<h3 style="text-align: center;"><strong>THE PREMIUM SERVICE
</strong><strong>(The Home of Single-Lot $$$$ Trading)</strong></h3>
<strong>DATE: 22.03.2015
</strong><strong style="line-height: 1.5;">REFERENCE: #52
</strong><strong>BLOG: THE PREMIUM SERVICE</strong>

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<ol>
	<li><strong><span style="text-decoration: underline;"> INTRODUCTION:</span></strong></li>
</ol>
<span style="text-decoration: underline;">MY OVERVIEW OF THE FOREX MARKET:
</span>LOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS AT THE FX MARKET:

<span style="text-decoration: underline;">1.1. LOOKING BACKWARDS:</span>

Well it never happened. My thoughts this time last week were that the FOMC would demolish the EUR/USD. It never happened, in fact, the responses to the statement, the economic projections and the press conference from my perspective were a little weird. So much pre announcement was levied at the “will she or won’t she” with regards to PATIENT, that a lot of what she did or did NOT say was left to one side. I found the statement a little DOVISH, however, at the end of the day, rate increases are still going to happen. Whilst the market has ruled out June in favor of September, nothing is cast in stone.

So I thought the reaction rather overkill and due to the fact we more than reversed the currency moves in the EUR/USD and GBP/USD within 24 hours demonstrated that. Some of the moves in particular the late EUR/USD spike to over 1.1000 was ridiculous… but it is what it is, or rather was what it was.

The SNB statement the following day was a damp squib in comparison although, if I recall correctly there were some fantastic currency moves around that time, which made up for the non-announcement.

Last week was one of the craziest trading weeks that I have ever encountered as a Forex trader. If I had thought that the FOMC FX reaction was mad… it paled into complete insignificance with what came on Friday.

Friday brought CAD core retail sales, from which a loss trade from the previous overnight moves turned nicely positive on weaker data. I was happy, and then we had a massive USD sell-off.

What started as a focus on my USD/CAD trades turned into a full-blown 4.5-hour series of squeezes. The USD was taken to the woodshed with a huge USD sell-off and GOLD rally, plus a divergence rally move between the Nikkei (6J) and the USD/JPY in for good measure. All I could do was to reduce position sizes and move the odd stop here and there to keep the trades that I wanted alive, kept alive. Reducing position sizes created losses to my accounts.

The best I could do was look at my trading charts at the outset of the squeeze, and try to see where it would end.

Using the EUR/USD 240M chart I thought that the 38% fib retracement would hold, then, I thought the 50%, it was actually the 61.8% 1.0874 (from the post FOMC highs to the ensuing lows) that held the EUR/USD. It was pretty much the same Fibonacci level across the board that finally held most of the pairs.

My frustrations, if the above was not enough were of course further exacerbated as towards the end of the previous day I was in a position to bank some nice $$$ across the board and made the decision to try and let the trades run for more profits. Not only did I miss those $$$ I posted losses within 24 hours on those trades and some more.

All in all, it was a very frustrating and annoying end to the week. I seem to be in a one step forward, two steps backward routine at the moment. But this is the Forex Market.

<span style="text-decoration: underline;">1.2. LOOKING FORWARDS:</span>

Next week, there are not as many high profile news events to contend with, just three Central Bank governors speak; Draghi, Yellen and Poloz. Hopefully, therefore we will have a more sedate trading week, gather our thoughts and breathe again with some nice directional trading. Yeah right… as if that’s going to happen… hell would freeze over first!

We have GREECE. Yup, GREECE is back in the picture again, God love them. “The two tieless flutes” (Tsipras and Varoufakis) will be back in Brussels, Berlin and Frankfurt next week trying to re-negotiate the nonnegotiable. If it looks like PIG, grunts like a PIG guess what it is? Whichever way I view the GREECE V EUROGROUP picture, everything is being done to make it look like its NOT a default but in essence it’s at best a restructuring of debt to avoid a default. This will all end in tears.

<span style="text-decoration: underline;">1.3. LOOKING SIDEWAYS (FOR GOOD MEASURE):
</span>

We have had one hell of a ride trading Forex so far this year. This past week was without doubt one of the craziest weeks that I have ever traded, and, for the first part of the week I DID NOT trade much at all!… I was on hold waiting for the FOMC.

I have spoken with several subscribers over the last few days and many feel like they have been beaten to a pulp, got back up again, then beaten down, back up and beaten down again. They scan TWITTER, GOOGLE+ and watch CNBC or BLOOMBERG to try to obtain a perspective. They find nothing other than “Happy Larry’s” saying buy, buy, buy and then buy some more. Nobody seems to lose money on Twitter either. Everyone appears to “Bottom Pick or Top Tick” the market. It is very depressing.

I have given this response on more than 4 or 5 occasions referring to the media analysts and barrage of tweets on Twitter etc. who claim parts or most if not all of the following –

<em>“I never lost money on that move, or the previous big spike or collapse that happened I was in the right way, this is what I made, and these were my entries and exits”</em>

This is what I have been saying…..

If you have been caught on the wrong side of major spikes and moves more than being on the right side - do not despair; everybody has to be on the wrong side sometimes. If they are never on the wrong side they either DO NOT trade or they are bullsh*****s.

If you are sick to the back teeth of the same people on twitter or hosting webinars saying how wonderful trading is and how much money they are making – do not despair; if they never lose money it’s bulls**t, or they simply just DO NOT trade, they are theorists and at best historians by saying look this is what I did.

If you see the same people over and over again boasting about nothing but being on the right side of every move – do not despair; either go to Vegas with them if you can, because they are the luckiest bastards around or take it as read they are bullsh*****s.

When you see the same people on twitter or wherever that never lose money, and are always on the right side of very move, always at their machines when a squeeze starts and are in at the bottom of a move higher and out on every top tick – do not despair; they either wear depends, or they are not human; they are bullsh*****s

It’s all bulls**t…. there is a lot of bulls**t in Forex. It’s a part of Forex that you have to live with and ignore a lot of it.

I take losses and I tell you about them in this blog and on twitter. I do the best that I can with the PREMIUM SERVICE to limit losses. I am in Forex for the long-haul and that means that from time to time your account does suffer but it does come back if you stick to your principles.

My own trading accounts are out of the money this year so far, mostly due to my FXCM (GBP/CHF) trade. However, not all my losses came from the SNB day, some are from the PREMIUM SERVICE trades where I took larger than single lot trades in my personal account and they failed to make a profit. This creates an imbalance between $$$ and pips profits or losses. This is due to the fact that the size of the trade can influence the $$$, so a small loss on a big position can outweigh a big pip profit move with a small position.

To illustrate this – if you have a profitable trade with one mini lot that makes 50 pips it could yield $50, however if you have a 5 mini lot trade that loses 20 pips that could yield a loss of $100 thus outweighing the bigger pip profit of the smaller position. Yet, the single lot PREMIUM SERVICE trading accounts when added together with the trades analyzed through my twitter / email set-ups and my excel spread sheets are <span style="text-decoration: underline;">still in the black - in profit</span>.

I have subscribers who only trade single lot trades, and make money. The PREMIUM SERVICE worked last year in 2014 and it STILL works this year, as a trader you just have to be more realistic setting goals and objectives.

The markets are insatiable when it comes to FEAR and GREED. It is only when FEAR and GREED enter, that the picture changes, greed may make us trade larger position sizes for some currencies that we feel more confident with, or see $$$ in our eyes. Or perhaps we adjust trade sizes to cope with more volatile pairs.

e.g. If you trade with 5 x MINI lots the EUR/USD. , you should not trade 5 x MINI lots with the GBP/NZD. You may trade just 1 x MINI LOT because of volatility and RISK MANAGEMENT issues associated with this pair.

When different position sizes are used across all the trade set-ups that are presented the mix of position sizes in relation to the profit / loss ratio creates an inconsistent return when correlated to the PREMIUM SERVICE returns.

Consistency is important, and to establish consistency it may be better to trade a consistent lot size in all trades except for commodity crosses, which are more volatile and involve a higher risk. Therefore this all depends on the size of your broker account and your risk tolerances.

This is just food for thought; not just for you as a reader but also for me as the instigator of the PREMIUM SERVICE trade set-ups. Sometimes when something is right in front of your face you still cannot see it.

Like most of you; <span style="text-decoration: underline;">I am a trader I have skin in the market</span>.

If you would like more information on this subject, maybe a chat on SKYPE or an email about this, contact me using the details at the end of this blog.

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<ol start="2">
	<li><strong><span style="text-decoration: underline;"> WHAT’S ON MY MIND: -
THE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>
</ol>
<p style="text-align: center;"><strong>ANGELA MERKEL WAS OVERHEARD SAYING
</strong><strong>“MARIO, PASS ME THAT BOTTLE OF OUZO and JEROEN STOP PIGGING ON THE TZATZIKI”</strong></p>
Yes, you guessed it – Mr. Casual aka Alexis Tsipras the GREECE Prime Minister was back in Brussels having “off-site” emergency talks with the EUROGROUP regarding the GREEK bailout.

This long running saga is really like a west-end farce, in fact it’s now so long running I think that it challenges Agatha Christies “THE MOUSETRAP” that had a phenomenal continuous run in the London theatre. I cannot remember how many weeks it ran for but the GREEK story, God love them, is starting to wear me down. Is it any wonder that Mario Draghi is consuming Raki, Ouzo and Retsina faster than Jeroen Dijsselbloem can say his own surname!

Enough is enough.

I firmly believe that the only reason that the EUROGROUP is entertaining “no tie” is because they want to ensure an orderly GREXIT from the single currency. A disorderly GREXIT would place a massive stress on the ECB and the Bundesbank.

In an interesting twist however, on Friday the EU Commission President, Jean-Claude Junker released €2 billion on humanitarian grounds to help the Greek government deal with the crisis in the country that is affecting the poor and the hardest hit by the financial crisis.

Wouldn’t you just think…

Austerity did NOT work; it is STILL NOT WORKING and refinancing the Greek debt is just avoiding a default. No matter what is done, the EUROGROUP policy on GREECE, with or without the IMF (International Monetary Fund) hooked into the deal along with the ECB to form the TRIOKA to make it look like a wider base of support and aid was going to fail before it even started.

The Germans are at fault in my opinion. Schauble is a loose cannon that fires up high emotions. Culturally, the Germans and the Greek peoples are worlds apart.

The bartering process that “no tie” is in at the moment is a normal Mediterranean way of negotiation, and, whether you believe he has no bargaining chips at all it is totally irrelevant. To Northern Europeans, like Merkel, Hollande, Diijsselbloem and Donald Tusk from Poland who chairs the EUROGROUP summits who quite frankly cannot understand why “no tie” will not move his position, it causes them to become exasperated and dig in their heels. They believe and maybe quite rightly in their eyes that enough is enough and its our way or the highway. This is pure and simple cultural divergence.

Tsipras (no tie), knows that the EUROZONE banks, many of them German and French have lots of €€€€€€ hanging around the GREECE financial sector. This is the backdrop and sword of Damocles hanging over the negotiations. “No tie” fully knows the fragile economy that exists across the EUROZONE would be thrown into turmoil if a disorderly GREXIT were to happen. In the background there is the fear of the Greek government running out of money, but would it actually happen?

Think outside the box. Both RUSSIA and CHINA would love to get a foothold in the area for many reasons, not just political. Humanitarian grounds would be the sales pitch should either of these nations offer emergency financing.

GREECE needs debt relief.

The EUROGROUP needs to suck it up and provide a “Cash Back” deal to Portugal, Ireland, Cyprus etc. in fact, any country that has effectively had a bailout of one sort or another from the EUROGROUP since the 2008-9 crash.

It is so straightforward – if they do nothing they risk another financial crash, another run on the banks, negative growth DEFLATION….. this list can go on for pages.

Suck it up….

For once; do not kick yet another can down the road.

Whatever words are written on a GREEK BLUEPRINT for economic reforms moving forward may as well be on paper supplied by Tom Cruise’s bosses in Mission Impossible, it will self destruct 30 minutes after signature and the monies are transferred. If the GREEKS could not reform before, gather taxes before, or manage the books before on the previous two bailouts why is it going to work this time. They are more in debt now than when they first came to the table looking for help years ago. It is so sad for GREECE that they were sold a lemon.

Austerity was NOT the way. It has NOT worked, and for Germany to continue down this road with the same old same old is complete and utter bollo**s. There are 19 countries using the single currency, 19 vastly different cultures that approach all aspects of life and business from a different perspective. One size does NOT fit all.

These are high stakes. It has taken Mario Draghi at the ECB years to create some stability. This is the ultimate risk. The credibility of the German approach, I would say stubborn approach. They appear totally intransigent to an alternative.

I am not saying that the U.S. approach was brilliant, quite frankly it made fat cats fatter and moved Wall Street poles apart from Main Street. The poor are poorer and the rich are richer as result of the FED approach in the USA. Poverty is simply swept under the carpet. However, the Ben Bernanke approach was so supportive to the financial markets (ex. Lehman Brothers) that stability and credibility were restored in very good time. Granted, it is still a fragile economy and the economic data shows this. If everything in the garden was “peachy”, interest rates in the U.S. would be at 0.5% by now… they are not.

By comparison, and it is hard to compare, as many American commentators some who have been around for years, such as Joe Kernan on CNBC, simply do not understand that the EUROZONE area consists of 28 countries, 19 of these use the € (single currency) plus there are a number of principalities that have monetary agreements like Andorra and Monaco.

The USA despite its dysfunctionality is one country. The EUROZONE is not. It is like comparing apples and pears.

The FED has an easier job than the ECB - these are basic facts, clear and unambiguous and should be noted when a glib comment is made on U.S. TV by some commentator, pundit or analyst who probably couldn’t even tell you where GREECE is on a map.

I digress….

The stakes are incredibly high and reputations are on the line in Brussels. My fear is that the “can” is being prepared as I type.

I fear that if a fudged solution is found we will definitely be back at point zero again within a year, with the same issues, same problems, maybe different players around the table.

For once… can the EUROGROUP just suck it up and move on doing what is right for the GREEK people not the damn politicians. If business people were managing this from day one we would not be in this mess now.
<ol start="3">
	<li><strong><span style="text-decoration: underline;"> THE PREMIUM SERVICE:</span></strong></li>
</ol>
<strong><span style="text-decoration: underline;">SUMMARY OF PERFORMANCE:</span></strong>

<span style="text-decoration: underline;">3.1 OVERVIEW:</span>

For new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.

<span style="text-decoration: underline;">3.2.1 PREMIUM SERVICE – SUBSCRIPTION COSTS:</span>

Full details regarding the PREMIUM SERVICE can be found on my website <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>
<p style="text-align: left;">On the welcome page there are a series of TABS at the top of the page that provide a summary of what the PREMIUM SERVICE is about and what you receive for your subscription.</p>
<strong>THE 2015 SUBSCRIPTION BREAKDOWN IS AS FOLLOWS: -</strong>
<p style="text-align: center;"><strong>10 weeks - $200.00</strong>
<strong>20 weeks - $350.00</strong>
<strong>40 weeks - $500.00</strong>
<strong>(Please note that from April 1<sup>st</sup> 2015, subscription costs are changing and options expanding in line with market conditions and competition)</strong></p>
<span style="text-decoration: underline;">3.2.2. PREMIUM SERVICE – UPDATE ON CHANGES DUE BY APRIL 2015</span>

Changes are now at stage two, and I am still confident that the vast majority will be ready for April 1<sup>st</sup>, the rest will be drip-fed throughout the second quarter of 2015.

The review as I have mentioned before has become far more reaching than I had originally anticipated.

The visible web site changes, the communication alternatives, the revised pricing and options on pricing, are relatively quick and easy to implement. It is the backroom making it happen items that you cannot see that are costly that takes the time.

The major change that can’t be seen and, probably one of the crucial ones is the space issue. This will NOT make the deadline I imposed. It is NOT a front-end change that would be noticed anyhow and involves my hosting packages and the re-directs that I have. This is so far above my pay grade, and as it does NOT directly effect what I do from day to day, I am not unduly concerned. However, some of the technology enhancements are dependent on the space issue being solved first before other backroom changes can be made (The chicken and the egg).

For existing PREMIUM SERVICE subscribers there will be a questionnaire released within the next 48 hours to canvas opinions and maybe add in a few more enhancements.

<span style="text-decoration: underline;">3.3.1. SUMMARY OF PERFORMANCE:</span>

(Only the excel spreadsheets will now be shown in this section. References to previous, present and future trades “THE TRADING REVIEW” will now be provided solely for the benefit of PREMIUM SERVICE subscribers and has been moved into section 4.2)

<span style="text-decoration: underline;">3.3.2. – PREMIUM SERVICE PROFIT/LOSS RATIOS:
</span>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PROFIT-LOSS-RATIO-22032015.png"><img class="aligncenter size-full wp-image-5517" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PROFIT-LOSS-RATIO-22032015.png" alt="PROFIT-LOSS RATIO 22032015" width="414" height="582" /></a>

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<span style="text-decoration: underline;">3.3.3. – PREMIUM SERVICE RISK/REWARD ANALYSIS:</span>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/RISK-REWARD-22032015.png"><img class="aligncenter size-full wp-image-5518" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/RISK-REWARD-22032015.png" alt="RISK-REWARD 22032015" width="432" height="547" /></a>

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<span style="text-decoration: underline;">3.3.4. – PREMIUM SERVICE OVERALL TRADE SUMMARY MONTH &amp; YTD:</span>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PREM-SERV-PROFITS1-22032015.png"><img class="aligncenter size-full wp-image-5515" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PREM-SERV-PROFITS1-22032015.png" alt="PREM SERV PROFITS1 22032015" width="454" height="420" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PREM-SERV-PROFITS2-22032015.png"><img class="aligncenter size-full wp-image-5516" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PREM-SERV-PROFITS2-22032015.png" alt="PREM SERV PROFITS2 22032015" width="461" height="422" /></a>

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<strong><span style="text-decoration: underline;">4. PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong>

(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)

<span style="text-decoration: underline;">4.1 EDUCATION:
</span>(The full list of all items and more from this section can be found in the PREMIUM SERVICE website in the Trade Essential area under the EDUCATION tab.)
<p style="text-align: center;"><strong>PSYCHOLOGICAL PITFALLS THAT WILL BLOW YOUR ACCOUNT:</strong></p>
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<strong>Let me introduce Jack:</strong><strong> </strong>

Jack is a professional trader. He makes all his money trading THE FOREX market. He has been trading for five years. He is patient, disciplined and in his trading he is fearless.

<strong>Let me introduce Peter:</strong>

Peter is a Newbie. He barely manages to break even with his trading. He has been trading for six months. Peter takes unnecessary risks as he is undisciplined, and he panics when he takes a trade.

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Moving on from the pleasantries….

Let’s imagine we have a super profitable system. On paper, traded mechanically, this system has an average of seven wins from ten trades. Now let’s imagine we give both Jack and Peter this method and they trade it.

What do you think will happen?

<strong>Jack</strong> will take the system, take the trades and make lots of pips. In fact Jack, will probably improve the efficiency of the system and bump it up to eight winners out of ten.

<strong>Peter</strong> will take the system; take the trades and pretty much screw it all up. As I said, trading it mechanically will give Peter an average of seven out of ten winners. However Peter will be lucky to get five out of ten winners.

Why does it work this way?

It all comes down to two things - psychology and experience.

There isn’t much you can do about experience. So lets take a look at some of the dangerous psychological pitfalls. Hopefully after reading this, you will be able to see them coming and stop them, before they destroy your account.<strong> </strong>

<strong>FOUR PSYCHOLOGICAL PITFALLS:</strong>
<ol>
	<li><strong> THE DESIRE TO BE RICH:</strong></li>
</ol>
The desire to be rich manifests itself in many ways. The main ways are fear and greed and hey inevitably lead to other problems. If you think about it the majority of the issues newbies have stem from the desire to be rich. Things such as
<ul>
	<li>Overtrading</li>
	<li>Poor Money Management by risking too much</li>
</ul>
FOREX will not make you rich in the short term. It will likely take years before you are trading well enough to leave your day job. FOREX is a career in the long run, if you are successful, it can give you a very relaxed life. However, if you started trading last week and you plan to quit your job in six months, because you anticipate being rich enough to by a Ferrari, you are delusional.

This is a career, not a get rich quick scheme. If you want to be rich quick hit the casinos. You have a better chance of winning there.
<ol start="2">
	<li><strong> FEAR OF LOSING:</strong></li>
</ol>
From a young age we are taught that money is important and that without money you have no real value. We are conditioned to believing that to be successful when we grow up, that we must have lots of money. This is because the reverse is also true. If you lost money then you are a failure as it is the opposite of making money. This in turn leads to some newbie traders being afraid to pull the trigger and actually take a trade.

Some newbies trade demo accounts for two years, never summoning the courage to open a live account. Some newbie traders with live accounts panic whenever they enter a trade and in turn make rash decisions.

Take a look at people like Richard Branson, Donald Trump, Alan Sugar and Warren Buffet. These guys are billionaires (or close enough to it) and each of them has failed many times. Richard Branson has spearheaded many failed ventures. Did those failures set him back though? Hell No! The man is going to start flying people to space at $200k per head, next year with Virgin Galactic.

I think losing some money to the markets is actually beneficial. It teaches you some very important lessons. What is damaging is the fear of losing money. The fact that you think about it puts you at much greater risk of it actually happening. You have to trade with a positive attitude. So get rid of those fears and worries, they will not do you any good.

The truth is you are going to lose money to the markets, its unavoidable. Every professional trader has lost money. Not every trade will be profitable. The market simply doesn’t always work in your favor, and there are times especially as a newbie, that you will be stung. If you end up blowing your first live account … so be it. As long as you pick yourself up and try again, you will be a better trader for it.
<ol start="3">
	<li><strong> THE NEED TO BE RIGHT:</strong></li>
</ol>
This is a good one. Peter opens his platform and enters a dumb, baseless, long trade. He targets 100 pips and has a 50-pip stop loss. The trade goes against him immediately.

It goes down, first ten pips, then twenty pips, and then thirty pips. When it reaches forty pips Peter decides he doesn’t want to lose another trade and moves his stop loss down.

The price keeps falling:

100

120

150…

Eventually Peter closes out his trade and he has lost a huge portion of his account.

Peter was not able to accept that he has taken a losing trade. He kept pushing the stop down in the hope that it would eventually turn around. The need to be right is an account killer.

There are times when I move my stops, but these are line with my RISK MANAGEMENT targets and ATR’s for stop losses. In addition, sometimes during a “SQUEEZE” they are moved to accommodate the increased level of volatility.

This is the aspect of Forex Trading that is my own personal Achilles heel.
<ol start="4">
	<li><strong> BEING UNDISCIPLINED:</strong></li>
</ol>
I saved this one for last because, even though it is one of the most common and dangerous pitfalls, it is rarely discussed. A trader who lacks discipline can never make it in this business. Many traders are guilty of lacking discipline for many reasons.

The main culprits are what I like to call “System Jumpers”. These are the traders that are constantly tweaking and changing their trading methods. These traders do not realize that learning to trade a system efficiently takes time.

System Jumpers are traders who lack discipline to stick to, and learn how to trade a system. They try it for a week and when it doesn’t work they jump to the next system or method

Another common action of an undisciplined trader is abandoning a perfectly good trading method. Every trading method has period in which it performs below average. No matter how versatile a method is, it cannot perform at peak efficiency in all market conditions. A true trader has the discipline to stick it out through hard times.

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<span style="text-decoration: underline;">4.2. THE PREMIUM SERVICE – LAST WEEK’S TRADING REVIEW:</span>

Last week as I wrote earlier was probably the most difficult / craziest week in Forex Trading that I have ever seen, never mind traded. I write this in the full knowledge of trading through the financial crash of 2008-2009. Trading at that time was not difficult it was a pure flight to safety trade. Last week was just, plain crazy.

I know that I often write that the market is what it is - just suck it up.

The response on Wednesday to the FOMC was exaggerated to say the least, and then the retracement on Thursday was bizarre. But the squeeze on Friday back towards the post FOMC highs/lows basically a 61.8% retracement was just totally unexpected and took me completely off guard. I sat there just moving stops initially to the next levels down or up. Thank God I have these on my trade sheets. Then I was looking at Fibonacci’s in disbelief as LIMIT ORDER trades started to trigger. Next, to keep within RISK MANAGEMENT tolerances I was reducing position sizes. I posted lots of small losses which when added up was quite a number.

FUNDAMENTALLY, I believe that I am in the right trades at great levels moving forward, but I will need to add back to get the profit levels that I want.

The PREMIUM SERVICE went backwards by about 34 pips when summarizing the weeks trading. It was about to post a healthy increase until Friday when around the squeeze over 220 losing pips were deducted.

The USD/CHF provided some nice profits earlier in the week and several other USD majors contributed to the pip profits until Friday. I thought that it was going to be an excellent week as trading at the beginning of the week was practically non existent as I was waiting for the FOMC release.

As you will know, there are now some 13 x LIVE trades going into this week with a further 2 x LIMIT ORDERS waiting in the wings.

I am finding it hard, and I know from speaking with many of you that getting a consistency moving forward this year has been the challenge. I hear you 100%. I think that from now until the end of April I will just trade a consistent smaller position size with a slightly wider stop in my personal account to match the PREMIUM SERVICE accounts.

It is all about consistency. My PREMIUM SERVICE general trading account keeps ticking over. As I stated earlier in the blog, it is only when more than a single lot is risked and the trade concerned turns out to be a losing trade that you have to play catch-up. The principle of single-lot profitable trading works; it’s all about having the right sized account for a MICRO, MINI or STANDARD LOT approach to gain the success.

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<span style="text-decoration: underline;">4.3 THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PS-LIVE-TRADES-22032015.png"><img class="aligncenter size-full wp-image-5521" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PS-LIVE-TRADES-22032015.png" alt="PS LIVE TRADES 22032015" width="730" height="503" /></a>

<span style="text-decoration: underline;">4.4 THE PREMIUM SERVICE – EXISTING LIMIT ORDERS:</span>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PS-LIMIT-ORDERS-22032015.png"><img class="aligncenter size-full wp-image-5520" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/PS-LIMIT-ORDERS-22032015.png" alt="PS LIMIT ORDERS 22032015" width="709" height="399" /></a>

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

Remember position sizes for suggested FUNDAMENTAL TRADES should be much smaller than usual, maybe only 20%-25% of your normal trading position size. It is only when we add to our positions that the fun begins. All FUNDAMENTAL trades posted via email contain a second page with details of where I will add trades and when and where stops are moved, the Stair Stepping Stop Protection (SSSP) is self-explanatory and I hope useful. Using this grows your trading position and helps protect the profits made, should the trade gain traction. In addition, I have added some detail on my HEDGING approach as well to the second FUNDAMENTAL TRADE alert page. More detailed information on HEDGING can be found inside the PREMIUM SERVICE website under the EDUCATION tab – Trading Essentials.

I view the commodity cross-rate pairs as bonus trades away from the USD majors and over the year they can be very profitable. This is why I have a separate broker for commodity cross-RATE PAIR trades. It gives me an immediate measurement of performance without the need to extrapolate data.

&nbsp;

<span style="text-decoration: underline;">4.5 POTENTIAL TRADES - WHAT CHARTS AM I LOOKING AT?</span>

This section contains charts relating to non-USD majors, in particular the ones that I am working on and looking at because they catch my eye that may become potential trades in the trading sessions ahead. If there are no comments beneath the charts, my comments / thoughts are written on them directly. I will tweet and email as soon as these possible trades become LIMIT ORDERS.

GBP/NZD (weekly):

This pair was dropping with GBP weakness at the start of the week. At the end of the weak it was being sold with NZD strength - the classic double whammy.

I am looking at support a little below existing levels around the trend line support on the chart below at 1.9350.

Establishing a long here with a stop below 1.9000 would seem to be a level that may provide support. A lot depends on the NZD/USD though. If it breaks through 0.7520 we may go lower before establishing a base level from which to work from.

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/GBPNZDMonthly22032015.png"><img class="aligncenter size-full wp-image-5523" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/GBPNZDMonthly22032015.png" alt="GBPNZDMonthly22032015" width="800" height="600" /></a>

<span style="text-decoration: underline;">4.6 MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>

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

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/TRENDING-PAIRS-22032015.png"><img class="aligncenter size-full wp-image-5519" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/TRENDING-PAIRS-22032015.png" alt="TRENDING PAIRS 22032015" width="384" height="512" /></a>

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<span style="text-decoration: underline;">4.7 THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style="text-decoration: underline;">:
</span></strong>(This content is now for PREMIUM SERVICE subscribers only, it allows me to refer to existing and future set-ups that form part of the PREMIUM SERVICE subscription. it also now includes chart analysis based on the weekly candlestick charts.)

<strong>PLEASE NOTE:
</strong>

<strong>With many of the USD majors we are close to or have had weekly bullish or bearish engulfing candles. These would usually signify a change in the direction of the engulfing candle. However, sometimes when it is as a result of major events this is not always the case. The wicked moves of Wednesday last week after the FOMC and Fridays massive USD sell-off may temper matters.</strong><strong> </strong>

<strong>The open later today takes on a new importance for me. I may just close trades depending upon the open, or moves stops into non-moveable static positions.</strong>

<strong>With your own trades, you trade your own way. I am just alerting you. Longer-term weekly candles are powerful, but after the swings in the market that we have witnessed, and the extremes of volatility that we have seen, I have noticed in the past that sometimes a one-off candle has been ignored. This could be the case now… FUNDAMENTALLY some pairs are what I call upside-down based upon the weekly candle.</strong>

<strong>It is impossible to tell what will happen at the open, and as you know I hate Sunday night (EDT) Asian market opens.</strong>

<strong>It is difficult and for you and me…we have no way of telling what way things will happen.</strong>

<strong>I am a trader, I also like you have skin in the markets.</strong><strong> </strong>

<strong>I will tweet what I think.</strong>

<strong> </strong>

<strong>EUR/USD: Closing Price 1.0821.</strong>

If someone had told me this time last week that we would see a 300 pip move higher in the EUR/USD week on week, I would have said are you nuts or what? I am looking at the chart below saying to myself reversal pattern…. but to what level? 1.1050 the post FOMC spike?

I have a LIMIT ORDER to sell at 1.0970 – do I adjust this.

I am not that sure with all the EUROZONE news about to hit regarding GREECE and the EUROGROUP meetings that we could hit above 1.1000.

My thoughts are resistance at 1.0860 and support back at 1.0740. A break back through 1.0760 places the bears back in control in my opinion.

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<strong><a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/EURUSD-WEEKLY-22032015.png"><img class="aligncenter size-large wp-image-5529" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/EURUSD-WEEKLY-22032015-1024x517.png" alt="EURUSD WEEKLY 22032015" width="1024" height="517" /></a> </strong>

<strong> </strong>

<strong>GBP/USD: Closing Price 1.4957</strong>.

Well to me its obvious that 1.5000 will be a big number to break through. The PREMIUM SERVICE is short from 1.4920 and my FUNDAMENTAL view is to try and hold onto this trade no matter what as I firmly believe we are going a lot lower through uncertainty about the UK elections in 5 weeks time.

Let’s hope over the weekend there are some nice UK tabloid press comments about the EU and Cameron versus UKIP. That would be a nice gift. It might make the GBP/USD GAP LOWER at the open.

Support is at 1.4900 and resistance at 1.5000.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/GBPUSD-WEEKLY-22032015.png"><img class="aligncenter size-large wp-image-5528" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/GBPUSD-WEEKLY-22032015-1024x517.png" alt="GBPUSD WEEKLY 22032015" width="1024" height="517" /></a>

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<strong>AUD/USD: Closing Price 0.7771</strong>.

This could be a big week for the AUD and NZD looking at both weekly charts. I do however have a reservation. Central Bank divergence could bite me on the bum if I go fully into reversal mode with these pairs.

We are almost up against a down sloping trend line that has kept this pair in check for weeks. A break through 0.7800 and maybe we are on a trend reversal. There is no major AUD news to peg this pair back unless the RBA speaks out unannounced. I think we are so close to their target area for this pair that they would not want to see it drift higher through 0.8000 once again. This will be interesting to watch.

Support is at 0.7750 and resistance at 0.7800.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/AUDUSD-WEEKLY-22032015.png"><img class="aligncenter size-large wp-image-5530" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/AUDUSD-WEEKLY-22032015-1024x517.png" alt="AUDUSD WEEKLY 22032015" width="1024" height="517" /></a>

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<strong>NZD/USD: Closing Price 0.7556</strong>.

We are so close to 0.7620. This has been a key resistance level for this pair for weeks and weeks. If we were to break this level I fear a much larger move higher maybe on the cards. Unlike the RBA, the RBNZ through Wheeler have been playing a dangerous game by not being 100% strong on their policy, they have swung both ways, so to speak. On their side they have directly intervened in the FX markets before and they may have to do it again. Nobody really believes their jawboning anymore and their tricks of re-releasing old documents.

Support is at 0.7510 and resistance at 0.7620.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/NZDUSD-WEEKLY-22032015.png"><img class="aligncenter size-large wp-image-5527" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/NZDUSD-WEEKLY-22032015-1024x517.png" alt="NZDUSD WEEKLY 22032015" width="1024" height="517" /></a>

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&nbsp;

<strong>USD/CAD: Closing Price 1.2561.</strong>

I am so annoyed with myself as I had the chance to exit a USD/CAD long trade on Thursday with nice profits. I held on to let the profitable trade run… well the rest is history as they say. Now I have a bearish engulfing candlestick in front of me.

If Crude Oil comes under pressure this will support the move higher, plus the economic data (Retail Sales) on Friday was weak and quite frankly the CAD should not have strengthened so far on this weak data. I know about the candle but we should see a spring back.

Support is really good at 1.2450 and resistance back at 1.2650.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/USDCAD-WEEKLY-22032015.png"><img class="aligncenter size-large wp-image-5526" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/USDCAD-WEEKLY-22032015-1024x517.png" alt="USDCAD WEEKLY 22032015" width="1024" height="517" /></a>

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<strong>USD/CHF: Closing Price 0.9744</strong>.

This pair fell really hard as the EUR/USD rose. The CHF has it’s own motivation at the moment economically via the negative interest rate policy of the SNB and I expect this pair to motor back towards parity this week. We have a daily engulfing candle and maybe we will hover for a while, but I think that there are upward pressures to play out here

Support is at 0.9680 and resistance at 0.9850.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/USDCHF-WEEKLY-22032015.png"><img class="aligncenter size-large wp-image-5525" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/USDCHF-WEEKLY-22032015-1024x517.png" alt="USDCHF WEEKLY 22032015" width="1024" height="517" /></a>

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<strong>USD/JPY: Closing Price 120.04. </strong>

We are still in the same range in spite of all the shenanigans last week.

Support at 115.60 and resistance at 122.00

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/USDJPY-WEEKLY-22032015.png"><img class="aligncenter size-large wp-image-5524" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/03/USDJPY-WEEKLY-22032015-1024x517.png" alt="USDJPY WEEKLY 22032015" width="1024" height="517" /></a>

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&nbsp;
<ol start="5">
	<li><strong><span style="text-decoration: underline;"> THE WEEK AHEAD: -
WHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>
</ol>
<span style="text-decoration: underline;">5.1 MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>

SUNDAY: N/A.

MONDAY: EUR – ECB Mario Draghi Speaks.
MONDAY: CNY – HSBC Flash Manufacturing PMi.

TUESDAY: EUR – French &amp; German Flash Manufacturing PMI.
TUESDAY: GBP – CPi.
TUESDAY: USD – CPi.
TUESDAY: NZD – Trade Balance.

WEDNESDAY: N/A.

THURSDAY: GBP – Retail Sales.
THURSDAY: CAD – BOC Poloz speaks.

FRIDAY: USD – GDP.
FRIDAY: USD – FED Janet Yellen speaks.

&nbsp;

<span style="text-decoration: underline;">5.2 FINAL THOUGHTS / CLOSING COMMENTS:</span>

If like myself you found last week a difficult week, you can do either one of three things: -
<ol>
	<li>Take a few days off away from your computer screens.</li>
	<li>Get back into trading revitalized after a weekend of reading through the news items that have hit the press with your MACRO / FUNDAMENTAL VIEWS in position ready to attack.</li>
	<li>Gently ease your way back into the markets managing your LIVE /OPEN trades carefully and assess the Asia and European markets responses on Monday morning to the USD sell off on Friday.</li>
</ol>
There are not as many news events that are market moving this coming week but GREECE is the word….

The two boys without ties will be strutting around Brussels looking for the impossible. It is a dangerous game that they are playing and it will no doubt all end in tears, but before that we should get some great sound-bytes from Schauble, Juncker, Dijsselbloem, Weidmann or Nowotny to spice up the week. Getting these does of course create the odd spike in the EUR/USD so be on guard as best you can. Keep stops tighter without being too tight but maybe trade the EUR/USD with a smaller position size to accommodate the potential volatility.

There are lots of awkward looking candles on the charts that we will need to review into the early Asian trading later today. So we have a lot to look at early on and establish a clear plan.

We will have opportunities to make $$$, we just have to be alert and careful.

As always, there will be trades to trade and there will be some great opportunities, please trade in line with your RISK MANAGEMENT parameters from your TRADING PLAN. If you do not have a TRADE PLAN, in my opinion, you should, as this will help you with consistency.
<p style="text-align: center;"><strong>Consistency = longevity in trading and that is a critical goal.
IT IS THE KEY MEASUREMENT</strong></p>
Before you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.

Take care.

Scott Pickering
The Pip Accumulator
Sunday March 22nd 2015

EMAIL / FOLLOW ME AT:
premiumservice@weeklyfxdrivethru.com
Twitter: @pipaccumulator
Twitter: @ThePremService
<span style="line-height: 1.5;">Google+/scottpickering
</span>Tumblr: thepipaccumulator

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<strong><span style="text-decoration: underline;">DISCLAIMER &amp; OTHER DATA:</span></strong>

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<span style="text-decoration: underline;">TRADING &amp; PERFORMANCES DISCLAIMER:</span>

FLASH, RADAR and FUNDAMENTAL 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.