what we have every summer…  geopolitical. There are more flare up zones than the ones I have listed above, but I do feel that those areas with a TRUMP involvement are more at risk.\r\n\r\nFrom a trading perspective as I have written earlier we are in the throes of a transition. There are entry “Gifts” as I call them on the horizon. Grab them; the EUR/USD in particular, but hold with wider stops than usual to allow for the very thin trading conditions with lower liquidity than usual.\r\n\r\nTake care, back on September 3rd.\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\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\nBLOG VERSION: #144 PREMIUM SERVICE\r\nDATE: 6th August 2017.\r\n\r\n&nbsp;','WHAT’S NEXT AFTER THE RECENT BIG MOVES','','inherit','closed','closed','','9836-revision-v1','','','2017-08-05 07:36:33','2017-08-05 12:36:33','',9836,'https://weeklyfxdrivethru.com/9836-revision-v1/',0,'revision','',0),(9839,1,'2017-08-05 07:36:54','2017-08-05 12:36:54','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI cannot believe that we are into August. This blog is the last one for a few weeks, I return with the “DRIVE THRU” blog on September 3rd, 2017.\r\n\r\nPREMIUM SERVICE subscribers please note that trading will continue through the “DRIVE THRU” break. I do have one or two key domestic action items to fulfil during the break and I will alert you when these are in play.\r\n\r\nMoving on…\r\n\r\nThe BOE “Super Thursday” event is now behind us and despite advising the markets that tightening is on the way, it was obvious due to the reaction in cable falling from around 1.3260 to about 1.3110 in the hour or so after the news was released and Mark Carney’s subsequent press conference, that the markets had priced in a more hawkish BOE. I will cover this event a in little more detail later.\r\n\r\nLooking at money $$$...\r\n\r\nI covered lots of trades ahead of last Friday’s Non-Farm Payrolls and added a positive +691 pips for the first few days of the month. It’s a great start and I am very quickly pulling back my pips shortfall from earlier in the year due to my house move followed almost immediately by a 4-week vacation. There is still some way to go to my 10,000-pip annual objective but I am now almost back to where my pips total should be for this time of the year.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n<ol>\r\n 	<li>NZD: Jobs Data.</li>\r\n</ol>\r\n<p style=\"padding-left: 60px;\">The Kiwi has been struggling since the data was released mid-week. Job growth in New Zealand is flat-lining. In Q2 2017, employment fell by 0.2% It was up 1.2% the previous quarter and it was forecasted to be positive this quarter by 0.7%.</p>\r\nIt was the first contraction in employment since Q3 2015. The participation rate also slid 0.6%.\r\n\r\nHaving only recently visited New Zealand both North and South Islands, the place was buzzing and the dynamics appeared very positive. However, beneath this outer crust and dynamism the wages environment is subdued. In this instance, New Zealand is no different to other developed countries, despite unemployment levels being at historic low levels, wages are just NOT picking up.\r\n<ol start=\"2\">\r\n 	<li>AUD: RBA Rate Statement.</li>\r\n</ol>\r\n<p style=\"padding-left: 60px;\">Dr. Philip Lowe (RBA Governor) kept rates unchanged and kept the commentary neutral. He did however elude to the fact that should the current AUD strength continue, it is likely to weigh on the outlook for output and employment. An appreciating exchange rate would result in a slower pick-up of economic activity and inflation than currently forecasted.</p>\r\nDo I read… AUD strength = a growth slowdown?\r\n\r\nFrom a currency perspective; I do think that the RBA would prefer a weaker currency (who wouldn’t). With the AUD/USD hitting an 0.8065, the orders for Prozac at the RBA would have increased. A break below 0.7840 (recent breakout level) would ease matters a great deal. Obviously, an AUD/USD exchange rate hovering between 0.7000 and 0.7500 would be preferred by the RBA.\r\n<ol start=\"3\">\r\n 	<li>GBP: BOE and Carney Press Conference.Interest Rate on Hold\r\nMPC 6-2 vote\r\nGrowth forecasts revised lower.\r\nInflation to peak c.3% in October.\r\nInterest Rates may need TO RISE FASTER than markets imply.\r\nUncertainty about BREXIT will weigh on growth.\r\nWages growth market down from 3.5% to 3%.They were the key things that I noted from the Statement and Press Conference.\r\n\r\nIn addition, what made me giggle a bit was Carney’s multiple references to households and businesses taking the lead in reactions to BREXIT uncertainties. He noted that both households and business were taking BREXIT in their stride and that they were both expecting a smooth transition.\r\n\r\nFFS… my arse.\r\n\r\nHouseholds are more in debt than ever. Wages are not keeping growth in line with inflation. There is great uncertainty.\r\n\r\nBusinesses are using BREXIT as an excuse to limit wage rises on the back of “be grateful you have a job all things considered”.\r\n\r\nIs Threadneedle Street in a time warp?\r\n\r\nThese guys beggar belief. Carney stated that the BOE has spoken to ‘real” people about policies. Who are these people, the Chaps in the local pub in the city around the corner from the BOE?\r\n\r\nThe GBP however was whacked on the BOE statement and the following Press Conference and again on the NFP data, moving lower by almost 250 pips from its pre “Super Thursday” highs.</li>\r\n 	<li>CAD: Jobs Data.It was a small miss on the Canadian data, which, I suppose given how, of late Canadian data has nearly always been a beat was a little surprising. Personally, I welcomed this miss, as it has allowed the USD/CAD to rally (CAD to weaken). I have been waiting very patiently for an entry level short (This entry was posted to PREMIUM SERVICE subscribers POS393). I feel that this level should be achieved early this week.The Trade Balance number at (-3.6 CAD$ Billion versus -1.3 CAD$ billion expected) was a little worrying… but one month does not make up a trend.\r\n\r\nI am firmly in the camp that the CAD has at least another leg lower and a big one at that.</li>\r\n 	<li>USD: Non-Farm Payrolls data.I suppose my position on the reaction to the data would be “The market was just too heavily positioned the wrong way… far too much USD weakness, and by the looks of things too many USD shorts.The data at 209k new jobs versus 181k predicted once again showed up the difference between ADP and NFP. ADP simply cannot be trusted as an indicator or a barometer when it comes to looking at forecasting NFP. Then again, only a fecking loony would forecast NFP, it\'s a bloody lottery when all said and done…but hang on…maybe it’s not a lottery. At least with a lottery you have a chance!\r\n\r\nBack on track…\r\n\r\nBlow out numbers. After the analysts and experts crawled out from beneath their desks and realised this the USD started to strengthen in style (Over 100 points higher).\r\n\r\nWell over, +100 pip moves with EUR/USD, GBP/USD and USD/JPY.\r\n\r\nThe usual suspects crawled out from under rocks to claim that the FED’s rate rise in December is possibility back on. FFS, HMOG, FGS, and JM&amp;J… we are in the middle of summer. Given the fact we have a clown in the White House, I would not be giving forward guidance on a damn thing more than a few hours ahead never mind a few months. I suppose these flutes are not in any way accountable for their predictions and they mostly have no skin in the game, so who cares what they say. In my opinion, this is one reason why CNBC ratings are falling faster than the cable at the moment.\r\n\r\nThe only person to listen to about FED activity in my opinion is Janet Yellen. Ignore the noise.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017.png\"><img class=\"aligncenter size-large wp-image-9820\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017-1024x888.png\" alt=\"\" width=\"1024\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nEconomic data releases this week are a bit thin on the ground.\r\n\r\nHowever, here are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>NZD: Those awfully nice chaps at the RBNZ led by Governor Graeme “the dealer” Wheeler has my top pick of the week this week.As I type this, the memorandum will already be circulating at the RBNZ deciding on the choice of wine for this week’s Press Conference and whether to go for cheese or pate. All the local corporate hospitality companies have been moved from orange to red alert to ensure sufficient stemware is on hand. No swigging from the bottles at the RBNZ.On a more serious note...\r\n\r\nThe jobs data last week was a surprising miss. The Kiwi dollar back up at NZD/USD 0.7500 must have had Wheeler pissing conkers. Many traders / analysts / experts? had the NZD/USD trading at 0.7800 testing the May 2015 levels.\r\n\r\nNobody expects a rate move from the current 1.75%. It’s all about the commentary. Will Wheeler remain neutral or will he jawbone and go dovish trying to send the NZD/USD back towards 0.7000?\r\n\r\nA couple of weeks ago just prior to the latest drop in the USD, the NZD was showing signs of life to move sharply higher. A spokesperson from the RBNZ said basically “so what” 75%-80% of what the NZD/USD does exchange rate wise is out of the RBNZ control.\r\n\r\nOK… let’s roll out the same flute with the NZD/USD at 0.8000. Would the response be different? As sure as eggs are eggs it would be. There would be jawboning. As soon as dairy exports are threatened the RBNZ will act and like a good central bank they want stability. I would not rule out jawboning at this meeting just to keep the markets in check.\r\n\r\nUnfortunately, Wheelers rate statement and his jawboning never seem to go in tandem. It’s like he speaks with this right hand and writes with his left and neither hand knows what the other hand has done or is doing.\r\n\r\nIt all adds together to give us a news event to follow with interest. The Rate statement is released at 5PM EST and the Press Conference takes place at 6PM EST this Wednesday.</li>\r\n 	<li>USD: PPi and CPi data is released this week. Given that the FED is off its normalization route at the moment (even with the better than expected NFP data). These news items may not have the usual effect on markets other than for 30 minutes or so after the data is released. The FED change and the summer may play a combined role here. Nevertheless, we should be aware of the results.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017.png\"><img class=\"aligncenter size-large wp-image-9821\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017-1024x845.png\" alt=\"\" width=\"1024\" height=\"845\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9834\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9835\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\n\r\n<u>\r\n4.1.1: YOUR <strong>BENEFITS</strong> OF SUBSCRIBING:</u>\r\n\r\nI am obviously biased in this section;\r\n\r\nIn my opinion, it is not just about market commentaries and suggested trade set ups. I want the PREMIUM SERVICE to be different from other providers in the Forex Market.\r\nHow have I created differentiation?\r\n\r\nI am a full-time Forex Trader of over 9 years.\r\nI trade my trades.\r\nI have SKIN in the game.\r\n<strong>BENEFIT FOR YOU – not all service providers are traders. </strong>\r\n\r\nAll my suggested trades are communicated via Twitter through a secure / closed account and confirmed with more back up data for my trades through email. I tell you when I am getting in and I advise you if I am getting out. If you want to copy me you know what I am doing.\r\n<strong>BENEFIT FOR YOU – Real time trading (24 x 5), regardless of time zone</strong>\r\n\r\nI am NOT an educator. I am a trader first and foremost, but I can help many traders become better at what they do\r\nForex Trading is repetition and to a large extent a daily routine and many times quite boring.\r\nTechnical trading of patterns and previous support and resistance levels, Pivot points and Fibonacci levels, they all work.\r\nI feel and my successes are based these indicators being used alongside fundamentals.\r\nFundamentals alone are not good enough in my opinion. They will eventually work but requires very, very deep pockets.\r\n<strong>BENEFIT FOR YOU – I live for my trades and pass this belief to subscribers</strong><u>\r\n</u>\r\nI offer serious traders additional support such as “one-on-one” coaching: -\r\n\r\nIdentifying Chart Patterns\r\nWhat do candlestick patterns mean?\r\nWhat do single candlesticks signify?\r\nHow do I identify high probability trades?\r\nHow to Manage RISK\r\nHow to POSITION SIZE effectively\r\nEffective Account Management\r\nHow to achieve Market longevity.\r\n<strong>BENEFIT FOR YOU – I want to help you achieve a Trading success</strong>\r\n\r\nI provide Market Commentary – but only when there is something important to communicate about the markets or something that is on my mind to say.\r\nI tell it how it is from my perspective. I do my best to straight talking in every situation.\r\n<strong>BENEFIT FOR YOU - I remove the noise remain informative and focused</strong><u>\r\n</u>\r\nPREMIUM SERVICE subscribers receive a “FULL VERSION” of this blog that includes sections on: -\r\nMy Market Trading Review (PREMIUM SERVICE progress)\r\nTechnical views plus Fundamental views and thoughts\r\nMarket Sentiment analysis\r\nCore Trades and Core Positions analysis\r\nA review of current LIVE and LIMIT ORDERS\r\n<strong>BENEFIT FOR YOU – It’s open, honest, straight to the point and concise</strong>\r\n\r\nAnnual (Platinum) Subscribers receive, (if they want it) a personal monthly review via SKYPE or FaceTime of the PREMIUM SERVICE trades, an overview of the markets and my FUNDAMENTAL views / ideas moving forward.\r\n<strong>BENEFIT FOR YOU – I welcome interaction it feeds success</strong>\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\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs.\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 70% of my target for this time of the year. I had a poor start to the year and I am now following a vacation and a protracted house move, in “Pip” recovery mode.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, login at my website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +691 net pips\r\nYEAR TO DATE:      +4,906 net pips\r\n\r\n<u>\r\n4.2.1: SUBSCRIBING NOW…  HAS BENEFITS:</u>\r\n\r\nEven though I am not producing a “DRIVE THRU” blog for the next three weeks, my subscription periods of 10, 20 or 40 weeks are based around the DRIVE THRU posts.\r\n\r\nTherefore subscribing now really means that your subscription does not start until 3rd September, three weeks’ time. However, between now and them, I am still trading therefore suggested set ups and twitter, email, in fact all communication is open.\r\n\r\nTherefore: -\r\n\r\nA 10-week CAD$500.00 subscription starts 3rd September and would complete on 12th November 2017.\r\n\r\nA 20-week CAD$800.00 subscription would start 3rd September and would complete on 10th February 2018.\r\n\r\nA 40-week CAD$1,250.00 Platinum subscription would start 3rd September and complete on 30th June 2018.\r\n<u>\r\n</u><u>4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\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$500.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nBecause of my “time out” this month. No freebie subscription this month back in September, in fact the next “DRIVE THRU” blog.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW:</u>\r\n\r\nLast week the PREMIUM SERVICE added +691 net pips. That I think was the biggest net pip haul in a week this year. Happy Days!!\r\n\r\nI had a few SKYPE sessions (Market Review and Training) over the past week or so. Some great feedback and some interesting ideas for me to mull over amongst other things over the next few weeks.\r\n\r\nWhilst this is the last blog until September, I will still be trading through the month and set-ups should still be coming through on a regular basis. The only caveat that I have is that it is the summer and moves are rather limiting to say the least, although, over the past couple of days we have seen some good moves, so maybe this year will be slightly different.\r\n\r\nWe have a TRUMP in the White House and he seems incapable of self-control so I guess he will always create news, which could affect the FX markets.\r\n\r\nDespite, a great initial return in pips this month so far, I am sticking to what I said last week. The market is difficult to follow as correlations and relationships are still askew.\r\n\r\nWe are at a RE-ALIGNMENT and until this pushes through properly through all markets we will to a large extent be in a state of flux.\r\n\r\nThere are a lot of consolidations in the markets at the moment. The longer we consolidate the less I am inclined to believe that the moves higher or lower were false breakouts or breakdowns.\r\n\r\nThe EUR/USD will lead the markets through this RE-STRUCTURE &amp; RE-ALIGNMENT if it fails to move beyond 1.2000, and subsequently consolidate there, I will question my overall thoughts regarding a RE-ALIGNMENT. However, with the ECB looking to normalize monetary policy sometime soon, I think that the markets are waiting to fire on all cylinders.\r\n\r\nMoving forward…\r\n\r\nNow that NFP and BOE “Super Thursday” is out of the way, and we have recently heard from the FED, BOJ, RBA and BOC, we should have the basis of at least 60 days directional trading based upon Central Bank policies.\r\n\r\nThis coming week therefore my focus will be on “value entries”. I think that I must focus here based upon the fact we are in August.\r\n\r\nThe EUR cross rates look very attractive still to the long side; EUR/AUD, EUR/CAD and EUR/NZD. Nice pullback entries would be the order of the day.\r\nI also want to add to my position with the EUR/CHF trade on the basis that there are only round number resistances on the way back to 1.2000. I have three x CHF long trades at the moment and would have no problem adding more throughout the summer.\r\n\r\nAway from the EUR. The AUD looks very interesting especially on a breakdown through 0.7840 which was the breakout point.\r\n\r\nWith regards to cable; I am still more of a 1.2000 than a 1.3500 guy. I just don’t get this BREXIT complacency and all the shite talked about a HARD BREXIT versus a SOFT BREXIT. What a load of bollocks. The EUROZONE are NOT going to make BREXIT a walk in the park for one very simple reason… CONTAGION.\r\n\r\nFor now; I am waiting for a nice pullback entry which we will get to re-enter short once again. I am avoiding the GBP crosses at the moment, the GBP/CAD being the exception based on CAD and GBP direction / momentum on the weekly and monthly charts. They are in between levels and rather than waste time on these the EUR crosses offer a better return from analyzing time spent on charts.\r\n\r\nI am also looking to enter CAD short across the board with USD/CAD, CAD/JPY (already in place), GBP/CAD, AUD/USD, CHF/CAD and NZD/CAD trades. Not 100% on EUR/CAD given the single currency bullishness.\r\n\r\n&nbsp;\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\nThis is a new addition to this section. The SHORT or LONG indicators in the excel sheet are based on buying and selling pressure algorithms averaged for the time periods. I use these from time to time for confirmation of a trade. In addition, when I see the Short, Medium and Long term periods in alignment this gives me more confidence vis-à-vis a trades direction and who is in control of the currency pair, the bears or the bulls.\r\n<u></u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/MKT-SENT-06082017.png\"><img class=\"aligncenter size-large wp-image-9822\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/MKT-SENT-06082017-675x1024.png\" alt=\"\" width=\"675\" height=\"1024\" /></a></u>\r\n\r\n4.4.3: CORE TRADES:\r\n\r\nAUD/NZD: (Live)\r\n\r\nPrior to the “Debelle” comments from a couple of weeks ago this pair looked very constructive to the long side. It was whacked lower on the comments. Longer-term fair value for this pair is much higher.\r\n\r\nBasically, it is a slow mover but hopefully before I die it will be back into the 1.20’s again!\r\n\r\nI am going to persevere with this pair… I have for almost two years now!!\r\n\r\n&nbsp;\r\n\r\nCHF PAIRS: (Live)\r\n\r\nI am building this overall position. We have already taken c.180 pips from existing trades. I will be adding more positions as well as the additional POS trades added after NFP.\r\n\r\n&nbsp;\r\n\r\nEUR/USD and EUR Cross Rates:\r\n\r\nAt some stage I am going to have to take the plunge and enter long EUR/USD and hold. At some stage this year the ECB is going to taper and normalize. I want to be in position sooner rather than later for this. In addition, it makes sense to add EUR cross rates as well.\r\n\r\nFollowing the NFP move, I now want to see this pair consolidate at lower levels before moving higher once again. This is the pullback that I was waiting for and it has come as a bit of a surprise. The market was very long the single currency, hopefully a lot of the longs will be shaken out with the NFP move and re-balance things a bit.\r\n\r\nGBP/USD and GBP Cross Rates:\r\n\r\nI am waiting on a pullback after the NFP data to set up a batch of shorts.\r\n\r\n&nbsp;\r\n\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIVE-06082017.png\"><img class=\"aligncenter size-large wp-image-9824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIVE-06082017-928x1024.png\" alt=\"\" width=\"928\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIMIT-06082017.png\"><img class=\"aligncenter size-large wp-image-9823\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIMIT-06082017-851x1024.png\" alt=\"\" width=\"851\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nWHAT’S NEXT AFTER THE RECENT BIG MOVES</strong>\r\n\r\n&nbsp;\r\n\r\nWith a title like that it sounds like I have an end of the world type of prediction to follow… you are safe!\r\n\r\nWe are now into the sleepy summer. There are some risks, most of them are geopolitical.\r\n\r\nI have in the main over recent weeks been looking forward predicting a new world… CENTRAL BANK DIVERGENCE, RE-STRUCTURE, RE-ALIGNMENT of the markets and I still believe we are in the throes of this happening despite the recent 72 hours or so in the Forex Market.\r\n\r\nLet’s recap what happened in the immediate past: -\r\n<ul>\r\n 	<li>Mark Carney (BOE, Governor), finally came out and said what needed to be said to put the damn bulls back in their boxes for at least this year.</li>\r\n 	<li>We had a blowout NFP number.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nThat’s nothing earth shattering. Does the above change my thoughts and views that I have had for the past month or so?\r\n\r\nAbsolutely not; I was bearish and shorting the cable long before “Super Thursday”.\r\n\r\nDid I predict a good NFP?\r\n\r\nI don\'t do predictions and I doubt even David Copperfield or Penn &amp; Teller could magic up an accurate NFP number.\r\n\r\nWe are in transition.\r\n\r\nFrom this Monday I am on 50% leave for the summer until the 1st September. So, what is next?\r\n\r\nOver the next few weeks the big Forex event could be the Jackson Hole Symposium. Initially Mario Draghi (ECB, President) was going to use this event as the place he would talk about the timetable of events within the ECB for a return to interest rate normalization.\r\n\r\nI am not so certain that he will do this. My thought process is basically due to the fact the markets are ready to leap on the back of the single currency and send it to outer space (in forex terms) about 1.2500-1.3000 if the mood takes them. Draghi would literally poop his pants if he thought the EUR/USD would be at 1.2500 in rapid order.\r\n\r\nWe have German elections this Autumn/Fall and whilst German savers would welcome normalization, I would say that EUROZONE exporters primarily based in Germany would be buying “Andrex” and the like, in Costco quantities on a daily basis, as the increase in liquid stools could potentially reach epidemic proportions. Sales of Imodium could go through the roof (This is not investment advice).\r\n\r\nGerman elections is one good reason why Mario Draghi may just provide some B.S. at Jackson Hole.\r\n\r\nMy fear is that “THE DONALD” will create the next big move. It will of course be largely “not surprising” but it will be unpredictable from a timing viewpoint, even though we know about the potential of something happening.\r\n\r\nRight now, given all the geopolitical events in play around the world the markets are complacent. All the U.S. markets are concerned about are 401K valuations and returns, stock valuations mean feck all; we are on the brink once again in my opinion… (RE-STRUCTURE and RE-ALIGNMENT).\r\n<ul>\r\n 	<li>What about China being declared a currency manipulator, now that they failed to intervene effectively with North Korea?</li>\r\n 	<li>What about China getting huge trade restrictions placed upon them by the U.S.?</li>\r\n 	<li>What about North Korea dropping an ICBN on Japan… by mistake or intentionally?</li>\r\n 	<li>What about North Korea taking aim on the continental United States?</li>\r\n 	<li>What about the Russian / U.S. diplomatic expulsion tit for tat getting out of control spilling over into troubles in the “Old Soviet Block?</li>\r\n 	<li>What happens if the Iran / U.S. nuclear deal blows up?</li>\r\n 	<li>TRUMP has sided with Saudi Arabia over the Qatar terrorism claims. What would happen if this dispute escalates and unsettles stability in the region and subsequently OIL production?</li>\r\n</ul>\r\nI have only highlighted US based geopolitical related issues, as usually these would affect all markets to varying degrees. The chances of something happening could be 50-50 from my perspective, but who knows. I have ignored all the investigations and enquiries that shadow the TRUMP administration, these can just flare up at any time without warning, a tweet could kick it off.\r\n\r\nSo; what am I saying?\r\n\r\nJust be on your toes if you are trading over the next three or four weeks. Many traders are away. Many traders simply do not trade the summer.\r\n\r\nMost risks are similar to what we have every summer…  geopolitical. There are more flare up zones than the ones I have listed above, but I do feel that those areas with a TRUMP involvement are more at risk.\r\n\r\nFrom a trading perspective as I have written earlier we are in the throes of a transition. There are entry “Gifts” as I call them on the horizon. Grab them; the EUR/USD in particular, but hold with wider stops than usual to allow for the very thin trading conditions with lower liquidity than usual.\r\n\r\nTake care, back on September 3rd.\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\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\nBLOG VERSION: #144 PREMIUM SERVICE\r\nDATE: 6th August 2017.\r\n\r\n&nbsp;','WHAT’S NEXT AFTER THE RECENT BIG MOVES','','inherit','closed','closed','','9836-revision-v1','','','2017-08-05 07:36:54','2017-08-05 12:36:54','',9836,'https://weeklyfxdrivethru.com/9836-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (9840,1,'2017-08-05 07:38:23','2017-08-05 12:38:23','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI cannot believe that we are into August. This blog is the last one for a few weeks, I return with the “DRIVE THRU” blog on September 3rd, 2017.\r\n\r\nPREMIUM SERVICE subscribers please note that trading will continue through the “DRIVE THRU” break. I do have one or two key domestic action items to fulfil during the break and I will alert you when these are in play.\r\n\r\nMoving on…\r\n\r\nThe BOE “Super Thursday” event is now behind us and despite advising the markets that tightening is on the way, it was obvious due to the reaction in cable falling from around 1.3260 to about 1.3110 in the hour or so after the news was released and Mark Carney’s subsequent press conference, that the markets had priced in a more hawkish BOE. I will cover this event a in little more detail later.\r\n\r\nLooking at money $$$...\r\n\r\nI covered lots of trades ahead of last Friday’s Non-Farm Payrolls and added a positive +691 pips for the first few days of the month. It’s a great start and I am very quickly pulling back my pips shortfall from earlier in the year due to my house move followed almost immediately by a 4-week vacation. There is still some way to go to my 10,000-pip annual objective but I am now almost back to where my pips total should be for this time of the year.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n<ol>\r\n 	<li>NZD: Jobs Data.</li>\r\n</ol>\r\n<p style=\"padding-left: 60px;\">The Kiwi has been struggling since the data was released mid-week. Job growth in New Zealand is flat-lining. In Q2 2017, employment fell by 0.2% It was up 1.2% the previous quarter and it was forecasted to be positive this quarter by 0.7%.\r\n\r\nIt was the first contraction in employment since Q3 2015. The participation rate also slid 0.6%.\r\n\r\nHaving only recently visited New Zealand both North and South Islands, the place was buzzing and the dynamics appeared very positive. However, beneath this outer crust and dynamism the wages environment is subdued. In this instance, New Zealand is no different to other developed countries, despite unemployment levels being at historic low levels, wages are just NOT picking up.</p>\r\n\r\n<ol start=\"2\">\r\n 	<li>AUD: RBA Rate Statement.</li>\r\n</ol>\r\n<p style=\"padding-left: 60px;\">Dr. Philip Lowe (RBA Governor) kept rates unchanged and kept the commentary neutral. He did however elude to the fact that should the current AUD strength continue, it is likely to weigh on the outlook for output and employment. An appreciating exchange rate would result in a slower pick-up of economic activity and inflation than currently forecasted.\r\n\r\nDo I read… AUD strength = a growth slowdown?\r\n\r\nFrom a currency perspective; I do think that the RBA would prefer a weaker currency (who wouldn’t). With the AUD/USD hitting an 0.8065, the orders for Prozac at the RBA would have increased. A break below 0.7840 (recent breakout level) would ease matters a great deal. Obviously, an AUD/USD exchange rate hovering between 0.7000 and 0.7500 would be preferred by the RBA.</p>\r\n\r\n<ol start=\"3\">\r\n 	<li>GBP: BOE and Carney Press Conference.Interest Rate on Hold\r\nMPC 6-2 vote\r\nGrowth forecasts revised lower.\r\nInflation to peak c.3% in October.\r\nInterest Rates may need TO RISE FASTER than markets imply.\r\nUncertainty about BREXIT will weigh on growth.\r\nWages growth market down from 3.5% to 3%.They were the key things that I noted from the Statement and Press Conference.In addition, what made me giggle a bit was Carney’s multiple references to households and businesses taking the lead in reactions to BREXIT uncertainties. He noted that both households and business were taking BREXIT in their stride and that they were both expecting a smooth transition.\r\n\r\nFFS… my arse.\r\n\r\nHouseholds are more in debt than ever. Wages are not keeping growth in line with inflation. There is great uncertainty.\r\n\r\nBusinesses are using BREXIT as an excuse to limit wage rises on the back of “be grateful you have a job all things considered”.\r\n\r\nIs Threadneedle Street in a time warp?\r\n\r\nThese guys beggar belief. Carney stated that the BOE has spoken to ‘real” people about policies. Who are these people, the Chaps in the local pub in the city around the corner from the BOE?\r\n\r\nThe GBP however was whacked on the BOE statement and the following Press Conference and again on the NFP data, moving lower by almost 250 pips from its pre “Super Thursday” highs.</li>\r\n 	<li>CAD: Jobs Data.It was a small miss on the Canadian data, which, I suppose given how, of late Canadian data has nearly always been a beat was a little surprising. Personally, I welcomed this miss, as it has allowed the USD/CAD to rally (CAD to weaken). I have been waiting very patiently for an entry level short (This entry was posted to PREMIUM SERVICE subscribers POS393). I feel that this level should be achieved early this week.The Trade Balance number at (-3.6 CAD$ Billion versus -1.3 CAD$ billion expected) was a little worrying… but one month does not make up a trend.I am firmly in the camp that the CAD has at least another leg lower and a big one at that.</li>\r\n 	<li>USD: Non-Farm Payrolls data.I suppose my position on the reaction to the data would be “The market was just too heavily positioned the wrong way… far too much USD weakness, and by the looks of things too many USD shorts.The data at 209k new jobs versus 181k predicted once again showed up the difference between ADP and NFP. ADP simply cannot be trusted as an indicator or a barometer when it comes to looking at forecasting NFP. Then again, only a fecking loony would forecast NFP, it\'s a bloody lottery when all said and done…but hang on…maybe it’s not a lottery. At least with a lottery you have a chance!Back on track…\r\n\r\nBlow out numbers. After the analysts and experts crawled out from beneath their desks and realised this the USD started to strengthen in style (Over 100 points higher).\r\n\r\nWell over, +100 pip moves with EUR/USD, GBP/USD and USD/JPY.\r\n\r\nThe usual suspects crawled out from under rocks to claim that the FED’s rate rise in December is possibility back on. FFS, HMOG, FGS, and JM&amp;J… we are in the middle of summer. Given the fact we have a clown in the White House, I would not be giving forward guidance on a damn thing more than a few hours ahead never mind a few months. I suppose these flutes are not in any way accountable for their predictions and they mostly have no skin in the game, so who cares what they say. In my opinion, this is one reason why CNBC ratings are falling faster than the cable at the moment.\r\n\r\nThe only person to listen to about FED activity in my opinion is Janet Yellen. Ignore the noise.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017.png\"><img class=\"aligncenter size-large wp-image-9820\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017-1024x888.png\" alt=\"\" width=\"1024\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nEconomic data releases this week are a bit thin on the ground.\r\n\r\nHowever, here are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li>NZD: Those awfully nice chaps at the RBNZ led by Governor Graeme “the dealer” Wheeler has my top pick of the week this week.As I type this, the memorandum will already be circulating at the RBNZ deciding on the choice of wine for this week’s Press Conference and whether to go for cheese or pate. All the local corporate hospitality companies have been moved from orange to red alert to ensure sufficient stemware is on hand. No swigging from the bottles at the RBNZ.On a more serious note...The jobs data last week was a surprising miss. The Kiwi dollar back up at NZD/USD 0.7500 must have had Wheeler pissing conkers. Many traders / analysts / experts? had the NZD/USD trading at 0.7800 testing the May 2015 levels.\r\n\r\nNobody expects a rate move from the current 1.75%. It’s all about the commentary. Will Wheeler remain neutral or will he jawbone and go dovish trying to send the NZD/USD back towards 0.7000?\r\n\r\nA couple of weeks ago just prior to the latest drop in the USD, the NZD was showing signs of life to move sharply higher. A spokesperson from the RBNZ said basically “so what” 75%-80% of what the NZD/USD does exchange rate wise is out of the RBNZ control.\r\n\r\nOK… let’s roll out the same flute with the NZD/USD at 0.8000. Would the response be different? As sure as eggs are eggs it would be. There would be jawboning. As soon as dairy exports are threatened the RBNZ will act and like a good central bank they want stability. I would not rule out jawboning at this meeting just to keep the markets in check.\r\n\r\nUnfortunately, Wheelers rate statement and his jawboning never seem to go in tandem. It’s like he speaks with this right hand and writes with his left and neither hand knows what the other hand has done or is doing.\r\n\r\nIt all adds together to give us a news event to follow with interest. The Rate statement is released at 5PM EST and the Press Conference takes place at 6PM EST this Wednesday.</li>\r\n 	<li>USD: PPi and CPi data is released this week. Given that the FED is off its normalization route at the moment (even with the better than expected NFP data). These news items may not have the usual effect on markets other than for 30 minutes or so after the data is released. The FED change and the summer may play a combined role here. Nevertheless, we should be aware of the results.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017.png\"><img class=\"aligncenter size-large wp-image-9821\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017-1024x845.png\" alt=\"\" width=\"1024\" height=\"845\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9834\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9835\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\n\r\n<u>\r\n4.1.1: YOUR <strong>BENEFITS</strong> OF SUBSCRIBING:</u>\r\n\r\nI am obviously biased in this section;\r\n\r\nIn my opinion, it is not just about market commentaries and suggested trade set ups. I want the PREMIUM SERVICE to be different from other providers in the Forex Market.\r\nHow have I created differentiation?\r\n\r\nI am a full-time Forex Trader of over 9 years.\r\nI trade my trades.\r\nI have SKIN in the game.\r\n<strong>BENEFIT FOR YOU – not all service providers are traders. </strong>\r\n\r\nAll my suggested trades are communicated via Twitter through a secure / closed account and confirmed with more back up data for my trades through email. I tell you when I am getting in and I advise you if I am getting out. If you want to copy me you know what I am doing.\r\n<strong>BENEFIT FOR YOU – Real time trading (24 x 5), regardless of time zone</strong>\r\n\r\nI am NOT an educator. I am a trader first and foremost, but I can help many traders become better at what they do\r\nForex Trading is repetition and to a large extent a daily routine and many times quite boring.\r\nTechnical trading of patterns and previous support and resistance levels, Pivot points and Fibonacci levels, they all work.\r\nI feel and my successes are based these indicators being used alongside fundamentals.\r\nFundamentals alone are not good enough in my opinion. They will eventually work but requires very, very deep pockets.\r\n<strong>BENEFIT FOR YOU – I live for my trades and pass this belief to subscribers</strong><u>\r\n</u>\r\nI offer serious traders additional support such as “one-on-one” coaching: -\r\n\r\nIdentifying Chart Patterns\r\nWhat do candlestick patterns mean?\r\nWhat do single candlesticks signify?\r\nHow do I identify high probability trades?\r\nHow to Manage RISK\r\nHow to POSITION SIZE effectively\r\nEffective Account Management\r\nHow to achieve Market longevity.\r\n<strong>BENEFIT FOR YOU – I want to help you achieve a Trading success</strong>\r\n\r\nI provide Market Commentary – but only when there is something important to communicate about the markets or something that is on my mind to say.\r\nI tell it how it is from my perspective. I do my best to straight talking in every situation.\r\n<strong>BENEFIT FOR YOU - I remove the noise remain informative and focused</strong><u>\r\n</u>\r\nPREMIUM SERVICE subscribers receive a “FULL VERSION” of this blog that includes sections on: -\r\nMy Market Trading Review (PREMIUM SERVICE progress)\r\nTechnical views plus Fundamental views and thoughts\r\nMarket Sentiment analysis\r\nCore Trades and Core Positions analysis\r\nA review of current LIVE and LIMIT ORDERS\r\n<strong>BENEFIT FOR YOU – It’s open, honest, straight to the point and concise</strong>\r\n\r\nAnnual (Platinum) Subscribers receive, (if they want it) a personal monthly review via SKYPE or FaceTime of the PREMIUM SERVICE trades, an overview of the markets and my FUNDAMENTAL views / ideas moving forward.\r\n<strong>BENEFIT FOR YOU – I welcome interaction it feeds success</strong>\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\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs.\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 70% of my target for this time of the year. I had a poor start to the year and I am now following a vacation and a protracted house move, in “Pip” recovery mode.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, login at my website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +691 net pips\r\nYEAR TO DATE:      +4,906 net pips\r\n\r\n<u>\r\n4.2.1: SUBSCRIBING NOW…  HAS BENEFITS:</u>\r\n\r\nEven though I am not producing a “DRIVE THRU” blog for the next three weeks, my subscription periods of 10, 20 or 40 weeks are based around the DRIVE THRU posts.\r\n\r\nTherefore subscribing now really means that your subscription does not start until 3rd September, three weeks’ time. However, between now and them, I am still trading therefore suggested set ups and twitter, email, in fact all communication is open.\r\n\r\nTherefore: -\r\n\r\nA 10-week CAD$500.00 subscription starts 3rd September and would complete on 12th November 2017.\r\n\r\nA 20-week CAD$800.00 subscription would start 3rd September and would complete on 10th February 2018.\r\n\r\nA 40-week CAD$1,250.00 Platinum subscription would start 3rd September and complete on 30th June 2018.\r\n<u>\r\n</u><u>4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\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$500.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nBecause of my “time out” this month. No freebie subscription this month back in September, in fact the next “DRIVE THRU” blog.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW:</u>\r\n\r\nLast week the PREMIUM SERVICE added +691 net pips. That I think was the biggest net pip haul in a week this year. Happy Days!!\r\n\r\nI had a few SKYPE sessions (Market Review and Training) over the past week or so. Some great feedback and some interesting ideas for me to mull over amongst other things over the next few weeks.\r\n\r\nWhilst this is the last blog until September, I will still be trading through the month and set-ups should still be coming through on a regular basis. The only caveat that I have is that it is the summer and moves are rather limiting to say the least, although, over the past couple of days we have seen some good moves, so maybe this year will be slightly different.\r\n\r\nWe have a TRUMP in the White House and he seems incapable of self-control so I guess he will always create news, which could affect the FX markets.\r\n\r\nDespite, a great initial return in pips this month so far, I am sticking to what I said last week. The market is difficult to follow as correlations and relationships are still askew.\r\n\r\nWe are at a RE-ALIGNMENT and until this pushes through properly through all markets we will to a large extent be in a state of flux.\r\n\r\nThere are a lot of consolidations in the markets at the moment. The longer we consolidate the less I am inclined to believe that the moves higher or lower were false breakouts or breakdowns.\r\n\r\nThe EUR/USD will lead the markets through this RE-STRUCTURE &amp; RE-ALIGNMENT if it fails to move beyond 1.2000, and subsequently consolidate there, I will question my overall thoughts regarding a RE-ALIGNMENT. However, with the ECB looking to normalize monetary policy sometime soon, I think that the markets are waiting to fire on all cylinders.\r\n\r\nMoving forward…\r\n\r\nNow that NFP and BOE “Super Thursday” is out of the way, and we have recently heard from the FED, BOJ, RBA and BOC, we should have the basis of at least 60 days directional trading based upon Central Bank policies.\r\n\r\nThis coming week therefore my focus will be on “value entries”. I think that I must focus here based upon the fact we are in August.\r\n\r\nThe EUR cross rates look very attractive still to the long side; EUR/AUD, EUR/CAD and EUR/NZD. Nice pullback entries would be the order of the day.\r\nI also want to add to my position with the EUR/CHF trade on the basis that there are only round number resistances on the way back to 1.2000. I have three x CHF long trades at the moment and would have no problem adding more throughout the summer.\r\n\r\nAway from the EUR. The AUD looks very interesting especially on a breakdown through 0.7840 which was the breakout point.\r\n\r\nWith regards to cable; I am still more of a 1.2000 than a 1.3500 guy. I just don’t get this BREXIT complacency and all the shite talked about a HARD BREXIT versus a SOFT BREXIT. What a load of bollocks. The EUROZONE are NOT going to make BREXIT a walk in the park for one very simple reason… CONTAGION.\r\n\r\nFor now; I am waiting for a nice pullback entry which we will get to re-enter short once again. I am avoiding the GBP crosses at the moment, the GBP/CAD being the exception based on CAD and GBP direction / momentum on the weekly and monthly charts. They are in between levels and rather than waste time on these the EUR crosses offer a better return from analyzing time spent on charts.\r\n\r\nI am also looking to enter CAD short across the board with USD/CAD, CAD/JPY (already in place), GBP/CAD, AUD/USD, CHF/CAD and NZD/CAD trades. Not 100% on EUR/CAD given the single currency bullishness.\r\n\r\n&nbsp;\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\nThis is a new addition to this section. The SHORT or LONG indicators in the excel sheet are based on buying and selling pressure algorithms averaged for the time periods. I use these from time to time for confirmation of a trade. In addition, when I see the Short, Medium and Long term periods in alignment this gives me more confidence vis-à-vis a trades direction and who is in control of the currency pair, the bears or the bulls.\r\n<u></u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/MKT-SENT-06082017.png\"><img class=\"aligncenter size-large wp-image-9822\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/MKT-SENT-06082017-675x1024.png\" alt=\"\" width=\"675\" height=\"1024\" /></a></u>\r\n\r\n4.4.3: CORE TRADES:\r\n\r\nAUD/NZD: (Live)\r\n\r\nPrior to the “Debelle” comments from a couple of weeks ago this pair looked very constructive to the long side. It was whacked lower on the comments. Longer-term fair value for this pair is much higher.\r\n\r\nBasically, it is a slow mover but hopefully before I die it will be back into the 1.20’s again!\r\n\r\nI am going to persevere with this pair… I have for almost two years now!!\r\n\r\n&nbsp;\r\n\r\nCHF PAIRS: (Live)\r\n\r\nI am building this overall position. We have already taken c.180 pips from existing trades. I will be adding more positions as well as the additional POS trades added after NFP.\r\n\r\n&nbsp;\r\n\r\nEUR/USD and EUR Cross Rates:\r\n\r\nAt some stage I am going to have to take the plunge and enter long EUR/USD and hold. At some stage this year the ECB is going to taper and normalize. I want to be in position sooner rather than later for this. In addition, it makes sense to add EUR cross rates as well.\r\n\r\nFollowing the NFP move, I now want to see this pair consolidate at lower levels before moving higher once again. This is the pullback that I was waiting for and it has come as a bit of a surprise. The market was very long the single currency, hopefully a lot of the longs will be shaken out with the NFP move and re-balance things a bit.\r\n\r\nGBP/USD and GBP Cross Rates:\r\n\r\nI am waiting on a pullback after the NFP data to set up a batch of shorts.\r\n\r\n&nbsp;\r\n\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIVE-06082017.png\"><img class=\"aligncenter size-large wp-image-9824\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIVE-06082017-928x1024.png\" alt=\"\" width=\"928\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIMIT-06082017.png\"><img class=\"aligncenter size-large wp-image-9823\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/LIMIT-06082017-851x1024.png\" alt=\"\" width=\"851\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nWHAT’S NEXT AFTER THE RECENT BIG MOVES</strong>\r\n\r\n&nbsp;\r\n\r\nWith a title like that it sounds like I have an end of the world type of prediction to follow… you are safe!\r\n\r\nWe are now into the sleepy summer. There are some risks, most of them are geopolitical.\r\n\r\nI have in the main over recent weeks been looking forward predicting a new world… CENTRAL BANK DIVERGENCE, RE-STRUCTURE, RE-ALIGNMENT of the markets and I still believe we are in the throes of this happening despite the recent 72 hours or so in the Forex Market.\r\n\r\nLet’s recap what happened in the immediate past: -\r\n<ul>\r\n 	<li>Mark Carney (BOE, Governor), finally came out and said what needed to be said to put the damn bulls back in their boxes for at least this year.</li>\r\n 	<li>We had a blowout NFP number.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nThat’s nothing earth shattering. Does the above change my thoughts and views that I have had for the past month or so?\r\n\r\nAbsolutely not; I was bearish and shorting the cable long before “Super Thursday”.\r\n\r\nDid I predict a good NFP?\r\n\r\nI don\'t do predictions and I doubt even David Copperfield or Penn &amp; Teller could magic up an accurate NFP number.\r\n\r\nWe are in transition.\r\n\r\nFrom this Monday I am on 50% leave for the summer until the 1st September. So, what is next?\r\n\r\nOver the next few weeks the big Forex event could be the Jackson Hole Symposium. Initially Mario Draghi (ECB, President) was going to use this event as the place he would talk about the timetable of events within the ECB for a return to interest rate normalization.\r\n\r\nI am not so certain that he will do this. My thought process is basically due to the fact the markets are ready to leap on the back of the single currency and send it to outer space (in forex terms) about 1.2500-1.3000 if the mood takes them. Draghi would literally poop his pants if he thought the EUR/USD would be at 1.2500 in rapid order.\r\n\r\nWe have German elections this Autumn/Fall and whilst German savers would welcome normalization, I would say that EUROZONE exporters primarily based in Germany would be buying “Andrex” and the like, in Costco quantities on a daily basis, as the increase in liquid stools could potentially reach epidemic proportions. Sales of Imodium could go through the roof (This is not investment advice).\r\n\r\nGerman elections is one good reason why Mario Draghi may just provide some B.S. at Jackson Hole.\r\n\r\nMy fear is that “THE DONALD” will create the next big move. It will of course be largely “not surprising” but it will be unpredictable from a timing viewpoint, even though we know about the potential of something happening.\r\n\r\nRight now, given all the geopolitical events in play around the world the markets are complacent. All the U.S. markets are concerned about are 401K valuations and returns, stock valuations mean feck all; we are on the brink once again in my opinion… (RE-STRUCTURE and RE-ALIGNMENT).\r\n<ul>\r\n 	<li>What about China being declared a currency manipulator, now that they failed to intervene effectively with North Korea?</li>\r\n 	<li>What about China getting huge trade restrictions placed upon them by the U.S.?</li>\r\n 	<li>What about North Korea dropping an ICBN on Japan… by mistake or intentionally?</li>\r\n 	<li>What about North Korea taking aim on the continental United States?</li>\r\n 	<li>What about the Russian / U.S. diplomatic expulsion tit for tat getting out of control spilling over into troubles in the “Old Soviet Block?</li>\r\n 	<li>What happens if the Iran / U.S. nuclear deal blows up?</li>\r\n 	<li>TRUMP has sided with Saudi Arabia over the Qatar terrorism claims. What would happen if this dispute escalates and unsettles stability in the region and subsequently OIL production?</li>\r\n</ul>\r\nI have only highlighted US based geopolitical related issues, as usually these would affect all markets to varying degrees. The chances of something happening could be 50-50 from my perspective, but who knows. I have ignored all the investigations and enquiries that shadow the TRUMP administration, these can just flare up at any time without warning, a tweet could kick it off.\r\n\r\nSo; what am I saying?\r\n\r\nJust be on your toes if you are trading over the next three or four weeks. Many traders are away. Many traders simply do not trade the summer.\r\n\r\nMost risks are similar to what we have every summer…  geopolitical. There are more flare up zones than the ones I have listed above, but I do feel that those areas with a TRUMP involvement are more at risk.\r\n\r\nFrom a trading perspective as I have written earlier we are in the throes of a transition. There are entry “Gifts” as I call them on the horizon. Grab them; the EUR/USD in particular, but hold with wider stops than usual to allow for the very thin trading conditions with lower liquidity than usual.\r\n\r\nTake care, back on September 3rd.\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\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\nBLOG VERSION: #144 PREMIUM SERVICE\r\nDATE: 6th August 2017.\r\n\r\n&nbsp;','WHAT’S NEXT AFTER THE RECENT BIG 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13:00:27','',10540,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/MOMENTUM-17022018.png',0,'attachment','image/png',0),(10987,1,'2018-02-17 07:49:39','2018-02-17 12:49:39','','FUN 17022018','','inherit','open','closed','','fun-17022018','','','2018-02-17 08:01:28','2018-02-17 13:01:28','',3106,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/FUN-17022018.png',0,'attachment','image/png',0),(10988,1,'2018-02-17 07:49:44','2018-02-17 12:49:44','','POS1 17022018','','inherit','open','closed','','pos1-17022018','','','2018-02-17 08:02:15','2018-02-17 13:02:15','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/POS1-17022018.png',0,'attachment','image/png',0),(10989,1,'2018-02-17 07:49:48','2018-02-17 12:49:48','','POS2 17022018','','inherit','open','closed','','pos2-17022018','','','2018-02-17 08:02:21','2018-02-17 13:02:21','',6965,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/POS2-17022018.png',0,'attachment','image/png',0),(10990,1,'2018-02-17 07:56:09','2018-02-17 12:56:09','&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO.png\"><img class=\"aligncenter wp-image-10505\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO-1024x395.png\" alt=\"\" width=\"716\" height=\"276\" /></a>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><span style=\"font-size: 18pt;\"><strong><u>TRADE STYLES 2018:</u></strong></span></p>\r\n<u>\r\n<span style=\"font-size: 14pt;\"><strong>FLASH TRADES (FT):</strong></span>\r\n</u><u>\r\n</u>Simply put, these are mainly opportunist trades in LIVE market conditions. These trades are usually based off economic news data releases or, based off a pullback strategy or a GIMME10 strategy.\r\n\r\nTRADE STYLE GOAL: is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\r\n\r\nTARGET AUDIENCE: FLASH TRADES are realistically for traders with very short-term trading horizons. They are called FLASH because I see these as quick directional trades, although, should the momentum keep moving these trades in my trading direction they will remain in play as swing trades could develop.\r\n\r\nYou will however notice that I will move stops to maintain profits and protect profits. It is rare that I hold onto these trades for more than a day. The usual life span is minutes rather than hours. In my opinion, traders need to be very active to participate with these trade set-ups.\r\n\r\n<u>\r\n<span style=\"font-size: 14pt;\"><strong>RADAR TRADES (RT):</strong></span></u><u></u>\r\n\r\nEssentially Day Trades than I hope will become Swing Trades. These are pre-meditated LIMIT ORDER entry trades set from either Fibonacci levels, pivot points or previous support and resistance levels based off a combination of horizontal or trend line support or resistance. In addition, sometimes chart patterns will help provide either a reason for or support for a trade set up being posted.\r\n\r\nTRADE STYLE GOAL: if market conditions apply allow the trade to gather traction and develop into a swing or even a longer-term POSITION trade.\r\n\r\nTARGET AUDIENCE: RADAR TRADES are realistically designed and more suitable to day traders, or traders with a shorter time framed horizon with open trades. In my opinion traders need to be active to participate in these trade set-ups.\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><strong><u>MOMENTUM TRADES (MOM):</u></strong></span>\r\n\r\nThese are 100% either “BUY or SELL STOP ORDERS”, they are LIMIT ORDER entries but they are more often than position at the conclusion of a prior move in a currency pair. More often than not 90% of the time they will be posted at the end of a trading day, week or month.\r\n\r\nThey offer an opportunity if triggered to capture pips in the Asian and European sessions based upon the time of the day the trades will be posted.\r\n\r\nThey do have greater RISK attached to them on the basis the entry is based mainly on just the end of a move. Not a Fibonacci level, or pivot point, at best I hope to strengthen the proposed entry with a previous level of horizontal support or resistance. They are mostly reversal trades.\r\n\r\nTRADE STYLE GOAL: Whilst these trade set ups could be described as opportunist if strengthened by prior levels of interest where buyers and sellers have fought for control, it is possible for these trades to develop into swing trades. When trading with MOMENTUM, and maybe coupled with a sentiment shift the moves can be very powerful.\r\n\r\nTARGET AUDIENCE: MOMENTUM TRADES do have a higher degree of RISK associated with them. They are separated so that subscribers can decide whether to take the extra RISK or not. These trades will normally be posted at the close of the trading day and could be attractive to Asian traders as the potential for a reversal may be more opportunist in a new trading session.\r\n\r\n<u>\r\n<span style=\"font-size: 14pt;\"><strong>FUNDAMENTAL TRADES (FUN):</strong></span></u>\r\n\r\nThese are LIMIT ORDER entry trades using either buy/sell stop/limit entries to enter the trade. The best way to describe these trades is that they are longer-term perspective trades than RADAR TRADES but not with as longer a term horizon as a POSITION trade.\r\n\r\nThey are based off my longer-term FUNDAMENTAL views on a currency. Stops are based upon resistance / support levels, using chart patterns and Fibonacci levels to determine both entry and exit levels. They can be multiple position trades, although POSITION trades are my primary trade style for this approach.\r\n\r\nTARGET AUDIENCE: FUNDAMENTAL TRADES are realistically targeted for traders with a longer-term trading horizon. These trades would also suit traders who have a limited access to check the status of their trades during the day.\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><strong><u>POSITION TRADES (POS):</u></strong></span>\r\n\r\nThese trade set-ups are intended to have a longer-term trading perspective. Being frank, this goal has NEVER really worked so far. I have been too pre-occupied with the market sentiment shifts and not allowed these trades to progress.\r\n\r\nIn 2018, these will be of a longer-term duration and a great deal of previous POSITION trading will now become FUNDAMENTAL moving forward.\r\n\r\nThese trades are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\r\n\r\nThese trades are initiated via LIMIT ORDERS, when on a stop or limit basis.\r\n\r\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\r\n<p style=\"text-align: left;\">This last point above is VERY IMPORTANT TO NOTE. My stops in 2018 could be as much as Monthly Average True Ranges (ATR\'s). The contingent Liability RISK associated with these trades may be too high if you operate a small balanced broker account. Drawdowns could be at Monthly ATR maximums: -\r\n\r\nTYPICAL EXAMPLES:\r\n\r\nEUR/USD = 450 pips\r\nGBP/USD = 600 pips\r\nAUD/USD = 325 pips\r\nEUR/AUD = 590 pips\r\nGBP/AUD = 900 pips\r\nGBP/NZD = 1,250 pips\r\nEUR/JPY = 520 pips\r\nGBP/JPY = 875 pips</p>\r\nTRADE STYLE GOAL: is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest taking some profits as the trade matures, but hopefully at the same time letting trades run as far as possible.\r\n\r\nTARGET AUDIENCE: POSITION TRADES, these trades were initially launched for those traders who like to hold positions for weeks, even months, and for traders who do NOT want to sit in front of their screens 24 x 7. These trades suit the PART-TIME trader who can only check their trades on twitter alerts two or three times a day or are only able to look at their computer screens only a few times a day.\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><span style=\"font-size: 14pt;\"><strong>ANTICIPATED TRADE STYLE PENETRATION 2018 (BASED ON 600 COMPLETED TRADES):</strong></span></span>\r\n<p style=\"text-align: left;\">FLASH TRADES (FT): 15% (90 trades)\r\nRADAR TRADES (RT): 15% (90 trades)\r\nMOMENTUM TRADES (MOM): 15% (90 trades)\r\nFUNDAMENTAL TRADES (FUN): 35% (210 trades)\r\nPOSITION TRADES (POS): 20% (120 trades)</p>\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n1st January 2018\r\n<h3></h3>\r\n<h3></h3>\r\n<h3></h3>\r\n&nbsp;','Trade Style Definitions','','inherit','closed','closed','','7582-revision-v1','','','2018-02-17 07:56:09','2018-02-17 12:56:09','',7582,'https://weeklyfxdrivethru.com/7582-revision-v1/',0,'revision','',0),(9856,1,'2017-08-05 10:05:48','2017-08-05 15:05:48','','PS PROFITS TO 31072017','','inherit','open','closed','','ps-profits-to-31072017','','','2017-08-05 10:06:27','2017-08-05 15:06:27','',8921,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/PS-PROFITS-TO-31072017.png',0,'attachment','image/png',0),(9861,1,'2017-08-06 06:02:35','2017-08-06 11:02:35','<strong>\r\n</strong><strong>\r\n1. INTRODUCTION:</strong>\r\n\r\nI cannot believe that we are into August. This blog is the last one for a few weeks, I return with the “DRIVE THRU” blog on September 3rd, 2017.\r\n\r\nPREMIUM SERVICE subscribers please note that trading will continue through the “DRIVE THRU” break. I do have one or two key domestic action items to fulfil during the break and I will alert you when these are in play.\r\n\r\nMoving on…\r\n\r\nThe BOE “Super Thursday” event is now behind us and despite advising the markets that tightening is on the way, it was obvious due to the reaction in cable falling from around 1.3260 to about 1.3110 in the hour or so after the news was released and Mark Carney’s subsequent press conference, that the markets had priced in a more hawkish BOE. I will cover this event a in little more detail later.\r\n\r\nLooking at money $$$...\r\n\r\nI covered lots of trades ahead of last Friday’s Non-Farm Payrolls and added a positive +691 pips for the first few days of the month. It’s a great start and I am very quickly pulling back my pips shortfall from earlier in the year due to my house move followed almost immediately by a 4-week vacation. There is still some way to go to my 10,000-pip annual objective but I am now almost back to where my pips total should be for this time of the year.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n<ol>\r\n 	<li>NZD: Jobs Data.The Kiwi has been struggling since the data was released mid-week. Job growth in New Zealand is flat-lining. In Q2 2017, employment fell by 0.2% It was up 1.2% the previous quarter and it was forecasted to be positive this quarter by 0.7%.It was the first contraction in employment since Q3 2015. The participation rate also slid 0.6%.\r\n\r\nHaving only recently visited New Zealand both North and South Islands, the place was buzzing and the dynamics appeared very positive. However, beneath this outer crust and dynamism the wages environment is subdued. In this instance, New Zealand is no different to other developed countries, despite unemployment levels being at historic low levels, wages are just NOT picking up.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>AUD: RBA Rate Statement.Dr. Philip Lowe (RBA Governor) kept rates unchanged and kept the commentary neutral. He did however elude to the fact that should the current AUD strength continue, it is likely to weigh on the outlook for output and employment. An appreciating exchange rate would result in a slower pick-up of economic activity and inflation than currently forecasted.Do I read… AUD strength = a growth slowdown?\r\n\r\nFrom a currency perspective; I do think that the RBA would prefer a weaker currency (who wouldn’t). With the AUD/USD hitting an 0.8065, the orders for Prozac at the RBA would have increased. A break below 0.7840 (recent breakout level) would ease matters a great deal. Obviously, an AUD/USD exchange rate hovering between 0.7000 and 0.7500 would be preferred by the RBA.</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li>GBP: BOE and Carney Press Conference.Interest Rate on Hold\r\nMPC 6-2 vote\r\nGrowth forecasts revised lower.\r\nInflation to peak c.3% in October.\r\nInterest Rates may need TO RISE FASTER than markets imply.\r\nUncertainty about BREXIT will weigh on growth.\r\nWages growth market down from 3.5% to 3%.They were the key things that I noted from the Statement and Press Conference.\r\n\r\nIn addition, what made me giggle a bit was Carney’s multiple references to households and businesses taking the lead in reactions to BREXIT uncertainties. He noted that both households and business were taking BREXIT in their stride and that they were both expecting a smooth transition.\r\n\r\nFFS… my arse.\r\n\r\nHouseholds are more in debt than ever. Wages are not keeping growth in line with inflation. There is great uncertainty.\r\n\r\nBusinesses are using BREXIT as an excuse to limit wage rises on the back of “be grateful you have a job all things considered”.\r\n\r\nIs Threadneedle Street in a time warp?\r\n\r\nThese guys beggar belief. Carney stated that the BOE has spoken to ‘real” people about policies. Who are these people, the Chaps in the local pub in the city around the corner from the BOE?\r\n\r\nThe GBP however was whacked on the BOE statement and the following Press Conference and again on the NFP data, moving lower by almost 250 pips from its pre “Super Thursday” highs.</li>\r\n 	<li>CAD: Jobs Data.It was a small miss on the Canadian data, which, I suppose given how, of late Canadian data has nearly always been a beat was a little surprising. Personally, I welcomed this miss, as it has allowed the USD/CAD to rally (CAD to weaken). I have been waiting very patiently for an entry level short (This entry was posted to PREMIUM SERVICE subscribers POS393). I feel that this level should be achieved early this week.The Trade Balance number at (-3.6 CAD$ Billion versus -1.3 CAD$ billion expected) was a little worrying… but one month does not make up a trend.\r\n\r\nI am firmly in the camp that the CAD has at least another leg lower and a big one at that.</li>\r\n 	<li>USD: Non-Farm Payrolls data.I suppose my position on the reaction to the data would be “The market was just too heavily positioned the wrong way… far too much USD weakness, and by the looks of things too many USD shorts.The data at 209k new jobs versus 181k predicted once again showed up the difference between ADP and NFP. ADP simply cannot be trusted as an indicator or a barometer when it comes to looking at forecasting NFP. Then again, only a fecking loony would forecast NFP, it\'s a bloody lottery when all said and done…but hang on…maybe it’s not a lottery. At least with a lottery you have a chance!\r\n\r\nBack on track…\r\n\r\nBlow out numbers. After the analysts and experts crawled out from beneath their desks and realised this the USD started to strengthen in style (Over 100 points higher).\r\n\r\nWell over, +100 pip moves with EUR/USD, GBP/USD and USD/JPY.\r\n\r\nThe usual suspects crawled out from under rocks to claim that the FED’s rate rise in December is possibility back on. FFS, HMOG, FGS, and JM&amp;J… we are in the middle of summer. Given the fact we have a clown in the White House, I would not be giving forward guidance on a damn thing more than a few hours ahead never mind a few months. I suppose these flutes are not in any way accountable for their predictions and they mostly have no skin in the game, so who cares what they say. In my opinion, this is one reason why CNBC ratings are falling faster than the cable at the moment.\r\n\r\nThe only person to listen to about FED activity in my opinion is Janet Yellen. Ignore the noise.</li>\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017.png\"><img class=\"aligncenter size-large wp-image-9820\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/ECON-DATA-06082017-1024x888.png\" alt=\"\" width=\"1024\" height=\"888\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nEconomic data releases this week are a bit thin on the ground.\r\n\r\nHowever, here are my picks of the upcoming week.\r\n<ol>\r\n 	<li>NZD: Those awfully nice chaps at the RBNZ led by Governor Graeme “the dealer” Wheeler has my top pick of the week this week.As I type this, the memorandum will already be circulating at the RBNZ deciding on the choice of wine for this week’s Press Conference and whether to go for cheese or pate. All the local corporate hospitality companies have been moved from orange to red alert to ensure sufficient stemware is on hand. No swigging from the bottles at the RBNZ.On a more serious note...\r\n\r\nThe jobs data last week was a surprising miss. The Kiwi dollar back up at NZD/USD 0.7500 must have had Wheeler pissing conkers. Many traders / analysts / experts? had the NZD/USD trading at 0.7800 testing the May 2015 levels.\r\n\r\nNobody expects a rate move from the current 1.75%. It’s all about the commentary. Will Wheeler remain neutral or will he jawbone and go dovish trying to send the NZD/USD back towards 0.7000?\r\n\r\nA couple of weeks ago just prior to the latest drop in the USD, the NZD was showing signs of life to move sharply higher. A spokesperson from the RBNZ said basically “so what” 75%-80% of what the NZD/USD does exchange rate wise is out of the RBNZ control.\r\n\r\nOK… let’s roll out the same flute with the NZD/USD at 0.8000. Would the response be different? As sure as eggs are eggs it would be. There would be jawboning. As soon as dairy exports are threatened the RBNZ will act and like a good central bank they want stability. I would not rule out jawboning at this meeting just to keep the markets in check.\r\n\r\nUnfortunately, Wheelers rate statement and his jawboning never seem to go in tandem. It’s like he speaks with this right hand and writes with his left and neither hand knows what the other hand has done or is doing.\r\n\r\nIt all adds together to give us a news event to follow with interest. The Rate statement is released at 5PM EST and the Press Conference takes place at 6PM EST this Wednesday.</li>\r\n 	<li>USD: PPi and CPi data is released this week. Given that the FED is off its normalization route at the moment (even with the better than expected NFP data). These news items may not have the usual effect on markets other than for 30 minutes or so after the data is released. The FED change and the summer may play a combined role here. Nevertheless, we should be aware of the results.</li>\r\n</ol>\r\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017.png\"><img class=\"aligncenter size-large wp-image-9821\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/TCHART-06082017-1024x845.png\" alt=\"\" width=\"1024\" height=\"845\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9830\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/EURUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9831\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/GBPUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9829\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/AUDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9832\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/NZDUSD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9833\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCAD-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9834\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDCHF-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017.png\"><img class=\"aligncenter size-large wp-image-9835\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/USDJPY-D-06082017-1024x558.png\" alt=\"\" width=\"1024\" height=\"558\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\n&nbsp;\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\n\r\n&nbsp;\r\n\r\n<u>4.1.1: YOUR BENEFITS OF SUBSCRIBING:</u>\r\n\r\nI am obviously biased in this section;\r\n\r\nIn my opinion, it is not just about market commentaries and suggested trade set ups. I want the PREMIUM SERVICE to be different from other providers in the Forex Market.\r\nHow have I created differentiation?\r\n\r\nI am a full-time Forex Trader of over 9 years.\r\nI trade my trades.\r\nI have SKIN in the game.\r\n<strong>BENEFIT FOR YOU – not all service providers are traders. </strong>\r\n\r\nAll my suggested trades are communicated via Twitter through a secure / closed account and confirmed with more back up data for my trades through email. I tell you when I am getting in and I advise you if I am getting out. If you want to copy me, I let you know what I am doing, when I am doing it.\r\n<strong>BENEFIT FOR YOU – Real time trading (24 x 5), regardless of time zone</strong>\r\n\r\nI am NOT an educator. I am a trader first and foremost, but I can help many traders become better at what they do.\r\nForex Trading is repetition and to a large extent it is a daily routine and many times it is quite boring.\r\nTechnical trading of patterns, previous support and resistance levels, Pivot points and Fibonacci levels, they all work. I feel that my successes are based these indicators being used alongside fundamentals. If pushed, I would say that I am a fundamental trader. However, fundamentals alone are not good enough in my opinion. They will eventually work but requires very, very deep pockets. It is the combination of using fundamentals and technical analysis combined that is a winning formula; plus obviously identifying high probability trade set ups.\r\n<strong>BENEFIT FOR YOU – I live for my trades and pass this belief to subscribers</strong><u>\r\n</u>\r\nI offer serious traders additional support such as “one-on-one” coaching: -\r\n\r\nIdentifying Chart Patterns\r\nWhat do candlestick patterns mean?\r\nWhat do single candlesticks signify?\r\nHow do I identify high probability trades?\r\nHow to Manage RISK?\r\nHow to POSITION SIZE effectively?\r\nEffective Account Management and\r\nHow to achieve Market longevity.\r\n<strong>BENEFIT FOR YOU – I want to help you achieve a Trading success</strong>\r\n\r\nI provide Market Commentary – but only when there is something important to communicate about the markets or something that is on my mind to say.\r\nI tell it how it is from my perspective. I do my best to straight talking in every situation.\r\n<strong>BENEFIT FOR YOU - I remove the noise remain informative and focused</strong><u>\r\n</u>\r\n\r\nPREMIUM SERVICE subscribers receive a “FULL VERSION” of this blog that includes sections on: -\r\nMy Market Trading Review (PREMIUM SERVICE progress)\r\nTechnical views plus my fundamental opinions and thoughts moved forward\r\nMarket Sentiment analysis\r\nCore Trades and Core Positions analysis\r\nA review of current LIVE and LIMIT ORDERS\r\n<strong>BENEFIT FOR YOU – It’s open, honest, straight to the point and concise</strong>\r\n\r\nAnnual (Platinum) Subscribers receive, (if they want it) a personal monthly review via SKYPE or FaceTime of the PREMIUM SERVICE trades, an overview of the markets and my FUNDAMENTAL views / ideas moving forward.<strong>\r\nBENEFIT FOR YOU – I welcome interaction it feeds success</strong>\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\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs.\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am currently about 70% of my target for this time of the year. I had a poor start to the year and I am now following a vacation and a protracted house move, in “Pip” recovery mode.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017.\r\n\r\nIf you want to be a part of what I hope will be a storming end to 2017, login at my website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +691 net pips\r\nYEAR TO DATE:      +4,906 net pips\r\n\r\n<u>\r\n4.2.1: SUBSCRIBING NOW…  HAS BENEFITS:</u>\r\n\r\nEven though I am not producing a “DRIVE THRU” blog for the next three weeks, my subscription periods of 10, 20 or 40 weeks are based around the DRIVE THRU posts.\r\n\r\nTherefore subscribing now really means that your subscription does not start until 3rd September, three weeks’ time. However, between now and them, I am still trading therefore suggested set ups and twitter, email, in fact all communication is open.\r\n\r\nTherefore: -\r\n\r\nA 10-week CAD$500.00 subscription starts 3rd September and would complete on 12th November 2017.\r\n\r\nA 20-week CAD$800.00 subscription would start 3rd September and would complete on 10th February 2018.\r\n\r\nA 40-week CAD$1,250.00 Platinum subscription would start 3rd September and complete on 30th June 2018.\r\n<u>\r\n</u><u>4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\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$500.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nBecause of my “time out” this month. No freebie subscription this month back in September, in fact the next “DRIVE THRU” blog.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW:</u>\r\n<u>\r\n4.4.2: MARKET SENTIMENT:</u>\r\n\r\n4.4.3: CORE TRADES:\r\n<u>\r\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nWHAT’S NEXT AFTER THE RECENT BIG MOVES</strong>\r\n\r\n&nbsp;\r\n\r\nWith a title like that it sounds like I have an end of the world type of prediction to follow… you are safe!\r\n\r\nWe are now into the sleepy summer. There are some risks, most of them are geopolitical.\r\n\r\nI have in the main over recent weeks been looking forward predicting a new world… CENTRAL BANK DIVERGENCE, RE-STRUCTURE, RE-ALIGNMENT of the markets and I still believe we are in the throes of this happening despite the recent 72 hours or so in the Forex Market.\r\n\r\nLet’s recap what happened in the immediate past: -\r\n<ul>\r\n 	<li>Mark Carney (BOE, Governor), finally came out and said what needed to be said to put the damn bulls back in their boxes for at least this year.</li>\r\n 	<li>We had a blowout NFP number.</li>\r\n</ul>\r\nThat’s nothing earth shattering. Does the above change my thoughts and views that I have had for the past month or so?\r\n\r\nAbsolutely not; I was bearish and shorting the cable long before “Super Thursday”.\r\n\r\nDid I predict a good NFP?\r\n\r\nI don\'t do predictions and I doubt even David Copperfield or Penn &amp; Teller could magic up an accurate NFP number.\r\n\r\nWe are in transition.\r\n\r\nFrom this Monday I am on 50% leave for the summer until the 1st September. So, what is next?\r\n\r\nOver the next few weeks the big Forex event could be the Jackson Hole Symposium. Initially Mario Draghi (ECB, President) was going to use this event as the place he would talk about the timetable of events within the ECB for a return to interest rate normalization.\r\n\r\nI am not so certain that he will do this. My thought process is basically due to the fact the markets are ready to leap on the back of the single currency and send it to outer space (in forex terms) about 1.2500-1.3000 if the mood takes them. Draghi would literally poop his pants if he thought the EUR/USD would be at 1.2500 in rapid order.\r\n\r\nWe have German elections this Autumn/Fall and whilst German savers would welcome normalization, I would say that EUROZONE exporters primarily based in Germany would be buying “Andrex” and the like, in Costco quantities on a daily basis, as the increase in liquid stools could potentially reach epidemic proportions. Sales of Imodium could go through the roof (This is not investment advice).\r\n\r\nGerman elections is one good reason why Mario Draghi may just provide some B.S. at Jackson Hole.\r\n\r\nMy fear is that “THE DONALD” will create the next big move. It will of course be largely “not surprising” but it will be unpredictable from a timing viewpoint, even though we know about the potential of something happening.\r\n\r\nRight now, given all the geopolitical events in play around the world the markets are complacent. All the U.S. markets are concerned about are 401K valuations and returns, stock valuations mean feck all; we are on the brink once again in my opinion… (RE-STRUCTURE and RE-ALIGNMENT).\r\n<ul>\r\n 	<li>What about China being declared a currency manipulator, now that they failed to intervene effectively with North Korea?</li>\r\n 	<li>What about China getting huge trade restrictions placed upon them by the U.S.?</li>\r\n 	<li>What about North Korea dropping an ICBN on Japan… by mistake or intentionally?</li>\r\n 	<li>What about North Korea taking aim on the continental United States?</li>\r\n 	<li>What about the Russian / U.S. diplomatic expulsion tit for tat getting out of control spilling over into troubles in the “Old Soviet Block?</li>\r\n 	<li>What happens if the Iran / U.S. nuclear deal blows up?</li>\r\n 	<li>TRUMP has sided with Saudi Arabia over the Qatar terrorism claims. What would happen if this dispute escalates and unsettles stability in the region and subsequently OIL production?</li>\r\n</ul>\r\nI have only highlighted US based geopolitical related issues, as usually these would affect all markets to varying degrees. The chances of something happening could be 50-50 from my perspective, but who knows. I have ignored all the investigations and enquiries that shadow the TRUMP administration, these can just flare up at any time without warning, a tweet could kick it off.\r\n\r\nSo; what am I saying?\r\n\r\nJust be on your toes if you are trading over the next three or four weeks. Many traders are away. Many traders simply do not trade the summer.\r\n\r\nMost risks are similar to what we have every summer…  geopolitical. There are more flare up zones than the ones I have listed above, but I do feel that those areas with a TRUMP involvement are more at risk.\r\n\r\nFrom a trading perspective as I have written earlier we are in the throes of a transition. There are entry “Gifts” as I call them on the horizon. Grab them; the EUR/USD in particular, but hold with wider stops than usual to allow for the very thin trading conditions with lower liquidity than usual.\r\n\r\nTake care, back on September 3rd.\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #FREE NEWSLETTER\r\nDATE: 6th August 2017.\r\n\r\n&nbsp;','WHAT’S NEXT AFTER THE RECENT BIG MOVES','','inherit','closed','closed','','9854-revision-v1','','','2017-08-06 06:02:35','2017-08-06 11:02:35','',9854,'https://weeklyfxdrivethru.com/9854-revision-v1/',0,'revision','',0),(9939,1,'2017-08-31 14:35:01','2017-08-31 19:35:01','','PS NET PROFITABILITY TO AUG2017','','inherit','open','closed','','ps-net-profitability-to-aug2017','','','2017-08-31 14:36:37','2017-08-31 19:36:37','',5000,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/PS-NET-PROFITABILITY-TO-AUG2017.png',0,'attachment','image/png',0),(11064,1,'2018-02-28 16:13:04','2018-02-28 21:13:04','<div>\r\n<h4></h4>\r\n<p style=\"text-align: left;\"><strong>1. WHAT IS THE PREMIUM SERVICE?</strong></p>\r\nThe PREMIUM SERVICE is a Forex subscription service that provides you with trade set-ups. Set ups mostly happen by a strategic entry level but they can also be live in a moving market.  In addition to me advising you what trades I am looking at I also provide you on most days, market commentary relating to moves in the market that interest me, or my thoughts on up coming data releases or potential geopolitical events.\r\n\r\nWhilst I cannot 100% guarantee that you will make money from the trades I suggest, the PREMIUM SERVICE now has a four-year historic track record of  profitable performances. The PREMIUM SERVICE is open to all traders whether new, intermediate or experienced regardless of the size of your investment into the Forex market.\r\n\r\nI like to think that the PREMIUM SERVICE is different from other TRADE SIGNAL providers. I trade ALL my suggested trade setups. I have \"Skin\" in the market.\r\n\r\n</div>\r\n<div>\r\n\r\nI know that some traders prefer to watch video presentations instead of reading through a few paragraphs of information. If you are one of these people, and you prefer to watch a short video about the PREMIUM SERVICE  called \"WHY CHOOSE THE PREMIUM SERVICE in 2018?\", this can be found by clicking the link below: -\r\n<p style=\"text-align: center;\"><a href=\"http://screencasts.weeklyfxdrivethru.com/Whychoose2018\">WHY CHOOSE THE PREMIUM SERVICE in 2018?</a></p>\r\n&nbsp;\r\n\r\n<strong>2. HOW DID THE PREMIUM SERVICE EVOLVE?, HOW DOES IT WORK? and WHAT GIVES IT DIFFERENTIATION?</strong>\r\n\r\nI started trading Forex in 2008.\r\n\r\nI started the WEEKLY FX DRIVE THRU blog in 2011 and in 2012/2013 in addition to my market commenrtary, I started to add trade set ups to the blog. Late 2013, I decided to separate the market commentary from the trade set ups and in January 2014 the PREMIUM SERVICE started. I have never looked back. My 10,000 pip target per annum has been beaten each year.\r\n\r\n</div>\r\n<div>\r\n\r\nThe PREMIUM SERVICE is NOT an automated system.\r\n\r\nI have a simple annual target on pips; 10,000 net profitable pips.\r\n\r\nI let you know what trade set-ups and trades  are on “MY RADAR”. I post trade set-ups at the <strong>@</strong>ThePremService twitter feed and I also email  the set-up data for all trade styles, except FLASH trades. During a typical week about 10 trades on average are posted. It is up to you if you decide to follow these trades or not, I am, just telling you what I am doing.\r\n\r\nPREMIUM SERVICE subscribers have access to an exclusive secure twitter feed into which 24x7 I will tweet trade ideas, set-ups, amendments to limit orders, amendments to live trades, basically anything that is on my mind. (Whilst I live on Atlantic time (AST) I am active in most sessions, I try to catch up on sleep at the weekends).\r\n\r\nSubscribers also have access to a whole section of training materials on the website. All the trades that are entered are summarized and posted on excel spreadsheets on the website, so that you can see if you did not take a particular trade, whether it made money or not.\r\n\r\nNew in 2017, PREMIUM SERVICE (PLATINUM) subscribers will also receive if they want it, a monthly review one-on-one with me about the way the markets are trading, my general fundamental thoughts and views, plus we can review active trading styles etc. It is not compulsory for PLATINUM subscribers it is an option.\r\n\r\nI also provide bespoke training, if  YOU want it. This is priced individually based upon YOUR needs, timings and requirements. More details about this can be found under the EDUCATION tab in the section called Mentoring and Coaching.\r\n\r\nTrading for me is for the \"Long Haul\". I use TRADE, ACCOUNT and MIND MANAGEMENT techniques to ensure that I am around for the long haul.\r\n\r\nRead my TESTIMONIALS section, do not just take my word for it.  Everything is published...both the good and the not so good. Like every Forex trader I have losses, it is part of trading when RISK is involved. I have NO secrets, all good and bad trades are published. What you see is what you get; I am NOT a CITIBANK or BARCLAYS, I am Scott Pickering a Forex Trader.\r\n\r\nTrading Forex is not a win it quick cash grab. It is basically a RISK ASSESSMENT analysis of  trading charts supported by a FUNDAMENTAL overview of the market. It is fascinating, exciting, thrilling, very rewarding but also frustrating and annoying all at the same time. There are many things written about Forex. It is often called a \"gamblers paradise\" because it\'s a 50-50 option....simply up or down. Better odds than Las Vegas. There is much more to Forex Trading than odds.\r\n\r\nIf you are a gambler please just go to Las Vegas or your closest Casino. Trading Forex involves added risk due to LEVERAGE that Las Vegas does NOT have.\r\n\r\nI can help you through the all the issues no matter what level of trading experience you have, as I have mentioned already I am a trainer / educator as well as a trader and one of my personal goals is to help traders trade with greater consistency as this provides longevity in trading.\r\n\r\nSo, what do you receive from me as a subscriber to the PREMIUM SERVICE: -\r\n\r\nAs soon as I see a trade set-up or a trade that I want to trade, I send out a tweet via my subscribers only TWITTER account @ThePremService. See the examples below, they also include trade amendment tweets as an example of a brief market commentary tweets: -\r\n\r\n</div>\r\n<div> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.28.45-AM.png\"><img class=\"aligncenter size-full wp-image-10700\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.28.45-AM.png\" alt=\"\" width=\"540\" height=\"690\" /></a></div>\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.57-AM.png\"><img class=\"aligncenter size-full wp-image-10697\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.57-AM.png\" alt=\"\" width=\"558\" height=\"686\" /></a>\r\n\r\n&nbsp;\r\n\r\nFollowing the twitter communication for all of my TRADE STYLES (Full details of my TRADE STYLES are provided upon subscribing) excluding FLASH TRADES an excel spreadsheet containing additional data behind the trade is also supplied, along with a further copy of the relevent trade chart.\r\n\r\nAs you can see the trade set up is clear and is coded to the TYPE (FUNDAMENTAL ) of trade with a reference number (FUN808 to match the tweet above) that is used throughout my website and all communications to track the performance of the trade.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.04-AM.png\"><img class=\"aligncenter size-large wp-image-10695\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.04-AM-816x1024.png\" alt=\"\" width=\"816\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.19-AM.png\"><img class=\"aligncenter size-large wp-image-10696\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.30.19-AM-1024x810.png\" alt=\"\" width=\"1024\" height=\"810\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><strong>PLEASE NOTE:</strong></span>\r\n\r\nI am a trader 24x5 and NOT all trades will remain open based upon the original trade  parameters outlined when the set-up is posted. I have to adjust to the trade as the trade moves and how the markets are performing. I have to react to geopolitical news events as they happen.\r\n\r\nI will tell you via TWITTER what I am doing, whether it be moving the LIMIT position or the STOP position etc. but trading is also about reacting to market conditions and some trades will close earlier than originally intended and some trades will be pro-longed. I trade with FULL flexibility within my TRADING PLAN guidelines.\r\n\r\nIn addition to set-ups, I also provide some market insights and commentaries. This may come via email or via TWITTER as the example below: -\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.26.52-AM.png\"><img class=\"aligncenter size-full wp-image-10698\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.26.52-AM.png\" alt=\"\" width=\"546\" height=\"542\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.27.13-AM.png\"><img class=\"aligncenter size-full wp-image-10699\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/Screen-Shot-2017-12-19-at-8.27.13-AM.png\" alt=\"\" width=\"550\" height=\"390\" /></a>\r\n\r\n&nbsp;\r\n\r\nEach weekend, in addition to the commentary and insights that you receive from time to time during the week, as a subscriber you have access to a complete version of the WEEKLY FX DRIVE THRU blog via the secure \"subscribers only area\" of my website. The exclusive subscriber version contains more information than the FREE NEWSLETTER version.\r\n\r\nIn the subscribers only area, there are pages of Forex background educational pages covering chart analysis, candlestick patterns and many trade style articles that support you as a Forex Trader. Also in this area is the history of the PREMIUM SERVICE covering its trading history.\r\n<ul>\r\n 	<li>I try to be different than other \"Signal Services\".</li>\r\n 	<li>I am a human, NOT a robot.</li>\r\n 	<li>I am a trader - I trade all the trade set-ups I provide.</li>\r\n 	<li>My trades are transparent and I have losses like every trader has.</li>\r\n 	<li>My goal is to generate 10,000 net pips per year</li>\r\n 	<li>I work long hours and I eat and breathe the Forex market.</li>\r\n 	<li>As a subscriber, I tell you what I am doing and when I am doing it. It is up to you if you follow, copy or do your own thing.</li>\r\n 	<li>If you have any questions regarding a PREMIUM SERVICE subscription, please contact me at: - premiumservice@weeklyfxdrivethru(dotcom)</li>\r\n</ul>\r\n<div>\r\n\r\nFinally, you should be aware as I trade my own trades, I only trade when the market gives me parameters that line up with my TRADE PLAN. If there are no trade set ups that meet my criteria I do NOT trade.\r\n\r\n</div>\r\n<div>\r\n\r\n&nbsp;\r\n\r\n<strong>3. THE PREMIUM SERVICE –  ANNUAL RESULTS 2014, 2015, 2016 and 2017: (Please note 2017 PREMIUM SERVICE trading completed on 22.12.2017)</strong>\r\n\r\nTo give a complete view of the returns possible using the PREMIUM SERVICE, the annual performances below, include costs to trade that I am involved with, such as the costs to place a trade with your broker and the annual PREMIUM SERVICE subscription fees.\r\n\r\n<span style=\"text-decoration: underline;\">PLEASE NOTE</span>: - The returns shown below are based off trading just single lots in each trading style/category. Obviously, if are able to trade two lot position sizes the gross returns would be double and the costs to trade also double. RISK MANAGEMENT also comes into play when position sizes increase and should you require help or guidance on this subject please contact me. In addition, remember, the spread sheets below show a net position including an annual subscription to the PREMIUM SERVICE.\r\n\r\n<strong>2017 COMPLETE (PLEASE NOTE - These figures include a 12 month PREMIUM SERVICE subscription):</strong>\r\n\r\n</div>\r\n<div>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-NET-PROFITS-2017-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-10723\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-NET-PROFITS-2017-COMPLETE-972x1024.png\" alt=\"\" width=\"972\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n<div>\r\n<p style=\"text-align: center;\"><strong>Looking specifically at 2017 above:</strong></p>\r\n<p style=\"text-align: center;\">Let\'s assume that you are a single mini lot trader of ALL trades that were suggested.</p>\r\n\r\n</div>\r\n<p style=\"text-align: center;\">You would have made 621 trades\r\nCost $621.00\r\nGross Income from the 621 trades = $12,220.00\r\nLess your cost to trade of $621.00 = Net income of $11,599.00\r\nLess your PREMIUM SERVICE subscription of $ 995.00* = <strong><span style=\"text-decoration: underline;\">$10,604.00</span>\r\n</strong>(*CAD$ equivalent)</p>\r\n<p style=\"text-align: center;\">From your investment of $621 you could make $10,604.00\r\nEverything is published there are no secrets.</p>\r\n<p style=\"text-align: center;\">You just have to work at your screens as much as I do to be around for every trade set up\r\nWhere else can you get such a return on capital?</p>\r\n<p style=\"text-align: center;\">If you were able to trade 2 x mini lots your net return could be:-\r\n($12,220.00 x 2 = $24,440.00 - (621 x 2 ) $1,242 = $23,198.00\r\nLess your PREMIUM SERVICE subscription of $995.00 = <span style=\"text-decoration: underline;\"><strong>$22,203.00</strong></span></p>\r\n<p style=\"text-align: center;\">You just to have to ensure that you have a broker account that can accommodate the risks involved to trade at these trade sizes relevant to the income goals that you have set yourself.</p>\r\n<p style=\"text-align: center;\">But you must take note that at any one time there can be as many as 30 live trades in operation with variable STOP LOSS RISKS attached to them. You need to consider the potential risks associated and fund your account accordingly to accommodate the flexibility that is required.</p>\r\n<p style=\"text-align: center;\">If you do not do this you will potentially expose yourself to margin calls from your broker.</p>\r\n<p style=\"text-align: center;\">As long as you trade with real and effective RISK MANAGEMENT and POSITION SIZING principles\r\nin place and trade in accordance with your TRADING PLAN, it is possible to make money part of full-time from Forex Trading.</p>\r\n<p style=\"text-align: center;\">At ALL times you need TRADING DISCIPLINE in place to ensure longevity in trading. This is key and fundamental to success.</p>\r\n<p style=\"text-align: center;\"><strong>PLEASE NOTE:</strong>\r\nYou must ensure that with any trading account  you have a sufficient balance to accommodate the risks involved in trading.\r\nThis is crucial to your trading success and you should not manage an account in which you trade too large a position size as this will only result in margin calls from your broker.\r\nWhich, in my opinion is a 100% recipe for a complete and utter disaster.\r\nYou must trade and operate an account sufficient to cope with the swings that you get with trading from profit to loss, as mentioned earlier\r\ntrading Forex involves RISK and this must be managed.\r\nIf you have questions on this subject please contact me at premiumservice@weeklyfxdrivethru.com\r\nI am here to help.</p>\r\n&nbsp;\r\n\r\n<strong>2016 COMPLETE (PLEASE NOTE - These figures include a 12 month PREMIUM SERVICE subscription):\r\n</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-PROFITS-NET-2016-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-10499\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PS-PROFITS-NET-2016-COMPLETE-975x1024.png\" alt=\"\" width=\"975\" height=\"1024\" /></a></strong>\r\n\r\n<strong>2015 COMPLETE (PLEASE NOTE - These figures include a 12 month PREMIUM SERVICE subscription):</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TOTAL-2015.png\">\r\n<img class=\"aligncenter size-large wp-image-10688\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TOTAL-2015-1024x1006.png\" alt=\"\" width=\"1024\" height=\"1006\" /></a></strong>\r\n<div>\r\n\r\n&nbsp;\r\n<p style=\"text-align: left;\"><strong>2014 COMPLETE (PLEASE NOTE - These figures include a 12 month PREMIUM SERVICE subscription):</strong></p>\r\n\r\n</div>\r\n</div>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TOTAL-2014.png\"><img class=\"aligncenter size-large wp-image-10687\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/TOTAL-2014-1024x1015.png\" alt=\"\" width=\"1024\" height=\"1015\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>4. WHAT ABOUT THIS YEARS PERFORMANCE IN 2018?</strong>\r\n\r\nRemember all profitability in my reporting is based upon single lot trading.\r\n\r\nSingle x Micro Lot trading cost US$0.10\r\nSingle x Micro Lot trading cost US$1.00\r\nSingle x Standard Lot trading cost US$10.00\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PSPERF-FEB2018.png\"><img class=\"aligncenter size-large wp-image-11060\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PSPERF-FEB2018-798x1024.png\" alt=\"\" width=\"798\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PS-PERF-YTDFEB2018.png\"><img class=\"aligncenter size-large wp-image-11061\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PS-PERF-YTDFEB2018-838x1024.png\" alt=\"\" width=\"838\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><strong>As you can see from the excel spread sheet above both single mini lot and single standard lots traders\r\n</strong><strong>have more than covered the costs of their annual subscriptions already after just one month!</strong></p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PIP-COMP-FEB2018.png\"><img class=\"aligncenter size-large wp-image-11050\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PIP-COMP-FEB2018-1024x815.png\" alt=\"\" width=\"1024\" height=\"815\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PL-FEB2018.png\"><img class=\"aligncenter size-large wp-image-11049\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PL-FEB2018-914x1024.png\" alt=\"\" width=\"914\" height=\"1024\" /></a>\r\n<div>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>5. PREMIUM SERVICE SUBSCRIPTION DETAILS:</strong>\r\n\r\nThere are 40 weekly \"DRIVE THRU\" blogs per year. I do not write in the summer and over Christmas periods. There will be an unlimited amount of Twitter follow-ups to the exclusive subscribers on a Twitter secure feed during the week to review and act upon “FLASH, RADAR, MOMENTUM, FUNDAMENTAL and POSITION trades” and issues emanating from previous blogs.\r\n\r\n</div>\r\n<strong>SUBSCRIPTION HIGHLIGHTS:</strong><u>\r\n</u>\r\n<ul>\r\n 	<li>3  subscription options.</li>\r\n 	<li>100% access to the PREMIUM SERVICE area of my website <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a></li>\r\n 	<li>A dedicated exclusive twitter feed @ThePremService.</li>\r\n 	<li>All trade set-ups communicated via Twitter and RADAR, MOMENTUM, FUNDAMENTAL and POSITION trades additionally via email.</li>\r\n 	<li>The full and complete version of The WEEKLY FX DRIVE THRU viewable on line inside the PREMIUM SERVICE secure section of <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a></li>\r\n 	<li>My thoughts and comments on market conditions via twitter and/or email.</li>\r\n 	<li>Option to request individual / bespoke \"one-on-one coaching\".</li>\r\n 	<li>PLATINUM MEMBERS (Annual subscribers - the highest level of subscription), will receive additional benefits over and above the other subscriber levels, such as optional monthly REVIEW MEETINGS.</li>\r\n 	<li>In addition ALL existing PLATINUM MEMBERS (annual subscribers) receive a 20% discount off their annual renewal subscription when they re-subscribe.</li>\r\n</ul>\r\n<h4>SUBSCRIPTION OPTIONS:</h4>\r\n<h4>MONTHLY ROLLOVER</h4>\r\n<div class=\"clearfix\" style=\"margin-bottom: 15px;\">\r\n<div class=\"one-half first\">\r\n<div class=\"subscription\">\r\n<p class=\"length\">SILVER MEMBER:\r\nTry the PREMIUM SERVICE for just CAD $10.00 for 10 days.\r\nAfter the 10 days your MONTHLY ROLLOVER subscription cost is CAD $150.00 (this equates to CAD $34.65 per week)</p>\r\n\r\n</div>\r\n</div>\r\n</div>\r\n<h4>FIXED PERIOD OPTIONS</h4>\r\n<div class=\"clearfix\" style=\"margin-bottom: 15px;\">\r\n<div class=\"one-half first\">\r\n<div class=\"subscription\">\r\n<p class=\"length\">GOLD MEMBER:\r\n6 Months (20 WEEKS) SUBSCRIPTION: CAD$800.00\r\n(this equates to CAD$40.00 per week)</p>\r\n\r\n</div>\r\n</div>\r\n</div>\r\n<div class=\"clearfix\" style=\"margin-bottom: 15px;\">\r\n<div class=\"one-half first\">\r\n<div class=\"subscription\">\r\n<p class=\"length\">PLATINUM MEMBER:\r\nANNUAL (40 WEEK) SUBSCRIPTION: CAD$1,250.00\r\n(this equates to CAD$31.25 per week)</p>\r\n\r\n</div>\r\n</div>\r\n</div>\r\n(All Fees are quoted in CAD$)\r\n\r\n&nbsp;\r\n\r\n<strong>6. IF <span style=\"text-decoration: underline;\">YOU</span> ARE INTERESTED IN JOINING THE PREMIUM SERVICE <span style=\"text-decoration: underline;\">WHAT DO YOU NEXT</span>?</strong>\r\n\r\nIf you are happy with all the above and want to move forward to the next stage, here is what you do: -\r\n\r\nSubscribing to the PREMIUM SERVICE takes literally just 5 minutes maximum. On my welcome page go to SUBSCRIBE HERE at the top of the page to sign up. Choose the level of subscription that you want and period that you want to subscribe for.  It\'s very fast, easy and convenient.\r\n\r\nIn addition you should also check the PROMOTION tab at the top of this page as well, as from time to time they can be extremely attractive.\r\n\r\nI hope that you will find the argument to sign up and subscribe to the PREMIUM SERVICE compelling and look forward to welcoming you onboard soon.\r\n\r\nIf you have any questions at all or want additional information about anything to do with the PREMIUM SERVICE please email me at: - premiumservice@weeklyfxdrivethru(dotcom)\r\n\r\n<strong>\r\n</strong><strong>7. FX BROKERS AND ADDITIONAL FOREX TRADING SUPPORT:</strong>\r\n\r\nOn my landing page there are a number of banners from brokers and equipment suppliers. These are my recommended relationships. Clicking on their banners establishes a link between the PREMIUM SERVICE (Me), the broker and you. As an educator one of my key objectives is to help and guide as best I can all traders to improve their consistency and profitability through trading. My preferred brokers from time to time will offer special incentives for new clients and as clients introduced via the PREMIUM SERVICE an additional support level is added.\r\n\r\nIf you are looking to add a Forex broker, please click on the banners and explore the options. Alternatively, please feel free to contact me should you have any questions.\r\n\r\n&nbsp;\r\n<div>\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n1st March 2018\r\nhttp://www.weeklyfxdrivethru.com/disclaimer/\r\n\r\n</div>\r\n<div>\r\n\r\n<span style=\"text-decoration: underline;\"><strong>DISCLAIMER:</strong></span>\r\n\r\nFLASH, RADAR, MOMENTUM, FUNDAMENTAL and POSITION  trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.\r\n\r\n</div>','The PREMIUM SERVICE PERFORMANCE','','inherit','closed','closed','','3012-revision-v1','','','2018-02-28 16:13:04','2018-02-28 21:13:04','',3012,'https://weeklyfxdrivethru.com/3012-revision-v1/',0,'revision','',0),(10832,1,'2018-01-19 17:30:03','2018-01-19 22:30:03','','NZDUSD D 20012018','','inherit','open','closed','','nzdusd-d-20012018','','','2018-01-20 06:49:54','2018-01-20 11:49:54','',10837,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/NZDUSD-D-20012018.png',0,'attachment','image/png',0),(10833,1,'2018-01-19 17:30:06','2018-01-19 22:30:06','','USDCAD D 20012018','','inherit','open','closed','','usdcad-d-20012018','','','2018-01-20 06:50:13','2018-01-20 11:50:13','',10837,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCAD-D-20012018.png',0,'attachment','image/png',0),(10834,1,'2018-01-19 17:30:09','2018-01-19 22:30:09','','USDCHF D 20012018','','inherit','open','closed','','usdchf-d-20012018','','','2018-01-20 06:50:33','2018-01-20 11:50:33','',10837,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDCHF-D-20012018.png',0,'attachment','image/png',0),(10835,1,'2018-01-19 17:30:12','2018-01-19 22:30:12','','USDJPY D 20012018','','inherit','open','closed','','usdjpy-d-20012018','','','2018-01-20 06:51:02','2018-01-20 11:51:02','',10837,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/USDJPY-D-20012018.png',0,'attachment','image/png',0),(10366,1,'2017-11-04 05:02:54','2017-11-04 10:02:54','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nThe previous week it was a DRAGHI THUNDERBOLT that hit the FX market and last week it was Mark Carney’s turn. Carney is seen as a bit of a DOVE more so than a HAWK by the market; I see him as a “Flip-Flopper” more than anything else, however last Thursday with the precision of one of Daenerys Targaryen’s dragons SPAT FIRE over the assembled and eagerly listening cable bulls.\r\n\r\nWe saw moves of 200 pips lower with GBP/USD and the crosses which are monsters at the best of times moved considerably more, GBP/AUD and GBP/NZD circa. 400 pips range on the day.\r\n\r\nFrom my own perspective, I did NOT play the BOE Super Thursday very well. I was expecting a rally on the announcement into which as I had written to PREMIUM SERVICE subscribers during the week I was looking to fade as I was expecting a DOVISH HIKE.\r\n\r\nWe had a DOVISH HIKE but the selloff started in the late Asian session from the prior day and continued through the European session. As the announcement came basically the selloff intensified.\r\n\r\nI was set up mentally for cable to fail, but not in the way it happened.\r\n\r\nI talk a great deal about RISK MANAGEMENT, TRADE MANAGEMENT and TRADING PSYCHOLOGY, which I am now calling MIND MANAGEMENT. I never had my MIND MANAGEMENT in the correct place.\r\n\r\nI only partially participated in the GBP move and made poor selections of trading pairs on the day. I banked small losses. Privately, I made reasonable $$$ scalping the market. Overall, however, I was very disappointed with my Super Thursday performance.\r\n\r\nWe move on…\r\n\r\nTHE PREMIUM SERVICE as at 31st October 2017, has now beaten its annual net pip target of 10,000 pips. To the end of October 2017, the pip total stands at 10,402 pips.\r\n\r\nI am delighted… Happy Days.\r\n\r\nThe 2016 total was a record at 13,575 pips. Whilst I have always beaten the 10,000-pip target since the PREMIUM SERVICE started in 2014, last year’s total will a tall order. But as it is often said… “Onwards and Upwards”.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n\r\n</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n&nbsp;\r\n\r\n<strong><u>BOE</u></strong><u>: SUPER THURSDAY &amp; PMi DATA.\r\n\r\n</u>\r\n\r\nA few weeks ago, when Mark Carney announced that UK interest rates could be rising earlier than previously thought to fight off inflation which was running at an annual rate of c.3%, I wrote saying that “CARNEY COMES OUT OF THE CLOSET”.\r\n\r\nThis move from DOVE to HAWK meant that the cable which previously had been under pressure from BREXIT leapt up like a rat up a drainpipe and sped towards 1.3300. There was talk of a re-test of 52W highs around 1.3650.\r\n\r\nLast Thursday Carney announced basically a DOVISH 0.25% rate hike… a one and done event. His commentary was as DOVISH as it comes and the cable fell like a lead balloon.\r\n\r\nThe unwinding of cable longs started hours earlier as the realism of a DOVISH HIKE came more and more into the reality and traders of all sizes squared off positions.\r\n\r\nThe MPC vote was 7-2 in favour of the hike. The two dissenters being Jon Cunliffe and David Ramsden.\r\n\r\nThe main takeaways from Carney’s press conference were in my opinion: -\r\n<ul>\r\n 	<li>MPC sees wage growth picking up in 2018</li>\r\n 	<li>MPC believes that the tighter labour market will boost wages.</li>\r\n 	<li>BREXIT deal will affect the exchange rates</li>\r\n 	<li>Rates will be adjusted either up or down on a BREXIT resolution.</li>\r\n 	<li>MPC wants to use the Bank rate as an instrument of BOE policy rather than QE.</li>\r\n 	<li>Rates must be higher before reversing QE.</li>\r\n 	<li>Inflation back at 2% will help make BREXIT a success\r\n(God knows what the feck they were smoking to come up with this line!!</li>\r\n 	<li>UK rate decision not driven by the exchange rate….\r\n(My arse!!)</li>\r\n</ul>\r\nMy thoughts are that it was a mistake to raise rates. Asked by the press did he think it was a mistake, Mark Carney responded with it was a “nimble response” to an unprecedented set of circumstances. The fact that cable sold off only adds fuel to UK inflation. It was cables devaluation that is basically what has fueled the inflation position. Ironic that a rate hike caused cable to devalue again, the irony of that fact should not be lost on the MPC!\r\n\r\nUK interest rates are to remain low for an extended period well into 2019.\r\n\r\nWith the rate hike out of the way we can now concentrate on the main event… BREXIT\r\n\r\nUK PMi data last week was stronger than expected, and took me by surprise I only expected a beat with service PMi:\r\n\r\nConstruction              50.8 versus 48.3\r\nManufacturing           56.3 versus 55.8\r\nServices                      55.6 versus 53.3\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> FOMC, FED CHAIR, GOP TAX PLAN, ADP &amp; NFP.</u>\r\n\r\nA huge amount of economic and political data last week from the U.S. All this and not even a mention of TWITTER.\r\n\r\nThe FED CHAIR announcement went off without incident. JEROME POWELL, subject to senate approval will replace Janet Yellen next February. When the announcement was made, I had to hold my head back to stop the blood from my nose bleed dripping all over my apple keyboard. It was such a shock to my body to have a TRUMP announcement without drama attached… total shock to my system.\r\n\r\nA couple of points for dinner table conversation about Janet Yellen’s tenure at the FED.\r\n<ul>\r\n 	<li>When she became FED CHAIR the USD (DXY) was at 81.00.</li>\r\n 	<li>The DXY has been falling since TRUMPS inauguration 101.00.</li>\r\n 	<li>Today after 10 months of falling it still stands at 94.00.</li>\r\n</ul>\r\nMy point here is that after the GFC when the DXY stood at 70.00, following on from Ben Bernanke she guided the DXY to about the mid-point given that in 2000 the DXY was at 120.00. Personally, without TRUMP the DXY would be well into triple digits by now.\r\n\r\nThe FOMC statement a day earlier passed us by without incident.  The FX market did its usual thing by the odd flexing here and there but to be honest it was an all “fur coat and no knickers” event.\r\n\r\nThe TAX PLAN release was for me, mixed into the background as the BOE press conference fall out was still in full swing. The previous day there was a rumour in the Asian session that reductions in the corporate tax rate would either be phased in or phased out, or both…. From what I can gather this was a bullsh*t rumour.\r\n\r\nWith regards to the jobs data; ADP was a nice bear 235k against an expectation of 202k. NFP missed at 261k versus 312k. The unemployment rate dipped from 4.2% to 4.1%. Hourly earnings 0.0% versus 0.2% expected.\r\n\r\nJobs data was poor so the USD strengthened go figure.\r\n\r\n&nbsp;\r\n\r\n<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u>\r\n\r\n<u>\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017.png\"><img class=\"aligncenter size-large wp-image-10338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017-1024x705.png\" alt=\"\" width=\"1024\" height=\"705\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-05112017.png\"><img class=\"aligncenter size-large wp-image-10339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-05112017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10349\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10350\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10348\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10351\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10352\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10353\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10354\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>The Antipodean currencies rule this week!\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE</u>.\r\n\r\nI am NOT expecting any fireworks this week. Grant aka “Frank” Spencer has already stated no change and dovish for an extended period.\r\n\r\nI will be looking to see what, if anything, is said vis-à-vis the new Labour Party coalition governments intentions to expand the role of the RBNZ.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD:</u></strong><u> RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENT.</u>\r\n\r\nI am not expecting any move on interest rates. Philip Lowe has been very straightforward since becoming governor. He is clear and unambiguous and his is his own man. He has been happy of late to remain neutral and is in no rush to increase interest rates, far from it.\r\n\r\nAs with most monetary policy and rate statements the “verbal’s” give us the clues. I am expecting more of the same. No fireworks just a status quo report.\r\n\r\nThis may change in 2018, but for now it is only the FED that has an open normalization policy on interest rates. This suits other currencies like the AUD because the result with FED policy should be that the USD strengthens based upon interest rate differentiation causing other currencies to weaken.\r\n\r\nA weaker currency is always preferred and this can be achieved by the likes of the RBA with no work. It’s all in theory done for them by the FED.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nThere was a lot jammed into last week that made me believe that caution was the best route forward. Trading FX always has RISK involved and at the end of the day it’s all about MANAGING RISK in conjunction with both TRADE MANAGEMENT and MIND MANAGEMENT.\r\n\r\nLast week finished with USD strength returning and I see this renewed USD strength remaining with the markets into the early part of this week, if not more than that.\r\n\r\nGeopolitical factors such as “THE TRUMP GOODWILL TOUR OF ASIA”, which was given a good old dose U.S. hospitality with nuclear weapons loaded bombers flying up and down the Korean coast. It doesn’t bear thinking about.\r\n\r\nBREXIT and poor old Theresa May will hit the headlines this week now that Carney’s BOE super Thursday event is behind us. However, we should remember that moves in cable are still just one UK negative BREXIT announcement from a fall, or one positive announcement away from a spike higher.\r\n\r\nOIL appears to be settling around the USD$60.00 level. Anything higher will get the U.S. shale production lifting off which will drive prices back towards USD$50.00 per barrel.\r\n\r\nSo…\r\n\r\nWith that as my back drop how will I be approaching the FX market this week.\r\n\r\nWithout much economic data, this week and with the “RED” FX data emanating from mainly AUD and NZD, one would think I had a pretty clear plan in place. Unfortunately, with all the geopolitical nonsense around and with TRUMP off home soil the potential for gaffs is heightened.\r\n\r\nThe USD is news driven at the moment, and, if the USD is news driven almost everything else currency wise falls victim.\r\n\r\nI have cross rates that interest me and they are a great option away from the USD.  The JPY crosses are of interest but I never seem to personally have great success with them. Recently, the NZD/JPY has been good and the AUD/JPY is back on my RADAR once again after closing it just ahead of NFP last week. But with TRUMP in Asia maybe the JPY should not be such a focus. However, the parabolic rise in the NIKKEI does have me alert to JPY shorts.\r\n\r\nHaving written all that, I still see being long the USD as the immediate route. I do not think it will last for long as I see this USD strength technical and I expect the move higher to stop and then USD weakness will come back and force the DXY lower. (See the DXY chart below)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017.png\"><img class=\"aligncenter size-large wp-image-10340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" /></a>\r\n\r\n&nbsp;\r\n\r\nOverall, I would be looking to establish positions in cross rates. GBP crosses may need some time to wash out oversold conditions. EUR crosses long in the medium term excite me, but not quite yet.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\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 HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +122 pips\r\nPIPS MONTH TO DATE:                = +122 pips\r\nYEAR TO DATE:                              = +10,524 pips\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017.png\"><img class=\"aligncenter size-large wp-image-10335\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017-968x1024.png\" alt=\"\" width=\"968\" height=\"1024\" /></a>\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\n\r\n<u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #258 FREE NEWSLETTER\r\n5th November 2017','CARNEY SPITS FIRE AT CABLE 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Now</a>\r\n\r\n</div>\r\n<div class=\"one-third membership\"><a href=\"./premium-service-40-weeks-subscription\"><img class=\"alignleft size-full wp-image-7747\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription.jpg\" alt=\"Premium Service Annual-Subscription\" width=\"750\" height=\"750\" /></a>\r\n<h3>Annual Subscription</h3>\r\n<h2 class=\"price\">CAD $1250.00</h2>\r\n<a class=\"button\" href=\"./premium-service-40-weeks-subscription\" type=\"button\"> Buy Now</a>\r\n\r\n</div>\r\n</section>[/s2If]','Subscription Options','','inherit','closed','closed','','7749-revision-v1','','','2017-08-31 08:10:47','2017-08-31 13:10:47','',7749,'https://weeklyfxdrivethru.com/7749-revision-v1/',0,'revision','',0),(9944,1,'2017-09-01 16:08:58','2017-09-01 21:08:58','','ECON DATA 03092017','','inherit','open','closed','','econ-data-03092017','','','2017-09-02 06:47:06','2017-09-02 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11:57:09','',9957,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-03092017.png',0,'attachment','image/png',0),(9950,1,'2017-09-01 16:14:55','2017-09-01 21:14:55','','EURUSD D 03092017','','inherit','open','closed','','eurusd-d-03092017','','','2017-09-02 06:56:49','2017-09-02 11:56:49','',9957,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-03092017.png',0,'attachment','image/png',0),(9951,1,'2017-09-01 16:14:58','2017-09-01 21:14:58','','GBPUSD D 03092017','','inherit','open','closed','','gbpusd-d-03092017','','','2017-09-02 06:56:58','2017-09-02 11:56:58','',9957,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-03092017.png',0,'attachment','image/png',0),(9952,1,'2017-09-01 16:15:00','2017-09-01 21:15:00','','NZDUSD D 03092017','','inherit','open','closed','','nzdusd-d-03092017','','','2017-09-02 06:57:18','2017-09-02 11:57:18','',9957,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-03092017.png',0,'attachment','image/png',0),(9953,1,'2017-09-01 16:15:03','2017-09-01 21:15:03','','USDCAD D 03092017','','inherit','open','closed','','usdcad-d-03092017','','','2017-09-02 06:57:27','2017-09-02 11:57:27','',9957,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-03092017.png',0,'attachment','image/png',0),(9954,1,'2017-09-01 16:15:06','2017-09-01 21:15:06','','USDCHF D 03092017','','inherit','open','closed','','usdchf-d-03092017','','','2017-09-02 06:57:37','2017-09-02 11:57:37','',9957,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-03092017.png',0,'attachment','image/png',0),(9955,1,'2017-09-01 16:15:13','2017-09-01 21:15:13','','USDJPY D 03092017','','inherit','open','closed','','usdjpy-d-03092017','','','2017-09-02 06:57:52','2017-09-02 11:57:52','',9957,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-03092017.png',0,'attachment','image/png',0),(10421,1,'2017-11-18 05:49:16','2017-11-18 10:49:16','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nThis week’s DRIVE THRU takes on a new format. I am not changing for changing sake, I am responding to comments. The main purpose of this blog is to formally communicate with my PREMIUM SERVICE subscribers, but it does have a dual purpose. The second purpose is to inform and hopefully attract serious FX traders to become new PREMIUM SERVICE subscribers. It is always a balance and for about 4 years now, I keep tweaking the content. I hope that you like this revision. Given my history in this regard it will NOT be the last.\r\n\r\nMoving on…\r\n\r\nLast week had it all; boredom, excitement, annoyance, frustration, surprise plus profits and losses and several shots of Jack Daniels… that was just Tuesday. I think I read somewhere that it was the strongest / biggest single day rally in the USD for years.\r\n\r\nIt certainly shook the markets for those playing the EUR/USD (Head and Shoulders) / DXY (Inverted Head and Shoulders). Money flows at the moment are driving these huge moves. The NIKKEI had a 20% move higher in a couple of months. Fund managers are looking for value as we head into the year end, monies are moving to Europe away from Japan etc.… there is a lot going on and currencies are being used in huge volumes to facilitate a lot of these moves.\r\n\r\nOvernight last Thursday into Friday morning the PREMIUM SERVICE was blasted with over 750 pips of profit when my core short positions across the AUD and NZD drilled home pips across several trades.\r\n\r\nFor me last week was a two-day trading week… All that wasted time for the other days sitting in front of screens!!\r\n\r\nIt has been quite some time since I have written “RISK OFF” in my blog but we are sort of there as we are bouncing around in the US equity markets. It is a battle between the “BUY THE DIP” mentality and market bears. Is the most hated rally ever finally being sold? Not sure but a pullback of sorts, and its minimal in the grand scheme of things is happening.\r\n\r\nEnough of that…\r\n\r\nOver the past month or so I have been sampling my competition to the PREMIUM SERVICE.\r\n\r\nThere are so many chart analysts out there, but that is all they do. They look backwards and tell what patterns were formed and why, but there is very little out there who look forward and trade, in fact I doubt very many of them have skin in the market.\r\n\r\nI have looked across the spectrum; costly to cheap and well-known to unknown.\r\nI followed big names who have tens of thousands of followers on twitter, as well as specific trade set up providers and analysts from brokers. In total about 10 names/ businesses, here is a sample of what I came across. It’s not totally inclusive as some were just not worth the print!\r\n\r\n<strong><u>TV ANAYLST WITH OWN FX SUPPORT BUSINESS (UK BASED)</u></strong>: Is a regular guest on BNN, CNBC and BLOOMBERG, huge on Twitter. In my opinion, he is a gambler. He puts trades up a minute or two before high beta news events. It\'s a 50-50 guess. You hear about the good ones on Twitter and the failures disappear. The service covers all markets, I am just Forex, so a lot of what I received was great for correlations but nothing revolutionary.  I made money but the cost was double what I charge. Lots of supporting information, not sure where its cut and pasted from. Response time to questions poor.\r\n\r\nIt was a high cost, I made money but the gambling trades are stupid in my opinion.\r\n\r\n<strong><u>TV ANAYLST WITH OWN FX SUPPORT BUSINESS (US BASED): </u></strong>Another, is so fast and impossible to follow on a webinar and the amount of assumptions made are incredible. This service provider is a regular on CNBC. All the trades lost money. Analysis is good but the implementation of trades a joke. It was all over the map for me, no discipline, no structure. The chat room was frankly dangerous, no management, inexperienced traders being exposed to all sorts of crap. Is it any wonder FX gets a bad name? I would close that down right now.\r\n\r\nThere are so many cost options, so much to take in, maybe something I did NOT buy worked but I doubt it. I am confused about the whole package options and I blame this service for my migraine during the week. Response time to questions excellent.\r\n\r\nCannot possibly trade LIVE trades. Very well-known must live off huge fee incomes from webinars, on-line books, algorithm sales (they don\'t work either) and TV appearance fees.\r\n\r\n<strong><u>BROKER ANALYST (UK BASED):</u></strong> This person from a large Broker, also on Business TV a fair bit, I respect as a chart analyst, but the LIVE trading is a fecking joke. He simply never trades. It’s all theory. No skin in the game.\r\n\r\n<strong><u>TRADES SERVICE PROVIDER (HONG KONG BASED):</u></strong><strong>  </strong>Four times more expensive than the PREMIUM SERVICE no supporting information for trades, poor response times and trades were all 10 or 15 pip scalps that would NOT cover the cost of the subscription unless you were trading 4/5 standard lots a time. Not my target audience and too high RISK for most people. I just about broke even. Not my cup of tea. Now they are SPAMMING me… Jesus, Mary and Joseph!!\r\n\r\n<strong><u>SUMMARY:\r\n\r\n</u></strong>I have faults, just ask my wife! Trading in the FX market I always have real skin in the market. I feel the trades. I trade without emotion (most times) because I manage RISK. I do not have hundreds of subscribers, no way near. I have a solid group of serious FX traders from around the globe and two syndicates through spokespeople that adds about 20 additional traders into the mix. I keep it simple and I try my best to provide a personal and prompt service. I, the PREMIUM SERVICE am looking for serious traders who want to trade, not have to trade, I hope that makes sense.\r\n\r\nTo do what I do, I can’t have more than 50 subscribers. There are still a few spaces left.\r\n\r\nI may chop ‘n change trades around to fit the market conditions, which can be difficult to follow with everyone being in different time zones, but that is trading. I trade to make $$$ not to lose $$$.\r\n\r\nI was up at 3.30AM on a couple of mornings last week playing with trades. That is the reality of trading in the FX market, its open from Sunday at 5PM EST and closes the following Friday at 5PM EST. I am NOT interested in “that trade was closed whilst I was asleep!” If you are a serious trader you have little sleep between Sunday and Friday each week.\r\n\r\nBack on track…\r\n\r\nAt the end of the day from my research, did I find anything I want to add to the PREMIUM SERVICE?\r\n\r\nThere are a couple of things I will introduce moving forward but overall, I feel good about the research I provide it is mostly brief and to the point. Those services that provide lots of commentary, I strongly suspect DO NOT TRADE. I struggle for hours as it is now and I consider myself damn good at time management.\r\n\r\nFinally,\r\n\r\nThere will be no blog next weekend, we have friends flying in from the UK. The opportunities to trade will be slim. Plus, zero time for completing research and finding the 10 hours or so required to complete the blog from start to finish will just not be there. So, it is a see you in two weeks after this week’s review.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong></li>\r\n</ol>\r\n<u>LOOKING AHEAD THIS COMING WEEK:</u>\r\n\r\n<u>\r\nTHIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-19112017.png\"><img class=\"aligncenter size-large wp-image-10401\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-19112017-1024x884.png\" alt=\"\" width=\"1024\" height=\"884\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS with BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-19112017.png\"><img class=\"aligncenter size-full wp-image-10402\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-19112017.png\" alt=\"\" width=\"1014\" height=\"898\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\nOverall recent data from the EUROZONE has been good. We have seen a pullback from the recent 1.1860 highs. RSi (Relative Strength Indicator) is moving higher and given the better data, the bulls are trying to regain control once again. I think that we need to see a break higher above 1.1880 (BLACK LINE) for the bulls to be back in control.\r\n\r\nSupport is good circa. 1.1660 and on the chart below (PURPLE LINE) and more recently at 1.1750 (BURGUNDY LINE).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10414\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\nThe recent weakening USD has pulled cable higher. I am however always thinking that this pair is one news item away from a 100-pip fall and it could happen at any time.\r\n\r\nThe chart below shows a bullish set of candles, which completely goes against my FUNDAMENTAL views regarding this pair. Price was rejected very strongly at 1.3260 last Friday. That rejection stopped me out of GBP/NZD and GBP/AUD longs at the time… bugger.\r\n\r\nI think that we range trade with this pair between the two Fibonacci levels of 23.6% at 1.3170 and 38% at 1.3260.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10415\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\nThis pair is under pressure as you can clearly see from the chart below. We were held up at 61.8% Fibonacci level last Friday. The spike from this low will allow traders such as me through the PREMIUM SERVICE to re-load short trades this week. The bigger the spike the better… bring it on.\r\n\r\nWe are getting close to 30 level on the RSi therefore, a couple of re-set trading sessions would suit me fine!!\r\n\r\nThere are several potential trading patterns one can use on the pair, for now I am running with a channel set up as this pair seems to like channels.\r\n\r\nAs long as the RBA remains neutral I cannot see this pair moving higher in the near term.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10413\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\nWe are getting closer to a 30 reading on the RSi. We can of course drop below but I am hoping for a spike to allow me to re-load PREMIUM SERVICE short trades.\r\n\r\nThe political uncertainty in New Zealand is driving this pair lower and for the foreseeable future I see no change in this connection.\r\n\r\nPREMIUM SERVICE subscribers know what my target is to the downside with this pair, the candlestick pattern does look very bearish to me.\r\n\r\nBulls if there are any, will not be back in control of this pair unless we break back above 0.7000, which, seems an awfully long way away at the moment when one looks at current pricing.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10416\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\nBugger…\r\n\r\nI really want this pair above 1.2900 to short. After last Friday’s in line inflation print, the pair spiked to the 61.8% Fibonacci level and then pulled back.\r\n\r\nThe upward sloping channel is basically still intact on the chart below, so I still have some hope for now. Who am I kidding? This pair is bound to about turn and break through the trend line support and leave me behind!!\r\n\r\nWe have Retail Sales data this week. Does this mean that I may have to wait another week for my short entry?\r\n\r\nBelow 1.2725 would make me have to re-think my PLAN.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10417\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\nAm I dreaming with the pennant / flag patterns on the cart below? It is rather an awkward shape. The measured moves play to 1.0460 (BURGUNDY) and 1.0175 (BLACK).\r\n\r\nI am struggling to know what to do with this pair. The PREMIUM SERVICE has a small long trade, which is out of the money at the moment. I am not sure what to do with this pair, but I do know that longer-term I want to be long.\r\n\r\nI am working on the fact we are in a range of 0.9840 to a.0040.\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10418\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\nBecause I am stupid I let 60 pips of profit disappear with this pair last Friday… argh!!\r\n\r\nRISK sentiment is ruling this pair at the moment as the NIKKEI sells off and uncertainty persists in Washington. Add into the mix treasury yields. Now ask me why did I give up my short so cheaply? Because I am stupid!!\r\n\r\nThis pair has 108.00 written all over it in my opinion. The 200 DAY SMA comes in around 111.80, which was original take profit level, but a break below here would NOT surprise me and a test of 110.00, the 61.8% Fibonacci level would seem reasonable to me for the shorter term.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10419\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nMost of the economic data releases this week are related to speeches by Central Bank leaders. Therefore, it is reactionary news, which of late I have not enjoyed much as it has been lacking conviction or momentum. The recent exceptions being the BOE Super Thursday and Draghi’s ECB Press Conference. There was certainly direction following these, but the rest… not my cup of tea.\r\n\r\nOf what remains, the following short list interests me: -\r\n\r\n<strong><u>AUD:</u></strong><u> MONETARY POLICY MEETING MINUTES</u>.\r\n\r\nThese minutes surely to God cannot be as much of a snooze fest as the original statement release. It passed basically without a flicker. Philip Lowe also speaks about 12 hours after the minutes are published.\r\n\r\nThe RBA are neutral. It will be interesting to see if any timescales on policy were discussed plus any inklings vis-a-vis housing prices in the Australian market.\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> FOMC MEETING MINUTES.</u>\r\n\r\nIt’s not about this year, 2017 that has me including this item in this section, it is about future discussions into 2018. At the end of the day with a new FED chair moving in early next year, I am not expecting future policies to be changed or placed on hold. Central Banks are well oiled dinosaurs that move so slowly and like massive oil tankers when a change of policy is made in the sense that it takes oil tankers 5/6 miles to turnabout.\r\n\r\nRate hikes into 2018 is what will catch the eye in this release.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CORE RETAIL SALES.</u>\r\n\r\nI am looking to short the USD/CAD and add to my CORE SHORT POSITION. Therefore, I want the poor data to continue to give me the best entry level possible. The closer to 1.3000 the better…. I am waiting.\r\n\r\nBeing realistic however, last month’s reading was a dismal negative 0.7%. I would be astonished if a negative print was repeated in the run up months to Christmas.\r\n\r\n&nbsp;\r\n\r\n<u>HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nPersonally, I believe that we are in a consolidation period once again. Last week the USD was whacked and the commodity currencies were taken to the woodshed.\r\n\r\nThe majors and the cross rates in my opinion need to re-set. There were some massive moves over the past week. EUR/USD +800 pips, GBP/NZD about +600 pips or so and GBP/AUD about +500 pips.\r\n\r\nThe Monthly ATR (Average True Range) GBP/AUD is just under 1,000 pips so when you consider that 500 pips was the range last week, we need to consolidate the moves. Not that we have to consolidate with the cross-rate pairs, they are very volatile but you have to be aware of these facts into this week.\r\n\r\nWe are light on true economic data this week and therefore we will be at the will of the news wires… oh shit I can hear you saying.\r\n\r\nYes regretfully, it will be the Senate and the numbers of GOP senate members that will either vote yes or no on the TRUMP TAX REFUND. From what I can see it’s no longer tax reform, that is far too radical for dysfunctional politicians to stomach.\r\n\r\nBREXIT will feature as progress really needs to be established prior to the end of the year. We are soon into the season of lavish Christmas Parties in Brussels. The expense accounts will be out in full and the hospitality industry will move up from yellow to red alert as the cha ching of cash and need for extra credit card swipe machines intensifies.\r\n\r\nIf David Davis (UK Chief negotiator) doesn’t get some UK BREXIT positives on paper pre-Christmas, I can see a Tory party revolt and a new leader in place for early 2018. I write this and I am fully aware that no one with any grey matter in their heads would want the poison chalice of dealing with BREXIT, unless you do not mind shoving two fingers in the air to the EU and taking the no deal option…. enter Boris Johnson.\r\n\r\nI think therefore that trading USD majors especially the EUR/USD and USD/JPY will be very reactionary to US data and BREXIT will keep anything GBP tied up.\r\n\r\nTherefore, the commodity currencies should offer us option. The AUD and NZD currencies in particular are weak and trading very heavily. Whilst I believe we have to allow for resetting pullbacks to enter these currencies remain the best option for trading pairs with liquidity.\r\n\r\nThe NZD is especially under pressure politically and moves lower should continue as long as political uncertainties continue. The AUD is being pushed lower by the RBA. Hats off to Philip Lowe this is being done professionally and the move is to a large extent given what usually happens being conducted under the radar.\r\n\r\nI have already said we should wait for the commodity cross rates to reset so that leaves the smaller currencies and exotic pairs.\r\n\r\nI closed a number of trades last Friday pre-weekend on the failure of the AUD and NZD currencies. I still think that pairs like the AUD/JPY, NZD/JPY, AUD/NZD, NZD/CAD etc. are still viable until the market reset is completed.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\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 HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:\r\n\r\n</u> PIPS ADDED LAST WEEK:           = +1,276 pips\r\n\r\nPIPS MONTH TO DATE:                = +1,445 pips\r\n\r\nYEAR TO DATE:                              = +11,847 pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\n\r\nHoly crap a two-day trading week, give me more of that.\r\n\r\nI hope that you guys caught some of the moves. I know a couple of the newbie traders are copying most trade set-ups and I have heard from them vis-à-vis their delight.\r\n\r\nI still think we have a little more to go with the AUD and NZD weakness trades. As I have written in the blog already we need to see a reset of overbought and oversold conditions.\r\n\r\nThe cross rates have really been kind to me this past month or so. As I have mentioned on several occasions this year, we need to see sentiment and momentum. We had “RISK OFF” and the commodity currencies responded true to form. This type of trade has literally been out the market for two years.\r\n\r\nI am still however, not letting trades run beyond the 50 – 100 pip levels. I still do NOT trust this market.\r\n\r\nI am making a few changes for 2018.\r\n\r\nI have been checking out my competition, and whilst I have some issues to iron out basically I feel comfortable with what I have going with just a couple of changes here and there. It’s all about time. I am still a trader and need time to reflect and research. I cannot blast out 15 trades a day with 10 pip goals, that is just NOT me. But it is also very hard to try and trade SWING TRADING, in fact, I think it’s very much impossible of late and if it happens its pure fluke. But I am still trying as it is my core.\r\n\r\nFUNDAMENTAL TRADING still wins out in my opinion and trading with Central Bank Monetary Policy is the core still for next year.\r\n\r\nI am looking at bringing back the LIVE “DRIVE THRU” webinar, but I need a software package that is good and works with Safari.\r\n\r\nSubscriptions will not increase in 2018.\r\n\r\nI am toying with adding another TRADING STYLE that I have been testing out recently. More about this early December once 90 days worthy of results are in.\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n\r\n</u>\r\n\r\nInto the year-end I think that I will get another shot at AUD and NZD weakness.\r\n\r\nThis SHOULD continue into 2018 as I am of the opinion that Central Bank divergence will become the trade moving forward.\r\n\r\nI am not 100% because of the uncertainty surrounding TRUMP. He wants a weak USD and he will talk down the USD but this will in no way be deemed to be intervention in the markets. It will be spun.\r\n\r\nI am still looking to get long GBP pairs across the board, but as mentioned recently I still believe that there is another substantial move lower in cable. The Theresa May situation and that added uncertainty makes me continue to believe that every day we trade GBP long we are risking a 100+ pip drop on the back of political fallout in the UK or a negative news item regarding BREXIT.\r\n\r\nI have my ARMAGGEDON GBP TRADES on a spreadsheet ready and armed to go!\r\n\r\nI am still looking to also get long the CHF across the board. This has to wait though until little rocket man is sorted out.\r\n\r\nLooking near term…\r\n\r\nSentiment is still mixed.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/SENTIMENT-19112017.png\"><img class=\"aligncenter size-large wp-image-10403\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/SENTIMENT-19112017-768x1024.png\" alt=\"\" width=\"768\" height=\"1024\" /></a><u> </u>\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nIt will probably be a slow start to trading next week. We will be news driven so I would prefer to see a European session out of the way first.\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>USD sentiment is still all over the place. Therefore, I will stay away as much as possible from the majors.</li>\r\n 	<li>Re-establish some cross-rate trades after the consolidation reset has taken place.</li>\r\n 	<li>Focus on re-establishing AUD and NZD short trades.</li>\r\n 	<li>CAD HEDGES. I am looking for over 1.2850 to enter shorts. I am close to getting this following last Friday’s data. Hopefully some follow through early in the week will give me an entry level that I will be happy with.</li>\r\n</ol>\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD, AUD and NZD currencies. Last Friday I had a huge clear-out and I am now in re-build mode on suitable pullbacks.\r\n\r\nAs mentioned last week, the CAD is on the back burner for now. I STILL have three HEDGED trades to work through. There is no rush, but I will freely admit I am sick of looking at them blocking up my broker account live trades data area!\r\n\r\nThe AUD and NZD I am patiently waiting for pullbacks to use the opportunity to re-load again across the board.\r\n\r\nThe market itself is still broadly range bound and daily moves on most days are for the most part quite limiting.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\nPlus, I have a long CAD/JPY LIMIT ORDER in place but it is currently over 300 pips from the current market pricing.\r\n\r\nMY PLAN: My belief is still that the USD/CAD is a short trade. I am waiting for 1.2850-1.2910 to establish 3 x “OUT” trades for my HEDGED trades.  I have my “OUT” trade LIMIT ORDERS in place at 1.2910. The question is whether I will be able to get my preferred entry level or not.\r\n\r\nThe recent highs have topped out around 1.2915 on two or three occasions. I am expecting USD strength to filter back through the market which will help my target entry levels. I want to use the USD strength to sell into this week or next week if possible and establish my “OUT” trades for these HEDGES.\r\n\r\nBe prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 3 x live long AUD/NZD trades.\r\n\r\nPlus: - I have 2 more AUD/NZD long trades in position as LIMIT ORDERS&gt;\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\nCurrently live I have a AUD/JPY short.\r\n\r\nMY PLAN: - To add back trades across the board at the start of this coming week that I removed at the end of last week.\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u><u> </u>\r\n\r\nCURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-19112017.png\"><img class=\"aligncenter size-large wp-image-10405\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-19112017-919x1024.png\" alt=\"\" width=\"919\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-ORDERS-19112017.png\"><img class=\"aligncenter size-large wp-image-10404\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-ORDERS-19112017-1024x991.png\" alt=\"\" width=\"1024\" height=\"991\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nHave you guys noticed the analysts to most brokers have been booted out into doing LIVE WEBINARS in an attempt to increase retail trader numbers for the year end and into 2018?\r\n\r\nGood Lord some of them I swear to God have never seen an actual trading platform before, they are so used to working off a BLOOMBERG terminal. If you want a giggle scout twitter, they will be there this week and probably every week through to Christmas.\r\n\r\nSo, the brokers intentions are clear. BONUS $$$ and FREE WEBINARS. Be very careful on the offers there are NO free lunches in FX.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> INTO THE CLOSE:</strong></li>\r\n</ol>\r\n<u>WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>\r\nPREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>\r\nCLOSING THOUGHTS:</u>\r\n\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #156 PREMIUM SERVICE\r\n19th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;','KIWI WILL REMAIN UNDER PRESSURE','','inherit','closed','closed','','10420-revision-v1','','','2017-11-18 05:49:16','2017-11-18 10:49:16','',10420,'https://weeklyfxdrivethru.com/10420-revision-v1/',0,'revision','',0),(9957,1,'2017-09-02 07:00:57','2017-09-02 12:00:57','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nApart from this being the first post following my short summer break from weekly blog posts, it is also “Papa was a Rollin’ stone day” (The Temptations song from way back in 1972 re-defined the opening to a song with an extended instrumental introduction. The first line of which was “It was the 3rd of September….”).\r\n\r\nMoving on…\r\n\r\nIt is great to back in blogging mode once again and there are so many hot topics to choose from to be my first SOAPBOX article, BREXIT, the ECB, THE DONALD plus that fecking idiot in North Korea!\r\n\r\nHowever, my excitement does not stop there; to keep matters spiced up, I have made a couple of amendments to the blog format and I am also pleased to announce a lower cost entry subscription fee to enable you to join to THE PREMIUM SERVICE, in fact, you can get the first 10 days for just CAD$10.00.\r\n\r\nMoving on up…\r\n\r\nWhen the last “DOUBLE IT UP” promotion was in place, I received several emails from potential subscribers who wanted THE PREMIUM SERVICE to offer a lower cost option to subscribe. After donning my thinking cap, I have come up with something that I hope will answer most, if not all the emails received, and, I am excited with the subscription options that are now in place (see below in section 4.2).\r\n\r\nFor added excitement, I have added a short “FALL” promotion as well to coincide with my return (see below in section 4.3).\r\n\r\n<strong><u>PLEASE NOTE</u></strong>: As I am launching revised subscription plans and a new subscriber promotion for this week only the PREMIUM SERVICE SUBSCRIBER version will be open on all versions “FREE NEWSLETTER” version of the WEEKLY FX DRIVE THRU.\r\n\r\nStepping back…\r\n\r\nI have made some subtle changes to the format and running order of the blog and I have removed some content from the “FREE SUBSCRIBER” versions of this blog and added them to the “PREMIUM SERVICE SUBSCRIBERS ONLY SECTION”.\r\n\r\nFinally, although having been away from blogging I have still been trading through the PREMIUM SERVICE and in August I added 2,189 pips to the annual total against my objective of 10,000 pips. This addition of pips is despite my continual remarks about trading difficulties. What is really annoying is, I walked away from about 1,000 pips via early exits of trades…argh!! However, one should never complain about banking $$$ and pips, regardless of the amounts or numbers.\r\n\r\nTherefore, from the final four months of 2017 I require 3,669 additional pips to reach my annual objective. Should I achieve the 10,000-pip total it will be the 4th consecutive year to do so,  in fact since the PREMIUM SERVICE started so far it has always met its objective. This year has been a real challenge though for one reason or another.\r\n\r\nAs I continually mention to my subscribers it is a difficult marketplace from within to trade, and, frankly I do not see it changing for the remainder of this year. With all the ups and downs, uncertainties and geopolitical issues plus the DONALD’S twitter feed, the way I have adjusted my trade style and the way I look at trades has altered, if I compare 2016 with today. Back in 2014 when I thought it was hard it was really a breeze!  Basically, I am now more than happy to do a Steve Miller and “Take the money and run”, when in previous years I may have sat in trades a little longer. I do still sit in trades but frankly most of the time it is  the “Grab and Go” approach that works best. It is just NOT my usual style and it annoys me to “Grab and Go” when on occasions many pips are left on the table.\r\n\r\nNevertheless, onwards and upwards the PREMIUM SERVICE goes and I am delighted.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n&nbsp;\r\n\r\nUSD: Non-Farm Payrolls data.\r\n\r\nFirstly, ADP Non-Farm numbers released last Wednesday were blow out numbers, they were really good at 237k versus estimates of 185k. In previous months however, the correlation between ADP and NFP numbers being somewhat in directional alignment has just not happened. ADP has been a great contrarian indicator in recent months and it did not fail to live up to its new-found reputation as NFP missed.\r\n\r\nThe USD was crushed but then the DXY climbed back as the ECB fearful of strength returning to the EUR like a Forex Tsunami next week announced that Tapering would not be ready until later this year in December.\r\n\r\nThe cynic in me sees this as timing to coincide with a possible FED rate hike. If the FED were ever going to raise again in 2017 it would be December. This should negate some of the EUR strength if the FED raised US rates around the same time as ECB tapering\r\n\r\n“Scott!” …. How can you be so cynical?\r\n\r\nCAD: GDP.\r\n\r\nReally good data. I sit in the camp that the BOC will be raising rates once again before the end of 2017. I talk about this in greater detail in section 3.2 of the blog.\r\n\r\n&nbsp;\r\n\r\nGBP: BREXIT.\r\n\r\nBREXIT negotiations appear to be along the lines of a west-end farce.\r\n\r\nI am NOT surprised, and neither should you be, we are watching career politicians at work. They only know how to attribute blame; they are simply NOT negotiators or problem solvers. This hangs over the UK like the “Sword of Damocles”.\r\n\r\nI remain bearish cable longer-term and I stand by everything I have written in earlier blogs about timings and FX targets. I am still to this day astonished by the continual reference to “HARD or SOFT BREXIT”. For crying out loud; there is NO SOFT BREXIT. The EUROZONE cannot afford a SOFT BREXIT because it could potentially create a CONTAGION.\r\n\r\nI am now in the camp that there will be NO BREXIT deal achieved.\r\n\r\n&nbsp;\r\n\r\nGEOPOLITICAL TENSIONS:\r\n\r\nNORTH KOREA:\r\n\r\nKIM JONG-UN will just not “bend the knee”. Even John Snow bent the knee!! This fecker could strike Guam despite all the political pressure and efforts pushed upon him. He is as much of a loose cannon, in fact probably a lot more if the truth be known than DONALD TRUMP.\r\n\r\nUnlike OBAMA I believe that TRUMP will eventually act against North Korea. I think, and I hate to write this. it’s not “if” but “when” TRUMP acts. Commencing hostilities is a difficult decision with wide ranging ramifications especially as South Korea could come off the worst if missiles are fired in anger. At the end of the day something or someone has got to give.\r\n\r\nAfter he fired missiles over Japan just after the Asian markets open last Monday, that session and the European session that followed sold off like crazy, they were very volatile sessions. From a Forex perspective, the JPY and CHF both strengthened to key support levels taking their crosses with them. The US markets opened much lower, the DXY was at critical support, but then as usual even with the political rhetoric flying left, right and centre, US equities shrugged it all off and rebounded off the triple digit lows to end the day in the green. The “Buy the Dip” mentality always seems to be a successful trade on Wall Street regardless of what is going on. We should trade in the full knowledge that this situation could escalate and kick off very quickly at any time.\r\n\r\nIt beggars belief that with a “nutter” like JONG-UN allowed basically a free reign, the markets carry on as if its birthdays and Christmas rolled into one. JONG-UN could not give a rat’s ass if hundreds of thousands of his people starve to death on the streets. As long as, he and his million people plus strong army are fed that all that counts. This mentality is beyond traditional negotiation. History shows that and JONG-UN knows that.\r\n\r\nThis whole situation is making me think that I need to look at placing ARMAGEDDON TRADES back in the frame.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-03092017.png\"><img class=\"aligncenter size-large wp-image-9944\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-03092017-1024x742.png\" alt=\"\" width=\"1024\" height=\"742\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017.png\"><img class=\"aligncenter size-large wp-image-9945\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Economic data releases this week are a bit thin on the ground.\r\n\r\nHowever, here are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n\r\nAUD: A very busy week for Australian data. We have the RBA Rate Statement, GDP, Retail Sales and the Trade balance all scheduled to be released.\r\n\r\nIf you study bank opinions, follow twitter posts and listen to the financial media, you should be in the same place as I am with regards to the AUD currency and that is; a state of confusion.\r\n\r\nThe RBA without doubt do not want to “Rock the Boat”. Philip Lowe, RBA Governor, has stated that the RBA do not want to start raising interest rates despite a housing bubble in Sydney and to some extent in Melbourne. He favours a status quo on monetary policy, by remaining very much neutral.\r\n\r\nEconomically however, data from Australia has been on balance good, although this good data has been fueling areas of the economy that the RBA does not want to fuel. Something has got to give.\r\n\r\nFrom the AUD/USD perspective a break above the 0.8060 level would break above recent highs and would have the RBA toilets fully occupied in seconds as the committee debates the actions required to peg it back from appreciating too far.\r\n\r\n\r\nGBP: Construction and Services PMi are the highlights for UK data. As always, I am in the camp of “Construction” missing and “Services” beating the market expectations. As long as the run of mixed but on balance poorer economic data continues in the UK combined with farcical BREXIT negotiations my FUNDAMENTAL views of GBP/USD at 1.2000 and EUR/GBP at parity remain. Coming back from vacation the hardest bit for me to do it to enter the trades I want at value prices for the GBP crosses.\r\n\r\nPREMIUM SERVICE subscribers know that after NFP I was really frustrated that I could not achieve my targeted entry levels.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nCAD: It’s a big, big week for the Canadian economy. Trade Balance, Jobs data and a BOC Rate Statement all feature this week. On the back of stellar GDP growth announced last week, it is heady times for the CAD.\r\n\r\nI am not expecting an interest rate hike this month but I am preparing mentally for one before the end of 2017. I see the USD/CAD moving a lot lower. Out of the initial 0.25% hike in rates the CAD strengthened again the USD by about 10 cents overall. This next rate hike by the BOC bake to 1.0% could see a further 5/6 cents in my opinion, with the USD/CAD sitting below the psychological level of 1.2000 when it’s all said and done.\r\n\r\n&nbsp;\r\n\r\nEUR: God help the poor fecker, Mario Draghi must liken his press conferences to being put in front of an attack by the Dothraki. His recent past public appearances have been improving but basically since the last ECB Press conference and his Sintra speeches he has been trying to climb out the hole he dug for himself.\r\n\r\nBeing balanced and defending Draghi for a moment what he had to do could be likened to trying to sell ice-creams to Eskimos. He was on a hiding to nothing. The markets are seeking cheap profits and the ECB is fair game as everyone knows that the ECB accommodative program is coming to an end very soon. No matter what Draghi says or does the markets smell blood.\r\n\r\nPotentially, the EUR/USD could be at 1.2500 very quickly, indeed well before tapering starts, however in an interesting move around last Friday’s NFP release the ECB starting with Ewald Nowotny (Austrian CB Governor), started a series of planned (in my opinion) press releases about tapering and how the message needs to be delivered.\r\n\r\nI am covering this in the SOAPBOX section later in blog (Section 5).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\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\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nAUGUST TOTAL:     +2,189 net pips\r\nMONTH TO DATE:  +0 pips\r\nYEAR TO DATE:      +6,331 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n\r\n<u>4.2: NEW SUBSCRIPTION OPTIONS:\r\n\r\n\r\n</u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017.png\"><img class=\"aligncenter size-large wp-image-9907\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017-799x1024.png\" alt=\"\" width=\"799\" height=\"1024\" /></a>\r\n\r\n<u>4.3: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a>\r\n\r\n<u>\r\n</u><u>\r\n4.4: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nBecause of my “time out” this month. No freebie subscription this month back in September, in fact the next “DRIVE THRU” blog.\r\n\r\nThis month’s winner of the 30 DAY PREMIUM SERVICE SUBSCRIPTION is: -\r\n\r\ndavid*******@gmail.com\r\n\r\nBy the time the blog is posted David should be fully in position to take advantage of his FREE subscription.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<u>4.6: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.6.1: TRADING REVIEW:</u>\r\n\r\nLooking back on August, I know that I criticized the markets trading conditions a great deal. It was a hard month with lower liquidity and geopolitical news thrown in as well, nevertheless all things considered; to end the month with a net pip increase of 2,189 pips was a great feeling.\r\n\r\nBreaking down the numbers, most income and pips were almost equal between FUNDAMENTAL and POSITION trades. I am still shying away from intraday trades via FLASH and RADAR trade set ups and this is indicative of how the market is playing in my opinion. I can only trade what meets my criteria and small day trades are not it, at the moment.\r\n\r\nIt was commodity cross rates that yielded most pips last month.\r\n\r\nI posted to twitter last Friday the NZD/CAD bear flag trade, which completed as posted originally in trade FUN655 on August 1st. I took 280 pips profit from the 5 separate trades (FUN655, FUN669, FUN670, FUN684 and FUN694) on the measured move which from day one when the initial set up was posted was projected at 488 pips. About 60% of the move was achieved, but my point is the conditions were that I felt I had to cover and re-enter again. I could not just leave the trade running. It is these conditions that have increased administration time and overall research and desk time this year. This trade is typical.\r\n\r\nThe RISK MANAGEMENT approach that I am using this year to protect $$$ results in more trade activity, which means more ins and outs as the trade move progresses.\r\n\r\nMoving on…\r\n\r\nIn August, the positive / negative trade ratio was 87% / 13% - happy bloody days!\r\n\r\nYear to date the PREMIUM SERVICE is now bang on target at 75% / 25%\r\n\r\nWith regards to the straight pip by pip analysis comparison.\r\n\r\nEnd of August 2016 = 9,200 pips\r\nThis year = 6,331 pips\r\nBehind by 2,869 pips\r\n\r\nRemember though 2016 was a 13,575-pip year well over the 10,000 pips objective.\r\n\r\nI am on target to achieve 10,000 pips by the end of 2017…. God willing!!\r\n\r\nMoving forward…\r\n\r\nI am looking at commodity cross rate pairs to generate a significant number of pips into the year end.\r\n\r\nDespite the ECB comments I do still see the EUR appreciating in value above 1.2000 towards 1.2250. I remain stubborn but with huge belief in the basic fact that the cable is going lower and by default the EUR/GBP moving higher into the year end.\r\n\r\nI was basically flat going into NFP and have added just a couple of set ups since NFP. Over the coming days I will be placing more set ups adding to CORE POSITIONS, primarily the NZD related pairs and will also be looking for GBP and CAD entries.\r\n\r\nWith regards the JPY. I have this issue. S&amp;P is at highs. Why in all  sanity isn’t the USD/JPY at 120.00, even 150.00? There lies the question and there lies my avoidance.\r\n\r\nThe CHF I am now ignoring unless we see a drop to the region of 0.9000 on the back of a North Korean situation. I believe that this will be the safe haven driver across the board.\r\n\r\nFinally, EUR/USD. Yes, I am going to look for a long entry. As previously discussed I want to get long off the trend line support at 1.1680. Failing this the 1.1711 pivot. I had hoped for blowout NFP numbers to give me a shot at these levels. We know what happened there!!\r\n\r\nSorry, I updated the RISK MANAGEMENT / POSITION SIZING excel spreadsheet to take effect 1st September. Mostly just adding in some pairs that were omitted from the original version. I have placed an updated copy on the NEWSBOARD inside the subscriber area of the website.\r\n\r\n<u>\r\n\r\n4.6.2: MARKET SENTIMENT:\r\n\r\n</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017.png\"><img class=\"aligncenter size-large wp-image-9946\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017-690x1024.png\" alt=\"\" width=\"690\" height=\"1024\" /></a></u><u>\r\n\r\n</u>\r\n\r\n<u>4.6.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017.png\"><img class=\"aligncenter size-large wp-image-9945\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9950\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9951\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9949\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9952\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9953\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9954\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9955\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n4.6.4: CORE TRADES:</u>\r\n\r\nJust a brief note this week as I was virtually flat going into NFP last Friday. Usually there are a total of approximately 20 trades either LIVE or LIMIT ORDERS to review. This week I only have 4 live trades going into the weekend.\r\n\r\nAUD/NZD: (Live)\r\n\r\nAs the long time subscribers will know. I have been basically long this pair for most of the past two years. It is now in breakout mode.\r\n\r\nI currently reduced size to one position pre NFP and have a limit order in place. My gut feeling is that I will be adding a BUY STOP order as well as another LIMIT ORDER based off a smaller pullback to add to the current position.\r\n\r\n&nbsp;\r\n\r\nNZD/USD: (Live)\r\n\r\nOnly one trade in play at the moment but the Head and Shoulders measured move means more will be added moving forward. Like a bloody numpty, I missed the shorting opportunity at 0.7200 post NFP…. argh!!\r\n\r\n&nbsp;\r\n\r\nEUR/NZD: (Live)\r\n\r\nI will be adding primarily BUY STOP orders to the pair. I am still in the camp that the ECB will fail in talking back the single currency and that EUR crosses will benefit.\r\n\r\n&nbsp;\r\n\r\nIn the melting pot for moving forward…\r\n\r\nEUR/USD and EUR Cross Rates:\r\n\r\nGBP/USD and GBP Cross Rates:\r\n\r\n&nbsp;\r\n\r\n<u>\r\n\r\n4.6.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-03092017.png\"><img class=\"aligncenter size-large wp-image-9948\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-03092017-914x1024.png\" alt=\"\" width=\"914\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-03092017.png\"><img class=\"aligncenter size-large wp-image-9947\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-03092017-867x1024.png\" alt=\"\" width=\"867\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nDRAGHI GETTING PREPARED FOR THE DOTHRAKI </strong><strong> </strong>\r\n\r\nThe one part of writing this blog that I really look forward to is this section Within “THE SOAPBOX” I can basically write about anything that is on my mind that I consider could be of interest directly or indirectly to trading currencies.\r\n\r\nHaving had a few weeks off in the summer, I am back and raring to go. If only the same could be said of “God love him”, Mario Draghi as he prepares this week for the ECB Interest Rate announcement and Press Conference that follows.\r\n\r\nHe is on a hiding to nothing. The ECB are scared shitless about the single currency appreciating too much, too far and too fast as it will screw up all the work undertaken so far to try and get in general terms, very, very general terms the EUROZONE economy back on track.\r\n\r\nSo far up their own arse’s the ECB have now taken to delivering pre-news updates about upcoming news events such as the ECB Press Conference this Thursday. This is an attempt to lower market expectations from what Mario Draghi will talk about and what the prepared statement will say. This desire to dampen expectations is understandable but the inevitable is going to happen.\r\n\r\nIf it looks like a pig, it\'s a fecking pig even if you dress it up in a skirt put a syrup on its head and paint lipstick on it. It’s still a pig. Draghi has his own squealer to deal with.\r\n\r\nBeing the ECB he is of course not helped by Ewald Nowotny (Austrian Central Bank, Governor), who only fans flames in these situations. He has already been on the wires stating Draghi needs effective communication and dialogue to plan the ECB tapering plans and how the ECB will return to a normalized interest rate policy. Easier to sell an ice-cream to Eskimo in my opinion.\r\n\r\nMoving on…\r\n\r\nSo, let me keep this as punchy as I can from my own view and perspective. Draghi is f**ked. No matter what he says or does he is screwed. It is like standing in front of the Dothraki horsemen armed with a butter knife.\r\n\r\nThe good news and the bad news as I see it: -\r\n<ul>\r\n 	<li>EUROZONE growth is up in 2017 and will likely be revised upwards.</li>\r\n 	<li>The strong EUR could influence core inflation lower into 2018.</li>\r\n 	<li>Business confidence is optimistic, in Germany at least.</li>\r\n 	<li>Elections this month in Germany and early next year in Italy.</li>\r\n 	<li>Populist fears for France and Holland never materialized.</li>\r\n 	<li>Inflation is still lagging.</li>\r\n</ul>\r\nWhat options does Mario Draghi have?\r\n\r\nAround the time of the NFP release last Friday the ECB announced that any decision on tapering would be delayed until December. Now I am a cynical fecker at the best of times but December coincides with the time that if the FED was going to act on increasing US interest rates it would be then. This delay to the same time of the year if the FED does act, will negate some of the possible, or in my view probable EUR strength.\r\n\r\nSo, basically the ECB has bought three months during which time they hope to keep the EUR appreciation suppressed.\r\n\r\nThis is known as “KICKING THE CAN DOWN THE ROAD”\r\n\r\nThe ECB and EUROZONE are masters at this. If it were an Olympic event the EUROZONE would win gold with the ECB in the silver medal position.\r\n\r\nThe bottom end is that the ECB will have to address the issue of monetary normalization at some point in time. They cannot just exit. It will take time to do so with a timetable of events. The markets feed on the greed of that instant move and then it will settle down but the simple fact is that unless the FED are normalizing at a faster rate than the ECB the EUR/USD is going to 1.2500-1.3000 again.\r\n\r\nI think that the ECB might use inflation as the reason and perhaps extend the QE period for another 6 months but taper down €20-30bn per month. With regards to negative overnight rates, these will probably remain in place but could be tapered in the first half year of 2018.\r\n\r\nDraghi is consistent. He has always pointed out the requirement for continued monetary policy accommodation. It is the markets frothing like rabid dogs wanting movement on policy knowing that economic data is improving that has created all the euphoria. A sniff of improving conditions has the markets thirsty for blood.\r\n\r\nI know I give a brief macro level opinion, but if you want more detail there are plenty of places on the web to find the detail.\r\n\r\nOverwhelmingly, I believe the markets may buy a delay for a day but as soon as the next set of positive data hits the wires, all bets are off again. The markets have the memory and attention span of gnat.\r\n\r\nFrom a trading perspective where am I?\r\n\r\nThe Forex market is a future pricing mechanism…. I read that in a book. The markets smell fear in the ECB and they are ready rip the single currency.\r\n\r\nYes, I want to long EUR/USD over the medium term and the fact that the ECB announced a December timeline last week has given me more time to pick my EUR./USD long entry. I like the 1.1680 entry just below 1.1711 pivot off trend line support. Will we go to that low? At the moment, there is nothing in my brain telling me that we will see a pullback to that level at the moment, so I may have to re-evaluate my thought process once again this week after the ECB Press Conference on Thursday.\r\n\r\nWith regards to the EUR crosses they are fair game at the moment which I will be looking to add to this week.\r\n\r\nTherefore, this week I see Draghi saying all is on hold until the December. I see him shunning all questions on normalization and tapering, stating wait and see as it all being evaluated.\r\n\r\nIf he veers away from the text the EUR will rocket thru 1.2000 like a hot knife thru butter. Draghi cannot show fear, uncertainty or anxiety because, should he demonstrate any of those mannerisms he will get his feet cut from beneath him and he will have crawl out on his knees to leave the Press Conference.\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #145 PREMIUM SERVICE\r\nSeptember 3rd, 2','DRAGHI GETTING PREPARED FOR THE  DOTHRAKI','','publish','open','closed','','draghi-getting-prepared-dothraki','','','2017-09-02 07:00:57','2017-09-02 12:00:57','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9957',0,'member_posts','',0),(9958,1,'2017-09-02 07:00:57','2017-09-02 12:00:57','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nApart from this being the first post following my short summer break from weekly blog posts, it is also “Papa was a Rollin’ stone day” (The Temptations song from way back in 1972 re-defined the opening to a song with an extended instrumental introduction. The first line of which was “It was the 3rd of September….”).\r\n\r\nMoving on…\r\n\r\nIt is great to back in blogging mode once again and there are so many hot topics to choose from to be my first SOAPBOX article, BREXIT, the ECB, THE DONALD plus that fecking idiot in North Korea!\r\n\r\nHowever, my excitement does not stop there; to keep matters spiced up, I have made a couple of amendments to the blog format and I am also pleased to announce a lower cost entry subscription fee to enable you to join to THE PREMIUM SERVICE, in fact, you can get the first 10 days for just CAD$10.00.\r\n\r\nMoving on up…\r\n\r\nWhen the last “DOUBLE IT UP” promotion was in place, I received several emails from potential subscribers who wanted THE PREMIUM SERVICE to offer a lower cost option to subscribe. After donning my thinking cap, I have come up with something that I hope will answer most, if not all the emails received, and, I am excited with the subscription options that are now in place (see below in section 4.2).\r\n\r\nFor added excitement, I have added a short “FALL” promotion as well to coincide with my return (see below in section 4.3).\r\n\r\n<strong><u>PLEASE NOTE</u></strong>: As I am launching revised subscription plans and a new subscriber promotion for this week only the PREMIUM SERVICE SUBSCRIBER version will be open on all versions “FREE NEWSLETTER” version of the WEEKLY FX DRIVE THRU.\r\n\r\nStepping back…\r\n\r\nI have made some subtle changes to the format and running order of the blog and I have removed some content from the “FREE SUBSCRIBER” versions of this blog and added them to the “PREMIUM SERVICE SUBSCRIBERS ONLY SECTION”.\r\n\r\nFinally, although having been away from blogging I have still been trading through the PREMIUM SERVICE and in August I added 2,189 pips to the annual total against my objective of 10,000 pips. This addition of pips is despite my continual remarks about trading difficulties. What is really annoying is, I walked away from about 1,000 pips via early exits of trades…argh!! However, one should never complain about banking $$$ and pips, regardless of the amounts or numbers.\r\n\r\nTherefore, from the final four months of 2017 I require 3,669 additional pips to reach my annual objective. Should I achieve the 10,000-pip total it will be the 4th consecutive year to do so,  in fact since the PREMIUM SERVICE started so far it has always met its objective. This year has been a real challenge though for one reason or another.\r\n\r\nAs I continually mention to my subscribers it is a difficult marketplace from within to trade, and, frankly I do not see it changing for the remainder of this year. With all the ups and downs, uncertainties and geopolitical issues plus the DONALD’S twitter feed, the way I have adjusted my trade style and the way I look at trades has altered, if I compare 2016 with today. Back in 2014 when I thought it was hard it was really a breeze!  Basically, I am now more than happy to do a Steve Miller and “Take the money and run”, when in previous years I may have sat in trades a little longer. I do still sit in trades but frankly most of the time it is  the “Grab and Go” approach that works best. It is just NOT my usual style and it annoys me to “Grab and Go” when on occasions many pips are left on the table.\r\n\r\nNevertheless, onwards and upwards the PREMIUM SERVICE goes and I am delighted.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n&nbsp;\r\n\r\nUSD: Non-Farm Payrolls data.\r\n\r\nFirstly, ADP Non-Farm numbers released last Wednesday were blow out numbers, they were really good at 237k versus estimates of 185k. In previous months however, the correlation between ADP and NFP numbers being somewhat in directional alignment has just not happened. ADP has been a great contrarian indicator in recent months and it did not fail to live up to its new-found reputation as NFP missed.\r\n\r\nThe USD was crushed but then the DXY climbed back as the ECB fearful of strength returning to the EUR like a Forex Tsunami next week announced that Tapering would not be ready until later this year in December.\r\n\r\nThe cynic in me sees this as timing to coincide with a possible FED rate hike. If the FED were ever going to raise again in 2017 it would be December. This should negate some of the EUR strength if the FED raised US rates around the same time as ECB tapering\r\n\r\n“Scott!” …. How can you be so cynical?\r\n\r\nCAD: GDP.\r\n\r\nReally good data. I sit in the camp that the BOC will be raising rates once again before the end of 2017. I talk about this in greater detail in section 3.2 of the blog.\r\n\r\n&nbsp;\r\n\r\nGBP: BREXIT.\r\n\r\nBREXIT negotiations appear to be along the lines of a west-end farce.\r\n\r\nI am NOT surprised, and neither should you be, we are watching career politicians at work. They only know how to attribute blame; they are simply NOT negotiators or problem solvers. This hangs over the UK like the “Sword of Damocles”.\r\n\r\nI remain bearish cable longer-term and I stand by everything I have written in earlier blogs about timings and FX targets. I am still to this day astonished by the continual reference to “HARD or SOFT BREXIT”. For crying out loud; there is NO SOFT BREXIT. The EUROZONE cannot afford a SOFT BREXIT because it could potentially create a CONTAGION.\r\n\r\nI am now in the camp that there will be NO BREXIT deal achieved.\r\n\r\n&nbsp;\r\n\r\nGEOPOLITICAL TENSIONS:\r\n\r\nNORTH KOREA:\r\n\r\nKIM JONG-UN will just not “bend the knee”. Even John Snow bent the knee!! This fecker could strike Guam despite all the political pressure and efforts pushed upon him. He is as much of a loose cannon, in fact probably a lot more if the truth be known than DONALD TRUMP.\r\n\r\nUnlike OBAMA I believe that TRUMP will eventually act against North Korea. I think, and I hate to write this. it’s not “if” but “when” TRUMP acts. Commencing hostilities is a difficult decision with wide ranging ramifications especially as South Korea could come off the worst if missiles are fired in anger. At the end of the day something or someone has got to give.\r\n\r\nAfter he fired missiles over Japan just after the Asian markets open last Monday, that session and the European session that followed sold off like crazy, they were very volatile sessions. From a Forex perspective, the JPY and CHF both strengthened to key support levels taking their crosses with them. The US markets opened much lower, the DXY was at critical support, but then as usual even with the political rhetoric flying left, right and centre, US equities shrugged it all off and rebounded off the triple digit lows to end the day in the green. The “Buy the Dip” mentality always seems to be a successful trade on Wall Street regardless of what is going on. We should trade in the full knowledge that this situation could escalate and kick off very quickly at any time.\r\n\r\nIt beggars belief that with a “nutter” like JONG-UN allowed basically a free reign, the markets carry on as if its birthdays and Christmas rolled into one. JONG-UN could not give a rat’s ass if hundreds of thousands of his people starve to death on the streets. As long as, he and his million people plus strong army are fed that all that counts. This mentality is beyond traditional negotiation. History shows that and JONG-UN knows that.\r\n\r\nThis whole situation is making me think that I need to look at placing ARMAGEDDON TRADES back in the frame.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-03092017.png\"><img class=\"aligncenter size-large wp-image-9944\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-03092017-1024x742.png\" alt=\"\" width=\"1024\" height=\"742\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017.png\"><img class=\"aligncenter size-large wp-image-9945\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Economic data releases this week are a bit thin on the ground.\r\n\r\nHowever, here are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n\r\nAUD: A very busy week for Australian data. We have the RBA Rate Statement, GDP, Retail Sales and the Trade balance all scheduled to be released.\r\n\r\nIf you study bank opinions, follow twitter posts and listen to the financial media, you should be in the same place as I am with regards to the AUD currency and that is; a state of confusion.\r\n\r\nThe RBA without doubt do not want to “Rock the Boat”. Philip Lowe, RBA Governor, has stated that the RBA do not want to start raising interest rates despite a housing bubble in Sydney and to some extent in Melbourne. He favours a status quo on monetary policy, by remaining very much neutral.\r\n\r\nEconomically however, data from Australia has been on balance good, although this good data has been fueling areas of the economy that the RBA does not want to fuel. Something has got to give.\r\n\r\nFrom the AUD/USD perspective a break above the 0.8060 level would break above recent highs and would have the RBA toilets fully occupied in seconds as the committee debates the actions required to peg it back from appreciating too far.\r\n\r\n\r\nGBP: Construction and Services PMi are the highlights for UK data. As always, I am in the camp of “Construction” missing and “Services” beating the market expectations. As long as the run of mixed but on balance poorer economic data continues in the UK combined with farcical BREXIT negotiations my FUNDAMENTAL views of GBP/USD at 1.2000 and EUR/GBP at parity remain. Coming back from vacation the hardest bit for me to do it to enter the trades I want at value prices for the GBP crosses.\r\n\r\nPREMIUM SERVICE subscribers know that after NFP I was really frustrated that I could not achieve my targeted entry levels.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nCAD: It’s a big, big week for the Canadian economy. Trade Balance, Jobs data and a BOC Rate Statement all feature this week. On the back of stellar GDP growth announced last week, it is heady times for the CAD.\r\n\r\nI am not expecting an interest rate hike this month but I am preparing mentally for one before the end of 2017. I see the USD/CAD moving a lot lower. Out of the initial 0.25% hike in rates the CAD strengthened again the USD by about 10 cents overall. This next rate hike by the BOC bake to 1.0% could see a further 5/6 cents in my opinion, with the USD/CAD sitting below the psychological level of 1.2000 when it’s all said and done.\r\n\r\n&nbsp;\r\n\r\nEUR: God help the poor fecker, Mario Draghi must liken his press conferences to being put in front of an attack by the Dothraki. His recent past public appearances have been improving but basically since the last ECB Press conference and his Sintra speeches he has been trying to climb out the hole he dug for himself.\r\n\r\nBeing balanced and defending Draghi for a moment what he had to do could be likened to trying to sell ice-creams to Eskimos. He was on a hiding to nothing. The markets are seeking cheap profits and the ECB is fair game as everyone knows that the ECB accommodative program is coming to an end very soon. No matter what Draghi says or does the markets smell blood.\r\n\r\nPotentially, the EUR/USD could be at 1.2500 very quickly, indeed well before tapering starts, however in an interesting move around last Friday’s NFP release the ECB starting with Ewald Nowotny (Austrian CB Governor), started a series of planned (in my opinion) press releases about tapering and how the message needs to be delivered.\r\n\r\nI am covering this in the SOAPBOX section later in blog (Section 5).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\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\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nAUGUST TOTAL:     +2,189 net pips\r\nMONTH TO DATE:  +0 pips\r\nYEAR TO DATE:      +6,331 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n\r\n<u>4.2: NEW SUBSCRIPTION OPTIONS:\r\n\r\n\r\n</u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017.png\"><img class=\"aligncenter size-large wp-image-9907\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017-799x1024.png\" alt=\"\" width=\"799\" height=\"1024\" /></a>\r\n\r\n<u>4.3: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a>\r\n\r\n<u>\r\n</u><u>\r\n4.4: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nBecause of my “time out” this month. No freebie subscription this month back in September, in fact the next “DRIVE THRU” blog.\r\n\r\nThis month’s winner of the 30 DAY PREMIUM SERVICE SUBSCRIPTION is: -\r\n\r\ndavid*******@gmail.com\r\n\r\nBy the time the blog is posted David should be fully in position to take advantage of his FREE subscription.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<u>4.6: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.6.1: TRADING REVIEW:</u>\r\n\r\nLooking back on August, I know that I criticized the markets trading conditions a great deal. It was a hard month with lower liquidity and geopolitical news thrown in as well, nevertheless all things considered; to end the month with a net pip increase of 2,189 pips was a great feeling.\r\n\r\nBreaking down the numbers, most income and pips were almost equal between FUNDAMENTAL and POSITION trades. I am still shying away from intraday trades via FLASH and RADAR trade set ups and this is indicative of how the market is playing in my opinion. I can only trade what meets my criteria and small day trades are not it, at the moment.\r\n\r\nIt was commodity cross rates that yielded most pips last month.\r\n\r\nI posted to twitter last Friday the NZD/CAD bear flag trade, which completed as posted originally in trade FUN655 on August 1st. I took 280 pips profit from the 5 separate trades (FUN655, FUN669, FUN670, FUN684 and FUN694) on the measured move which from day one when the initial set up was posted was projected at 488 pips. About 60% of the move was achieved, but my point is the conditions were that I felt I had to cover and re-enter again. I could not just leave the trade running. It is these conditions that have increased administration time and overall research and desk time this year. This trade is typical.\r\n\r\nThe RISK MANAGEMENT approach that I am using this year to protect $$$ results in more trade activity, which means more ins and outs as the trade move progresses.\r\n\r\nMoving on…\r\n\r\nIn August, the positive / negative trade ratio was 87% / 13% - happy bloody days!\r\n\r\nYear to date the PREMIUM SERVICE is now bang on target at 75% / 25%\r\n\r\nWith regards to the straight pip by pip analysis comparison.\r\n\r\nEnd of August 2016 = 9,200 pips\r\nThis year = 6,331 pips\r\nBehind by 2,869 pips\r\n\r\nRemember though 2016 was a 13,575-pip year well over the 10,000 pips objective.\r\n\r\nI am on target to achieve 10,000 pips by the end of 2017…. God willing!!\r\n\r\nMoving forward…\r\n\r\nI am looking at commodity cross rate pairs to generate a significant number of pips into the year end.\r\n\r\nDespite the ECB comments I do still see the EUR appreciating in value above 1.2000 towards 1.2250. I remain stubborn but with huge belief in the basic fact that the cable is going lower and by default the EUR/GBP moving higher into the year end.\r\n\r\nI was basically flat going into NFP and have added just a couple of set ups since NFP. Over the coming days I will be placing more set ups adding to CORE POSITIONS, primarily the NZD related pairs and will also be looking for GBP and CAD entries.\r\n\r\nWith regards the JPY. I have this issue. S&amp;P is at highs. Why in all  sanity isn’t the USD/JPY at 120.00, even 150.00? There lies the question and there lies my avoidance.\r\n\r\nThe CHF I am now ignoring unless we see a drop to the region of 0.9000 on the back of a North Korean situation. I believe that this will be the safe haven driver across the board.\r\n\r\nFinally, EUR/USD. Yes, I am going to look for a long entry. As previously discussed I want to get long off the trend line support at 1.1680. Failing this the 1.1711 pivot. I had hoped for blowout NFP numbers to give me a shot at these levels. We know what happened there!!\r\n\r\nSorry, I updated the RISK MANAGEMENT / POSITION SIZING excel spreadsheet to take effect 1st September. Mostly just adding in some pairs that were omitted from the original version. I have placed an updated copy on the NEWSBOARD inside the subscriber area of the website.\r\n\r\n<u>\r\n\r\n4.6.2: MARKET SENTIMENT:\r\n\r\n</u>\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017.png\"><img class=\"aligncenter size-large wp-image-9946\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017-690x1024.png\" alt=\"\" width=\"690\" height=\"1024\" /></a></u><u>\r\n\r\n</u>\r\n\r\n<u>4.6.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017.png\"><img class=\"aligncenter size-large wp-image-9945\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9950\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9951\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9949\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9952\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9953\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9954\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9955\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n4.6.4: CORE TRADES:</u>\r\n\r\nJust a brief note this week as I was virtually flat going into NFP last Friday. Usually there are a total of approximately 20 trades either LIVE or LIMIT ORDERS to review. This week I only have 4 live trades going into the weekend.\r\n\r\nAUD/NZD: (Live)\r\n\r\nAs the long time subscribers will know. I have been basically long this pair for most of the past two years. It is now in breakout mode.\r\n\r\nI currently reduced size to one position pre NFP and have a limit order in place. My gut feeling is that I will be adding a BUY STOP order as well as another LIMIT ORDER based off a smaller pullback to add to the current position.\r\n\r\n&nbsp;\r\n\r\nNZD/USD: (Live)\r\n\r\nOnly one trade in play at the moment but the Head and Shoulders measured move means more will be added moving forward. Like a bloody numpty, I missed the shorting opportunity at 0.7200 post NFP…. argh!!\r\n\r\n&nbsp;\r\n\r\nEUR/NZD: (Live)\r\n\r\nI will be adding primarily BUY STOP orders to the pair. I am still in the camp that the ECB will fail in talking back the single currency and that EUR crosses will benefit.\r\n\r\n&nbsp;\r\n\r\nIn the melting pot for moving forward…\r\n\r\nEUR/USD and EUR Cross Rates:\r\n\r\nGBP/USD and GBP Cross Rates:\r\n\r\n&nbsp;\r\n\r\n<u>\r\n\r\n4.6.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-03092017.png\"><img class=\"aligncenter size-large wp-image-9948\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-03092017-914x1024.png\" alt=\"\" width=\"914\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-03092017.png\"><img class=\"aligncenter size-large wp-image-9947\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-03092017-867x1024.png\" alt=\"\" width=\"867\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nDRAGHI GETTING PREPARED FOR THE DOTHRAKI </strong><strong> </strong>\r\n\r\nThe one part of writing this blog that I really look forward to is this section Within “THE SOAPBOX” I can basically write about anything that is on my mind that I consider could be of interest directly or indirectly to trading currencies.\r\n\r\nHaving had a few weeks off in the summer, I am back and raring to go. If only the same could be said of “God love him”, Mario Draghi as he prepares this week for the ECB Interest Rate announcement and Press Conference that follows.\r\n\r\nHe is on a hiding to nothing. The ECB are scared shitless about the single currency appreciating too much, too far and too fast as it will screw up all the work undertaken so far to try and get in general terms, very, very general terms the EUROZONE economy back on track.\r\n\r\nSo far up their own arse’s the ECB have now taken to delivering pre-news updates about upcoming news events such as the ECB Press Conference this Thursday. This is an attempt to lower market expectations from what Mario Draghi will talk about and what the prepared statement will say. This desire to dampen expectations is understandable but the inevitable is going to happen.\r\n\r\nIf it looks like a pig, it\'s a fecking pig even if you dress it up in a skirt put a syrup on its head and paint lipstick on it. It’s still a pig. Draghi has his own squealer to deal with.\r\n\r\nBeing the ECB he is of course not helped by Ewald Nowotny (Austrian Central Bank, Governor), who only fans flames in these situations. He has already been on the wires stating Draghi needs effective communication and dialogue to plan the ECB tapering plans and how the ECB will return to a normalized interest rate policy. Easier to sell an ice-cream to Eskimo in my opinion.\r\n\r\nMoving on…\r\n\r\nSo, let me keep this as punchy as I can from my own view and perspective. Draghi is f**ked. No matter what he says or does he is screwed. It is like standing in front of the Dothraki horsemen armed with a butter knife.\r\n\r\nThe good news and the bad news as I see it: -\r\n<ul>\r\n 	<li>EUROZONE growth is up in 2017 and will likely be revised upwards.</li>\r\n 	<li>The strong EUR could influence core inflation lower into 2018.</li>\r\n 	<li>Business confidence is optimistic, in Germany at least.</li>\r\n 	<li>Elections this month in Germany and early next year in Italy.</li>\r\n 	<li>Populist fears for France and Holland never materialized.</li>\r\n 	<li>Inflation is still lagging.</li>\r\n</ul>\r\nWhat options does Mario Draghi have?\r\n\r\nAround the time of the NFP release last Friday the ECB announced that any decision on tapering would be delayed until December. Now I am a cynical fecker at the best of times but December coincides with the time that if the FED was going to act on increasing US interest rates it would be then. This delay to the same time of the year if the FED does act, will negate some of the possible, or in my view probable EUR strength.\r\n\r\nSo, basically the ECB has bought three months during which time they hope to keep the EUR appreciation suppressed.\r\n\r\nThis is known as “KICKING THE CAN DOWN THE ROAD”\r\n\r\nThe ECB and EUROZONE are masters at this. If it were an Olympic event the EUROZONE would win gold with the ECB in the silver medal position.\r\n\r\nThe bottom end is that the ECB will have to address the issue of monetary normalization at some point in time. They cannot just exit. It will take time to do so with a timetable of events. The markets feed on the greed of that instant move and then it will settle down but the simple fact is that unless the FED are normalizing at a faster rate than the ECB the EUR/USD is going to 1.2500-1.3000 again.\r\n\r\nI think that the ECB might use inflation as the reason and perhaps extend the QE period for another 6 months but taper down €20-30bn per month. With regards to negative overnight rates, these will probably remain in place but could be tapered in the first half year of 2018.\r\n\r\nDraghi is consistent. He has always pointed out the requirement for continued monetary policy accommodation. It is the markets frothing like rabid dogs wanting movement on policy knowing that economic data is improving that has created all the euphoria. A sniff of improving conditions has the markets thirsty for blood.\r\n\r\nI know I give a brief macro level opinion, but if you want more detail there are plenty of places on the web to find the detail.\r\n\r\nOverwhelmingly, I believe the markets may buy a delay for a day but as soon as the next set of positive data hits the wires, all bets are off again. The markets have the memory and attention span of gnat.\r\n\r\nFrom a trading perspective where am I?\r\n\r\nThe Forex market is a future pricing mechanism…. I read that in a book. The markets smell fear in the ECB and they are ready rip the single currency.\r\n\r\nYes, I want to long EUR/USD over the medium term and the fact that the ECB announced a December timeline last week has given me more time to pick my EUR./USD long entry. I like the 1.1680 entry just below 1.1711 pivot off trend line support. Will we go to that low? At the moment, there is nothing in my brain telling me that we will see a pullback to that level at the moment, so I may have to re-evaluate my thought process once again this week after the ECB Press Conference on Thursday.\r\n\r\nWith regards to the EUR crosses they are fair game at the moment which I will be looking to add to this week.\r\n\r\nTherefore, this week I see Draghi saying all is on hold until the December. I see him shunning all questions on normalization and tapering, stating wait and see as it all being evaluated.\r\n\r\nIf he veers away from the text the EUR will rocket thru 1.2000 like a hot knife thru butter. Draghi cannot show fear, uncertainty or anxiety because, should he demonstrate any of those mannerisms he will get his feet cut from beneath him and he will have crawl out on his knees to leave the Press Conference.\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #145 PREMIUM SERVICE\r\nSeptember 3rd, 2','DRAGHI GETTING PREPARED FOR THE  DOTHRAKI','','inherit','closed','closed','','9957-revision-v1','','','2017-09-02 07:00:57','2017-09-02 12:00:57','',9957,'https://weeklyfxdrivethru.com/9957-revision-v1/',0,'revision','',0),(9964,1,'2017-09-02 10:13:11','2017-09-02 15:13:11','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nApart from this being the first post following my short summer break from weekly blog posts, it is also “Papa was a Rollin’ stone day” (The Temptations song from way back in 1972 re-defined the opening to a song with an extended instrumental introduction. The first line of which was “It was the 3rd of September….”).\r\n\r\nMoving on…\r\n\r\nIt is great to back in blogging mode once again and there are so many hot topics to choose from to be my first SOAPBOX article, BREXIT, the ECB, THE DONALD plus that fecking idiot in North Korea!\r\n\r\nHowever, my excitement does not stop there; to keep matters spiced up, I have made a couple of amendments to the blog format and I am also pleased to announce a lower cost entry subscription fee to enable you to join to THE PREMIUM SERVICE, in fact, you can get the first 10 days for just CAD$10.00.\r\n\r\nMoving on up…\r\n\r\nWhen the last “DOUBLE IT UP” promotion was in place, I received several emails from potential subscribers who wanted THE PREMIUM SERVICE to offer a lower cost option to subscribe. After donning my thinking cap, I have come up with something that I hope will answer most, if not all the emails received, and, I am excited with the subscription options that are now in place (see section 4.2 below).\r\n\r\nFor added excitement, I have added a short “FALL” promotion as well to coincide with my return (see section 4.3 below).\r\n\r\n<strong><u>PLEASE NOTE</u></strong>: As I am launching revised subscription plans and a new subscriber promotion for this week only the PREMIUM SERVICE SUBSCRIBER version will be open on all versions “FREE NEWSLETTER” version of the WEEKLY FX DRIVE THRU.\r\n\r\nStepping back…\r\n\r\nI have made some subtle changes to the format and running order of the blog and I have removed some content from the “FREE SUBSCRIBER” versions of this blog and added them to the “PREMIUM SERVICE SUBSCRIBERS ONLY SECTION”.\r\n\r\nFinally, although having been away from blogging I have still been trading through the PREMIUM SERVICE and in August I added 2,189 pips to the annual total against my objective of 10,000 pips. This addition of pips is despite my continual remarks about trading difficulties. What is really annoying is, I walked away from about 1,000 pips via early exits of trades…argh!! However, one should never complain about banking $$$ and pips, regardless of the amounts or numbers.\r\n\r\nTherefore, from the final four months of 2017 I require 3,669 additional pips to reach my annual objective. Should I achieve the 10,000-pip total it will be the 4th consecutive year to do so,  in fact since the PREMIUM SERVICE started so far it has always met its objective. This year has been a real challenge though for one reason or another.\r\n\r\nAs I continually mention to my subscribers it is a difficult marketplace from within to trade, and, frankly I do not see it changing for the remainder of this year. With all the ups and downs, uncertainties and geopolitical issues plus the DONALD’S twitter feed, the way I have adjusted my trade style and the way I look at trades has altered, if I compare 2016 with today. Back in 2014 when I thought it was hard it was really a breeze!  Basically, I am now more than happy to do a Steve Miller and “Take the money and run”, when in previous years I may have sat in trades a little longer. I do still sit in trades but frankly most of the time it is  the “Grab and Go” approach that works best. It is just NOT my usual style and it annoys me to “Grab and Go” when on occasions many pips are left on the table.\r\n\r\nNevertheless, onwards and upwards the PREMIUM SERVICE goes and I am delighted.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<strong>USD: Non-Farm Payrolls data.</strong>\r\n\r\nFirstly, ADP Non-Farm numbers released last Wednesday were blow out numbers, they were really good at 237k versus estimates of 185k. In previous months however, the correlation between ADP and NFP numbers being somewhat in directional alignment has just not happened. ADP has been a great contrarian indicator in recent months and it did not fail to live up to its new-found reputation as NFP missed.\r\n\r\nThe USD was crushed but then the DXY climbed back as the ECB fearful of strength returning to the EUR like a Forex Tsunami next week announced that Tapering would not be ready until later this year in December.\r\n\r\nThe cynic in me sees this as timing to coincide with a possible FED rate hike. If the FED were ever going to raise again in 2017 it would be December. This should negate some of the EUR strength if the FED raised US rates around the same time as ECB tapering\r\n\r\n“Scott!” …. How can you be so cynical?\r\n\r\n&nbsp;\r\n\r\n<strong>CAD: GDP.</strong>\r\n\r\nReally good data. I sit in the camp that the BOC will be raising rates once again before the end of 2017. I talk about this in greater detail in section 3.2 of the blog.\r\n\r\n&nbsp;\r\n\r\n<strong>GBP: BREXIT.</strong>\r\n\r\nBREXIT negotiations appear to be along the lines of a west-end farce.\r\n\r\nI am NOT surprised, and neither should you be, we are watching career politicians at work. They only know how to attribute blame; they are simply NOT negotiators or problem solvers. This hangs over the UK like the “Sword of Damocles”.\r\n\r\nI remain bearish cable longer-term and I stand by everything I have written in earlier blogs about timings and FX targets. I am still to this day astonished by the continual reference to “HARD or SOFT BREXIT”. For crying out loud; there is NO SOFT BREXIT. The EUROZONE cannot afford a SOFT BREXIT because it could potentially create a CONTAGION.\r\n\r\nI am now in the camp that there will be NO BREXIT deal achieved.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>GEOPOLITICAL TENSIONS:</strong>\r\n<strong>  NORTH KOREA:</strong>\r\n\r\nKIM JONG-UN will just not “bend the knee”. Even John Snow bent the knee!! This fecker could strike Guam despite all the political pressure and efforts pushed upon him. He is as much of a loose cannon, in fact probably a lot more if the truth be known than DONALD TRUMP.\r\n\r\nUnlike OBAMA I believe that TRUMP will eventually act against North Korea. I think, and I hate to write this. it’s not “if” but “when” TRUMP acts. Commencing hostilities is a difficult decision with wide ranging ramifications especially as South Korea could come off the worst if missiles are fired in anger. At the end of the day something or someone has got to give.\r\n\r\nAfter he fired missiles over Japan just after the Asian markets open last Monday, that session and the European session that followed sold off like crazy, they were very volatile sessions. From a Forex perspective, the JPY and CHF both strengthened to key support levels taking their crosses with them. The US markets opened much lower, the DXY was at critical support, but then as usual even with the political rhetoric flying left, right and centre, US equities shrugged it all off and rebounded off the triple digit lows to end the day in the green. The “Buy the Dip” mentality always seems to be a successful trade on Wall Street regardless of what is going on. We should trade in the full knowledge that this situation could escalate and kick off very quickly at any time.\r\n\r\nIt beggars belief that with a “nutter” like JONG-UN allowed basically a free reign, the markets carry on as if its birthdays and Christmas rolled into one. JONG-UN could not give a rat’s ass if hundreds of thousands of his people starve to death on the streets. As long as, he and his million people plus strong army are fed that all that counts. This mentality is beyond traditional negotiation. History shows that and JONG-UN knows that.\r\n\r\nThis whole situation is making me think that I need to look at placing ARMAGEDDON TRADES back in the frame.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-03092017.png\"><img class=\"aligncenter size-large wp-image-9944\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-03092017-1024x742.png\" alt=\"\" width=\"1024\" height=\"742\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017.png\"><img class=\"aligncenter size-large wp-image-9945\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Economic data releases this week are a bit thin on the ground.\r\n\r\nHowever, here are my picks of the upcoming week.\r\n\r\n<strong>AUD</strong>: A very busy week for Australian data. We have the RBA Rate Statement, GDP, Retail Sales and the Trade balance all scheduled to be released.\r\n\r\nIf you study bank opinions, follow twitter posts and listen to the financial media, you should be in the same place as I am with regards to the AUD currency and that is; a state of confusion.\r\n\r\nThe RBA without doubt do not want to “Rock the Boat”. Philip Lowe, RBA Governor, has stated that the RBA do not want to start raising interest rates despite a housing bubble in Sydney and to some extent in Melbourne. He favours a status quo on monetary policy, by remaining very much neutral.\r\n\r\nEconomically however, data from Australia has been on balance good, although this good data has been fueling areas of the economy that the RBA does not want to fuel. Something has got to give.\r\n\r\nFrom the AUD/USD perspective a break above the 0.8060 level would break above recent highs and would have the RBA toilets fully occupied in seconds as the committee debates the actions required to peg it back from appreciating too far.\r\n\r\n<strong>GBP:</strong> Construction and Services PMi are the highlights for UK data. As always, I am in the camp of “Construction” missing and “Services” beating the market expectations. As long as the run of mixed but on balance poorer economic data continues in the UK combined with farcical BREXIT negotiations my FUNDAMENTAL views of GBP/USD at 1.2000 and EUR/GBP at parity remain. Coming back from vacation the hardest bit for me to do it to enter the trades I want at value prices for the GBP crosses.\r\n\r\nPREMIUM SERVICE subscribers know that after NFP I was really frustrated that I could not achieve my targeted entry levels.\r\n\r\n&nbsp;\r\n\r\n<strong>CAD</strong>: It’s a big, big week for the Canadian economy. Trade Balance, Jobs data and a BOC Rate Statement all feature this week. On the back of stellar GDP growth announced last week, it is heady times for the CAD.\r\n\r\nI am not expecting an interest rate hike this month but I am preparing mentally for one before the end of 2017. I see the USD/CAD moving a lot lower. Out of the initial 0.25% hike in rates the CAD strengthened again the USD by about 10 cents overall. This next rate hike by the BOC bake to 1.0% could see a further 5/6 cents in my opinion, with the USD/CAD sitting below the psychological level of 1.2000 when it’s all said and done.\r\n\r\n<strong>EUR:</strong> God help the poor fecker, Mario Draghi must liken his press conferences to being put in front of an attack by the Dothraki. His recent past public appearances have been improving but basically since the last ECB Press conference and his Sintra speeches he has been trying to climb out the hole he dug for himself.\r\n\r\nBeing balanced and defending Draghi for a moment what he had to do could be likened to trying to sell ice-creams to Eskimos. He was on a hiding to nothing. The markets are seeking cheap profits and the ECB is fair game as everyone knows that the ECB accommodative program is coming to an end very soon. No matter what Draghi says or does the markets smell blood.\r\n\r\nPotentially, the EUR/USD could be at 1.2500 very quickly, indeed well before tapering starts, however in an interesting move around last Friday’s NFP release the ECB starting with Ewald Nowotny (Austrian CB Governor), started a series of planned (in my opinion) press releases about tapering and how the message needs to be delivered.\r\n\r\nI am covering this in the SOAPBOX section later in blog (Section 5).\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\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\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nAUGUST TOTAL:     +2,189 net pips\r\nMONTH TO DATE:  +0 pips\r\nYEAR TO DATE:      +6,331 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n\r\n<u>4.2: NEW SUBSCRIPTION OPTIONS:\r\n\r\n</u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017.png\"><img class=\"aligncenter size-large wp-image-9907\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017-799x1024.png\" alt=\"\" width=\"799\" height=\"1024\" /></a>\r\n\r\n<u>4.3: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a>\r\n\r\n<u>\r\n</u><u>\r\n4.4: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nThis month’s winner of the 30 DAY PREMIUM SERVICE SUBSCRIPTION is: -\r\n\r\ndavid*******@gmail.com\r\n\r\nBy the time the blog is posted David should be fully in position to take advantage of his FREE subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.5: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.5.1: TRADING REVIEW:</u>\r\n\r\nLooking back on August, I know that I criticized the markets trading conditions a great deal. It was a hard month with lower liquidity and geopolitical news thrown in as well, nevertheless all things considered; to end the month with a net pip increase of 2,189 pips was a great feeling.\r\n\r\nBreaking down the numbers, most income and pips were almost equal between FUNDAMENTAL and POSITION trades. I am still shying away from intraday trades via FLASH and RADAR trade set ups and this is indicative of how the market is playing in my opinion. I can only trade what meets my criteria and small day trades are not it, at the moment.\r\n\r\nIt was commodity cross rates that yielded most pips last month.\r\n\r\nI posted to twitter last Friday the NZD/CAD bear flag trade, which completed as posted originally in trade FUN655 on August 1st. I took 280 pips profit from the 5 separate trades (FUN655, FUN669, FUN670, FUN684 and FUN694) on the measured move which from day one when the initial set up was posted was projected at 488 pips. About 60% of the move was achieved, but my point is the conditions were that I felt I had to cover and re-enter again. I could not just leave the trade running. It is these conditions that have increased administration time and overall research and desk time this year. This trade is typical.\r\n\r\nThe RISK MANAGEMENT approach that I am using this year to protect $$$ results in more trade activity, which means more ins and outs as the trade move progresses.\r\n\r\nMoving on…\r\n\r\nIn August, the positive / negative trade ratio was 87% / 13% - happy bloody days!\r\n\r\nYear to date the PREMIUM SERVICE is now bang on target at 75% / 25%\r\n\r\nWith regards to the straight pip by pip analysis comparison.\r\n\r\nEnd of August 2016 = 9,200 pips\r\nThis year = 6,331 pips\r\nBehind by 2,869 pips\r\n\r\nRemember though 2016 was a 13,575-pip year well over the 10,000 pips objective.\r\n\r\nI am on target to achieve 10,000 pips by the end of 2017…. God willing!!\r\n\r\nMoving forward…\r\n\r\nI am looking at commodity cross rate pairs to generate a significant number of pips into the year end.\r\n\r\nDespite the ECB comments I do still see the EUR appreciating in value above 1.2000 towards 1.2250. I remain stubborn but with huge belief in the basic fact that the cable is going lower and by default the EUR/GBP moving higher into the year end.\r\n\r\nI was basically flat going into NFP and have added just a couple of set ups since NFP. Over the coming days I will be placing more set ups adding to CORE POSITIONS, primarily the NZD related pairs and will also be looking for GBP and CAD entries.\r\n\r\nWith regards the JPY. I have this issue. S&amp;P is at highs. Why in all  sanity isn’t the USD/JPY at 120.00, even 150.00? There lies the question and there lies my avoidance.\r\n\r\nThe CHF I am now ignoring unless we see a drop to the region of 0.9000 on the back of a North Korean situation. I believe that this will be the safe haven driver across the board.\r\n\r\nFinally, EUR/USD. Yes, I am going to look for a long entry. As previously discussed I want to get long off the trend line support at 1.1680. Failing this the 1.1711 pivot. I had hoped for blowout NFP numbers to give me a shot at these levels. We know what happened there!!\r\n\r\nSorry, I updated the RISK MANAGEMENT / POSITION SIZING excel spreadsheet to take effect 1st September. Mostly just adding in some pairs that were omitted from the original version.\r\n\r\nI have placed an updated copy on the NEWSBOARD inside the subscriber area of the website.\r\n\r\n<u>\r\n\r\n4.5.2: MARKET SENTIMENT:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017.png\"><img class=\"aligncenter size-large wp-image-9946\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017-690x1024.png\" alt=\"\" width=\"690\" height=\"1024\" /></a>\r\n\r\n</u>\r\n\r\n<u>4.6.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017.png\"><img class=\"aligncenter size-large wp-image-9945\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-03092017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9950\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9951\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9949\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9952\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9953\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9954\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-03092017.png\"><img class=\"aligncenter size-large wp-image-9955\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-03092017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n4.5.4: CORE TRADES:</u>\r\n\r\nJust a brief note this week as I was virtually flat going into NFP last Friday. Usually there are a total of approximately 20 trades either LIVE or LIMIT ORDERS to review. This week I only have 4 live trades going into the weekend.\r\n\r\nAUD/NZD: (Live)\r\n\r\nAs the long time subscribers will know. I have been basically long this pair for most of the past two years. It is now in breakout mode.\r\n\r\nI currently reduced size to one position pre NFP and have a limit order in place. My gut feeling is that I will be adding a BUY STOP order as well as another LIMIT ORDER based off a smaller pullback to add to the current position.\r\n\r\n&nbsp;\r\n\r\nNZD/USD: (Live)\r\n\r\nOnly one trade in play at the moment but the Head and Shoulders measured move means more will be added moving forward. Like a bloody numpty, I missed the shorting opportunity at 0.7200 post NFP…. argh!!\r\n\r\n&nbsp;\r\n\r\nEUR/NZD: (Live)\r\n\r\nI will be adding primarily BUY STOP orders to the pair. I am still in the camp that the ECB will fail in talking back the single currency and that EUR crosses will benefit.\r\n\r\n&nbsp;\r\n\r\nIn the melting pot for moving forward…\r\n\r\nEUR/USD and EUR Cross Rates:\r\n\r\nGBP/USD and GBP Cross Rates:\r\n\r\n<u>\r\n\r\n4.5.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-03092017.png\"><img class=\"aligncenter size-large wp-image-9948\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-03092017-914x1024.png\" alt=\"\" width=\"914\" height=\"1024\" /></a>\r\n\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-03092017.png\"><img class=\"aligncenter size-large wp-image-9947\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-03092017-867x1024.png\" alt=\"\" width=\"867\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nDRAGHI GETTING PREPARED FOR THE DOTHRAKI </strong>\r\n\r\nThe one part of writing this blog that I really look forward to is this section Within “THE SOAPBOX” I can basically write about anything that is on my mind that I consider could be of interest directly or indirectly to trading currencies.\r\n\r\nHaving had a few weeks off in the summer, I am back and raring to go. If only the same could be said of “God love him”, Mario Draghi as he prepares this week for the ECB Interest Rate announcement and Press Conference that follows.\r\n\r\nHe is on a hiding to nothing. The ECB are scared shitless about the single currency appreciating too much, too far and too fast as it will screw up all the work undertaken so far to try and get in general terms, very, very general terms the EUROZONE economy back on track.\r\n\r\nSo far up their own arse’s the ECB have now taken to delivering pre-news updates about upcoming news events such as the ECB Press Conference this Thursday. This is an attempt to lower market expectations from what Mario Draghi will talk about and what the prepared statement will say. This desire to dampen expectations is understandable but the inevitable is going to happen.\r\n\r\nIf it looks like a pig, it\'s a fecking pig even if you dress it up in a skirt put a syrup on its head and paint lipstick on it. It’s still a pig. Draghi has his own squealer to deal with.\r\n\r\nBeing the ECB he is of course not helped by Ewald Nowotny (Austrian Central Bank, Governor), who only fans flames in these situations. He has already been on the wires stating Draghi needs effective communication and dialogue to plan the ECB tapering plans and how the ECB will return to a normalized interest rate policy. Easier to sell an ice-cream to Eskimo in my opinion.\r\n\r\nMoving on…\r\n\r\nSo, let me keep this as punchy as I can from my own view and perspective. Draghi is f**ked. No matter what he says or does he is screwed. It is like standing in front of the Dothraki horsemen armed with a butter knife.\r\n\r\nThe good news and the bad news as I see it: -\r\n<ul>\r\n 	<li>EUROZONE growth is up in 2017 and will likely be revised upwards.</li>\r\n 	<li>The strong EUR could influence core inflation lower into 2018.</li>\r\n 	<li>Business confidence is optimistic, in Germany at least.</li>\r\n 	<li>Elections this month in Germany and early next year in Italy.</li>\r\n 	<li>Populist fears for France and Holland never materialized.</li>\r\n 	<li>Inflation is still lagging.</li>\r\n</ul>\r\nWhat options does Mario Draghi have?\r\n\r\nAround the time of the NFP release last Friday the ECB announced that any decision on tapering would be delayed until December. Now I am a cynical fecker at the best of times but December coincides with the time that if the FED was going to act on increasing US interest rates it would be then. This delay to the same time of the year if the FED does act, will negate some of the possible, or in my view probable EUR strength.\r\n\r\nSo, basically the ECB has bought three months during which time they hope to keep the EUR appreciation suppressed.\r\n\r\nThis is known as “KICKING THE CAN DOWN THE ROAD”\r\n\r\nThe ECB and EUROZONE are masters at this. If it were an Olympic event the EUROZONE would win gold with the ECB in the silver medal position.\r\n\r\nThe bottom end is that the ECB will have to address the issue of monetary normalization at some point in time. They cannot just exit. It will take time to do so with a timetable of events. The markets feed on the greed of that instant move and then it will settle down but the simple fact is that unless the FED are normalizing at a faster rate than the ECB the EUR/USD is going to 1.2500-1.3000 again.\r\n\r\nI think that the ECB might use inflation as the reason and perhaps extend the QE period for another 6 months but taper down €20-30bn per month. With regards to negative overnight rates, these will probably remain in place but could be tapered in the first half year of 2018.\r\n\r\nDraghi is consistent. He has always pointed out the requirement for continued monetary policy accommodation. It is the markets frothing like rabid dogs wanting movement on policy knowing that economic data is improving that has created all the euphoria. A sniff of improving conditions has the markets thirsty for blood.\r\n\r\nI know I give a brief macro level opinion, but if you want more detail there are plenty of places on the web to find the detail.\r\n\r\nOverwhelmingly, I believe the markets may buy a delay for a day but as soon as the next set of positive data hits the wires, all bets are off again. The markets have the memory and attention span of gnat.\r\n\r\nFrom a trading perspective where am I?\r\n\r\nThe Forex market is a future pricing mechanism…. I read that in a book. The markets smell fear in the ECB and they are ready rip the single currency.\r\n\r\nYes, I want to long EUR/USD over the medium term and the fact that the ECB announced a December timeline last week has given me more time to pick my EUR./USD long entry. I like the 1.1680 entry just below 1.1711 pivot off trend line support. Will we go to that low? At the moment, there is nothing in my brain telling me that we will see a pullback to that level at the moment, so I may have to re-evaluate my thought process once again this week after the ECB Press Conference on Thursday.\r\n\r\nWith regards to the EUR crosses they are fair game at the moment which I will be looking to add to this week.\r\n\r\nTherefore, this week I see Draghi saying all is on hold until the December. I see him shunning all questions on normalization and tapering, stating wait and see as it all being evaluated.\r\n\r\nIf he veers away from the text the EUR will rocket thru 1.2000 like a hot knife thru butter. Draghi cannot show fear, uncertainty or anxiety because, should he demonstrate any of those mannerisms he will get his feet cut from beneath him and he will have crawl out on his knees to leave the Press Conference.\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\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #249 FREE NEWSLETTER\r\nSeptember 3rd, 2017\r\n\r\n&nbsp;','DRAGHI GETTING PREPARED FOR THE DOTHRAKI','','inherit','closed','closed','','9963-revision-v1','','','2017-09-02 10:13:11','2017-09-02 15:13:11','',9963,'https://weeklyfxdrivethru.com/9963-revision-v1/',0,'revision','',0),(10038,1,'2017-09-22 15:58:28','2017-09-22 20:58:28','','ECON DATA 240917','','inherit','open','closed','','econ-data-240917','','','2017-09-23 06:09:07','2017-09-23 11:09:07','',10056,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917.png',0,'attachment','image/png',0),