(9311,1,'2017-03-25 09:23:18','2017-03-25 14:23:18','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nEasy things first.\r\n\r\nI am back from house hunting on the east coast of Canada and, I am pleased to say that my wife and I have found a new home just outside of Halifax, Nova Scotia. We are delighted with the house and we are both really excited about the impending move.\r\n\r\nOn the negative side. If you follow me on twitter, if you are a PREMIUM SERVICE subscriber or a regular reader of this blog, you would be aware that for months I have been plagued by a series of software calamities, initially brought about by upgrading to ios sierra. These issues were exacerbated by a virus on my main Mac desktop. Matters came to a head last Monday. I could not get sound on the webinar broadcast for the WEEKLY FX DRIVE THRU – LIVE. Talk about stress. I thought that my recent trading was stressful enough to manage but eventually I found out that the recent addition of protection via McAfee was not such a great idea after all as it was blocking me. There were numerous network issues that McAfee did not like, my 5 remote printers to name 5 things and, I was prepared to live with this, but blocking my headset!!… for God’s sake give me a break.\r\n\r\nMcAfee has been uninstalled, it has ceased to be, it has moved on, it is no more and it never will be again as far as I am concerned.\r\n\r\nI really apologize to those of you who were waiting patiently for me to roll into action on the Webinar last Monday. Hopefully next Monday the 27<sup>th</sup> March, all will be back to normal. Being away for a week operating on my MacBook Air, I was really looking forward to the show after having a good old look around the charts.\r\n\r\nLeading on from the pleasantries…\r\n\r\nBollocks.\r\n\r\nWhat a pig of a week I have had; you can put lipstick on it but it’s still a fecking pig.\r\n\r\nAs I have stated in previous blogs my aim was to clear out the dross, drain the swamp… so to speak of trades I no longer wanted. I have done that but added more trades that are up in my face. Longer-term, I am comfortable with them and I am adding more smaller positions at lows and highs (buying dips and selling rips), but as you know it always looks darkest when buying with a RED candle coming towards you or selling with a big GREEN candle coming towards your entry level. Such is life.\r\n\r\nI am making a few pips this month, which is great, however, on the negative side I am sitting in CORE POSITIONS all under water. I am holding small positions but with quite wide stops, on the positive side not much $$$ at risk thankfully.\r\n\r\nNext time you see a junk mail telling you trading forex is a piece of cake and you are a dipstick if you cannot make money out of this market, respond telling the sender to feck off. I am tired of reading about all these fantastic traders who report entries at the top and exits close to or at the bottom, or vice versa. Trading is basically you versus the world, and do not let anyone influence you to think any other way. I will make my 10,000 pips of net profit this year but it will not be easy. To believe the FX market is easy is naïve. Remember, the big banks are pulling back their operations because even with their wealth and monetary power to influence they still screw it up.\r\n\r\nIn addition, whilst I am on my first soapbox of this blog. If these robots that keep appearing mainly in my Gmail inbox are so damn good why haven’t the banks bought them up so the retail trader can’t have them. It’s dead simple… they do not work.\r\n\r\nStill on the soapbox…\r\n\r\nI just don’t get it. At times, I think that I am losing my mind. I read, examine and force myself to listen to chart only technical trader’s ideas and reasons behind trades. If you are a 15-minute trader, which I am not, I can see it, but in the time it takes me to make a mug of coffee, these traders have more often than not completed two trades. So much time is given to the 15-minute trader, maybe it’s the way to go moving forward.\r\n\r\nWhen I first started trading currencies I used to use a combination of a 5 ,15 and 45-minute chart to enter a trade style called a pullback strategy. It works. But it does not work in this market, or maybe it’s just me, I can’t get it to work. It’s a damn good strategy and effective. In 2014, 2015 and last year, I used this strategy quite a bit and for my shorter-term trades and it was effective. The odd shorter term trade would develop into a swing trade from the original set up. I have said to PREMIUM SERVICE subscribers who have been starved of my shorter-term set ups of FLASH and RADAR trades this year that I hoped after the FOMC interest rate decision some state of market normality and acceptance would step back in. Like Diana Ross… ”I’m Still Waiting”.\r\n\r\nNot getting too anal, but I have checked the parameters and tried it out on a demo account. I must be careful, I have two or three big hitter’s subscribers who despite the warnings and risks will load up on the short-term trades to trade with momentum. I know it sounds absolutely crazy, but over 75% of the time the reversals back in the trends are just not happening. Therefore, one of my keys of success with shorter-term trades was my identification of high probability trade set ups. At 75% against me, I will not risk my money nor the money of my subscribers until this ratio is at least 75% in my favour and not the markets.\r\n\r\nSo, these short-term technical traders are they just gambling? Could be, because you never hear or see them if a trade goes the wrong way.\r\n\r\nTrading, especially FX trading is all about RISK MANAGEMENT and POSITION SIZING. If I have to sit and wait for my trade so be it. You need the patience of a saint trading FX.\r\n\r\nBack to the markets…\r\n\r\nIt would appear that all is just fine and dandy over in the UK and the EUROPEAN UNION and EUROZONE.\r\n\r\nI get it. The UK printed a beat on CPi. Holy Mother of God… if you devalue your currency over 15% what the hell do you expect. The UK hasn’t even triggered A50 yet and we are now hearing of interest rate increases. I am re-visiting my thoughts on the BREXIT, A50 and all things UK in the soapbox section 5 later.\r\n\r\nHallelujah, the EUROZONE and EUROPEAN UNION is safe… Geert Wilders did not win the Dutch election he was crushed. My arse he was crushed. The incumbent Prime Minister Rutte lost 25% of the parliamentary seats he had prior to the election and Wilders gained 33% more seats at the election. Granted the racist is not in power, but the fecker wasn’t crushed and to claim that it was a clear and resounding victory for the Dutch process is pure Walt Disney. Holland is, was and as long as I am alive and not pushing up daisies, will always be a weak coalition run country.\r\n\r\nNext, we had the French Presidential debate when Macron did very well and was by all accounts hailed as the victor. The EUR/USD spiked 60-80 pips on this news. Pundits are now claiming 1.1000 to 1.1400. They say that this plus improving economic and inflation data from the EUROZONE is enough to push the single currency higher. FFS, what about BREXIT.\r\n\r\nBREXIT is not just potential bad news for the UK, it also has ramifications for the EU as well. Mind you the same flutes talking EUR/USD at 1.1400 are the same flutes talking parity next week should there be some bad EU news coming across the wires.\r\n\r\nYou must in my opinion, keep the FUNDAMENTALS in your head at all times. They will win out over the “technicals” on every occasion. Listen and note what the Central Bank Governors and Presidents say. Obtain copies of their speeches highlight the salient points. Over the longer-term this will stand you in good stead over the numpties on TV or your twitter feed. Punters can get it right every now and then but it’s gambling. Most of them have “no skin” in the game so to speak.\r\n\r\nMoving on…\r\n\r\nHow could I not include a paragraph about “THE DONALD!”\r\n\r\nSo, it would appear that the TRUMP TRADE is in doubt. “THE DONALD” is struggling with the new job. It’s probably much bigger than he thought. His dictatorship approach that he had in the TRUMP BUSINESS just will not cut it in Washington.\r\n\r\nThe repeal of OBAMACARE being the case in point. What an absolute fiasco. His “enough is enough” take it or leave it style, which frankly is a good one to adopt at times, otherwise you can sit there negotiating for days on end going around in circles day after day. did not work. Career politicians are strange beasts, especially if they are in safe seats. They could not give a rat’s ass about doing the right thing, whether for constituents or party. It is all about self-preservation. The only threat to their existence is expulsion from the party and given the US desire to take everything to a courtroom the process is long drawn out and appealed over and over.\r\n\r\nDonald Trump’s draining of the swamp needs to be done across his own party as much as the Democrats. Washington is dysfunctional, not managed and politicians are 100% self-serving.\r\n\r\n“THE DONALD” has probably taken on much more than he can chew. If he thought that threats would work in Washington… think again. This is politics not business.\r\n\r\nStill More…\r\n\r\nAfter last week’s fiasco…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#8 this Monday 27<sup>th</sup> March at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-26032017.png\"><img class=\"aligncenter size-large wp-image-9296\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-26032017-1024x765.png\" alt=\"\" width=\"1024\" height=\"765\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nFrom my perspective, not a very busy week on economic data: -\r\n\r\nThis worries me as it will be equities, geopolitical events, BREXIT, the EUROZONE and “THE DONALD” that will drive markets.\r\n\r\nDo not forget March 29<sup>th</sup> BREXIT TRIGGER DAY for A50.\r\n<ol>\r\n 	<li>USD: Consumer Confidence numbers are always an indicator that I take seriously. If people are spending or feel confident to spend money this is a plus for an economy. If they are not spending the opposite applies. Given everything that is going on in the USA, I strongly suspect that this release will take on greater importance than usual this Tuesday.</li>\r\n 	<li>GBP: Current Account Data is backwards looking by about 90 days. Right now, it is an indicator that interests me because of BREXIT. It is all about currency demand and flows.<u> </u></li>\r\n</ol>\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/T-CHART-26032017.png\"><img class=\"aligncenter size-large wp-image-9297\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/T-CHART-26032017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></a>\r\n\r\n&nbsp;\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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9302\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9303\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9301\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9304\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9306\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9307\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/UDSDJPY-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9305\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/UDSDJPY-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that 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<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know at the moment that I am guilty of over thinking this market. I am getting myself wrapped up in too much detail. My caution is based around the fact that earlier this year I took a couple of big hits on GBP/USD shorts only to see within 48 hours those losses washed away as the Fundamentals kicked in once again. These moves are the moves I hate the most with trading. Whilst I accept losses are part and parcel of trading, I still hate to take losses when my views are still not proven incorrect.\r\n\r\nI have about 9 charts with set ups drawn on them, but to be frank, even if I had posted them they would still just be sitting as LIMIT ORDERS. We are still looking at the bigger picture in ranges and we are chopping about in these ranges. I admit we have seen some good spikes and falls but in real terms we are still not pressing the extremes.\r\n\r\nI talk a great deal about having patience in trading, and, like many of you that I have spoken with on email or face to face on SKYPE, this is a challenge.\r\n\r\nI suppose I am lucky in the sense that I am very much a long-haul trader. If I have to sit and wait in trades that are chopping about for a few weeks, I am prepared to do this. From my perspective, there is NO point adding trades when the market is range bound, as all I am doing is adding in RISK.\r\n\r\nI am taking pips out of the market as they become available but at the moment that is a slow process.\r\n\r\nAs I mentioned to a couple of you last week, the frustrations at times can be so difficult that you feel you should just close down all the open trades and start again. When I first started trading, I used to do this from time to time. Now, I wait and when my RISK TOLERANCE levels contained within my TRADE PLAN are approaching I receive an alert and then it becomes crunch time, when there are only 3 decisions available: -\r\n<ol>\r\n 	<li>Extend the stop.</li>\r\n 	<li>Extend the stop and reduce the position size.</li>\r\n 	<li>Let the trade stop out.</li>\r\n</ol>\r\nI need to see a break to confirm which trade set ups to follow through with and verify entry / exit levels. Until that happens I have to wait.\r\n\r\n&nbsp;\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nAs a few of you have commented, I am still very tentative with placing trades. I have still not started on FLASH or RADAR trades again.\r\n\r\nMedium-term, I feel comfortable with holding USD longs, but at the moment it’s not comfortable. There will come a point when I think that I will have to draw a line in the sand with EUR/USD and GBP/USD shorts.\r\n\r\nAs we all know one piece of really bad news in the EUROZONE or a BREXIT related piece of news can have a 300 pip move lower in a day!\r\n\r\nFundamentally, it makes sense for me to remain bearish given my thoughts and frankly pip wise it’s frustrating but $$$ wise I am not even 33% engaged in total for each core position so I am NOT risking much in $$$. Being cautious and managing overall RISK really pays off at times such as these.\r\n\r\nThe killer question is when you have a sea of RED on your net trade positions is: “Would you be prepared to add more positions on a dip or rip?” and I would be for a while longer, so I am OK to sit in these traders. For you guys, please examine your RISK and adjust POSITION SIZES if necessary.\r\n\r\nI have 15+ LIVE TRADES at the moment, to add more given the “chop” that we are experiencing mostly with the USD majors, is in my opinion adding unnecessary RISK and it gives me less confidence trading the cross-rates. Hopefully these conditions will change moving forward.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>EUR/USD and USD/CHF: - Core positions are still being established and I am looking to add even more trades. For now, although it is difficult, I can still see the reasons to buy dips and sell rips.\r\n\r\nThe bigger picture is that despite encouraging inflation data, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I am looking to re-establish this trade at higher levels.</li>\r\n 	<li>GBP/USD: - Nothing has really changed in my opinion.\r\n\r\nThere will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - Nothing has changed for me with this pair.\r\n\r\nI am still somewhat nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.\r\n\r\nOver the past week, I have extended the STOP LOSS position on my sole EUR/GBP trade.\r\n\r\nAs mentioned over recent weeks, there are additional EUROZONE headwinds to take into consideration: - FRENCH and GERMAN ELECTIONS, A GREECE DEBT CRISIS and a looming ITALIAN BANK CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-26032017.png\"><img class=\"aligncenter size-large wp-image-9299\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-26032017-811x1024.png\" alt=\"\" width=\"811\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-26032017.png\"><img class=\"aligncenter size-large wp-image-9298\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-26032017-762x1024.png\" alt=\"\" width=\"762\" 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>LET THE FUN AND GAMES BEGIN (PART ONE:</strong>\r\n\r\nSo, as far as I can see article 50 declaring the UK exit process begins on March 29th, 2017 when it is said that Theresa May the UK Prime Minister will actually trigger the mechanism for the BREXIT process to begin.\r\n\r\nSince the referendum vote in June last year when the UK electorate voted to exit the EUROPEAN UNION, sterling versus the USD has devalued 15%, Mark Carney, Governor of the Bank of England, stepped up to the plate immediately to support the financial markets with increased QE (Quantitative Easing) and an interest rate cut.\r\n\r\nSince then it has been one long news release of headlines such as; cable to parity, cable BREXIT declines are now baked in, Carney is going to raise rates as we now have inflation in the UK, it’s going to be a hard BREXIT, it’s going to be a soft BREXIT, we will create a tax free zone in the heart of London, we are not going to pay a bill of €64 million to exit the EUROPEAN UNION, no trigger of A50 no discussion on exit terms, the UK will get no favours on exiting the EUROPEAN UNION… on and on it went week after week.\r\n\r\nLet me just remind everyone… if you are reading this blog on the day it was posted, Article 50 has STILL NOT been invoked.\r\n\r\nHowever, here we are under a week away and the gamblers are out regarding what the GBP will do on the announcement?\r\n\r\nI do not know what the cable will do when the article will trigger. I suspect it will drop initially on the news and then it will bounce back, but I do feel that from the trigger date until the exit from the EU (in 2 years or more), the cable along with the EUR/GBP and to some extent the EUR/USD, could possibly be very much a news driven currency.\r\n\r\nI write this because we are in unchartered territory. I have written this before but let me remind you.\r\n\r\nThe only country that has previously exited the EUROPEAN UNION was GREENLAND. It took GREENLAND two years to do it. The UK has the same ambitious target in mind. Frankly given the complexities of the UK position in the EU vis-à-vis GREENLAND, in my opinion two years may be rather ambitious.\r\n\r\nIn addition, the BREXIT negotiations will not be friendly because the lead time from the actual referendum vote until the A50 trigger will be invoked will be about 9 months. In this period, the negotiating positions have been aired in public and it’s NOT cordial, far from it.\r\n\r\nThe UK want trade but they do not want freedom of movement at any price, allegedly up to a no deal position.\r\n\r\nThe EUROPEAN UNION cannot make the process easy, nor can they show any benefits of leaving the EU because this would feed the populist movements and a contagion effect would probably be in play.\r\n\r\nWe could a Mexican standoff on day one. Do NOT rule it out.\r\n\r\nThere will be mind games, silly games and possibly party games including musical chairs before these negotiations are completed.\r\n\r\nAs I understand it, the pathway forward is going to be something like this: -\r\n<ul>\r\n 	<li>A50 triggered by UK on March 29th, 2017.</li>\r\n 	<li>On April 29th, 2017, the remaining 27 EU members meet to discuss the UK request to withdraw.</li>\r\n 	<li>There is then a period of two years set aside when negotiations begin. A draft of the deal agreed between both parties is put before the 27 leaders (if this is still the number in two years!!).</li>\r\n 	<li>20 of the current 27 member countries totaling at least 65% of the EU population needs to approve the exit deal.</li>\r\n 	<li>It is then ratified by the European Parliament.</li>\r\n 	<li>If at the end of two years of negotiations nothing is finalized they can be extended only if all member countries agree.</li>\r\n 	<li>If no agreement between the two sides is negotiated. The UK leaves the EUROPEAN UNION.</li>\r\n 	<li>The UK Parliament repeals the 1972 European Communities Act.</li>\r\n 	<li>Should the UK want back into the EU it must go through the same procedures that any new entrant applies with.</li>\r\n</ul>\r\nEasy peasy… if only.\r\n\r\nThis will not be an easy process for the UK.  As the major banking clearing centre for the EU and EUROZONE, London stands to lose a great deal of its standing around the globe as a financial area of excellence. It will still be an important financial centre but not with the same gloss. This is a fact that cannot be cast aside glibly.\r\n\r\nThe world’s major banks sit in the City of London. If these banks want to continue to have a major presence in Europe, they will have to relocate. Plans are afoot already and I strongly suspect that relocation announcements will start dropping into the media soon as the invocation of A50 occurs. In my opinion, this reality will hit cable. No matter how much you hear BREXIT A50 trigger prices levels are baked in, this is now reality, it is much different in my opinion.\r\n\r\nNext you will hear of UK job losses for those staff that are not re-located. Do you really think this is good news? Estimates of job losses being floated about are circa. 100,000.\r\n\r\nThen we will have poor / weak capital flows. Many of the multi-national Banks will just have a bureau style approach to the UK, the major thrust of operations will be either in Dublin, Frankfurt or wherever, the movement of funds in and out of the UK decreases. This is big news for currencies and the UK economy etc.\r\n\r\nIf this bad news strikes home hard in the UK. The calls for a stronger negotiation stance will grow. Intransigence will then grow into the negotiating team. Marry that up with the expected no nonsense approach from the EUROPEAN UNION negotiators who do not want a contagion on their hands and we have games…. LET THE FUN AND GAMES BEGIN…. (PART ONE) …\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #132 PREMIUM SERVICE\r\nDATE: 26th March 2017.\r\n\r\n&nbsp;','LET THE GAMES BEGIN (PART ONE):','','publish','open','closed','','let-games-begin-part-one','','','2017-03-25 09:23:18','2017-03-25 14:23:18','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9311',0,'member_posts','',0),(10180,1,'2017-10-07 10:17:01','2017-10-07 15:17:01','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nSuch a lot to talk about last week, it is difficult to know exactly where to focus first.  However, that is for a little later in the blog.\r\n\r\nThe USD got its mojo back last week in some style. I am still struggling to find reasons to be long the USD. Of late data has started to be the right side of “mixed” to support a move higher in the DXY, the PMi data was good. In addition, the recent FED speak has been very HAWKISH in tone. See the chart below (The chart does contain a few additional thoughts).\r\n\r\nOverall though I think that maybe it\'s the fact that the market is starting to believe that regardless “of whatever”, Yellen is leaving her position as FED CHAIR next February with another rate hike in her purse?\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-08102017.png\"><img class=\"aligncenter size-large wp-image-10154\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-08102017-1024x497.png\" alt=\"\" width=\"1024\" height=\"497\" /></a>\r\n\r\n&nbsp;\r\n\r\nHowever, this is my piece du résistance on the matter of recent USD (DXY) strength.\r\n\r\nI have a thought process along these lines….\r\n\r\n&nbsp;\r\n<ul>\r\n 	<li>The FED is raising rates come what may.</li>\r\n 	<li>The BOE has real dilemmas to face.Theresa May’s longevity as Prime Minister. She could be removed as Tory leader before I complete this blog!\r\n\r\nBREXIT negotiations are pretty much a shambles. The “No Deal” scenario is openly discussed more and more. If May is “kicked out” another timeline vacuum ensues and this results in additional pressure on the exit deadline.\r\n\r\nThe recent PMi data was basically poor…well really CRAP. The UK economy is declining and it will only get worse before it stands a chance of getting better.\r\n\r\n3% inflation or not. I just think it\'s a suicide mission on the UK economy to raise rates with so much uncertainty.</li>\r\n 	<li>The ECB governing council are basically crapping the bed about tapering and a timetable announcement of returning to an interest rate normalization policy. The latest meeting minutes included commentary like:“HIGHLY ACCOMODATIVE UNDER ALL SCENARIOS”\r\n“SUBSTANTIAL STIMULUS STILL NEEDED”\r\n“CONCERNS ABOUT CURRENCY VOLATILITY AND EURO RISE” “MUST BE MINDFUL OF MARKET EXPECTATIONS ON FUTURE POLICY”\r\n\r\nI would define this as not quite sure and uncertainty!</li>\r\n 	<li>RBA was playing stick. Not looking to move away from being accommodative / supportive. Then like a “bolt from the blue” out comes RBA board member Ian Harper who quipped that if the Australian was to worsen the RBA has NOT ruled out an interest rate cut.Well, in all honesty. That is normal. It’s what a Central bank does in its normal course of day-to-day business. However it is usually done on a nod and a wink basis, not in font size 72 to the media… interesting. This comment came after two bloody awful months of Retail Sales data.</li>\r\n 	<li>RBNZ has recently stated that it is remaining accommodative for an extended period.</li>\r\n 	<li>BOC, Stephen Poloz is being cagey on what the BOC will do next after two recent rate hikes. The recent run of data has been disappointing. Of all the Central Banks except the Fed I still think that the BOC will raise rates if only to curb house prices and personal debt borrowing in Canada.</li>\r\n 	<li>SNB and BOJ remain unchanged, interfering if required and accommodative for generations to come!</li>\r\n</ul>\r\nSimply put, the divergence of Central Bank policy is once again at the forefront of institutions as they head into the year end. Many have books based upon the calendar year and from now through to the end of the year the big movers and shakers will be getting positioned.\r\n\r\nI am still a HUGE believer that Central Bank monetary policy is what primarily moves a currency. I know that within this framework there are a lot of idiosyncratic reasoning behind some moves and that certain personalities believe that policy is more about themselves rather than the country, but overall, in my opinion Central Bank monetary policy is primary.\r\n\r\nBasically, the FED is raising interest rates in the U.S. and the rest are in limbo at best.\r\n\r\nThere will be some very interesting trading conditions ahead but from the way I am looking at this, I need the dust to settle a little at least until I can see a clear shift in sentiment.\r\n\r\nAt the end of the day we could just be retracing technically in the DXY and there is a bear flag formation setting up to move the DXY lower once again inside the longer-term trend.\r\n\r\nI am finding it difficult to get an absolute fix on what is driving the USD and then on top of everything we have the geopolitical tensions. North Korea could raise its head once again as we enter a period of the country’s anniversaries. I noted during the week that TRUMP mentioned that we are now in “The calm before the storm”. In addition, there is the Iran nuclear deal that TRUMP wants to amend or discard (not sure it’s hard to keep up). Both items have enough to reverse the USD move at the drop of a hat.\r\n\r\nThere is a lot to consider if you are not a market scalper or day trader.\r\n\r\nMoving on…\r\n\r\nI have finally recorded, changed, updated, re-recorded and finally placed a version of “AN INTRODUCTION TO THE PREMIUM SERVICE” on my YouTube and Screencast channels.\r\n\r\nIt is essentially for new subscribers to add a little more to a subscription decision other than the written word on my website. I can also use it with some advertising as well. I am never happy with these things and I will no doubt tinker with it moving forward. A couple of segments were re-worked but perhaps still require a little more attention. There comes a point however, that if I do NOT just post it, it may never see the light of day.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nHowever, …\r\n\r\nNot as much luck with my EA’s (Expert Advisors) this week. These algorithms have taken a serious backseat. This coming week is a slack week for economic data so I should get a chance to move forward all things being equal.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong></strong><strong> THE FX MARKET PLACE:</strong>&nbsp;\r\n\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u></li>\r\n</ol>\r\nOn my God… there is so much I could write about, I will be selective and to the best of my ability concise (Please allow some tolerance I am from Liverpool and I love having this SOAPBOX option).\r\n\r\n<strong><u>GBP</u></strong><u>: PMi DATA, THE BOE, BREXIT and THERESA MAY’S MELTDOWN.</u>\r\n\r\nHoly shit… there is a book in that heading alone.\r\n\r\nThe PMI data was as predicted in last week’s DRIVE THRU. Manufacturing and Construction to miss and Services to beat.\r\n\r\nOverall the numbers were poor. In fact, Construction came in at 48.1 against 51.1 which placed it in the contraction zone being less than 50.0. Manufacturing recorded 55.9 against 56.7 and Services showed 53.6 versus 53.2.\r\n\r\nFrankly, this data is backward looking but in all honesty in the name of sanity how can the BOE raise rates on these numbers? The numbers are more akin to RATE CUTTING not RATE HIKING.\r\n\r\nOld flip-flopper will be flip flopping in my opinion but he has an out on his side to save face. First, whilst I realise the BOE has a mandate on inflation, second and thirdly, it also must consider economic stability and prevent unnecessary market volatility through uncertainties.\r\n\r\nBREXIT is just a bloody disaster by all accounts. Politicians are fecking useless at negotiation. The UK have put up David Davies a politician against Michel Barnier a “pen pushing jotter blotter” from Brussels who has no accountability to a parliament or voters. Barnier couldn’t give a crap. It’s just a job. Mind you he doesn’t appear to have to do a damn thing anyway, the Brits can’t even get into the starting blocks, absolutely fecking useless numpties.\r\n\r\nThe UK is so bad they are even promoting a “NO DEAL” as the outcome. FFS what a load of crap.\r\n\r\nIf that was not enough…\r\n\r\nTheresa May at the Conservative Party conference in Manchester coughed and spluttered her way through her speech. She even took a cough drop from Chancellor Philip Hammond to try and stop her coughing spasm. At the same time, in the background letters that were obviously stuck to the stage set with double sided tape fell off. The slogan which originally read” Building a country that works for everyone” ended up being “Building a country that works or everyon”. If that weren’t enough she was handed a P45 by a gatecrasher (In the UK you receive this form when you leave your existing job).\r\n\r\nWhat’s the phrase “When shit happens…. shit happens!!”\r\n\r\nShe was praised by her team of her arse-lickers stating that she carried on brilliantly through adversity. However, in the real world the wagons are circling just like in an old John Wayne movie!\r\n\r\nThe speech was low on content. BREXIT has brought the party to a dysfunctional state. The cracks, that were covered in paper after the referendum are widening and the paper cover gone. The word disastrous is being used by many media outlets to describe Theresa May’s performance. Far from rallying the troops she has heightened the differences.\r\n\r\nHer position a Prime Minister and leader of the Conservative Party is hanging by a thread. I believe she will be booted out with little dignity much like the way Maggie was, whilst on a business trip in Paris. It would be better for Theresa May to walk sooner rather than later.\r\n\r\nHaving said that what numpty wants the responsibility of BREXIT? Maybe it’s best to leave her in position, her career is fecked anyway and the BREXIT negotiation disaster can be pinned 100% to her legacy.\r\n\r\nHere’s a point to consider…\r\n\r\nThe UK has done feck all on getting the BREXIT negotiations started. Could there be another referendum with a new leader as the “Unsullied” in the shires think that the Tory government have really fecked up BREXIT so far.\r\n\r\nJust saying and thinking aloud…\r\n\r\nAnyway, enough of that….\r\n\r\nWith regards to the above, Carney in my opinion, has a decent case to say; “Hold on, no rate hike” (even with 3% inflation which he could argue is transitory like all Central bankers do!). I think that there is a chance he could get away with it without being categorized again as a flip flopper. This would apply especially if Theresa May were to resign or be ousted inside the next 2/3 weeks.\r\n\r\n<strong><u>EUR</u></strong><u>: CATALAN, BRUSSELS and the GERMAN ELECTION FALLOUT.</u>\r\n\r\nWTF…\r\n\r\nSome horrible scenes around Barcelona were televised last weekend with voters being dragged, hit, whacked with batons and generally beaten up over simply trying to vote. For those who thought that Spain had come a long way since the Francisco (General) Franco era… think again…. it would appear NOT. Quite a disgrace.\r\n\r\nIn addition, the silence from the rest of the EUROPEAN UNION, BRUSSELS etc. was a shocking display of how a united EUROPE could NEVER happen not in a million years. It was an embarrassment to those who call themselves leaders. The silence to me however spoke louder than any words that politicians could utter.\r\n\r\nWe enter another weekend of probable disturbances as Mariano Rajoy (Spanish Prime Minister) suspends the Catalan Parliament session next Monday in an attempt to block an independence vote taking place in the regional parliament.\r\n\r\nThe Catalan leaders are at a crossroads. Either move forward with declaring independence or try to negotiate a settlement to separate with Madrid.\r\n\r\nThis story has a great deal more left in it, with the King of Spain (Felipe) being accused of being a mouthpiece for the Spanish Government by the Catalan Regional President Carles Puigdemont.\r\n\r\nMeetings are scheduled moving forward through the weekend but I feel that this item has a long, long way still to run before its settled. Already businesses are moving Head Offices out of Catalonia in readiness for the split. It does not seem to have directly affected the single currency that much… weird to me.\r\n\r\nThis is very quiet news…\r\n\r\nAngela Merkel is still busy in the background working away trying to finalize a revised coalition government. This is taking some time and press releases are sparse which, to me indicate issues on agreements. With so many parties involved, the result will be a washed out version on what Merkel campaigned on. Coalitions = weak government.\r\n\r\nI do not believe that this has been factored in at all to the single currency exchange rate. It appears to be in suspended animation mode at the moment. I think that the larger traders are more concerned with the moves from the ECB than anything else.\r\n\r\n<strong><u>AUD</u></strong><u>: RBA RATE STATEMENT, TRADE BALANCE, RETAIL SALES.</u>\r\n\r\nThe RBA is standing firm and frankly looking around at what is going on, strong leadership from Philip Lowe is paying off.\r\n\r\nIn last week’s statement, he stated that high exchange rates would harm the economy and as usual the RBA provided subtle jawboning which has worked.\r\n\r\nDuring the week, the Trade Balance data was good (+0.99BAUD$ against a forecast of +0.88B AUD$), this was counterbalanced at the same time by poor Retail Sales at -0.6% it was worse than last month at -0.2% but the forecast was a +0.3%, the AUD was taken to the woodshed and spanked lower.\r\n\r\nOn Friday, last week RBA member Ian Harper leapt out of the masses to quip that the RBA would cut interest rates if the recent slowdown in the Australian economy worsens.\r\n\r\n<strong><u>CAD</u></strong><u>: TRADE BALANCE and JOBS DATA.</u>\r\n\r\nMore poor data was seen from Canada in the guise of Trade balance numbers that missed expectations (-CAD$3.4B forecast –CAD$2.6B).\r\n\r\nThe USD/CAD was whacked up another cent from 1.2470 to 1.2570 on the back of that data.\r\n\r\nThe jobs data followed 24 hours later and it was a very slight miss at 10k jobs vis-à-vis 12k anticipated. The Unemployment Rate remained at 6.2%, a slight uptick to 6.3% was expected.\r\n\r\nBecause the U.S. data was so erroneous the market struggled to know what to do and how to react and this overrode any logical moves with the CAD directly. Therefore, it basically tread water after the initial market volatility.\r\n\r\n<strong><u>USD</u></strong><u>: NON-FARM PAYROLLS and ISM PMI data.</u>\r\n\r\nThe number was a negative 33,000 jobs created and the unemployment rate dropped to 4.2%, which is less than pre-the GFC. Average hourly earnings rose to 0.5% from a previous 0.1% and forecasted 0.3%. This was strong.\r\n\r\nThe USD strengthened but did not go hell for leather to break the trading ranges.\r\n\r\nAs I mentioned in last week’s blog even before we were made aware that last week’s numbers would be hard to interpret, given the storms and hurricanes that basically battered the U.S. of late, I was already of the opinion that NFP helping the FED with policy was a non-event. As, in my opinion, the Fed have decided already.\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/2017/10/ECON-DATA-08102017.png\"><img class=\"aligncenter size-large wp-image-10155\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECON-DATA-08102017-1024x674.png\" alt=\"\" width=\"1024\" height=\"674\" /></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/2017/10/TCHART-08102017.png\"><img class=\"aligncenter size-large wp-image-10156\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/TCHART-08102017-1024x846.png\" alt=\"\" width=\"1024\" height=\"846\" /></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\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-08102017.png\"><img class=\"aligncenter size-large wp-image-10165\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-08102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-08102017.png\"><img class=\"aligncenter size-large wp-image-10166\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-08102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-08102017.png\"><img class=\"aligncenter size-large wp-image-10164\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-08102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-08102017.png\"><img class=\"aligncenter size-large wp-image-10167\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-08102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-08102017.png\"><img class=\"aligncenter size-large wp-image-10168\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-08102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-08102017.png\"><img class=\"aligncenter size-large wp-image-10169\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-08102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-08102017.png\"><img class=\"aligncenter size-large wp-image-10170\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-08102017-1024x483.png\" alt=\"\" width=\"1024\" height=\"483\" /></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:</u>\r\n\r\nNot a lot this week to choose from at all.\r\n\r\n<strong><u>USD:</u></strong><u> PPi, RETAIL SALES and CPi INFLATION DATA</u>.\r\n\r\nI would never be-little the power of inflation data for an economy. It obviously takes on greater importance when the U.S. economy is involved, as this data represents such a vital barometer for sentiment moving forward. However, without wanting to sound as complacent and blasé as the markets are to data releases, I do think whilst these numbers are interesting to read from a trending perspective, from a FED viewpoint I do not think they are going to matter unless they miss by 5% or greater… something mind blowing off forecast is what I mean.\r\n\r\nThe FED has made its mind up vis-à-vis an interest rate move higher in December.\r\n\r\nThe FX market being a future pricing mechanism based primarily off Central Bank Monetary Policy will be baking this into pricing as we move closer to the December FED meeting on the 12th and 13th, with the announcement due on the 13th December 2017 at 2PM EST.\r\n\r\nBack to economic data…\r\n\r\nLast time around, everything was positive 0.2% - 0.4% except for Retail Sales which posted a poor -0.2% number.\r\n\r\nThis time the forecasts show basically an improvement across the board with Retail Sales expected at 1.5%. We are dealing with the ultimate consumer society in the world. The biggest economy in the world. The forecasts should be a piece of piss.\r\n\r\nAlways expect the unexpected.\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 is not a lot of data due this week and as such we will be captives to the movements in equities, securities and commodities.\r\n\r\nI do not think I would get much disagreement when I say almost since TRUMP was inaugurated the market has been more headline news driven that anything else.\r\n\r\nI think that I am alone with these thoughts as I do NOT find this market easy and I am struggling to get the reasoning behind moves and finding traction with direction and trade set ups is a little more difficult than usual.\r\n\r\nThis makes trading more of a gamble than a well thought out reasoned strategy or TRADE PLAN. For traders with more than a 60-minute trading horizon this brings a raft of issues into play that the scalpers of this world do not have to consider.\r\n\r\nWe have considerable heightened geopolitical news hovering around us with regards to “Little Rocket Man” and the Iran nuclear deal review.\r\n\r\nIt would very easy and glib to say just be careful trading this week. It would be accurate but a bit wishy-washy.\r\n\r\nThe USD weakened into the close last Friday, I see this as purely positioning as frankly no-one would really want to be heavy into being long the USD into the weekend with all the geopolitical risk being about.\r\n\r\nWe are in ranges at the moment that last week’s NFP could not break and whilst some individual pairs cut extremes (GBP/USD &amp; AUD/USD), the EUR/USD held above 1.1660 which, I think is significant.\r\n\r\nMore detail of my thoughts and ideas will appear for PREMIUM SERVICE subscribers as I add back trade set ups at the start of this week’s trading through Monday / Tuesday.\r\n\r\nFrom a general perspective, a lot depends on the news.\r\n\r\nTherefore, the only logical guide to present here would be to trade smaller sized positions. I expect a chop fest with no real overall direction, although, I do think that the chances of the USD breaking much higher will be limited unless a significant break past the 94.00 (DXY) the 23.6% retracement of the TRUMP inauguration move. If we break through 94.00 then the 95.86 (38.2%) would be in view, but in my opinion unless TRUMP has some significant “wins” I think the DXY moves lower with the trend and the USD takes another hit.\r\n\r\nTherefore…\r\n\r\nPlay the waiting game to see the reaction on Monday after NFP has been digested thru all markets. Try and get a confirmation of the bigger move before pulling the trigger.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\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:</u>\r\nOCTOBER 2017 TO DATE:           +481 net pips\r\nYEAR TO DATE 2017:                    +7,987 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<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<u>\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u><u>\r\n</u><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 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\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\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\n\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: #254 FREE NEWSLETTER\r\n8th October 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;','UK RATE HIKE IN THE BALANCE?','','publish','open','closed','','uk-rate-hike-balance','','','2017-10-08 09:55:22','2017-10-08 14:55:22','',0,'https://weeklyfxdrivethru.com/?p=10180',0,'post','',0),(11057,1,'2018-02-28 15:56:23','2018-02-28 20:56:23','<h4>Total Trades Profit Summaries Archives:</h4>\r\n<section class=\"clearfix\">\r\n<div class=\"one-half first\">\r\n<h2>This Month</h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>Year to date<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PS-YTDFEB2018-PERF.png\"><img class=\"aligncenter size-large wp-image-11048\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/PS-YTDFEB2018-PERF-840x1024.png\" alt=\"\" width=\"840\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n<h2>PREVIOUS YEARS</h2>\r\n<h2><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></h2>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS-2016.png\"><img class=\"size-large wp-image-9216 aligncenter\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS-2016-946x1024.png\" alt=\"\" width=\"946\" height=\"1024\" /></a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERVICE-COMPLETE-2015.png\"><img class=\"size-large wp-image-8804 aligncenter\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERVICE-COMPLETE-2015-1024x1011.png\" alt=\"\" width=\"1024\" height=\"1011\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PREM-PROFITS-2014.png\"><img class=\"aligncenter size-large wp-image-9214\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PREM-PROFITS-2014-1024x1022.png\" alt=\"\" width=\"1024\" height=\"1022\" /></a>\r\n\r\n</div>\r\n</section>','Total Trades Profit Summaries','','inherit','closed','closed','','5000-revision-v1','','','2018-02-28 15:56:23','2018-02-28 20:56:23','',5000,'https://weeklyfxdrivethru.com/5000-revision-v1/',0,'revision','',0),(10913,1,'2018-01-31 18:38:18','2018-01-31 23:38:18','<h4>Total Trades Profit Summaries Archives:</h4>\r\n<section class=\"clearfix\">\r\n<div class=\"one-half first\">\r\n<h2>This Month<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/NET-PS-PERF-JAN2018.png\"><img class=\"aligncenter size-large wp-image-10905\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/NET-PS-PERF-JAN2018-939x1024.png\" alt=\"\" width=\"939\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>Year to date<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/NET-PS-PERF-JAN2018.png\"><img class=\"aligncenter size-large wp-image-10905\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/NET-PS-PERF-JAN2018-939x1024.png\" alt=\"\" width=\"939\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n<h2>PREVIOUS YEARS</h2>\r\n<h2><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></h2>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS-2016.png\"><img class=\"size-large wp-image-9216 aligncenter\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-PROFITS-2016-946x1024.png\" alt=\"\" width=\"946\" height=\"1024\" /></a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERVICE-COMPLETE-2015.png\"><img class=\"size-large wp-image-8804 aligncenter\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERVICE-COMPLETE-2015-1024x1011.png\" alt=\"\" width=\"1024\" height=\"1011\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PREM-PROFITS-2014.png\"><img class=\"aligncenter size-large wp-image-9214\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PREM-PROFITS-2014-1024x1022.png\" alt=\"\" width=\"1024\" height=\"1022\" /></a>\r\n\r\n</div>\r\n</section>','Total Trades Profit Summaries','','inherit','closed','closed','','5000-revision-v1','','','2018-01-31 18:38:18','2018-01-31 23:38:18','',5000,'https://weeklyfxdrivethru.com/5000-revision-v1/',0,'revision','',0),(10998,1,'2018-02-17 08:02:24','2018-02-17 13:02:24','<h4>POSITION TRADES Archives:</h4>\r\n<section class=\"clearfix\">\r\n<div class=\"one-half first\">\r\n<h2>This Month<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/POS1-17022018.png\"><img class=\"aligncenter size-large wp-image-10988\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/POS1-17022018-791x1024.png\" alt=\"\" width=\"791\" height=\"1024\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/POS2-17022018.png\"><img class=\"aligncenter size-large wp-image-10989\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/02/POS2-17022018-773x1024.png\" alt=\"\" width=\"773\" height=\"1024\" /></a></h2>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS1-19112016.png\">\r\n</a>\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>Year to date<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/POS-JANYTD2018.png\"><img class=\"aligncenter size-large wp-image-10904\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/POS-JANYTD2018-748x1024.png\" alt=\"\" width=\"748\" height=\"1024\" /></a></h2>\r\n<h2>PREVIOUS YEARS</h2>\r\n<h2><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/POSITION-COMPLETE-2017.png\"><img class=\"aligncenter size-full wp-image-10714\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/POSITION-COMPLETE-2017.png\" alt=\"\" width=\"820\" height=\"946\" /></a></h2>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-2016-COMPLETE.png\"><img class=\"aligncenter size-full wp-image-8814\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-2016-COMPLETE.png\" alt=\"\" width=\"816\" height=\"946\" /></a>\r\n\r\n</div>\r\n</section>','POSITION TRADES','','inherit','closed','closed','','6965-revision-v1','','','2018-02-17 08:02:24','2018-02-17 13:02:24','',6965,'https://weeklyfxdrivethru.com/6965-revision-v1/',0,'revision','',0),(10828,1,'2018-01-19 17:24:09','2018-01-19 22:24:09','','TCHART 20012018','','inherit','open','closed','','tchart-20012018','','','2018-01-20 07:57:50','2018-01-20 12:57:50','',10852,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/TCHART-20012018.png',0,'attachment','image/png',0),(10829,1,'2018-01-19 17:29:55','2018-01-19 22:29:55','','AUDUSD D 20012018','','inherit','open','closed','','audusd-d-20012018','','','2018-01-20 06:49:35','2018-01-20 11:49:35','',10837,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/AUDUSD-D-20012018.png',0,'attachment','image/png',0),(10830,1,'2018-01-19 17:29:58','2018-01-19 22:29:58','','EURUSD D 20012018','','inherit','open','closed','','eurusd-d-20012018','','','2018-01-20 06:48:46','2018-01-20 11:48:46','',10837,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/EURUSD-D-20012018.png',0,'attachment','image/png',0),(10831,1,'2018-01-19 17:30:00','2018-01-19 22:30:00','','GBPUSD D 20012018','','inherit','open','closed','','gbpusd-d-20012018','','','2018-01-20 06:49:15','2018-01-20 11:49:15','',10837,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/GBPUSD-D-20012018.png',0,'attachment','image/png',0),(10915,1,'2018-01-31 18:40:10','2018-01-31 23:40:10','<h4>PIP PERFORMANCE</h4>\r\n<section class=\"clearfix\">\r\n<h2>2018 v 2017<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/PIP-COMPARISON-JAN2018.png\"><img class=\"aligncenter size-large wp-image-10907\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/PIP-COMPARISON-JAN2018-1024x811.png\" alt=\"\" width=\"1024\" height=\"811\" /></a></h2>\r\n<h2>2017 v 2016\r\n<img class=\"alignnone size-large wp-image-10716\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PIP-COMPARISON-2017-COMPLETE-1024x813.png\" alt=\"\" width=\"1024\" /></h2>\r\n<h2>2016 v 2015\r\n<img class=\"alignnone wp-image-8816\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PIP-COMPARISON-2016-COMPLETE-1024x615.png\" alt=\"\" width=\"1024\" /></h2>\r\n<h2>2015 v 2014\r\n<img class=\"alignnone wp-image-6992\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PIP-COMP-2015-v-2014-COMP.png\" alt=\"PIP COMP 2015 v 2014 COMP\" width=\"1024\" /></h2>\r\n</section>','PIP PERFORMANCE YEAR by YEAR COMPARISONS','','inherit','closed','closed','','6869-revision-v1','','','2018-01-31 18:40:10','2018-01-31 23:40:10','',6869,'https://weeklyfxdrivethru.com/6869-revision-v1/',0,'revision','',0),(9258,1,'2017-03-11 06:07:26','2017-03-11 11:07:26','','ECON DATA 12032017','','inherit','open','closed','','econ-data-12032017','','','2017-03-11 06:27:15','2017-03-11 11:27:15','',9277,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-12032017.png',0,'attachment','image/png',0),(9259,1,'2017-03-11 06:07:41','2017-03-11 11:07:41','','TCHART 12032017','','inherit','open','closed','','tchart-12032017','','','2017-03-11 06:28:02','2017-03-11 11:28:02','',9277,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-12032017.png',0,'attachment','image/png',0),(9540,1,'2017-06-17 04:38:59','2017-06-17 09:38:59','','AUDUSD D 18062017','','inherit','open','closed','','audusd-d-18062017','','','2017-06-17 04:55:40','2017-06-17 09:55:40','',9547,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017.png',0,'attachment','image/png',0),(9541,1,'2017-06-17 04:39:05','2017-06-17 09:39:05','','EURUSD D 18062017','','inherit','open','closed','','eurusd-d-18062017','','','2017-06-17 04:55:13','2017-06-17 09:55:13','',9547,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017.png',0,'attachment','image/png',0),(9542,1,'2017-06-17 04:39:10','2017-06-17 09:39:10','','GBPUSD D 18062017','','inherit','open','closed','','gbpusd-d-18062017','','','2017-06-17 04:55:25','2017-06-17 09:55:25','',9547,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017.png',0,'attachment','image/png',0),(9543,1,'2017-06-17 04:39:15','2017-06-17 09:39:15','','NZDUSD D 18062017','','inherit','open','closed','','nzdusd-d-18062017','','','2017-06-17 04:55:55','2017-06-17 09:55:55','',9547,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017.png',0,'attachment','image/png',0),(9544,1,'2017-06-17 04:39:20','2017-06-17 09:39:20','','USDCAD D 18062017','','inherit','open','closed','','usdcad-d-18062017','','','2017-06-17 04:56:07','2017-06-17 09:56:07','',9547,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017.png',0,'attachment','image/png',0),(9545,1,'2017-06-17 04:39:24','2017-06-17 09:39:24','','USDCHF D 18062017','','inherit','open','closed','','usdchf-d-18062017','','','2017-06-17 04:56:18','2017-06-17 09:56:18','',9547,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017.png',0,'attachment','image/png',0),(9546,1,'2017-06-17 04:39:28','2017-06-17 09:39:28','','USDJPY D 18062017','','inherit','open','closed','','usdjpy-d-18062017','','','2017-06-17 04:56:32','2017-06-17 09:56:32','',9547,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017.png',0,'attachment','image/png',0),(9547,1,'2017-06-17 05:06:19','2017-06-17 10:06:19','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIt is great to be back trading again. Apart from my summer breaks I have never taken what really amounted to a six week break before. Not that it was a break, moving home and then being on a vacation some 35+ hours traveling time away is nothing to be sneezed at.\r\n\r\nYou will notice as well, that I have once again changed the running order and format of the blog around… eventually I will settle on a format that I am comfortable with. I have been writing these blogs for five years now and I am still not 100% happy. I live in hope that I will produce a format as smooth a Knob Creek bourbon!\r\n\r\nIt would be wrong of me not to mention Mary, Mark, David, Tom, Joel and Anna from my recent journey to Australia and New Zealand. Meeting fellow traders and PREMIUM SERVICE subscribers was a real buzz for me and the time that they set to one side for lunches, dinners, drinks and tour guide duties were greatly appreciated by my wife and myself. We have great memories and pictures of the occasions to keep. Many thanks guys Breda and I had a blast.\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nLast week, I started back at my screens on Tuesday basically catching up with administration matters and re-familiarization of charts etc. Then I announced to subscribers that I would start the next day on Wednesday, back in at the deep end, with a plethora of data releases and of course the FOMC rate announcement and press conference. Yup… I pick the days!!\r\n\r\nAlthough I have been away for about six weeks, nothing much has changed.\r\n\r\nHowever, two key situations are in play that I should address here: -\r\n<ul>\r\n 	<li>USA – DONALD TRUMP PRESIDENCY:The dysfunctional politicians in Washington are hell bent on ensuring that the GOP is distracted from all policy initiatives by initially stalling on cabinet appointments and now the Russian enquiry has superseded all other events with President Trump’s naivety in politics being exposed by career politicians. From the outside looking in the Democrats have decided the best policy is stall and then look for enquiry after enquiry to distract. I must admit Trump may have been able to lie and get away with matters in the TRUMP organization but he cannot do the same as President. He appears to stumble into one elephant trap after another and now he looks clumsy and inefficient. The twitter rants from my perspective does his defence no good it just makes him look childish.\r\n\r\nI am absolutely convinced had HILLARY been victorious the GOP would apply the same tactics to the Democrats as they currently apply to the GOP and TRUMP.\r\n\r\nSo whatever your political persuasion in the “states” you must be frustrated if GOP and delighted if a Democrat supporter. Should “THE DONALD” be impeached or whatever (and that looks a long shot at the moment) and subsequently over time a Democrat returns to the White House., I have no doubt the GOP will frustrate the crap out of the Democrats and the new Democratic President would feel like they were in a log job. Basically; a role reversal.\r\n\r\nA great example of democracy in action for the less well off in the world to gaze on at and laugh at.\r\n\r\nFrom a trading perspective, so much has been promised and moves have happened based upon scenarios that look like a pipe dream at the moment.\r\n\r\nThe attention had been taken off the FED for some time and attention placed at the door of “THE DONALD”. Uncertainty lies ahead; BIG uncertainties. I do however believe we have a small window in 2017 to make pips before Central Bank normalization spreads. I tackle this later on in section 8 of the blog.</li>\r\n 	<li>THE UK – SNAP GENERAL ELECTION:</li>\r\n</ul>\r\nIn the UK. Theresa May the UK Prime Minister bet on increasing her majority in the House of Commons to strengthen her position through the BREXIT negotiations by calling a snap general election. She failed. While she still has the largest party in the House she does not have a working majority. She is forming a strategic voting alliance with the Northern Ireland Democratic Unionist party, which Sinn Fein leader Gerry Adams has already said that such an alliance is in breach of the “Good Friday” agreement between the IRELAND and the North. Deep joy. This has legs and frankly, like it or not I can see another UK election in 2017.\r\n\r\nFrom a trading perspective, the cable is rather difficult to really be convinced one way or the other 100%. I talk a little more about this towards the end of this section of the blog.\r\n\r\nSo back to last week, in particular Wednesday…\r\n\r\nThe equity markets appear to be in denial over TRUMP. Now we have consumers weighing in. Sales and CPi numbers were a disaster and the USD was taken to the woodshed.\r\n\r\nLater in the day, Janet Yellen held a press conference after a well predicted and baked in 0.25% rise in FED funds rate was announced. The Yellen press conference was a HAWKISH AFFAIR, the FOMC appear hell bent on raising rates and have “something behind the clock” in the event that the TRUMP administration collapses on the back of an impeachment trial, resignation or US recession or the like of something similar that would cause markets to jitter.\r\n\r\nFrom my perspective; data dependency and how the rest of the world looks economically are now both out of the window as reasons not to hike anymore. Even Janet Yellen who sounds DOVISH when delivering HAWKISH sentiments put all that behind her and went for the HAWKISH tone right through the statement, opening remarks to the press conference and basically when answering questions afterwards.\r\n\r\nThe result of this break from normality, especially when she talked openly about reducing the FED‘s balance sheet, sent the USD higher reversing the losses resulting from poor sales data.\r\n\r\nFollowing this rate hike and confirmation that the FOMC want at least one more this year plus the balance sheet reduction and proposed further rate hikes in 2018, does this mean that Central Bank convergence trade is now on?\r\n\r\nRead my thoughts on this later in THE SOAPBOX.\r\n\r\nThen Thursday brought in Mark Carney with the latest BOE policy summary, MPC vote and Bank rate announcement.\r\n\r\nNo surprises with the interest rate remaining at 0.25%, but the vote to remain unchanged instead of being 7-1 as usual was now 5-3. This caused cable to rally 100 pips in a matter of seconds. During the day, it gave back 50% of these gains but the card is now marked. My thoughts on cable are changing. I am like a child on Christmas morning with two toys I want to play with but I can only play with one at a time. I want to be both short and long cable.\r\n\r\nBREXIT has not yet started and part of me things that cable still has a lower level to test first. My other side tells me to buy a dip and get long because there are thousands of pips across the cable crosses to be made.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nI am happy to announce that the WEEKLY LIVE WEBINAR series will start again on: -\r\n\r\n<u>Monday 19th June at 5:30PM EST</u><strong> </strong>\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017.png\"><img class=\"aligncenter size-large wp-image-9531\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017-1024x997.png\" alt=\"\" width=\"1024\" height=\"997\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>NZD: I am not expecting the RBNZ to move on interest rates but the comments from Graeme Wheeler (CB Governor) will be interesting to follow.In the past Wheeler has eluded to the fact that about 80% of the movement in the NZD/USD exchange rate is out of the control of the RBNZ.\r\n\r\nMy problem with Wheeler is that his press conferences remind me of my banker’s days of old when the chaps would just sit around and see who could load the most plums into their mouths and talk with a “lardy-da” accent to try and sound the most upper class as possible. (BOC meetings are very similar). These thoughts deflect my attention… However, when I read any of the statements they are so low on content anyhow maybe they are loading up the plums!!\r\n\r\nBottom line; if Wheeler wants the exchange rate of the NZD/USD closer to 0.6500 than 0.7500, which he has said is preferred, he needs to deliver an unequivocal without possible mis-interpretation language to the chaps in the room knocking back either a Central Otago Pinot Noir or Marlborough Sauvignon Blanc. If previous meetings are anything to go on, he seems unable to deliver on this. He may be a great host on the vino but communicating his policy not so good.\r\n\r\nLet’s see what happens this time.</li>\r\n 	<li>CAD: Both Retail Sales and CPi this week.The word on the street is that the BOC could be raising rates. This is not surprising given the geographical proximity to the USA.\r\n\r\nIs the Canadian economy ready for a rate hike, that is the question?\r\n\r\nIt may do something to slow down the housing squeeze but 0.25% is feck all in the grand scheme of things in my opinion.\r\n\r\nCertainly the CAD economic data appears to moving in the right direction, although one should not get carried away. Only four months ago Stephen Poloz the BOC Governor was talking about rate cuts!\r\n\r\nShould WTi drop below $40.00 a barrel rate hikes will be off and the BOC will have to re-think its strategy away from saying everything is transitory!\r\n\r\nIf these numbers miss. The CAD will weaken a great deal as the markets will rule out a rate hike. However, strong data opens up a whole new ball game for BOC especially if OIL falls through $40.00.</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017.png\"><img class=\"aligncenter size-large wp-image-9532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9541\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9542\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9540\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9543\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9544\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9545\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9546\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that 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<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\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. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +515 pips\r\nYEAR TO DATE:      +1,717 pips\r\n\r\nIf you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you 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<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nBack at my desk for a couple of days re-familiarizing myself with recent moves and charts and completing the May month end excel spread sheets.\r\n\r\nNothing much to review, so let me use this space to look forward.\r\n\r\nMoving forward I believe that we should have a window of opportunity to finally trade Central Bank divergence against the FED normalization policy.\r\n\r\nIn addition to this, as I have eluded to a couple of times already since returning, the moves with the cable are now more and more fascinating. I still have my dilemma vis-à-vis nothing has fundamentally changed and about 90 days into article 50 being triggered we are only now getting to the point of starting the negotiations.\r\n\r\nI have started with two GBP long trades GBP/AUD and GBP/NZD. My reasons behind these as choices was based on several factors, some conflict with each other a little in the short-term but longer-term I believe we have great pip opportunities to make with these pairs. They are small positions at the moment and not until I see big moves forward will I add to my initial position size.\r\n\r\nI have the basis of a TRADE PLAN being formulated / strategized in my head on bits and pieces of targets and on charts.\r\n\r\nTo really have my mouth watering I would like to see EUR/USD sub 1.1100 and the GBP on a re-test of 1.2630 being supported. These are two levels for starters that I am looking at.\r\n\r\nI also am very conscious that with the headline news driven environment that we are operating with daily and weekly closes are proving more important.  We are shifting more to daily trading opportunities rather than extended trades unless they are approached with wider than usual stop loss levels. We are seeing a fundamental shift once again in trading behaviours. This is something I think we should consider and bear in mind.\r\n\r\nSo, with all that being written what specific trades / pairs I am looking at moving forward?\r\n<ol>\r\n 	<li>USD/CHF (Long) – I am looking to add a further position, I am looking for a price pullback as close to 0.9700 or below if possible.</li>\r\n 	<li>USD/CAD – I will either add a position short of 1.3200 on a daily close below this level to hedge the FUN trade which is still open. Alternatively, should we base at 1.3200 I will add another long trade to supplement the existing FUN long trade.</li>\r\n 	<li>AUD/USD and NZD/USD – I may be completely wrong with my longer -term views on equities / commodities / THE DONALDS policies etc., but I am looking to add to my existing POS short positions very soon. At the same time as adding I will be looking again at EUR/AUD and EUR/NZD to place and supplement existing cross-rate trades to the long side.</li>\r\n</ol>\r\nWhen looking at all these trading options. I have for now once again ignored JPY. When I see / get a feel for how this currency is going to react properly on a sustained basis then I will enter. For now, I will remain sidelined. I have opened a specific broker account to measure my JPY trades, and it is well funded. So, I am serious about trading JPY into the rest of 2017.\r\n\r\nPotentially if all my thoughts / plans / ideas happen, I could have around 20-25 LIVE TRADES on the go,\r\n\r\nI am still NOT of the opinion that we should be trading at 100% on single trades. 50% per trade on shorter term trades would be my personal maximum for now with my preferred level of exposure being around 25% per trade. I still think there are too many variables in the current marketplace to switch momentum at the drop of a hat.\r\n\r\nAs I have stated on many, many occasions, trading is for the long haul and regardless of the desire for instant gratification, if you do not weigh in the potential and obvious RISKS and just trade full-on regardless you are really at the point of gambling. It is a higher than usual RISK at the moment anyhow, and by moving the balance in favour of additional RISK by oversizing trades, is in my opinion a slippery slope that only has one end result.\r\n\r\n<u>\r\nCORE TRADES:</u>\r\n\r\nNothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017.png\"><img class=\"aligncenter size-large wp-image-9534\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017-882x1024.png\" alt=\"\" width=\"882\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017.png\"><img class=\"aligncenter size-large wp-image-9533\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017-870x1024.png\" alt=\"\" width=\"870\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nIS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?</strong>\r\n\r\nBefore starting this piece I thought that I would look back over all the previous blogs and establish the period that I first started talking about Central Bank divergence. Firstly, it was in the time that Ben Bernanke was FED chairman and it was in Q2 2013, I got serious about it Q4 2013 leading into 2014 and the same again in Q4 leading into 2015 and again Q4 2015 leading into 2016. I am nothing but consistent.\r\n\r\nSo; here I am again Q2/Q3 2017 what has rattled my cage this time?\r\n\r\nIt is quite simple really, well I think it is. Here is my logic.\r\n<ul>\r\n 	<li>The FED is normalizing and looks hell bent on continuing to do so for the remainder of 2017 and into 2018. By the end of 2018 the FED funds rate should be closer to 2% maybe 2.5%.</li>\r\n 	<li>At the FOMC press conference last week, the “UBER DOVE”, Janet Yellen even openly discussed reducing the size of the FED’s balance sheet. She talked about an approximate start date and how it would proceed over the coming two/three years.</li>\r\n 	<li>Economically from an inflation perspective the UK, Canada, Australia and New Zealand are all moving upwards.The Deputy governor of the BOC announced that the BOC are looking to raise rates sometime later this year.\r\n\r\nLast week the BOE MPC announced that the vote on maintaining interest rates steady at 0.25% was 5-3 in favour. The market was expecting 7-1. The pressure on the UK to raise rates is therefore growing.\r\n\r\nIn Australia the economy is booming. The pressure to start raising rates is increasing and one could argue a similar case for New Zealand.\r\n\r\nIt is all about the timing.</li>\r\n 	<li>The exceptions at the moment are the ECB, BOJ and SNB.Firstly, the ECB is a complicated beast. One could argue interest rates in Germany should now be at 2.5% - 3%. However, you could also argue at the same time rates for the like of Italy, Greece and Cyprus should be 0%.\r\n\r\nHere lies the fundamental problem of the EUROZONE.\r\n\r\nMario Draghi (ECB President) has virtually an impossible conundrum to deal with trying to balance the needs and requirements of the 19 countries that make up the single currency block. He has stated that nothing will change on monetary policy until the end of 2017 at the very earliest.\r\n\r\nWith regards to the BOJ and SNB both central banks are not looking to amend interest rates this year.</li>\r\n</ul>\r\nTherefore, as the second and third largest central banks (ECB and BOJ) behind the FED will not be changing their policy on interest rates any time soon, we could have a window of opportunity. How long in time is this window? I believe up to the time that the FED starts to reduce its balance sheet size. Conservatively between 4 -6 months in my opinion.\r\n\r\nAs soon as the FED really kicks into its normalization policy the pressure on the BOE, BOC, RBA and maybe the RBNZ to act will grow. Having said this, as the USD strengthens because of FED policy, the other cross currencies will weaken and this will help economies in the short term but inflationary pressures will grow because of currency weakness and will need to be addressed when levels more than 2% are reached. In fact, prior to 2% most Central banks would want to act.\r\n\r\nThe BOE has inflation at 2.6% currently in the UK to cope with, hence the MPC votes 5-3 on the current 0.25% interest rate. But given the BREXIT uncertainties Governor Carney does not want to interfere anymore until greater clarity on the negotiation process is known.\r\n\r\nI believe in the short- term governments and central banks will welcome divergence from the FED, but into the medium-term they would be forced to act and normalize themselves.\r\n\r\nTherefore, assuming my thought process is correct, we should see the DXY move back towards and above the psychological level of 100.00.\r\n\r\nIt will not be a straight line there will be twists and turns along the way as economic data is released.\r\n\r\nThe obvious trade is short EUR/USD. Initially to give me confidence we need to see support 1.1100 broken. This should lead lower to 1.0950. This would be a correction that breaks the recent series of higher lows that we have seen the low of 1.0340 was hit in late 2016.\r\n\r\nI am expecting a pullback in equities to coincide with moves in the USD and when you add in the TRUMP policy uncertainties I am not certain at this stage how the USD/JPY would react. There are plenty of other pairs and cross- rate pairs that would be attractive moving forward.\r\n\r\nSo as you can see we need to see a move in the DXY and EUR/USD to trigger my plan on divergence. Over the coming few days I will have my TRADE PLAN revised ready to go.\r\n\r\n&nbsp;\r\n<ol start=\"9\">\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: #137 PREMIUM SERVICE\r\nDATE: 18th June 2017.\r\n\r\n&nbsp;','IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?','','publish','open','closed','','central-bank-divergence-trade-finally-play','','','2017-06-17 05:06:19','2017-06-17 10:06:19','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9547',0,'member_posts','',0),(9351,1,'2017-04-01 14:13:28','2017-04-01 19:13:28','<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWow… I must be getting old! This past week has just flown by.\r\n\r\nFrom a trading perspective being positive, I am still adding pips to the yearly total, which now stands at 1,493 pips of net profit.\r\n\r\nI did what I promised I would do during the month of March, which was to remove trades that I felt were going nowhere fast “sticky” and where having them “LIVE” was just preventing me from adding too many other trades because it would extend my RISK beyond the parameters that I am comfortable with. In fact, I removed almost 1,000 pips in total. This was about 25% from normal trading and 75% of the aforementioned “sticky” trades.\r\n\r\nI know that it sounds crazy but even after c.10 years of trading to have those “sticky” trades gone is still an uplifting experience once you have come to terms with banking the loss in both pips and $$$. Thankfully, the trades were small sized, so the pain in $$$ was not as great as it could have been. However, I measure myself in net pips of profit and my annual goal is 10,000 pips. I have beaten this objective in all three years that the PREMIUM SERVICE has been in operation so I have my work cut out this year, which will be, very fragmented due to a house move and early vacation\r\n\r\nOn a further positive note… fingers crossed and also touching wood as I type this… no further software issues.\r\n\r\nLeading on from the pleasantries…\r\n\r\nLast week was dominated by BREXIT and “THE DONALDS” twitter account. Nothing new in this.\r\n\r\nBREXIT – part two comes later in “THE SOAPBOX” in section 5, so I will leave my thoughts, views and commentary until there.\r\n\r\nI was asked what is the rationale for splitting it down as I have, which I explain further below:\r\n<ul>\r\n 	<li>Part One – since the vote and all the shenanigans that have taken place even before the Lisbon Treaty (Article 50) has been triggered.</li>\r\n 	<li>Part Two – A50 triggered what are the 27-remaining member EUROPEAN UNION countries looking for and what is the potential common ground (the easy bits for negotiation) moving forward.</li>\r\n 	<li>Part Three – The Negotiation period and possible outcomes. The new look in Europe and the UK.</li>\r\n 	<li>Part Four – the trades that I will be focused on. Levels of entry. This is more based on the bottoms for reversal trade opportunities.</li>\r\n</ul>\r\nWhilst parts one and two will run back to back, I am not 100% sure parts three and four will immediately follow as I want to see the opening shorts of negotiation, rather than the guesswork and rumours that fill the media pages at the moment.\r\n\r\n“THE DONALD” just cannot help himself. This twitter account of his should be shut down. I understand why he wants it and likes it but it is damaging his presidency and it undermines his team who appear to come under continual scrutiny about their validity and credentials to do the job for which they were hired. He does NOT have enough kids to fill every portfolio!\r\n\r\nHe is back on currency manipulation once again. The Chinese Premier is due to fly in for some Florida Golf soon and “THE DONALD” is laying the groundwork in advance.\r\n\r\nIf TRUMP was so hell bent on punishing all currency manipulators why on earth has he not singled out the SNB. The Swiss Central Bank spent over $65 billion supporting the CHF with currency intervention in 2016. Oh...let me guess why Thomas Jordan has NOT been singled out?\r\n\r\nCould it be that the US does not compete with the Swiss vis-à-vis high-end watch and clock mechanisms? Of course, China competes with the US in the same markets. Very shallow Donald.\r\n\r\nRegarding the markets…\r\n\r\nThe month end and Q1 fix was a volatile affair as institutions re-balanced their FX positioning. The USD took quite a big hit…. From my perspective, it was a buy the dips and sell the rips opportunity. For PREMIUM SERVICE subscribers, I tweeted my exits from several positions late in the Asian session on the 30th just in case the European session was caught up in pre-fixing on the back of the Tusk press conference regarding the response to the UK BREXIT formal letter. At times, I wonder if I am too cautious!\r\n\r\nPlus…\r\n\r\nKeep one eye on GREECE. They have a debt re-payment of €8.2 billion in July this year and guess what? No cash to pay it. This story will develop moving forward over the next few weeks. Be prepared GREECE BAILOUT ACT IV is coming soon to a theatre near you!\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#9 this Monday 3rd April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-02042017.png\"><img class=\"aligncenter size-large wp-image-9319\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-02042017-1024x991.png\" alt=\"\" width=\"1024\" height=\"991\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA nice busy week coming up with the highlight obviously being NFP on Friday: -\r\n<ol>\r\n 	<li>GBP: The UK dominates this week with a series of PMI data Manufacturing, Services and Construction. This data will either support the calls that cable has bottomed or they will throw the whole BREXIT negotiations and the UK economy uncertainty back to the forefront once again.</li>\r\n 	<li>USD: The NFP release will once again take pride of place regarding the data releases this week. We will be placed once again in a will they (FED) / wont they (FED) hike 2 or 3 times more this year?\r\n\r\nWe also have FOMC meeting minutes and ISM PMI data releases this week. There should be nothing new in the FED minutes.</li>\r\n 	<li>AUD: Not expecting much out of the RBA this week, except more of the same. Retails sales and Trade Balance numbers will be interesting though and could cause a few ripples. Recently AUD data has been pretty dull from a trading perspective.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/T-CHART-020417.png\"><img class=\"aligncenter size-large wp-image-9320\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/T-CHART-020417-1024x849.png\" alt=\"\" width=\"1024\" height=\"849\" /></a>\r\n\r\n&nbsp;\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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9336\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9337\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9335\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-02042017.png\"><img class=\"aligncenter size-large wp-image-9341\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-02042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that 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<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nBelow are current monthly and year to date PREMIUM SERVICE performance statistics. These can also be found on my welcome page under the TAB “THE HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE”\r\n\r\nBasically, from the spreadsheets below you can see that for the month of March PREMIUM SERVICE trades generated a net total of 673 pips and for 2017 year to date the pip total sits at 1,493\r\n\r\nOther highlights / lowlights are: -\r\n<ol>\r\n 	<li>Compared with the same point last year 2017 trails 2016 by 85 pips.</li>\r\n 	<li>My ratio of profitable to loss making trades is lagging this year. I am usually in the 75% / 25% area but this year so far it is 64% / 36%. I still have some work to do!</li>\r\n 	<li>My trading this year only shows a total of 21 trades out of 132 trades in total that are based upon shorter–term time horizon’s.</li>\r\n</ol>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF1-MARCH-2017.png\"><img class=\"aligncenter size-large wp-image-9317\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF1-MARCH-2017-982x1024.png\" alt=\"\" width=\"982\" height=\"1024\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF2-YTDMARCH2017.png\"><img class=\"aligncenter size-large wp-image-9318\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/PREM-SERV-PERF2-YTDMARCH2017-1024x1000.png\" alt=\"\" width=\"1024\" height=\"1000\" /></a>\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI was felling quite comfortable having banked some pips and $$$ late Thursday last week ahead of the month and quarter end.  Wow… that was a volatile London Fix. The FX positioning has really been skewed of late and I guess the Q1 close was an ideal opportunity to dress up the balance sheets. I still find it quite bizarre that institutions still dress up performances for a day. As you all know a balance sheet is just a snapshot on a particular day. It is the trading accounts that give a real position. Are we still this naive?\r\n\r\nI was asked on a few occasions last week if I am happy with my trading in 2017? Talk about a loaded question…\r\n\r\nThe answer is quite simple…NO I am not.\r\n\r\nNothing has changed from the commentaries in this section practically from the start of 2017. The markets are tough to read hour by hour as we are so news driven. The markets turn so quickly you can lose $1,000 a day no problem on shorter term trades. This is why I have almost avoided FLASH and RADAR trading this year and being 100% honest I will continue to do so until I see a change.\r\n\r\nMy days of giving money back to brokers have long gone. Frankly that is a mugs game I no longer participate in. In my opinion you have to trade leaner and be prepared to be very flexible with your stop placements.\r\n\r\nI know many of you would like more shorter-term time framed trades, I understand this but let me give you the example of a current AUD/USD RADAR TRADE (RT755). This trade is going nowhere fast. Granted it has flexed upwards and downwards and I have moved my stop to accommodate some additional moving to the upside, but it has very little momentum in either direction.\r\n\r\nThis can be for several geopolitical and commodity price reasons all mixed in together that nullifies any movement, such as Iron Ore, Gold, Copper and the USD. To give you one reason for this pairs tight trading range, frankly, I would be guessing.\r\n\r\nSo… I am just sitting in this trade. I have 3 other RADAR TRADES at good levels of resistance to enter short. These will be pulled early next week if no action is forthcoming to trigger my entry levels.\r\n\r\nI said last week, maybe I am guilty of over-thinking these markets. Am I doing a “Frasier Crane”, trying to rationalize every potential move? Maybe I am. I like to have a plan. I have a plan, but it’s so slow to fall into place. Do I still believe in my plan? Yes; I do.\r\n\r\nWithout getting too anal; I know I am trying to rationalize a completely irrational market place at times. I mean, when you think about it, the very fact the market moves on the back of a tweet from a buffoon probably does indicate I am putting too many brain cells to work, I am making something that is simple too complicated. However, I do have my TRADE PLAN that has worked so well for over 5 years. I do like to have my fundamental views lined up, together with directional trading to give me a greater confidence. As soon as I let one of my parameters fall I feel that I am weakening my position and reasons to trade.\r\n\r\nThe solution is…. always TRADE YOUR PLAN and be patient.\r\n\r\nWe are trading very tight ranges in most pairs and therefore it is difficult to get too excited each time I sit in front of my screens.\r\n\r\nAt any one time, I have 4/5 trade set up potentials ready to tweet that fall away during the trading day for one reason or another.\r\n\r\nWe are in a different trading environment and therefore we must adjust. As I keep saying we appear to be totally news driven. Fundamentals matter and they will always trump technical set ups in a news driven environment, as technical levels are mostly ignored.\r\n\r\nI spoke earlier in the week with my peer group and everyone’s trading style is suffering to varying degrees. Everyone has amended their approach and position size. So, unfortunately there is no “Holy Grail” out there. My FX approach is for the long haul so I can and will wait / sit this out if necessary. I will not compromise my plan for increased risk. It all comes back to patience.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>EUR/USD and USD/CHF: - I have added and taken off positions. I will still continue to add to these core positions, I can still see the reasons to buy dips and sell rips.\r\n\r\nThe bigger picture is that despite encouraging inflation data, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>GBP/USD: - Nothing has really changed in my opinion.\r\n\r\nThere will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.\r\n\r\nA50 now triggered and the timeline for the BREXIT is now in play.\r\n\r\nAs I have stated on several occasions, very few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as the financial institutions start to make plans on their new structures inside a freshly shaped EUROPEAN UNION.</li>\r\n 	<li>GBP/JPY: - I am not sure that this will be a core trade moving forward, but of all the GBP x rates, this one has a lot to lose should the cable fall. I am as you know nervous trading JPY related pairs. All I want is 100 pips profit with a stop behind it to let it run. Easier said than done. Over the past few days this trade has been playing snakes and ladders.</li>\r\n 	<li>EUR/GBP: - Nothing has changed for me with this pair.\r\n\r\nI am still somewhat nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.\r\n\r\nAs mentioned over recent weeks, there are additional EUROZONE headwinds to take into consideration: - FRENCH and GERMAN ELECTIONS, A GREECE DEBT CRISIS (now more immanent) and a looming ITALIAN BANK CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE PERFORMANCE / RETURN 2017:\r\n\r\n</u>Given that we are at the end of Q1 I thought that it would be a good time to discuss more of my thoughts on 2017 so far, from a PREMIUM SERVICE trading result perspective.\r\n\r\nAs you know, the change and uncertainty in Q1 trading compared with Q4 2016 trading, took me by surprise. Was I naïve to believe that 2017 would be a clearer trading pathway than previous years? Maybe I was.\r\n\r\nI did not account for “THE DONALD” continuing with his tweet onslaught, nor did I ever account for so much uncertainty placed around his administration for his lack of control and poor judgement in what to tweet. But then, I do not think most people could have allowed for this because we are in unknown territory.\r\n\r\nMonetary Policy Divergence is starting to play a role, but at the moment despite FED commentary, it still is not 100% believed by the markets. The other Central banks dotted around the globe believe though, and their rhetoric has mellowed accordingly.\r\n\r\nBasically, I did not allow for such a sea of change. The institutions have spent a great deal of time in Q1 unravelling trades and repositioning themselves and the banks such as Barclays in 90 days have epitomized the rough seas in which we operate by altering their macro views on how the EUR/USD will trade in 2017. They have got all bulled up on the single currency believing tapering and hikes will happen soon because EUROZONE inflation is rising. This belief was kicked back this week with both commentary from the ECB stating policy is NOT changing and Draghi’s recent hawkish tone was walked back due to the fact that German inflation has gone off the boil.\r\n\r\nBARCLAYS FX FORECAST:\r\n\r\nEUR/USD                              Q1                   Q2                   Q3                   Q4\r\n\r\nNov 2016 – Feb 2017:        1.02                1.01                1.01                0.99<u>\r\n\r\n</u>Today:                                    1.09                1.06                1.03                1.05<u>\r\n\r\n</u>I am not saying that they cannot change their forecasting but it very sudden and in my eyes very reactive.\r\n<u>\r\n</u>However, with the above as a backdrop I am disappointed with Q1 overall but not as disappointed as I could have been had I not traded differently and cleansed out trades.\r\n\r\nMARCH 2017:                      Net pips added 673\r\nYEAR TO DATE:                  1,493 pips\r\n\r\n2016-2017 Comparison:    -85 pips behind the 2016 performance so far.\r\n\r\nIn my own mind, I feel like I should be at 3,000 pips net for the year. I have however since the start of the year removed some poor trades totaling 1,500 pips, so I can argue I am still in the zone. However, I need some focus through the next quarter which is very disjointed as I am away for several chunks of it. I love a challenge.\r\n\r\nI am still not actively day trading. All trades are medium to longer-term trades.\r\n\r\nMARCH 2017 – Profit / Loss trade ratios:                       69% / 31%\r\n\r\nYEAR TO DATE – Profit / Loss trade ratios:                   64% / 36%\r\n\r\nImproving, but my goal is 75% / 25%.\r\n\r\nThe bottom line is that I am still confident of achieving the 10,000-pip objective for the year but if the next three quarters offer up the uncertainty of Q1 it will be a nonstop challenge.\r\n<u>\r\n\r\n</u>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-02042017.png\"><img class=\"aligncenter size-large wp-image-9334\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-02042017-777x1024.png\" alt=\"\" width=\"777\" 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/2017/04/LIMIT-02042017.png\"><img class=\"aligncenter size-large wp-image-9333\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIMIT-02042017-792x1024.png\" alt=\"\" width=\"792\" 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&nbsp;\r\n\r\n<strong>LET THE FUN AND GAMES BEGIN (PART TWO):</strong>\r\n\r\nWhere to start.\r\n\r\nLast week ahead of the A50 trigger I laid out basically the timetable of events for the BREXIT negotiations.\r\n\r\nThis week in Part Two, I wanted to take a slightly different view of BREXIT not so much from the day to day squabbles that will happen but the macro level overview of what the remaining 27 members of the EUROPEAN UNION will be looking to get out of BREXIT.\r\n\r\nRemember, we are dealing with the EUROPEAN UNION and Brussels, nothing ever appears as it does on the surface, and beneath there is all sorts going on. If there is one thing since the establishment of the EUROPEAN UNION that I write with confidence is that what is said is not always what is meant and what isn’t said is what is meant.\r\n\r\nThe first couple of points are quite straightforward, without exception, I expect that every member country would be unanimous in the fact that they want the UK to pay up their dues until the very last second. If the UK is let off the hook it would cost them!! The UK leaving as a net contributor is a scare to the smaller countries as they may turn from being net receivers in the UNION to net contributors following BREXIT.\r\n\r\nBefore moving forward, I would imagine that from country to country there are some lines drawn in the sand on what is acceptable and unacceptable for a BREXIT deal. I firmly believe this will be a very messy affair for two years or so and even after the negotiations are complete they must present the deal to the 27 country heads for ratification. This will be a drawn-out procedure with many twists and turns.\r\n\r\nFirst of all, trade is vital to all countries. The EU is not a free trade zone it is 100% bureaucratic and a rain forest of paper is required to get anything agreed. One should bear in mind the EU definition of a cabbage is 350+ pages long. Bear in mind, It took Canada years to get a trade agreement in place with the EU. Nothing is ever carried out at a pace. Everything in the EU is at two speeds; slow and stop. Do not get caught up in Brussels rhetoric.\r\n\r\nI have read reports from various commentators, news bureaus, media outlets and the EU media centre itself to try to get the following information into basically a bullet point format rather than 500 pages worth of commentary.\r\n\r\nThe keys macro areas of concern by country:\r\n<ul>\r\n 	<li>CITIZENS RIGHTS (EU nationals in the UK and UK nationals in the EU):\r\nAustria, Bulgaria, Czech Republic, Greece, Hungary, Italy, Ireland, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Spain.</li>\r\n</ul>\r\n<ul>\r\n 	<li>EU REVISED BUDGET CONTRIBUTIONS:\r\nAustria, Hungary, Italy, Latvia, Lithuania, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Sweden.</li>\r\n</ul>\r\n<ul>\r\n 	<li>GOOD CONTINUED TRADE RELATIONS with the UK:\r\nBelgium, Czech Republic, Denmark, Estonia, Italy, The Netherlands and Romania</li>\r\n</ul>\r\n<ul>\r\n 	<li>CONTINUED SHARING OF SECURITY INFORMATION:\r\nBelgium, Croatia, Estonia and Portugal.</li>\r\n</ul>\r\n<ul>\r\n 	<li>EU UNITY FOLLOWING BREXIT:\r\nFinland, France, Germany, Malta and Sweden.</li>\r\n</ul>\r\nSo why have I done this research?\r\n\r\nMy main reason was to see if there was a theme. When negotiations start to keep matters positive and have a common agreement moving forward it is an excellent starting point. Now, I am not saying my 5 topics above were the only ones that I could find. There were more, like Tourism, Gibraltar, Scotland etc. but these represent the best tools for common ground in my opinion.\r\n\r\nWhilst the UK basically voted for BREXIT based on anti-freedom of movement I have no doubt that a reciprocal deal will be struck to put at ease all those currently displaced nationals around the EUROPEAN UNION. From a UK matter this would draw a line under existing non-UK nationals residing in the UK and hopefully put those UK nationals living abroad at ease.\r\n\r\nFrom a discussion perspective CITIZENS RIGHTS would in my opinion be a positive to focus on. In addition, the continued sharing of security and border intelligence would seem to benefit both sides of the negotiating table.\r\n\r\nWith regards to EU UNITY and REVISED BUDGET CONTRIBUTIONS following BREXIT, the UK has no interest in these topics and would not feature at all in the BREXIT negotiations.\r\n\r\nThe big one is of course TRADE.\r\n\r\n7 out of 27 countries as far as I could see, have this as important to their futures. Basically, this represents only 25% of the member countries. If I were a negotiator for the UK I would feel a little let down by this number.\r\n\r\nBeing cynical, my take on this is that there is much more than 25%, but as the EU already knows that the UK wants a great trade deal they do not want to declare their hand.\r\n\r\nSo, the upshot is that Donald Tusk stated last Friday that before the UK can discuss with the EU any trade deals or the like, both parties must negotiate what has become known as “the divorce terms”.\r\n\r\nThere is of course a growing number of commentators who are saying that a negotiated settlement may never actually happen as both sides of the table have dug their heels in on how they want to proceed. In fact, do we have a Mexican standoff before we start?\r\n\r\nIt will be fun and games, there will be leaks, there will be rumours, there will be sound-bytes that are favorable describing an accord and there will be sound-bytes highlighting aspiration.\r\n\r\nAs mentioned several times since last June when the BREXIT referendum vote took place, having just two years to organize the BREXIT deal is tight. There are something in the region of 20,000 sets of rules and regulations to effectively manage throughout the divorce proceedings. When you look at the time line that I included last week (repeated below), the fact A50 was triggered on the 29th March means it will be the end of April before the EU leaders discuss BREXIT and then another month before negotiations begin. That is 2 months out of 24 months with zero activity. This does NOT give confidence at all with the time frame suggested. As mentioned on many occasions in the past, it took Greenland two years to exit and they had nothing like the complexities of the UK relationship\r\n\r\n<em>As I understand it, the pathway forward is going to be something like this: -</em>\r\n<ul>\r\n 	<li><em>A50 triggered by UK on March 29th, 2017.\r\n\r\n</em></li>\r\n 	<li><em>On April 29th, 2017, the remaining 27 EU members meet to discuss the UK request to withdraw.\r\n\r\n</em></li>\r\n 	<li><em>There is then a period of two years set aside when negotiations begin. A draft of the deal agreed between both parties is put before the 27 leaders (if this is still the number in two years!!).\r\n\r\n</em></li>\r\n 	<li><em>20 of the current 27 member countries totaling at least 65% of the EU population needs to approve the exit deal.\r\n\r\n</em></li>\r\n 	<li><em>It is then ratified by the European Parliament.\r\n\r\n</em></li>\r\n 	<li><em>If at the end of two years of negotiations nothing is finalized they can be extended only if all member countries agree.\r\n\r\n</em></li>\r\n 	<li><em>If no agreement between the two sides is negotiated. </em><em>The UK leaves the EUROPEAN UNION.\r\n\r\n</em></li>\r\n 	<li><em>The UK Parliament repeals the 1972 European Communities Act.\r\n\r\n</em></li>\r\n 	<li><em>Should the UK want back into the EU it must go through the same procedures that any new entrant applies with.</em></li>\r\n</ul>\r\nAs soon as we hear of multi-national banks leaving the city of London and job losses being announced the UK negotiating position will harden as public pressure to achieve a good deal will be expected. At the same time the EU negotiators do not want to give any preferential treatment for fear of a CONTAGION EFFECT.\r\n\r\nTherefore in my opinion whilst the negotiating doors will be firmly closed, facts and figures will be leaked and there will be volatility attached.\r\n\r\nThere are traders who are saying that cable is building a bottom, which frankly I think is quite dangerous.\r\n\r\nThere is so much uncertainty moving forward.\r\n\r\nAfter two years will we see a negotiated arrangement, something that can transition from what is there now to something new. Would this include a trade arrangement? These can take years to set up but if a framework was in place this would be a bonus for the UK.\r\n\r\nMaybe we will have a negotiated extension because two years is not long enough to finalize an agreement.\r\n\r\nFinally, perhaps the talks could breakdown and both sides could walk away from the negotiating table,\r\n\r\nThere are no guarantees of anything with this complex deal.\r\n\r\nThe pressure for both sides not to show weakness of any kind will be uppermost in everybody’s mind. The sides are starting from a position of mistrust and therefore in my opinion it can only get worse and then a stalemate would ensue.\r\n\r\n…. LET THE FUN AND GAMES BEGIN…. (PART TWO) …\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #133 PREMIUM SERVICE\r\nDATE: 2nd April 2017.\r\n\r\n&nbsp;','LET THE GAMES BEGIN (PART TWO)','','publish','open','closed','','let-games-begin-part-two','','','2017-04-01 14:13:28','2017-04-01 19:13:28','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9351',0,'member_posts','',0),(9859,1,'2017-08-06 05:58:58','2017-08-06 10:58:58','<strong>\n</strong><strong>\n1. INTRODUCTION:</strong>\n\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.\n\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.\n\nMoving on…\n\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.\n\nLooking at money $$$...\n\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.\n\n&nbsp;\n<ol start=\"2\">\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\n</ol>\nIn no particular order, here is what floated my boat last week.\n<ol>\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%.\n\nIt was the first contraction in employment since Q3 2015. The participation rate also slid 0.6%.\n\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>\n</ol>\n&nbsp;\n<ol start=\"2\">\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.\n\nDo I read… AUD strength = a growth slowdown?\n\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>\n</ol>\n&nbsp;\n<ol start=\"3\">\n 	<li>GBP: BOE and Carney Press Conference.Interest Rate on Hold\nMPC 6-2 vote\nGrowth forecasts revised lower.\nInflation to peak c.3% in October.\nInterest Rates may need TO RISE FASTER than markets imply.\nUncertainty about BREXIT will weigh on growth.\nWages growth market down from 3.5% to 3%.\n\nThey were the key things that I noted from the Statement and Press Conference.\n\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.\n\nFFS… my arse.\n\nHouseholds are more in debt than ever. Wages are not keeping growth in line with inflation. There is great uncertainty.\n\nBusinesses are using BREXIT as an excuse to limit wage rises on the back of “be grateful you have a job all things considered”.\n\nIs Threadneedle Street in a time warp?\n\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?\n\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>\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.\n\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.\n\nI am firmly in the camp that the CAD has at least another leg lower and a big one at that.</li>\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.\n\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!\n\nBack on track…\n\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).\n\nWell over, +100 pip moves with EUR/USD, GBP/USD and USD/JPY.\n\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.\n\nThe only person to listen to about FED activity in my opinion is Janet Yellen. Ignore the noise.</li>\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\n</ol>\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\n\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>\n\n&nbsp;\n\n<u>3.2: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\n\nEconomic data releases this week are a bit thin on the ground.\n\nHowever, here are my picks of the upcoming week.\n<ol>\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.\n\nOn a more serious note...\n\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.\n\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?\n\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.\n\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.\n\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.\n\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>\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>\n</ol>\n<u>3.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\n\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>\n\n&nbsp;\n\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\n<strong>\n</strong>EUR/USD:\n\n&nbsp;\n\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>\n\nGBP/USD:\n\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>\n\n&nbsp;\n\nAUD/USD:\n\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>\n\n&nbsp;\n\nNZD/USD:\n\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>\n\n&nbsp;\n\nUSD/CAD:\n\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>\n\n&nbsp;\n\nUSD/CHF:\n\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>\n\n&nbsp;\n\nUSD/JPY:\n\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>\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n\n&nbsp;\n<ol start=\"4\">\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\n</ol>\n<strong> </strong>\n\n<u>4.1: WHAT IS THE PREMIUM SERVICE?</u>\n\n&nbsp;\n\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\n\n&nbsp;\n\n<u>4.1.1: YOUR BENEFITS OF SUBSCRIBING:</u>\n\nI am obviously biased in this section;\n\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.\nHow have I created differentiation?\n\nI am a full-time Forex Trader of over 9 years.\nI trade my trades.\nI have SKIN in the game.\n<strong>BENEFIT FOR YOU – not all service providers are traders. </strong>\n\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.\n<strong>BENEFIT FOR YOU – Real time trading (24 x 5), regardless of time zone</strong>\n\nI am NOT an educator. I am a trader first and foremost, but I can help many traders become better at what they do.\nForex Trading is repetition and to a large extent it is a daily routine and many times it is quite boring.\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.\n<strong>BENEFIT FOR YOU – I live for my trades and pass this belief to subscribers</strong><u>\n</u>\nI offer serious traders additional support such as “one-on-one” coaching: -\n\nIdentifying Chart Patterns\nWhat do candlestick patterns mean?\nWhat do single candlesticks signify?\nHow do I identify high probability trades?\nHow to Manage RISK\nHow to POSITION SIZE effectively\nEffective Account Management\nHow to achieve Market longevity.\n<strong>BENEFIT FOR YOU – I want to help you achieve a Trading success</strong>\n\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.\nI tell it how it is from my perspective. I do my best to straight talking in every situation.\n<strong>BENEFIT FOR YOU - I remove the noise remain informative and focused</strong><u>\n</u>\n\nPREMIUM SERVICE subscribers receive a “FULL VERSION” of this blog that includes sections on: -\nMy Market Trading Review (PREMIUM SERVICE progress)\nTechnical views plus Fundamental views and thoughts\nMarket Sentiment analysis\nCore Trades and Core Positions analysis\nA review of current LIVE and LIMIT ORDERS\n<strong>BENEFIT FOR YOU – It’s open, honest, straight to the point and concise</strong>\n\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>\nBENEFIT FOR YOU – I welcome interaction it feeds success</strong>\n\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.\n\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs.\n\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\n\n<u>4.2: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\n\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.\n\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.\n\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.\n\n&nbsp;\n\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\nMONTH TO DATE:  +691 net pips\nYEAR TO DATE:      +4,906 net pips\n\n<u>\n4.2.1: SUBSCRIBING NOW…  HAS BENEFITS:</u>\n\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.\n\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.\n\nTherefore: -\n\nA 10-week CAD$500.00 subscription starts 3rd September and would complete on 12th November 2017.\n\nA 20-week CAD$800.00 subscription would start 3rd September and would complete on 10th February 2018.\n\nA 40-week CAD$1,250.00 Platinum subscription would start 3rd September and complete on 30th June 2018.\n<u>\n</u><u>4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\n\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>\n\nThis can be done as follows: -\n\nOn my welcome page just below my cube logo is where you complete your subscription.\n\nBecause of my “time out” this month. No freebie subscription this month back in September, in fact the next “DRIVE THRU” blog.\n\n&nbsp;\n\n<strong> </strong>\n\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\n\n<u>4.4.1: TRADING REVIEW:</u>\n<u>\n4.4.2: MARKET SENTIMENT:</u>\n\n4.4.3: CORE TRADES:\n<u>\n4.4.4: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\n\n<u>\n</u>\n\n<strong> </strong>\n<ol start=\"5\">\n 	<li><strong> THE SOAPBOX:</strong></li>\n</ol>\n<strong>\nWHAT’S NEXT AFTER THE RECENT BIG MOVES</strong>\n\n&nbsp;\n\nWith a title like that it sounds like I have an end of the world type of prediction to follow… you are safe!\n\nWe are now into the sleepy summer. There are some risks, most of them are geopolitical.\n\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.\n\nLet’s recap what happened in the immediate past: -\n<ul>\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>\n 	<li>We had a blowout NFP number.</li>\n</ul>\nThat’s nothing earth shattering. Does the above change my thoughts and views that I have had for the past month or so?\n\nAbsolutely not; I was bearish and shorting the cable long before “Super Thursday”.\n\nDid I predict a good NFP?\n\nI don\'t do predictions and I doubt even David Copperfield or Penn &amp; Teller could magic up an accurate NFP number.\n\nWe are in transition.\n\nFrom this Monday I am on 50% leave for the summer until the 1st September. So, what is next?\n\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.\n\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.\n\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).\n\nGerman elections is one good reason why Mario Draghi may just provide some B.S. at Jackson Hole.\n\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.\n\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).\n<ul>\n 	<li>What about China being declared a currency manipulator, now that they failed to intervene effectively with North Korea?</li>\n 	<li>What about China getting huge trade restrictions placed upon them by the U.S.?</li>\n 	<li>What about North Korea dropping an ICBN on Japan… by mistake or intentionally?</li>\n 	<li>What about North Korea taking aim on the continental United States?</li>\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>\n 	<li>What happens if the Iran / U.S. nuclear deal blows up?</li>\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>\n</ul>\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.\n\nSo; what am I saying?\n\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.\n\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.\n\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.\n\nTake care, back on September 3rd.\n\n&nbsp;\n<ol start=\"6\">\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\n</ol>\nNothing more to add here, I have said enough except,\n\nAs usual…\n\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.\n\nScott Pickering\nThe Pip Accumulator\nTwitter: @pipaccumulator\n\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\n\nBLOG VERSION: #FREE NEWSLETTER\nDATE: 6th August 2017.\n\n&nbsp;','WHAT’S NEXT AFTER THE RECENT BIG MOVES','','inherit','closed','closed','','9854-autosave-v1','','','2017-08-06 05:58:58','2017-08-06 10:58:58','',9854,'https://weeklyfxdrivethru.com/9854-autosave-v1/',0,'revision','',0),(10827,1,'2018-01-19 17:24:05','2018-01-19 22:24:05','','MKT SENTIMENT 20012018','','inherit','open','closed','','mkt-sentiment-20012018','','','2018-01-20 06:48:14','2018-01-20 11:48:14','',10837,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/MKT-SENTIMENT-20012018.png',0,'attachment','image/png',0),(10821,1,'2018-01-19 13:03:33','2018-01-19 18:03:33','','FLASH 20012018','','inherit','open','closed','','flash-20012018','','','2018-01-20 07:39:10','2018-01-20 12:39:10','',2711,'https://weeklyfxdrivethru.com/wp-content/uploads/2018/01/FLASH-20012018.png',0,'attachment','image/png',0),(10804,16,'2018-01-18 14:31:29','2018-01-18 19:31:29','<h4>Monthly and Annual Consolidated Performance Analysis :</h4>\r\n<section>\r\n<div class=\"one-half first\">\r\n<h2>This Year</h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n\r\n<div class=\"one-half\">\r\n<h2>PREVIOUS YEARS</h2>\r\n<h2>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DECEMBER-CONS.-2017.png\"><img class=\"size-large wp-image-10715 alignnone\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/DECEMBER-CONS.-2017-851x1024.png\" alt=\"\" width=\"851\" height=\"1024\" /></a></h2>\r\n\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/CONS-PERF-DEC2016-YTD.png\"><img class=\"alignnone size-large wp-image-8815\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/CONS-PERF-DEC2016-YTD-852x1024.png\" alt=\"\" width=\"852\" height=\"1024\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-2015-COMP.png\"><img class=\"alignnone size-full wp-image-6991\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-2015-COMP.png\" alt=\"\" width=\"420\" height=\"519\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PROFIT-LOSS-RATIO-2015-COMP.png\"><img class=\"alignnone size-full wp-image-6990\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PROFIT-LOSS-RATIO-2015-COMP.png\" alt=\"\" width=\"400\" height=\"516\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/RISK-REWARD-RATIONS-2014-YTD.png\"><img class=\"alignnone size-large wp-image-8862\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/RISK-REWARD-RATIONS-2014-YTD-811x1024.png\" alt=\"\" width=\"811\" height=\"1024\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/PL-RATIOS-2014-COMPLETE.png\"><img class=\"alignnone size-large wp-image-8861\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/PL-RATIOS-2014-COMPLETE-726x1024.png\" alt=\"\" width=\"726\" height=\"1024\" /></a>\r\n\r\n</div>\r\n</section>','CONSOLIDATED PERFORMANCE ANALYSIS','','inherit','closed','closed','','5002-autosave-v1','','','2018-01-18 14:31:29','2018-01-18 19:31:29','',5002,'https://weeklyfxdrivethru.com/5002-autosave-v1/',0,'revision','',0),(9235,1,'2017-03-04 05:18:13','2017-03-04 10:18:13','','AUDUSD D 05032017','','inherit','open','closed','','audusd-d-05032017','','','2017-03-04 06:09:19','2017-03-04 11:09:19','',9242,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017.png',0,'attachment','image/png',0),(9236,1,'2017-03-04 05:18:36','2017-03-04 10:18:36','','EURUSD D 05032017','','inherit','open','closed','','eurusd-d-05032017','','','2017-03-04 06:08:52','2017-03-04 11:08:52','',9242,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017.png',0,'attachment','image/png',0),(9237,1,'2017-03-04 05:18:58','2017-03-04 10:18:58','','GBPUSD D 05032017','','inherit','open','closed','','gbpusd-d-05032017','','','2017-03-04 06:09:06','2017-03-04 11:09:06','',9242,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017.png',0,'attachment','image/png',0),(9238,1,'2017-03-04 05:19:24','2017-03-04 10:19:24','','NZDUSD D 05032017','','inherit','open','closed','','nzdusd-d-05032017','','','2017-03-04 06:09:31','2017-03-04 11:09:31','',9242,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017.png',0,'attachment','image/png',0),(9239,1,'2017-03-04 05:19:47','2017-03-04 10:19:47','','USDCAD D 05032017','','inherit','open','closed','','usdcad-d-05032017','','','2017-03-04 06:09:42','2017-03-04 11:09:42','',9242,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017.png',0,'attachment','image/png',0),(9240,1,'2017-03-04 05:20:09','2017-03-04 10:20:09','','USDCHF D 05032017','','inherit','open','closed','','usdchf-d-05032017','','','2017-03-04 06:09:53','2017-03-04 11:09:53','',9242,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017.png',0,'attachment','image/png',0),(9241,1,'2017-03-04 05:20:32','2017-03-04 10:20:32','','USDJPY D 05032017','','inherit','open','closed','','usdjpy-d-05032017','','','2017-03-04 06:10:07','2017-03-04 11:10:07','',9242,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017.png',0,'attachment','image/png',0),(9242,1,'2017-03-04 06:52:23','2017-03-04 11:52:23','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAs we all know and recognize, trading is about consistency, banking $$$, making pips and longevity through effective RISK MANAGEMENT, POSITION SIZING and trading with a TRADE PLAN.\r\n\r\nWhen you break it all down into its main constituent parts it’s actually very simple and straightforward. I have pages and pages referring to the above points on a multiple of PDF documents inside the PREMIUM SERVICE website. I read a few the other day to refresh the validity of the content and I must say albeit that some articles were saved from 2010 and earlier, they are still as relevant today as they were when they were initially posted.\r\n\r\nTrading is basically a formula that needs “tweaking” every now and then but basically it is repetition based around a proven formula.\r\n\r\nBasically, at the outset of 2017. I tweaked (so to speak) to accommodate “THE DONALD”.\r\n\r\nAfter a couple of sticky weeks in January, and reviewing my TRADE PLAN for 2017, I am still in trade transition mode but I am now banking more $$$ and pips.\r\n\r\nAs mentioned recently, I continue to establish CORE POSITIONS for my longer-term trades in e.g. EUR/USD and GBP/USD, and I am happy with the progress so far. I now just need the March 15<sup>th</sup> FOMC meeting out of the way, so that I can complete the longer-term transition outlined a few weeks ago to PREMIUM SERVICE subscribers by the end of Q1.\r\n\r\nI have virtually ignored my day trading trade styles of FLASH and RADAR trades throughout this process. This has been deliberate, based upon the fact that in his earlier days as President, “THE DONALD” created chaos and disorder in the markets and frankly whilst I sit over my screens, I have numerous trades open at any one time and the inclusion of short-term trade styles would just create frustration and annoyance.\r\n\r\nAfter the FOMC meeting, I am hoping like most traders that trading will have a greater clarity moving forward. This should enable a greater trading confidence using the smaller minute charts.\r\n\r\nMoving on…\r\n\r\nLast week was a strange week. I was caught up in the emotion of the “State of The Union” address by “THE DONALD”, at the end of the day it was a 100% Presidential address, even hard line opponents had to applaud on some bi-partisan pledges. Now… whether “THE DONALD” or the Republican Party allow some of the pledges to stand is debatable, but what I will say is that “THE DONALD” has one obvious trait like “MAGGIE”, and that is - he does what he says he is going to do.\r\n\r\nFrom a trading perspective, no fireworks and the markets will always buy promises made, regardless of who says it.\r\n\r\nThere was a lot of FED speak last week ending with Janet Yellen and Stanley Fischer. It was all very positive to moving US interest rates higher sooner rather than later. Even the doves were more hawkish; the most noteworthy in my opinion was Lael Brainard.\r\n\r\nOn Friday, both Yellen and Fischer basically all but said the FED will normalize and raise rates at the March meeting. It was so clear; the markets cannot be surprised. The only annoying factor was that when Yellen finished her Q&amp;A some profit taking took place and the DXY fell lower…. argh!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017.png\"><img class=\"aligncenter size-large wp-image-9244\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017-1024x455.png\" alt=\"\" width=\"1024\" height=\"455\" /></a>\r\n\r\n&nbsp;\r\n\r\nIt was fascinating to see that in 4 days the market sentiment for a FED rate increase on March 15<sup>th</sup> moved from 38% to almost 90%. Crazy, and it just shows you what we are dealing with. Very reactionary… almost TRUMP LIKE.\r\n\r\nThe commentary kept the USD bid most of the week. I must admit though as the TRUMP administration and possibly soon to be “Presidential currency manipulator Donald” want the USD weaker, I was waiting upon the tweet to stop the DXY move higher in its tracks. It never happened, TRUMP was so busy with White House leaks, FBI cover ups, Russians in da house and Jeff Sessions having vodka shots, he was probably 100% contained flying from crisis meeting to crisis meeting trying to keep the syrup in position (SYRUP = Cockney rhyming slang – “syrup of fig = wig”).\r\n\r\nApart from the US news the bigger news to dominate the wires related to the UK and the EUROPEAN UNION.\r\n\r\nIn the UK, Theresa May is starting to feel the pinch on BREXIT and its potential fallout. The PMi data this week was mixed but they were over shadowed by the House of Lords amendments to the BREXIT bill and the Scottish Parliament wanting another shot at a referendum on remaining part of the UK.\r\n\r\nThe key support level of 1.2260; the 61.8% Fibonacci level of the 1.2706/1.1987 move, was broken after offering stubborn support opening the way lower for a test of the psychological 1.2000 level and then the October 2016 low of 1.1841.\r\n\r\nEUROPE, was once again dominated by the French elections. I am using EUROPE and all things happening there as my “SOAPBOX” article this week so I will save my comments, views and thoughts for later.\r\n\r\nMore…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #7 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length.\r\n\r\n#7 is on Monday 6<sup>th</sup> March at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n<p style=\"text-align: left;\">The March winner of the “FREE 10-week PREMIUM SERVICE” subscription was\r\nbrian*******@gmail.com</p>\r\nBy the time this blog is posted Brain should be loaded up and ready to go.\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017.png\"><img class=\"aligncenter size-large wp-image-9225\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017-1024x873.png\" alt=\"\" width=\"1024\" height=\"873\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this very busy week: -\r\n<ol>\r\n 	<li>USD: Obviously, the star of the week for US data is Friday’s Non-Farm payrolls. No doubt should the number be a blow out one can consider a FED rate hike the following week nailed on.</li>\r\n 	<li>AUD: Down under we have Retail Sales and the RBA Rate statement to start the week off. The AUD has sold off of late following poor Cap Ex and GDP data. I am not expecting a change in interest rates but the commentary will be interesting to read to see is the RBA still neutral.</li>\r\n 	<li>GBP: The Tory party (UK Government) budget is released Wednesday.</li>\r\n 	<li>EUR: Draghi has a press conference this Thursday and there will be massive attention placed upon what he doesn’t say maybe rather than what he does say vis-à-vis tapering the Quantitative Easing monthly amount given the fact that EUROZONE economic data is now starting to show recovery.I think he will play everything down citing EUROZONE political risks and that any recovery is fragile.\r\n\r\nWhether he will get away with this approach is debatable… we shall see what he does.</li>\r\n 	<li>CAD: Jobs data released at the same time as US NFP. The BOC kept rates on hold last week. Jobs data has been very mixed of late with part-time workers blurring the data somewhat, so this release should show a trend… good or bad.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017.png\"><img class=\"aligncenter size-large wp-image-9226\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017-1024x850.png\" alt=\"\" width=\"1024\" height=\"850\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9236\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9237\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9235\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9238\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9239\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9240\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9241\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>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 differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nIf you would like to watch/listen to a c.40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading, all you need to do is click the link below. All of what I call my differentiation features and benefits are listed and talked about plus I show you the potential income opportunity that is available to subscribers.\r\n\r\nClick the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nIn addition, full 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<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am continuing to move forward with my TRADE PLAN. I am now heavily committed to both EUR/USD and GBP/USD shorts, but I am not finished yet and I would still welcome another pullback to increase my position sizes with both pairs.\r\n\r\nI want to be short further EUR/JPY trades more so than the GBP/JPY based upon the woes in the EUROZONE and the continuing political uncertainty and headwinds in the EUROPEAN UNION.\r\n\r\nI have not banked many pips or $$$ this month so far, but we are only 3 days into the month! I have been focused on pricing the best entries possible and exiting existing trades that no longer feature in my CORE TRADE PLAN moving forward.\r\n\r\nAs noted by one or two of you I have ignored RADAR and FLASH trades recently. I will be addressing this situation probably after the FOMC meeting on the 15<sup>th</sup> March 2017. I am 100% focused on my charts, following price action across several potential trading pairs.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nFollowing Yellen last Friday everything economic data has little relevance in the big picture until NFP on the 10<sup>th</sup> March. If that is a blowout number, I would say that a US rate increase is on the cards.\r\n\r\nWe have seen, and I have missed the moves lower in the AUD/USD and NZD/USD and the move higher in USD/CAD. I caught the NZD move through the AUD/NZD and EUR/NZD.\r\n\r\nAfter the FOMC I hope to add many more cross-rate trades. I have been very cautious of late expecting a TRUMP TWEET to scupper any moves. Typical, when I expect a tweet it doesn\'t happen!\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. I have started to exit this position as you know there is now only one trade left to complete the exit.</li>\r\n 	<li>EUR/NZD: - I decided to exit one of the two trades in play with this pair. I am now very tempted to hold onto the remaining trade on the basis that if we see a market correction in equities this pair should benefit greatly.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair in my opinion, and I believe its move will be much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.However, given the increased rhetoric this week, I see lower first and a very messy BREXIT. We also now have a potential second Scottish referendum on remaining in the UK.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.Over the past week, I have extended the STOP LOSS position on my sole EUR/GBP trade. I will be adding further trades this week to increase my short position.\r\n\r\nAs mentioned over recent weeks, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.\r\n\r\nThe FRENCH election is getting very tasty, with revelation after revelation and controversy after controversy. Court appearances, inquiries you name it the French election has it. It is a plethora of controversy. DO NOT trust the polls.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-05032017.png\"><img class=\"aligncenter size-large wp-image-9234\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-05032017-784x1024.png\" alt=\"\" width=\"784\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-05032017.png\"><img class=\"aligncenter size-large wp-image-9233\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-05032017-778x1024.png\" alt=\"\" width=\"778\" 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>EUROZONE – NOT AN EXPERIMENT JUST A F**K UP</strong><strong> </strong>\r\n\r\nFor the second week running, I could have made the title of the soapbox this week:\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was, I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nI find myself constantly bashing the EUROZONE. In principle, I suppose it\'s a great idea but in the real world it is just a poor constituted fuck up. It is doomed, not a question of “if” but “when”.\r\n\r\nLast week the EUROPEAN COMMISSION released a white paper outlining 5 scenarios for the future of the EUROPEAN UNION. This emanated from the desk of the EUROPEAN COMMISSION President, Jean-Claude Junker. It was a classic effort from the desk sucking, pen pushing, jotter blotter from Brussels. As you can imagine I was over this like a rash, or a rat up a drainpipe.\r\n\r\nI do not want to replicate the paper you can search on google to find it but it had interesting section titles as follows: -\r\n<ul>\r\n 	<li>Carrying on</li>\r\n 	<li>Nothing but the single market</li>\r\n 	<li>Those who want to do more</li>\r\n 	<li>Doing less more efficiently</li>\r\n 	<li>Doing much more together</li>\r\n</ul>\r\nSounds great. As an overview from my perspective it was released in time for the 25<sup>th</sup> March 60<sup>th</sup> anniversary of the EUROPEAN UNION previously referred to as the COMMON MARKET. It is obviously intended to try and focus and harmonize the remaining members following the UK’s decision to EXIT.\r\n\r\nOn first glance, it looks real enough, the EU challenges show no sign of abating. He alludes to the fact the EU is a balancing act as many Europeans consider the EU and EUROZONE too interfering.\r\n\r\nYou can read it yourselves, but Junker still misses the point. He approaches the EUROPEAN UNION and EUROZONE purely and simply from the view of job protection for the boys and girls in Brussels. Basically, the gravy train continues. He wants continued governance from Brussels, there’s about 10,000 additional jobs, expense accounts and big pay checks with index linked pensions and private health benefits.\r\nTighter financial controls. Controls of single currency member’s budgets.\r\n\r\nNo change. He wants to secure the very things that piss people off. Remember the fruit-case from Brussels who went above the Irish government to fine Apple for tax avoidance, even though the deal was done for Apple by the Irish government utilizing Irish tax rules. WTF, has this got to do with some pen pusher in Brussels? This is the type of interference that pisses people off so I am gob smacked that Junker has done nothing to distance the bureaucracy of Brussels from an individual country’s sovereignty.\r\n\r\nMany American political and economic commentators still refer to the EUROPEAN UNION and EUROZONE as an experiment, this must wind up Brussels officials like you cannot imagine. It’s been in existence for 60 years in one form or another, so even I think the term “experiment” is a bit rich. Having said that many American commentators think EUROPE is a country and GERMANY is its capital city! Joe Kernan (CNBC) springs to mind with most EUROZONE gaffs, I still don\'t think he understands that IRELAND and NORTHERN IRELAND are two different counties with different currencies. It beggars belief he is still on TV… never mind prime time business TV.\r\n\r\nSo; when someone asks, is the EUROPEAN UNION learning from the BREXIT and forging a more inclusive way forward to include those who feel that Brussels is too interfering? Bollocks to all that let’s march on as before appears to be the mantra.\r\n\r\nIt would appear to me nothing learned, just protect the bureaucracy.\r\n\r\nHow long does the EUROPEAN UNION last.?\r\n\r\nIf Marine Le Pen is elected as the new French President it will implode and the single currency will be at 0.0050 or less in a few days. It will be a crisis to beat all crises and even the biggest can in the world to kick down the road just wouldn’t do.\r\n\r\nThe pollsters openly state that Marine Le Pen will win the first round of voting. However, she will lose the second ballot.\r\n\r\nHere are my thoughts…. amuse me for a paragraph or three…\r\n\r\nMarine Le Pen (National Front) is what can be termed a populist candidate. Like “THE DONALD” she has a fixed number of supporters that will support her no matter what. Her voting base is NOT going down. It only has one way to go.\r\n\r\nThe others: -\r\n<ul>\r\n 	<li>Benoit Hamon – Socialist</li>\r\n 	<li>Emmanuel Macron – En Marche</li>\r\n 	<li>Francois Fillon – Republican</li>\r\n 	<li>Jean-Luc Melenchon – The Left Party</li>\r\n</ul>\r\nThe above four candidates will fight it out amongst themselves to see who goes up against Le Pen in the second ballot according to the French press.\r\n\r\nThe question is how many of the voters whose candidate is not going through to round two will vote for Marine Le Pen?\r\n\r\nIs it feasible? Is it possible that Le Pens voting bloc in the second ballot will increase? I would say yes.\r\n\r\nThe question is by how much?\r\n\r\nShould Le Pen appeal in the final stages to those voters disillusioned with Brussels, who look across the English Channel to see a free UK without the constraints of the EUROPEAN UNION hanging over it as an option worth considering it is no longer a slam dunk. In fact, it’s far from a slam dunk decision. It may be unlikely but it is nevertheless a possible outcome that Le Pen could win.\r\n\r\nShould this happen, there will be no more EUROPEAN UNION, no more EUROZONE. As A founder member with Germany, I just could not see how the EU could continue. This would be a crisis, in fact, it would re-define the word.\r\n\r\nTo think that after 60 years in existence the EUROPEAN UNION is still so fragile beggar’s belief. It should by now have been unified and integrated to such an extent with all countries populations prosperous that the thought of leaving the UNION is not even an agenda item.\r\n\r\nPoliticians and self-serving bureaucrats have milked the EU for all they could benefit from at the expense of building solid foundations and creating policies to unite, grow, influence and stabilize the continent.\r\n\r\nWhat we have now is due to the fact that politicians are only interested in popularity through votes and the bureaucrats with pensions and expense accounts. There was never a credible long term view with key success factors built in to measure actual success.\r\n\r\nThe EUROPEAN UNION has failed to unite governments never mind the EU populations on many levels at different times, such as:\r\n<ul>\r\n 	<li>Defence and Security</li>\r\n 	<li>The Social Chapter</li>\r\n 	<li>Banking</li>\r\n 	<li>Taxation</li>\r\n 	<li>Debt Management and Controls</li>\r\n 	<li>Fiscal Planning and Constraints</li>\r\n 	<li>Immigration and Border Controls</li>\r\n 	<li>Freedom of Movement</li>\r\n 	<li>Food Planning (Agriculture)</li>\r\n 	<li>Health minimums</li>\r\n 	<li>Education minimums</li>\r\n</ul>\r\nThe list is endless.\r\n\r\nI know that I am always very critical of the EU and its workings. But it has just not evolved. It never matured or aged in such a way to grow, unite and bond members. It thrives on a fragmented approach to most topics. The problem that creates this is narrow minded politicians with a short time frame in office and a poorly managed and focused centralized operation in Brussels, which in my opinion is self-serving rather than actually doing anything meaningful or long that they could be proud of.\r\n\r\nWithout doubt there are wins, but are they big wins? From my perspective, its just interference that is poorly managed or directed. The Apple case is one in question. An upstart from Brussels is in interfering in a sovereign states tax affairs.\r\n\r\nIt is somewhat similar to the Quebec governments language police who cautioned an Italian restaurant for the numbers of times it wrote PASTA on its menu.  For God\'s sake people are paid good money for these jobs that could save lives. PASTAGATE as it is now known showed how protectionist, out of touch, mis-managed Quebec as a province is. \"People can die waiting to see a Doctor, but we will not accept PASTA written on an Italian restaurants menu. Absolutely bloody ridiculous and it simply cannot be defended. What is the French word for PASTA?\r\n\r\nBrussels is on the same path maybe not quite so stupid in delivery as Quebec, but they are on the same road.\r\n\r\nBasically, I always return to two basic issues.\r\n<ul>\r\n 	<li>19 countries in the EUROZONE basically using the same cheque book does not work.</li>\r\n 	<li>A mix of all the different cultures has created mistrust throughout the ages and makes harmony, unification on a common purpose practically impossible</li>\r\n</ul>\r\nPlus:\r\n\r\nPoor countries cannot afford what the rich counties can afford. Some countries benefit from natural resources others don\'t, it is just not a level playing field and one size does not fit all.\r\n\r\nTrading the single currency over the coming year should be quite a ride. I am bearish and see a test of parity possibly on the cards. It will not be a straight move lower as some have predicted. We should in my opinion push and pull our way lower.\r\n\r\nWe have major headwinds in the EUROPEAN UNION: -\r\n<ul>\r\n 	<li>Elections in FRANCE</li>\r\n 	<li>Elections in GERMANY</li>\r\n 	<li>Elections in HOLLAND</li>\r\n 	<li>The UK BREXIT to deal with “cleanly”</li>\r\n 	<li>ITALIAN Bank debt to sort out and fix</li>\r\n 	<li>GREECE bailout Act IV</li>\r\n</ul>\r\nThere is so much uncertainty in that list above, the single currency should move lower.\r\n\r\nWith a US FED raising rates we have divergent policies between the hawkish FED and the dovish ECB. Mario Draghi simply cannot afford to stop supporting the single currency given the uncertainties ahead and Janet Yellen has now indicated in the clearest language possible that the FED is embarking on a rate rising monetary policy program.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #130 PREMIUM SERVICE\r\nDATE: 5<sup>th</sup> March 2017','EUROZONE – NOT AN EXPERIMENT JUST A F**K UP','','publish','open','closed','','eurozone-not-experiment-just-fk','','','2017-03-04 06:52:23','2017-03-04 11:52:23','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9242',0,'member_posts','',0),(9243,1,'2017-03-04 06:32:07','2017-03-04 11:32:07','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAs we all know and recognize, trading is about consistency, banking $$$, making pips and longevity through effective RISK MANAGEMENT, POSITION SIZING and trading with a TRADE PLAN.\r\n\r\nWhen you break it all down into its main constituent parts it’s actually very simple and straightforward. I have pages and pages referring to the above points on a multiple of PDF documents inside the PREMIUM SERVICE website. I read a few the other day to refresh the validity of the content and I must say albeit that some articles were saved from 2010 and earlier, they are still as relevant today as they were when they were initially posted.\r\n\r\nTrading is basically a formula that needs “tweaking” every now and then but basically it is repetition based around a proven formula.\r\n\r\nBasically, at the outset of 2017. I tweaked (so to speak) to accommodate “THE DONALD”.\r\n\r\nAfter a couple of sticky weeks in January, and reviewing my TRADE PLAN for 2017, I am still in trade transition mode but I am now banking more $$$ and pips.\r\n\r\nAs mentioned recently, I continue to establish CORE POSITIONS for my longer-term trades in e.g. EUR/USD and GBP/USD, and I am happy with the progress so far. I now just need the March 15<sup>th</sup> FOMC meeting out of the way, so that I can complete the longer-term transition outlined a few weeks ago to PREMIUM SERVICE subscribers by the end of Q1.\r\n\r\nI have virtually ignored my day trading trade styles of FLASH and RADAR trades throughout this process. This has been deliberate, based upon the fact that in his earlier days as President, “THE DONALD” created chaos and disorder in the markets and frankly whilst I sit over my screens, I have numerous trades open at any one time and the inclusion of short-term trade styles would just create frustration and annoyance.\r\n\r\nAfter the FOMC meeting, I am hoping like most traders that trading will have a greater clarity moving forward. This should enable a greater trading confidence using the smaller minute charts.\r\n\r\nMoving on…\r\n\r\nLast week was a strange week. I was caught up in the emotion of the “State of The Union” address by “THE DONALD”, at the end of the day it was a 100% Presidential address, even hard line opponents had to applaud on some bi-partisan pledges. Now… whether “THE DONALD” or the Republican Party allow some of the pledges to stand is debatable, but what I will say is that “THE DONALD” has one obvious trait like “MAGGIE”, and that is - he does what he says he is going to do.\r\n\r\nFrom a trading perspective, no fireworks and the markets will always buy promises made, regardless of who says it.\r\n\r\nThere was a lot of FED speak last week ending with Janet Yellen and Stanley Fischer. It was all very positive to moving US interest rates higher sooner rather than later. Even the doves were more hawkish; the most noteworthy in my opinion was Lael Brainard.\r\n\r\nOn Friday, both Yellen and Fischer basically all but said the FED will normalize and raise rates at the March meeting. It was so clear; the markets cannot be surprised. The only annoying factor was that when Yellen finished her Q&amp;A some profit taking took place and the DXY fell lower…. argh!!\r\n\r\nIt was fascinating to see that in 4 days the market sentiment for a FED rate increase on March 15<sup>th</sup> moved from 38% to almost 90%. Crazy, and it just shows you what we are dealing with. Very reactionary… almost TRUMP LIKE.\r\n\r\nThe commentary kept the USD bid most of the week. I must admit though as the TRUMP administration and possibly soon to be “Presidential currency manipulator Donald” want the USD weaker, I was waiting upon the tweet to stop the DXY move higher in its tracks. It never happened, TRUMP was so busy with White House leaks, FBI cover ups, Russians in da house and Jeff Sessions having vodka shots, he was probably 100% contained flying from crisis meeting to crisis meeting trying to keep the syrup in position (SYRUP = Cockney rhyming slang – “syrup of fig = wig”).\r\n\r\nApart from the US news the bigger news to dominate the wires related to the UK and the EUROPEAN UNION.\r\n\r\nIn the UK, Theresa May is starting to feel the pinch on BREXIT and its potential fallout. The PMi data this week was mixed but they were over shadowed by the House of Lords amendments to the BREXIT bill and the Scottish Parliament wanting another shot at a referendum on remaining part of the UK.\r\n\r\nThe key support level of 1.2260; the 61.8% Fibonacci level of the 1.2706/1.1987 move, was broken after offering stubborn support opening the way lower for a test of the psychological 1.2000 level and then the October 2016 low of 1.1841.\r\n\r\nEUROPE, was once again dominated by the French elections. I am using EUROPE and all things happening there as my “SOAPBOX” article this week so I will save my comments, views and thoughts for later.\r\n\r\nMore…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #7 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length.\r\n\r\n#7 is on Monday 6<sup>th</sup> March at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n<p style=\"text-align: left;\">The March winner of the “FREE 10-week PREMIUM SERVICE” subscription was\r\nbrian*******@gmail.com</p>\r\nBy the time this blog is posted Brain should be loaded up and ready to go.\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017.png\"><img class=\"aligncenter size-large wp-image-9225\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017-1024x873.png\" alt=\"\" width=\"1024\" height=\"873\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this very busy week: -\r\n<ol>\r\n 	<li>USD: Obviously, the star of the week for US data is Friday’s Non-Farm payrolls. No doubt should the number be a blow out one can consider a FED rate hike the following week nailed on.</li>\r\n 	<li>AUD: Down under we have Retail Sales and the RBA Rate statement to start the week off. The AUD has sold off of late following poor Cap Ex and GDP data. I am not expecting a change in interest rates but the commentary will be interesting to read to see is the RBA still neutral.</li>\r\n 	<li>GBP: The Tory party (UK Government) budget is released Wednesday.</li>\r\n 	<li>EUR: Draghi has a press conference this Thursday and there will be massive attention placed upon what he doesn’t say maybe rather than what he does say vis-à-vis tapering the Quantitative Easing monthly amount given the fact that EUROZONE economic data is now starting to show recovery.\r\n\r\nI think he will play everything down citing EUROZONE political risks and that any recovery is fragile.\r\n\r\nWhether he will get away with this approach is debatable… we shall see what he does.</li>\r\n 	<li>CAD: Jobs data released at the same time as US NFP. The BOC kept rates on hold last week. Jobs data has been very mixed of late with part-time workers blurring the data somewhat, so this release should show a trend… good or bad.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017.png\"><img class=\"aligncenter size-large wp-image-9226\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017-1024x850.png\" alt=\"\" width=\"1024\" height=\"850\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9236\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9237\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9235\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9238\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9239\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9240\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9241\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>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 differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nIf you would like to watch/listen to a c.40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading, all you need to do is click the link below. All of what I call my differentiation features and benefits are listed and talked about plus I show you the potential income opportunity that is available to subscribers.\r\n\r\nClick the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nIn addition, full 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<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am continuing to move forward with my TRADE PLAN. I am now heavily committed to both EUR/USD and GBP/USD shorts, but I am not finished yet and I would still welcome another pullback to increase my position sizes with both pairs.\r\n\r\nI want to be short further EUR/JPY trades more so than the GBP/JPY based upon the woes in the EUROZONE and the continuing political uncertainty and headwinds in the EUROPEAN UNION.\r\n\r\nI have not banked many pips or $$$ this month so far, but we are only 3 days into the month! I have been focused on pricing the best entries possible and exiting existing trades that no longer feature in my CORE TRADE PLAN moving forward.\r\n\r\nAs noted by one or two of you I have ignored RADAR and FLASH trades recently. I will be addressing this situation probably after the FOMC meeting on the 15<sup>th</sup> March 2017. I am 100% focused on my charts, following price action across several potential trading pairs.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nFollowing Yellen last Friday everything economic data has little relevance in the big picture until NFP on the 10<sup>th</sup> March. If that is a blowout number, I would say that a US rate increase is on the cards.\r\n\r\nWe have seen, and I have missed the moves lower in the AUD/USD and NZD/USD and the move higher in USD/CAD. I caught the NZD move through the AUD/NZD and EUR/NZD.\r\n\r\nAfter the FOMC I hope to add many more cross-rate trades. I have been very cautious of late expecting a TRUMP TWEET to scupper any moves. Typical, when I expect a tweet it doesn\'t happen!\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. I have started to exit this position as you know there is now only one trade left to complete the exit.</li>\r\n 	<li>EUR/NZD: - I decided to exit one of the two trades in play with this pair. I am now very tempted to hold onto the remaining trade on the basis that if we see a market correction in equities this pair should benefit greatly.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.\r\n\r\nThe bigger picture is that despite encouraging inflation data, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair in my opinion, and I believe its move will be much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.\r\n\r\nHowever, given the increased rhetoric this week, I see lower first and a very messy BREXIT. We also now have a potential second Scottish referendum on remaining in the UK.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.\r\n\r\nOver the past week, I have extended the STOP LOSS position on my sole EUR/GBP trade. I will be adding further trades this week to increase my short position.\r\n\r\nAs mentioned over recent weeks, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.\r\n\r\nThe FRENCH election is getting very tasty, with revelation after revelation and controversy after controversy. Court appearances, inquiries you name it the French election has it. It is a plethora of controversy. DO NOT trust the polls.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-05032017.png\"><img class=\"aligncenter size-large wp-image-9234\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-05032017-784x1024.png\" alt=\"\" width=\"784\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-05032017.png\"><img class=\"aligncenter size-large wp-image-9233\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-05032017-778x1024.png\" alt=\"\" width=\"778\" 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>EUROZONE – NOT AN EXPERIMENT JUST A F**K UP</strong><strong> </strong>\r\n\r\nFor the second week running, I could have made the title of the soapbox this week:\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was, I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nI find myself constantly bashing the EUROZONE. In principle, I suppose it\'s a great idea but in the real world it is just a poor constituted fuck up. It is doomed, not a question of “if” but “when”.\r\n\r\nLast week the EUROPEAN COMMISSION released a white paper outlining 5 scenarios for the future of the EUROPEAN UNION. This emanated from the desk of the EUROPEAN COMMISSION President, Jean-Claude Junker. It was a classic effort from the desk sucking, pen pushing, jotter blotter from Brussels. As you can imagine I was over this like a rash, or a rat up a drainpipe.\r\n\r\nI do not want to replicate the paper you can search on google to find it but it had interesting section titles as follows: -\r\n<ul>\r\n 	<li>Carrying on</li>\r\n 	<li>Nothing but the single market</li>\r\n 	<li>Those who want to do more</li>\r\n 	<li>Doing less more efficiently</li>\r\n 	<li>Doing much more together</li>\r\n</ul>\r\nSounds great. As an overview from my perspective it was released in time for the 25<sup>th</sup> March 60<sup>th</sup> anniversary of the EUROPEAN UNION previously referred to as the COMMON MARKET. It is obviously intended to try and focus and harmonize the remaining members following the UK’s decision to EXIT.\r\n\r\nOn first glance, it looks real enough, the EU challenges show no sign of abating. He alludes to the fact the EU is a balancing act as many Europeans consider the EU and EUROZONE too interfering.\r\n\r\nYou can read it yourselves, but Junker still misses the point. He approaches the EUROPEAN UNION and EUROZONE purely and simply from the view of job protection for the boys and girls in Brussels. Basically, the gravy train continues. He wants continued governance from Brussels, there’s about 10,000 additional jobs, expense accounts and big pay checks with index linked pensions and private health benefits.\r\nTighter financial controls. Controls of single currency member’s budgets.\r\n\r\nNo change. He wants to secure the very things that piss people off. Remember the fruit-case from Brussels who went above the Irish government to fine Apple for tax avoidance, even though the deal was done for Apple by the Irish government utilizing Irish tax rules. WTF, has this got to do with some pen pusher in Brussels? This is the type of interference that pisses people off so I am gob smacked that Junker has done nothing to distance the bureaucracy of Brussels from an individual country’s sovereignty.\r\n\r\nMany American political and economic commentators still refer to the EUROPEAN UNION and EUROZONE as an experiment, this must wind up Brussels officials like you cannot imagine. It’s been in existence for 60 years in one form or another, so even I think the term “experiment” is a bit rich. Having said that many American commentators think EUROPE is a country and GERMANY is its capital city! Joe Kernan (CNBC) springs to mind with most EUROZONE gaffs, I still don\'t think he understands that IRELAND and NORTHERN IRELAND are two different counties with different currencies. It beggars belief he is still on TV… never mind prime time business TV.\r\n\r\nSo; when someone asks, is the EUROPEAN UNION learning from the BREXIT and forging a more inclusive way forward to include those who feel that Brussels is too interfering? Bollocks to all that let’s march on as before appears to be the mantra.\r\n\r\nIt would appear to me nothing learned, just protect the bureaucracy.\r\n\r\nHow long does the EUROPEAN UNION last.?\r\n\r\nIf Marine Le Pen is elected as the new French President it will implode and the single currency will be at 0.0050 or less in a few days. It will be a crisis to beat all crises and even the biggest can in the world to kick down the road just wouldn’t do.\r\n\r\nThe pollsters openly state that Marine Le Pen will win the first round of voting. However, she will lose the second ballot.\r\n\r\nHere are my thoughts…. amuse me for a paragraph or three…\r\n\r\nMarine Le Pen (National Front) is what can be termed a populist candidate. Like “THE DONALD” she has a fixed number of supporters that will support her no matter what. Her voting base is NOT going down. It only has one way to go.\r\n\r\nThe others: -\r\n<ul>\r\n 	<li>Benoit Hamon – Socialist</li>\r\n 	<li>Emmanuel Macron – En Marche</li>\r\n 	<li>Francois Fillon – Republican</li>\r\n 	<li>Jean-Luc Melenchon – The Left Party</li>\r\n</ul>\r\nThe above four candidates will fight it out amongst themselves to see who goes up against Le Pen in the second ballot according to the French press.\r\n\r\nThe question is how many of the voters whose candidate is not going through to round two will vote for Marine Le Pen?\r\n\r\nIs it feasible? Is it possible that Le Pens voting bloc in the second ballot will increase? I would say yes.\r\n\r\nThe question is by how much?\r\n\r\nShould Le Pen appeal in the final stages to those voters disillusioned with Brussels, who look across the English Channel to see a free UK without the constraints of the EUROPEAN UNION hanging over it as an option worth considering it is no longer a slam dunk. In fact, it’s far from a slam dunk decision. It may be unlikely but it is nevertheless a possible outcome that Le Pen could win.\r\n\r\nShould this happen, there will be no more EUROPEAN UNION, no more EUROZONE. As A founder member with Germany, I just could not see how the EU could continue. This would be a crisis, in fact, it would re-define the word.\r\n\r\nTo think that after 60 years in existence the EUROPEAN UNION is still so fragile beggar’s belief. It should by now have been unified and integrated to such an extent with all countries populations prosperous that the thought of leaving the UNION is not even an agenda item.\r\n\r\nPoliticians and self-serving bureaucrats have milked the EU for all they could benefit from at the expense of building solid foundations and creating policies to unite, grow, influence and stabilize the continent.\r\n\r\nWhat we have now is due to the fact that politicians are only interested in popularity through votes and the bureaucrats with pensions and expense accounts. There was never a credible long term view with key success factors built in to measure actual success.\r\n\r\nThe EUROPEAN UNION has failed to unite governments never mind the EU populations on many levels at different times, such as:\r\n<ul>\r\n 	<li>Defence and Security</li>\r\n 	<li>The Social Chapter</li>\r\n 	<li>Banking</li>\r\n 	<li>Taxation</li>\r\n 	<li>Debt Management and Controls</li>\r\n 	<li>Fiscal Planning and Constraints</li>\r\n 	<li>Immigration and Border Controls</li>\r\n 	<li>Freedom of Movement</li>\r\n 	<li>Food Planning (Agriculture)</li>\r\n 	<li>Health minimums</li>\r\n 	<li>Education minimums</li>\r\n</ul>\r\nThe list is endless.\r\n\r\nI know that I am always very critical of the EU and its workings. But it has just not evolved. It never matured or aged in such a way to grow, unite and bond members. It thrives on a fragmented approach to most topics. The problem that creates this is narrow minded politicians with a short time frame in office and a poorly managed and focused centralized operation in Brussels, which in my opinion is self-serving rather than actually doing anything meaningful or long that they could be proud of.\r\n\r\nWithout doubt there are wins, but are they big wins? From my perspective, its just interference that is poorly managed or directed. The Apple case is one in question. An upstart from Brussels is in interfering in a sovereign states tax affairs.\r\n\r\nIt is somewhat similar to the Quebec governments language police who cautioned an Italian restaurant for the numbers of times it wrote PASTA on its menu.  For God\'s sake people are paid good money for these jobs that could save lives. PASTAGATE as it is now known showed how protectionist, out of touch, mis-managed Quebec as a province is. \"People can die waiting to see a Doctor, but we will not accept PASTA written on an Italian restaurants menu. Absolutely bloody ridiciculous and it simply cannot be defended. What is the French word for PASTA?\r\n\r\nBrussels is on the same path maybe not quite so stupid in delivery as Quebec, but they are on the same road.\r\n\r\nBasically, I always return to two basic issues.\r\n<ul>\r\n 	<li>19 countries in the EUROZONE basically using the same cheque book does not work.</li>\r\n 	<li>A mix of all the different cultures has created mistrust throughout the ages and makes harmony, unification on a common purpose practically impossible</li>\r\n</ul>\r\nPlus:\r\n\r\nPoor countries cannot afford what the rich counties can afford. Some countries benefit from natural resources others don\'t, it is just not a level playing field and one size does not fit all.\r\n\r\nTrading the single currency over the coming year should be quite a ride. I am bearish and see a test of parity possibly on the cards. It will not be a straight move lower as some have predicted. We should in my opinion push and pull our way lower.\r\n\r\nWe have major headwinds in the EUROPEAN UNION: -\r\n<ul>\r\n 	<li>Elections in FRANCE</li>\r\n 	<li>Elections in GERMANY</li>\r\n 	<li>Elections in HOLLAND</li>\r\n 	<li>The UK BREXIT to deal with “cleanly”</li>\r\n 	<li>ITALIAN Bank debt to sort out and fix</li>\r\n 	<li>GREECE bailout Act IV</li>\r\n</ul>\r\nThere is so much uncertainty in that list above, the single currency should move lower.\r\n\r\nWith a US FED raising rates we have divergent policies between the hawkish FED and the dovish ECB. Mario Draghi simply cannot afford to stop supporting the single currency given the uncertainties ahead and Janet Yellen has now indicated in the clearest language possible that the FED is embarking on a rate rising monetary policy program.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\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: #130 PREMIUM SERVICE\r\nDATE: 5<sup>th</sup> March 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;','EUROZONE – NOT AN EXPERIMENT JUST A F**K UP','','inherit','closed','closed','','9242-revision-v1','','','2017-03-04 06:32:07','2017-03-04 11:32:07','',9242,'https://weeklyfxdrivethru.com/9242-revision-v1/',0,'revision','',0),(9244,1,'2017-03-04 06:49:17','2017-03-04 11:49:17','','DXY DAILY 05032017','','inherit','open','closed','','dxy-daily-05032017','','','2017-03-04 06:50:25','2017-03-04 11:50:25','',9242,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017.png',0,'attachment','image/png',0),(9245,1,'2017-03-04 06:52:23','2017-03-04 11:52:23','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAs we all know and recognize, trading is about consistency, banking $$$, making pips and longevity through effective RISK MANAGEMENT, POSITION SIZING and trading with a TRADE PLAN.\r\n\r\nWhen you break it all down into its main constituent parts it’s actually very simple and straightforward. I have pages and pages referring to the above points on a multiple of PDF documents inside the PREMIUM SERVICE website. I read a few the other day to refresh the validity of the content and I must say albeit that some articles were saved from 2010 and earlier, they are still as relevant today as they were when they were initially posted.\r\n\r\nTrading is basically a formula that needs “tweaking” every now and then but basically it is repetition based around a proven formula.\r\n\r\nBasically, at the outset of 2017. I tweaked (so to speak) to accommodate “THE DONALD”.\r\n\r\nAfter a couple of sticky weeks in January, and reviewing my TRADE PLAN for 2017, I am still in trade transition mode but I am now banking more $$$ and pips.\r\n\r\nAs mentioned recently, I continue to establish CORE POSITIONS for my longer-term trades in e.g. EUR/USD and GBP/USD, and I am happy with the progress so far. I now just need the March 15<sup>th</sup> FOMC meeting out of the way, so that I can complete the longer-term transition outlined a few weeks ago to PREMIUM SERVICE subscribers by the end of Q1.\r\n\r\nI have virtually ignored my day trading trade styles of FLASH and RADAR trades throughout this process. This has been deliberate, based upon the fact that in his earlier days as President, “THE DONALD” created chaos and disorder in the markets and frankly whilst I sit over my screens, I have numerous trades open at any one time and the inclusion of short-term trade styles would just create frustration and annoyance.\r\n\r\nAfter the FOMC meeting, I am hoping like most traders that trading will have a greater clarity moving forward. This should enable a greater trading confidence using the smaller minute charts.\r\n\r\nMoving on…\r\n\r\nLast week was a strange week. I was caught up in the emotion of the “State of The Union” address by “THE DONALD”, at the end of the day it was a 100% Presidential address, even hard line opponents had to applaud on some bi-partisan pledges. Now… whether “THE DONALD” or the Republican Party allow some of the pledges to stand is debatable, but what I will say is that “THE DONALD” has one obvious trait like “MAGGIE”, and that is - he does what he says he is going to do.\r\n\r\nFrom a trading perspective, no fireworks and the markets will always buy promises made, regardless of who says it.\r\n\r\nThere was a lot of FED speak last week ending with Janet Yellen and Stanley Fischer. It was all very positive to moving US interest rates higher sooner rather than later. Even the doves were more hawkish; the most noteworthy in my opinion was Lael Brainard.\r\n\r\nOn Friday, both Yellen and Fischer basically all but said the FED will normalize and raise rates at the March meeting. It was so clear; the markets cannot be surprised. The only annoying factor was that when Yellen finished her Q&amp;A some profit taking took place and the DXY fell lower…. argh!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017.png\"><img class=\"aligncenter size-large wp-image-9244\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017-1024x455.png\" alt=\"\" width=\"1024\" height=\"455\" /></a>\r\n\r\n&nbsp;\r\n\r\nIt was fascinating to see that in 4 days the market sentiment for a FED rate increase on March 15<sup>th</sup> moved from 38% to almost 90%. Crazy, and it just shows you what we are dealing with. Very reactionary… almost TRUMP LIKE.\r\n\r\nThe commentary kept the USD bid most of the week. I must admit though as the TRUMP administration and possibly soon to be “Presidential currency manipulator Donald” want the USD weaker, I was waiting upon the tweet to stop the DXY move higher in its tracks. It never happened, TRUMP was so busy with White House leaks, FBI cover ups, Russians in da house and Jeff Sessions having vodka shots, he was probably 100% contained flying from crisis meeting to crisis meeting trying to keep the syrup in position (SYRUP = Cockney rhyming slang – “syrup of fig = wig”).\r\n\r\nApart from the US news the bigger news to dominate the wires related to the UK and the EUROPEAN UNION.\r\n\r\nIn the UK, Theresa May is starting to feel the pinch on BREXIT and its potential fallout. The PMi data this week was mixed but they were over shadowed by the House of Lords amendments to the BREXIT bill and the Scottish Parliament wanting another shot at a referendum on remaining part of the UK.\r\n\r\nThe key support level of 1.2260; the 61.8% Fibonacci level of the 1.2706/1.1987 move, was broken after offering stubborn support opening the way lower for a test of the psychological 1.2000 level and then the October 2016 low of 1.1841.\r\n\r\nEUROPE, was once again dominated by the French elections. I am using EUROPE and all things happening there as my “SOAPBOX” article this week so I will save my comments, views and thoughts for later.\r\n\r\nMore…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #7 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length.\r\n\r\n#7 is on Monday 6<sup>th</sup> March at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n<p style=\"text-align: left;\">The March winner of the “FREE 10-week PREMIUM SERVICE” subscription was\r\nbrian*******@gmail.com</p>\r\nBy the time this blog is posted Brain should be loaded up and ready to go.\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017.png\"><img class=\"aligncenter size-large wp-image-9225\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017-1024x873.png\" alt=\"\" width=\"1024\" height=\"873\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this very busy week: -\r\n<ol>\r\n 	<li>USD: Obviously, the star of the week for US data is Friday’s Non-Farm payrolls. No doubt should the number be a blow out one can consider a FED rate hike the following week nailed on.</li>\r\n 	<li>AUD: Down under we have Retail Sales and the RBA Rate statement to start the week off. The AUD has sold off of late following poor Cap Ex and GDP data. I am not expecting a change in interest rates but the commentary will be interesting to read to see is the RBA still neutral.</li>\r\n 	<li>GBP: The Tory party (UK Government) budget is released Wednesday.</li>\r\n 	<li>EUR: Draghi has a press conference this Thursday and there will be massive attention placed upon what he doesn’t say maybe rather than what he does say vis-à-vis tapering the Quantitative Easing monthly amount given the fact that EUROZONE economic data is now starting to show recovery.I think he will play everything down citing EUROZONE political risks and that any recovery is fragile.\r\n\r\nWhether he will get away with this approach is debatable… we shall see what he does.</li>\r\n 	<li>CAD: Jobs data released at the same time as US NFP. The BOC kept rates on hold last week. Jobs data has been very mixed of late with part-time workers blurring the data somewhat, so this release should show a trend… good or bad.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017.png\"><img class=\"aligncenter size-large wp-image-9226\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017-1024x850.png\" alt=\"\" width=\"1024\" height=\"850\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9236\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9237\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9235\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9238\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9239\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9240\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9241\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>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 differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nIf you would like to watch/listen to a c.40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading, all you need to do is click the link below. All of what I call my differentiation features and benefits are listed and talked about plus I show you the potential income opportunity that is available to subscribers.\r\n\r\nClick the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nIn addition, full 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<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am continuing to move forward with my TRADE PLAN. I am now heavily committed to both EUR/USD and GBP/USD shorts, but I am not finished yet and I would still welcome another pullback to increase my position sizes with both pairs.\r\n\r\nI want to be short further EUR/JPY trades more so than the GBP/JPY based upon the woes in the EUROZONE and the continuing political uncertainty and headwinds in the EUROPEAN UNION.\r\n\r\nI have not banked many pips or $$$ this month so far, but we are only 3 days into the month! I have been focused on pricing the best entries possible and exiting existing trades that no longer feature in my CORE TRADE PLAN moving forward.\r\n\r\nAs noted by one or two of you I have ignored RADAR and FLASH trades recently. I will be addressing this situation probably after the FOMC meeting on the 15<sup>th</sup> March 2017. I am 100% focused on my charts, following price action across several potential trading pairs.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nFollowing Yellen last Friday everything economic data has little relevance in the big picture until NFP on the 10<sup>th</sup> March. If that is a blowout number, I would say that a US rate increase is on the cards.\r\n\r\nWe have seen, and I have missed the moves lower in the AUD/USD and NZD/USD and the move higher in USD/CAD. I caught the NZD move through the AUD/NZD and EUR/NZD.\r\n\r\nAfter the FOMC I hope to add many more cross-rate trades. I have been very cautious of late expecting a TRUMP TWEET to scupper any moves. Typical, when I expect a tweet it doesn\'t happen!\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. I have started to exit this position as you know there is now only one trade left to complete the exit.</li>\r\n 	<li>EUR/NZD: - I decided to exit one of the two trades in play with this pair. I am now very tempted to hold onto the remaining trade on the basis that if we see a market correction in equities this pair should benefit greatly.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair in my opinion, and I believe its move will be much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.However, given the increased rhetoric this week, I see lower first and a very messy BREXIT. We also now have a potential second Scottish referendum on remaining in the UK.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.Over the past week, I have extended the STOP LOSS position on my sole EUR/GBP trade. I will be adding further trades this week to increase my short position.\r\n\r\nAs mentioned over recent weeks, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.\r\n\r\nThe FRENCH election is getting very tasty, with revelation after revelation and controversy after controversy. Court appearances, inquiries you name it the French election has it. It is a plethora of controversy. DO NOT trust the polls.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-05032017.png\"><img class=\"aligncenter size-large wp-image-9234\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-05032017-784x1024.png\" alt=\"\" width=\"784\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-05032017.png\"><img class=\"aligncenter size-large wp-image-9233\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-05032017-778x1024.png\" alt=\"\" width=\"778\" 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>EUROZONE – NOT AN EXPERIMENT JUST A F**K UP</strong><strong> </strong>\r\n\r\nFor the second week running, I could have made the title of the soapbox this week:\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was, I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nI find myself constantly bashing the EUROZONE. In principle, I suppose it\'s a great idea but in the real world it is just a poor constituted fuck up. It is doomed, not a question of “if” but “when”.\r\n\r\nLast week the EUROPEAN COMMISSION released a white paper outlining 5 scenarios for the future of the EUROPEAN UNION. This emanated from the desk of the EUROPEAN COMMISSION President, Jean-Claude Junker. It was a classic effort from the desk sucking, pen pushing, jotter blotter from Brussels. As you can imagine I was over this like a rash, or a rat up a drainpipe.\r\n\r\nI do not want to replicate the paper you can search on google to find it but it had interesting section titles as follows: -\r\n<ul>\r\n 	<li>Carrying on</li>\r\n 	<li>Nothing but the single market</li>\r\n 	<li>Those who want to do more</li>\r\n 	<li>Doing less more efficiently</li>\r\n 	<li>Doing much more together</li>\r\n</ul>\r\nSounds great. As an overview from my perspective it was released in time for the 25<sup>th</sup> March 60<sup>th</sup> anniversary of the EUROPEAN UNION previously referred to as the COMMON MARKET. It is obviously intended to try and focus and harmonize the remaining members following the UK’s decision to EXIT.\r\n\r\nOn first glance, it looks real enough, the EU challenges show no sign of abating. He alludes to the fact the EU is a balancing act as many Europeans consider the EU and EUROZONE too interfering.\r\n\r\nYou can read it yourselves, but Junker still misses the point. He approaches the EUROPEAN UNION and EUROZONE purely and simply from the view of job protection for the boys and girls in Brussels. Basically, the gravy train continues. He wants continued governance from Brussels, there’s about 10,000 additional jobs, expense accounts and big pay checks with index linked pensions and private health benefits.\r\nTighter financial controls. Controls of single currency member’s budgets.\r\n\r\nNo change. He wants to secure the very things that piss people off. Remember the fruit-case from Brussels who went above the Irish government to fine Apple for tax avoidance, even though the deal was done for Apple by the Irish government utilizing Irish tax rules. WTF, has this got to do with some pen pusher in Brussels? This is the type of interference that pisses people off so I am gob smacked that Junker has done nothing to distance the bureaucracy of Brussels from an individual country’s sovereignty.\r\n\r\nMany American political and economic commentators still refer to the EUROPEAN UNION and EUROZONE as an experiment, this must wind up Brussels officials like you cannot imagine. It’s been in existence for 60 years in one form or another, so even I think the term “experiment” is a bit rich. Having said that many American commentators think EUROPE is a country and GERMANY is its capital city! Joe Kernan (CNBC) springs to mind with most EUROZONE gaffs, I still don\'t think he understands that IRELAND and NORTHERN IRELAND are two different counties with different currencies. It beggars belief he is still on TV… never mind prime time business TV.\r\n\r\nSo; when someone asks, is the EUROPEAN UNION learning from the BREXIT and forging a more inclusive way forward to include those who feel that Brussels is too interfering? Bollocks to all that let’s march on as before appears to be the mantra.\r\n\r\nIt would appear to me nothing learned, just protect the bureaucracy.\r\n\r\nHow long does the EUROPEAN UNION last.?\r\n\r\nIf Marine Le Pen is elected as the new French President it will implode and the single currency will be at 0.0050 or less in a few days. It will be a crisis to beat all crises and even the biggest can in the world to kick down the road just wouldn’t do.\r\n\r\nThe pollsters openly state that Marine Le Pen will win the first round of voting. However, she will lose the second ballot.\r\n\r\nHere are my thoughts…. amuse me for a paragraph or three…\r\n\r\nMarine Le Pen (National Front) is what can be termed a populist candidate. Like “THE DONALD” she has a fixed number of supporters that will support her no matter what. Her voting base is NOT going down. It only has one way to go.\r\n\r\nThe others: -\r\n<ul>\r\n 	<li>Benoit Hamon – Socialist</li>\r\n 	<li>Emmanuel Macron – En Marche</li>\r\n 	<li>Francois Fillon – Republican</li>\r\n 	<li>Jean-Luc Melenchon – The Left Party</li>\r\n</ul>\r\nThe above four candidates will fight it out amongst themselves to see who goes up against Le Pen in the second ballot according to the French press.\r\n\r\nThe question is how many of the voters whose candidate is not going through to round two will vote for Marine Le Pen?\r\n\r\nIs it feasible? Is it possible that Le Pens voting bloc in the second ballot will increase? I would say yes.\r\n\r\nThe question is by how much?\r\n\r\nShould Le Pen appeal in the final stages to those voters disillusioned with Brussels, who look across the English Channel to see a free UK without the constraints of the EUROPEAN UNION hanging over it as an option worth considering it is no longer a slam dunk. In fact, it’s far from a slam dunk decision. It may be unlikely but it is nevertheless a possible outcome that Le Pen could win.\r\n\r\nShould this happen, there will be no more EUROPEAN UNION, no more EUROZONE. As A founder member with Germany, I just could not see how the EU could continue. This would be a crisis, in fact, it would re-define the word.\r\n\r\nTo think that after 60 years in existence the EUROPEAN UNION is still so fragile beggar’s belief. It should by now have been unified and integrated to such an extent with all countries populations prosperous that the thought of leaving the UNION is not even an agenda item.\r\n\r\nPoliticians and self-serving bureaucrats have milked the EU for all they could benefit from at the expense of building solid foundations and creating policies to unite, grow, influence and stabilize the continent.\r\n\r\nWhat we have now is due to the fact that politicians are only interested in popularity through votes and the bureaucrats with pensions and expense accounts. There was never a credible long term view with key success factors built in to measure actual success.\r\n\r\nThe EUROPEAN UNION has failed to unite governments never mind the EU populations on many levels at different times, such as:\r\n<ul>\r\n 	<li>Defence and Security</li>\r\n 	<li>The Social Chapter</li>\r\n 	<li>Banking</li>\r\n 	<li>Taxation</li>\r\n 	<li>Debt Management and Controls</li>\r\n 	<li>Fiscal Planning and Constraints</li>\r\n 	<li>Immigration and Border Controls</li>\r\n 	<li>Freedom of Movement</li>\r\n 	<li>Food Planning (Agriculture)</li>\r\n 	<li>Health minimums</li>\r\n 	<li>Education minimums</li>\r\n</ul>\r\nThe list is endless.\r\n\r\nI know that I am always very critical of the EU and its workings. But it has just not evolved. It never matured or aged in such a way to grow, unite and bond members. It thrives on a fragmented approach to most topics. The problem that creates this is narrow minded politicians with a short time frame in office and a poorly managed and focused centralized operation in Brussels, which in my opinion is self-serving rather than actually doing anything meaningful or long that they could be proud of.\r\n\r\nWithout doubt there are wins, but are they big wins? From my perspective, its just interference that is poorly managed or directed. The Apple case is one in question. An upstart from Brussels is in interfering in a sovereign states tax affairs.\r\n\r\nIt is somewhat similar to the Quebec governments language police who cautioned an Italian restaurant for the numbers of times it wrote PASTA on its menu.  For God\'s sake people are paid good money for these jobs that could save lives. PASTAGATE as it is now known showed how protectionist, out of touch, mis-managed Quebec as a province is. \"People can die waiting to see a Doctor, but we will not accept PASTA written on an Italian restaurants menu. Absolutely bloody ridiculous and it simply cannot be defended. What is the French word for PASTA?\r\n\r\nBrussels is on the same path maybe not quite so stupid in delivery as Quebec, but they are on the same road.\r\n\r\nBasically, I always return to two basic issues.\r\n<ul>\r\n 	<li>19 countries in the EUROZONE basically using the same cheque book does not work.</li>\r\n 	<li>A mix of all the different cultures has created mistrust throughout the ages and makes harmony, unification on a common purpose practically impossible</li>\r\n</ul>\r\nPlus:\r\n\r\nPoor countries cannot afford what the rich counties can afford. Some countries benefit from natural resources others don\'t, it is just not a level playing field and one size does not fit all.\r\n\r\nTrading the single currency over the coming year should be quite a ride. I am bearish and see a test of parity possibly on the cards. It will not be a straight move lower as some have predicted. We should in my opinion push and pull our way lower.\r\n\r\nWe have major headwinds in the EUROPEAN UNION: -\r\n<ul>\r\n 	<li>Elections in FRANCE</li>\r\n 	<li>Elections in GERMANY</li>\r\n 	<li>Elections in HOLLAND</li>\r\n 	<li>The UK BREXIT to deal with “cleanly”</li>\r\n 	<li>ITALIAN Bank debt to sort out and fix</li>\r\n 	<li>GREECE bailout Act IV</li>\r\n</ul>\r\nThere is so much uncertainty in that list above, the single currency should move lower.\r\n\r\nWith a US FED raising rates we have divergent policies between the hawkish FED and the dovish ECB. Mario Draghi simply cannot afford to stop supporting the single currency given the uncertainties ahead and Janet Yellen has now indicated in the clearest language possible that the FED is embarking on a rate rising monetary policy program.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #130 PREMIUM SERVICE\r\nDATE: 5<sup>th</sup> March 2017','EUROZONE – NOT AN EXPERIMENT JUST A F**K UP','','inherit','closed','closed','','9242-revision-v1','','','2017-03-04 06:52:23','2017-03-04 11:52:23','',9242,'https://weeklyfxdrivethru.com/9242-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (9441,1,'2017-04-14 19:15:30','2017-04-15 00:15:30','<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am at the moment in the middle of packing, preparing for a house move from Quebec to Nova Scotia, which, is followed very quickly with a trip to New Zealand and Australia. In the full knowledge that over the next two months, I will be away from my office and screens for long periods at a time, I have been setting up my longer-term (POSITION) trades to reflect this. To accommodate our house move, this blog is the last one for two weeks, the next “DRIVE THRU” is scheduled for release on the 14th May.\r\n\r\nLast week and this coming week are shorter trading weeks to cover the Easter holidays, so trading volumes will be lower as traders look to add vacation days either side of the public holidays to take full advantage of time away from the office. This is a great time to conduct full chart reviews and analysis and, for me, knowing that I will be moving and traveling it allowed me time to build up a book of potential LIMIT ORDERS to add to my core positions.\r\n\r\nWhen will I learn? I have been writing and tweeting about the loose cannon “TRUMP” with his twitter account, stating be ready for the unexpected and trade nimble. Last Wednesday, my wife and I had a few action items to complete ahead of our house move. I left the house with my open trades in great shape. I was tempted to bank $$$ and take pips, but made the call that momentum and trends were in play and decided to review the open positions based upon Wednesday’s closing candles.\r\n\r\nFFS; TRUMP does it again. He walks back another key campaign promise by not declaring CHINA a currency manipulator, and jawbones the USD lower in a WSJ interview / article.\r\n\r\nThe result was the DXY fell from basically 101.00 down to just sub 100.00. Five limit orders triggered and my trading book inverted. Basically, I was looking at a sea of “red numbers” when returning home.\r\n\r\nI tweeted to subscribers that I expected pullbacks to occur through the following Asian and European sessions on Thursday. That did not happen to the extent that I had thought, but the New York session did the trick and I decided given the heightened geopolitical risk going into the Easter weekend to remove trades.\r\n\r\nWhilst, I did not really want to remove tiny profitable trades off the table, with what had happened the previous day and with warplanes in the sky and the fleet in the China Sea, to reduce RISK seemed sensible.  I took about 100 pips off the table in profits. It really is a grab ‘n’ go market at times.\r\n\r\nThroughout this entire market move, there appeared to be very few traders on twitter admitting to having suffered on this news event. Was I the only poor sod long the USD at that time?\r\n\r\nLooking at twitter it appears so… do I need to spell it out again about twitter?\r\n\r\nMoving on and back to “THE DONALD”\r\n\r\nHis dictatorship style must be pissing off his cabinet, he undermines Rex Tillerson and now by saying that China is NOT a currency manipulator he undermines and steals away the thunder from Steven Mnuchin’s treasury office review and report on Easter Monday about currency manipulation. This makes TRUMP himself responsible in a way for a LEAK of an official document ahead of its due date. I know he is the President and all that… but lead by fecking example. Keep it in your pants for God’s sake.\r\n\r\n<strong>FFS… “POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nThen in that same interview TRUMP jawboned the USD lower (that was the move talked about above), on the back of “people think I’m doing a great job and the USD has strengthened as a result but it’s too strong because of the confidence they have in me, it should be lower”.\r\n\r\nFFS… What a load of bollocks.\r\n\r\nTRUMP’S first 100 days would have been nothing short of a colossal F**K UP so far had he not carried out a missile strike on Syria and unloaded the MOAB (“Mother of All Bombs” on Afghanistan). The gun lobbyists and other far right sections of US society must be loving this. It’s like an episode of “Deadwood” gun-ho politics from the wild west in 2017.\r\n\r\nThe attacks are a distraction from the many main events, such as “THE DONALD” simply cannot figure out how to deal with career politicians. So, he’s not that smart, just a huge ego and there are still no “great deals”. Every campaign promise made with such confidence has so far been walked back. He is “flip- flopping” on the fundamentals he was elected for in his manifesto. So much for draining the swamp he is being consumed by the very aspect of D.C. he stated unequivocally that he would fix.\r\n\r\nObamacare; the repeal / replacement call it what you want, was an absolute failed dictatorship approach and the Republican party needs to look in the mirror and question their professionalism. After 8 years in the wings with time to prepare and given it was a front and centre policy for the election its failure to pass shows how poor U.S. politicians are. There are simply no excuses.\r\n<p style=\"text-align: center;\">Where is his wall?\r\nWhere are the trade deals?\r\nWhat about taxes?\r\nWhat about all the infrastructure promises?\r\nWhat about the quick fix on repatriation of offshore US funds?</p>\r\nI may be a little unfair with the above. Yes, I acknowledge that TRUMP alone won the election for the Republicans and he did it without a party machine behind him. It makes the Hillary Clinton failure even more catastrophic and shows that the Democrats were out of touch. The elitist approach taken by Hillary was doomed from day one, but like most leaders she surrounded herself with “YES” people.\r\n\r\nHowever, the first 100 days: So far; It’s just phony, the US voters have been seriously duped by TRUMP; It’s just ego and hairspray.\r\n\r\nFinally, on “THE DONALD”\r\n\r\nLet me get this off my chest….\r\n\r\nJawboning is a form of currency manipulation, just as Quantitative Easing (QE) is as well. The US was and still is in my opinion a CURRENCY MANIPULATOR and in more recent history was the first to promote manipulation following the 2008-9 Financial crash.\r\n\r\nRight now, I feel that the TRUMP administration so far is …\r\n\r\n<strong>NOTHING MORE THAN\r\n”POT KETTLE BLACK, EGO, HAIRSPRAY, </strong><strong>TWEETS &amp; FLIP FLOPPING”</strong>\r\n\r\nI feel much better after that…\r\n\r\nLast week’s economic data was centered around the BOC interest rate decision and the Aussie Jobs, with the USD inflation and sentiment numbers.\r\n\r\nStephen Poloz at the BOC was basically a yawn fest. He spoke about improvements and the housing issues across Canada. He will do a Donald, and walk this back next time around. Watch this space.\r\n\r\nAussie jobs were a blowout; incredible numbers: - 61,000 new jobs versus the forecast of 21,000. The full-time / part-time ratios were impressive.\r\n\r\nWith regards to the US consumer confidence numbers; the Preliminary reading was at 98.00. This is big number and despite everything that I have observed and the media have played down, the positive TRUMP EFFECT feeling in the U.S. remains intact. Confidence in TRUMP and confidence in the U.S. economy is high. It was 98.6 in January after the Presidential inauguration and although it dipped for a bit, it is back up again.\r\n\r\nThe inflation aspect is still looking to be around the 2.5% mark in 2018. This number will fuel a whole host of issues regarding FED policy and TRUMP’S desire for low rates. The cynic in me says he wants low borrowing costs not as much for America but for his family business interests, which he longer has an interest in… yeah right, my arse!\r\n\r\nThen on Good Friday we had weak CPi Retail Sales data which basically shows from a macro and some might say micro level that the consumer is pulling back…. uncertain.\r\n\r\nContrasting U.S. data. One month’s data will not reverse FED policy but it clearly shows how difficult this stuff is to trend from a Central bank perspective.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#10 this Monday 17th April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-16042017.png\"><img class=\"aligncenter size-large wp-image-9427\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-16042017-1024x749.png\" alt=\"\" width=\"1024\" height=\"749\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nNothing much this week for me from Economic Data releases, however, I think that geopolitical news will continue to dominate proceedings: -\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Friday. This is always going to be an interesting number to follow given the BREXIT process. The PMi numbers were largely disappointing; two out of three were poor.\r\n\r\nConsumer confidence and sales numbers are important to the UK especially at this time, given the inflation issues that are creeping into the UK economy. How will this inflation effect retail sales?</li>\r\n 	<li>OPEC: WE have a two-day OPEC meeting that concludes on the Saturday of next weekend.\r\n\r\nI know that one should be serious about OPEC but I do find the “CARTEL” similar to a bunch of misfits allegedly united. If history repeats itself the production cut will fall off the page the longer they try to keep it in place.\r\n\r\nI maintain my view expressed, almost every week, as I review WTi on the WEEKLY FX DRIVE THRU – LIVE WEBINAR, which is, that as soon as OIL hits $60.00 a barrel should it ever get there again, US Shale producers will be leaping back into the market in numbers. OIL is a pure and very simple supply and demand commodity.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017.png\"><img class=\"aligncenter size-large wp-image-9426\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-16042017-1024x857.png\" alt=\"\" width=\"1024\" height=\"857\" /></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>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9429\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9431\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9428\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9432\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9434\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9435\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-DAILY-16042017.png\"><img class=\"aligncenter size-large wp-image-9436\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-DAILY-16042017-1024x472.png\" alt=\"\" width=\"1024\" height=\"472\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that 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<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +520 pips\r\nYEAR TO DATE:      +1,993 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nSo much for my TRADING PLAN being able to continue for a second week. The WSJ journal saw to that. Rather than bank about 150 pips and some nice $$$, 5 new limit order trades triggered and spiked further and the previous positive trades all turned negative. Those trades which were just bouncing around acceptable negative levels pushed further away from my entry levels and in one fell swoop I had gone from a POSITION trader to a RELIGIOUS trader.\r\n\r\nAfter more hasty analysis, I decided to live with the negative positions a little longer on the basis that many trades were when things settle down hedged trades, although, immediately after the TRUMPANTICS it was a little hard to see the hedges!!\r\n\r\nAs mentioned earlier deciding that geopolitical RISK was high, it made sense with a very long low liquidity weekend, to take $$$ and pips off the table. So, I removed a bunch of trades that were in the black.\r\n\r\nBack to the start of the week…\r\n\r\nWhat really bugged me from the start of the week was that two trades, EUR/JPY and NZD/JPY shorts failed to trigger by about 20-30 pips. Both these pairs dropped dramatically during the week and a good +250 pips was lost. Annoying and frustrating but this happens.\r\n\r\nThe market is difficult. I know of several traders who got long GBP cross rates only to have them all blow up in their faces in a matter of minutes. Just when you believe that there is a trend or a directional trade the levels fail and the planned trade is sidelined or just trashed.\r\n\r\nAs I have stated before, whilst I am not 100% happy at the moment with overall trading results I still believe that I am set up the right way to capitalize down the line. It is a waiting game and one should be patient. Patience is critical to success in trading, without patience you will never achieve longevity.\r\n\r\nI dread to think if I was to add up all the hours spent in front of machines, waiting, watching patiently doing nothing, how many hours a week, month or year would the total be?\r\n\r\nIn the week, a net +142 pips were added to my totals, which was, not brilliant by any stretch but it was still a positive n umber.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>EUR/USD and USD/CHF: - I still have capacity for more trades. I removed a couple of trades very cheaply on Thursday last week. I have already started adding them back and will add more this week.</li>\r\n 	<li>GBP/USD: - Nothing has really changed in my opinion, I am still looking for value to add again.</li>\r\n 	<li>EUR/GBP: - Nothing has changed for me with this pair.\r\n\r\nI am still somewhat nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.</li>\r\n 	<li>NZD/USD, AUD/NZD and EUR/NZD: - These are all trades based on NZD weakness. I have made no secret in my belief that fair value for the NZD/USD is closer to 0.6000. This is about right given that the AUD/USD is valued at 0.6500 according to the NAB.\r\n\r\nI will keep adding trades moving forward.</li>\r\n 	<li>AUD/USD: - I am looking to add several more positions with the CORE POSITION moving forward.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-TRADES-14042017.png\"><img class=\"aligncenter size-large wp-image-9421\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-TRADES-14042017-816x1024.png\" alt=\"\" width=\"816\" height=\"1024\" /></a>\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIMIT-ORDERS-14042017.png\"><img class=\"aligncenter size-large wp-image-9420\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIMIT-ORDERS-14042017-907x1024.png\" alt=\"\" width=\"907\" 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&nbsp;\r\n\r\n<strong>FRENCH POLITICS and THE FED… MOVING FORWARD</strong><strong> </strong>\r\n\r\nYou would probably think that from my commentary in the introduction I would be over my ranting and positioning on my soapbox?\r\n\r\nThink again; as you know I love politics and I believe that politics and forex are so closely inter-twinned, the push ‘n pull relationship is hard to break apart and dissect. At times the FX BLOG can be very POLITICAL in places.\r\n\r\nThe title FRENCH POLITICS and THE FED is a little misleading. It is my blog, my thoughts and opinions so I can collate titles and themes as I want to.\r\n\r\nWhere to start: -\r\n\r\nFRENCH POLITICS:\r\n\r\nThe single currency has been under tremendous down side pressure in the past two weeks. All rallies have been selling opportunities and have been well capped.\r\n\r\nTechnical traders are both confused and baffled at the same time as to why the market can see no value in the EUR from spikes and potential sentiment changes.\r\n\r\nFundamentals will trump technicals and we are in a news driven market at the moment where geopolitical news trumps everything. I would rather trust fundamentals in the current market above all else.\r\n\r\nThe French Presidential election has opened a new chapter and the balance of persuasion is shifting. Let me elaborate on my thoughts as to why those pen pushing, desk sucking, jotter blotters in Brussels have twitchy bottoms.\r\n\r\nUp until about three weeks ago, the race for the next President of France was by all accounts a done deal. The pundits had done all their calculations and basically it was most likely to be either a Le Pen or Macron victory in the first round of voting with both going through to the second round with Macron beating Le Pen by a hefty margin.\r\n\r\nIt has been a tame French Presidential election so far, with only the odd scandal, no stories involving the front runners with a sex scandal involving a wet lettuce, whipped cream and an egg whisk. All was relatively calm for a French election.\r\n\r\nEnter, the far-left candidate Jean-Luc Melenchon.\r\n\r\nFrance has always been a sucker for unionism and being bolshie, Holy Mother of God all the poor French laws that once existed in France, now repealed, are still alive and thriving here in Quebec!! There is a state of “Non-Satiety” here in Quebec, no let up at all.\r\n\r\nBack to my point…\r\n\r\nThe latest election poll from Ipsos-Sterna for newspaper Le Monde shows the following: -\r\n\r\nApril 23rd, 2017 first round voting: -\r\n\r\nEmmanuel Macron (Centrist Party):         22%\r\nMarine Le Pen (French National Front): 22%\r\nJean-Luc Melenchon (Far Left):               20%\r\nFrancois Fillon (Conservative):                 19%\r\n\r\n(Second round voting is on May 7th, 2017)\r\n\r\nAs I said, I love politics, and the above positions say several things to me.\r\n<ol>\r\n 	<li>If this poll is accurate. This election is too close to call.</li>\r\n 	<li>How on earth can you say with any degree of confidence who will progress into the second round?</li>\r\n</ol>\r\nThe question that leaps off the page at me is the following, and, I think that this is one major reason why the single currency is un-ceremonially dumped on spikes.\r\n\r\nDo you think that Far Left and Far Right voters would unite in a second round of voting against the mainstream thinking?\r\n\r\nIf so… there is a huge chance that a populist candidate could be victorious and then its bye bye Brussels, bye bye EUR and probably bye bye the EUROPEAN UNION.\r\n\r\nYou can see from the chart below that the EUR/USD is sold aggressively into the 1.0665 – 1.0690 level. The extended wicks back up my thoughts of the market seeing no value as there is no following through.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017.png\"><img class=\"aligncenter size-large wp-image-9430\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-DAILY-CHART-FOR-BLOG-16042017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\nTHE FED:\r\n\r\nAbsolutely no connection to the FRENCH POLITICAL scene but just as intriguing.\r\n\r\nI am going to re-visit this in detail, I just have to.\r\n\r\nThe following is all my theory based upon the re-appointments due with the FED.\r\n\r\nAt this moment in time I believe that TRUMP is going to try to remove the FED’S independence. I see TRUMP as a currency manipulator himself and it would not surprise me to see him exert control on U.S. interest rates moving forward.\r\n\r\nI believe he will approach the FED in a stealth manner / style of approach.\r\n\r\nIn the next 12 months. Both Janet Yellen, Fed Chair and, Stanley Fischer, Deputy Chairman plus 3 board members need to be replaced as there are vacancies, plus we have the usual round–robin of voting to non-voting members being shuffled.\r\n\r\n“THE DONALD” believes he is so popular and that to fuel his popularity further, keeping a lid on interest rates would serve him better based upon his future policies that he hopes to push through.\r\n\r\nThe FED who are trying to normalize monetary policy are screwing with his plans.\r\n\r\nHe has the chance to appoint nothing but “DOVES” to the board in all capacities and effectively “cook the books”, to fiddle policy moving forward to meet his administrations objectives.\r\n\r\nHe would make it his business to have a hold over those “newbies” appointed. It’s what he does.\r\n\r\nTherefore, with White House influence “THE DONNALD” will become in my opinion the biggest currency manipulator of all time\r\n\r\nCould this happen?\r\n\r\nDoes he just need to sign an executive order to make it so?\r\n\r\nWill he drive this thru a Republican owned congress?\r\n\r\nFrom a trading perspective, we must be ready for something here in my opinion. My entire year is based a huge amount upon central bank monetary policy divergence. Instead… it could be based on a new race to the bottom.\r\n\r\nThink about that over the next two weeks whilst I am moving house….\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week and see you next on May 14th, 2017\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: #135 THE PREMIUM SERVICE\r\nDATE: 16th April 2017','FOR GOD’S SAKE, THIS IS NOTHING MORE THAN ”POT KETTLE BLACK, EGO, HAIRSPRAY, TWEETS & FLIP FLOPPING”','','publish','open','closed','','gods-sake-nothing-pot-kettle-black-ego-hairspray-tweets-flip-flopping','','','2017-04-14 19:15:30','2017-04-15 00:15:30','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9441',0,'member_posts','',0),(9253,1,'2017-03-04 07:40:56','2017-03-04 12:40:56','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAs we all know and recognize, trading is about consistency, banking $$$, making pips and longevity through effective RISK MANAGEMENT, POSITION SIZING and trading with a TRADE PLAN.\r\n\r\nWhen you break it all down into its main constituent parts it’s actually very simple and straightforward. I have pages and pages referring to the above points on a multiple of PDF documents inside the PREMIUM SERVICE website. I read a few the other day to refresh the validity of the content and I must say albeit that some articles were saved from 2010 and earlier, they are still as relevant today as they were when they were initially posted.\r\n\r\nTrading is basically a formula that needs “tweaking” every now and then but basically it is repetition based around a proven formula.\r\n\r\nBasically, at the outset of 2017. I tweaked (so to speak) to accommodate “THE DONALD”.\r\n\r\nAfter a couple of sticky weeks in January, and reviewing my TRADE PLAN for 2017, I am still in trade transition mode but I am now banking more $$$ and pips.\r\n\r\nAs mentioned recently, I continue to establish CORE POSITIONS for my longer-term trades in e.g. EUR/USD and GBP/USD, and I am happy with the progress so far. I now just need the March 15<sup>th</sup> FOMC meeting out of the way, so that I can complete the longer-term transition outlined a few weeks ago to PREMIUM SERVICE subscribers by the end of Q1.\r\n\r\nI have virtually ignored my day trading trade styles of FLASH and RADAR trades throughout this process. This has been deliberate, based upon the fact that in his earlier days as President, “THE DONALD” created chaos and disorder in the markets and frankly whilst I sit over my screens, I have numerous trades open at any one time and the inclusion of short-term trade styles would just create frustration and annoyance.\r\n\r\nAfter the FOMC meeting, I am hoping like most traders that trading will have a greater clarity moving forward. This should enable a greater trading confidence using the smaller minute charts.\r\n\r\nMoving on…\r\n\r\nLast week was a strange week. I was caught up in the emotion of the “State of The Union” address by “THE DONALD”, at the end of the day it was a 100% Presidential address, even hard line opponents had to applaud on some bi-partisan pledges. Now… whether “THE DONALD” or the Republican Party allow some of the pledges to stand is debatable, but what I will say is that “THE DONALD” has one obvious trait like “MAGGIE”, and that is - he does what he says he is going to do.\r\n\r\nFrom a trading perspective, no fireworks and the markets will always buy promises made, regardless of who says it.\r\n\r\nThere was a lot of FED speak last week ending with Janet Yellen and Stanley Fischer. It was all very positive to moving US interest rates higher sooner rather than later. Even the doves were more hawkish; the most noteworthy in my opinion was Lael Brainard.\r\n\r\nOn Friday, both Yellen and Fischer basically all but said the FED will normalize and raise rates at the March meeting. It was so clear; the markets cannot be surprised. The only annoying factor was that when Yellen finished her Q&amp;A some profit taking took place and the DXY fell lower…. argh!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017.png\"><img class=\"aligncenter size-large wp-image-9244\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017-1024x455.png\" alt=\"\" width=\"1024\" height=\"455\" /></a>\r\n\r\n&nbsp;\r\n\r\nIt was fascinating to see that in 4 days the market sentiment for a FED rate increase on March 15<sup>th</sup> moved from 38% to almost 90%. Crazy, and it just shows you what we are dealing with. Very reactionary… almost TRUMP LIKE.\r\n\r\nThe commentary kept the USD bid most of the week. I must admit though as the TRUMP administration and possibly soon to be “Presidential currency manipulator Donald” want the USD weaker, I was waiting upon the tweet to stop the DXY move higher in its tracks. It never happened, TRUMP was so busy with White House leaks, FBI cover ups, Russians in da house and Jeff Sessions having vodka shots, he was probably 100% contained flying from crisis meeting to crisis meeting trying to keep the syrup in position (SYRUP = Cockney rhyming slang – “syrup of fig = wig”).\r\n\r\nApart from the US news the bigger news to dominate the wires related to the UK and the EUROPEAN UNION.\r\n\r\nIn the UK, Theresa May is starting to feel the pinch on BREXIT and its potential fallout. The PMi data this week was mixed but they were over shadowed by the House of Lords amendments to the BREXIT bill and the Scottish Parliament wanting another shot at a referendum on remaining part of the UK.\r\n\r\nThe key support level of 1.2260; the 61.8% Fibonacci level of the 1.2706/1.1987 move, was broken after offering stubborn support opening the way lower for a test of the psychological 1.2000 level and then the October 2016 low of 1.1841.\r\n\r\nEUROPE, was once again dominated by the French elections. I am using EUROPE and all things happening there as my “SOAPBOX” article this week so I will save my comments, views and thoughts for later.\r\n\r\nMore…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #7 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length.\r\n\r\n#7 is on Monday 6<sup>th</sup> March at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nThe March winner of the “FREE 10-week PREMIUM SERVICE” subscription was\r\nbrian*******@gmail.com\r\n\r\nBy the time this blog is posted Brain should be loaded up and ready to go.\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong><u> </u></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017.png\"><img class=\"aligncenter size-large wp-image-9225\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017-1024x873.png\" alt=\"\" width=\"1024\" height=\"873\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this very busy week: -\r\n<ol>\r\n 	<li>USD: Obviously, the star of the week for US data is Friday’s Non-Farm payrolls. No doubt should the number be a blow out one can consider a FED rate hike the following week nailed on.</li>\r\n 	<li>AUD: Down under we have Retail Sales and the RBA Rate statement to start the week off. The AUD has sold off of late following poor Cap Ex and GDP data. I am not expecting a change in interest rates but the commentary will be interesting to read to see is the RBA still neutral.</li>\r\n 	<li>GBP: The Tory party (UK Government) budget is released Wednesday.</li>\r\n 	<li>EUR: Draghi has a press conference this Thursday and there will be massive attention placed upon what he doesn’t say maybe rather than what he does say vis-à-vis tapering the Quantitative Easing monthly amount given the fact that EUROZONE economic data is now starting to show recovery.\r\n\r\nI think he will play everything down citing EUROZONE political risks and that any recovery is fragile.\r\n\r\nWhether he will get away with this approach is debatable… we shall see what he does.</li>\r\n 	<li>CAD: Jobs data released at the same time as US NFP. The BOC kept rates on hold last week. Jobs data has been very mixed of late with part-time workers blurring the data somewhat, so this release should show a trend… good or bad.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017.png\"><img class=\"aligncenter size-large wp-image-9226\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017-1024x850.png\" alt=\"\" width=\"1024\" height=\"850\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9236\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9237\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9235\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9238\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9239\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9240\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9241\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nIf you would like to watch/listen to a c.40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading, all you need to do is click the link below. All of what I call my differentiation features and benefits are listed and talked about plus I show you the potential income opportunity that is available to subscribers.\r\n\r\nClick the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nIn addition, full 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<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER ONLY AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>EUROZONE – NOT AN EXPERIMENT JUST A F**K UP</strong><strong> </strong>\r\n\r\nFor the second week running, I could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was, I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nI find myself constantly bashing the EUROZONE. In principle, I suppose it\'s a great idea but in the real world it is just a poor constituted fuck up. It is doomed, not a question of “if” but “when”.\r\n\r\nLast week the EUROPEAN COMMISSION released a white paper outlining 5 scenarios for the future of the EUROPEAN UNION. This emanated from the desk of the EUROPEAN COMMISSION President, Jean-Claude Junker. It was a classic effort from the desk sucking, pen pushing, jotter blotter from Brussels. As you can imagine I was over this like a rash, or a rat up a drainpipe.\r\n\r\nI do not want to replicate the paper you can search on google to find it but it had interesting section titles as follows: -\r\n<ul>\r\n 	<li>Carrying on</li>\r\n 	<li>Nothing but the single market</li>\r\n 	<li>Those who want to do more</li>\r\n 	<li>Doing less more efficiently</li>\r\n 	<li>Doing much more together</li>\r\n</ul>\r\nSounds great. As an overview from my perspective it was released in time for the 25<sup>th</sup> March 60<sup>th</sup> anniversary of the EUROPEAN UNION previously referred to as the COMMON MARKET. It is obviously intended to try and focus and harmonize the remaining members following the UK’s decision to EXIT.\r\n\r\nOn first glance, it looks real enough, the EU challenges show no sign of abating. He alludes to the fact the EU is a balancing act as many Europeans consider the EU and EUROZONE too interfering.\r\n\r\nYou can read it yourselves, but Junker still misses the point. He approaches the EUROPEAN UNION and EUROZONE purely and simply from the view of job protection for the boys and girls in Brussels. Basically, the gravy train continues. He wants continued governance from Brussels, there’s about 10,000 additional jobs, expense accounts and big pay checks with index linked pensions and private health benefits.\r\nTighter financial controls. Controls of single currency member’s budgets.\r\n\r\nNo change. He wants to secure the very things that piss people off. Remember the fruit-case from Brussels who went above the Irish government to fine Apple for tax avoidance, even though the deal was done for Apple by the Irish government utilizing Irish tax rules. WTF, has this got to do with some pen pusher in Brussels? This is the type of interference that pisses people off so I am gob smacked that Junker has done nothing to distance the bureaucracy of Brussels from an individual country’s sovereignty.\r\n\r\nMany American political and economic commentators still refer to the EUROPEAN UNION and EUROZONE as an experiment, this must wind up Brussels officials like you cannot imagine. It’s been in existence for 60 years in one form or another, so even I think the term “experiment” is a bit rich. Having said that many American commentators think EUROPE is a country and GERMANY is its capital city! Joe Kernan (CNBC) springs to mind with most EUROZONE gaffs, I still don\'t think he understands that IRELAND and NORTHERN IRELAND are two different counties with different currencies. It beggars belief he is still on TV… never mind prime time business TV.\r\n\r\nSo; when someone asks, is the EUROPEAN UNION learning from the BREXIT and forging a more inclusive way forward to include those who feel that Brussels is too interfering? Bollocks to all that let’s march on as before appears to be the mantra.\r\n\r\nIt would appear to me nothing learned, just protect the bureaucracy.\r\n\r\nHow long does the EUROPEAN UNION last.?\r\n\r\nIf Marine Le Pen is elected as the new French President it will implode and the single currency will be at 0.0050 or less in a few days. It will be a crisis to beat all crises and even the biggest can in the world to kick down the road just wouldn’t do.\r\n\r\nThe pollsters openly state that Marine Le Pen will win the first round of voting. However, she will lose the second ballot.\r\n\r\nHere are my thoughts…. amuse me for a paragraph or three…\r\n\r\nMarine Le Pen (National Front) is what can be termed a populist candidate. Like “THE DONALD” she has a fixed number of supporters that will support her no matter what. Her voting base is NOT going down. It only has one way to go.\r\n\r\nThe others: -\r\n<ul>\r\n 	<li>Benoit Hamon – Socialist</li>\r\n 	<li>Emmanuel Macron – En Marche</li>\r\n 	<li>Francois Fillon – Republican</li>\r\n 	<li>Jean-Luc Melenchon – The Left Party</li>\r\n</ul>\r\nThe above four candidates will fight it out amongst themselves to see who goes up against Le Pen in the second ballot according to the French press.\r\n\r\nThe question is how many of the voters whose candidate is not going through to round two will vote for Marine Le Pen?\r\n\r\nIs it feasible? Is it possible that Le Pens voting bloc in the second ballot will increase? I would say yes.\r\n\r\nThe question is by how much?\r\n\r\nShould Le Pen appeal in the final stages to those voters disillusioned with Brussels, who look across the English Channel to see a free UK without the constraints of the EUROPEAN UNION hanging over it as an option worth considering it is no longer a slam dunk. In fact, it’s far from a slam dunk decision. It may be unlikely but it is nevertheless a possible outcome that Le Pen could win.\r\n\r\nShould this happen, there will be no more EUROPEAN UNION, no more EUROZONE. As A founder member with Germany, I just could not see how the EU could continue. This would be a crisis, in fact, it would re-define the word.\r\n\r\nTo think that after 60 years in existence the EUROPEAN UNION is still so fragile beggar’s belief. It should by now have been unified and integrated to such an extent with all countries populations prosperous that the thought of leaving the UNION is not even an agenda item.\r\n\r\nPoliticians and self-serving bureaucrats have milked the EU for all they could benefit from at the expense of building solid foundations and creating policies to unite, grow, influence and stabilize the continent.\r\n\r\nWhat we have now is due to the fact that politicians are only interested in popularity through votes and the bureaucrats with pensions and expense accounts. There was never a credible long term view with key success factors built in to measure actual success.\r\n\r\nThe EUROPEAN UNION has failed to unite governments never mind the EU populations on many levels at different times, such as:\r\n<ul>\r\n 	<li>Defence and Security</li>\r\n 	<li>The Social Chapter</li>\r\n 	<li>Banking</li>\r\n 	<li>Taxation</li>\r\n 	<li>Debt Management and Controls</li>\r\n 	<li>Fiscal Planning and Constraints</li>\r\n 	<li>Immigration and Border Controls</li>\r\n 	<li>Freedom of Movement</li>\r\n 	<li>Food Planning (Agriculture)</li>\r\n 	<li>Health minimums</li>\r\n 	<li>Education minimums</li>\r\n</ul>\r\nThe list is endless.\r\n\r\nI know that I am always very critical of the EU and its workings. But it has just not evolved. It never matured or aged in such a way to grow, unite and bond members. It thrives on a fragmented approach to most topics. The problem that creates this is narrow minded politicians with a short time frame in office and poorly managed and focused centralized operation in Brussels, which in my opinion is self-serving rather than actually doing anything meaningful or long that they could be proud of.\r\n\r\nWithout doubt there are wins, but are they big wins? From my perspective, it’s just interference that is poorly managed or directed. The Apple case is one in question. An upstart from Brussels is in interfering in a sovereign states tax affairs.\r\n\r\nIt is somewhat similar to the Quebec governments language police who cautioned an Italian restaurant for the numbers of times it wrote PASTA on its menu.\r\n\r\nFor God\'s sake people are paid good money for these jobs that could save lives. PASTAGATE as it is now known showed how protectionist, out of touch, mis-managed Quebec as a province is. \"People can die waiting to see a Doctor, but we will not accept PASTA written on an Italian restaurants menu. Absolutely bloody ridiculous and it cannot be defended. What is the French word for PASTA?\r\n\r\nBrussels is on the same path maybe not quite so stupid in delivery as Quebec, but they are on the same road.\r\n\r\nBasically, I always return to two basic issues.\r\n<ul>\r\n 	<li>19 countries in the EUROZONE basically using the same cheque book does not work.</li>\r\n 	<li>A mix of all the different cultures has created mistrust throughout the ages and makes harmony, unification on a common purpose practically impossible</li>\r\n</ul>\r\nPlus:\r\n\r\nPoor countries cannot afford what the rich counties can afford. Some countries benefit from natural resources others don\'t, it is just not a level playing field and one size does not fit all.\r\n\r\nTrading the single currency over the coming year should be quite a ride. I am bearish and see a test of parity possibly on the cards. It will not be a straight move lower as some have predicted. We should in my opinion push and pull our way lower.\r\n\r\nWe have major headwinds in the EUROPEAN UNION: -\r\n<ul>\r\n 	<li>Elections in FRANCE</li>\r\n 	<li>Elections in GERMANY</li>\r\n 	<li>Elections in HOLLAND</li>\r\n 	<li>The UK BREXIT to deal with “cleanly”</li>\r\n 	<li>ITALIAN Bank debt to sort out and fix</li>\r\n 	<li>GREECE bailout Act IV</li>\r\n</ul>\r\nThere is so much uncertainty in that list above, the single currency should move lower.\r\n\r\nWith a US FED raising rates we have divergent policies between the hawkish FED and the dovish ECB. Mario Draghi simply cannot afford to stop supporting the single currency given the uncertainties ahead and Janet Yellen has now indicated in the clearest language possible that the FED is embarking on a rate rising monetary policy program.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #234 FREE NEWSLETTER\r\nDATE: 5<sup>th</sup> March 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;','EUROZONE – NOT AN EXPERIMENT JUST A F**K UP','','inherit','closed','closed','','9252-revision-v1','','','2017-03-04 07:40:56','2017-03-04 12:40:56','',9252,'https://weeklyfxdrivethru.com/9252-revision-v1/',0,'revision','',0),(9254,1,'2017-03-04 11:23:42','2017-03-04 16:23:42','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAs we all know and recognize, trading is about consistency, banking $$$, making pips and longevity through effective RISK MANAGEMENT, POSITION SIZING and trading with a TRADE PLAN.\r\n\r\nWhen you break it all down into its main constituent parts it’s actually very simple and straightforward. I have pages and pages referring to the above points on a multiple of PDF documents inside the PREMIUM SERVICE website. I read a few the other day to refresh the validity of the content and I must say albeit that some articles were saved from 2010 and earlier, they are still as relevant today as they were when they were initially posted.\r\n\r\nTrading is basically a formula that needs “tweaking” every now and then but basically it is repetition based around a proven formula.\r\n\r\nBasically, at the outset of 2017. I tweaked (so to speak) to accommodate “THE DONALD”.\r\n\r\nAfter a couple of sticky weeks in January, and reviewing my TRADE PLAN for 2017, I am still in trade transition mode but I am now banking more $$$ and pips.\r\n\r\nAs mentioned recently, I continue to establish CORE POSITIONS for my longer-term trades in e.g. EUR/USD and GBP/USD, and I am happy with the progress so far. I now just need the March 15<sup>th</sup> FOMC meeting out of the way, so that I can complete the longer-term transition outlined a few weeks ago to PREMIUM SERVICE subscribers by the end of Q1.\r\n\r\nI have virtually ignored my day trading trade styles of FLASH and RADAR trades throughout this process. This has been deliberate, based upon the fact that in his earlier days as President, “THE DONALD” created chaos and disorder in the markets and frankly whilst I sit over my screens, I have numerous trades open at any one time and the inclusion of short-term trade styles would just create frustration and annoyance.\r\n\r\nAfter the FOMC meeting, I am hoping like most traders that trading will have a greater clarity moving forward. This should enable a greater trading confidence using the smaller minute charts.\r\n\r\nMoving on…\r\n\r\nLast week was a strange week. I was caught up in the emotion of the “State of The Union” address by “THE DONALD”, at the end of the day it was a 100% Presidential address, even hard line opponents had to applaud on some bi-partisan pledges. Now… whether “THE DONALD” or the Republican Party allow some of the pledges to stand is debatable, but what I will say is that “THE DONALD” has one obvious trait like “MAGGIE”, and that is - he does what he says he is going to do.\r\n\r\nFrom a trading perspective, no fireworks and the markets will always buy promises made, regardless of who says it.\r\n\r\nThere was a lot of FED speak last week ending with Janet Yellen and Stanley Fischer. It was all very positive to moving US interest rates higher sooner rather than later. Even the doves were more hawkish; the most noteworthy in my opinion was Lael Brainard.\r\n\r\nOn Friday, both Yellen and Fischer basically all but said the FED will normalize and raise rates at the March meeting. It was so clear; the markets cannot be surprised. The only annoying factor was that when Yellen finished her Q&amp;A some profit taking took place and the DXY fell lower…. argh!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017.png\"><img class=\"aligncenter size-large wp-image-9244\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017-1024x455.png\" alt=\"\" width=\"1024\" height=\"455\" /></a>\r\n\r\n&nbsp;\r\n\r\nIt was fascinating to see that in 4 days the market sentiment for a FED rate increase on March 15<sup>th</sup> moved from 38% to almost 90%. Crazy, and it just shows you what we are dealing with. Very reactionary… almost TRUMP LIKE.\r\n\r\nThe commentary kept the USD bid most of the week. I must admit though as the TRUMP administration and possibly soon to be “Presidential currency manipulator Donald” want the USD weaker, I was waiting upon the tweet to stop the DXY move higher in its tracks. It never happened, TRUMP was so busy with White House leaks, FBI cover ups, Russians in da house and Jeff Sessions having vodka shots, he was probably 100% contained flying from crisis meeting to crisis meeting trying to keep the syrup in position (SYRUP = Cockney rhyming slang – “syrup of fig = wig”).\r\n\r\nApart from the US news the bigger news to dominate the wires related to the UK and the EUROPEAN UNION.\r\n\r\nIn the UK, Theresa May is starting to feel the pinch on BREXIT and its potential fallout. The PMi data this week was mixed but they were over shadowed by the House of Lords amendments to the BREXIT bill and the Scottish Parliament wanting another shot at a referendum on remaining part of the UK.\r\n\r\nThe key support level of 1.2260; the 61.8% Fibonacci level of the 1.2706/1.1987 move, was broken after offering stubborn support opening the way lower for a test of the psychological 1.2000 level and then the October 2016 low of 1.1841.\r\n\r\nEUROPE, was once again dominated by the French elections. I am using EUROPE and all things happening there as my “SOAPBOX” article this week so I will save my comments, views and thoughts for later.\r\n\r\nMore…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #7 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length.\r\n\r\n#7 is on Monday 6<sup>th</sup> March at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nThe March winner of the “FREE 10-week PREMIUM SERVICE” subscription was\r\nbrian*******@gmail.com\r\n\r\nBy the time this blog is posted Brain should be loaded up and ready to go.\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong><u> </u></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017.png\"><img class=\"aligncenter size-large wp-image-9225\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017-1024x873.png\" alt=\"\" width=\"1024\" height=\"873\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this very busy week: -\r\n<ol>\r\n 	<li>USD: Obviously, the star of the week for US data is Friday’s Non-Farm payrolls. No doubt should the number be a blow out one can consider a FED rate hike the following week nailed on.</li>\r\n 	<li>AUD: Down under we have Retail Sales and the RBA Rate statement to start the week off. The AUD has sold off of late following poor Cap Ex and GDP data. I am not expecting a change in interest rates but the commentary will be interesting to read to see is the RBA still neutral.</li>\r\n 	<li>GBP: The Tory party (UK Government) budget is released Wednesday.</li>\r\n 	<li>EUR: Draghi has a press conference this Thursday and there will be massive attention placed upon what he doesn’t say maybe rather than what he does say vis-à-vis tapering the Quantitative Easing monthly amount given the fact that EUROZONE economic data is now starting to show recovery.I think he will play everything down citing EUROZONE political risks and that any recovery is fragile.\r\n\r\nWhether he will get away with this approach is debatable… we shall see what he does.</li>\r\n 	<li>CAD: Jobs data released at the same time as US NFP. The BOC kept rates on hold last week. Jobs data has been very mixed of late with part-time workers blurring the data somewhat, so this release should show a trend… good or bad.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017.png\"><img class=\"aligncenter size-large wp-image-9226\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017-1024x850.png\" alt=\"\" width=\"1024\" height=\"850\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9236\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9237\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9235\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9238\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9239\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9240\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9241\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nIf you would like to watch/listen to a c.40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading, all you need to do is click the link below. All of what I call my differentiation features and benefits are listed and talked about plus I show you the potential income opportunity that is available to subscribers.\r\n\r\nClick the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nIn addition, full 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<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER ONLY AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>EUROZONE – NOT AN EXPERIMENT JUST A F**K UP</strong><strong> </strong>\r\n\r\nFor the second week running, I could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was, I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nI find myself constantly bashing the EUROZONE. In principle, I suppose it\'s a great idea but in the real world it is just a poor constituted fuck up. It is doomed, not a question of “if” but “when”.\r\n\r\nLast week the EUROPEAN COMMISSION released a white paper outlining 5 scenarios for the future of the EUROPEAN UNION. This emanated from the desk of the EUROPEAN COMMISSION President, Jean-Claude Junker. It was a classic effort from the desk sucking, pen pushing, jotter blotter from Brussels. As you can imagine I was over this like a rash, or a rat up a drainpipe.\r\n\r\nI do not want to replicate the paper you can search on google to find it but it had interesting section titles as follows: -\r\n<ul>\r\n 	<li>Carrying on</li>\r\n 	<li>Nothing but the single market</li>\r\n 	<li>Those who want to do more</li>\r\n 	<li>Doing less more efficiently</li>\r\n 	<li>Doing much more together</li>\r\n</ul>\r\nSounds great. As an overview from my perspective it was released in time for the 25<sup>th</sup> March 60<sup>th</sup> anniversary of the EUROPEAN UNION previously referred to as the COMMON MARKET. It is obviously intended to try and focus and harmonize the remaining members following the UK’s decision to EXIT.\r\n\r\nOn first glance, it looks real enough, the EU challenges show no sign of abating. He alludes to the fact the EU is a balancing act as many Europeans consider the EU and EUROZONE too interfering.\r\n\r\nYou can read it yourselves, but Junker still misses the point. He approaches the EUROPEAN UNION and EUROZONE purely and simply from the view of job protection for the boys and girls in Brussels. Basically, the gravy train continues. He wants continued governance from Brussels, there’s about 10,000 additional jobs, expense accounts and big pay checks with index linked pensions and private health benefits.\r\nTighter financial controls. Controls of single currency member’s budgets.\r\n\r\nNo change. He wants to secure the very things that piss people off. Remember the fruit-case from Brussels who went above the Irish government to fine Apple for tax avoidance, even though the deal was done for Apple by the Irish government utilizing Irish tax rules. WTF, has this got to do with some pen pusher in Brussels? This is the type of interference that pisses people off so I am gob smacked that Junker has done nothing to distance the bureaucracy of Brussels from an individual country’s sovereignty.\r\n\r\nMany American political and economic commentators still refer to the EUROPEAN UNION and EUROZONE as an experiment, this must wind up Brussels officials like you cannot imagine. It’s been in existence for 60 years in one form or another, so even I think the term “experiment” is a bit rich. Having said that many American commentators think EUROPE is a country and GERMANY is its capital city! Joe Kernan (CNBC) springs to mind with most EUROZONE gaffs, I still don\'t think he understands that IRELAND and NORTHERN IRELAND are two different counties with different currencies. It beggars belief he is still on TV… never mind prime time business TV.\r\n\r\nSo; when someone asks, is the EUROPEAN UNION learning from the BREXIT and forging a more inclusive way forward to include those who feel that Brussels is too interfering? Bollocks to all that let’s march on as before appears to be the mantra.\r\n\r\nIt would appear to me nothing learned, just protect the bureaucracy.\r\n\r\nHow long does the EUROPEAN UNION last.?\r\n\r\nIf Marine Le Pen is elected as the new French President it will implode and the single currency will be at 0.0050 or less in a few days. It will be a crisis to beat all crises and even the biggest can in the world to kick down the road just wouldn’t do.\r\n\r\nThe pollsters openly state that Marine Le Pen will win the first round of voting. However, she will lose the second ballot.\r\n\r\nHere are my thoughts…. amuse me for a paragraph or three…\r\n\r\nMarine Le Pen (National Front) is what can be termed a populist candidate. Like “THE DONALD” she has a fixed number of supporters that will support her no matter what. Her voting base is NOT going down. It only has one way to go.\r\n\r\nThe others: -\r\n<ul>\r\n 	<li>Benoit Hamon – Socialist</li>\r\n 	<li>Emmanuel Macron – En Marche</li>\r\n 	<li>Francois Fillon – Republican</li>\r\n 	<li>Jean-Luc Melenchon – The Left Party</li>\r\n</ul>\r\nThe above four candidates will fight it out amongst themselves to see who goes up against Le Pen in the second ballot according to the French press.\r\n\r\nThe question is how many of the voters whose candidate is not going through to round two will vote for Marine Le Pen?\r\n\r\nIs it feasible? Is it possible that Le Pens voting bloc in the second ballot will increase? I would say yes.\r\n\r\nThe question is by how much?\r\n\r\nShould Le Pen appeal in the final stages to those voters disillusioned with Brussels, who look across the English Channel to see a free UK without the constraints of the EUROPEAN UNION hanging over it as an option worth considering it is no longer a slam dunk. In fact, it’s far from a slam dunk decision. It may be unlikely but it is nevertheless a possible outcome that Le Pen could win.\r\n\r\nShould this happen, there will be no more EUROPEAN UNION, no more EUROZONE. As A founder member with Germany, I just could not see how the EU could continue. This would be a crisis, in fact, it would re-define the word.\r\n\r\nTo think that after 60 years in existence the EUROPEAN UNION is still so fragile beggar’s belief. It should by now have been unified and integrated to such an extent with all countries populations prosperous that the thought of leaving the UNION is not even an agenda item.\r\n\r\nPoliticians and self-serving bureaucrats have milked the EU for all they could benefit from at the expense of building solid foundations and creating policies to unite, grow, influence and stabilize the continent.\r\n\r\nWhat we have now is due to the fact that politicians are only interested in popularity through votes and the bureaucrats with pensions and expense accounts. There was never a credible long term view with key success factors built in to measure actual success.\r\n\r\nThe EUROPEAN UNION has failed to unite governments never mind the EU populations on many levels at different times, such as:\r\n<ul>\r\n 	<li>Defence and Security</li>\r\n 	<li>The Social Chapter</li>\r\n 	<li>Banking</li>\r\n 	<li>Taxation</li>\r\n 	<li>Debt Management and Controls</li>\r\n 	<li>Fiscal Planning and Constraints</li>\r\n 	<li>Immigration and Border Controls</li>\r\n 	<li>Freedom of Movement</li>\r\n 	<li>Food Planning (Agriculture)</li>\r\n 	<li>Health minimums</li>\r\n 	<li>Education minimums</li>\r\n</ul>\r\nThe list is endless.\r\n\r\nI know that I am always very critical of the EU and its workings. But it has just not evolved. It never matured or aged in such a way to grow, unite and bond members. It thrives on a fragmented approach to most topics. The problem that creates this is narrow minded politicians with a short time frame in office and poorly managed and focused centralized operation in Brussels, which in my opinion is self-serving rather than actually doing anything meaningful or long that they could be proud of.\r\n\r\nWithout doubt there are wins, but are they big wins? From my perspective, it’s just interference that is poorly managed or directed. The Apple case is one in question. An upstart from Brussels is in interfering in a sovereign states tax affairs.\r\n\r\nIt is somewhat similar to the Quebec governments language police who cautioned an Italian restaurant for the numbers of times it wrote PASTA on its menu.\r\n\r\nFor God\'s sake people are paid good money for these jobs that could save lives. PASTAGATE as it is now known showed how protectionist, out of touch, mis-managed Quebec as a province is. \"People can die waiting to see a Doctor, but we will not accept PASTA written on an Italian restaurants menu. Absolutely bloody ridiculous and it cannot be defended. What is the French word for PASTA?\r\n\r\nBrussels is on the same path maybe not quite so stupid in delivery as Quebec, but they are on the same road.\r\n\r\nBasically, I always return to two basic issues.\r\n<ul>\r\n 	<li>19 countries in the EUROZONE basically using the same cheque book does not work.</li>\r\n 	<li>A mix of all the different cultures has created mistrust throughout the ages and makes harmony, unification on a common purpose practically impossible</li>\r\n</ul>\r\nPlus:\r\n\r\nPoor countries cannot afford what the rich counties can afford. Some countries benefit from natural resources others don\'t, it is just not a level playing field and one size does not fit all.\r\n\r\nTrading the single currency over the coming year should be quite a ride. I am bearish and see a test of parity possibly on the cards. It will not be a straight move lower as some have predicted. We should in my opinion push and pull our way lower.\r\n\r\nWe have major headwinds in the EUROPEAN UNION: -\r\n<ul>\r\n 	<li>Elections in FRANCE</li>\r\n 	<li>Elections in GERMANY</li>\r\n 	<li>Elections in HOLLAND</li>\r\n 	<li>The UK BREXIT to deal with “cleanly”</li>\r\n 	<li>ITALIAN Bank debt to sort out and fix</li>\r\n 	<li>GREECE bailout Act IV</li>\r\n</ul>\r\nThere is so much uncertainty in that list above, the single currency should move lower.\r\n\r\nWith a US FED raising rates we have divergent policies between the hawkish FED and the dovish ECB. Mario Draghi simply cannot afford to stop supporting the single currency given the uncertainties ahead and Janet Yellen has now indicated in the clearest language possible that the FED is embarking on a rate rising monetary policy program.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #234 FREE NEWSLETTER\r\nDATE: 5<sup>th</sup> March 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','EUROZONE – NOT AN EXPERIMENT JUST A F**K UP','','inherit','closed','closed','','9252-revision-v1','','','2017-03-04 11:23:42','2017-03-04 16:23:42','',9252,'https://weeklyfxdrivethru.com/9252-revision-v1/',0,'revision','',0),(9255,1,'2017-03-05 03:35:22','2017-03-05 08:35:22','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAs we all know and recognize, trading is about consistency, banking $$$, making pips and longevity through effective RISK MANAGEMENT, POSITION SIZING and trading with a TRADE PLAN.\r\n\r\nWhen you break it all down into its main constituent parts it’s actually very simple and straightforward. I have pages and pages referring to the above points on a multiple of PDF documents inside the PREMIUM SERVICE website. I read a few the other day to refresh the validity of the content and I must say albeit that some articles were saved from 2010 and earlier, they are still as relevant today as they were when they were initially posted.\r\n\r\nTrading is basically a formula that needs “tweaking” every now and then but basically it is repetition based around a proven formula.\r\n\r\nBasically, at the outset of 2017. I tweaked (so to speak) to accommodate “THE DONALD”.\r\n\r\nAfter a couple of sticky weeks in January, and reviewing my TRADE PLAN for 2017, I am still in trade transition mode but I am now banking more $$$ and pips.\r\n\r\nAs mentioned recently, I continue to establish CORE POSITIONS for my longer-term trades in e.g. EUR/USD and GBP/USD, and I am happy with the progress so far. I now just need the March 15<sup>th</sup> FOMC meeting out of the way, so that I can complete the longer-term transition outlined a few weeks ago to PREMIUM SERVICE subscribers by the end of Q1.\r\n\r\nI have virtually ignored my day trading trade styles of FLASH and RADAR trades throughout this process. This has been deliberate, based upon the fact that in his earlier days as President, “THE DONALD” created chaos and disorder in the markets and frankly whilst I sit over my screens, I have numerous trades open at any one time and the inclusion of short-term trade styles would just create frustration and annoyance.\r\n\r\nAfter the FOMC meeting, I am hoping like most traders that trading will have a greater clarity moving forward. This should enable a greater trading confidence using the smaller minute charts.\r\n\r\nMoving on…\r\n\r\nLast week was a strange week. I was caught up in the emotion of the “State of The Union” address by “THE DONALD”, at the end of the day it was a 100% Presidential address, even hard line opponents had to applaud on some bi-partisan pledges. Now… whether “THE DONALD” or the Republican Party allow some of the pledges to stand is debatable, but what I will say is that “THE DONALD” has one obvious trait like “MAGGIE”, and that is - he does what he says he is going to do.\r\n\r\nFrom a trading perspective, no fireworks and the markets will always buy promises made, regardless of who says it.\r\n\r\nThere was a lot of FED speak last week ending with Janet Yellen and Stanley Fischer. It was all very positive to moving US interest rates higher sooner rather than later. Even the doves were more hawkish; the most noteworthy in my opinion was Lael Brainard.\r\n\r\nOn Friday, both Yellen and Fischer basically all but said the FED will normalize and raise rates at the March meeting. It was so clear; the markets cannot be surprised. The only annoying factor was that when Yellen finished her Q&amp;A some profit taking took place and the DXY fell lower…. argh!!\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017.png\"><img class=\"aligncenter size-large wp-image-9244\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/DXY-DAILY-05032017-1024x455.png\" alt=\"\" width=\"1024\" height=\"455\" /></a>\r\n\r\n&nbsp;\r\n\r\nIt was fascinating to see that in 4 days the market sentiment for a FED rate increase on March 15<sup>th</sup> moved from 38% to almost 90%. Crazy, and it just shows you what we are dealing with. Very reactionary… almost TRUMP LIKE.\r\n\r\nThe commentary kept the USD bid most of the week. I must admit though as the TRUMP administration and possibly soon to be “Presidential currency manipulator Donald” want the USD weaker, I was waiting upon the tweet to stop the DXY move higher in its tracks. It never happened, TRUMP was so busy with White House leaks, FBI cover ups, Russians in da house and Jeff Sessions having vodka shots, he was probably 100% contained flying from crisis meeting to crisis meeting trying to keep the syrup in position (SYRUP = Cockney rhyming slang – “syrup of fig = wig”).\r\n\r\nApart from the US news the bigger news to dominate the wires related to the UK and the EUROPEAN UNION.\r\n\r\nIn the UK, Theresa May is starting to feel the pinch on BREXIT and its potential fallout. The PMi data this week was mixed but they were over shadowed by the House of Lords amendments to the BREXIT bill and the Scottish Parliament wanting another shot at a referendum on remaining part of the UK.\r\n\r\nThe key support level of 1.2260; the 61.8% Fibonacci level of the 1.2706/1.1987 move, was broken after offering stubborn support opening the way lower for a test of the psychological 1.2000 level and then the October 2016 low of 1.1841.\r\n\r\nEUROPE, was once again dominated by the French elections. I am using EUROPE and all things happening there as my “SOAPBOX” article this week so I will save my comments, views and thoughts for later.\r\n\r\nMore…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #7 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length.\r\n\r\n#7 is on Monday 6<sup>th</sup> March at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nFinally, in this section…\r\n\r\nThe March winner of the “FREE 10-week PREMIUM SERVICE” subscription was\r\nbrian*******@gmail.com\r\n\r\nBy the time this blog is posted Brain should be loaded up and ready to go.\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong><u> </u></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017.png\"><img class=\"aligncenter size-large wp-image-9225\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-05032017-1024x873.png\" alt=\"\" width=\"1024\" height=\"873\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this very busy week: -\r\n<ol>\r\n 	<li>USD: Obviously, the star of the week for US data is Friday’s Non-Farm payrolls. No doubt should the number be a blow out one can consider a FED rate hike the following week nailed on.</li>\r\n 	<li>AUD: Down under we have Retail Sales and the RBA Rate statement to start the week off. The AUD has sold off of late following poor Cap Ex and GDP data. I am not expecting a change in interest rates but the commentary will be interesting to read to see is the RBA still neutral.</li>\r\n 	<li>GBP: The Tory party (UK Government) budget is released Wednesday.</li>\r\n 	<li>EUR: Draghi has a press conference this Thursday and there will be massive attention placed upon what he doesn’t say maybe rather than what he does say vis-à-vis tapering the Quantitative Easing monthly amount given the fact that EUROZONE economic data is now starting to show recovery.I think he will play everything down citing EUROZONE political risks and that any recovery is fragile.Whether he will get away with this approach is debatable… we shall see what he does.</li>\r\n 	<li>CAD: Jobs data released at the same time as US NFP. The BOC kept rates on hold last week. Jobs data has been very mixed of late with part-time workers blurring the data somewhat, so this release should show a trend… good or bad.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017.png\"><img class=\"aligncenter size-large wp-image-9226\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-05032017-1024x850.png\" alt=\"\" width=\"1024\" height=\"850\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9236\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9237\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9235\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9238\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9239\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9240\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017.png\"><img class=\"aligncenter size-large wp-image-9241\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-05032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nIf you would like to watch/listen to a c.40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading, all you need to do is click the link below. All of what I call my differentiation features and benefits are listed and talked about plus I show you the potential income opportunity that is available to subscribers.\r\n\r\nClick the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nIn addition, full 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<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER ONLY AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>EUROZONE – NOT AN EXPERIMENT JUST A F**K UP</strong><strong> </strong>\r\n\r\nFor the second week running, I could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was, I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nI find myself constantly bashing the EUROZONE. In principle, I suppose it\'s a great idea but in the real world it is just a poor constituted fuck up. It is doomed, not a question of “if” but “when”.\r\n\r\nLast week the EUROPEAN COMMISSION released a white paper outlining 5 scenarios for the future of the EUROPEAN UNION. This emanated from the desk of the EUROPEAN COMMISSION President, Jean-Claude Junker. It was a classic effort from the desk sucking, pen pushing, jotter blotter from Brussels. As you can imagine I was over this like a rash, or a rat up a drainpipe.\r\n\r\nI do not want to replicate the paper you can search on google to find it but it had interesting section titles as follows: -\r\n<ul>\r\n 	<li>Carrying on</li>\r\n 	<li>Nothing but the single market</li>\r\n 	<li>Those who want to do more</li>\r\n 	<li>Doing less more efficiently</li>\r\n 	<li>Doing much more together</li>\r\n</ul>\r\nSounds great. As an overview from my perspective it was released in time for the 25<sup>th</sup> March 60<sup>th</sup> anniversary of the EUROPEAN UNION previously referred to as the COMMON MARKET. It is obviously intended to try and focus and harmonize the remaining members following the UK’s decision to EXIT.\r\n\r\nOn first glance, it looks real enough, the EU challenges show no sign of abating. He alludes to the fact the EU is a balancing act as many Europeans consider the EU and EUROZONE too interfering.\r\n\r\nYou can read it yourselves, but Junker still misses the point. He approaches the EUROPEAN UNION and EUROZONE purely and simply from the view of job protection for the boys and girls in Brussels. Basically, the gravy train continues. He wants continued governance from Brussels, there’s about 10,000 additional jobs, expense accounts and big pay checks with index linked pensions and private health benefits.\r\nTighter financial controls. Controls of single currency member’s budgets.\r\n\r\nNo change. He wants to secure the very things that piss people off. Remember the fruit-case from Brussels who went above the Irish government to fine Apple for tax avoidance, even though the deal was done for Apple by the Irish government utilizing Irish tax rules. WTF, has this got to do with some pen pusher in Brussels? This is the type of interference that pisses people off so I am gob smacked that Junker has done nothing to distance the bureaucracy of Brussels from an individual country’s sovereignty.\r\n\r\nMany American political and economic commentators still refer to the EUROPEAN UNION and EUROZONE as an experiment, this must wind up Brussels officials like you cannot imagine. It’s been in existence for 60 years in one form or another, so even I think the term “experiment” is a bit rich. Having said that many American commentators think EUROPE is a country and GERMANY is its capital city! Joe Kernan (CNBC) springs to mind with most EUROZONE gaffs, I still don\'t think he understands that IRELAND and NORTHERN IRELAND are two different counties with different currencies. It beggars belief he is still on TV… never mind prime time business TV.\r\n\r\nSo; when someone asks, is the EUROPEAN UNION learning from the BREXIT and forging a more inclusive way forward to include those who feel that Brussels is too interfering? Bollocks to all that let’s march on as before appears to be the mantra.\r\n\r\nIt would appear to me nothing learned, just protect the bureaucracy.\r\n\r\nHow long does the EUROPEAN UNION last.?\r\n\r\nIf Marine Le Pen is elected as the new French President it will implode and the single currency will be at 0.0050 or less in a few days. It will be a crisis to beat all crises and even the biggest can in the world to kick down the road just wouldn’t do.\r\n\r\nThe pollsters openly state that Marine Le Pen will win the first round of voting. However, she will lose the second ballot.\r\n\r\nHere are my thoughts…. amuse me for a paragraph or three…\r\n\r\nMarine Le Pen (National Front) is what can be termed a populist candidate. Like “THE DONALD” she has a fixed number of supporters that will support her no matter what. Her voting base is NOT going down. It only has one way to go.\r\n\r\nThe others: -\r\n<ul>\r\n 	<li>Benoit Hamon – Socialist</li>\r\n 	<li>Emmanuel Macron – En Marche</li>\r\n 	<li>Francois Fillon – Republican</li>\r\n 	<li>Jean-Luc Melenchon – The Left Party</li>\r\n</ul>\r\nThe above four candidates will fight it out amongst themselves to see who goes up against Le Pen in the second ballot according to the French press.\r\n\r\nThe question is how many of the voters whose candidate is not going through to round two will vote for Marine Le Pen?\r\n\r\nIs it feasible? Is it possible that Le Pens voting bloc in the second ballot will increase? I would say yes.\r\n\r\nThe question is by how much?\r\n\r\nShould Le Pen appeal in the final stages to those voters disillusioned with Brussels, who look across the English Channel to see a free UK without the constraints of the EUROPEAN UNION hanging over it as an option worth considering it is no longer a slam dunk. In fact, it’s far from a slam dunk decision. It may be unlikely but it is nevertheless a possible outcome that Le Pen could win.\r\n\r\nShould this happen, there will be no more EUROPEAN UNION, no more EUROZONE. As A founder member with Germany, I just could not see how the EU could continue. This would be a crisis, in fact, it would re-define the word.\r\n\r\nTo think that after 60 years in existence the EUROPEAN UNION is still so fragile beggar’s belief. It should by now have been unified and integrated to such an extent with all countries populations prosperous that the thought of leaving the UNION is not even an agenda item.\r\n\r\nPoliticians and self-serving bureaucrats have milked the EU for all they could benefit from at the expense of building solid foundations and creating policies to unite, grow, influence and stabilize the continent.\r\n\r\nWhat we have now is due to the fact that politicians are only interested in popularity through votes and the bureaucrats with pensions and expense accounts. There was never a credible long term view with key success factors built in to measure actual success.\r\n\r\nThe EUROPEAN UNION has failed to unite governments never mind the EU populations on many levels at different times, such as:\r\n<ul>\r\n 	<li>Defence and Security</li>\r\n 	<li>The Social Chapter</li>\r\n 	<li>Banking</li>\r\n 	<li>Taxation</li>\r\n 	<li>Debt Management and Controls</li>\r\n 	<li>Fiscal Planning and Constraints</li>\r\n 	<li>Immigration and Border Controls</li>\r\n 	<li>Freedom of Movement</li>\r\n 	<li>Food Planning (Agriculture)</li>\r\n 	<li>Health minimums</li>\r\n 	<li>Education minimums</li>\r\n</ul>\r\nThe list is endless.\r\n\r\nI know that I am always very critical of the EU and its workings. But it has just not evolved. It never matured or aged in such a way to grow, unite and bond members. It thrives on a fragmented approach to most topics. The problem that creates this is narrow minded politicians with a short time frame in office and poorly managed and focused centralized operation in Brussels, which in my opinion is self-serving rather than actually doing anything meaningful or long that they could be proud of.\r\n\r\nWithout doubt there are wins, but are they big wins? From my perspective, it’s just interference that is poorly managed or directed. The Apple case is one in question. An upstart from Brussels is in interfering in a sovereign states tax affairs.\r\n\r\nIt is somewhat similar to the Quebec governments language police who cautioned an Italian restaurant for the numbers of times it wrote PASTA on its menu.\r\n\r\nFor God\'s sake people are paid good money for these jobs that could save lives. PASTAGATE as it is now known showed how protectionist, out of touch, mis-managed Quebec as a province is. \"People can die waiting to see a Doctor, but we will not accept PASTA written on an Italian restaurants menu. Absolutely bloody ridiculous and it cannot be defended. What is the French word for PASTA?\r\n\r\nBrussels is on the same path maybe not quite so stupid in delivery as Quebec, but they are on the same road.\r\n\r\nBasically, I always return to two basic issues.\r\n<ul>\r\n 	<li>19 countries in the EUROZONE basically using the same cheque book does not work.</li>\r\n 	<li>A mix of all the different cultures has created mistrust throughout the ages and makes harmony, unification on a common purpose practically impossible</li>\r\n</ul>\r\nPlus:\r\n\r\nPoor countries cannot afford what the rich counties can afford. Some countries benefit from natural resources others don\'t, it is just not a level playing field and one size does not fit all.\r\n\r\nTrading the single currency over the coming year should be quite a ride. I am bearish and see a test of parity possibly on the cards. It will not be a straight move lower as some have predicted. We should in my opinion push and pull our way lower.\r\n\r\nWe have major headwinds in the EUROPEAN UNION: -\r\n<ul>\r\n 	<li>Elections in FRANCE</li>\r\n 	<li>Elections in GERMANY</li>\r\n 	<li>Elections in HOLLAND</li>\r\n 	<li>The UK BREXIT to deal with “cleanly”</li>\r\n 	<li>ITALIAN Bank debt to sort out and fix</li>\r\n 	<li>GREECE bailout Act IV</li>\r\n</ul>\r\nThere is so much uncertainty in that list above, the single currency should move lower.\r\n\r\nWith a US FED raising rates we have divergent policies between the hawkish FED and the dovish ECB. Mario Draghi simply cannot afford to stop supporting the single currency given the uncertainties ahead and Janet Yellen has now indicated in the clearest language possible that the FED is embarking on a rate rising monetary policy program.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #234 FREE NEWSLETTER\r\nDATE: 5<sup>th</sup> March 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','EUROZONE – NOT AN EXPERIMENT JUST A F**K UP','','inherit','closed','closed','','9252-revision-v1','','','2017-03-05 03:35:22','2017-03-05 08:35:22','',9252,'https://weeklyfxdrivethru.com/9252-revision-v1/',0,'revision','',0),(9363,1,'2017-04-07 15:51:25','2017-04-07 20:51:25','','ECON DATA 09042017','','inherit','open','closed','','econ-data-09042017','','','2017-04-08 05:13:56','2017-04-08 10:13:56','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-09042017.png',0,'attachment','image/png',0),(9364,1,'2017-04-07 15:51:40','2017-04-07 20:51:40','','TCHART 09042017','','inherit','open','closed','','tchart-09042017','','','2017-04-08 05:14:28','2017-04-08 10:14:28','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-09042017.png',0,'attachment','image/png',0),(9367,1,'2017-04-07 15:52:20','2017-04-07 20:52:20','','10TNOTES 09042017','','inherit','open','closed','','10tnotes-09042017','','','2017-04-08 05:21:36','2017-04-08 10:21:36','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/10TNOTES-09042017.png',0,'attachment','image/png',0),(9368,1,'2017-04-07 15:52:35','2017-04-07 20:52:35','','AUDJPY 09042017','','inherit','open','closed','','audjpy-09042017','','','2017-04-08 05:22:29','2017-04-08 10:22:29','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDJPY-09042017.png',0,'attachment','image/png',0),(9369,1,'2017-04-07 15:52:51','2017-04-07 20:52:51','','AUDUSD 09042017','','inherit','open','closed','','audusd-09042017','','','2017-04-08 05:22:14','2017-04-08 10:22:14','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-09042017.png',0,'attachment','image/png',0),(9370,1,'2017-04-07 15:53:06','2017-04-07 20:53:06','','COPPER 09042017','','inherit','open','closed','','copper-09042017','','','2017-04-08 05:21:02','2017-04-08 10:21:02','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/COPPER-09042017.png',0,'attachment','image/png',0),(9371,1,'2017-04-07 15:53:20','2017-04-07 20:53:20','','DXY 09042017','','inherit','open','closed','','dxy-09042017','','','2017-04-08 05:19:37','2017-04-08 10:19:37','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/DXY-09042017.png',0,'attachment','image/png',0),(9372,1,'2017-04-07 15:53:35','2017-04-07 20:53:35','','GOLD 09042017','','inherit','open','closed','','gold-09042017','','','2017-04-08 05:19:53','2017-04-08 10:19:53','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GOLD-09042017.png',0,'attachment','image/png',0),(9373,1,'2017-04-07 15:53:49','2017-04-07 20:53:49','','SPX500 09042017','','inherit','open','closed','','spx500-09042017','','','2017-04-08 05:21:18','2017-04-08 10:21:18','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/SPX500-09042017.png',0,'attachment','image/png',0),(9374,1,'2017-04-07 15:54:04','2017-04-07 20:54:04','','USDCAD 09042017','','inherit','open','closed','','usdcad-09042017','','','2017-04-08 05:22:02','2017-04-08 10:22:02','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-09042017.png',0,'attachment','image/png',0),(9375,1,'2017-04-07 15:54:19','2017-04-07 20:54:19','','USDSEK 09042017','','inherit','open','closed','','usdsek-09042017','','','2017-04-08 05:21:51','2017-04-08 10:21:51','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDSEK-09042017.png',0,'attachment','image/png',0),(9376,1,'2017-04-07 15:54:35','2017-04-07 20:54:35','','WTi 09042017','','inherit','open','closed','','wti-09042017','','','2017-04-08 05:20:47','2017-04-08 10:20:47','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/WTi-09042017.png',0,'attachment','image/png',0),(9377,1,'2017-04-07 15:54:55','2017-04-07 20:54:55','','AUDUSD D 09042017','','inherit','open','closed','','audusd-d-09042017','','','2017-04-08 05:15:08','2017-04-08 10:15:08','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-09042017.png',0,'attachment','image/png',0),(9378,1,'2017-04-07 15:55:06','2017-04-07 20:55:06','','EURUSD D 09042017','','inherit','open','closed','','eurusd-d-09042017','','','2017-04-08 05:14:46','2017-04-08 10:14:46','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-09042017.png',0,'attachment','image/png',0),(9379,1,'2017-04-07 15:55:17','2017-04-07 20:55:17','','GBPUSD D 09042017','','inherit','open','closed','','gbpusd-d-09042017','','','2017-04-08 05:14:57','2017-04-08 10:14:57','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-09042017.png',0,'attachment','image/png',0),(9380,1,'2017-04-07 15:55:30','2017-04-07 20:55:30','','NZDUSD D 09042017','','inherit','open','closed','','nzdusd-d-09042017','','','2017-04-08 05:15:18','2017-04-08 10:15:18','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-09042017.png',0,'attachment','image/png',0),(9381,1,'2017-04-07 15:55:42','2017-04-07 20:55:42','','USDCHF D 09042017','','inherit','open','closed','','usdchf-d-09042017','','','2017-04-08 05:15:51','2017-04-08 10:15:51','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-09042017.png',0,'attachment','image/png',0),(9382,1,'2017-04-07 15:55:54','2017-04-07 20:55:54','','USDJPY D 09042017','','inherit','open','closed','','usdjpy-d-09042017','','','2017-04-08 05:16:02','2017-04-08 10:16:02','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-09042017.png',0,'attachment','image/png',0),(9383,1,'2017-04-07 15:56:31','2017-04-07 20:56:31','','USDCAD D 09042017','','inherit','open','closed','','usdcad-d-09042017','','','2017-04-08 05:15:37','2017-04-08 10:15:37','',9384,'https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-09042017.png',0,'attachment','image/png',0),(9384,1,'2017-04-08 05:26:08','2017-04-08 10:26:08','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAt the outset of last week, I wrote to subscribers basically saying that new trades would be minimal because of the fact there was such a larger number of high beta economic data releases on the calendar. I saw last week as a week in which to take RISK off the table and bank both pips and $$$.\r\n\r\nI held back on adding numerous trades and in fact I added 4 new LIMIT ORDERS based on some USD weakness, which I thought would be the “play” ahead of and into the release of the NFP data. None of these new limit orders triggered and they are still lying there, but I did throughout the week reduce RISK and remove a few trades. It was a slow week for me regarding activity but the PREMIUM SERVICE banked a positive +358 pips in the first week of April 2017. Therefore, I am of course very happy\r\n\r\nThe week was plagued by geopolitical news, the dreadful nerve gas attack in Syria, the missile launch by “THE DONALD”, the knock-on effect of this action on the North Korean situation and the on-going relationship between the US and Russia.\r\n\r\nMoving on…\r\n\r\nThe US job numbers always dominate the news for the week in which they are released. ADP were great numbers; the prior month’s data was re-calculated by about 50,000 jobs but the numbers came in strong. The government NFP data missed by about 80,000 jobs but the unemployment rate lowered to 4.5%.\r\n\r\nA big miss, the USD sold off and then strengthened. The trades that I covered ahead of NFP and banked pips and $$$ on, all USD long trades, would have generated 100% more pips 10 minutes after poor job numbers… go figure. As the day progressed, the USD strengthened moving about 60 points on the day. 60 DXY points is a big move.\r\n\r\nI am coming around more and more each month to the viewpoint of the majority of my “peer group” of traders, which is, ignore NFP day, do not add trades and let the day play out. There is a lot to be said for this approach. The chop fest of NFP can be very painful.\r\n\r\nThe FOMC minutes were hawkish and the USD sold off… go figure? We have a situation I think where the markets DO NOT believe the FED rhetoric.\r\n\r\nOther news last week…\r\n\r\nThe UK missed on Manufacturing and Construction PMI but beat the Services PMi. At the end of the week, cable is still weaker. All these traders trying to pick bottoms, only have smelly fingers. I still maintain that with the uncertainty ahead with BREXIT it is foolish to say downside moves have been baked into the GBP/USD price structure.\r\n\r\nSmell the coffee… BREXIT will take years to negotiate and the negotiations have NOT yet started. For God’s sake, this desire to say I picked the bottom is childish. There will be many twists and turns ahead with the odd spike and sell-off. GBP/USD is moving lower.\r\n\r\nDraghi spelled it out in no uncertain terms for the markets eager once again to believe the bottom is in for the EUR/USD.\r\n\r\nThe market makers have the attention span of a one year old child, long may this continue, this inability to remember what they were told gives us buying the dips and selling the rips opportunities.\r\n\r\nThe RBA has not confirmed the target level of 0.6500 for fair value AUD/USD, I think it was the level muted by the NAB, but the bottom line is that the AUD is moving lower whether it be on AUD data or Chinese data.\r\n\r\nWe have some great opportunities lining up, my only caveat is that the heightened geopolitical event risk many skew things a little. Nevertheless, there is light at the end of the tunnel.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#9 this Monday 10th April at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nCongratulations to <a href=\"mailto:mike*******@***.com\">mike*******@***.com</a>\r\n\r\nMike is this month’s winner of a FREE PREMIUM SERVICE subscription. I should have done the draw last week… my bad. By the time this blog is posted mike should be all set up.\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-09042017.png\"><img class=\"aligncenter size-large wp-image-9363\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/ECON-DATA-09042017-1024x826.png\" alt=\"\" width=\"1024\" height=\"826\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA busy week coming up but I think that geopolitical news will dominate proceedings: -\r\n<ol>\r\n 	<li>CAD: The BOC meets on Wednesday and holds a press conference after the 10:00AM rate announcement at 11:15AM EST.\r\n\r\nI am not expecting anything new from this rate decision. Yes, there are housing bubbles in Vancouver and Toronto, but I think that rate cuts now will fuel these bubbles and that is the last thing that Stephen Poloz, BOC Governor would want.\r\n\r\nThe commentary however, should be interesting.</li>\r\n 	<li>USD: We have Consumer Sentiment data on Thursday, and that is the pick of the US data releases for me.</li>\r\n</ol>\r\nObviously, the BREXIT news will be on the wires at ad-hoc times. I am however, expecting this to calm down as the 27 members of the EU do not meet to formally discuss BREXIT until the end of April and negotiations do not start until the end of May. Nevertheless, we still should be on our toes.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-09042017.png\"><img class=\"aligncenter size-large wp-image-9364\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/TCHART-09042017-1024x857.png\" alt=\"\" width=\"1024\" height=\"857\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9378\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/EURUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9379\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GBPUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9377\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/NZDUSD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCHF-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-09042017.png\"><img class=\"aligncenter size-large wp-image-9382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDJPY-D-09042017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that 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<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +358 pips\r\nYEAR TO DATE:      +1,851 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI said at the outset of last week that I was looking to remove RISK, bank $$$ and add pips to the annual total. As far as I am concerned I traded my plan.\r\n\r\nComing up now, I have a few questions: -\r\n<ol>\r\n 	<li>The geopolitical news and the associated event risk does worry me a little. However, as I am a USD bull, the currency flight to safety trade should still be the USD. Of course, in periods of great uncertainty refuge is also sought with the JPY and CHF as well as GOLD.\r\n\r\nOnly the CHF trades will give me cause for concern as in periods of great uncertainty the flight to safety trade usually disconnects the inverse relationship between the USD/CHF and EUR/USD.</li>\r\n 	<li>I want as you know to be short EUR/JPY and coupled with EUROZONE headwinds this is a double whammy for this pair. Look out for trade set ups.</li>\r\n 	<li>China, North Korea, Russia, BREXIT and EUROZONE, this is some list of geopolitical possibilities to digest.</li>\r\n</ol>\r\nYou can guarantee that I will NOT RISK my money and therefore your money with any foolhardy trade set ups taking a 30-minute view on matters. I will look for value entries as usual. Should I have a 30-minute view, it will be identifiable as a FLASH or RADAR TRADE.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>EUR/USD and USD/CHF: - I have reduced RISK. I am looking to add back at previous resistance levels this week.</li>\r\n 	<li>GBP/USD: - Nothing has really changed in my opinion, whilst I have removed a little RISK I am still looking for value to add again.\r\n\r\nThere will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.\r\n\r\nA50 now triggered and the timeline for the BREXIT is now in play.\r\n\r\nAs I have stated on several occasions, very few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as the financial institutions start to make plans on their new structures inside a freshly shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - Nothing has changed for me with this pair.\r\n\r\nI am still somewhat nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-TRADES-09042017.png\"><img class=\"aligncenter size-large wp-image-9366\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIVE-TRADES-09042017-891x1024.png\" alt=\"\" width=\"891\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIMIT-ORDERS-09042017.png\"><img class=\"aligncenter size-large wp-image-9365\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/LIMIT-ORDERS-09042017-740x1024.png\" alt=\"\" width=\"740\" 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>MY PROCESS (OF TRADING)</strong>\r\n\r\nWhere to start.\r\n\r\nSeveral weeks ago, I mentioned in the blog that I had received a few questions about my process in trade selection. I stated that I would come back to this sometime in the future. That future time is now.\r\n\r\nThere is no better time in my opinion than when geopolitical events risks are high to review your trade selection process.\r\n\r\nMy PROCESS: This is NOT analysis paralysis. This is RISK MANAGEMENT in action.\r\n\r\nIf you attend or watch on You Tube the WEEKLY FX DRIVE THRU – LIVE webinar, you will know that I have a core selection of LEAD INDICATORS that I will always look at first. However, as I have stated on so many occasions, in the FX market CORRELATIONS DO MATTER and I believe these should be looked at for verification and trade confidence.\r\n\r\nOne further parameter I look at that is not on these charts is a currency pairs overall trend / direction. Are the Daily, Weekly and Monthly charts all moving in the same direction? It is often said that “the trend is your friend”. I look at trend as well.\r\n\r\nThis week, I am not writing much; all my comments will be on the charts. I know that this can sometimes be painful opening chart after chart, but this is the clearest way to give my thoughts.\r\n\r\nI am always writing be calm, be patient, take smaller positions and place wider stops but at the same time position size accordingly to manage risk. Never are these words as important as they are right now in my opinion.\r\n\r\nAs you know correlations in all markets matter a great deal to me. They give assurance and confidence placing trades.\r\n\r\nI really hope that you find this chart by chart approach a good insight into my thoughts on how I approach the market and a demonstration of the care that goes into my thought process prior to posting a trade set up for my PREMIUM SERVICE subscribers.\r\n\r\nBelow, I list out what I call my LEAD INDICATOR charts. They include commodities, indexes, currencies and bonds. These combined and their inter-market relationships, give me confidence when placing trades. If they correlate correctly I have additional confidence placing a trade set up or live trade. In addition, do not forget when looking at an individual currency pair to trade I also check directional trends as well.\r\n\r\nBear in mind the PROCESS also helps you manage RISK. RISK MANAGEMENT leads to better trading consistency and enhances your bottom line.\r\n\r\nBelow, I am looking at the current position chart by chart to give me my overview of the market. From this I have my macro fundamentals based on <strong><u>now</u></strong> versus my <strong><u>longer-term fundamentals.</u></strong>\r\n\r\nThis therefore gives me my background to the trading charts when looking for high probability set ups and Technicals to match these fundamentals. I just call it MY PROCESS.\r\n\r\nUSD INDEX (DXY):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/DXY-09042017.png\"><img class=\"aligncenter size-large wp-image-9371\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/DXY-09042017-1024x508.png\" alt=\"\" width=\"1024\" height=\"508\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nXAU/USD (GOLD):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GOLD-09042017.png\"><img class=\"aligncenter size-large wp-image-9372\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/GOLD-09042017-1024x510.png\" alt=\"\" width=\"1024\" height=\"510\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSOIL (WTi):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/WTi-09042017.png\"><img class=\"aligncenter size-large wp-image-9376\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/WTi-09042017-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nXCU/USD (COPPER):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/COPPER-09042017.png\"><img class=\"aligncenter size-large wp-image-9370\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/COPPER-09042017-1024x546.png\" alt=\"\" width=\"1024\" height=\"546\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSPX (S&amp;P 500):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/SPX500-09042017.png\"><img class=\"aligncenter size-large wp-image-9373\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/SPX500-09042017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUS10Y (US 10 YEAR NOTE):\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/10TNOTES-09042017.png\"><img class=\"aligncenter size-large wp-image-9367\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/10TNOTES-09042017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/SEK:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDSEK-09042017.png\"><img class=\"aligncenter size-large wp-image-9375\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDSEK-09042017-1024x564.png\" alt=\"\" width=\"1024\" height=\"564\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-09042017.png\"><img class=\"aligncenter size-large wp-image-9374\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/USDCAD-09042017-1024x541.png\" alt=\"\" width=\"1024\" height=\"541\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-09042017.png\"><img class=\"aligncenter size-large wp-image-9369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDUSD-09042017-1024x540.png\" alt=\"\" width=\"1024\" height=\"540\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDJPY-09042017.png\"><img class=\"aligncenter size-large wp-image-9368\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/04/AUDJPY-09042017-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy PROCESS in a nutshell is research. It’s your money. Your broker only wants you to keep feeding your account with funds to replace poor trading.\r\n\r\nPROCESS… DISCIPLINE… TRADE PLAN… RISK MANAGEMENT… POSITION SIZING…\r\n\r\nAll of the above blur together for me. The PROCESS helped me stopping feeding my broker accounts. It was too easy not to think properly and just be reactive with trading. It was tantamount to gambling. It is lazy not to manage your trades based upon your RISK and its lazy not to get the best possible entry price.\r\n\r\nMy PROCESS eliminates RISK. It gives me red, amber and green lights.\r\n\r\nThere is a great deal of information and data to digest from the above charts. I know that some of you will think that this is analysis paralysis. Let me write it again this is RISK MANAGEMENT.\r\n\r\nThis is MY PROCESS. This process has generated over 40,000 pips in the past four years in net profits and it works for me.\r\n<ul>\r\n 	<li>Yes, I openly admit it is time consuming and cautious.</li>\r\n 	<li>Yes, I let many trades (100’s a year) pass by that I could have traded.</li>\r\n 	<li>Yes, it is a “steady Eddie” approach.</li>\r\n 	<li>Yes, it requires discipline.</li>\r\n 	<li>Yes, it requires a TRADE PLAN.</li>\r\n 	<li>Yes, this helps you with MANAGING RISK and POSITION SIZING.</li>\r\n 	<li>Yes, you can argue that process is slow.</li>\r\n 	<li>But it works.</li>\r\n</ul>\r\nIn my opinion to trade you must have a PLAN, a PROCESS to achieve trading longevity. This PROCESS works for me and although I can still get caught out at times, my PROCESS has saved me more times than I would like to mention.\r\n\r\nI am a serious longer-term trader that wants to be about in 10 years’ time and maybe even beyond that horizon. Without a PLAN / PROCESS I cannot see how you would achieve trading longevity.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #134 PREMIUM SERVICE\r\nDATE: 9th April 2017','MY PROCESS (OF TRADING)','','publish','open','closed','','my-process-of-trading','','','2017-04-08 05:26:08','2017-04-08 10:26:08','',0,'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9384',0,'member_posts','',0),(9278,1,'2017-03-11 06:33:24','2017-03-11 11:33:24','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nThis year is quite strange for several reasons. Over the past few days, I have spoken with several of my subscribers about the general markets, trading in these times, TRUMP, BREXIT, EUROZONE, GREECE, OIL, GOLD and overall geopolitical trading risks. I must say what a solid group of traders I have as subscribers. I am truly motivated having spoken for over 5 hours this week in one form or another about 2017. There is an article in the discussions that were had; a very good article.\r\n\r\nIn summary; we all saw significant market changes. Is change good? I suppose from my own viewpoint with the added responsibility of trying to capture trades with acceptable medium term risks attached for subscribers, change is a challenge. I am adapting; and whilst most saw the reasons behind this, a few with greater risk tolerances than my own, and that is saying something at times, felt that I should just sit out a couple of trades as ultimately given a larger / greater trade perspective the odds are well in my favour of the trade returning to profitability, I just need to give it more time. Why take on losses?\r\n\r\nSome very interesting opinions were listened to and never to be one to sit back and plough on regardless I took on board some thoughts and views and I am applying these to LIVE trades that are currently in place.\r\n\r\nIt was good to have those conversations and it shows that trading often described “as a lonely business” can in fact offer up some real motivational boosts.\r\n\r\nI think I wrote along these lines last week.\r\n\r\n<em>“Trading is basically a formula that needs “tweaking” every now and then but basically it is repetition based around a proven formula. Basically, at the outset of 2017. I tweaked (so to speak) to accommodate “THE DONALD”. </em><em> </em>\r\n\r\nEveryone that I spoke to last week basically agreed with this premise.\r\n\r\nMoving on…\r\n\r\nI am not around next week. Monday 13<sup>th</sup> there will be no WEEKLY FX DRIVE THRU – LIVE and next weekend the 19<sup>th</sup>/20<sup>th</sup> there will be no “DRIVE THRU” blog. My wife and I are away house hunting in the wilds of Eastern Canada. The webinar will return Monday March 21<sup>st</sup> along with my full-time trading once again.\r\n\r\nIt’s all rather annoying really, the timing is poor as profit generation with $$$ and pips was starting to get its mojo going.\r\n\r\nJANUARY:        Pip Loss -673\r\nFEBRUARY:     Pip Gain +1,493\r\nMARCH:            Pip gains so far in 10 days +724\r\n\r\nIt was all starting to re-boot after an awful start to the trading year.\r\n\r\nAs mentioned over the past few weeks, I have been removing older trades and re-structuring my TRADE PLAN moving forward beyond Q1. I had given myself until the end of Q1 to exit all the trades I no longer wanted in my longer-term CORE POSITION plan. This I have done and at the same time I have reduced RISK across the board ready to re-boot after the FED meeting this week. Right now; there is just one trade that does no longer fit inside my TRADE PLAN and by the end of March it will be gone one way or another.\r\n\r\nI am delighted to have almost achieved, ”Part one” of my objective so quickly without taking too much pain with losses. “Part two” is in the wings, I am just waiting for the FOMC meeting to be over and the reaction bedded in.\r\n\r\nMoving on, well actually back a little bit…\r\n\r\nLast week’s news was rather predictable.\r\n\r\nDraghi, did really well trying not to rock the boat and strengthen the single currency. He was doing a great job in his Q&amp;A then he mentioned some “dovish language” that was removed from commentary of previous statements. Like a salmon out of a B.C. river the EUR leaped up. Unlike past times, it did not go far given all the geopolitical uncertainties and headwinds in EUROPE. I think moving forward we can take a note that 1.0620 is reasonable resistance. I say this because as the markets are mainly short EUR the opportunity for a bloody good squeeze was there for the taking; it did not happen.\r\n\r\nPhilip Lowe at the RBA delivered a bit more hawkish commentary but no real lasting effect on the Aussie. It did help me with my AUD/NZD trades.\r\n\r\nADP employment numbers were incredible, and that bloody idiot TRUMP took credit for them. Holy Mother of God, the US is a nonsense. It’s all going to implode, not sure what is going to be the catalyst but like the walls of Jericho it’s coming down.\r\n\r\nI have a vision of an epic biblical movie directed by James Cameron or Steven Spielberg where we see a blonde syrup, nay mop, held in a clenched orange fake tanned hand emerging from the hypothetical bricks and rocks of the wall which lay strewn on the ground, and a voice heard muttering the words; this is the work of crooked Hillary I should have locked her up.\r\n\r\nNo matter how the implosion plays out it will not as far “THE DONALD” would be concerned, his fault in any way shape or form.\r\n\r\nNon-Farm payrolls were a beat on the headline number, which was in line with the expectations given the blow out ADP numbers 48 hours earlier. However, the average hourly earnings once again disappointed missing forecasts at 0.2% instead of the 0.3% projected.\r\n\r\nFollowing the data, the USD weakened, strengthened and then weakened and then strengthened… you know where I am going with this. The USD just chopped about not knowing what the feck to do and basically, I think that everybody’s mind is on the FOMC next week. Had “the hourlies” been in line or better I think we may have seen something but as they were not we got a Friday chop instead.\r\n\r\nWith regards to geopolitical news, the FRENCH ELECTIONS carry on with the usual scandals and accusations flying in all directions.\r\n\r\nThe DUTCH ELECTION is still showing populist leader Geert Wilders up there in the opinion polls. This Nazi style leader will go down a treat in Brussels. This could be just one reason why the single currency cannot rally?\r\n\r\nCan you imagine Wilders and Le Pen in power, apart from the EUROZONE being no more the single currency, it could be well below parity as the Bundesbank have their printing presses working nonstop ready to re-launch the D-mark?\r\n\r\nOh, what fun, lies ahead and EUROPE is in denial about the whole lot of it!\r\n\r\nPlus, I must say this somewhere and get it off my chest: -\r\n<p style=\"text-align: center;\"><strong>IN THE NAME OF FECKING SANITY; GIVEN THE EUROZONE / EUROPEAN UNION HEADWINDS WHAT THE BLOODY HELL IS THE EUR/USD DOING TRADING ABOVE 1.0600.\r\n\r\nTHERE IS COMPLACENCY AND THEN THERE IS ABSOLUTE DENIAL WHICH LEADS TO PANIC.</strong></p>\r\n<p style=\"text-align: center;\"><strong>I KNOW THE MARKETS ARE WHAT THEY ARE BUT COME ON LADS - GIVE ME A BREAK – WORK IN THE REAL WORLD!!</strong></p>\r\nAll this nonsense makes the ITALIAN bank funding a non-event and lets GREECE off the hook… there will be dancing in the streets in part of Europe, should these political changes come about.\r\n\r\nMaybe I need a week’s break from the madness?\r\n\r\nBREXIT took a bit of a back seat as Theresa May toyed with the HOUSE of Lords over the BREXIT bill paper through both houses in the UK.\r\n\r\nPrime Minister May showed her determination and strength of leadership by sacking “the Mop”, aka former Conservative Deputy Prime Minister, now leader in the House of Lords, Michael Heseltine (My Dad thought he was great) because, he led a revolt to slow down the BREXIT passage through parliament by adding amendments.\r\n\r\nPhillip Hammond’s budget came and went without much notice or fanfare to be honest.\r\n\r\nMore…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#8 not this Monday at 5:30PM, the next one will be broadcast on the 20th March fot the reasons mentioned above.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed (previous LIVE webinars are stored there).: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong><u> </u></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-12032017.png\"><img class=\"aligncenter size-large wp-image-9258\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-12032017-1024x903.png\" alt=\"\" width=\"1024\" height=\"903\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this very busy week: -\r\n\r\nBut it is all about Janet Yellen and the FOMC interest rate decision. Everything else plays second fiddle.\r\n<ol>\r\n 	<li>USD: It’s about the FOMC this week. The well-publicized rate hike that is 100% anticipated. Will it happen on Wednesday? WTF is going to happen if it does not!!</li>\r\n 	<li>GBP: We have jobs data and a BOE interest rate announcement as well as an updated policy summary. It’s all so knicker-gripping one can hardly wait.\r\n\r\nI am not expecting any changes in Carney’s interest rate or overview commentary.</li>\r\n 	<li>BOJ: I am not expecting any changes in policy. Still ultra-supportive.</li>\r\n 	<li>CHF: My buddy Thomas Jordan (of the wave good-bye to $10,000 on the GBP/CHF) fame is back in front of the microphone. I cannot see any changes being made to SNB policy whilst the EUROZONE / EUROPEAN UNION headwinds are so dominant…. Hang on; maybe that\'s a reason to change policy?\r\n\r\nSeriously though, I am not expecting change.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-12032017.png\"><img class=\"aligncenter size-large wp-image-9259\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-12032017-1024x863.png\" alt=\"\" width=\"1024\" height=\"863\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9268\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9273\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9267\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9269\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9270\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9271\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9272\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that 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<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nThings are much better now and we are seeing good profits returning. As discussed, I am not hanging around with profits if I see an overhead resistance, or previous good support I will take $$$ off the table.\r\n\r\nI am basically waiting until after the FOMC to re-load across the board. At the moment, there are 15 trades (LIVE and LIMIT ORDER) placed with my brokers. It seems quiet but there is a lot of RISK out there to manage through.\r\n\r\nThe EUR/CHF I removed for a 125-pip loss last Friday. This was causing me some concern as I feel that once the single currency falls from grace the pressure on this pair and SNB will be huge. No doubt next week Thomas Jordan will have it spike 300 pips, now that I have covered.\r\n\r\nAs mentioned before, as noted by one or two of you I have ignored RADAR and FLASH trades recently. I will be addressing this situation probably after the FOMC meeting on the 15<sup>th</sup> March 2017. I am 100% focused on my charts, following price action across several potential trading pairs.\r\n\r\n&nbsp;\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nAs you would have noticed late on Friday, I started adding in LIMIT ORDERS in readiness for this week. I really had no intention of doing so but the fall in the USD was as far as I am concerned a “BUY THE DIP” / “SELL THE RIP” opportunity.\r\n\r\nWhilst I do not think that the move after the FOMC is a slam dunk affair. I think that the direction over time is known to be lower given the divergences in Central Bank Monetary Policy it makes sense to buy up and sell up at what may be bargain prices.\r\n\r\nAfter the FOMC I will be adding more layered in short trades: -\r\n\r\nEUR/USD, GBP/USD, EUR/GBP and EUR/JPY.\r\n\r\nand long: -\r\n\r\nUSD/CHF, USD/SEK and USD/JPY,\r\n\r\nPlus: -  a long hard look again at USD/CAD, AUD/USD, NZD/USD and AUD/NZD.\r\n\r\nAs well as: - AUD/CAD, NZD/CAD (although my attempts to trade this pair seemed doomed), GBP/CHF and a re-visit of EUR/NZD once again. I will look at other GBP crosses as well, although I think these may well be BREXIT bounce trades later this year.\r\n\r\nI have my TRADE PLAN in place. I am now just waiting for FED confirmation and the market reaction next Wednesday.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – After exiting with profits, I decided to re-enter again as the NZD weakness is gaining momentum and I feel a NZD/USD 0.6500 handle is possible. This would be good news for AUD/NZD long trades.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions are still being established and I am looking to add even more trades as the month progresses.\r\n\r\nThe bigger picture is that despite encouraging inflation data, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair in my opinion, and I believe its move will be much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am still somewhat nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.\r\n\r\nOver the past week, I have extended the STOP LOSS position on my sole EUR/GBP trade.\r\n\r\nAs mentioned over recent weeks, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-12032017.png\"><img class=\"aligncenter size-large wp-image-9266\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-12032017-800x1024.png\" alt=\"\" width=\"800\" 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/2017/03/LIMIT-ORDERS-12032017.png\"><img class=\"aligncenter size-large wp-image-9265\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-12032017-723x1024.png\" alt=\"\" width=\"723\" 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<p style=\"text-align: center;\"><strong>EUROZONE: </strong><strong>IT\'S A GAME OF SNAKES &amp; LADDERS</strong></p>\r\nWhen looking at the diary of Economic events at the start of this month there were a few standouts. The primary one was of next week’s FOMC meeting when to all intents and purposes the most publicized increase in interest rates of all time will take place.\r\n\r\nCan you just imagine the fallout if the FED does not increase US interest rates?\r\n\r\nThe other was last Thursday’s ECB Press Conference.\r\n\r\nOne must say that Mario Draghi, has done a great job at the ECB. He has had to manage disloyalty, broken ranks on messages, interfering feckers from, in particular, Germany and Austria trying to dis-rail his pathway with ECB monetary policy.\r\n\r\nMonetary reforms can only go so far. It is structural reforms that will shape the future of a EUROZONE if there is to be a future.\r\n\r\nLooking country by country at the single currency members, it is so clear that a coordinated structural reform implemented approach across the board is just not an agenda item moving forward. The one size fits all approach cannot accommodate 19 EUROZONE members, with the same package and process at the same time.\r\n\r\nBack to Draghi…\r\n\r\nLast Thursday Draghi had to keep a lid as best he could on the EUROZONE improvements. Headline inflation was at 2% (the target) but core inflation is still weak.\r\n\r\nEUROZONE improvements are so fragile and can fall back much more speedily than they moved up. It is like a snakes and ladders board game. There are many more snakes than ladders in EUROPE.\r\n\r\nYou must read between the numbers and dissect the verbage with all Central Bank Governors and Presidents. They are economical with the truth and use statistics whichever way suits them the best in the moment.\r\n\r\nDraghi, like his peers, move growth numbers up and down as fast as a pair of hookers’ knickers. This time around, for once Mario Draghi had some good news on EUROZONE stats. Economic Growth forecasts were increased to 1.8% in 2017. However, things are so good in the EUROZONE, the growth predictions for 2018 falls back to 1.7%. These numbers are sucked in by the markets as if they were handed down from Sinai by Moses, when in fact they are to a large extent pointless as they move practically at every meeting based upon which way the wind is currently blowing.\r\n\r\nDraghi took credit for removing the risks of DEFLATION from the EUROZONE. How did he do that? He needs to tell Kuroda how he removed DEFLATION. What is the secret sauce? The simple fact is he has no idea; there isn’t a Central bank in the world that knows how to remove or combat DEFLATION.\r\n\r\nBasically, Draghi kept all the biggies unchanged, interest rate commentary, Quantitative Easing (QE) tapering starts next month and the main dovish sentiment in the statement remained. However, some dovish commentary was removed to do with a sustained period with urgency in taking more dovish actions, the markets heard this and the EUR/USD spiked.\r\n\r\nFrom my perspective, this was Draghi’s day in the sun. From here on in until the end of 2017 he will have to react to major headwinds in the EUROZONE. He may have thought that he has climbed a few ladders to get out of the snake pit, but there are more snakes ahead and the EUROZONE could be back in that pit quicker than you can say, never mind spell Quantitative Easing.\r\n\r\nWe all know, or should know that elections in HOLLAND, FRANCE and GERMANY plus, Bank debt problems in ITALY and further GREECE bailout issues are all pending and then we have BREXIT.\r\n\r\nAt the end of the day, it matters not one jot about DEFLATION, should Geert Wilders and Marine Le Pen be elected in HOLLAND and FRANCE, as this would signal the beginning of the end of the EUROZONE.\r\n\r\nI wrote last week about the fragility of the EUROZONE and how lessons never appear to be learnt moving forward.\r\n\r\nFrom a trading perspective given all clouds over EUROPE at the moment I am literally gob smacked that the EUR/USD is trading above 1.0600, in fact at the close of trading last week it was closer to 1.0700 than 1.0600.\r\n\r\nSooner rather than later, in my opinion, we will have a series of huge down days with the EUR/USD. Reality must step in. We are in quite a wide trading range at the moment of 1.0490 to 1.0830.\r\n\r\nI am sure that sellers will step in well ahead of 1.0830, but there does not seem the desire to press lower. Buyers seem plentiful around 1.0520-1.0540.\r\n\r\nI never thought that with such major headwinds that this pair would be struggling to fall lower beyond 1.0490 and at least test the 52 week 1.0340 lows.\r\n\r\nWe are in a game of snakes and ladders and at the moment we are treading very carefully to avoid the snakes. This ability to dodge snakes will end soon and the reality of the geopolitical news that appears largely ignored will have to be reacted to.\r\n\r\nIf there was a poll: - EUR/USD 1.0490 first or 1.0830, which way would you vote?\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #131 THE PREMIUM SERVICE\r\nDATE: 12<sup>th</sup> March 2017.\r\n\r\n&nbsp;','EUROZONE:  IT\'S A GAME OF SNAKES & LADDERS','','inherit','closed','closed','','9277-revision-v1','','','2017-03-11 06:33:24','2017-03-11 11:33:24','',9277,'https://weeklyfxdrivethru.com/9277-revision-v1/',0,'revision','',0),(9279,1,'2017-03-11 07:28:25','2017-03-11 12:28:25','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThis year is quite strange for several reasons. Over the past few days, I have spoken with several of my subscribers about the general markets, trading in these times, TRUMP, BREXIT, EUROZONE, GREECE, OIL, GOLD and overall geopolitical trading risks. I must say what a solid group of traders I have as subscribers. I am truly motivated having spoken for over 5 hours this week in one form or another about 2017. There is an article in the discussions that were had; a very good article.\r\n\r\nIn summary; we all saw significant market changes. Is change good? I suppose from my own viewpoint with the added responsibility of trying to capture trades with acceptable medium term risks attached for subscribers, change is a challenge. I am adapting; and whilst most saw the reasons behind this, a few with greater risk tolerances than my own, and that is saying something at times, felt that I should just sit out a couple of trades as ultimately given a larger / greater trade perspective the odds are well in my favour of the trade returning to profitability, I just need to give it more time. Why take on losses?\r\n\r\nSome very interesting opinions were listened to and never to be one to sit back and plough on regardless I took on board some thoughts and views and I am applying these to LIVE trades that are currently in place.\r\n\r\nIt was good to have those conversations and it shows that trading often described “as a lonely business” can in fact offer up some real motivational boosts.\r\n\r\nI think I wrote along these lines last week.\r\n\r\n<em>“Trading is basically a formula that needs “tweaking” every now and then but basically it is repetition based around a proven formula. Basically, at the outset of 2017. I tweaked (so to speak) to accommodate “THE DONALD”. </em><em> </em>\r\n\r\nEveryone that I spoke to last week basically agreed with this premise.\r\n\r\nMoving on…\r\n\r\nI am not around next week. Monday 13<sup>th</sup> there will be no WEEKLY FX DRIVE THRU – LIVE and next weekend the 19<sup>th</sup>/20<sup>th</sup> there will be no “DRIVE THRU” blog. My wife and I are away house hunting in the wilds of Eastern Canada. The webinar will return Monday March 21<sup>st</sup> along with my full-time trading once again.\r\n\r\nIt’s all rather annoying really, the timing is poor as profit generation with $$$ and pips was starting to get its mojo going.\r\n\r\nJANUARY:        Pip Loss -673\r\nFEBRUARY:     Pip Gain +1,493\r\nMARCH:            Pip gains so far in 10 days +724\r\n\r\nIt was all starting to re-boot after an awful start to the trading year.\r\n\r\nAs mentioned over the past few weeks, I have been removing older trades and re-structuring my TRADE PLAN moving forward beyond Q1. I had given myself until the end of Q1 to exit all the trades I no longer wanted in my longer-term CORE POSITION plan. This I have done and at the same time I have reduced RISK across the board ready to re-boot after the FED meeting this week. Right now; there is just one trade that does no longer fit inside my TRADE PLAN and by the end of March it will be gone one way or another.\r\n\r\nI am delighted to have almost achieved, ”Part one” of my objective so quickly without taking too much pain with losses. “Part two” is in the wings, I am just waiting for the FOMC meeting to be over and the reaction bedded in.\r\n\r\nMoving on a bit, well actually it’s back just a little…\r\n\r\nLast week’s news was rather predictable.\r\n\r\nDraghi, did really well trying not to rock the boat and strengthen the single currency. He was doing a great job in his Q&amp;A then he mentioned some “dovish language” that was removed from commentary of previous statements. Like a salmon out of a B.C. river the EUR leaped up. Unlike past times, it did not go far given all the geopolitical uncertainties and headwinds in EUROPE. I think moving forward we can take a note that 1.0620 is reasonable resistance. I say this because as the markets are mainly short EUR the opportunity for a bloody good squeeze was there for the taking; it did not happen.\r\n\r\nPhilip Lowe at the RBA delivered a bit more hawkish commentary but no real lasting effect on the Aussie. It did help me with my AUD/NZD trades.\r\n\r\nADP employment numbers were incredible, and that bloody idiot TRUMP took credit for them. Holy Mother of God, the US is a nonsense. It’s all going to implode, not sure what is going to be the catalyst but like the walls of Jericho it’s coming down.\r\n\r\nI have a vision of an epic biblical movie directed by James Cameron or Steven Spielberg where we see a blonde syrup, nay mop, held in a clenched orange fake tanned hand emerging from the hypothetical bricks and rocks of the wall which lay strewn on the ground, and a voice heard muttering the words; this is the work of crooked Hillary I should have locked her up.\r\n\r\nNo matter how the implosion plays out it will not as far “THE DONALD” would be concerned, his fault in any way shape or form.\r\n\r\nNon-Farm payrolls were a beat on the headline number, which was in line with the expectations given the blow out ADP numbers 48 hours earlier. However, the average hourly earnings once again disappointed missing forecasts at 0.2% instead of the 0.3% projected.\r\n\r\nFollowing the data, the USD weakened, strengthened and then weakened and then strengthened… you know where I am going with this. The USD just chopped about not knowing what the feck to do and basically, I think that everybody’s mind is on the FOMC next week. Had “the hourlies” been in line or better I think we may have seen something but as they were not we got a Friday chop instead.\r\n\r\nWith regards to geopolitical news, the FRENCH ELECTIONS carry on with the usual scandals and accusations flying in all directions.\r\n\r\nThe DUTCH ELECTION is still showing populist leader Geert Wilders up there in the opinion polls. This Nazi style leader will go down a treat in Brussels. This could be just one reason why the single currency cannot rally?\r\n\r\nCan you imagine Wilders and Le Pen in power, apart from the EUROZONE being no more the single currency, it could be well below parity as the Bundesbank have their printing presses working nonstop ready to re-launch the D-mark?\r\n\r\nOh, what fun, lies ahead and EUROPE is in denial about the whole lot of it!\r\n\r\nPlus, I must say this somewhere and get it off my chest: -\r\n<p style=\"text-align: center;\"><strong>IN THE NAME OF FECKING SANITY; GIVEN THE EUROZONE / EUROPEAN UNION HEADWINDS WHAT THE BLOODY HELL IS THE EUR/USD DOING TRADING ABOVE 1.0600.\r\n\r\nTHERE IS COMPLACENCY AND THEN THERE IS ABSOLUTE DENIAL WHICH LEADS TO PANIC.</strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>I KNOW THE MARKETS ARE WHAT THEY ARE BUT COME ON LADS - GIVE ME A BREAK – WORK IN THE REAL WORLD!!</strong></p>\r\nAll this nonsense makes the ITALIAN bank funding a non-event and lets GREECE off the hook… there will be dancing in the streets in part of Europe, should these political changes come about.\r\n\r\nMaybe I need a week’s break from the madness?\r\n\r\nBREXIT took a bit of a back seat as Theresa May toyed with the HOUSE of Lords over the BREXIT bill paper through both houses in the UK.\r\n\r\nPrime Minister May showed her determination and strength of leadership by sacking “the Mop”, aka former Conservative Deputy Prime Minister, now leader in the House of Lords, Michael Heseltine (My Dad thought he was great) because, he led a revolt to slow down the BREXIT passage through parliament by adding amendments.\r\n\r\nPhillip Hammond’s budget came and went without much notice or fanfare to be honest.\r\n\r\nMore…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#8 not this Monday at 5:30PM, the next one will be broadcast on 20th March as mentioned above.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-12032017.png\"><img class=\"aligncenter size-large wp-image-9258\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-12032017-1024x903.png\" alt=\"\" width=\"1024\" height=\"903\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this very busy week: -\r\n\r\nBut it is all about Janet Yellen and the FOMC interest rate decision. Everything else plays second fiddle.\r\n<ol>\r\n 	<li>USD: It’s about the FOMC this week. The well-publicized rate hike that is 100% anticipated. Will it happen on Wednesday? WTF is going to happen if it does not!!</li>\r\n 	<li>GBP: We have jobs data and a BOE interest rate announcement as well as an updated policy summary. It’s all so knicker-gripping one can hardly wait.\r\n\r\nI am not expecting any changes in Carney’s interest rate or overview commentary.</li>\r\n 	<li>BOJ: I am not expecting any changes in policy. Still ultra-supportive.</li>\r\n 	<li>CHF: My buddy Thomas Jordan (of the wave good-bye to $10,000 on the GBP/CHF) fame is back in front of the microphone. I cannot see any changes being made to SNB policy whilst the EUROZONE / EUROPEAN UNION headwinds are so dominant…. Hang on; maybe that\'s a reason to change policy?\r\n\r\nSeriously though, I am not expecting change.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-12032017.png\"><img class=\"aligncenter size-large wp-image-9259\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-12032017-1024x863.png\" alt=\"\" width=\"1024\" height=\"863\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9268\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9273\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9267\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9269\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9270\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9271\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9272\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>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 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<strong>      4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong>THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>EUROZONE: </strong><strong>IT\'S A GAME OF SNAKES &amp; LADDERS</strong></p>\r\nWhen looking at the diary of Economic events at the start of this month there were a few standouts. The primary one was of next week’s FOMC meeting when to all intents and purposes the most publicized increase in interest rates of all time will take place.\r\n\r\nCan you just imagine the fallout if the FED does not increase US interest rates?\r\n\r\nThe other was last Thursday’s ECB Press Conference.\r\n\r\nOne must say that Mario Draghi, has done a great job at the ECB. He has had to manage disloyalty, broken ranks on messages, interfering feckers from, in particular, Germany and Austria trying to dis-rail his pathway with ECB monetary policy.\r\n\r\nMonetary reforms can only go so far. It is structural reforms that will shape the future of a EUROZONE if there is to be a future.\r\n\r\nLooking country by country at the single currency members, it is so clear that a coordinated structural reform implemented approach across the board is just not an agenda item moving forward. The one size fits all approach cannot accommodate 19 EUROZONE members, with the same package and process at the same time.\r\n\r\nBack to Draghi…\r\n\r\nLast Thursday Draghi had to keep a lid as best he could on the EUROZONE improvements. Headline inflation was at 2% (the target) but core inflation is still weak.\r\n\r\nEUROZONE improvements are so fragile and can fall back much more speedily than they moved up. It is like a snakes and ladders board game. There are many more snakes than ladders in EUROPE.\r\n\r\nYou must read between the numbers and dissect the verbage with all Central Bank Governors and Presidents. They are economical with the truth and use statistics whichever way suits them the best in the moment.\r\n\r\nDraghi, like his peers, move growth numbers up and down as fast as a pair of hookers’ knickers. This time around, for once Mario Draghi had some good news on EUROZONE stats. Economic Growth forecasts were increased to 1.8% in 2017. However, things are so good in the EUROZONE, the growth predictions for 2018 falls back to 1.7%. These numbers are sucked in by the markets as if they were handed down from Sinai by Moses, when in fact they are to a large extent pointless as they move practically at every meeting based upon which way the wind is currently blowing.\r\n\r\nDraghi took credit for removing the risks of DEFLATION from the EUROZONE. How did he do that? He needs to tell Kuroda how he removed DEFLATION. What is the secret sauce? The simple fact is he has no idea; there isn’t a Central bank in the world that knows how to remove or combat DEFLATION.\r\n\r\nBasically, Draghi kept all the biggies unchanged, interest rate commentary, Quantitative Easing (QE) tapering starts next month and the main dovish sentiment in the statement remained. However, some dovish commentary was removed to do with a sustained period with urgency in taking more dovish actions, the markets heard this and the EUR/USD spiked.\r\n\r\nFrom my perspective, this was Draghi’s day in the sun. From here on in until the end of 2017 he will have to react to major headwinds in the EUROZONE. He may have thought that he has climbed a few ladders to get out of the snake pit, but there are more snakes ahead and the EUROZONE could be back in that pit quicker than you can say, never mind spell Quantitative Easing.\r\n\r\nWe all know, or should know that elections in HOLLAND, FRANCE and GERMANY plus, Bank debt problems in ITALY and further GREECE bailout issues are all pending and then we have BREXIT.\r\n\r\nAt the end of the day, it matters not one jot about DEFLATION, should Geert Wilders and Marine Le Pen be elected in HOLLAND and FRANCE, as this would signal the beginning of the end of the EUROZONE.\r\n\r\nI wrote last week about the fragility of the EUROZONE and how lessons never appear to be learnt moving forward.\r\n\r\nFrom a trading perspective given all clouds over EUROPE at the moment I am literally gob smacked that the EUR/USD is trading above 1.0600, in fact at the close of trading last week it was closer to 1.0700 than 1.0600.\r\n\r\nSooner rather than later, in my opinion, we will have a series of huge down days with the EUR/USD. Reality must step in. We are in quite a wide trading range at the moment of 1.0490 to 1.0830.\r\n\r\nI am sure that sellers will step in well ahead of 1.0830, but there does not seem the desire to press lower. Buyers seem plentiful around 1.0520-1.0540.\r\n\r\nI never thought that with such major headwinds that this pair would be struggling to fall lower beyond 1.0490 and at least test the 52 week 1.0340 lows.\r\n\r\nWe are in a game of snakes and ladders and at the moment we are treading very carefully to avoid the snakes. This ability to dodge snakes will end soon and the reality of the geopolitical news that appears largely ignored will have to be reacted to.\r\n\r\nIf there was a poll: - EUR/USD 1.0490 first or 1.0830, which way would you vote?\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #235 FREE NEWSLETTER\r\nDATE: 12<sup>th</sup> March 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','EUROZONE:  IT\'S A GAME OF SNAKES & LADDERS','','publish','open','closed','','eurozone-game-snakes-ladders','','','2017-03-11 07:28:25','2017-03-11 12:28:25','',0,'https://weeklyfxdrivethru.com/?p=9279',0,'post','',0),(9280,1,'2017-03-11 07:28:25','2017-03-11 12:28:25','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThis year is quite strange for several reasons. Over the past few days, I have spoken with several of my subscribers about the general markets, trading in these times, TRUMP, BREXIT, EUROZONE, GREECE, OIL, GOLD and overall geopolitical trading risks. I must say what a solid group of traders I have as subscribers. I am truly motivated having spoken for over 5 hours this week in one form or another about 2017. There is an article in the discussions that were had; a very good article.\r\n\r\nIn summary; we all saw significant market changes. Is change good? I suppose from my own viewpoint with the added responsibility of trying to capture trades with acceptable medium term risks attached for subscribers, change is a challenge. I am adapting; and whilst most saw the reasons behind this, a few with greater risk tolerances than my own, and that is saying something at times, felt that I should just sit out a couple of trades as ultimately given a larger / greater trade perspective the odds are well in my favour of the trade returning to profitability, I just need to give it more time. Why take on losses?\r\n\r\nSome very interesting opinions were listened to and never to be one to sit back and plough on regardless I took on board some thoughts and views and I am applying these to LIVE trades that are currently in place.\r\n\r\nIt was good to have those conversations and it shows that trading often described “as a lonely business” can in fact offer up some real motivational boosts.\r\n\r\nI think I wrote along these lines last week.\r\n\r\n<em>“Trading is basically a formula that needs “tweaking” every now and then but basically it is repetition based around a proven formula. Basically, at the outset of 2017. I tweaked (so to speak) to accommodate “THE DONALD”. </em><em> </em>\r\n\r\nEveryone that I spoke to last week basically agreed with this premise.\r\n\r\nMoving on…\r\n\r\nI am not around next week. Monday 13<sup>th</sup> there will be no WEEKLY FX DRIVE THRU – LIVE and next weekend the 19<sup>th</sup>/20<sup>th</sup> there will be no “DRIVE THRU” blog. My wife and I are away house hunting in the wilds of Eastern Canada. The webinar will return Monday March 21<sup>st</sup> along with my full-time trading once again.\r\n\r\nIt’s all rather annoying really, the timing is poor as profit generation with $$$ and pips was starting to get its mojo going.\r\n\r\nJANUARY:        Pip Loss -673\r\nFEBRUARY:     Pip Gain +1,493\r\nMARCH:            Pip gains so far in 10 days +724\r\n\r\nIt was all starting to re-boot after an awful start to the trading year.\r\n\r\nAs mentioned over the past few weeks, I have been removing older trades and re-structuring my TRADE PLAN moving forward beyond Q1. I had given myself until the end of Q1 to exit all the trades I no longer wanted in my longer-term CORE POSITION plan. This I have done and at the same time I have reduced RISK across the board ready to re-boot after the FED meeting this week. Right now; there is just one trade that does no longer fit inside my TRADE PLAN and by the end of March it will be gone one way or another.\r\n\r\nI am delighted to have almost achieved, ”Part one” of my objective so quickly without taking too much pain with losses. “Part two” is in the wings, I am just waiting for the FOMC meeting to be over and the reaction bedded in.\r\n\r\nMoving on a bit, well actually it’s back just a little…\r\n\r\nLast week’s news was rather predictable.\r\n\r\nDraghi, did really well trying not to rock the boat and strengthen the single currency. He was doing a great job in his Q&amp;A then he mentioned some “dovish language” that was removed from commentary of previous statements. Like a salmon out of a B.C. river the EUR leaped up. Unlike past times, it did not go far given all the geopolitical uncertainties and headwinds in EUROPE. I think moving forward we can take a note that 1.0620 is reasonable resistance. I say this because as the markets are mainly short EUR the opportunity for a bloody good squeeze was there for the taking; it did not happen.\r\n\r\nPhilip Lowe at the RBA delivered a bit more hawkish commentary but no real lasting effect on the Aussie. It did help me with my AUD/NZD trades.\r\n\r\nADP employment numbers were incredible, and that bloody idiot TRUMP took credit for them. Holy Mother of God, the US is a nonsense. It’s all going to implode, not sure what is going to be the catalyst but like the walls of Jericho it’s coming down.\r\n\r\nI have a vision of an epic biblical movie directed by James Cameron or Steven Spielberg where we see a blonde syrup, nay mop, held in a clenched orange fake tanned hand emerging from the hypothetical bricks and rocks of the wall which lay strewn on the ground, and a voice heard muttering the words; this is the work of crooked Hillary I should have locked her up.\r\n\r\nNo matter how the implosion plays out it will not as far “THE DONALD” would be concerned, his fault in any way shape or form.\r\n\r\nNon-Farm payrolls were a beat on the headline number, which was in line with the expectations given the blow out ADP numbers 48 hours earlier. However, the average hourly earnings once again disappointed missing forecasts at 0.2% instead of the 0.3% projected.\r\n\r\nFollowing the data, the USD weakened, strengthened and then weakened and then strengthened… you know where I am going with this. The USD just chopped about not knowing what the feck to do and basically, I think that everybody’s mind is on the FOMC next week. Had “the hourlies” been in line or better I think we may have seen something but as they were not we got a Friday chop instead.\r\n\r\nWith regards to geopolitical news, the FRENCH ELECTIONS carry on with the usual scandals and accusations flying in all directions.\r\n\r\nThe DUTCH ELECTION is still showing populist leader Geert Wilders up there in the opinion polls. This Nazi style leader will go down a treat in Brussels. This could be just one reason why the single currency cannot rally?\r\n\r\nCan you imagine Wilders and Le Pen in power, apart from the EUROZONE being no more the single currency, it could be well below parity as the Bundesbank have their printing presses working nonstop ready to re-launch the D-mark?\r\n\r\nOh, what fun, lies ahead and EUROPE is in denial about the whole lot of it!\r\n\r\nPlus, I must say this somewhere and get it off my chest: -\r\n<p style=\"text-align: center;\"><strong>IN THE NAME OF FECKING SANITY; GIVEN THE EUROZONE / EUROPEAN UNION HEADWINDS WHAT THE BLOODY HELL IS THE EUR/USD DOING TRADING ABOVE 1.0600.\r\n\r\nTHERE IS COMPLACENCY AND THEN THERE IS ABSOLUTE DENIAL WHICH LEADS TO PANIC.</strong><strong> </strong></p>\r\n<p style=\"text-align: center;\"><strong>I KNOW THE MARKETS ARE WHAT THEY ARE BUT COME ON LADS - GIVE ME A BREAK – WORK IN THE REAL WORLD!!</strong></p>\r\nAll this nonsense makes the ITALIAN bank funding a non-event and lets GREECE off the hook… there will be dancing in the streets in part of Europe, should these political changes come about.\r\n\r\nMaybe I need a week’s break from the madness?\r\n\r\nBREXIT took a bit of a back seat as Theresa May toyed with the HOUSE of Lords over the BREXIT bill paper through both houses in the UK.\r\n\r\nPrime Minister May showed her determination and strength of leadership by sacking “the Mop”, aka former Conservative Deputy Prime Minister, now leader in the House of Lords, Michael Heseltine (My Dad thought he was great) because, he led a revolt to slow down the BREXIT passage through parliament by adding amendments.\r\n\r\nPhillip Hammond’s budget came and went without much notice or fanfare to be honest.\r\n\r\nMore…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#8 not this Monday at 5:30PM, the next one will be broadcast on 20th March as mentioned above.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-12032017.png\"><img class=\"aligncenter size-large wp-image-9258\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-12032017-1024x903.png\" alt=\"\" width=\"1024\" height=\"903\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this very busy week: -\r\n\r\nBut it is all about Janet Yellen and the FOMC interest rate decision. Everything else plays second fiddle.\r\n<ol>\r\n 	<li>USD: It’s about the FOMC this week. The well-publicized rate hike that is 100% anticipated. Will it happen on Wednesday? WTF is going to happen if it does not!!</li>\r\n 	<li>GBP: We have jobs data and a BOE interest rate announcement as well as an updated policy summary. It’s all so knicker-gripping one can hardly wait.\r\n\r\nI am not expecting any changes in Carney’s interest rate or overview commentary.</li>\r\n 	<li>BOJ: I am not expecting any changes in policy. Still ultra-supportive.</li>\r\n 	<li>CHF: My buddy Thomas Jordan (of the wave good-bye to $10,000 on the GBP/CHF) fame is back in front of the microphone. I cannot see any changes being made to SNB policy whilst the EUROZONE / EUROPEAN UNION headwinds are so dominant…. Hang on; maybe that\'s a reason to change policy?\r\n\r\nSeriously though, I am not expecting change.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-12032017.png\"><img class=\"aligncenter size-large wp-image-9259\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/TCHART-12032017-1024x863.png\" alt=\"\" width=\"1024\" height=\"863\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9268\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9273\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9267\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9269\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9270\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9271\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-12032017.png\"><img class=\"aligncenter size-large wp-image-9272\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDJPY-D-12032017-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>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 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<strong>      4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong>THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>EUROZONE: </strong><strong>IT\'S A GAME OF SNAKES &amp; LADDERS</strong></p>\r\nWhen looking at the diary of Economic events at the start of this month there were a few standouts. The primary one was of next week’s FOMC meeting when to all intents and purposes the most publicized increase in interest rates of all time will take place.\r\n\r\nCan you just imagine the fallout if the FED does not increase US interest rates?\r\n\r\nThe other was last Thursday’s ECB Press Conference.\r\n\r\nOne must say that Mario Draghi, has done a great job at the ECB. He has had to manage disloyalty, broken ranks on messages, interfering feckers from, in particular, Germany and Austria trying to dis-rail his pathway with ECB monetary policy.\r\n\r\nMonetary reforms can only go so far. It is structural reforms that will shape the future of a EUROZONE if there is to be a future.\r\n\r\nLooking country by country at the single currency members, it is so clear that a coordinated structural reform implemented approach across the board is just not an agenda item moving forward. The one size fits all approach cannot accommodate 19 EUROZONE members, with the same package and process at the same time.\r\n\r\nBack to Draghi…\r\n\r\nLast Thursday Draghi had to keep a lid as best he could on the EUROZONE improvements. Headline inflation was at 2% (the target) but core inflation is still weak.\r\n\r\nEUROZONE improvements are so fragile and can fall back much more speedily than they moved up. It is like a snakes and ladders board game. There are many more snakes than ladders in EUROPE.\r\n\r\nYou must read between the numbers and dissect the verbage with all Central Bank Governors and Presidents. They are economical with the truth and use statistics whichever way suits them the best in the moment.\r\n\r\nDraghi, like his peers, move growth numbers up and down as fast as a pair of hookers’ knickers. This time around, for once Mario Draghi had some good news on EUROZONE stats. Economic Growth forecasts were increased to 1.8% in 2017. However, things are so good in the EUROZONE, the growth predictions for 2018 falls back to 1.7%. These numbers are sucked in by the markets as if they were handed down from Sinai by Moses, when in fact they are to a large extent pointless as they move practically at every meeting based upon which way the wind is currently blowing.\r\n\r\nDraghi took credit for removing the risks of DEFLATION from the EUROZONE. How did he do that? He needs to tell Kuroda how he removed DEFLATION. What is the secret sauce? The simple fact is he has no idea; there isn’t a Central bank in the world that knows how to remove or combat DEFLATION.\r\n\r\nBasically, Draghi kept all the biggies unchanged, interest rate commentary, Quantitative Easing (QE) tapering starts next month and the main dovish sentiment in the statement remained. However, some dovish commentary was removed to do with a sustained period with urgency in taking more dovish actions, the markets heard this and the EUR/USD spiked.\r\n\r\nFrom my perspective, this was Draghi’s day in the sun. From here on in until the end of 2017 he will have to react to major headwinds in the EUROZONE. He may have thought that he has climbed a few ladders to get out of the snake pit, but there are more snakes ahead and the EUROZONE could be back in that pit quicker than you can say, never mind spell Quantitative Easing.\r\n\r\nWe all know, or should know that elections in HOLLAND, FRANCE and GERMANY plus, Bank debt problems in ITALY and further GREECE bailout issues are all pending and then we have BREXIT.\r\n\r\nAt the end of the day, it matters not one jot about DEFLATION, should Geert Wilders and Marine Le Pen be elected in HOLLAND and FRANCE, as this would signal the beginning of the end of the EUROZONE.\r\n\r\nI wrote last week about the fragility of the EUROZONE and how lessons never appear to be learnt moving forward.\r\n\r\nFrom a trading perspective given all clouds over EUROPE at the moment I am literally gob smacked that the EUR/USD is trading above 1.0600, in fact at the close of trading last week it was closer to 1.0700 than 1.0600.\r\n\r\nSooner rather than later, in my opinion, we will have a series of huge down days with the EUR/USD. Reality must step in. We are in quite a wide trading range at the moment of 1.0490 to 1.0830.\r\n\r\nI am sure that sellers will step in well ahead of 1.0830, but there does not seem the desire to press lower. Buyers seem plentiful around 1.0520-1.0540.\r\n\r\nI never thought that with such major headwinds that this pair would be struggling to fall lower beyond 1.0490 and at least test the 52 week 1.0340 lows.\r\n\r\nWe are in a game of snakes and ladders and at the moment we are treading very carefully to avoid the snakes. This ability to dodge snakes will end soon and the reality of the geopolitical news that appears largely ignored will have to be reacted to.\r\n\r\nIf there was a poll: - EUR/USD 1.0490 first or 1.0830, which way would you vote?\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #235 FREE NEWSLETTER\r\nDATE: 12<sup>th</sup> March 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','EUROZONE:  IT\'S A GAME OF SNAKES & LADDERS','','inherit','closed','closed','','9279-revision-v1','','','2017-03-11 07:28:25','2017-03-11 12:28:25','',9279,'https://weeklyfxdrivethru.com/9279-revision-v1/',0,'revision','',0),(9286,1,'2017-03-20 09:14:17','2017-03-20 14:14:17','&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017.png\"><img class=\"aligncenter size-large wp-image-9285\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-641x1024.png\" alt=\"\" width=\"641\" height=\"1024\" /></a><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/01/2016-blog-dates.jpg\">\r\n</a>\r\n\r\n<img class=\"wp-image-8162 aligncenter\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BLOG-DATES-2018.png\" alt=\"BLOG DATES 2018\" width=\"641\" height=\"863\" />\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/BLOG-DATES-2019.png\"><img class=\"aligncenter size-large wp-image-8789\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/BLOG-DATES-2019-683x1024.png\" alt=\"blog-dates-2019\" width=\"683\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;','Blog Dates','','inherit','closed','closed','','2772-revision-v1','','','2017-03-20 09:14:17','2017-03-20 14:14:17','',2772,'https://weeklyfxdrivethru.com/2772-revision-v1/',0,'revision','',0),(9312,1,'2017-03-25 09:23:18','2017-03-25 14:23:18','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nEasy things first.\r\n\r\nI am back from house hunting on the east coast of Canada and, I am pleased to say that my wife and I have found a new home just outside of Halifax, Nova Scotia. We are delighted with the house and we are both really excited about the impending move.\r\n\r\nOn the negative side. If you follow me on twitter, if you are a PREMIUM SERVICE subscriber or a regular reader of this blog, you would be aware that for months I have been plagued by a series of software calamities, initially brought about by upgrading to ios sierra. These issues were exacerbated by a virus on my main Mac desktop. Matters came to a head last Monday. I could not get sound on the webinar broadcast for the WEEKLY FX DRIVE THRU – LIVE. Talk about stress. I thought that my recent trading was stressful enough to manage but eventually I found out that the recent addition of protection via McAfee was not such a great idea after all as it was blocking me. There were numerous network issues that McAfee did not like, my 5 remote printers to name 5 things and, I was prepared to live with this, but blocking my headset!!… for God’s sake give me a break.\r\n\r\nMcAfee has been uninstalled, it has ceased to be, it has moved on, it is no more and it never will be again as far as I am concerned.\r\n\r\nI really apologize to those of you who were waiting patiently for me to roll into action on the Webinar last Monday. Hopefully next Monday the 27<sup>th</sup> March, all will be back to normal. Being away for a week operating on my MacBook Air, I was really looking forward to the show after having a good old look around the charts.\r\n\r\nLeading on from the pleasantries…\r\n\r\nBollocks.\r\n\r\nWhat a pig of a week I have had; you can put lipstick on it but it’s still a fecking pig.\r\n\r\nAs I have stated in previous blogs my aim was to clear out the dross, drain the swamp… so to speak of trades I no longer wanted. I have done that but added more trades that are up in my face. Longer-term, I am comfortable with them and I am adding more smaller positions at lows and highs (buying dips and selling rips), but as you know it always looks darkest when buying with a RED candle coming towards you or selling with a big GREEN candle coming towards your entry level. Such is life.\r\n\r\nI am making a few pips this month, which is great, however, on the negative side I am sitting in CORE POSITIONS all under water. I am holding small positions but with quite wide stops, on the positive side not much $$$ at risk thankfully.\r\n\r\nNext time you see a junk mail telling you trading forex is a piece of cake and you are a dipstick if you cannot make money out of this market, respond telling the sender to feck off. I am tired of reading about all these fantastic traders who report entries at the top and exits close to or at the bottom, or vice versa. Trading is basically you versus the world, and do not let anyone influence you to think any other way. I will make my 10,000 pips of net profit this year but it will not be easy. To believe the FX market is easy is naïve. Remember, the big banks are pulling back their operations because even with their wealth and monetary power to influence they still screw it up.\r\n\r\nIn addition, whilst I am on my first soapbox of this blog. If these robots that keep appearing mainly in my Gmail inbox are so damn good why haven’t the banks bought them up so the retail trader can’t have them. It’s dead simple… they do not work.\r\n\r\nStill on the soapbox…\r\n\r\nI just don’t get it. At times, I think that I am losing my mind. I read, examine and force myself to listen to chart only technical trader’s ideas and reasons behind trades. If you are a 15-minute trader, which I am not, I can see it, but in the time it takes me to make a mug of coffee, these traders have more often than not completed two trades. So much time is given to the 15-minute trader, maybe it’s the way to go moving forward.\r\n\r\nWhen I first started trading currencies I used to use a combination of a 5 ,15 and 45-minute chart to enter a trade style called a pullback strategy. It works. But it does not work in this market, or maybe it’s just me, I can’t get it to work. It’s a damn good strategy and effective. In 2014, 2015 and last year, I used this strategy quite a bit and for my shorter-term trades and it was effective. The odd shorter term trade would develop into a swing trade from the original set up. I have said to PREMIUM SERVICE subscribers who have been starved of my shorter-term set ups of FLASH and RADAR trades this year that I hoped after the FOMC interest rate decision some state of market normality and acceptance would step back in. Like Diana Ross… ”I’m Still Waiting”.\r\n\r\nNot getting too anal, but I have checked the parameters and tried it out on a demo account. I must be careful, I have two or three big hitter’s subscribers who despite the warnings and risks will load up on the short-term trades to trade with momentum. I know it sounds absolutely crazy, but over 75% of the time the reversals back in the trends are just not happening. Therefore, one of my keys of success with shorter-term trades was my identification of high probability trade set ups. At 75% against me, I will not risk my money nor the money of my subscribers until this ratio is at least 75% in my favour and not the markets.\r\n\r\nSo, these short-term technical traders are they just gambling? Could be, because you never hear or see them if a trade goes the wrong way.\r\n\r\nTrading, especially FX trading is all about RISK MANAGEMENT and POSITION SIZING. If I have to sit and wait for my trade so be it. You need the patience of a saint trading FX.\r\n\r\nBack to the markets…\r\n\r\nIt would appear that all is just fine and dandy over in the UK and the EUROPEAN UNION and EUROZONE.\r\n\r\nI get it. The UK printed a beat on CPi. Holy Mother of God… if you devalue your currency over 15% what the hell do you expect. The UK hasn’t even triggered A50 yet and we are now hearing of interest rate increases. I am re-visiting my thoughts on the BREXIT, A50 and all things UK in the soapbox section 5 later.\r\n\r\nHallelujah, the EUROZONE and EUROPEAN UNION is safe… Geert Wilders did not win the Dutch election he was crushed. My arse he was crushed. The incumbent Prime Minister Rutte lost 25% of the parliamentary seats he had prior to the election and Wilders gained 33% more seats at the election. Granted the racist is not in power, but the fecker wasn’t crushed and to claim that it was a clear and resounding victory for the Dutch process is pure Walt Disney. Holland is, was and as long as I am alive and not pushing up daisies, will always be a weak coalition run country.\r\n\r\nNext, we had the French Presidential debate when Macron did very well and was by all accounts hailed as the victor. The EUR/USD spiked 60-80 pips on this news. Pundits are now claiming 1.1000 to 1.1400. They say that this plus improving economic and inflation data from the EUROZONE is enough to push the single currency higher. FFS, what about BREXIT.\r\n\r\nBREXIT is not just potential bad news for the UK, it also has ramifications for the EU as well. Mind you the same flutes talking EUR/USD at 1.1400 are the same flutes talking parity next week should there be some bad EU news coming across the wires.\r\n\r\nYou must in my opinion, keep the FUNDAMENTALS in your head at all times. They will win out over the “technicals” on every occasion. Listen and note what the Central Bank Governors and Presidents say. Obtain copies of their speeches highlight the salient points. Over the longer-term this will stand you in good stead over the numpties on TV or your twitter feed. Punters can get it right every now and then but it’s gambling. Most of them have “no skin” in the game so to speak.\r\n\r\nMoving on…\r\n\r\nHow could I not include a paragraph about “THE DONALD!”\r\n\r\nSo, it would appear that the TRUMP TRADE is in doubt. “THE DONALD” is struggling with the new job. It’s probably much bigger than he thought. His dictatorship approach that he had in the TRUMP BUSINESS just will not cut it in Washington.\r\n\r\nThe repeal of OBAMACARE being the case in point. What an absolute fiasco. His “enough is enough” take it or leave it style, which frankly is a good one to adopt at times, otherwise you can sit there negotiating for days on end going around in circles day after day. did not work. Career politicians are strange beasts, especially if they are in safe seats. They could not give a rat’s ass about doing the right thing, whether for constituents or party. It is all about self-preservation. The only threat to their existence is expulsion from the party and given the US desire to take everything to a courtroom the process is long drawn out and appealed over and over.\r\n\r\nDonald Trump’s draining of the swamp needs to be done across his own party as much as the Democrats. Washington is dysfunctional, not managed and politicians are 100% self-serving.\r\n\r\n“THE DONALD” has probably taken on much more than he can chew. If he thought that threats would work in Washington… think again. This is politics not business.\r\n\r\nStill More…\r\n\r\nAfter last week’s fiasco…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#8 this Monday 27<sup>th</sup> March at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-26032017.png\"><img class=\"aligncenter size-large wp-image-9296\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-26032017-1024x765.png\" alt=\"\" width=\"1024\" height=\"765\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nFrom my perspective, not a very busy week on economic data: -\r\n\r\nThis worries me as it will be equities, geopolitical events, BREXIT, the EUROZONE and “THE DONALD” that will drive markets.\r\n\r\nDo not forget March 29<sup>th</sup> BREXIT TRIGGER DAY for A50.\r\n<ol>\r\n 	<li>USD: Consumer Confidence numbers are always an indicator that I take seriously. If people are spending or feel confident to spend money this is a plus for an economy. If they are not spending the opposite applies. Given everything that is going on in the USA, I strongly suspect that this release will take on greater importance than usual this Tuesday.</li>\r\n 	<li>GBP: Current Account Data is backwards looking by about 90 days. Right now, it is an indicator that interests me because of BREXIT. It is all about currency demand and flows.<u> </u></li>\r\n</ol>\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/T-CHART-26032017.png\"><img class=\"aligncenter size-large wp-image-9297\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/T-CHART-26032017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></a>\r\n\r\n&nbsp;\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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9302\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9303\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9301\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9304\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9306\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9307\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/UDSDJPY-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9305\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/UDSDJPY-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that 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<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know at the moment that I am guilty of over thinking this market. I am getting myself wrapped up in too much detail. My caution is based around the fact that earlier this year I took a couple of big hits on GBP/USD shorts only to see within 48 hours those losses washed away as the Fundamentals kicked in once again. These moves are the moves I hate the most with trading. Whilst I accept losses are part and parcel of trading, I still hate to take losses when my views are still not proven incorrect.\r\n\r\nI have about 9 charts with set ups drawn on them, but to be frank, even if I had posted them they would still just be sitting as LIMIT ORDERS. We are still looking at the bigger picture in ranges and we are chopping about in these ranges. I admit we have seen some good spikes and falls but in real terms we are still not pressing the extremes.\r\n\r\nI talk a great deal about having patience in trading, and, like many of you that I have spoken with on email or face to face on SKYPE, this is a challenge.\r\n\r\nI suppose I am lucky in the sense that I am very much a long-haul trader. If I have to sit and wait in trades that are chopping about for a few weeks, I am prepared to do this. From my perspective, there is NO point adding trades when the market is range bound, as all I am doing is adding in RISK.\r\n\r\nI am taking pips out of the market as they become available but at the moment that is a slow process.\r\n\r\nAs I mentioned to a couple of you last week, the frustrations at times can be so difficult that you feel you should just close down all the open trades and start again. When I first started trading, I used to do this from time to time. Now, I wait and when my RISK TOLERANCE levels contained within my TRADE PLAN are approaching I receive an alert and then it becomes crunch time, when there are only 3 decisions available: -\r\n<ol>\r\n 	<li>Extend the stop.</li>\r\n 	<li>Extend the stop and reduce the position size.</li>\r\n 	<li>Let the trade stop out.</li>\r\n</ol>\r\nI need to see a break to confirm which trade set ups to follow through with and verify entry / exit levels. Until that happens I have to wait.\r\n\r\n&nbsp;\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nAs a few of you have commented, I am still very tentative with placing trades. I have still not started on FLASH or RADAR trades again.\r\n\r\nMedium-term, I feel comfortable with holding USD longs, but at the moment it’s not comfortable. There will come a point when I think that I will have to draw a line in the sand with EUR/USD and GBP/USD shorts.\r\n\r\nAs we all know one piece of really bad news in the EUROZONE or a BREXIT related piece of news can have a 300 pip move lower in a day!\r\n\r\nFundamentally, it makes sense for me to remain bearish given my thoughts and frankly pip wise it’s frustrating but $$$ wise I am not even 33% engaged in total for each core position so I am NOT risking much in $$$. Being cautious and managing overall RISK really pays off at times such as these.\r\n\r\nThe killer question is when you have a sea of RED on your net trade positions is: “Would you be prepared to add more positions on a dip or rip?” and I would be for a while longer, so I am OK to sit in these traders. For you guys, please examine your RISK and adjust POSITION SIZES if necessary.\r\n\r\nI have 15+ LIVE TRADES at the moment, to add more given the “chop” that we are experiencing mostly with the USD majors, is in my opinion adding unnecessary RISK and it gives me less confidence trading the cross-rates. Hopefully these conditions will change moving forward.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>EUR/USD and USD/CHF: - Core positions are still being established and I am looking to add even more trades. For now, although it is difficult, I can still see the reasons to buy dips and sell rips.\r\n\r\nThe bigger picture is that despite encouraging inflation data, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I am looking to re-establish this trade at higher levels.</li>\r\n 	<li>GBP/USD: - Nothing has really changed in my opinion.\r\n\r\nThere will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - Nothing has changed for me with this pair.\r\n\r\nI am still somewhat nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.\r\n\r\nOver the past week, I have extended the STOP LOSS position on my sole EUR/GBP trade.\r\n\r\nAs mentioned over recent weeks, there are additional EUROZONE headwinds to take into consideration: - FRENCH and GERMAN ELECTIONS, A GREECE DEBT CRISIS and a looming ITALIAN BANK CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-26032017.png\"><img class=\"aligncenter size-large wp-image-9299\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIVE-TRADES-26032017-811x1024.png\" alt=\"\" width=\"811\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-26032017.png\"><img class=\"aligncenter size-large wp-image-9298\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/LIMIT-ORDERS-26032017-762x1024.png\" alt=\"\" width=\"762\" 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>LET THE FUN AND GAMES BEGIN (PART ONE:</strong>\r\n\r\nSo, as far as I can see article 50 declaring the UK exit process begins on March 29th, 2017 when it is said that Theresa May the UK Prime Minister will actually trigger the mechanism for the BREXIT process to begin.\r\n\r\nSince the referendum vote in June last year when the UK electorate voted to exit the EUROPEAN UNION, sterling versus the USD has devalued 15%, Mark Carney, Governor of the Bank of England, stepped up to the plate immediately to support the financial markets with increased QE (Quantitative Easing) and an interest rate cut.\r\n\r\nSince then it has been one long news release of headlines such as; cable to parity, cable BREXIT declines are now baked in, Carney is going to raise rates as we now have inflation in the UK, it’s going to be a hard BREXIT, it’s going to be a soft BREXIT, we will create a tax free zone in the heart of London, we are not going to pay a bill of €64 million to exit the EUROPEAN UNION, no trigger of A50 no discussion on exit terms, the UK will get no favours on exiting the EUROPEAN UNION… on and on it went week after week.\r\n\r\nLet me just remind everyone… if you are reading this blog on the day it was posted, Article 50 has STILL NOT been invoked.\r\n\r\nHowever, here we are under a week away and the gamblers are out regarding what the GBP will do on the announcement?\r\n\r\nI do not know what the cable will do when the article will trigger. I suspect it will drop initially on the news and then it will bounce back, but I do feel that from the trigger date until the exit from the EU (in 2 years or more), the cable along with the EUR/GBP and to some extent the EUR/USD, could possibly be very much a news driven currency.\r\n\r\nI write this because we are in unchartered territory. I have written this before but let me remind you.\r\n\r\nThe only country that has previously exited the EUROPEAN UNION was GREENLAND. It took GREENLAND two years to do it. The UK has the same ambitious target in mind. Frankly given the complexities of the UK position in the EU vis-à-vis GREENLAND, in my opinion two years may be rather ambitious.\r\n\r\nIn addition, the BREXIT negotiations will not be friendly because the lead time from the actual referendum vote until the A50 trigger will be invoked will be about 9 months. In this period, the negotiating positions have been aired in public and it’s NOT cordial, far from it.\r\n\r\nThe UK want trade but they do not want freedom of movement at any price, allegedly up to a no deal position.\r\n\r\nThe EUROPEAN UNION cannot make the process easy, nor can they show any benefits of leaving the EU because this would feed the populist movements and a contagion effect would probably be in play.\r\n\r\nWe could a Mexican standoff on day one. Do NOT rule it out.\r\n\r\nThere will be mind games, silly games and possibly party games including musical chairs before these negotiations are completed.\r\n\r\nAs I understand it, the pathway forward is going to be something like this: -\r\n<ul>\r\n 	<li>A50 triggered by UK on March 29th, 2017.</li>\r\n 	<li>On April 29th, 2017, the remaining 27 EU members meet to discuss the UK request to withdraw.</li>\r\n 	<li>There is then a period of two years set aside when negotiations begin. A draft of the deal agreed between both parties is put before the 27 leaders (if this is still the number in two years!!).</li>\r\n 	<li>20 of the current 27 member countries totaling at least 65% of the EU population needs to approve the exit deal.</li>\r\n 	<li>It is then ratified by the European Parliament.</li>\r\n 	<li>If at the end of two years of negotiations nothing is finalized they can be extended only if all member countries agree.</li>\r\n 	<li>If no agreement between the two sides is negotiated. The UK leaves the EUROPEAN UNION.</li>\r\n 	<li>The UK Parliament repeals the 1972 European Communities Act.</li>\r\n 	<li>Should the UK want back into the EU it must go through the same procedures that any new entrant applies with.</li>\r\n</ul>\r\nEasy peasy… if only.\r\n\r\nThis will not be an easy process for the UK.  As the major banking clearing centre for the EU and EUROZONE, London stands to lose a great deal of its standing around the globe as a financial area of excellence. It will still be an important financial centre but not with the same gloss. This is a fact that cannot be cast aside glibly.\r\n\r\nThe world’s major banks sit in the City of London. If these banks want to continue to have a major presence in Europe, they will have to relocate. Plans are afoot already and I strongly suspect that relocation announcements will start dropping into the media soon as the invocation of A50 occurs. In my opinion, this reality will hit cable. No matter how much you hear BREXIT A50 trigger prices levels are baked in, this is now reality, it is much different in my opinion.\r\n\r\nNext you will hear of UK job losses for those staff that are not re-located. Do you really think this is good news? Estimates of job losses being floated about are circa. 100,000.\r\n\r\nThen we will have poor / weak capital flows. Many of the multi-national Banks will just have a bureau style approach to the UK, the major thrust of operations will be either in Dublin, Frankfurt or wherever, the movement of funds in and out of the UK decreases. This is big news for currencies and the UK economy etc.\r\n\r\nIf this bad news strikes home hard in the UK. The calls for a stronger negotiation stance will grow. Intransigence will then grow into the negotiating team. Marry that up with the expected no nonsense approach from the EUROPEAN UNION negotiators who do not want a contagion on their hands and we have games…. LET THE FUN AND GAMES BEGIN…. (PART ONE) …\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #132 PREMIUM SERVICE\r\nDATE: 26th March 2017.\r\n\r\n&nbsp;','LET THE GAMES BEGIN (PART ONE):','','inherit','closed','closed','','9311-revision-v1','','','2017-03-25 09:23:18','2017-03-25 14:23:18','',9311,'https://weeklyfxdrivethru.com/9311-revision-v1/',0,'revision','',0),(9313,1,'2017-03-25 09:41:26','2017-03-25 14:41:26','&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nEasy things first.\r\n\r\nI am back from house hunting on the east coast of Canada and, I am pleased to say that my wife and I have found a new home just outside of Halifax, Nova Scotia. We are delighted with the house and we are both really excited about the impending move.\r\n\r\nOn the negative side. If you follow me on twitter, if you are a PREMIUM SERVICE subscriber or a regular reader of this blog, you would be aware that for months I have been plagued by a series of software calamities, initially brought about by upgrading to ios sierra. These issues were exacerbated by a virus on my main Mac desktop. Matters came to a head last Monday. I could not get sound on the webinar broadcast for the WEEKLY FX DRIVE THRU – LIVE. Talk about stress. I thought that my recent trading was stressful enough to manage but eventually I found out that the recent addition of protection via McAfee was not such a great idea after all as it was blocking me. There were numerous network issues that McAfee did not like, my 5 remote printers to name 5 things and, I was prepared to live with this, but blocking my headset!!… for God’s sake give me a break.\r\n\r\nMcAfee has been uninstalled, it has ceased to be, it has moved on, it is no more and it never will be again as far as I am concerned.\r\n\r\nI really apologize to those of you who were waiting patiently for me to roll into action on the Webinar last Monday. Hopefully next Monday the 27<sup>th</sup> March, all will be back to normal. Being away for a week operating on my MacBook Air, I was really looking forward to the show after having a good old look around the charts.\r\n\r\nLeading on from the pleasantries…\r\n\r\nBollocks.\r\n\r\nWhat a pig of a week I have had; you can put lipstick on it but it’s still a fecking pig.\r\n\r\nAs I have stated in previous blogs my aim was to clear out the dross, drain the swamp… so to speak of trades I no longer wanted. I have done that but added more trades that are up in my face. Longer-term, I am comfortable with them and I am adding more smaller positions at lows and highs (buying dips and selling rips), but as you know it always looks darkest when buying with a RED candle coming towards you or selling with a big GREEN candle coming towards your entry level. Such is life.\r\n\r\nI am making a few pips this month, which is great, however, on the negative side I am sitting in CORE POSITIONS all under water. I am holding small positions but with quite wide stops, on the positive side not much $$$ at risk thankfully.\r\n\r\nNext time you see a junk mail telling you trading forex is a piece of cake and you are a dipstick if you cannot make money out of this market, respond telling the sender to feck off. I am tired of reading about all these fantastic traders who report entries at the top and exits close to or at the bottom, or vice versa. Trading is basically you versus the world, and do not let anyone influence you to think any other way. I will make my 10,000 pips of net profit this year but it will not be easy. To believe the FX market is easy is naïve. Remember, the big banks are pulling back their operations because even with their wealth and monetary power to influence they still screw it up.\r\n\r\nIn addition, whilst I am on my first soapbox of this blog. If these robots that keep appearing mainly in my Gmail inbox are so damn good why haven’t the banks bought them up so the retail trader can’t have them. It’s dead simple… they do not work.\r\n\r\nStill on the soapbox…\r\n\r\nI just don’t get it. At times, I think that I am losing my mind. I read, examine and force myself to listen to chart only technical trader’s ideas and reasons behind trades. If you are a 15-minute trader, which I am not, I can see it, but in the time it takes me to make a mug of coffee, these traders have more often than not completed two trades. So much time is given to the 15-minute trader, maybe it’s the way to go moving forward.\r\n\r\nWhen I first started trading currencies I used to use a combination of a 5 ,15 and 45-minute chart to enter a trade style called a pullback strategy. It works. But it does not work in this market, or maybe it’s just me, I can’t get it to work. It’s a damn good strategy and effective. In 2014, 2015 and last year, I used this strategy quite a bit and for my shorter-term trades and it was effective. The odd shorter term trade would develop into a swing trade from the original set up. I have said to PREMIUM SERVICE subscribers who have been starved of my shorter-term set ups of FLASH and RADAR trades this year that I hoped after the FOMC interest rate decision some state of market normality and acceptance would step back in. Like Diana Ross… ”I’m Still Waiting”.\r\n\r\nNot getting too anal, but I have checked the parameters and tried it out on a demo account. I must be careful, I have two or three big hitter’s subscribers who despite the warnings and risks will load up on the short-term trades to trade with momentum. I know it sounds absolutely crazy, but over 75% of the time the reversals back in the trends are just not happening. Therefore, one of my keys of success with shorter-term trades was my identification of high probability trade set ups. At 75% against me, I will not risk my money nor the money of my subscribers until this ratio is at least 75% in my favour and not the markets.\r\n\r\nSo, these short-term technical traders are they just gambling? Could be, because you never hear or see them if a trade goes the wrong way.\r\n\r\nTrading, especially FX trading is all about RISK MANAGEMENT and POSITION SIZING. If I have to sit and wait for my trade so be it. You need the patience of a saint trading FX.\r\n\r\nBack to the markets…\r\n\r\nIt would appear that all is just fine and dandy over in the UK and the EUROPEAN UNION and EUROZONE.\r\n\r\nI get it. The UK printed a beat on CPi. Holy Mother of God… if you devalue your currency over 15% what the hell do you expect. The UK hasn’t even triggered A50 yet and we are now hearing of interest rate increases. I am re-visiting my thoughts on the BREXIT, A50 and all things UK in the soapbox section 5 later.\r\n\r\nHallelujah, the EUROZONE and EUROPEAN UNION is safe… Geert Wilders did not win the Dutch election he was crushed. My arse he was crushed. The incumbent Prime Minister Rutte lost 25% of the parliamentary seats he had prior to the election and Wilders gained 33% more seats at the election. Granted the racist is not in power, but the fecker wasn’t crushed and to claim that it was a clear and resounding victory for the Dutch process is pure Walt Disney. Holland is, was and as long as I am alive and not pushing up daisies, will always be a weak coalition run country.\r\n\r\nNext, we had the French Presidential debate when Macron did very well and was by all accounts hailed as the victor. The EUR/USD spiked 60-80 pips on this news. Pundits are now claiming 1.1000 to 1.1400. They say that this plus improving economic and inflation data from the EUROZONE is enough to push the single currency higher. FFS, what about BREXIT.\r\n\r\nBREXIT is not just potential bad news for the UK, it also has ramifications for the EU as well. Mind you the same flutes talking EUR/USD at 1.1400 are the same flutes talking parity next week should there be some bad EU news coming across the wires.\r\n\r\nYou must in my opinion, keep the FUNDAMENTALS in your head at all times. They will win out over the “technicals” on every occasion. Listen and note what the Central Bank Governors and Presidents say. Obtain copies of their speeches highlight the salient points. Over the longer-term this will stand you in good stead over the numpties on TV or your twitter feed. Punters can get it right every now and then but it’s gambling. Most of them have “no skin” in the game so to speak.\r\n\r\nMoving on…\r\n\r\nHow could I not include a paragraph about “THE DONALD!”\r\n\r\nSo, it would appear that the TRUMP TRADE is in doubt. “THE DONALD” is struggling with the new job. It’s probably much bigger than he thought. His dictatorship approach that he had in the TRUMP BUSINESS just will not cut it in Washington.\r\n\r\nThe repeal of OBAMACARE being the case in point. What an absolute fiasco. His “enough is enough” take it or leave it style, which frankly is a good one to adopt at times, otherwise you can sit there negotiating for days on end going around in circles day after day. did not work. Career politicians are strange beasts, especially if they are in safe seats. They could not give a rat’s ass about doing the right thing, whether for constituents or party. It is all about self-preservation. The only threat to their existence is expulsion from the party and given the US desire to take everything to a courtroom the process is long drawn out and appealed over and over.\r\n\r\nDonald Trump’s draining of the swamp needs to be done across his own party as much as the Democrats. Washington is dysfunctional, not managed and politicians are 100% self-serving.\r\n\r\n“THE DONALD” has probably taken on much more than he can chew. If he thought that threats would work in Washington… think again. This is politics not business.\r\n\r\nStill More…\r\n\r\nAfter last week’s fiasco…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#8 this Monday 27<sup>th</sup> March at 5:30PM.\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get too 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-26032017.png\"><img class=\"aligncenter size-large wp-image-9296\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/ECON-DATA-26032017-1024x765.png\" alt=\"\" width=\"1024\" height=\"765\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nFrom my perspective, not a very busy week on economic data: -\r\n\r\nThis worries me as it will be equities, geopolitical events, BREXIT, the EUROZONE and “THE DONALD” that will drive markets.\r\n\r\nDo not forget March 29<sup>th</sup> BREXIT TRIGGER DAY for A50.\r\n<ol>\r\n 	<li>USD: Consumer Confidence numbers are always an indicator that I take seriously. If people are spending or feel confident to spend money this is a plus for an economy. If they are not spending the opposite applies. Given everything that is going on in the USA, I strongly suspect that this release will take on greater importance than usual this Tuesday.</li>\r\n 	<li>GBP: Current Account Data is backwards looking by about 90 days. Right now, it is an indicator that interests me because of BREXIT. It is all about currency demand and flows.</li>\r\n</ol>\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/T-CHART-26032017.png\"><img class=\"aligncenter size-large wp-image-9297\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/T-CHART-26032017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></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>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9302\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/EURUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9303\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/GBPUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9301\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/AUDUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9304\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/NZDUSD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9306\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCAD-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9307\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/USDCHF-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/UDSDJPY-D-26032017.png\"><img class=\"aligncenter size-large wp-image-9305\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/UDSDJPY-D-26032017-1024x454.png\" alt=\"\" width=\"1024\" height=\"454\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that 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<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>LET THE FUN AND GAMES BEGIN (PART ONE:</strong>\r\n\r\nSo, as far as I can see article 50 declaring the UK exit process begins on March 29th, 2017 when it is said that Theresa May the UK Prime Minister will actually trigger the mechanism for the BREXIT process to begin.\r\n\r\nSince the referendum vote in June last year when the UK electorate voted to exit the EUROPEAN UNION, sterling versus the USD has devalued 15%, Mark Carney, Governor of the Bank of England, stepped up to the plate immediately to support the financial markets with increased QE (Quantitative Easing) and an interest rate cut.\r\n\r\nSince then it has been one long news release of headlines such as; cable to parity, cable BREXIT declines are now baked in, Carney is going to raise rates as we now have inflation in the UK, it’s going to be a hard BREXIT, it’s going to be a soft BREXIT, we will create a tax free zone in the heart of London, we are not going to pay a bill of €64 million to exit the EUROPEAN UNION, no trigger of A50 no discussion on exit terms, the UK will get no favours on exiting the EUROPEAN UNION… on and on it went week after week.\r\n\r\nLet me just remind everyone… if you are reading this blog on the day it was posted, Article 50 has STILL NOT been invoked.\r\n\r\nHowever, here we are under a week away and the gamblers are out regarding what the GBP will do on the announcement?\r\n\r\nI do not know what the cable will do when the article will trigger. I suspect it will drop initially on the news and then it will bounce back, but I do feel that from the trigger date until the exit from the EU (in 2 years or more), the cable along with the EUR/GBP and to some extent the EUR/USD, could possibly be very much a news driven currency.\r\n\r\nI write this because we are in unchartered territory. I have written this before but let me remind you.\r\n\r\nThe only country that has previously exited the EUROPEAN UNION was GREENLAND. It took GREENLAND two years to do it. The UK has the same ambitious target in mind. Frankly given the complexities of the UK position in the EU vis-à-vis GREENLAND, in my opinion two years may be rather ambitious.\r\n\r\nIn addition, the BREXIT negotiations will not be friendly because the lead time from the actual referendum vote until the A50 trigger will be invoked will be about 9 months. In this period, the negotiating positions have been aired in public and it’s NOT cordial, far from it.\r\n\r\nThe UK want trade but they do not want freedom of movement at any price, allegedly up to a no deal position.\r\n\r\nThe EUROPEAN UNION cannot make the process easy, nor can they show any benefits of leaving the EU because this would feed the populist movements and a contagion effect would probably be in play.\r\n\r\nWe could a Mexican standoff on day one. Do NOT rule it out.\r\n\r\nThere will be mind games, silly games and possibly party games including musical chairs before these negotiations are completed.\r\n\r\nAs I understand it, the pathway forward is going to be something like this: -\r\n<ul>\r\n 	<li>A50 triggered by UK on March 29th, 2017.</li>\r\n 	<li>On April 29th, 2017, the remaining 27 EU members meet to discuss the UK request to withdraw.</li>\r\n 	<li>There is then a period of two years set aside when negotiations begin. A draft of the deal agreed between both parties is put before the 27 leaders (if this is still the number in two years!!).</li>\r\n 	<li>20 of the current 27 member countries totaling at least 65% of the EU population needs to approve the exit deal.</li>\r\n 	<li>It is then ratified by the European Parliament.</li>\r\n 	<li>If at the end of two years of negotiations nothing is finalized they can be extended only if all member countries agree.</li>\r\n 	<li>If no agreement between the two sides is negotiated. The UK leaves the EUROPEAN UNION.</li>\r\n 	<li>The UK Parliament repeals the 1972 European Communities Act.</li>\r\n 	<li>Should the UK want back into the EU it must go through the same procedures that any new entrant applies with.</li>\r\n</ul>\r\nEasy peasy… if only.\r\n\r\nThis will not be an easy process for the UK.  As the major banking clearing centre for the EU and EUROZONE, London stands to lose a great deal of its standing around the globe as a financial area of excellence. It will still be an important financial centre but not with the same gloss. This is a fact that cannot be cast aside glibly.\r\n\r\nThe world’s major banks sit in the City of London. If these banks want to continue to have a major presence in Europe, they will have to relocate. Plans are afoot already and I strongly suspect that relocation announcements will start dropping into the media soon as the invocation of A50 occurs. In my opinion, this reality will hit cable. No matter how much you hear BREXIT A50 trigger prices levels are baked in, this is now reality, it is much different in my opinion.\r\n\r\nNext you will hear of UK job losses for those staff that are not re-located. Do you really think this is good news? Estimates of job losses being floated about are circa. 100,000.\r\n\r\nThen we will have poor / weak capital flows. Many of the multi-national Banks will just have a bureau style approach to the UK, the major thrust of operations will be either in Dublin, Frankfurt or wherever, the movement of funds in and out of the UK decreases. This is big news for currencies and the UK economy etc.\r\n\r\nIf this bad news strikes home hard in the UK. The calls for a stronger negotiation stance will grow. Intransigence will then grow into the negotiating team. Marry that up with the expected no nonsense approach from the EUROPEAN UNION negotiators who do not want a contagion on their hands and we have games…. LET THE FUN AND GAMES BEGIN…. (PART ONE) …\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #236 FREE NEWSLETTER\r\nDATE: 26th March 2017.\r\n\r\n&nbsp;','LET THE GAMES BEGIN (PART ONE):','','publish','open','closed','','let-games-begin-part-one','','','2017-03-25 09:41:26','2017-03-25 14:41:26','',0,'https://weeklyfxdrivethru.com/?p=9313',0,'post','',0),